It has been awhile since I posted about MP Dunleavey, but her MSN article: 2010 goal: My own economic recovery finally provides some numbers and merits a mention. Before I dig into the article, I do once again want to commend MP for being one of the only professional personal finance writers out there who bares her own financial progress to her readers. It is something I wish more do.

In 2009 MP lost two freelance jobs (NY Times column is one, not sure of the second) and a 3rd job was reduced by 50%. She has been hit by a major repair on her house, purchased a new car, and was hit by collections for an old medical bill. The income loses are not a surprise, given that she works in a declining industry, and the expensive home repair and car replacement purchases are expected expenses that just had the misfortune to fall on the same year when she had less income and savings to handle them. What is surprising is the medical bill. I would have thought, given MPs job as a personal finance writer, that she would be on top of her bills and not let one slip like this – but she did and now her credit score has been impacted. Here is her update:

* From a high of almost $7,000, our emergency fund is down to $321.46.
* We have $20,575 in retirement funds, up from a low of about $12,000 last year. Phew!
* The equity in our home and rental property has dropped to about $50,000 combined from about $75,000. There is little sign that real-estate values in our area will recover anytime soon.
* I owe about $925 on my business credit card — temporary debt that I’ll erase when an incoming freelance check arrives. Still, it’s depressing.

MP and her husband are in their 40′s, have a small child, and are both struggling with inconsistent employment in their economically disadvantaged rural location. But she is saving more for retirement and hopefully the blows she has sustained in 2009 will make her much wiser in 2010 – because getting paid to write about her own finances for the last decade was not motivation or inspiration enough!

Thanks to Moneyapolis for bringing my attention to the MP article

Labels: MP

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