It has been a very hectic few days trying to schedule my closing and moving on the same day. Starting this week, everything I thought I had set up to go smoothly has hit a snag. I’ve been running around trying to fax and e-mail verifying documents for my lender, even though I’m borrowing significantly less than the dollar amount I had been pre-approved for. Also, the mover for my bedroom set called and scheduled my delivery for the time period I will be closing. It has been a very hectic week, and I will be glad when I can just relax in my condo. Anyways, I suppose I’ll get right into my end of September financial report.
As of right now, cash is my most valuable asset. With the economy as it is, my cash is the only reason I’m allowed to take out a mortgage. Without a 20% down payment my loan would not have been approved, despite having already been pre-approved back in December. Also, cash is the only asset that increased my net worth this month. As with the previous end of month financial reports, I’ve been socking away every bit of income I can get my hands on. I was able to increase my cash assets by $4,062.79, which puts me above the threshold for what I have to bring to the table at my condo closing.
The sinking stock market has finally taken a toll on my stock portfolio. I lost a total of $1,732.31 between my IRA, mutual fund and Target stock. I don’t have much of my net worth in the stock market because I have been saving for a down payment. I am fortunate to have most of my assets in cash as the stock market has dropped severely this month. I will try to take advantage of the discounted stock prices once I start investing in retirement accounts for 2008 between now and the income tax due date.
Even though my assets in the stock market took a hit this month, I was able to increase my net worth by 3.7% this month. My strong position in cash has made this possible. I am not trying to time the market and I am not in fear of the stock market, I just kept my assets in a money market fund with an upcoming down payment. I am looking for my net worth to get a huge boost next month, as my condo has a lot of built in value with discounted lights and various credits from the builder.