This month, I spent more than usual but still had enough income to make up for it. My biggest expense, which was in my long term plan but not expected to be this month, was a new painting when I made my first investment in fine art. I also enjoyed a couple of great concerts and a trip to Minneapolis this month.
Banking and Debt
I have gotten used to my new automated investing in my retirement accounts. I am maxing out my Roth IRA and saving heavily in my company's 401(k) plan. Even when the markets are shaky, it is good to keep putting money away. In a Roth, you can choose from any investment, so you don't even have to invest in stocks. 401(k) plans have fewer options, but it is still good to make tax advantaged investments.
I decided to pull back some of my over payments on my mortgage to put more info my savings, which I am now going to refer to as my “liberty fund.”
Side Business Income
Narrow Bridge Media – All Blogs and Online Activities
Revenue
- Private Ad Placements and Freelance Work – $601
- AdSense – $9
- Affiliate Payments – $0
Expenses
- None this month
I have started working on new freelance projects, and I am excited to see where they go. I am projecting $100 per month from my most recent weekly freelance posting.
Denver Flash Mob
- Revenue – $450
- Expenses – $6.40
- Net Income – $443.60
I have one outstanding past due invoice and two events in planning. I have changed the strategy of Denver Flash Mob from large, public events to flash mob consulting. This puts the entire planning and execution of the event on me, but removes the burden of recruiting all of the dancers. I will test the waters and see how this goes moving forward.
I changed my accounts receivables policy. I now require an up front payment when I start the choreography and the balance the day of the event. This will keep me from losing money on the choreography and not getting paid.
DJ Yofi
No revenue or expenses this month. I have been booked for an upcoming wedding.
Net Worth
Overall, things were good this month. I am excited to see my mortgage balance under six figures. After last 4% increase, I was happy to follow up with a net worth increase by of nearly 2% in July.
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With regards to the A/P policy change you’re going to implement for the flash mobs, I can tell you that you’re not alone. I’ve seen a lot of people starting to require either full payment up front or at least a hefty deposit, sometimes as much as 75%. Some people might say that you’ll lose potential clients, but it’s better than spending the time and resources on a project and not see the payment for weeks or even months at a time.
I have been burned in the past, so we have a 40% deposit on events right now. If it scares off a few people, I can live with that. Losing out on payments when I put in my own money to pay the staff is much worse.
Positive net worth is always a great step! I think it would be a great victory to get a mortgage under 100,000. Great job and next big milestone is under 90k in my book.
I am working on getting down to zero!
sweet! Looks good =)
Thanks Bridget!