Tag Archives: debt

32 – Reflections on Life

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So currently my blog is called Debt Free 32 – ONE MAN’S MISSION TO GET RID OF 45159.35 OF DEBT.
I may be renaming it in the near future. The style of this post is more raw from the heart vs my standard super logical approach. I’m turning 32 in less than 2 weeks.

32

What thoughts are associated with 32?
Reflection for one. Relationships, loved ones lost at an early age. Completion of High School, each of my three college degrees, the incredible amount of progress I’ve made over the years with my personal fitness. Moving 1500 miles away to Dallas without a clue of fully knowing what to expect. Six months of applying to jobs  in a career where my passion was dead but just did because I that’s what I spent a half decade doing. Surely nothing wrong with that strategy right?+ Struggles with paying back a debilitating amount of Student Loan debt proportional to my income, five figures of interest accruing over the years. Interviews where I had a sinking feeling in my stomach that this job is going to be like torture. An MBA graduate at 24 there I was interviewing for a job paying $36k with no room for advancement and trying to sound jazzed about it. Almost getting a job paying over $50k a year only to have the HR people tell me they weren’t hiring for the next 3 months.

Then…. I reached a tipping point. NO LONGER would I let debt paralyze me. I’m intelligent,  maybe limited at times anxiety and overanalyzing situations where people are busy or don’t connect with me…. but…. Other people my age have been able to get out of debt. A long time watcher of the Suze Orman show since the early 2000s I saw their stories each week along with people who had a much deeper hole to get out of. I only had $47k of student loan debt. Some people have six figures and work as a barista at Starbucks. One guy on Suze’s show went to school to become a pilot. Things didn’t work out and he had $200k of debt making less than $20 per hour.

What advice would I give to myself? Move. GTFO Long Island. Too expensive to live, staying with your parents because you can’t afford to be on your own is not good for your emotional and mental health. Being in place where your neighbors stare at you 60% of the time going in and out of the house is crazy. Having shootings just a mile away from where you live and gas stations robbed at gunpoint is crazy. Seeing your folks pay $9k/yr in taxes on each of two houses each year is crazy. The amount of stress most people have and all the gang activity is crazy. DON’T be status quo. DON’T get stuck working that job you only took as a temporary measure. DON’T be the 30 year old guy who works at the video store and still lives with mom and dad because they never strived for anything else in life.

As far as things TO DO. DO invest in yourself both mind and body. DO make friends of the caliber you think will enhance your life not take away from it. DO invest at an EARLY AGE. DO be a contrarian and value investor, the media uses people as pawns in ways, when the stock market is tanking that’s the best time to invest (I would’ve doubled my money if I followed this advice). DO diversify and avoid expensive fees from financial advisors. DO listen to people smarter than you who have turned their lives around.

Last but not least…. 32 is still really young. I was chatting with someone on a dating app who is… Wait for it…. 57 years of age. Great guy, in awesome shape, established and very handsome. Just practically a guy who is probably going to retire in the next 5 years vs me having 30 left. If he was in his 40s sure but technically he is older than my mom and almost as old as my dad were he still living.

Ric Edelman has predicted many of us who are alive now will live to over 140 year due to advances in science and medicine. I don’t know about that but even if we shift closer to 100… Still a long time.
My main message to my readers / friends who read this is….

Embrace life. Don’t get stuck so much in thoughts that you forget to enjoy all the wonderful experiences out there. Many things are temporary in life including debt. Keep calm, smile, enjoy being single or with that special man or woman in your life. Be happy for who and what you are.

That’s all I got for now. Happy Sunday! 🙂

Staying the Course – A Tale of Money & Things

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When I bought my car, I pulled a Bruce Hornsby, said to myself..There are Gonna Be Some Changes made. For anyone born after 1990, here’s the video.

