December 2008 - Net Worth Update and Personal Finance Status

By MoneyBlueBook

Honestly, I'm starting to regret posting my financial numbers online for all to see. It's one thing for anonymous strangers or random online readers to be intimately aware of my current financial net worth, but it's another mild hassle altogether when friends or family know where I stand financially at all times. It just injects a bit of awkwardness into my personal and social relationships I feel.

Just a few days ago my brother asked me to contribute to his law school tuition fund. He's currently working full time and juggling evening law school classes. His federal government office pays for the majority of his law school tuition expenses, but there is still a little bit leftover that he needs to cover out of pocket. I'm sure his awareness of my current financial state via my personal finance blog at Money Blue Book makes it easier for him to feel comfortable approaching me for money knowing that I probably have the means to provide some measure of financial support. I doubt he would have felt as comfortable asking me for a handout or a loan if he were not acutely aware of the specifics of my monthly cash flow or personal balance sheet.

Offering Loans To Family and Friends Is A Bad Idea - Don't Give Money To Others That You Wouldn't Feel Comfortable Giving Outright For Free

I have an unwritten rule for myself that I will never loan money to family or friends, even if it's to bail them out of a difficult financial situation

By MoneyBlueBook

In an effort to encourage readers to learn to calculate net worth and track their personal financial progression, I've begun the process of posting my monthly net worth updates online for all to see and review. While taking the time and effort to record and analyze my investments and liabilities requires a measure of dedication, I think it's an invaluable method to help me better plan and make adaptive financial decisions in my marathon journey to become financially independent.

My Current Net Worth and Financial Status Update Compared To Last Month

Assets
Balance
$ Change
% Change

Cash
$205,986
$56,439
37.74 %

Stocks
$17,464
-$3,734
-17.61 %

Bonds
$0
$0
-

Retirement (401K, Roth, IRA)
$8,559
-$1,662
-16.26 %

Car and Vehicle Value
$9,420
-$2,525
-21.14%

Real Estate and Home Value
$0
$0
-

Other Real Estate
$0
$0
-

Total Assets:
$241,429
$48,518
25.15 %

Debt and Liabilities
Balance
$ Change
% Change

Credit Cards
$3,872
$2,372
158.13 %

Car Loans
$0
$0
-

Home Mortgage
$0
$0
-

Student Loans
$27,872
-$145
-0.52 %

Total Debt
$31,744
$2,227
7.54 %

Total Net Worth

$209,685
$46,291
28.33 %

Saving My Small Home Business Income To Weather The Economic Recession

While October and November have been extremely difficult months in terms of the significant paper losses I've been seeing in my current stock and mutual fund investments, I continue to see a positive growth trend in my overall income cash flow (currently around $55,000-$60,000 a month). Despite the current economic situation, I continue to enjoy a steady stream of income from my legal practice day job and significant contributions from my side projects. While my small legal practice business has gyrated a bit in terms of leads and overall receivables, most pullbacks have been noticeably buttressed by steady increases in my alternative income streams, which includes profits generated by my online business blogs and my other real world developing ventures.

By MoneyBlueBook

For new readers of my personal finance blog, this is my first inaugural financial status and net worth update. I hope to make this is a monthly tradition to better help me track the condition of my financial health. At the same time, I am keenly aware of the potential awkwardness that comes with financial disclosure involving actual numbers. I know that there is a taboo sensibility when it comes to talking about money and actually revealing personal numbers. However, Money Blue Book is a personal finance blog and my purpose here is to encourage readers to improve their own financial lives by adopting practices that will put them on the right track to financial independence. Perhaps my own experiences and financial progress will inspire calls to action and help voyeuristic readers gain the necessary confidence to learn more about the importance of financial tracking and statistical self assessment. In the future I may discuss more sensitive topics such as my own expenditures concerning church tithing.

As a side note, the reason I am posting this halfway through the month rather than the customary beginning of the month is because of how my income accounting is set up. My income streams tend to get realized and reported at around this time.

My Current Net Worth and Financial Status Update Compared To Last Month

Assets
Balance
$ Change
% Change

Cash
$149,547
$35,164
30.74 %

Stocks
$21,198
-$6,536
-23.57 %

Bonds
$0
$0
-

Retirement (401K, Roth, IRA)
$10,221
-$1,981
-16.24 %

Car and Vehicle Value
$11,945
$0
0.00 %

Real Estate and Home Value
$0
$0
-

Other Real Estate
$0
$0
-

Total Assets:
$192,911
$26,647
16.03 %

Debt and Liabilities
Balance
$ Change
% Change

Credit Cards
$1,500
$1,200
400.00 %

Car Loans
$0
$0
-

Home Mortgage
$0
$0
-

Student Loans
$28,017
-$147
-0.52 %

Total Debt
$29,517
$1,053
3.70 %

Total Net