My Personal Finance Journey

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


By Topics

Overall:
0. About (10)
1. My Progress (139)
2. Car & Home (107)
3. Credit (138)
4. Banking (33)
5. Saving (49)
6. Investing (308)
7. Taxes (89)
8. Spending (74)
9. Misc (97)
A. Archive (49)



MONTHLY ARCHIVE

Feb 2014 (3)
Jan 2014 (6)
Jan 2012 (1)
Apr 2011 (1)
Mar 2011 (1)
Feb 2011 (1)
Jan 2011 (1)
Dec 2010 (1)
Oct 2010 (1)
Sep 2010 (1)
Aug 2010 (1)
Jul 2010 (1)
Jun 2010 (1)
May 2010 (1)
Apr 2010 (1)
Mar 2010 (6)
Feb 2010 (2)
Jan 2010 (7)
Dec 2009 (3)
Feb 2009 (4)
Jan 2009 (8)
Dec 2008 (1)
Jun 2008 (2)
May 2008 (2)
Apr 2008 (5)
Feb 2008 (3)
Jan 2008 (15)
Dec 2007 (32)
Nov 2007 (6)
Oct 2007 (8)
Sep 2007 (9)
Aug 2007 (24)
Jul 2007 (2)
Jun 2007 (1)
May 2007 (3)
Apr 2007 (4)
Mar 2007 (4)
Feb 2007 (13)
Jan 2007 (6)
Dec 2006 (3)
Nov 2006 (7)
Oct 2006 (7)
Sep 2006 (6)
Aug 2006 (4)
Jul 2006 (10)
Jun 2006 (1)
May 2006 (3)
Apr 2006 (2)
Mar 2006 (6)
Feb 2006 (6)
Jan 2006 (3)
Dec 2005 (1)
Nov 2005 (9)
Oct 2005 (8)
Sep 2005 (13)
Aug 2005 (25)
Jul 2005 (16)
Jun 2005 (17)
May 2005 (19)
Apr 2005 (20)
Mar 2005 (24)
Feb 2005 (23)
Jan 2005 (36)
Dec 2004 (40)
Nov 2004 (34)
Oct 2004 (17)
Sep 2004 (21)
Aug 2004 (59)
Jul 2004 (37)
Jun 2004 (31)
May 2004 (29)
Apr 2004 (52)
Mar 2004 (49)
Feb 2004 (49)
Jan 2004 (31)
Dec 2003 (48)
Nov 2003 (52)
Oct 2003 (29)
Sep 2003 (8)
Aug 2003 (5)
Jul 2003 (2)
Jun 2003 (2)
May 2003 (5)
Apr 2003 (2)
Mar 2003 (2)
Feb 2003 (3)
Jan 2003 (29)



 

Monthly Review - September 2006 ($546,782, +$29,283)

Contributed by mm | October 1, 2006 1:39 PM PST

As expected, we extended our winning streak to the fourth month. Helped by a handsome annual bonus payout and employee stock option appreciation, our family net worth grew almost $30,000. At $546,782, we are now within a stone's throw of reaching our 2006 net worth goal of $550,000.

MONTH-END BALANCE SHEET

net-worth-2006-09.GIF

HIGHLIGHTS OF THE MONTH

• Our business income proceeds dropped from the all-time high in August to a normal level in September. Our sales pipeline is currently weak, but I still expect our 2006 annual business income will be 50% higher than that of 2005.

• While S&P 500 advanced 2.5% in the month, our international-stock-focused portfolio only delivered $3,400 in gains. Still, our year-to-date investment income (excluding employee stock options) added up to $33,000, putting us on track to meet the annual goal of $40,000 investment return.

• During my recent US trip, I picked up two new credit cards that both offer 12-month 0% APR balance transfer (Citi PremierPass and Discover Platinum). Now I have almost $50,000 from 0% or ultra-low APR balance transfer deals, and I park all such balance in high-yield money market accounts like Emigrant Direct that are throwing out 5% APR. It is sweet to sell my creditworthiness for over $2,000 in income a year.

