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Personal Balance Sheet, August 2010 ($382,103, +3.4%)

This article was written by in Monthly Update. 14 comments.


If you follow the endless financial news, you might have heard that the stock market ended August on a sour note. My investments suffered like those of many investors around the world. The only investment I’ve been adding to for the last few months has been my 401(k) at regular intervals. I’ve been holding off investing otherwise, and any extra income has been sitting in cash accounts.

At this point, I take a close look at my finances only once a month. That’s a big change from ten years ago, when I wasn’t earning enough even to pay for the cost of commuting to work. I began tracking every penny spent to be sure there was as little waste as possible. Over time, the necessity of tracking my finances so closely lessened, and now I’m fairly comfortable that I’ve built up good habits with money. I can save for the future while enjoying my life today.

I’ve mentioned my interest in photography before. This coming month, I plan on taking more steps to take this to a new level. I should have a few paying jobs as a photographer over the next few months, and I think it makes sense to create a new business entity to formalize the activity. My first concern is naming the new company.

But for now, here’s a look at my balance sheet as of the end of August 2010.

Of course, I’ll only be able to commit significant time to photography when I leave my day job.

Published or updated September 2, 2010. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.

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About the author

Luke Landes, also known as Flexo, is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about him and follow Luke Landes on Twitter. View all articles by .

{ 14 comments… read them below or add one }

avatar David M

Cash is definately king in your mind! Impressive balance sheets – great results over the last 2 years – more than 100% increase! Also no debt – I’m impressed.

Keep up the great work,

David

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avatar Tristan

Flexo,

I had a question since I will soon be figuring my net worth… how do you determine the value of your vehicle? KBB or NADA or some other method? Thanks.

Tristan

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avatar Luke Landes ♦127,465 (Platinum)

I track the value using Edmunds.com but I only update it a few times a year.

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avatar Brian S.

You mention your interest in Photography. Have you taken any courses in Photography? What other steps have you taken to turn it into a business? I have an interest in Photography as well, and would like to turn it into a money making venture, but am not really sure how to go about it. Any tips?

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avatar Luke Landes ♦127,465 (Platinum)

My interest in photography stems back a long time, though I never focused on it until the past few years. I’ve taken two classes so far, but haven’t gotten as much out of them as I would like. I am starting a new class in about a week (as long as enough people have signed up to prevent cancellation) that should be more intense and helpful.

So far, I have a few people/companies interested in having me take photographs and willing to pay, and I haven’t done any marketing — just posted the shots on Facebook and Flickr.

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avatar The Yakezie

Flexo, at what point do you think you will start getting disinterested/bored with your cash? Do you have a cash accumulation target, or anything you are thinking of using your cash to buy with?

Sam

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avatar Luke Landes ♦127,465 (Platinum)

Most of the cash is in the business savings account. At some point I’ll put a sizable down payment on a house, perhaps a multifamily house I mentioned the other day, but for now I just want to keep as much as possible in “the business.”

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avatar The Yakezie

I see. So you plan to use the cash in the business, to plow it back into the business i.e. retained earnings for further expansion? Is there any really that costs more than a couple grand to do?

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avatar The Yakezie

I see. So you plan to use the cash in the business, to plow it back into the business i.e. retained earnings for further expansion? Is there any really that costs more than a couple grand to do?

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avatar Luke Landes ♦127,465 (Platinum)

Most of the cash is in the business savings account. At some point I’ll put a sizable down payment on a house, perhaps a multifamily house I mentioned the other day, but for now I just want to keep as much as possible in “the business.”

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avatar The Yakezie

Flexo, at what point do you think you will start getting disinterested/bored with your cash? Do you have a cash accumulation target, or anything you are thinking of using your cash to buy with?

Sam

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avatar shweta

yes, “cash is neccesary to life but life is not cash”
life is leaving, learning is doing includ thinking feelings and actings beyond all and interpenetrating the three is our ‘Beings’. so,
enjoy life with growing

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avatar ib

congratulations, flexo! that’s great about your ventures into photography. (= i look forward to seeing how it goes! (= thanks for sharing.

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avatar Barbara Friedberg

Congrats on the personal accountability and progress. Impressive work selling your photog services, good luck going forward

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