Cash Savings:
For the last two months that I have put together my net worth I have used ALL accounts that hold money to create this number. However, thinking more about it that way of thinking is flawed! Since my cash savings is supposed to be my safety net for the “OMG something is happening in life” then adding my bill pay checking account does me no good. I have also decided that any ‘fund’ savings that I have is NOT part of my cash savings.
This change is obviously going to effect my net worth but I don’t see that impacting the ultimate goal by too much. It will also give me a much better understanding of where I am REALLY.
The accounts I use to hold my emergency funds are Emigrant Direct, Dollar Savings Direct, ING and a local bank for the non-interest checking access. I also have a safe in my house that holds cash for those rarest of emergencies that can’t wait the 24 hours to get money moved.
Total Emergency Fund Savings: $46,102.44 as of May 21, 2009.
- Emigrant Direct: $150.00
- Dollar Savings Direct: $25396.43
- ING Direct: $10397.97
- Local Checking: $158.04
- Safe Stash: $10600.00
Retirement Accounts:
So far I have only included my retirement accounts in trying to calculate my net worth. This is also flawed as since I am married and my husband and I share everything I need to include his accounts in the overall net worth as well. I’m not in the game of trying to figure out what is “his” money and what is “my” money as that has a tendency to lead to more than just a split of money. We are both a team and OUR goal is to become financially free with a net worth of over 1 Million dollars.