So some of the changes:

  • Only ate out once this week, lunch and dinner included. Went out with a friend, spent $10.82 for dinner. Feel healthier since I eat salad at least once a day and have a ton less guilt. Do need to go food shopping soon though. Savings: Lunch – $40/wk Dinner – $80/week (some weeks it’s more but being conservative)  = $480/mo combined. Still leaving room to eat out on weekends, or go out occasionally and be frugal. 
  • Using Toll Road sparingly. I use a combination of the George Bush Tollway and Dallas North Tollway to get to work in the morning. It it $1.25 each way, I typically only take it to work in the morning and take the side roads back. Due to less overall traffic I end up losing less than 5 minutes commute time. Savings = 6.25/wk $25/mo
  • Strongly considering getting rid of one of the DVRs. There are 2 of us and 3 tvs. The tv in one of my rooms is only used about once a month. My Chromecast or computer can be used to watch video on it. Savings = $8/mo
  • Spotify – It’s $10/mo and causes me to go over the 5Gb of ‘unlimited’ data usage on my phone every single month without exception. XM Radio subscription in car is good for 3 months. I could sign up online but have read horrible things about SiriusXM’s customer service. It is integrated with my car’s stereo, but not sure I’d rather stream or do FM radio..
  • Cancelled Apple Developer Membership. I’d love to be a developer, but I lack the free time to reach the level of knowledge required to become one. There are also plenty of free courses online that I can use to get familiar with the basics, then reassess. Savings = $99/yr 8.25/mo.

All in all that’s about $530 in savings. Just need to make these changes now, less deliberation, more doing. That’s the Home Depot way. Ok I swear I haven’t lost it..

Talked to my friend who bought a fancy coupe recently. I was literally blown away by what he told me. His car gets 20mpg and his drive to and back from work is 30 miles each way plus an additional 250 miles a week in personal travel. So about 100/wk in gas He pays $100/mo in tolls, car payment is $600/mo. Total overhead (insurance, gas, tolls, car note) for his car is $1600/mo, not including depreciation or maintenance. Already in 3 months he put 10k in mileage on a brand new car.  He tried to trade it in upon realizing what a huge financial mistake he made but would only get half of what it was sold for. I couldn’t offer much words of wisdom and it wasn’t the right time / place for I told you so.

Moral of the story is sometimes people have fancy things but a whole lot of stress to keep those things. I could’ve made a similar decision to get a fancy sports car that wasn’t great on gas and not so practical for carrying passengers. Also my new car purchase didn’t boost my overhead much. Insurance went up $5 for 6 months and my payment is under 10% of my net income.

Suze Orman was right: People First, Then Money, Then Things, Now You Stay Safe. People meaning yourself because at the end of the day you are your biggest supporter or biggest enemy to financial security.

Month 26 Update – $30,610.82

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Broke the $31k barrier. This marks about a third of my original balance which included credit cards and student loans. Hate interest too if you haven’t figured that one out. Over $100 each month of what I pay is taking away from the principal payment…

Wasn’t able to pay as much this month as usual due to a series of different bills. Went to a wedding last month in Tampa. Had an great time staying in St. Petersburg. Great restaurants, perfect weather, hotel was mostly nice. The A/C died the last night we were there and the water pressure in the shower was lacking. Rented a Kia Optima car from Budget. Not a car I would recommend. Throttle very jumpy and handling not very good. It was 109.63 total for 3 days courtesy of my Costco discount and some coupons.  My roundtrip flight and hotel were 667.29 which I incurred in March.

Recently found out that as of August my employer will match my 401k contributions up to 6% of my income. There is some 2% retirement plan investment thing I think I’m enrolled in automatically but haven’t looked at that yet. So I have over $2900 in my 401k and up to $200 in my Roth.

So onto the picture below. Plumbing issues again in the house. The root cause I believe is due to someone flushing down a wipe in the toilet. Last time we had this issue I needed to call a plumber and pay close to $300 for the emergency visit. I hate spending money for no reason so I looked up a video on YouTube how to do it and drove down to my nearby Home Depot. The guy there was very helpful in explaining how to use the machine. After a few mosquito bites and lots of sweat in 90° F weather everything was done. Water flowing, toilet draining and only $50 out of pocket.

