Thanks to dividends paid to me in my 401(k), I broke past $70,000 to close out the year at $70,108! I know that among 30-year-old financial bloggers like myself, that may not be an impressive number. Considering most of my adult life I was making less than the cost of working, I’m satisfied so far. That isn’t to say I can’t improve in all aspects of saving, investing, and spending; in fact, take a look at my goals for 2007 which specify where I plan on improving over the next year.
This month, I’m separating my business assets from the rest. I haven’t yet separated business liabilities (expenses paid on cash-back credit card) as they’re commingled with the rest of my finances. I plan on getting a business credit card this year which will make that easier. Here are the numbers! (Explanations are below.)
My personal cash and bank accounts increase every month thanks to the extra income my side business provides. At this point, I am spending more than I make from my day job. I used to rely on overtime to cover the difference, but in the position I started earlier this year, no overtime is available. Now I rely on my side income. One of my goals for this year is to cut back on my food expenses, which is probably the biggest contributor to this issue.
I need to look at the value I’ve assigned to my car. I haven’t updated the price through edmunds.com in a few months. I used to do this on a monthly basis, but I’m not sure it’s worth the extra work to do so. I’ll adjust it a few times a year.
My credit card balance this month is mostly the new computer I purchased to replace my “old and busted” notebook. I don’t worry about interest rates as this balance gets paid in full every month.
This was a good end to 2007. The table above now shows three years of history, dating back to December 2003. I’ve made good progress so far. I’m looking forward to what I hope are many more good years of double-digit net worth increases.
Stay tuned for my income and expense report, coming soon.
Updated December 27, 2007 and originally published January 2, 2007. 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.