PoP Income Statement – June 2016

Welcome to our June 2016 Income Statement!

Mr. PoP and I put these income statements together for two reasons. First, we want to be transparent about our finances because we’re trying to be role models for other people who are trying to plant their own pennies (and end up with dollars someday!). Second, we do this to make sure we’re on track to meet our own long-term goals. If you’re not tracking your income statement and balance sheet, we highly recommend you start using a program like Mint to keep track of it all.

We’re pretty glad that June is in the rearview mirror. The month started off on a bad note when Mrs. Pop was running on the beach and happened across a dead loggerhead turtle! The rest of the month wasn’t amazing financially, but unlike the turtle we made it out alive.

The Bottom Line

  • Earnings before principal paydowns and savings allocations of $4,250.  

And the details…

Continue reading PoP Income Statement – June 2016

Lost Wallet: Reward If Found

MISSING WALLET!!! Reward If Found!!!

MISSING WALLET!!! Reward If Found!!!

Last Confirmed Sighting: Publix, around the corner from the PoP’s house. Definitely used wallet (and credit card therein) to purchase groceries on Sunday afternoon.

Last Believed Sighting: Next to phone and headphones on top of couch. 95% certain that the wallet was set out with other items (phone, headphones, water bottle) to load into my panniers for my bike commute to work on Monday morning.

Sigh… My wallet seems to have vanished into thin air.

I’m pretty darned sure I remember packing it with other work items to make the trip to the office with me on Monday, but then I didn’t see it in its usual spot on my desk at the office later in the day and assumed I must have forgotten it at home. At home Monday night, I glanced around a little, but didn’t see it and assumed I must have slid it into a drawer or something at work.

Continue reading Lost Wallet: Reward If Found

PoP Balance Sheet – May 2016

Welcome to our May 2016 Balance Sheet!

We use the structure of a monthly income statement and balance sheet in tandem to make sure we are keeping our expenses low and planting our pennies wisely. If you’re not already tracking your finances using these two methods, go to mint.com and get started today! If you have any questions about how we do this just post a comment and we’ll be sure to help!

It feels crazy to think that this balance sheet marks the four-year anniversary of when we started this blog.  Our very first post was our balance sheet as of the end of May 2012!  While that’s not quite ancient in internet history, I think it definitely qualifies this site as being “middle aged”.  And in fact, it reminds us how glad we are that we didn’t choose a blog name centered around being youthful (which we considered), especially as I just recently plucked an all white hair off my head to show to Mr PoP and am not feeling particularly youthful as those become more and more common.  (Note – I seem to be skipping grey hairs and going straight from blonde to grandma-white.  The jury is still out as to how I feel about this.)

Anyhow… May was a pretty boring month on our balance sheet.  And really, I’ll take a boring balance sheet any day over the decidedly non-boring adjustment that Forbes made to Theranos founder Elizabeth Holmes’ net worth this week.  Down $4.5Bn!  Eeep!  The stock market rose ~1.5%, which lifted the value of our holdings, along with what we added into our 401Ks and other various accounts.

The only change of any significance (and it’s really a small significance at this point) is that we went ahead and finally retired our car from the balance sheet.  We debated about doing this at least once before, but inertia kept the car on the balance sheet far longer than was probably appropriate.  When I checked the current Kelley Blue Book value of the car (something I do twice a year when our car insurance renewal is up), it was just $5.7K.  It just seemed silly to keep including it when its value counts for roughly 0.5% of our total asset base and we don’t have any loans against it.

So here are the numbers:

  • Our total assets went up by $8.8K (after eating the write down on the car value) 
  • Our total liabilities went down by $1.8K 
  • Net worth went up by $10.6K 
  • Total net worth as of the end of May is $1,026.5K, which represents a 1.04% increase this month.

For the details…

Continue reading PoP Balance Sheet – May 2016

PoP Income Statement – May 2016

The tabletop, mid-finishing. It's about ready to get the legs put on and become the new dining room table!

The cherry tabletop, mid-finishing. It’s about ready to get the legs put on and become the new dining room table!  You can click on the image to see it bigger.

Welcome to our May 2016 Income Statement!

Mr. PoP and I put these income statements together for two reasons. First, we want to be transparent about our finances because we’re trying to be role models for other people who are trying to plant their own pennies (and end up with dollars someday!). Second, we do this to make sure we’re on track to meet our own long-term goals. If you’re not tracking your income statement and balance sheet, we highly recommend you start using a program like Mint to keep track of it all.

May’s spending ran away from us in a few areas due to our Chase Visa account feed being screwed up in Mint.  I’ll probably toss a post about it up next week, but to make a long story short – I had gotten a little complacent about our financial tracking systems humming along without much interference needed on my part, and Jaime Dimon’s hatred of financial data aggregators got in the way of my normally smoothly running bookkeeping to the tune of ~$1000 in “misplaced” transactions that I had to reconcile later in the month.  And only then did it become evident that we were going to end up over budget in key categories, namely food and shopping.  Not the end of the world, but I might not have been so loose at the grocery store if I had realized that I was, in fact, NOT running $200 under budget like I thought I was.  =/

That said, a good chunk of our higher spending was spent on others.  Approximately half of the travel category this month was actually spent on See’s chocolates that we brought back from the Berkshire Hathaway meeting in Omaha for our coworkers, and the vast majority of the “eating out” this month was spent taking friends and family out for breakfast, lunch, dinner, and drinks.  So… while we were spendy, our hearts were in the right place.

Spending on the kitchen was pretty high this month – we bought a few woodworking tools to help us work on our countertop and matching dining room table.  The tabletop (shown above – we haven’t yet gotten around to putting the legs on yet) turned out beautifully, and now that we’ve practiced on that easier (but not easy!) part of the project, we feel like we’re ready to get going on building our countertops.  We also went ahead and purchased the kitchen sink that we will be mounting under the to-be-constructed countertops.  That officially updated the description of the completeness of our renovation from “everything but the kitchen sink” to “everything including the kitchen sink”.  =)

The Bottom Line

  • Earnings before principal paydowns and savings allocations of $4,163.  

And the details…

Continue reading PoP Income Statement – May 2016

He Said She Said – Which Old Car Feels Right?

Last week, we mentioned that we’re having some trouble deciding on which “fun” car will get.  We can either restore the 40+-year-old yellow Mercedes Benz sedan that’s been in and out of the family for decades or we can fulfill Mr PoP’s childhood dreams and buy an early 90’s Honda (or Acura) NSX.  Either is going to be an expensive proposition, and we talked about just how expensive in our post last week. But for some background music for today’s post…take it away Janis!

While money does play some role in the decision, after looking at the numbers it’s less of a guiding factor in which car to have than it is a guide to being okay with the fact that it’ll definitely extend the road to our eventual financial independence a bit.  So coming to grips with the cost of having a “fun” car was definitely a useful exercise, but it doesn’t really help us get any closer to figuring out which fun car to get.

On that score, we both seem to change our minds quite a lot…

He Said

Continue reading He Said She Said – Which Old Car Feels Right?