hey guys it's Joseph and Tasha from one big happy welcome to the September 2017
financial update where we share the progress we've been making towards our
financial goals you know what they are wealth building being rich paying off debt
a little bit more about the debt less about the richness but we'll get there
all right so before we get into the numbers let's talk about why we are now
calling these videos financial updates instead of debt what were we calling
them like debt? Debt updates debt updates because for us if you if
you've been watching our channel you realize you realized by now that for us
it's not all about debt it's about a long-term wealth building strategy so it
really doesn't make sense for us to just provide updates on one side of that
equation which is debt and not on our primary focus which is our savings so in
these updates now we are going to include both debt and saving so you can
see both sides now this month is our first holistic financial update and it's
been a while since we've given you any updates at all
so we had our debt update back in June and so we've made a lot of progress
since then so let's look at the numbers let's take a look at the debt numbers so
back in June we owed $13,000 on our car $8,100 on our a/c $7,500 on our credit
card 1301 $13,100 on our 401k loan for a total
debt load of $41,700 now let's see
how things turned out this month the August numbers our car is down to twelve
thousand three hundred dollars the a/c loan is down to seven thousand six
hundred dollars our credit card is down to two thousand
one hundred dollars our 401k loan is twelve thousand eight hundred dollars
for a total debt of thirty-five thousand four hundred dollars which means we paid
off six thousand three hundred dollars worth of debt since our last debt update
so our running pay off totals yes so our running pay off total since we
started the debt payoff which was in April is twenty eight thousand dollars
now of course this doesn't include the amount of principal that we've paid on
our mortgage so that would bump the number up but we're not including that
so let's talk about our assets the other half of the financial update we're going
to include our house our cars and our savings and investments we're going to
subtract the loans that we owe on the cars and the home of course it's really only
one of the cars but that will give us the net value or net equity that we have
in the one car and the house yeah so when we do a report on the our assets that
it's going to be using their current value so that means over time
depreciating assets like our cars meaning assets that go down in value
over time you'll see the cars will be worth less and less over time but in
theory hopefully our house will be worth more and more over time and then of
course our investments in savings those are the ones where were really expecting
the values to climb over time so not necessarily from month-to-month because
or even every year investing you yeah it's kind of volatile all right so let's see how those numbers
shake out on the asset side so item number one we have our house that has a
current value of six hundred and fifteen thousand dollars if you subtract the
mortgage the A/C alone and the 401k loan because we use that money as a down
payment on the house then our net equity in the house is sixty three thousand
dollars our first car the Dodge Journey it's worth $9,500 it's paid off so that
just moved on over our second car which is my Honda Fit is
worth $16,000 but it still has what was that twelve thousand three hundred
dollars that we owe on it so the net equity in the Honda Fit is three
thousand six hundred dollars for investments and savings two hundred
twenty four thousand dollars so grand total all of our assets combined equals
three hundred thousand dollars in assets so that was our September update looking
forward we are moving into the holiday season and we have our Singapore trip
coming up so it's really gonna be tight well we're gonna hit it hard yeah yeah
over these next three months to make sure we pay off the credit card which
was our financial goal for this year to pay off the credit card and then cash
flow our trip to Singapore while still having enough left over to have a nice
Christmas all for cash and we're going to do it
but it's gonna be tough yeah so we're doing an uber frugal no spend September
perhaps also October and November we'll see how it goes and see how quickly
we'll hit our the the numbers that we need to hit for paying off our credit
card and then saving for the Singapore trip so I'm sure we'll be sharing tips
on some of the things the tactics that we're using to make sure that we stick
to our budget perfectly and then also minimize our spending even on our normal
budget categories like groceries and things like that yeah so I hope you
enjoyed our financial update and we'll have monthly updates from now on we'll
be regular this time because it's gonna be exciting to see how it all goes yeah
these next three months are big alright guys
talk to you later bye