Net Worth
Written by HIS on March 12, 2008 – 3:09 pm -Today I finally took the time to properly fill out the information for my profile on NetworthIQ. As you can see from either there or my badge to the right, I have a negative net worth. This is not surprising to me as I know that I have too much debt (especially credit cards) and that I have not bothered to start saving for retirement. That last part is obviously a mistake even though I should be getting a military pension starting at age 43. Hers and I actually had a tiff about this the other night. I was trying to figure out the current ‘value’ of my retirement to include in my net worth. She was insisting that until I was fully vested, that it was worth nothing.
I now have seen the light and realize that to be the case. Until I hit my 20 years of active federal service, I get nothing at age 43. Heck, I don’t even get the partial National Guard retirement at 60 unless I complete another 7 1/2 years. Obviously I was counting my chickens before they were hatched. My plan is to continue paying down my credit card debt and building my emergency fund. Once I have that rainy day money fully in place I will open a Roth IRA and start fully funding it. Yes I could pay down debt faster instead but the compound interest will finally start working for my retirement and my highest interest rate right now is still only 9.9% on my credit card from USAA.
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