April 30, 2009
Goals for April
3:39 PM | 
Posted by
db
Initially I had stated that I was going to set goals on Monday, review them on Wednesday, and give status on those goals on Friday. As I am a bit behind this week, today I will state those goals and give a status of how far along I am in one tidy little entry. Of course some of these goals do not directly reflect my overall goal of saving one million dollars, but they do all have a financial base.
Primary Goal
To find a way to pay for the purchase of a new car.
My current transportation solutions were simply not sustainable. My daily driver is a 1974 VW Beetle which if falling apart faster than I can fix it. I do love the car, and they really are cheap to maintain, but on the flipside they require constant maintenance.
My other mode of transportation is a scooter I bought last year to combat the rising gas prices. At 95+ miles per gallon, I enjoyed every week I went only spending $1 to get to and from work. I put 1000 miles on it last year, and I plan on putting more than that on it this year. The thing is, I still owe roughly $900 on the loan. It is financed, so I pay $100 a month plus $100 a year in insurance costs.
My third vehicle was a four wheel drive SUV which was starting to have engine trouble. Inasmuch as I or my father would be able to repair anything, the kind of repair was looking to be both expensive and time consuming. I decided to use it as a trade in on a new car to both get some money out of it, and rid myself of the potential headache.
To be able to pay for a new car, I would have to come up with not only the money for the car payment, but also the money for an increase in insurance costs. As it stands, my budget is too tight for me to swing money one way or another. Still, a new car is something my family absolutely has to have for me to feel secure in knowing we will have reliable and long lasting transportation.
When all was said and done, I drive away in a brand new car on Monday. Before the end of May, I will have to figure out how to budget $250 for the car payment, and an additional $700-$800 for six months of insurance. I purchase my insurance whole as it saves money, even though coming up with the lump sum is not always easy.
Secondary Goal
To pay off my scooter loan.
This is the first step to freeing up money for the car. If I am able to pay off the scooter loan in May, then I will have $100 toward the other car loan starting in June. I will also be able to cancel the insurance and regain most of the $100 I have paid to cover it from May until December. I have $900 in the bank in an emergency fund so paying off the scooter is viable, though it will leave me strapped for cash.
Secondary Goal
To reduce my monthly obligations.
My only real monthly expense is my mortgage. I have only been in the house for two years, so I have not gained much ground on the principal I still owe on the loan. As well, the housing market had not done much to improve my homes value, or the value of the surrounding properties. Both times I attempted to refinance my mortgage, I was told it was either not a viable option, or I would have to pay thousands of dollars out of pocket to get the deal made.
After looking at yet another piece of mail promising to refinance my house with no costs, I decided to call. I was not hopeful they would be able to do what the others could not, but I had it set in my mind that I had to get the new car paid for somehow. I had already signed the papers, so there was no turning back at this point.
This company was able to reduce my interest rate to under 5%, restructure the loan so I would not have to make a June mortgage payment, and there would be no money coming out of my pocket to make the transfer. It is exactly what I had been looking for, and if the deal comes out how it was promised to me in good faith, I should see a reduction in my mortgage payment of over $150. That coupled with the scooter loan money comes to the $250 a month I need to afford the new car.
Secondary Goal
I still need to come up with what I believe will be $150 a month for the insurance on the new car. I will not know the exact amount until my insurance company gets back with me with a total. I already made the switch to my policy in order to drive the car home, so I assume I will be receiving some mail very soon.
The only other expense I can cut into is the food budget. If you remember, my food budget consists of a variety of expenses from household supplies to diapers. The main portion of this budgetary entity I am concerned with is coffee and cigarettes. With the increase in the tax on cigarettes, I now spend an average of $4.50 a day to smoke. In addition, I spend $2 a day average on coffee.
All total, with an average 30 day month, I spend almost $200 just on coffee and cigarettes. Both of these habits need to go, and at this point I have no choice but to cut them out of my life. If I choose to selfishly indulge in vice, I am literally taking food out of the mouths of my family.
Alternate Goals
Aside from all of the personal finance wizardry, I am still trying to find a way to save one million dollars. I have spent some time investigating "Paid to Click" opportunities which have turned out to be too incestual to be profitable. I am going to continue with Neobux for the entire year, just so I can show what is feasible to make in these kinds of systems.
I also have a Forex book waiting to be read at home. I still have not cracked into it, but I will definitely get started on that tomorrow, and should have it completed by Monday. At the very least, I will have a better idea of what it all entails and whether or not it is a viable tack.
Lastly, I need to try to sell some of my remaining assets. Not only do I want the money, but I need to get rid of things in my life that are merely taking up space. There is no reason to hold on to things that I am not utilizing when they could be worth at least a little money. That is my goal for the weekend, and I hope to have them all bought before Monday.
