Monthly Status – October 2008

By | October 20, 2008

The Monthly Status is to update my readers about myself, my goals and my progress.

Stocks
I have been trading frequently in this volatile market and try to catch the up and down waves of the market, however, luck was not on my side. Every time I buy, the market goes down; every time I short, the market goes down.
My stock portfolio has taken a very heavy hit this year. I can no longer expect to break even by the end of this year. I can only expect to cut some losses.

Job/Career
I am still working at the same place for my full-time job. Fortunately, the project I am working on is funded by the government, therefore the project is shielded from the financial crisis and economic downturns.

House Hunting
My house hunt for this month has been halted by the financial crisis. As the stock market was plummeting, I focused mainly on my stock portfolio and have taken a break on house hunting. The financial crisis has also made me second-think about buying a house during this year. I will consider buying a house in 2009, depending on the real estate conditions. There are many concerns about the real estate market and there are no signs of recovery in the near future. The sub prime crisis has taken a tremendous toll on real estate, banks, Wall Street, jobs and every thing in between.

Rental Property
I am having a lot of problems collecting money from my tenant. He owes me money for rent, late fees and water bills. I have applied for a business and rental license in PA and prepared myself for the eviction process. I have called an attorney office in PA that will help me take care of the eviction process. I have yet to send the attorney office all the necessary documents and information.

I have recently renewed all the insurance for the rental property. The Fire Insurance was $407.20 and Liability Insurance was $160.00. I have not calculated the capital profit/loss amount for the rental property for this year, but I expect to see a capital loss.

Bank Accounts
I am not withdrawing any money because I am worried about the banks closing down. Conversely, I have been depositing money in my bank account. All my banks are FDIC insured and I trust the U.S. government that my money is safe.

Credit Cards
I have reduced my credit cards to a manageable amount of cards. I pay all my credit card balances in full by the end of every billing cycle and currently have no overdue credit debt.

Growing Money Blog
I am trying to find a new template that will display the contents correctly in IE and Fire Fox, and the template should also load faster. I plan on updating to the latest Word Press by the end of this year.

Website/Stock Forum
I have been communicating heavily with an email list of people about stock trades on a daily basis. The amount of email traffic prompted me to create a forum where people post and discuss their trades. The posts will not only serve as a history but will also allow newcomers to easily interact with everyone.

I have registered a domain for a new financial website and have installed a forum template. I will post the link later.
Previously, I had a Yahoo/Google group (Stock Picker Elite) on stock trades, and I will close that group or let it expired.

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