• I opened brokerage account in China and started some fund investing in domestic market.

NEXT STEPS

• Corporate tax return for our family business will be due by the mid of October (the fiscal year ends in June). Time to hurry up to ship the form.

• Chinese Yuan continues to appreciate rapidly against US dollar, and I am researching how I should hedge my risks since I get paid in US dollar and most living expenses are paid in Yuan.

• We will be vacationing in Southern California in mid October.

This Post Has Received 12 Comments. Share Your Opinions Too.


meteorazure Commented on October 1, 2006

Congrats on your sep performance. I have recently discovered your post and will be back soon :)


personal finance advice Commented on October 2, 2006

Congrats. It's always a good month when net worth increases rather than decreases.


Mike Commented on October 2, 2006

I'd like to take advantage of taking cash from a credit card account and placing it in Emmigrant Direct, but I'm a little confused as to how to go about it. The links that you post both have 0% on transfers, but how do you use that to get cash? Do you call them and negotiate with them on a way to do a cash ACH transfer and are able to have them remove the percentage fee that they normally charge?


golbguru Commented on October 2, 2006

OK dude, I have to admit that other than television personalities you are the only living person I know (albeit only through your blog) who has actually earned $29K in a month !:)
Congratulations and wish you many winning streaks in time to come.


2million Commented on October 2, 2006

Mike, here is a howto on getting the transfer money - O% Balance tranfer guide.

MM, your 401(k) returns are very small - is that focussed on international assets as well?


MM Commented on October 2, 2006

Mike, my local credit union is my money laundering machine.

http://www.pfblog.com/archives/5260_in_praise_of_our_credit_unions_credit_card.shtml


Tarik Commented on October 4, 2006

I'm really curious about the 0% interest credit card balances that you transfer over to earn 5% back. It seems like a brilliant idea because the extra $2,000 you earn is beating inflation, and could possible return you even more money in the long run. Just like Mike commented, I too am confused about the whole process.


william Nixt Commented on October 4, 2006

Mike, I have been followimg your quest for one million for the last three years. Retired and past my earning years except for brokerage account. I have been using your monthly increases as my personel goal. It's a good competition. I feel you should invest a small sum in speculative stocks. Trust your own DD.


MillionaireInTraining Commented on October 5, 2006

I am just a finance student and therefore my knowledge is mostly in theory form, not practice, but I think the remedy for your currency situation is a hedge via a yuan or dollar derivative. I'm sure I will be corrected if I am wrong, but I think you want to purchase a call option on the Yuan or buy a put on the dollar (in reality you will need a series of options as they are exercised/expire). I am not sure if individuals are allowed to write options, but in theory a hedging strategy can be created in this manner also. Good luck, please let us know what you decide to do.


mark Commented on October 5, 2006

I can't think of anything more boring than a web page tracking someone's net worth.


Curly Tree Commented on October 9, 2006

Congratulations on your big net worth boost! I recall how I used to be able to do this while still single all the way before I had kids. Now that I have a larger family (there's 5 of us all in all) and a household generating massive utility and yard fees, I am at a loss to save as much as I used to. So my strategy during my younger years was to save, save, save. Now I have shifted my strategy to generate higher income through business.


KC Commented on October 15, 2006

Likewise, can someone please explain how you take cash from a 0% credit card offer without the usual 3% cash advance fee?


Add Your Comments










Remember personal information?




(It will take a few moments for your comment to be published. Please do not close the window until then.)


Read More ... 139 Posts In The Same Category










This page was last rebuilt at February 09, 2014 08:18 AM PST. (308 Words)
 

RSS FEED





PERSONAL FINANCE BLOGS I READ

Consumerism Commentary
Get Rich Slowly
My Money Blog
All Financial Matters
The Simple Dollar






.



Copyright 2003-2014, PFBlog.com. All Rights Reserved. (Privacy Policy)