On a completely different note, I also want to try to get into a partnership with a bicycle shop guru to discuss and entrepreneurial idea I have toyed with for many years. Hopefully I can find someone interested in changing the world for the better because I don't see myself making money with the idea. I merely see a need in the world, and I firmly believe my idea could fill that need nicely.
Keep your fingers crossed.
Primary Goal
To find a way to pay for the purchase of a new car.
My current transportation solutions were simply not sustainable. My daily driver is a 1974 VW Beetle which if falling apart faster than I can fix it. I do love the car, and they really are cheap to maintain, but on the flipside they require constant maintenance.
My other mode of transportation is a scooter I bought last year to combat the rising gas prices. At 95+ miles per gallon, I enjoyed every week I went only spending $1 to get to and from work. I put 1000 miles on it last year, and I plan on putting more than that on it this year. The thing is, I still owe roughly $900 on the loan. It is financed, so I pay $100 a month plus $100 a year in insurance costs.
My third vehicle was a four wheel drive SUV which was starting to have engine trouble. Inasmuch as I or my father would be able to repair anything, the kind of repair was looking to be both expensive and time consuming. I decided to use it as a trade in on a new car to both get some money out of it, and rid myself of the potential headache.
To be able to pay for a new car, I would have to come up with not only the money for the car payment, but also the money for an increase in insurance costs. As it stands, my budget is too tight for me to swing money one way or another. Still, a new car is something my family absolutely has to have for me to feel secure in knowing we will have reliable and long lasting transportation.
When all was said and done, I drive away in a brand new car on Monday. Before the end of May, I will have to figure out how to budget $250 for the car payment, and an additional $700-$800 for six months of insurance. I purchase my insurance whole as it saves money, even though coming up with the lump sum is not always easy.
Secondary Goal
To pay off my scooter loan.
This is the first step to freeing up money for the car. If I am able to pay off the scooter loan in May, then I will have $100 toward the other car loan starting in June. I will also be able to cancel the insurance and regain most of the $100 I have paid to cover it from May until December. I have $900 in the bank in an emergency fund so paying off the scooter is viable, though it will leave me strapped for cash.
Secondary Goal
To reduce my monthly obligations.
My only real monthly expense is my mortgage. I have only been in the house for two years, so I have not gained much ground on the principal I still owe on the loan. As well, the housing market had not done much to improve my homes value, or the value of the surrounding properties. Both times I attempted to refinance my mortgage, I was told it was either not a viable option, or I would have to pay thousands of dollars out of pocket to get the deal made.
After looking at yet another piece of mail promising to refinance my house with no costs, I decided to call. I was not hopeful they would be able to do what the others could not, but I had it set in my mind that I had to get the new car paid for somehow. I had already signed the papers, so there was no turning back at this point.
This company was able to reduce my interest rate to under 5%, restructure the loan so I would not have to make a June mortgage payment, and there would be no money coming out of my pocket to make the transfer. It is exactly what I had been looking for, and if the deal comes out how it was promised to me in good faith, I should see a reduction in my mortgage payment of over $150. That coupled with the scooter loan money comes to the $250 a month I need to afford the new car.
Secondary Goal
I still need to come up with what I believe will be $150 a month for the insurance on the new car. I will not know the exact amount until my insurance company gets back with me with a total. I already made the switch to my policy in order to drive the car home, so I assume I will be receiving some mail very soon.
The only other expense I can cut into is the food budget. If you remember, my food budget consists of a variety of expenses from household supplies to diapers. The main portion of this budgetary entity I am concerned with is coffee and cigarettes. With the increase in the tax on cigarettes, I now spend an average of $4.50 a day to smoke. In addition, I spend $2 a day average on coffee.
All total, with an average 30 day month, I spend almost $200 just on coffee and cigarettes. Both of these habits need to go, and at this point I have no choice but to cut them out of my life. If I choose to selfishly indulge in vice, I am literally taking food out of the mouths of my family.
Alternate Goals
Aside from all of the personal finance wizardry, I am still trying to find a way to save one million dollars. I have spent some time investigating "Paid to Click" opportunities which have turned out to be too incestual to be profitable. I am going to continue with Neobux for the entire year, just so I can show what is feasible to make in these kinds of systems.
I also have a Forex book waiting to be read at home. I still have not cracked into it, but I will definitely get started on that tomorrow, and should have it completed by Monday. At the very least, I will have a better idea of what it all entails and whether or not it is a viable tack.
Lastly, I need to try to sell some of my remaining assets. Not only do I want the money, but I need to get rid of things in my life that are merely taking up space. There is no reason to hold on to things that I am not utilizing when they could be worth at least a little money. That is my goal for the weekend, and I hope to have them all bought before Monday.
On a completely different note, I also want to try to get into a partnership with a bicycle shop guru to discuss and entrepreneurial idea I have toyed with for many years. Hopefully I can find someone interested in changing the world for the better because I don't see myself making money with the idea. I merely see a need in the world, and I firmly believe my idea could fill that need nicely.
Keep your fingers crossed.
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