NMAC – Payoff Quote
Payoff Amount: $13,968.51 Good Through: 06/18/15
Total Debt: $30,659.88
401k – $8,718
Betterment Roth IRA – $1,854.52
TDAmeritrade Roth IRA – $717.37
Total Retirement: $11,289.89
Currently have a balance on my credit cards of about $1000. Depleted my emergency fund to get them to $0 last month, then my car insurance and some other bills hit. I also bought a new external computer display for about $450 which I had been wanting for some time. Have a vacation staycation coming up next week. Definitely looking forward to it. I only took one vacation day so far this year…
So I went on a date last week. An expensive one. I met him through okcupid. It didn’t go so well.
The guy didn’t look that much like his picture. Some skin issues that kind of repulsed me. If I saw a clear face pic I would’ve been able to make that call before meeting. Also weight – I’ve seen someone his height and weight and they looked kind of hot. For him, I kind of got the impression he just let his body go. No full body pics on the site. Now I know the reason why.
Bad breath. Usually people like to brush their teeth before a date. His breath was figuratively kicking.
Self-deprecating. Yes it was humorous but have a little self esteem on a first date.
On my way to the car, I bird pooped on my hand and they totally bombed the side of my car.
The big one though… The bill… I usually don’t spend that much on restaurants in a week. I had two drinks, he picked the most expensive appetizer on the menu and had two drinks also. Toward the end of our exchange, the server came out and said do you want it together or separate. Before I could utter a word he said together. At this point I was thinking to myself why… I probably won’t want to hang out with you again and don’t want you to expect anything.
When the check came out I paid for the whole thing. $98 with the tip. I was a little tipsy. Unless my date is from a sugar daddy site I think it’s reasonable to split it. He didn’t. He made the assumption I should pay. I was down for the rest evening because I felt a bit used and my dating life has been crappy since getting out of my relationship.
I wonder what would Ramit Sethi say. I’d venture a guess, something about Indian culture and it being cheaper to learn this lesson now rather than later. I at least gave the dude the benefit of the doubt.
One of my friends makes over $100k annually and has a net worth above $500k. I found out this through one of the dating sites we’re both on. He seems like a work-a-holic and is always traveling. His hair is basically white and he seems to have a very high amount of stress from his job. Also about 10 years older than I am. My salary is close to half of what his is. So I started thinking. Is it possible I could have a net worth of $250k in a decade? The short answer is yes, but I may need to cut back my spending, start earning more and get gazelle intense with savings.
Three years since I started this blog. I owed about $42k to Sallie Mae. Now I’m down to $19,310.04.
Continuing to invest $75/wk in Betterment for my Roth IRA. That’s more than my car payment. I really want to move to $100/wk but just not comfortable enough with that yet.
My Rate of Return on 401k is 8.64%, this is where the bulk of my money retirement is. I contribute the max of 6% of my income, the company matches 3%. My student loan is at 4.25%, so I feel pretty good about not diverting money away from retirement to get closer to debt freedom.
The same about my car payment. It’s 0%, so paying it off early makes no sense when I can get a positive return on my investment and stay ahead of inflation.I was looking at some late model Mercedes AMG models earlier. A 2006 model went for $114k, today you can buy one for $23k and less than 60k miles. That’s for a 493hp V8. 15mpg city, 22 hwy. In 10 model years the car lost 80% of it’s value not to mention the high cost of maintenance.
I thought about the winters in New York and my old car. It was starting to show some rust near the rear suspension. I blame the salted roads up north. Some people with the car generation before mine reported the floor boards rusted out. This is in 2002-2006 Altimas, haven’t read anything about the 2007-2012 models but still. My exhaust system basically rusted out before it was replaced due to another service bulletin. Cars up north and near the ocean rust a lot faster.
Last but not least, it was recently the last air date of the Suze Orman Show. I’ve watched this show since the days I was in college. I may not have followed all her advice but it certainly helped my get inspired about getting my financial situation under control. I will miss seeing the episodes streaming every Sunday and hearing people’s stories. Dave Ramsey show is good but doesn’t resonate with me as much as a non-evangelical Christian and a gay man. I owe a lot to my mom and Suze for helping me stay on track.
Some other good news on the horizon, will share it here once I get confirmation. :)
Almost coming up on 3 years since starting the blog. Wow it’s been a while.
To recap my progress, I’m down to 30,395.59 on the Sallie Mae / Navient Loans. 14,806.62 on the Altima @ 0%.
Employer 401k Update:
So I am down about $1,917 on the student loan vs last month. Much of it is thanks to money I got from the house. $6,000 more left. That’s about 30% of the current balance. I didn’t use all the incoming money toward the student loan as other bills were pending. My credit card balance is up to about $1k again, so between that money and my paycheck a good sum will go toward that.
Still working like crazy to get the big loan paid off. Will be getting a bonus in April and that’s gonna go right toward it. I don’t know for sure if I’ll have it paid off by the time I turn 33 but will be within a few months if everything goes according to schedule.
$6000 – Getting out of the townhouse
2392.24 – Previous employer bankruptcy claim – WARN Act
1653 – Previous employer claim – Lost wages assuming both of these estimates are correct.
Total: $10,045 So that’s close to 50% of the current SL balance. I expect to get paid for all 3 before my deadline.
February 16, 2010 I read Seth Godin’s book Linchpin. At the time I worked in banking netting less than 50% my current pay. I knew that if I wanted to get my earnings up I’d have to switch companies and possibly switch careers entirely. I became increasingly more frustrated with where my future looked there. The next step up was assistant manager and even he didn’t make a whole lot more than I did.
Currently I enjoy my job, enjoy my team but I also feel like I’m not pushing myself hard enough to get promoted. So I need to become a Linchpin and use my skills to make me more valuable. Each week I need to set a smart goal like an hour a week. I’ll inevitably get hooked and want to do more but like the gym showing up is half the battle.
If I want to retire early or on time with a lot of cash I need to accelerate my annual earnings. If I don’t get promoted this year, I will be in the market to start looking for another company to work for. This is not something I want to do, but staying where I am for a long period will almost ensure I never get close to the the $100k gross target I want to hit by the time I’m 40. Then again I have almost 9 years until that happens. I just don’t want to screw things up for myself by getting comfortable.
At the same time…
I have good work / life balance now. We have busy moments of course and I have to put out fires but I don’t have someone yelling at me each day to do something. Been there before and it wasn’t a good arrangement.
My friends who make a lot more money than I do are way stressed out.
Once I get Navient paid off I can accelerate the process of putting money aside for retirement. Like minimally $6k in the Roth and $8k
It’s not all about money
It doesn’t have to be an all or nothing approach, I could dabble or multiple things with minimal risk. Keep trying at it until something has a pay off.
There’s always the possibility of being downsized. Doesn’t look likely, but life and business is fluid and you just never know sometimes….