December was an exciting entrepreneurial month for me, but also an expensive one. I didn’t go anywhere out of town, so I had plenty of time to work on my closet remodel and a new business project.
Banking, Debt, and Investments
This month, I set up a new business account for my new project, but did not make any changes to my own banking and investments. The only major change in my investments is in my work 401(k) plan. On January 1st, my vesting increased by 33%. The company encourages employees to stay longer by vesting our 401(k) balances over 3 years.
I am now depositing $25 automatically each month into Lending Club account. My annual returns at Lending Club are more than 10%, so I plan to do more with P2P over time. I am also keeping my eyes on my new $100 investment in my new Prosper account. You can get started with either Lending Club or Prosper with only $25. I am investing in slight more risky loans as my portfolio grows to increase my returns.
Liberty Fund Update
I have a $30,000 savings goal for my liberty fund. Saving up $30,000 is not easy, but it is a goal that I know I can attain as long as I keep focused. This month, I was not able to add much, as I used some of my money for my closet remodel project. The current balance is $17,597. My liberty fund is in a high interest savings account. I suggest Ally Bank savings for this type of savings. This is an increase on my$5,000 emergency fund goal.
I am planning on installing hardwood floors in three rooms in my condo, and may need to take about $3,000 out of the liberty fund to pay for it.
Side Business Income
Narrow Bridge Media – All Blogs and Online Activities
Revenue
- Private Ad Placements and Freelance Work – $413
- AdSense – $31
- Affiliate Payments – $0
Expenses
- Freelance Writers – $0
December is often a bit of a slow month, as there are fewer visitors and many businesses have staff on vacation. I expect things to pick up a bit in January.
Denver Flash Mob
- Revenue – $150
- Expenses – $0
I completely rebuilt the Denver Flash Mob website this month to help my new strategy. I am focusing less on large, public events and more on flash mob consulting. I also require a $100 down payment up front to ensure I don’t get burned on an event, which happened once before. This month, we had a successful event and I was paid the balance of the fees.
DJ Yofi
- Revenue – $0
After a successful wedding this summer, I am planning to work with a wedding coordinator to find more similar events to increase my DJ income. I did two shows this month, one as a volunteer for a non-profit and one as part of my new Denver Underground Parties project.
Denver Underground Parties
I started a new project with two friends called Denver Underground Parties. We had our first successful event on New Year’s Eve, and it was a profitable party. We have not paid ourselves from the earnings yet, so I will hold off on sharing the profits.
Net Worth
In total, my net worth was flat based on income, expenses, and investments. I did an annual update on my condo value from Zillow and updated my car value based on Kelley Blue Book. Including those annual adjustments, my net worth was up $22,249 or 16.64%.
Eric
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