<< Back to all Blogs

About Me:

Not So Mighty Merch

I know that where I am now is not where I want to be (in credit card debt and medical debt). I vaguely now where I want to be (running a small business (franchise or real estate), having more quality time with my family, and less stress or maybe different stress).

So, this is a journey from here to there. Wherever there is. Hence the title and my confusing ramblings.

I am embarrassed to say: I make more then I should and still live paycheck to paycheck, I am older and should be more mature, I am educated (MBA in Finance) and should know better, I have worked for investment houses and am unable to manage mine.

I think you get the general idea.

*********************************
Goals 2010
*********************************
2. EF Fully Funded
. a. 4th Month - $5,000
. b. 5th Month - $5,000
. c. 6th Month - $5,000
3. Contribute $14,000 to Son 1 529
4. Contribute $8,000 to Son 2 529
5. Extra $36,000 to mortgage
6. Rebalance portfolio
7. Educate myself more on Real Estate
8. Educate myself more on foundations

DONE:
1. Invest $16,500 in 401(k)

*********************************
Savings and Investing
*********************************
Mortgage (4.5% interest rate)
01/31/2010 - $341,840 ($1,413 paid)
02/28/2010 - $340,422 ($1,418 paid)
03/31/2010 - $338,973 ($1,448 paid)
04/30/2010 - $337,544 ($1,429 paid)
05/31/2010 - $336,109 ($1,434 paid)

*********************************

DONE:

Invest $16,500 in 401 (k)
01/31/2010 - 2,295 Invested
02/28/2010 - 4,718 Invested
03/31/2010 - 7,268 Invested
04/30/2010 - 10,430 Invested
05/31/2010 - 12,980 Invested
06/30/2010 - 15,402 Invested
07/31/2010 - 16,500 Invested

My Pages

Is that the finish line up ahead?

December 5th, 2008 at 07:11 pm

A few days I posted that my wife was going to call the hospital and just put the balance on the credit card. The hosipital told my wife it would take a couple of days for the charge to go through.

Before we charged the amount I knew 2 things would go through our minds– a) we have charged more then we currently have saved (I am currently about $1,800 short) b) we have $10,600 sitting in a bank account that's will soon be gone.

The little bit of fear was just our subconscious self saying "are you sure you want to do this?" In other words, a gut check. So I took my wife aside, we looked at each other and asked "do we really want to do this?"

Well, the charge hit today. $12,398.26!!! Wow!!! I have a little anxiety over this, but I know that this should be paid off with my pay check on 12/19. Until then, I got a big charge out there and am $1,800 short.

At this point my emotions are out weighing my logic, slightly. I am using this to intensify my focus on the budget and get this last debt paid off.

Much like the end of a marathon, I can see the finish line and I got nothing left. This journey has been both draining and joyous; but at this point, I am not concentrating on that. All I hear is the man in the mirror. "Let's go!!! One foot in front of the other!!! FOCUS ON THE TASK AT HAND!!!"

And that's what I am doing. Blinders on.

Posted in Goals | 8 Comments »

8 Responses to “Is that the finish line up ahead?”

Analise Says:
December 5th, 2008 at 07:42 pm 1228506179
1228506179

I know you're paying off the medical to get the tax write off... I'm curious, did your accountant calculate how much this will mean in saved taxes? Will it result in getting back more of your withholdings or in just less taxes that you have to pay?

Maybe that $1800 shortage will come back to you in the form of a tax refund that might also give you extra $$ for your savings.

BTW, kudos on your debt payoff... it is utterly amazing.
merch Says:
December 5th, 2008 at 07:51 pm 1228506671
1228506671

It will translate into a lower AGI which should be in the form of a refund.

I could look at as a shortage coming back to me. But unfortuantely this debt will end with 2008
And thanks for the encouragement
Broken Arrow Says:
December 5th, 2008 at 08:27 pm 1228508854
1228508854

Yikes. That's a scary large number to me. Well, I'm glad that you are going to be able to get rid of it.
merch Says:
December 5th, 2008 at 08:53 pm 1228510436
1228510436

Big indeed ... like a car fund
Well, I've been saving for this day since August.
CouponAddict Says:
December 6th, 2008 at 04:01 am 1228536063
1228536063

Does your card have cash rewards? Maybe the charge is large enough to take a chunk of the difference away.
Petunia Says:
December 6th, 2008 at 05:27 am 1228541230
1228541230

We'll be cheering you on as you cross the finish line. You've done great work this year, you're almost there!
Apprentice Fun-Frugalist Says:
December 6th, 2008 at 06:53 pm 1228589635
1228589635

Keep the faith !! I know it sounds boring & uninspiring, but it really is about just keeping one leg moving in front of the other.... Keeping the marathon comparison going, I think it's helpful to try to divert your mind onto things that give your pleasure - to get some respite from the drudgery at hand :-)

Your debt pay-off has been amazing !! Congrats !!
Aleta Says:
December 10th, 2008 at 10:26 pm 1228947996
1228947996

The other side of the coin is that you are (I'm assuming the money is in a savings vehicle) earning interest which also affects your AGI. By shifting money away from your savings and paying off a debt that could save you money in taxes is a big deal. I think you made the right choice. It's always a scary thought to do something that we didn't plan on doing.

You're doing great and an inspiration to many of us.

(Note: If you were logged in, we could automatically fill in these fields for you.)

Name:	*
Email:	Will not be published.
	Subscribe: Notify me of additional comments to this entry.
URL:
Verification:	* Please spell out the number 4. [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]

Not So Mighty Merch

Where I am now is not where I want to be. So this is my journey from here to there.

Is that the finish line up ahead?

8 Responses to “Is that the finish line up ahead?”

Leave a Reply