 

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After looking at some homes (just past the 2 year anniversary in ours), we decided not to pursue further. Seems like a whole lot of work for a place we aren’t super passionate about moving. Higher taxes, more commute time, less sq footage, difficulties in parking, having to cancel contracts and all that jazz.

Going on a cruise soon, my very first one. Looking forward to the experience. I need a vacation from my vacations. It’s usually been going somewhere for someone else (weddings, family, etc), but less so for us as a couple.

Month 24 Update – $32,140.58

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So here we are…April 5, 2014. Listening to some Fantasia and Aretha Franklin tunes on my Audio-Technica headphones while bf watches Scrubs and our siamese cat sits curled up a foot away completely unphased by both the noise of my typing and the television. I feel beat down by an irregular sleeping schedule, where I passed out around 10:30PM and woke up at 4:45AM. I was going to go the ambitious route and go to the gym / catch up on some reading. Instead I wormed around in bed for an hour before falling asleep again. Then I see the sun rise, check my phone and it’s 7:22. Oh crap, I’m late for work. So I go through the usual shower / iron routine, telling my bf to walk the dog and delaying breakfast until I get to the work cafeteria.

I hit an important milestone, on Month 24 of making straight payments to Sallie Mae. This shit is neither fun nor easy. I certainly see how some people can go for ten years of payments and still not have their loans paid off. Life can certainly get in the way of your plans to become debt-free. I have had some increased anxiety as of late with them. Going to Florida next month for a wedding. Bf reimbursed me most of the none I put down for that trip. $600 and change with airfare / hotel factored in. Then today he’s like you should really go visit your parents. Sure that would be nice but with what money, I have about $350 to my name right now. I currently have I hold myself to higher standards that I can get this paid off as quickly as possible while still enjoying life. Debt to me is slavery. I can’t turn back the hands of time but I can focus on my abilities in the pleasant to create a better life.

Another friend bought us tickets to the NCAA Championship games in Dallas next week. I don’t know any of the teams really, but it should be exciting. Never went to a basketball game before. Don’t lecture me, just because I lived an hour from Madison  Square Garden doesn’t mean I went. Same with the Statue of Liberty… or the World Trade Center back in the day.

I was thinking today maybe sell the car and drive around in an absolute piece of crap car until I am debt-free. Of course maintenance is an issue there and I’d always wondered how many years I could get out of a perfectly reliably running car of which I have full knowledge of all its maintenance records and overall treatment. Then I think about the $3k I put in the audio system that would not be appreciated by a 2nd owner or by the dealer / used car sales guy making me an offer. Last but not least I thought about how people get royally screwed over when trading in a car. Do I really want to put myself through all that again for a shiny piece of equipment that gets me from point A to point B. Even if it’s a hybrid or an electric car that will cut my fuel costs by half or a 3/4. I don’t want to be on the treadmill forever. I want to lose the weight and keep it off. My freedom, my sanity is worth more than material objects.

Also listened through the whole Millionaire Next Door Audiobook and stared going through Secrets of A Millionaire Mind. My goal is to shift my mindset to thinking more in terms of opportunities that exist instead of limiting thoughts in my head to generate wealth. Over the the years I’ve encountered systems of get rich schemes that sound good on the surface but upon closer inspection have either large inconsistencies or have so many negative things written about them why would I want to go down that path. MLM comes to mind, if people are going to buy something from me I want to believe 100% in the product / service and it must genuinely fill some kind of need or want in their lives.

I don’t think I’m a greedy person. I just know where I have fallen short in the past and want to see more of a payoff for my hard work and efforts.  Right now that hasn’t happened yet and it can be frustrating. I see myself farther along than I currently am. I feel beat down, tore down but I can and will get back up and do some amazing things with my life. A positive net worth would be a good first step. Last but not least along with getting more omega-3s, I find keeping a busy schedule is a sure-fire way not to get depressed. Simply put, ain’t nobody got time fo’ dat.

Was about to hit post, then I looked at Haha Money’s How Rich Are You article. Plugged my number in to a calculator and combined we are in the richest 0.4% of the world’s population and our income is 42 times that of the average person. For just me it’s in the richest 6.1% of the world’s population and income more than 14x the typical person. Kinda boggles the mind how I could be richer than so many people in the world yet feel so financially broke.

