Tuesday, November 15, 2005

This is my first post in the blog. This post will simply serve to get everything started. It'll get better, eventually.

Some basic info:

This is a personal finance blog inspired by other, better known blogs, such as MyMoneyBlog and NevBlog. It is written by a 19 year old college student (me.) At least for the time being, I will post somewhat anonymously.

My personal goals with this blog are to help track my progress in my goal to increase my net worth. More on this later.

Basic background: I'm a 19 year old in my 2nd year at an expensive private university. In high school, I made some poor financial decisions that have left me with very little saved. In other words, I carelessly spent paycheck after paycheck on modifying my car without saving much.

Entering college in 2004, this was the sum of my assets:
  • ~$200 in a 1% APY brick-and-mortar savings account
  • ~$300 in a USBank checking account
  • $??? an unknown amount in a brick-and-mortar CD
  • ~$50 in a Sharebuilder account
  • $3300 in a tax-free, non interest-bearing tuition reimbursement account c/o my high school employer
And that was pretty much it. I had no debt to speak of, except student loans which I won't count just yet. Since this past summer, I have been heavily focused on increasing my net worth. I made some mistakes on the way, but now I have a decent plan I think I can stick to without issue.

As of 11/15/2005, my net worth is as follows:
Currently, I am attempting to increase my savings by automatically debiting $50 each week from my checking account into the ING account. I work 15-25 hours/week at only $6.50/hr, so $50 is generally about 50% of my weekly post-tax income.

So $200/month directly into ING. At the end of each month, any amount over $300 in my checking account is transferred to ING. I only use my checking account to pay my CC bills, so only having $300 in the account doesn't bother me much.

I'll update more later, but that was definitely more than enough info for a first post.


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