Here’s my latest balance sheet, a listing of the end-of-month balances for my bank and investment accounts with a few assets and liabilities. This is used to calculate my net worth each month. Any month in which I’ve come out ahead of the previous month I consider a success, and November was good. Continue reading for the numbers and some explanations.
I’m a little concerned that my non-business cash on hand drops each month. I’ve been trying very hard not to take money from my “side income,” but with my 401(k) contribution at 12% of my low day job salary, I think I’ll have to adjust my philosophy. The $381 in my checking account is prior to my Roth IRA deposit and a car insurance payment; I am already left with not enough in the account to pay my heating bill.
My personal accounts receivable includes a check to be deposited and my Upromise balance. I keep that in accounts receivable because I request a check every so often rather than deposit money into the suggested 529 education investment fund.
My informal goal for 2006 was to hit a net worth of $60,000. I blew past the amount thanks mostly to income from websites. I’ve been toying with $70,000 for the end of the year, but with the gifts I’ll be buying for the holidays, I probably won’t make it. I will begin thinking of a target for 2007.
Stay tuned for my income and expense report.
Updated March 21, 2011 and originally published December 4, 2006. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @flexo on Twitter and visit our Facebook page for more updates.