If anyone is reading this in their 20s, I have one bit of advice. Well two really. Start planning early and don’t let the time pass you by. I’m not old, but the years have taken a toll on me. Losing my dad and grandmother so young, watching them struggle with health issues for years, a decade of being unable to get traction professionally, racking up student loan debt. The most recent one was a former friend going clinically crazy last month & being checked into a mental health institution for self-destructive behaviors. He is out, but after some of the threats and obsessive behavior I no longer choose to associate with him.

Month 23 Update – $33,018.91

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Month 23 Update: i currently owe $33,018.91 on my student loans as of March 4, 2014. Image

Our washing machine needed to be serviced. I looked around on Yelp for the best company in the area. Basically I wanted the job done, didn’t want to wait the entire day for a service technician and obviously didn’t want to get price-gouged. I asked in advance, the owner said the repair typically runs $150. The actual cost was $99 as only labor was involved. If I let the machine go longer making noises I could’ve destroyed the entire thing.

My car is coming up for a service appointment. Spark plugs are rated for 100k miles but the car is also 6 years old. Car has 76k miles. I might be able to put this one off for another year. Still afraid of heaving the plugs seize up in the cylinder head.

Electric bill was $204, I am very eager for warmer weather. The cold makes me less active and has basically doubled our bill. It’s gonna be rough until my next paycheck. Keeping a $1000 emergency fund is harder than I thought. I hit it, then go back under it again.

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My credit card balance is only $100 right now, but have about $250 in pending charges and $907 in cash. Last week I ate out almost every day due to stress / convenience and a need to go out and be more social. Gained 7lbs in a month but this isn’t permanent. Cutting back on carbs /  wheat in my diet and preparing more meals will help. I can’t remember the last day I got a full 8 hrs of undivided sleep.  I need to remember what it means to have fun.

I’ll end this with something a little different… I find the busier I am, the less time I have to be depressed about anything.

Five Steps to Happiness

1 – Stay Off Social Media
2 – Don’t Talk Negatively about Other
3 – Give Gratitude
4 – Make Time For Yourself by Saying No
5 – Say Sorry

🙂 Get Debt-Free and Stay That Way!!

Unexpected Expenses

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As much as I want to pay off Sallie Mae it’s time to beef up my emergency fund. For the month of January I’ll pay paying just the minimum $452 for the month. Between bills from the holidays and my pending medical bills it’s spreading me thin.

Today I was wheezing heavily and coughing at work. This has never happened to me before and lasted for a full 45 minutes. Luckily my job has a clinic on-site. I went down there and both people who worked there and those waiting felt really bad for me. So I was seen a full hour before my appointment. Chest x-ray ruled out pneumonia, tested negative for flu and negative for strep. Got a nebulizer treatment for a half hour, blood work drawn and two injections in my backside. I immediately started to feel better. My prescriptions were only $12. Went home and did 0 work afterward.

My current health plan has a $4000 deductible. That is going to $2000 in about two weeks. Still not enough to make a big difference in what I will end up owing. I hope most of the stuff at the clinic is covered by my co-pay but I cannot say so for sure. The x-rays will be a couple hundred dollars I figure.

Currently I have $197 in my bank account so an emergency fund is non-existant. I need to pull back at least for a month to do some damage control. Credit card balance is just under $700, close to $900 after pending transactions hit. That will be paid off in full after my next paycheck. I put the ATT ($87), Verizon ($150) and electricity bill (not yet added but $212) on it.

It’s a wakeup call that health is important and having insurance matters. Coming out of the holidays without super much massive damage (though I spent more than I wanted to) and that makes me happy. That’s all for now.

 

Update: Maybe the X-Rays aren’t as much as I thought. I see an estimated cost online of $32 for the center I went to.

Month 20 – $35,224 & The Holidays

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I’ve been on a bit of a spending spree lately, but I can justify most of it on items I really needed.

