OK, a big thanks to Flexo. I took his income statement excel file and modified it a bit to work for me. This is a much better way to track my progress than what I had been using.
Wow, I didn’t realize how much stronger position I am in now than a year ago. I’m actually slightly impressed with myself. And that takes a lot. I’m definitely my biggest critic. So for a few moments here….yay me : ).
Commentary
- My cash position is not nearly as strong as it looks, though it is improved. I have lots of bills (mom payment, salary on the 30th, rent payment, contractor expenses) due in the next 4-5 days. That number will drop dramatically.
- My personal savings was down this month as I had a big negative cash flow expense when moving into my new place where I had to put down first, last + deposit.
- The Xb asset value was calculated with a tool from edmonds. With the mileage on the car (55K), that looks about right. Still upside down on it…at least it gets great gas mileage.
- The collections liability is an estimate, but a very darn close estimate. I haven’t received updated statements on some of the balances so exact figures were difficult. It’s very close though.
- I added the shareholder equity. Why? Because at some point I need to buy out the investors in my old business. So, it’s a debt. Not a traditional debt. But it needs to be there for me to feel this is a complete picture of everything.
- The Scion balance is not exact, but close to when I got a payoff amount from Toyota last month.
If you see an error in the numbers or a miscalculation, please let me know. I know there are some formatting errors, but I’m not too concerned about those, I think it turned out pretty well.
{ 4 comments… read them below or add one }
Good work on the WA state taxes!
Any chance you can pay off that $100 “other” personal liability? it could make a line disappear on your sheet.
It might be helpful to break this up into business assets/debt and personal assets/debt in the future.
Great job! It looks like you are getting some traction against this debt. Keep up the hard work, it will be exciting to watch the liabilities drop over time.
I highly recommend you split your personal and business financials. I know you are personally liable for both, but it is really important to not intermingle the two for lots of reasons.
Keep going, I am rooting for you.
I am wondering why the personal and business are not separate, as well as why they have separate sections under liabilities but not assets.
Also is your car owned and financed through your business? Is your business a Sole Prop?
Yeah, I guess I could have made that clearer on the assets side. I’ll do that next month. Under bank accounts, 1. savings and 2. checking are personal. 3. business checking and 4. debt destruction are both business.
I keep all business and personal expenses separate with separate accounts for everything. This was something I mixed years ago, but since Jan ‘08, there has been no mixing. Business is an S-corp.