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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)
I like your plan and your writing style, Jack.
Go get 'em!
Steve Vaughan, about 7 years ago
Thank you Steve, it helps knowing someone saw my blog, that fact that you read it, is holding myself accountable.
Jack Frost, about 7 years ago