Canon printer – Goes for $130, got it for 69.99. The printer I was using before an Epson Stylus CX 4200 works fine but it’s also from Bush W’s second term. Just about time for a replacement..
AppleTV – Got it for “free” as part of the rewards program on my credit card. I will use this, possibly subscribe to Hulu Plus, use the HBO Go account through my parents and our PS3 and get rid of two of the three boxes we have in the house once contract is up. For the most part, two TVs go unwatched. Speaking of, I just checked my FIOS bill and my 1 year HBO / Cinemax credit was about to run out. That would be an extra $25/mo for something I barely watch as it is (other than when True Blood is on).

Audio-Technica ATH-M50 Professional Studio Monitor Headphones – I listen to music often on my iPhone / MacBook Air. The Bose ones have always amazed me with the base and clarity with high notes. However not worth the $300 I would pay if I got them in the mall. The current pair of headphones I have are from 2009 and not particular comfortable on my ears for more than 15 minutes.

Universal Bathroom Fan Replacement Electric Motor Kit – Only like $15 and I used money my friend gave me on a Gift Card to buy this. Basically the fan in our bathroom sounded like it was ready to die and was embarrassing when friends would use it and heard this loud grinding noise.

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Infinity USB Digital Foot Control – Used one of these first when I was an Executive Assistant in a previous life. I plan to start doing some part-time work in the transcribing field. My goal is for an extra $100/month. That can cover gas, eating out and various other things. Transcribing is based on both speed and accuracy. It’s hard to do both clicking Play / Pause constantly. Haven’t had time to really think it through fully between picking a company and how much of my time per week I want to dedicate toward this. 5-8 hours is probably a good ballpark range.

On top of that I’ve been buying some gifts for my bf. I do these things out of both love and the understanding he is getting me something for Christmas too. Probably not spending over $250 and still have more shopping to do. Haven’t bought anything for my parents, we kind of have a mutual understanding that times are tough and I have most everything I truly need.

My credit card balance was 0 but is now up to $595.

Also a quick recap of Thanksgiving. I ate way more than I should of and felt extremely guilty about it. I’ll spare you the picture of my stomach sticking out like I’m pregnant. Also after a couple of days I was not really willing to eat unhealthy leftovers anymore. So a lot of food went in the garbage. That’s what happens when people cook for a small army and the number that shows up is markedly lower than planned. I’ve been to the gym a few times in the days since and think I’m on the right path.

The overeating really made me think about life in general. How people eat food to fill an emotional void. I’ve met three people who either had a gastric bypass or lap band surgery. In some cases some of their weight gain may have been preventable but for me, paying proper attention to health is my religion. Too many people in my life had to deal with the effects of bad health. I’m going to fight like hell not to be a statistic. My BMI is presently 32.5. Above 30 is obsess and 25-29.9 is overweight. Tom Venuto’s Book The Body Fat Solution has helped me understand more about why I’m getting fat. The social element was and continues to be the hardest part of all, eating out with friends. Having a taste for a particular item on the menu, drink or a dessert and underestimating or completely disregarding the number of calories it contains. Then repeating that same cycle day after day, week after week, month after month. I’m done, I’ve reached a Picard The Line Must Be Drawn Here moment.

Last but not least we’ve had some crazy ice storm here in Dallas. Plenty of accidents left and right, a friend had to get his car repaired for hail damage. I’ve seen ambulances zooming buy on multiple times a day. Be safe, Happy Holidays. Remember People First, Then Money, Then Things. Now you say safe.

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So I saved $1500 / Plumbing Bill / Vegas

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So I saved $1500 today…

That statement is subject to interpretation. Long story short, Nissan North America recently issued a recall on my soon to be 6 year old Altima.

Dear Nissan Altima Owner:

Nissan has discovered that your Altima may be equipped with an improperly calibrated Engine Control Module (ECM) that may incorrectly detect engine valve closure as engine knock. Due to this issue you may experience some minor drivability symptoms and a slight decrease in fuel economy under certain driving conditions.

