July 2012

MDMS: An Inventory of My Debts

Posted on July 10, 2012 at 8:20 am in

Car loan: at its current rate of payment, it will be paid in 3.5 years

Mortgage #1 (the small one). Started in late 2010, more than 50% paid off. Should be paid off in another 2.5 years.

Mortgage #2 (the big one). Started in late 2010, about 20% paid off. Due by 2040, but we’ll have it paid by 2025. Once #1 is paid, those payments will be applied to this mortgage, resulting in a super accelerated payoff.

That’s it, everything else is ‘revolving’ (that is, credit cards are PIF each month).

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MDMS: An Inventory of My Skills

Posted on July 8, 2012 at 8:19 am in

This is tough for me; I’m not great at recognizing my worth.

  • I am extremely good at organizing masses of data into coherent, logical forms.
  • I am calm under pressure.
  • I am very loyal.
  • I am smarter than I think I am.
  • I am good at researching information in a variety of places.
  • I trust, but verify.
  • I can be disciplined when I need to be.
  • I am VERY good at being able to keep on going under pressure.
  • I am organized.
  • I am detail-oriented.
  • I care about finding the bets solution when parties are in conflict.

Oh dear. There should be more.  🙁

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MDMS: Ways My Financial Situation Has Hurt Myself or My Family

Posted on July 6, 2012 at 8:16 am in

Typical for me, my financial problems have hurt only myself. I was never a ‘burden’ (and that was, occasionally, the reason why I was in financial trouble). How could I be? Since my late 20s I’ve been better off than my mother, and my father’s financial situation is completely divorced from the rest of the family, so whatever *I* do, it wouldn’t effect him. My sister (a lawyer) makes good money, but I suspect she and I are pretty close to earning the same. (She, however, is married to a man who makes [probably] 3x what I do.)

Which makes me perilously close to being a money martyr myself. But I’m not. No, really, I’m not.

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MDMS: If My Money Problems Disappeared Tomorrow

Posted on July 4, 2012 at 8:18 am in

This is a little tricky to answer as I do not think I have money problems. I have goals I have not yet attained, but not problems. My one true money worry is paying off our mortgage. It’s such a large sum of money that I fret about it (not actively, but the stress is there). Once its paid off, a ton of money each year will go into savings/retirement.

But . . . if I never had to worry about money . . .

I don’t think a lot would change. I might find another job, or become a consultant, but I truly enjoy working and I’m very good at what I do. I might take some time off and write a(nother) book, but I’d go back to work at the end of that time.

We’d probably travel more, or for longer periods of time. We’d likely housesit for month(s) at a time instead of renting for weeks. We’d have more options and more flexibility.

I suspect I’d be in a lot better health, because the major changes I would make are hiring a nutritionist/cook and a personal trainer for J. and I.

That’s it. (Boring, I know.)

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MDMS: Steps I Took to Fix Financial Problems In the Past

Posted on July 2, 2012 at 8:30 am in

Earn more money. I asked for a raise, I found a better job that paid more, I took on extra work and earned OT.

I set a budget. The only way to get out of debt is to spend less than you make. Some days were incredibly difficult and I know I lost friends because I could no longer socialize as much (or at all). Sacrifices were necessary, and I made them.

Track every penny. The only way to know how to set a reasonable budget is to know what you spend your money on.

Pay myself first. Once I reached financial stability I made it a priority to pay myself first. I am the most important ‘bill’ that gets paid each paycheck. I max out my 401(k), I put money in savings, and I still watch out for unnecessary spending.

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