Depreciating Assets… or in other words, your car! This month I adjusted the value of both of our cars to match what Kelly Blue Book indicates we could sell the cars for (private party). I was a little scared to see how much my wife’s 2014 Honda Pilot might have depreciated since we bought in last November. It has depreciated down from $27,169 to $24,135, a total drop of just over $3k. My car on the other hand, a 2005 Honda CRV, has gone down from $5,412 to $4,723, a drop of only $700. This is exactly why I don’t mind driving an older car, despite what others may think or say about it. Although, I did have to replace the knock sensor in my car to get it to pass emissions!
As a side note, I have been looking into the possibility of leading one of Dave Ramsey’s Financial Peace University classes. The only problem is, to lead one of these classes, you have to find a venue, and ideally someone to sponsor the class so you don’t have to pay for the coaching materials, which are $279. It was a bit surprising to learn that you had to pay that much just to lead a class, as a volunteer! Shouldn’t it be free to volunteer to coach? If anything, shouldn’t they be paying me something? I think they charge for it since there are a lot of banks, and other institutions that benefit directly from hosting the class. I have been in contact with Zion’s bank to find a location to host the class, but they have not been very good in working with me. They seem to want one of their own employees to be the coach and to open/close the bank after hours. It just seems like a really low priority for them. I may try to contact an HOA or something in the area to see if I can get them to sponsor the class.
Apart from these goals, we are trying to finish building up our emergency savings fund. If you remember, we had completed this step of the Dave Ramsey baby steps a while back. But then, when we bought my wife’s car with cash and used a lot of our emergency fund, that put us back at baby step #3. At the beginning of July (in a month) we will be done with baby step #3 (for the second time) and be back on track in putting extra into retirement, college, and paying off the house. The hefty tax bill that hit us definitely slowed this down. But we are getting close and will soon be making substantial extra payments toward paying off the house.
Without further adieu, our new net worth is: $423,025.73.