I am not a big fan of borrowing money, but…I might be doing something right…
Posted byDebt Free 32
Posted onFebruary 21, 2015
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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…
Recently had a bad experience in the dating scene. Well a couple recent, but this i the most extreme / recent one. A couple of issues…
After only a week we would get into heated discussions about dumb things. He thought I needed to humble myself more when I consider myself very humble as it is. Just because I like to be in a safe neighborhood and buy nice things doesn’t mean I’m what I would consider uppity or bougie. His brother was in a gang and did jail time, he had to spend a night in jail once for some infraction. Talked about inviting me to a street car show where out of shape, scantily-clad women would prance around with cigarette burns. Really not my thing.
The moral of the story. Don’t date someone who isn’t on the same page about money as you are. Especially someone who is radically the opposite. I want an equal or someone I can aspire to be. Or at the very least, a guy I can see potential in.
So like I said I was going to get aggressive about paying the loans off this month. My tax return was about $2300. I made a $1000 payment on 1/15, $1447 on 1/30 and $452.76 on 2/4. So that’s 2899.76 in student loan payments and $279.37. So $3179.13 total. It was painful to spend that much on loans when there are other things I could be doing with that money. It was a necessary though if I ever expect to pay off these debts.
My total loan balance was in the 40s last month and now it’s the mid 30s. 25,137.39 to 22,313.50 so $2,823.89 down. I might not have a shiny iPad, 42″ television in my living room that will depreciate, expensive clothes or a fancy trip to say I went on but an 11% drop in my balance is nothing to scoff at. 🙂 Just gotta keep up this momentum now.