What Nissan Will Do

To correct this condition, Nissan is conducting an Emission Recall Campaign to reprogram the Engine Control Module in your vehicle.

For vehicles with greater than 50,000 miles, the manifold catalyst will also be replaced due to possible prolonged exposure to higher than anticipated exhaust gas temperatures. Any cracked manifold catalyst or front exhaust tube with catalyst will be replaced regardless of vehicle mileage. This free ECM reprogramming service should take about one hour to complete, but your Nissan dealer may require your vehicle for a longer period of time if catalysts need to be replaced or based upon their work schedule.

I dropped the car off Tuesday evening and was originally told car would be ready by end-of-day. Next I get a call saying they need to order the part but could be provided a loaner. My loaner was a 2013 Nissan Sentra S, equipped with a 1.8L engine, uninspiring electric steering, cloth seats, no sunroof, hubcaps and a no-frills stereo system. Great MPG (32+) and a smooth current-generation CVT were its only redeeming qualities.

Some may remember July 2012 I had a hole in my exhaust system that two dealerships were both unwilling to fix. Midas would’ve done it if I ordered the parts, but combined would be in excess of $1200 out-the-door. So the fact a year and a half later the dealer would be fixing my car free of charge brings an entirely new meaning to the expression good things come to people who wait.

Below is a list of the item breakdown:

Qt

 Part # Part Description Unit Price Total Cost

4

 14069-JD00A Bolt

4.83

19.32

8

 14069-ZN50A Bolt

0.12

0.96

1

 20692-65J00 Gasket-Catalyst

4.46

4.46

1

 20010-ZX10A Front Pipe / Tube-Exh FS W/C

670.00

670

1

 20691-19U00 Gasket – Exhaust / Front Pipe Seal

10.77

10.77

3

 01223-N0021 Nut

0.92

2.76

1

 140E2-JA92E Exhaust Manifold

547.33

547.33

1

 14036-3TA0B Gasket Exhaust

32.70

32.7

5

 14094-JG30A Nut

0.87

4.35
Total Parts

1292.65

My interest in vehicles using alternative sources of energy runs deep. One in particular is the Nissan Leaf. As a reformed early adopter, I’m enamored by a vehicle that can propel itself without any polluting fumes, or the noise and complexity of an internal combustion engine.

The Leaf gets the equivalent of 129 city / 109 hwy, single speed transmission with instant torque.

Reasons against buying / leasing

  • Won’t own at end of lease
  • Heavy depreciation (especially if new model comes out in 2015), 35% after only 3 years, comparing around 50% after *6* years
  • Smaller than current vehicle
  • Limited range (100mi on the high end, but normally 80)
  • Current car is paid off and relatively low mileage (72k)
  • Battery life questionable in warmer climates / may deteriorate faster than expected
  • Got a boomin system in the Altima, superbass boombadootdoot, doubt the 3k I spent on that during my dumb and broke days will be recouped

Reasons for buying / leasing

  • Eliminate $150 in monthly gas bills (instead use 20-40/mo in electricity)
  • Lower cost of ownership
  • No pollution
  • Much quieter driving experience
  • Being able to boast to people about never having to ‘fill up’ when they complain about gas prices going up.

So unless I find some crazy good deal after the Leafs off lease I will stick with my tried and true Altima.

Onto another topic. On the subject of making home repairs, plumbing in particular…we decided to have some work done. The toilet in the upstairs bathroom would just run endlessly after flushing. Nothing like fighting with a toilet at 2am playing with the chain with your arm submerged in water while thinking about how exhausted you will be the following day. That and a fear of coming home to a flooded downstairs are what drove me over the edge. We also had some shower faucet issues. Turning on the cold water involved pushing your weight into the handle then turning, hoping the little gear mechanism inside would click and open the valve. We needed new stems, handles, and some other hardware. Whoever fixed it before used the wrong part which is why it never really operated right to begin with. $417 later (bf gave me $150), the bathroom is fine… except for an annoying problem where mold is turning some of the caulking around the tub black.  That’s another job though. May do it myself to save money, or just call someone and hope they don’t try to rape me….

