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BHAG UPDATE

1/3/2014

2 Comments

 
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I failed!  I was only able to save 69% of my after tax income in the month of February instead of the goal of the low 70's.  I contribute this mainly to a destination wedding that I had to go to, which was completely worth it, but in the end it turned out to be an expensive weekend.  

So here's the break down on income and expenses:
Expenses:
Transportation - 17.24% (plane, tolls, and taxis)
Charity - 3.89%
Education - 0.12%
Insurance - 5.43%
Home - 7.29%
Mortgage - 29.98% (FML-better than being homeless though)
Gas - 8.87%
Personal - 1.77%
Eating out 4.88% (better than in months past)
TV\Internet - 3.73%
Phone - 4.39 (looking seriously at switching to T-mobile)
Utilities - 5.08%
Food - 7.34% (grocery store)

Income: 
Rental - 35.58%
Salary - 64.42%
Investment - No dividends this month
Businesses - Haven't started any yet, but I'm going to draw up a business plan in March

Transportation expense was abnormally high due to the wedding, but most other expenses and income look fairly normal.  March is going to be a big problem as well since a number of the wedding costs occurred then as well.  I'm going to have to go on a cash freeze for the rest of the month to make up for it if I want to make my numbers.  I really need to focus and come in somewhere in the mid 70's range to make up for this month.  

The other thing was that February was a short month so the expense category was even lower than any other months.  I really need a 5 pay day month, but that's not going to happen until May.  I'm also dealing with a water leakage situation at a rental.  According to the adjuster, that could be an $800 or an $8,000 expense UGH! 
2 Comments
Mike
4/3/2014 11:34:20 pm

Based on what I read in a couple posts I suggest you don't start a business. What type of business are you planning to start?

Reply
Chris Gray
5/3/2014 02:46:59 am

Why is that Mike? Id like for it be something with low start up costs. Either a service type of market or mini-manufacturing.

Reply



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    This website was created due to the atrociously misguided financial advice that I've heard over the decades.  Financial freedom is not intellectually strenuous, but it takes discipline. 

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