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Financial update – Q4 2012

December 27, 2012 12 comments

Income VS Spending Q4 2012 (2)

2012 has been a fantastic year for learning about personal finance   Since starting my financial turnaround in January, 2012, I’ve been able to accomplish quite a bit.  Here are a few highlights.

  • I know where all my money is going and I now have a functioning budget
  • I started this blog to keep myself honest and help those who happen to wonder by
  • My income rose by about 7%
  • My spending has fallen by about 40%
  • My passive income rose by an alarming amount (from 0 to a little over $1,300)

In 2011, I had an after tax savings rate of 20%.  In 2012, I failed to meet my goal of 50%, but I did hit 47% (not too shabby).

Read more…

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What’s your Expense Freedom Day?

December 13, 2012 Leave a comment

Boiler Blast

Tax Freedom Day is a concept used to compare how much of your earnings go to taxes.  Basically, it assumes that everything you earn goes towards taxes 24/7 until you pay your share of taxes, to give you a feeling for how much of your income is used to run the government before you get to spend anything.

For example, if your effective tax rate were 25%, your tax freedom day would be April 1st (exactly 25% of the way through the year).  So then I wondered, how many days are you working just to cover your expenses?  For many people, it may be until December 31st, but it’s a useful exercise to understand the magnitude of each of our expenses. Read more…

What to do with an extra $4,000?

December 12, 2012 Leave a comment

Image

So last week the lottery gave out a bunch of money ($500 million maybe?) and everyone was talking about what they’d do if they won.  Given that I’m much more likely to get hit by lighting, twice, I started thinking about events that are a little more certain… like my 2012 tax refund!

Read more…

Financial Update – Q3 2012

November 12, 2012 3 comments

I know this is about a month late, but better late than never.

I like to take a look at my spending, saving, and net worth every quarter to see how I’m performing year over year.  My goal is to hit a 50% after tax savings rate for 2012.  In 2011 it was 20% so this is a fairly aggressive goal.  Go big or go home!

So let’s compare YTD 2011 to YTD 2012

Read more…

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