I do a balance sheet and income statement as a loan compliance item for a bank (conduit loan) every three months. Having done this for several years, I’ve shaved off a lot of time doing it. Takes an hour or two. I go to bank and brokerage websites at the end of each month and print a pdf of what the statements look like, and home mortgage and investment real estate loan(s). Income statements for properties I do each month. Income, I lowball. Understate real estate values. I state original purchase price basis for r/e to bank, and date purchased, that way I fully disclose. I don’t include personal property other than car. Loan balances and interest paid and earned is a cinch. Depreciate income property using IRS guidelines for property type. You will find short cuts to make easy. Then, next time you want to go to banker for loan, you just pull out your most recent statements. Ask what they would lend based on your statement for income property, raw land, &c.

Footnote statement for deferred taxes.

Writing the posts that coincide with my updates, which include my justifications for overspending and other excuses, take longer.

Good idea about the car.

I struggle with the home piece for the very reason you mention. Sites like Zillow may not accurately identify the current value of one’s home, but you cannot rely on the periodic formal home estimates either. And unfortunately, you cannot necessarily use the same calculation method of comparing a house estimate from year 1 with year 3 because market prices fluctuate. Perhaps this should be done yearly.

On another note, how long does it take you to create your income and net worth statements each month? I’m starting to do this, even aided with tools, and it seems it takes a while.

Thanks again.