Although it’s a little late this month, it’s now time to share my personal finances. I’ve been doing this roughly every month since Consumerism Commentary started in July 2003. I did recently make one important change — I am no longer counting my “business” bank accounts in my net worth. I’m trying to separate my business, which consists mainly of Consumerism Commentary, from my personal accounts.
October was an interesting month. I traveled to my brother’s wedding in California, so there were a number of extraordinary expenses related to the event. I do have some good news, however. The IRS has approved the reclassification of my side business from a sole proprietor LLC to an S-Corporation. this should result in a refund of over $8,000 from my 2008 tax payments.
It could take a while to receive the refund, so I’m not planning anything for it yet, but it will most likely stay in a savings account for a while.
Here are the numbers. [click to continue…]
Every month, consistently for the past few years, I take the opportunity at the beginning of the month to develop financial reports. The first report I post every month outlines my “modified” net worth, basically a balance sheet including my bank accounts, investments, the approximate value of my car, and my credit cards. Following the net worth report, I publish an income and expense report. This includes details about the income I earned during the month as well as my discretionary and non-discretionary expenses during the same period of time.
After my net worth decreased last month, mainly due to a large tax payment and poor market performance, my net worth is back up 6.3% for the month of May. Income, on the other hand, is significantly down this month, more in line with my expectations moving forward.
Keep reading this article to see my May financial reports. I will not give further commentary, but I will answer any reasonable questions. [click to continue…]
Each month I open my personal copy of Quicken Home & Business to the public. This tradition was the original impetus for creating Consumerism Commentary in 2003. At that time, at the age of 27, I was about one year into managing my own finances. Prior to that, my own money was mostly something I ignored. That was not a successful approach, so I made the decision to switch gears.
Since then, I have been posting my net worth statement here, keeping myself accountable for my decisions. More recently, I expanded this voyeuristic exhibitionism to include a report listing my income and expenses. The two reports help provide a fuller picture of my finances.
April was not a bad month for my finances in general, but my net worth decreased this month. The biggest driver for the decrease was the check I wrote to the IRS. A large tax bill means I’ve been doing something right on the income side of the equation. Speaking of income, I saw an expected decrease this month. I also expect a bigger decrease for May. Keep reading for my balance sheet and income statement. I’ve included thumbnails in the post, and you can click on the images to zoom in. [click to continue…]
If you have been following Consumerism Commentary, you might be aware that I publish a monthly report of my financial well-being, and I have been doing so since 2003. Here is my latest balance sheet, whose bottom line represents my “modified net worth.” That number has increased in March by 12%.
Rather than provide all the commentary as I have done in the past, from now on I plan on posting the reports without additional commentary. I will be happy to answer questions or take suggestions, however.
Continue reading for the reports. Thumbnails are included in the post below. Click on the images to see larger versions of the reports. [click to continue…]
Over the course of February, my “modified net worth” grew 7.5% despite yet another unremarkable month for the stock market. As of the end of the month, my bottom line — a variation of net worth — surpassed $200,000, but was still below my original goal for December 31, 2008.
Every month, I post several personal finance reports on Consumerism Commentary to help keep myself accountable for my financial decisions. It’s a tradition that dates back to July 2003, when my net worth was about $13,000. This was just a few months after my net worth surpassed $0 for the first time.
Take a look at the numbers first, then read some of the following explanatory remarks. You can click on the graphic to view a larger version of the report. [click to continue…]
2009 started off well. Since December 31, my “modified net worth” has increased 2.4% despite a sickly stock market, presenting a January bottom line of $188,566.
It’s not only a tradition for me to publish my monthly financial reports, this transparency is the original purpose of Consumerism Commentary. People post about their lives online for a variety of reasons. One reason is to hold themselves accountable for the decisions they make. By sharing my net worth, I’m exposing my financial decisions to the public, just like a public company submits quarterly and annual reports to the SEC. Even before Consumerism Commentary had readers, posting my numbers forces me to analyze my position and think about what I need to do in order to reach the next level or achieve another goal.
There is no intent to brag. In fact, although I’ve been lucky thanks to the popularity of Consumerism Commentary itself and the income it has presented, I do not have much to brag about. My financial condition, without income from my side business, would be much more dire. I apologize to anyone who finds these reports discouraging. I try to look at it from a different point of view; if I can succeed moderately, anyone (and many) can far surpass my meager accomplishments as of today.
Let’s get to the numbers first, and following the net worth report (balance sheet), I’ll discuss the details. Continue reading and click on the thumbnail to zoom in on the table. [click to continue…]
The stock market found a way to trash my net worth goal last year. Had the S&P index and my company stock increased in 2008 like they did in 2007, I would have surpassed my net worth goal for the year. Investments have a way of being volatile over short periods of time, and that was the case in 2008. Rather than finishing the year with a “modified net worth” of $220,000 or so, I ended with $186,237.
For more than five years, I’ve been tracking my financial progress live on Consumerism Commentary. I don’t do this to brag; when I started this website, my situation was not as good as it was now. I track my finances publicly to keep myself accountable and to learn from others. You may notice I didn’t put my numbers in the title of this article. This will allow readers to skip articles about my financial success and failure if they desire.
Despite the stock market’s performance, and despite not achieving some of my goals, I’m happy with my progress this year. The year-end balance sheet includes the closing balances going back seven years. At that time, I had just left my job at the non-profit arts organization and trying to put my life in a new direction. [click to continue…]
It doesn’t look like I’m going to meet the goal I set for myself last year. A net worth of $210,000 is out of the question unless the stock market experiences a miraculous recovery. All things considered, my finances are still in good shape.
Every month, I review my account balances and income vs. expenses to keep myself accountable for my financial situation. I’ve been posting my financial reports online for about five years.
Despite further slips in the stock market, my “modified net worth” increased in November. This is attributed to my alternative income, which will be outlined in a post later today or tomorrow. But keep reading this article to see the breakdown of my net worth. [click to continue…]
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