I’ve been posting monthly status reports for over 5 years now. I was inspired by bloggers like the Frugalwoods, Mr. 1500, J. Money and others. It was so helpful to see what successful people’s budgets and net worth progression looked like. I got so much use out of their reports that I started publishing my own each month. Check out the first one from March 2015!
In March 2015, I was 24, still in the Air National Guard, gearing up for my (first) Chautauqua trip later that year, renting a single family house, in and out of short-term relationships and driving my old car. My net worth was around $50,000.
Now, I am 30 years old. I’ve moved roughly 8 times in the last 6 years, changed employers 3 times, bought a house, sold a house, bought another house, bought a new car, and have really found who I am as a person.
When I started my FIRE journey, blogging about my finances was an excellent way to stay engaged with my personal finance journey. I basically hyperfocused on early retirement for 6 straight years. I was stoked to update my spreadsheets the first day of each new month. I loved seeing the numbers go up and up and up each month. I got a lot of validation and approval from people which encouraged me to keep going.
But there were months when the numbers didn’t go up. There were months when I didn’t want to share my finances, either because I gave away a bunch of money and didn’t want to look like I was bragging, or because I spent a bunch of money on something and didn’t want the peanut gallery chiming in on something that wasn’t “FIRE optimized”. Rarely were the comments rude or mean but when they were it cut extra deep. There were months when I was freelancing where the money on hand just went down, down and further down, while the money coming in was a small trickle instead of multiple streams. So much of who I was as a person was tied into being a person who was good with money that it was even more embarassing to post “bad months”.
Now that I am an 30 year old with a partner, a house, and a higher net worth than average, it feels more wrong than right to post the status updates. My finances aren’t mine alone now. My partner has never said anything against it, but they are a pretty private person in general and I don’t feel like it’s something they’re entirely comfortable with. I am also concerned posting so much detail online as a higher net worth woman. It’s different when you’re 24, just starting out and only have $50k. (“only have $50k”, I know.) So many of my friends aren’t anywhere near my net worth and I feel bad (even though I absolutely shouldn’t because we have very different lives). The higher my net worth gets, the more it feels like bragging to me, and I don’t want that.
I also don’t need the status reports to keep myself inspired and on track anymore. I’ve figured out what works for me, what doesn’t work for me, and put everything on autopilot. Money comes in, money gets redirected, money goes back out. I don’t need to spend so much time on my finances anymore — which is excellent since I don’t have the same time available to me now.
I am incredibly grateful to have such detailed records for the last 5 years though. It’s been really helpful to be able to go back and look at each month to see where I was in life. Like a detailed, public journal for my finances!
So, the last spending report I posted was the last. I’ll maybe do a spending report at the end of the year, but it won’t be anywhere near as detailed as years’ past. I want to move to posting better articles on a less consistent basis. Monthly status reports are great blogging fodder, but I am no longer being fulfilled by them, so it’s time to let them go.
Don’t worry, I’ll still be updating my spreadsheet each month and keeping track of everything. I just won’t be compiling the results here on the blog anymore.
As Dobby said, “Master has given a sock. Dobby is free!”
Dobby is a free elf! 🙂
Congrats on reaching that level of comfort, routine, and success, Gwen!
One of your last points is the most salient: when it doesn’t bring you value anymore, it’s time to let go.
And really, it’s not like you can’t change your mind in the future if you discover you’ve “lost” something. Flexibility is key!
Looking forward to the change of pace and deeper articles, though!
Chris@TTL recently posted…Your Start to Financial Freedom (From Scarcity to Abundance)
Thanks Chris!!
I feel like this is a natural evolution and I don’t think you’re alone in your feelings. Here’s to the next life/blog stage.
Maria @ Handful of Thoughts recently posted…How To Start Living Below Your Means To Save Money
long time follower — even though I’m older. I came here via the Stacking Benjamin show. I publish my expenses, but not my income and net worth — but I appreciate those who do, just because it gives me perspective.
All the very best Gwen.
Thanks GoFi! They do help with perspective. I appreciate seeing if I’m “normal” compared to other people.
I’ve probably continued my monthly status reports far too long. The numbers probably don’t make sense for other people. I’ve been careful to include personal anecdotes over the last month, so it can relate to more people.
I also explicitly state that at age 45, my financial journey is in a different place than many people starting out. I say something like, “Think of this more as a result of 15 years of personal finance focus. Your path will definitely be different.”
I hope that doesn’t alienate readers too much.
Lazy Man and Money recently posted…Passive Income Update: July 2021
It’s a fine line, you know? What helps someone might turn someone else off as ‘unrealistic’ or not possible.
Personal finance blogs are personal! I’m sure everyone appreciated your reports so far and wish you the best in any decision you take with your blog.
David @ Filled With Money recently posted…Ignore the Noise and Destroy the Competition
Thanks for writing this blog! Just binge read a bunch of your posts. Your honesty surrounding the experiences of landlording and the gutsy year of attempting the entrepreneurship were incredibly helpful! It helped clarify feelings about possibly becoming a landlord or staying put in a tiny condo. While time flexibility would be great, W2 employment is a better option for how my brain works. Your writing raised a lot of good topics to think about!
I’m a couple years older than you and trying to figure out what the next step will be. Having pursued FI for a while now has created a lot of options. I’m only about halfway there for my original comfortable RE number, but pretty close to Coast FI, or Lean FI if I sold everything and became a nomad. It’s forcing me to consider what I actually want life to be like rather than just hustling and saving. Reading a variety of FIRE blogs, like yours, has been helpful in vicariously living through others to see what aspects would be good to incorporate in my own plan.
It would be great to see how life works out financially and how you two and the roommate handle living in the new house! That scenario seems like a great setup for success for all three of you and a living situation I may try out in the future, either as the roommate or as the couple if finding a partner goes well.
Love the blog Gwen! I appreciate your 5 years of transparency. Most people will understand that as you grow older, your goals (along with most things in general) will inevitably change. It’s great to see that you’ve gotten to a level where you are content. Keep recording internally!
FreshLifeAdvice recently posted…September Side Income Report | 2021
Hi Gwen,
MASSIVE kudos on being able to keep up with your 5 years of reports! That takes incredible dedication and discipline to execute.
Double kudos also for the courage to stop a habit (which I feel could be hard to stop after 5 years) in order to be keep your partner’s information more private.
Thanks Angie! I appreciate it