Know I’m bouncing around here, but during the last week I got to experience the beautiful place that we all know and love as Las Vegas. It really rivals NYC as being a city that doesn’t sleep. Great places to go shopping, sight seeing, shows, gambling and drinking. It was Halloween on the first night we landed, I dressed up in a Star Trek uniform and hit up a local gay bar. $20 cover to get in, though drinks were pretty reasonable. I took out $200 from the ATM and came back with 0. Mix some light shopping with that and really didn’t do so bad. My bf and one of our friends got two rooms, both covered the cost.

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Two of our friends in DFW just got married and we had lunch with them as  Vegas was their surprise Honeymoon destination. Enlightening to see how my friends who have debt spent a ton of money shopping and putting it on credit cards. I shopped very lightly, only buying two pieces of clothing and drinking lightly. My friends know I’m cheap though. O:) Had a great time, I need to go on trips more often.

Also funny as I write this I get notification my AT&T wireless bill was processed. I pay 102.39 a month for it, this month I got a tax credit so it’s only $99.52. I use my phone more than anyone else I know.

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Still a lot of money for a *service* though. Between cell and home tv / cable 16% of one paycheck goes toward these entertainment expenses. 10% goes to fuel for my car. I was spending 40% of my check on food. 62% of a check goes to Sallie Mae.

I left my wallet at home yesterday accidentally. Had two containers of Mott’s apple sauce and some raw almonds to eat. I had a hearty breakfast and was only mildly hungry during the day. Bf went out with a friend to see an opera and have dinner. I felt liberated not paying anything for food. Typical Friday I’d spend $40-$60 depending on where I went.

Budget / Loan Payment Breakdown

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As promised, I decided to make a budget. I used the example No More Harvard Debt Provided and catered it to my own lifestyle.

I just had a holy shit, aha moment. I’m basically shelling out every dollar of my take-home pay and putting it toward my bills. I need to change something stat. Time to reflect and figure out where I really want to spend money and which areas I can cut back.

Debt Free 32 Budget

Debt Free 32 Budget

Payment Summary

Event Amount Term Period
Loan $37,665.00 1
Payment $1,000.00 40 Monthly
Payment $497.66 1

Payment Schedule

Event Loan Payment Interest Principal Balance
Loan 1 $37,665.00 $0.00 $0.00 $37,665.00
Payment 1 $1,000.00 $133.40 $866.60 $36,798.40
Payment 2 $1,000.00 $130.33 $869.67 $35,928.73
Payment 3 $1,000.00 $127.25 $872.75 $35,055.98
Payment 4 $1,000.00 $124.16 $875.84 $34,180.14
Payment 5 $1,000.00 $121.05 $878.95 $33,301.19
Payment 6 $1,000.00 $117.94 $882.06 $32,419.13
Payment 7 $1,000.00 $114.82 $885.18 $31,533.95
Payment 8 $1,000.00 $111.68 $888.32 $30,645.63
Payment 9 $1,000.00 $108.54 $891.46 $29,754.17
Payment 10 $1,000.00 $105.38 $894.62 $28,859.55
Payment 11 $1,000.00 $102.21 $897.79 $27,961.76
Payment 12 $1,000.00 $99.03 $900.97 $27,060.79
Payment 13 $1,000.00 $95.84 $904.16 $26,156.63
Payment 14 $1,000.00 $92.64 $907.36 $25,249.27
Payment 15 $1,000.00 $89.42 $910.58 $24,338.69
Payment 16 $1,000.00 $86.20 $913.80 $23,424.89
Payment 17 $1,000.00 $82.96 $917.04 $22,507.85
Payment 18 $1,000.00 $79.72 $920.28 $21,587.57
Payment 19 $1,000.00 $76.46 $923.54 $20,664.03
Payment 20 $1,000.00 $73.19 $926.81 $19,737.22
Payment 21 $1,000.00 $69.90 $930.10 $18,807.12
Payment 22 $1,000.00 $66.61 $933.39 $17,873.73
Payment 23 $1,000.00 $63.30 $936.70 $16,937.03
Payment 24 $1,000.00 $59.99 $940.01 $15,997.02
Payment 25 $1,000.00 $56.66 $943.34 $15,053.68
Payment 26 $1,000.00 $53.32 $946.68 $14,107.00
Payment 27 $1,000.00 $49.96 $950.04 $13,156.96
Payment 28 $1,000.00 $46.60 $953.40 $12,203.56
Payment 29 $1,000.00 $43.22 $956.78 $11,246.78
Payment 30 $1,000.00 $39.83 $960.17 $10,286.61
Payment 31 $1,000.00 $36.43 $963.57 $9,323.04
Payment 32 $1,000.00 $33.02 $966.98 $8,356.06
Payment 33 $1,000.00 $29.59 $970.41 $7,385.65
Payment 34 $1,000.00 $26.16 $973.84 $6,411.81
Payment 35 $1,000.00 $22.71 $977.29 $5,434.52
Payment 36 $1,000.00 $19.25 $980.75 $4,453.77
Payment 37 $1,000.00 $15.77 $984.23 $3,469.54
Payment 38 $1,000.00 $12.29 $987.71 $2,481.83
Payment 39 $1,000.00 $8.79 $991.21 $1,490.62
Payment 40 $1,000.00 $5.28 $994.72 $495.90
Payment 41 $497.66 $1.76 $495.90 $0.00
Grand Total $37,665.00 $40,497.66 $2,832.66 $37,665.00 $0.00
This amortization schedule is powered by: copyrightTimeValue Software

