It’s a long-standing tradition at Consumerism Commentary to review the details of my finances at the end of every month, and it’s that time again. I start with a “net worth report,” a list of my bank account, credit card, and loan account balances, investment values, and some more ethereal numbers like my car’s value and “accounts receivable.”
August helped me out financially for a few reasons, two of which I’ll explain in the forthcoming income and expense report. The third reason is the stock market, slightly up in the month of August, buoying my investments tied to market indexes. In total, my accounts were up 7.7% over the month, the largest monthly increase this year. The bottom line of this report is a modified net worth of $174,669. I call this a “modified” net worth because the report is more complete than a list of bank account balances but not quite as complicated as a net worth figure that a business might use.
For the details, continue reading. Click on the thumbnail for a larger report. [click to continue…]
My balance sheet provides a decent snapshot of my current financial state, but it doesn’t tell the complete story. While I have control over most of my investments and could sell poor performers and buy others if I so choose, I’d rather stick with what I have for the long term. Therefore, monthly swings in my balance are often due to forces beyond my control, like the health of the economy and the stock market.
That’s why I’ve been including an income statement each month. This report presents the details about the sources of my income and the destinations of my “outgo.” This was a successful month, netting $7,731 after expenses. For the year, I’ve managed to save almost $50,000. That includes money that I’ve invested as well as what I’ve deposited into savings accounts.
Here are the details. Click on the thumbnail for a larger version of the report. [click to continue…]
It’s two months later, and I still need to achieve another $50,000 to reach my net worth goal of $210,000 by December 31. With so much of my assets tied into the stock market indexes, it’s no surprise I’m not making the progress I hoped for.
When the company I work for releases its quarterly results, they include a special warning about “forward-looking statements.” The company forecasts its earnings for the rest of the year based on a 2% return in the stock market at large through the end of the year. If the market fares worse or better, they have no problem adjusting expectations. I’ll need to do the same.
Every month, I report my financial status, so here are the numbers. Click on the thumbnail to zoom in. [click to continue…]
In June I managed to save over $4,000 of my income for myself after all expenses were paid. That doesn’t mean that my net worth grew during June, however, as I explained earlier today. While I was able to add to my savings and investments, poor performance in the stock market caused my accounts to decline, which I hope is a temporary situation.
This post contains a look at my income and expenses for the month of June, though some lines are ignored to present a report that is a mix between an income statement and a cash flow report. I don’t bother with unrealized gains or losses here, but I don’t include money transferred to savings as an expense.
Continue reading this article to see my financial data for the month of June. [click to continue…]
Last month, I shared my belief that I would not make my net worth goal for the year, and June has been a step backwards. I ended the month with a modified net worth of $155,596, over $2,000 down from the end of May.
For any readers new to Consumerism Commentary, I post financial updates every month. This balance sheet, combined with an income/expense report, help me keep track of my progress.
I hope that monthly declines in my net worth continue to be few. The last time I experienced a monthly decline was in May 2006, a decrease of 1.3% and before that, May 2005, a decrease of 5.9%. Keep reading to see my current balance sheet with explanations. Click on the thumbnail for a larger version of the table. [click to continue…]
I ended May 2008 by spending $9,943 less than I earned, though I had some help from a $600 tax rebate and an incoming payment for a long-term advertising deal (which already finished its run).
In this post, I’ll take a look at my income and expenses for May to determine whether there are some opportunities for me to earn more and spend less. This report makes sense when viewed in conjunction with May’s balance sheet which shows my account balances and net worth as of May 31, 2008.
Keep reading to see the chart and explanations. [click to continue…]
In order to reach my net worth goal of $210,000 by December 31, 2008, I will need to add $50,000 to my balance sheet. Considering my progress so far this year, it is likely that I’ll fall short. Even if I do, as long as I continue on my path, I’ll still be satisfied with the outcome.
At the end of May 2008, the sum of my assets reduced by my liabilities was $158,793. That’s up 7.8% from last month’s adjusted number. My reports aren’t perfect. Even when I post these financial reports after the month ends, I often remember additional expenses missing from Quicken. I’ll therefore make some adjustments that show up in the next report. That explains why last month I reported by April 2008 ending balance to be $151,079, but today I’m reporting April’s balance as $147,314. The different isn’t usually quite so large, however.
Keep reading for details about this month’s numbers. [click to continue…]
Earlier today, I posted the first part of my monthly financial reporting, my April 2008 balance sheet. Publishing these reports online helps keep me accountable for my decisions and forces me to take a look at my progress each month.
After a great February and a good March, April was not quite as impressive. In fact, this is my lowest net income since last April. My net income for the month was significantly lower due to two specific reasons. I’ll explain more following the data. The chart is hard to read within the post, but if you click on the image, a larger table with legible numbers will open in a new window or tab. [click to continue…]
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