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Archive for the ‘Financial’ Category

Balance

So one of the problems I see with financial management is balancing being smart with my money, while still being able to go out and have a good time. I know I need to cut uneeded expenses from my budget, but even just this summer there are so many movies coming out in the theater that I want to see. This is something I am going to have to face and resolve.

In other news after Coinstarring my loose change, I came out with 16 dollars, which is good because I had to pick up some groceries and that meant that I didn’t have to touch any of my accounts to do so. Also right now I’m trying to decide whether to kill my debts ASAP or just build capital into my accounts until I can invest and start building my income. On one hand, killing the debts would free up cash to start building more capital and would decrease my monthly payments from 3 to 1. On the other hand, if I’m throwing all this money at my debts, I don’t start building up spare capital to begin investing. Despite this, I am still leaning right now towards killing my debts. I really hate having all that debt. I think I need to avoid my natural tendency though to pay things off without saving much. I need to pay myself first, no matter how much I may lean towards the opposite. A classic symptom of the perpetually poor is the inability to realize that you need to pay yourself first or you will never get ahead.

Like I said and like I know, this is not going to be easy, but nothing worth anything ever is. If it were easy, everyone would be doing it. Since not everyone is doing it, it will give me an edge. Too many in my generation just look for the easy out. They want things handed to them on a platter. They think they deserve amazing things without putting in the work to get there or striving to open up an opportunity. Here’s to them: without them, my journey would be made even more difficult.

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Progress

Well yesterday I finished organizing all of my records and statements that were in various piles all over the place. A whole lot got thrown out and the rest got separated into file folders and put into my filing cabinet. Had to run out to buy the folders, though I could have sworn I had a bunch of empty ones laying around. Oh well, they were only two bucks. Today I will be taking my large container full of change up to the bank to Coinstar all of it. I’m hoping to get at least $10 out of it.

While organizing all of my bills yesterday, I also managed to get a good handle on what my status is on paying off my current loans. My car loan has about $13,800 left on it and my college loan is at about $14,000. Wiping out these two sources of debt needs to be done after I wipe out the $400 debt on my credit card. I’d save myself close to $300 a month if the car loan were paid off, so that one will receive full priority after the credit card is gone. Will be plotting out expenses and figuring out where I can save myself money. I know I have dollars in there that are just waiting to be saved. I WILL find them.

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Day One

This is the first day in my tracking of my progress to having 1 million dollars in assets by October 30, 2013. This is one of the first steps I have made in moving to make that goal a reality. Beyond that, I have implemented additional steps in the past week:

  • Have created an additional checking account to allocate spending cash to.
  • Have created and made an initial deposit into a high yield saving account at INGDirect.
  • Have begun organizing my current disorganized file system into separate categorized folders. Organization is going to be something I need a lot right now.
  • Have identified specialized training that can be had for a relatively low price in terms of the gain in salary.
  • Have opened a paper trading account at Investopedia.

I’ve started on this path and even though I know there’s going to be roadblocks, NOTHING is going to stop me from reaching my goal. NOTHING will deter me for more than the time it takes to shake the thought from my mind.

Current income streams:

  1. Job
  2. Band Gigs
  3. Independent technical consulting

So thus far I have 3 streams of income. The only one that is currently steady and dependable is my day job. I have to come up with either A) ways of making the other two more dependable, or B) creating additional sources of income. My plan is to go for C) all of the above. I always liked choosing C or tests back in school, so it seems appropriate now. And now for current assets in accounts:

  • Personal Bills: $363.93
  • Spending: $0
  • Expenses: $300
  • Savings: $500
  • Investment: $335.26

TOTAL: $1499.19

So there you have it folks. With starting capital of $1499.19, I will make $1,000,000 by October 30, 2013. Stay Tuned.

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