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December ‘06 Net Worth Monthly Review

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Yeah I messed up my net worth review last month when I excluded one of my retirement accounts, the 401k of my current company, and so my numbers from last month in both categories were short around $3,000 (since retirement assets are included in net worth, it was just a real life total shortfall in my calculation of $3k, not $6k). So, here are this month’s numbers…

Net Worth: $174,329.82 (+5.04%)

Retirement Assets: $79,161.53 (+9.90%)

Before the crowd goes wild, the huge uptick in the retirement assets had to do in part with the fact that I contributed 90% of my income into my 401k in December (I planned on doing it in November but I didn’t submit the request in time) in order to reduce my taxable income. I’ve since pulled it back to more earthly numbers.

The major increases in net worth are in large part due to my fiancée and I combining our assets and me starting to count some of those assets in the net worth values. I included our joint banking accounts and her high yield savings account (I’ve moved our emergency funds and other savings into her account to lower the tax liability since we’re still filing as singles) but left a couple things out because I didn’t want to bug her about it.

The blog experienced some growth and I will likely see a net worth slowdown in April as I reconcile my taxes for the blog, I don’t think my standard withholding and my deductions will cover the income from the site anymore. I’ll also be looking into quarterly estimated payments and incorporating into a nice little consulting/blogging business. In fact, I already have one client that I’m helping monetize their site and it’s been pretty good going. In the first month I increased their earnings by nearly a multiple of five and then followed that up with an increase of another 300% times. If this interests you, give me a shout and we can talk.

Finally, one thing I was very proud of was our ability to donate as much money as we did (it’s not really that much in an absolute scale but it’s a lot for us just starting out in life) to various philanthropies both nationally and locally. It means a lot to my fiancée and me to be able to give back and we’re thinking about also donating time in addition to money in 2007. Also, If you’ve read our goals for 2007, we’re looking to give back to our respective high schools in some way, perhaps sponsoring a small scholarship of some kind… I think that would be exciting stuff.

Alright, that’s it, have a happy new year!

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7 Responses to “December ‘06 Net Worth Monthly Review”

  1. DeuceDeuce says:

    Id be interested in your help monetizing a blog. Its not much now but any advice from someone whos done it is better then none at all. What are your fees?

  2. jim says:

    Send me an email with the basics of your site: domain, age, traffic, current numbers, etc. and we can talk… but first thing’s first, I’d take a look at this post.

  3. Jim says:

    “I’ve moved our emergency funds and other savings into her account to lower the tax liability since we’re still filing as singles”

    Is this considered a gift by the IRS?

  4. jim says:

    I believe it is but the amount we’re talking about is under the $12,000 annual gift limit.

  5. CK says:

    Just wanted to make sure that wasn’t overlooked. -CK

  6. Star Money Articles for the Week of Jan. 1

    Here are interesting posts and news this week from the MoneyBlogNetwork members and beyond: Blueprint for Financial Prosperity is approaching $200,000 in net worth. Consumerism Commentary answers basic questions about income and taxes. AllFinancialMatt…

  7. Rootbeer says:

    I track our family’s net worth every six months and calculate a year-on-year percentage change. I would be curious to see what your Dec ’06 vs. Dec ’05 percentage change was. It tends to smooth things out rather than seeing the bumps in each month. (By the way, your title says “December ’07 Net Worth.” I think you mean December ’06 unless you are forecasting a year in advance!)


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