Monday, November 28, 2005

Mentions and More Babies

Trying to decide what to write about can be half the problem if you decide to begin a journal like this. Jeremy Coenen is trying to decide a direction to go and mentions a number of possibilities related to finance including a nice mention about my site:

Another cool idea a long these lines is starting my son's college/retirement savings fund and tracking his net worth, this is done on a couple other blogs I've run across and is a pretty cool idea. Check out Financial Baby Steps . The only problem with this is that well Jack isn't worth a whole lot at this point in time $242.14 and all of his money is sitting in a boring savings account getting 3.5% interest so he's increasing his net worth at about 71 cents a month. Oh yeah he does also have 2 $50 savings bonds that he received at birth. So there wouldn't be much to update on and I don't plan on contributing a whole lot to his net worth anytime soon as the cash flow meter in the Coenen's household is not exactly off the charts and most of the extra money that comes in will be going to my retirement instead of Jack's college/retirement (sorry Jack - but more on that later).

One thing that I've found is when you make the saving a focus of a journal like this (in my 4 months of experience), you spend more time focusing on ways to increase savings than if you didn't do anything at all. While I haven't spend as much time as I wanted to over the last couple of weeks, I'm so much better off than if I hadn't started at all. My vote is for following Jack, bu then I may be a bit biased there ;)


Jeremy said...
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Jeremy said...

Thanks for the mention of the mention. I've decided I will in fact start a blog for Jack, but I will probably follow your lead and use a more anonymous approach to the blog title than I did with my personal blog then maybe some of the issues of clearly displaying financials may be less of an issue. I'll set it up tonight and let you know the link. A little competition/benchmarking between the two babies should do both of them a little good on increasing their net worth.

Also I hadn't read your entire blog, but just earlier today the Adsense idea in the kids name came into my mind and I was all excited because then Jack would have earned income and could contribute to a Roth IRA, but unfortunately after reading the TOS of Google Adsense I see that you need to be 18 in order to sign up for an account :-(.

Anyway I'll get to work on Jack's money blog and will post back once its up and running.

Best of luck you you.


Jack said...

Follow Jack's progress at Jack's Cash Blog

margot said...

Good to see you along for the ride! I'll be watching with interest.