August 2005 Net Worth Update (+$2,050)
Ok here is my 1st net worth statement. This is my second worst month of the year for me so far.
Balance Sheet:
Note: All credit card debt is in the form of 0% balance transfers or is current month spending which will be paid off in next billing cycle.
Significant Events for August 2005:
-business trip with almost 3 weeks of expenses on credit card, in process of being reimbursed
-took advantage of an additional 0% BT offer from Citibank resulting in a $17500 loan that was moved into a savings account
I have decided to present my monthly net worth in the above format. I think this is perfect because it will be very easy to benchmark with other bloggers and will accurately capture any changes to an accrual based method in the future.
Balance Sheet:
Jul-05 | Aug-05 | Change | % Change | |
Cash & Equivalent | $ 4,347.87 | $ 5,317.73 | $ 969.86 | 22.31% |
Saving | $ 17,473.35 | $ 36,034.15 | $ 18,560.80 | 106.22% |
Brokerage / DRIPs | $ 38,885.49 | $ 39,242.72 | $ 357.23 | 0.92% |
Roth IRA | $ 19,106.70 | $ 19,182.86 | $ 76.16 | 0.40% |
401(k) | $ 61,737.40 | $ 62,923.82 | $ 1,186.42 | 1.92% |
Stock Option | $ - | $ - | $ - | |
ESPP | $ 26,526.85 | $ 25,853.03 | $ (673.82) | -2.54% |
Home Equity | $ 39,776.61 | $ 39,953.80 | $ 177.19 | 0.45% |
Other Assets | $ - | $ - | $ - | |
Receivable (Payable) | $ - | $ - | $ - | |
Reserve Funds | $ - | $ - | $ - | |
Loans | $ (25,566.84) | $ (44,169.73) | $ (18,602.89) | 72.76% |
Tax Liability | $ - | $ - | $ - | |
Total | $ 182,287.43 | $ 184,338.38 | $ 2,050.95 | 1.13% |
Note: All credit card debt is in the form of 0% balance transfers or is current month spending which will be paid off in next billing cycle.
Significant Events for August 2005:
-business trip with almost 3 weeks of expenses on credit card, in process of being reimbursed
-took advantage of an additional 0% BT offer from Citibank resulting in a $17500 loan that was moved into a savings account
I have decided to present my monthly net worth in the above format. I think this is perfect because it will be very easy to benchmark with other bloggers and will accurately capture any changes to an accrual based method in the future.
Comments (1)
I have a file in Excel that I have used since 1974 to track my net worth. Every Dec 31 I would update and set a goal for the following year to achieve. I usually set a goal of growing the net worth by 10% annually which I thought was fairly aggressive. When I started it I was 34 years old and when I recently graphed the actually numbers it really demonstrates the power of compounding just like the text books tell you.
Someone once wrote that the only goals are those that are written down and I found this to really motivate me to think about how each finanancial decision would impact my goal for year end. I would be willing to post the numbers and/or the graph for demonstration purposes so you can see how frustratingly slow it was to start and now it escalates at a exciting pace year after year.
Posted by petercoe | December 6, 2006 1:20 AM