I openly admit (and embrace) the fact that I am the “financial nerd” between my fiance and me. At the end of every month, I really and truly enjoy updating all of our account balances to get the full picture on our financial situation. I go through every account, every credit card, open my wallet to add up the cash, and more. The numbers get typed into a spreadsheet. Assets, liabilities. Every month. It’s become a routine.
But this weekend was different. On Saturday we celebrated the end of 2005. It’s the end of the month, but also the end of the entire year! After going through my usual monthly tabulations I immediately started on some “year end” tasks in my spreadsheets and financial software. I was anxious to look back on the year and see what we earned, what we spent, and what trends would begin to emerge. After all, this was our FIRST year with real jobs in the real world. It’s exciting!! So let’s take a look.
Multiple Sources of Income
We made more money this year than in ANY other year of our lives. I know because (1) I actually kept records during college and during high school (nerd alert, nerd alert), so I have something to compare it to. But also, (2) it’s just common sense that this would be a big year for us “income-wise” since we started our first real jobs outside of college in May/June. But how big?
In total, we earned a combined $76,916 for the year. Not bad for a couple of 23 year-olds. That money didn’t all come from our new jobs though. In breaking down our overall 2005 income further, here is a chart showing income received, by source:
By far our largest income source were the wages & salary from our full-time jobs. This was expected. It represented 65% of our total income for the year. But I found it more amazing that 35% of our income earned came from such a variety of other sources. Some were one-time events, so they shouldn’t be expected in 2006. But others have the…
Note From Author
The full “2005 Income Review” post has been back-dated to 01/02/2006. But it was originally published to the Financial Independence Champion (FIChampion.com) Blog on 06/22/2016.
Why Back-Date Posts?
I mentioned in my first post how this blog will be a little different than any other ones you may follow. I still plan to talk about personal finance, rental property, travel, and the pursuit of financial independence. But to give all these topics the right context and the full picture, I need to start at the beginning. I need to fill in the details of life from 2005 until now. I want you to see the successes, the struggles, and all the milestones we passed along the way. Therefore most of the “new” content will be back-dated to their appropriate dates in 2005, 2006, and beyond — until we’re caught up!