Comments on: Personal Income Statement, August 2008 (Net Income: $11,582)

By: Flexo

Flexo — Fri, 05 Sep 2008 04:57:58 +0000

CalGal: I don’t think I can keep up the pace that I *want* to have for another year. I’m struggling as it is right now to balance the two, to find time when my brain is at its peak to write as well as I want to write.

By: CalGal

CalGal — Wed, 03 Sep 2008 23:27:45 +0000

Hi Flexo

If for some reason the side business does not pan out long term, would you be able to get back into a day job fairly easily? Can you sustain the pace of your day and side job much longer? If your answers are yes and no respectively, then I say “go for it”!

CalGal

By: Orange

Orange — Wed, 03 Sep 2008 17:15:06 +0000

It is tough to have a full time job and maintain side business, but obviously you are doing it very successfully. I think I may start using your excel template to put together my own net worth chart.

By: Lance

Lance — Wed, 03 Sep 2008 17:08:28 +0000

Now that makes perfect logical sense. Guess I just need to hear it.

I do the same thing; “save” and “spend” in the same accounts. I also agree that as far your audience goes, it would not provide much added value.

By: Flexo

Flexo — Wed, 03 Sep 2008 16:58:09 +0000

Lance: I don’t consider a debt payment an expense. It’s a transfer of funds. The expense occurred when I incurred the debt. The interest paid when a debt payment is made is considered an expense. I’ve paid $341 in interest charges this year so far, all for the student loan.

A debt payment would show as an outflow on a cash flow statement. I’ve considered putting one of those together but it would be too much of a hassle considering I sometimes “save” and “spend” in the same bank accounts — and would provide not much added value.

By: Lance

Lance — Wed, 03 Sep 2008 16:41:33 +0000

I do not see any expenses related to debt payments. I see them on the balance sheet but not on the income statement, where do you include those monthly expenditures?

I’ve been tracking similar information for almost 2 years now and I like the general format that you are using. I use a zero based budget so my “income statement” or income – expenses always nets to roughly zero, at least until I’m debt free.

By: Adam

Adam — Wed, 03 Sep 2008 16:41:11 +0000

Flexo, the fact that you’re doing what you do on the side while also maintaining a full-time job is laudible. I gave up on the full-time job a long time ago! :)

The big question is whether your extra 8 hours per day could replace your salary (not including intangible benefits such as an unbelievable amount of flexibility). If you’re in a position to take the risk…why not?