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
- None this month
- Revenue – $450
- Expenses – $6.40
- Net Income – $443.60
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.
Eric J. Nisall - DollarVersity says
August 1, 2012 at 9:54 amWith 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.
Eric says
August 1, 2012 at 5:07 pmI 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.
Lance@MoneyLife&More says
August 1, 2012 at 6:05 pmPositive 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.
Eric says
August 2, 2012 at 12:25 pmI am working on getting down to zero!
Bridget says
August 4, 2012 at 9:27 amsweet! Looks good =)
Eric says
August 4, 2012 at 11:57 amThanks Bridget!