Personal Financial Update, March 2020

March is here and with it some Spring-like weather today. As I sit and write this, the temperature touched close to 70 degrees where I live. There will no doubt be some more cold weather ahead before it is all said and done, but it is a nice relief today. It also serves as a reminder that Spring is indeed right around the corner. So, what do my finances look like going into a new season?

Wealth Building

I’m sure that you know that the markets have been crashing due to the Coronavirus outbreak. Today, we had the worst point drop ever with the Dow falling over 2,000 points. Yikes! As a result, my portfolio has been taken a beating. It is down over $40,000 the last I looked. But what happens on Wall Street on a day to day basis is out of my control. Now is a time to not panic and stay the course. Keep to your plan of saving and investing. The worst thing that you can do right now is to follow the herd and sell low.  Looking back to 2008 and 2009, I was rewarded for continuing to invest throughout that recession. I’m confident that you will come out better than ever on the other side of this if you stick to your plan.

Debt

Debt is fortunately something that I do have control over, so it’s nice to see it continues to fall as the months roll on. Here is a snapshot of where things stand compared to my last update.

DebtLast UpdateCurrent UpdateChange
Line of Credit$1,753.14$1,715.22($37.92)
Truck Loan$15,513.10$15,146.48($366.62)
Student Loans$34,522.62$34,382.48($140.14)
Mortgage$183,454.09$182,901.21($552.88)
Total$235,242.95$234,145.39($1,097.56)

 

Down over $1,000 since last month. I am looking into a rate modification on my mortgage. I don’t have all the details yet, but if the numbers make sense, then I’ll move forward with it. I should have more information to share on this by my next update.

Income

Nothing new to report here. Most of my free time has been spent working at our camp. I’ve been moving along with doing new ceilings and lighting throughout the cabin, so I haven’t had much time to pursue extra income. My goal is to wrap up the current inside work before the weather turns more permanently warm, then I can start to focus on some outside projects.

Changes for Next Update

Any changes will be largely dependent on what happens come tax time. If I end up owing a large amount, then it could put a delay on certain projects and debt repayment schedules. I’ll know soon, as I am still waiting on a few things before I can file. Other than that, I’ll be staying the course with debt repayment. Until next time.

See Also:

Personal Financial Update, Feb 2020

Want to Refinance Your Mortgage? Lessons Learned from an Average Joe

Try These Five Things To Increase Your Income

Finding Motivation For Debt Repayment

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