Comments on: October 2008 Balance Sheet – Progress!

By: debt kid

debt kid — Fri, 31 Oct 2008 07:51:36 +0000

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.

By: Greg C.

Greg C. — Fri, 31 Oct 2008 07:44:23 +0000

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?

By: Jonathan

Jonathan — Fri, 31 Oct 2008 02:32:06 +0000

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.

By: MB

MB — Thu, 30 Oct 2008 12:20:31 +0000

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.