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November Income and Expenses

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thewh00sel    United States. Dec 05 2012 11:31. Posts 2716
Time for another installment of Income & Expenses. This section is where I break down my income and list my expenses for each month along with a short analysis of how I think I can improve on them in the future.



This month was pretty cool. Within the first week I was up 12k after a successful 10/20 shot in a soft game (7k) and a nice 5/10 win and very few losses. The next week and a half or so was pretty stagnant, and by the 21st I was sitting comfortably with the same 12k profit. In the last 10 days of the month I managed to pad an additional 12k onto the total with some nice heat-rocking at 5/10 which got us to the monthly total you see above. Looking over the results, the last 3 months have been very kind indeed; a nice 60k upswing =].

Here are my November Stats:


I managed to get 157 hours of cash games in. My goal is 40 hours per week, but considering that I also played two MTTs which I do not factor into the hourly, I am very happy with the hours I played.

Expenses $15,653
Put up a large number this month on expenses. The main reason for that is that we purchased a used 2005 Pontiac Vibe for $5,400 on Craigslist to replace our inefficient SUV. I did $1,100 worth of maintenance on the vehicle, but it still came in well below blue book value for the car and it's the only one I've seen for less than 7k available online. I am happy with the car, aside from some smoke odors inside, but they have been dissipating since I've been treating it with a smoke-removal product...so we will see. Anyways, now the SUV is up for sale for 14.5k. There is a 10k note (loan) on the vehicle, so if the sale goes through @ 14.5k the replacement vehicle will only be a cash flow loss of ~2k for one month versus a $435 car payment every month. Break even point of ~5 months I believe and an immediate 50% increase in fuel mileage. Pretty excited that the wife got on board for this. Here's a picture of what the car looks like.

Pretty much like that. Same color/model year, but ours has a dent on one of the fenders and some safety shit on it, but whatever you get the idea.

Despite the "expensive" month, we still managed a savings rate of 41.21%. Which is pretty solid given the future savings of the cheaper vehicle. Went way overboard on Xmas shopping (432) and also spent 500 for the pistol I bought earlier this month and 250 to get professional holiday pictures done. I'll leave you with some samples of those. Merry Xmas LP.






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A government is the most dangerous threat to man’s rights: it holds a legal monopoly on the use of physical force against legally disarmed victims. - Ayn RandLast edit: 05/12/2012 11:32

bigredhoss   Cook Islands. Dec 05 2012 11:34. Posts 8513

nice pics

Truck-Crash Life 

mnj   United States. Dec 05 2012 12:04. Posts 3848

def one of lp's heros. sick br management


traxamillion   United States. Dec 05 2012 12:16. Posts 10217

Congrats. Wife or daughter in yellow?


Funktion   Australia. Dec 05 2012 12:31. Posts 1638


  On December 05 2012 11:16 traxamillion wrote:
Congrats. Wife or daughter in yellow?


LOL.


DhakhaR   United Kingdom. Dec 05 2012 13:34. Posts 189


  On December 05 2012 11:04 mnj wrote:
def one of lp's heros. sick br management


qft.


Lending club still going well?


MiPwnYa    Brasil. Dec 05 2012 14:26. Posts 5225

what a lovely family !
nice month too


Naib   Hungary. Dec 05 2012 17:10. Posts 917

One small nitpick (if I may). Not to tell you your business, but I've been following your blog because your discipline in keeping tabs of things is inspiring (similar to my own, but I only track my poker winnings / losses so profoundly) and I noticed one thing: you always mention how spending is way too much, and that you're going to / want to cut down on it, but it seems it just keeps going higher?

I mean, even without the purchase of the car, it seems that your expenses were a lot higher than last month's 7.8k, to which you said, and I quote "very high number this month".

Again, please don't take this the wrong way, I don't want to bash you at all, just wanted to point it out for you. Maybe it's because of the steady upswing? I think it's human nature to be a bit more careless when things are going well

Hopefully it won't turn sour anytime soon, keep up the good work, please! I enjoy reading your blogs.

My favourite line is Bet/Fold. I bet, you fold. 

PanoRaMa   United States. Dec 05 2012 17:34. Posts 1642

whoosel winning @ life

http://panorama.liquidpoker.net 

NeillyJQ   United States. Dec 05 2012 23:29. Posts 8947

ownin life ^

w2g whoosel, keep at it , solid plan you have there bud, been following most your blogs~

Pics of the family look great, truly happy for you in life and poker.

Very good balance sir, congrats, def not ez to balance all that, i wish you the best of luck goin into the new year, some nice mtt scores around the corner, stay sharp

ur turn ur the man,
RYan

Just remember you need to be god damn sure about their tendencies. -Artanis11 http://www.pocketfives.com/profiles/neillyaa/ 

Achoo   Canada. Dec 06 2012 02:02. Posts 1454

Your daughter is cute ! grats on the results pal

Odds are exactly 50%: it either happens or not 

thewh00sel    United States. Dec 06 2012 16:58. Posts 2716


  On December 05 2012 12:34 DhakhaR wrote:
Show nested quote +


qft.


Lending club still going well?

Lending club seems like it's really low maintenance once you make your selections. It just sits there and collects payments and lets you know when you have enough available $ to purchase more notes.

  On December 05 2012 16:10 Naib wrote:
One small nitpick (if I may). Not to tell you your business, but I've been following your blog because your discipline in keeping tabs of things is inspiring (similar to my own, but I only track my poker winnings / losses so profoundly) and I noticed one thing: you always mention how spending is way too much, and that you're going to / want to cut down on it, but it seems it just keeps going higher?

I mean, even without the purchase of the car, it seems that your expenses were a lot higher than last month's 7.8k, to which you said, and I quote "very high number this month".

Again, please don't take this the wrong way, I don't want to bash you at all, just wanted to point it out for you. Maybe it's because of the steady upswing? I think it's human nature to be a bit more careless when things are going well

Hopefully it won't turn sour anytime soon, keep up the good work, please! I enjoy reading your blogs.



I think the reason that it looks like I am spending too much is because I am taking so many steps at once to reduce overhead and increase efficiency all at once. For example from September and October my expenses will now always have an additional $640 expense because we have added child care three days per week to allow for a few more poker playing hours per day, as well as more family time.

Also, I haven't in previous posts taken out the money I set aside for taxes. So subtracting 5400 purchase price of car + 200 for registration + 100 for cleaning it + 1100 for repairs and the 1060 for taxes and we are down to the 7800 range which is on par with November (still too high). And that's including the purchase of some Christmas gifts and spending $500 on a pistol. In the future when I report my expenses I think I will segregate it into minimum expenses (food, utilities, insurance, mortgage, minimum debt payments) and additional expenses (shopping, child care, one time expenses i.e things that would not be required if I were financially independent). That way I also would know the amount of passive income I would need to generate in order to survive covering my minimum expenses. I'm also going to take any expense for taxes out of my income so that it doesn't artificially inflate my expenses.

I've noticed that I keep saying the number will go down, but I always seem to find a way to spend some money to try to reduce future costs. Also we spend entirely too much money buying random things we don't need...I'm not an expert money saver yet though and I'm still trying to improve on that front every day. There are a lot of people out there living happily spending less than 2k per month for their family. If I can't get into the 4k range every month then I'm likely not trying hard enough. Thanks for the comment.

A government is the most dangerous threat to man’s rights: it holds a legal monopoly on the use of physical force against legally disarmed victims. - Ayn Rand 

 





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