Monthly Update – August 2017 (+$11,366.50, +4%)
August was a fairly expensive month for us, with expenses at almost $5,000 and income only at $4,000. The exact net income came out to $832. But we still had a net worth gain of 4% ($11,366.50) thanks to a bull market.
A big driving factor to the increase was a $7,500 increase in our home value. We currently live in the DFW area which has been booming due to so many companies moving here. The unrealized gains from our home are nice, but it does increase expenses come tax time…
Our income statement from a high level:
Spending chart from Mint:
Some notable expenses this month include:
- $113 for a red-light ticket. Somehow, my wife got a “no turn on red” ticket, but there weren’t any signs up that say she couldn’t turn on red. We had thought about fighting it, but ultimately decided just to pay the $113 and move on.
- We started a business that my wife is focusing on. The business is selling a premium wine club. This was a natural fit for us because we love wine and enjoy making money! Total cost to get started: $260.
- My wife and I went out for a night on the town. This is very rare for us these days with 2 little kids. Below is a picture of us at Eli Young! Total cost in August: $166.18.
Things to focus on in September:
- Dropping expenses dramatically. We’ve really been living above our means this last month and need to get back to diligent savings.
- Focus on growing the wine business.
