“July, 2007” Archive
Jul
24
Sorry for the delay in getting the update posted to the Debt-O-Meter. A few of the payments related to my 0% debt with Citibank weren’t being reflected in my online balances so I wanted to make certain I was able to include those before the update.
So in three months I have knocked out about $3,500 in debt. This is a good start but not spectacular and at that rate it will take me quite a while to get things down to zero. I would like to knock things off in 48 months and given that I will have 3 or 4 decent bonuses at work (my employer is VERY stable), I think this is possible.
My recent decision to adopt a ‘car-free’ lifestyle should also help me jumpstart the debt repayment given I will be able to save nearly $700 in expenses each month, all of which will be applied to my debt.
A few months ago I posted a solicitation for moonlighting ideas and a loyal reader named Jason suggested that I apply for a teaching position at a local community college. I have been looking at doing this and some opportunities are indeed available at a local community college in the areas of finance and economics.
I have taught before and I really do enjoy it, so from the perspective of doing something I enjoy this would be a great opportunity. I’m not going to get rich doing it, but I should get a little bit of money, all of which will go directly to my debt repayment. I figure if I teach a class each semester, including summers, I should be able to significantly jumpstart my debt repayment.
As a reminder to my loyal readers, I am also a part-time travel agent and would be happy to help you with your travel plans, particularly if they involve Hawaii. I have been booking some trips for colleagues lately and in the coming months should collect about $1500 in commissions.
If my loyal readers have some other useful moonlighting suggestions, I am all ears. In the meantime, I hope the teaching job works out. I will keep you all posted.
Jul
19
First off let me apologize again for the lack of posting. My laptop has been in the hands of the Toshiba repair folks but luckily my warranty hadn’t expired just yet (two weeks left) and the repairs were free.
So without further ado, here comes some fresh content for all you loyal readers. I usually don’t break up my posts but since this a very long post, but one I think most people will find interesting, I’ve included a “More” tag so your screen isn’t completely filled by this post.
While browsing the aisles at the public library–Seattle has an amazing public library system–I came across a book that may change the way I live my life going forward. The title you ask…..How to Live Well Without a Car: Save Money, Breathe Easier and Get More Mileage Out of Life.
The book is part ‘How-To’ but mostly ‘Why You Should’ go car-free, with the crux of the argument focusing on the true expense of owning a car. Adding in insurance costs, fuel costs and maintenance costs to my car payment and I have estimated it costs me between $700-$750 per month to support my car habit. OUCH!
Jul
15
I apologize to my readers as I promised some new postings. I was trying to be slick and utilize the “Set Publish Date” feature in Windows Live Writer but I apparently didn’t use this feature correctly as posts haven’t appeared on the site in days. I unfortunately was only able to recover drafts of my posts but I’m working as we speak to get a new one up in the next hour. So much for trying to be a power user of new technology. Thanks for staying tuned in everyone. I’m also having some technical issues with YPN (Yahoo Publisher Network) but that is frankly secondary.
Jul
11
I apologize for the lack of posting over the past week, although I made an explicit promise to post. Both Dollar Buy Dollar and Pound Buy Pound were having technical issues whereby I couldn’t get anything more than a one-liner to post regardless of whether I used Wordpress or Windows Live Writer. VERY FRUSTRATING as you might imagine as I have spent a fair amount of time brainstorming posting ideas lately.
I’m doing some final editing of some posts as they are lengthy but I will get them up as soon as possible. In the meantime, you can check out my latest post at Pound Buy Pound, where I explain some of the goings on in my life lately and how I’m back on track with the diet, exercise and mental health status.
To whet your appetite for something new, I have a new Poll of the Week up, thanks to a suggestion by a faithful reader. This week’s poll wants to get to the bottom of what types of expenses caused people to charge away on their credit cards and get themselves in debt. Many of these categories surely apply but everyone probably has a ‘hot button’. In my case, the top expense type was far away travel.
I took many vacations with my ex-wife that, in retrospect we couldn’t afford. We often stayed in hotels that even my parents wouldn’t have been staying in due to cost. Visiting family often, particularly when we had a child also added up quickly. In retrospect, we should have asked people to come visit us if they wanted to see their niece/granddaughter that bad.
