Author Topic: Need Accountability / Support  (Read 1274 times)

Cup of Joe

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Need Accountability / Support
« on: October 22, 2018, 10:51:38 AM »
What's up Mustachians!!!!

I have recently came across this blog / forum and was hoping to get pretty involved with this community.

A little back story about myself. I was raised by a single mom. She spent most of here time working making money to support myself and my sister. Unfortunately outside of survival she was never great with money and those poor skills were passed along to me.  I have been trying to work out this whole money issue for years now and the hardest part is staying consistent. I will save and get caught up then a feeling of comfort and complacency will settle in and I will fall back a few steps.

I am hoping to get some support and too also provide some.

FINANCIAL GOALS FOR NEXT TWO YEARS
1 Pay off Rest of Debt
2 Purchase Pick up truck
3 Build Tiny House

AMandM

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Re: Need Accountability / Support
« Reply #1 on: October 22, 2018, 01:06:46 PM »
It looks like you've done a good job of facing up to your debt and attacking it. In just a few months you'll have gotten rid of the highest interest debts.  Congratulations!

Do not worry too much about falling off the wagon, as long as you get back on again. Everyone, in every field of endeavour, has ups and downs. The key is to push yourself to get going up again after a downturn, not to wallow in the trough or let yourself slide farther down.

If you read around here and on the MMM blog, you will be confronted with the question: why a pickup truck? There may be a good reason why you need one, but let me urge you to challenge yourself and consider alternatives. See, for example:
https://www.mrmoneymustache.com/2013/04/22/curing-your-clown-like-car-habit/
https://www.mrmoneymustache.com/2012/09/20/a-diy-roof-rack-make-your-small-car-carry-big-stuff/
https://www.mrmoneymustache.com/2014/06/23/how-to-carry-major-appliances-on-your-bike/

Keep it up, and welcome!

Jim2001

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Re: Need Accountability / Support
« Reply #2 on: October 22, 2018, 04:19:43 PM »
The title caught me, but the post doesn't clarify what sort of support your looking for.  More details please.

Cup of Joe

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Re: Need Accountability / Support
« Reply #3 on: November 18, 2018, 10:27:55 AM »
Jim2001,

Thanks for the question. Pretty much looking for people who can challenge my perspective and at times pepper in some encouragement and resources i.e. articles, videos, stories, etc.

Cup of Joe

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Re: Need Accountability / Support
« Reply #4 on: November 18, 2018, 10:55:36 AM »
Ex Military Jet Engine Mechanic. I have traveled and held various jobs. Along with that I have spent a lot of time pursuing outdoor activities and traveling which have left me with a wide range of skills.

BACKGROUND:

31 years old
Single (no G/F)
No Kids

Debts: About 13,000$
spread over credit cards, auto loan, school debt, debt to family

School: Full Time (Building & Construction Technology)
Receiving a housing allowance through my education benefits

Work: Part Time Rough Carpentry
15$/H

Side Gigs: Changes, but a the moment Tree Work
20$/H

Monthly Income: Fluctuates, but I would say right around 2,000$

Yearly Salary: on par to make 24,000$ if things remain consistent.


Assets: Emergency Fund 750$ cash
Savings Account: 2500% (Int 0.01% APY 0.01%)
Stocks + bonds: 0$

Monthly expenses November: IMAGE ATTACHED

former player

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Re: Need Accountability / Support
« Reply #5 on: November 18, 2018, 11:41:05 AM »
It looks as though you have paid off two cards and nearly paid off your car this year, so congratulations on the progress you have already made.

The thing I can think of which would accelerate the payoff would be to reduce the interest rates you are paying.  From what I can see, you've already reduced your debt load by nearly $5k and have nearly a year of solid debt repayment behind you with no new debt taken out.  What has that done to your credit rating, and is there any prospect of your transferring your highest interest debts to nil or lower interest credit?  A bit of work now to see whether you can do anything along those lines could make a big difference.  And even if there is nothing doing at the moment, keep checking every few months to see if the position has changed.  The less interest you are paying, the less time to freedom, right?

Cup of Joe

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Re: Need Accountability / Support
« Reply #6 on: November 24, 2018, 08:15:23 AM »
Hey Former Player,

Thanks. Yeah I actually called all my credit card accounts yesterday to double check my numbers and it looks like I paid off about 9,000$!!! Pretty pumped about that.

I had to call in and get my 3 reports mailed because the website was experiences difficulties. I should receive them Dec 10. I have not thought about getting these interest rates reduced. Most of those accounts were closed awhile back due to some poor payments. Not sure if they will lower the rates. I can always call and ask.

I have looked into balance transfer a little bit but not much.

I had some medical issues a couple years back and I am just trying to keep things simple. Just work and pay off the debt seems to be an easy equation. Adding in tasks like getting interest rates lowered seems to be too much hassle even though it may reduce my overall time to pay off.




COEE

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Re: Need Accountability / Support
« Reply #7 on: November 24, 2018, 02:51:31 PM »
You made a plan and are excuting the plan. Good work!

Some credit cards will let you transfer your balance to them at a lower rate.  You probably won't get a lower rate by calling your current card providers.

Really good work.  I mean that.  You're on the road less traveled and snowballing the shit out of it.  Time to start thinking about that extra $600 per month and what you'll do with it once everything is paid!  Surely take a month or two of it and take a vacation or something.  That's what I'd do anyway.