If you’ve been following Consumerism Commentary for some time, you may know that I post my balance sheet at the beginning of each month. I take this time to review my finances and determine whether I’m moving forward. In addition to my balance sheet, I review my expenses and income.
I’ve been posting these monthly updates for more than seven years, with only a few breaks during that time. It has helped me keep myself accountable for my spending decisions. This was the primary purpose I started Consumerism Commentary, and the site has changed significantly over that time.
I feel that I may no longer, from a personal perspective, need to post these updates every month. I believe they are of limited interest to readers; in fact, one reader once told me my progress depressed him and he would stop reading Consumerism Commentary because he was intimidated. That is, of course, not my intention. I never wanted to brag or use myself as a positive example; this entire process has been more of just an exercise for myself.
Last month, I mentioned that I hadn’t updated the value of my car in several months, so I went back and retroactively took depreciation into account. Going forward, I’ll reduce the value of my Honda Civic by $100 each month. This doesn’t reflect the typical tax depreciation rules, but I generally follow the value of the car using Edmunds.com.
While I call the bottom line of this report my net worth, it doesn’t include everything a business might include such as tax liability and the value of my biggest asset, my business.
To see the numbers, continue reading.
Barring any problems, I’ll break a net worth of half a million dollars by the end of the year. That’s pretty exciting considering I started out with nothing a decade ago.
Updated February 10, 2011 and originally published December 3, 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.