I Attended a Top College in the Nation / iPhone 5S/5C

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I often have a bitter attitude when looking back on my education. Almost $50k in loans for three pieces of paper. I was very gung-ho and optimistic about the future while going to school, but the harshness of reality and a down economy weakened my spark.

Today, my alma mater sent me an email about how their school ranks #4 amongst private colleges and #31 overall.

“WE HAVE SOME AMAZING NEWS!

Quick, what are the top colleges in the nation?Harvard? Princeton? How about St. Joseph’s College?

Earlier this month, The Washington Monthly released its annual list ranking higher education institutions across the United States. In the category of “Best Bang For Your Buck,” St. Joseph’s College New York was ranked No. 4 among private colleges, and No. 31 overall, edging out such renowned schools as Purdue, Rutgers, Michigan State and Barnard.

According to The Washington Monthly, “Bang For Your Buck schools are those that do the best job of helping nonwealthy students attain marketable degrees at affordable prices. And it is a pretty exclusive list: out of the 1,572 colleges and universities in our broader rankings, only 349 made the cut as best-bang-for-the-buck schools.”

St. Joseph’s College always strives to provide our students with a top-notch education at a great price, but we need your help to pass along that value to future generations. Please consider making a gift to SJC to help keep education affordable for all the students who will follow in your footsteps. “

For Masters Universities, St. Joseph’s ranked #11 with a net price after Pell Grants of $9807. 32% of students received the grants, 65% graduation rate and 6% rate of students defaulting on their loans. I couldn’t qualify for those based on my income at the time, but those numbers are on-part with my expectations. Around $500/credit * 36 credits MBA program = 18000.

I do think the extra 18000 spent helps distinguish me from some other job candidates. In the past it may have been in a detrimental capacity, applying to positions I was grossly overqualified for ($13/hr the credit union telephone member service rep position comes to mind). Time will tell, but proving myself in this industry will speak much louder.

Today Apple announced some new products, the iPhone 5S and 5C.

For the 5S, Apple made the switch to a 64-bit architecture. Twice the CPU and graphics performance of the 5. I won’t be eligible to upgrade my phone without paying a penalty for another year and still have a great grandfathered in data plan. So long story short, I’m saving my money and not upgrading until a year from now. The 6 will probably be out by then. There are still some very compelling features though… It’s a want not a need. My current phone works more than well enough…

I also use 8-10gb per month in data on my unlimited plan with AT&T. Without the unlimited plan factored in this would run me $120/mo plus taxes and miscellaneous fees vs the $102 I spend now…