Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x

Posted about 7 years ago

Where to start, Financial fitness day one

I make around 75k-125k a year.  I travel around the country remodeling hotels.  It s a great gig.  Last April we had a few jobs fall through so i had to sit for 6 months, and that is when the money dried up in my pocket.  I had to do odd jobs to pay some of my bills and live.  Rewind.  How is this possible I make a lot of money, I am single and have very little overhead.  I hands down wasted the last two years of income.  I ate and drank a hearty portion.  I traveled and traveled some more on the rest.  I had to take a job as a laborer, living in a buddies house just to make ends meet.  I am very good at my job, I just had to wait for the next project.  I am finally back to work, now this time i will be prepared if I have an unplanned furlough without pay. 

Here is my life by the numbers:

Debt: 17,384.11 (truck) 

Credit score: 455, 4 derogatory accounts totaling $2413

Savings:  $1560 index funds, ready to liquidate anytime

I read Set For Life, Scott Trench is a genius.

I have started paying myself first, 10%.  Living on less, for me is as follows.  I quit chewing   (gross) saves me money($50 per week), and my life.  Lunches out, gone.  Saves me countless amount of time and money.  I plan on living off of $5 dollars a day, with a $50 buffer per 2 weeks.  I am a grown kid, so lunches are peanut butter and jelly sandwiches at a cost of less than .50 daily.  

Bad debt:  Oh this truck is financed at 21%, I plan on paying 3k a month on the truck and it will be paid in full in August.  I am also going to snowball the lowest derogatory account this month.  The remainder of my bi-weekly check will be rolled into my savings.

I only have 2 bills besides the truck, insurance($147) and a phone bill($140).

My next check will break down as such, after tax $3,000

Myself $300

Living: $120

Insurance: $140

Truck $1500

left over: $940

Networth as of today: NEGATIVE $858.00

Emotional state:  Not happy with myself today.  On paper Jack is a clown.  Now lets fix this, see you in 2 weeks.



Comments (2)

  1. I like your plan and your writing style, Jack.

    Go get 'em!


    1. Thank you Steve, it helps knowing someone saw my blog, that fact that you read it, is holding myself accountable.