The Entrepreneur Daily series are blog posts that I write when I am working on my side business. My goal is to write a post every day when I am in “entrepreneur mode” and actively working on my business, talking about what I’m grateful for and what I’m working on. In a perfect world, that would be every single day, but in my reality, I work on my business in spurts. I’ve accepted this as my reality for now and hope to improve going forward. This is my entrepreneur journal, to document where I am today.
What I’m Grateful For
Today I’m grateful for coffee. And I don’t mean that to sound like, “wow I’m super tired and thank god for coffee, otherwise I’d be on the floor.” I mean it more in a “coffee tastes so awesome that it makes my morning better” kind of way.
Today was one of those days where my coffee tastes better than any other day. It was “off the charts good” today. This is one of those days that only seems to come along once a month or so, where the coffee just tastes perfect.
There is nothing better than brewing the best tasting cup of coffee. This morning I hit one of those cups. A delicious brew that comes along rarely and blows you away when you taste it. Where the flavor hits your taste buds the right way, you get a big smile on your face, and the little voice in your head starts singing.
Today the voice in my head started singing opera songs. He doesn’t know any opera songs, but the coffee was so good he sung it out loud anyway. That’s how good the coffee tasted this morning and why I’m so thankful for it.
What I’m Working On
Personal finance continues to be the topic for this week. However, I realized this morning that I don’t have much left to do for damage control in my personal finances. That means I can come down from DEFCON 1 to a more relaxed posture. (I just watched the movie War Games from the 1980s and I have the DEFCONs on my mind).
I can at least call off the missile strikes and call back my bombers. But maybe I’ll leave the submarines forward deployed, ready to strike should things turn bad. So let’s say I go down to DEFCON 2.
I have a basic emergency fund of $1,000. I have total liquidity of about 3 months. The emergency fund is slowly growing, planning to hit 3 months worth of expenses in a few months.
I have automatic payments set for the remainder of September, paying down debt at an aggressive rate. This will increase cash flow each month.
We have turned off the spending faucet. My wife has no credit cards and only has a set limit per week on a debit card, used for groceries, gas, and other minor costs. I have one credit card, used sparingly and paid off in full each month. We discuss all miscellaneous expenses, especially those requiring a check.
I have automatic deposits set for the rest of the year (and beyond in some cases) for investment accounts. I am funding two Roth IRA accounts now with plans to reach the max amount later this year. I am also funding a brokerage account and a Lending Club account.
I setup a savings account with multiple buckets to account for different savings needs…emergency fund, house repair fund, car repair fund, vacation fund, etc.
I completed all paperwork required for our house refinance process. We should hear soon about a closing date.
The point I’m driving at is that I think I can relax on the personal finance side of things. I have set us up on a good path. There is still plenty of work to do, but not everyday type of tasks, more weekly or monthly tasks.
I plan to finish out the week working on my savings account and setting up recurring deposits for each savings category. I also want to start tracking my savings rate metric and putting that in my monthly numbers. That will finish out this week on personal finance, freeing me up to switch focus to real estate investing again.
Goals For the Day
Calculate my savings rate and input that metric into my monthly tracking report on financial health.
I’ve seen a few different methods for how to calculate the savings rate, so this will be interesting.