I’m curious to see how things fall out with this poll, particularly if a lot of folks charged their living expenses, a clear sign you are in WAY TOO MUCH DEBT! How do I know this? I’ve been there myself.
UPDATE: Thanks to reader feedback from Mark, I have added a category to the poll that I overlooked. The category ‘Crap I Don’t Remember Buying and Apparently NEVER Use’ has been added. I certainly have plenty of things that fall into this category as well, some of which I am now trying to sell on Craiglist, so I expect others do as well.
Jul
5
Given that only a limited number of people have entered and I know I have a fair amount of loyal (as well as some new) readers, I will be extending the two month anniversary giveaway until the end of July. I encourage all of my readers to enter, if for no other reason you have a chance to win something that arguably (some people may disagree), has utility. I’ll also have very low “blog-esteem” if only a few people enter the giveaway.
Jul
5
The latest poll results are in and to me the results were absolutely amazing, but not all that surprising. A total of 64 people voted and the results were as follows:
- 12 people (19%) said that neither their physical nor their mental health has been impacted by their debt
- 3 people (5%) said that their physical health has been impacted by their debt
- 18 people (28%) said that their mental health has been impacted by their debt
- 31 people (48%) said that BOTH their mental and physical health has been impacted by their debt; AMAZING!
The mental health side of the equation is probably the easiest to explain as sociopsychological factors often play a large role in depression. I can speak first hand on this point, so don’t underestimate the impact a job loss, extreme debt, or other traumatic events can have on your mental health.
The one point that didn’t surprise me is how many people also report their physical health being impacted. One thing I have learned through my recent treatment for my bipolar disorder is the physical impact that stress has on your body. When you are stressed, the body releases a hormone called cortisol, which helps the body return to a “normal” state after a stressful event. The problem with being buried under a tremendous amount of debt, is that your body vis-a-vis your mind, is under constant stress. As a result, this “stress hormone” can be released in elevated amounts, causing things like headaches, high blood pressure and increased blood sugar. For those of you who find yourself under constant stress because of your debt, you need to find ways to reduce or other cope with your stress. Personally, I have found exercise to be the best stress reducer out there.
Now for the next poll, I would like to open it up to my readers. What would you like to see as the next poll? What issues are real hot buttons for you? Post your ideas in the comment section of this post. In a few days I will choose what I think is the most valuable idea for the broader audience. I look forward to your suggestions. Tomorrow I will also be posting a survey in an effort to get to know my readers a little bit better and to get some ideas as to what types of content you would like to see.
A few folks have suggested I tell more of my backstory and up until now I hadn’t given a tremendous amount of thought as to how I got where I am today. That said, I was inspired by Trent at The Simple Dollar to try and document my story. His series on The Road to Financial Armageddon is far and away the best story I have read about the path to debt AND recovery. I would highly recommend you check it out. It inspired me to give more thought about how I got here and also woke me up in terms of some of the bad habits I have acquired over the years. Thanks Trent for the inspiration!
Jul
5
I know many of you look forward to the changes (hopefully lower) in the Debt-O-Meter. My payment dates with the 0% interest agreements with Citibank have changed a little bit so the Debt-O-Meter will be updated by the 15th of each month going forward. I had some unanticipated expenses this month related to my car being towed. I was careless and parked in a spot that only allowed you to park for an hour; I had parked there all afternoon. I didn’t realize this was the case as the sign was hidden but nevertheless, the two and tickets cost me almost $250 so the Debt-O-Meter won’t drop as much as I would like this month; I HAD to pay the towing company with a credit card as they wouldn’t take a check and I frankly didn’t have the cash that day. As I promised, I will always reveal the setbacks and this was one of them.
Jul
4
I wish all of my readers a Happy 4th of July. I, like most of you, will be headed to a BBQ with some freinds today. This apparently is the first 4th of July in many many years where the sun is shining brightly in Seattle. In that light I figure I better get out an enjoy it.
I am finally coming out of the funk I was in associated with my bipolar disorder, so look for some new, reinvigorated posts starting tomorrow. Thanks everyone for being a loyal reader.
Lastly, I give great thanks to all the members of the military, past and present, who allow me to have such freedoms. Let’s keep those folks in our thoughts today as we enjoy our time with our family and friends, as they don’t have that luxury today.
