My Personal Finance Journey

Personal finance observation, musing and decisions in a journey toward financial independence by 2020 with at least $3 million.


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Monthly Review - August 2006 ($517,498, +$38,185)

Contributed by mm | September 2, 2006 4:16 PM PST

While I knew August will be a strong month at July close, I didn't expect August to finish this strong. With the 8.0% jump in our family net worth, we finally crossed the important mark of $500,000. The day came much earlier than I could imagine one year ago -- with this kind of momentum, 7-figure net worth seems to be in reach before the end of the decade.

BALANCE SHEET RESULTS

net-worth-2006-08.GIF

HIGHLIGHTS OF THE MONTH

• With the help of a bunch of unsolicited customers and deals, we achieved the highest monthly billing and cash inflow in our family business in the history -- the August monthly revenue, if it could sustain, would almost make us a business with six-figure annual revenue.

• We were able to save of $12,000 from our job and business income and the family also indulged in a luxury vacation in a beach town.

• Our portfolio performance benefitted from positive market trends and appreciated over $12,000.

• I also had several rounds of stock option and stock award vested in August that amount to a total before-tax value of $9,800.

• Citibank continued to offer me amazing balance transfer deals -- I was able to transfer another $5,000 in a six-month, 1.99% APR, no-balance-transfer-fee transaction that will add $100 interest income to our strong balance sheet in the next six months. (The other part of the spike in our credit card balance is due to delayed claim of some campany benefits worth over $7,400 -- it will be reimbursed in September.)

NEXT STEPS

• September will be another strong month since annual bonus will be paid out. I have been already notified of both strong merit increase and handsome bonus thanks to some strong results in my daily job.

• It is time to speed up the preparation of corporate tax in my small but incorporated business. I am tentatively setting the fiscal year to end in June so I have to complete the filing by October or ask for an extension.

• The realization of dual milestones of 1) $500,000 net worth and 2) six-figure annual revenue in our sideline business is a huge motivation and inspiration. I will soon revamp our long-term financial plan and start the thinking process of what I really want to achieve next in my personal life (now that financial independence is really within reach now.)

This Post Has Received 22 Comments. Share Your Opinions Too.


Rob Commented on September 2, 2006

What is the family business?


makingourway Commented on September 3, 2006

congratulations!! This is wonderful news, both in your savings, business and equity growth.
I know how great it is to see your assets exceed $500k!
What amount do you feel is necessary to push you into the financial independence category?
It certainly seems like your day job is rewarding you very well - especially as an expat!
regards,
makingourway


guest Commented on September 3, 2006

You did a financial advisory course a while ago. You must be contracting your financial review services out as a side business. Does this family business come under the category of Moonlighting though? Does Microsoft have a policy on this? You are doing well though. Keep it up.


financial freedumb Commented on September 4, 2006

mm, congrats! Curious though, your site catch phrase says, "Personal finance observation, musing and decisions in a journey toward financial independence by 36 with at least $1 million." How old are you now? I think that's important for your readers...it's probably posted some place, but from a quick dig, I couldn't find it...Thanks, Freedumb.


MM Commented on September 4, 2006

Freedumb: age 36 = 2012 :-)


Rob Commented on September 5, 2006

I don't think we are suppose to know!


2 million Commented on September 6, 2006

The side business is the blog ads - apparently they are making a killing.


Zack Commented on September 6, 2006

Are you sure about that? I don't understand why that would be kept secret.


jay Commented on September 12, 2006

What is the family business?


roosh Commented on September 13, 2006

Have you ever posted about your side business? I've been reading PFBLOG for a while and don't remember seeing anything.


Connie Commented on September 19, 2006

I have just started reading your blog and am so motivated by your balance sheet. I cannot wait to read more and possibly utilize it towards my own financial freedom. Thanks so much for sharing your experiences.


Bob Smith Commented on November 2, 2006

Wow! This is a wonderful achievement for your family! If money makes one happy, you should be very happy, indeed. It is too bad that you can't take it with you.


give me pink Commented on February 16, 2007

I've basically been doing nothing worth mentioning. Today was a total loss. That's how it is. Today was a loss. Basically nothing seems important, but eh. My mind is like an empty room. Basically nothing notable happening these days. My life's been completely boring today.


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