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 Post subject: I was 18 with $6k in credit cards > 19 almost 20 now.
PostPosted: Thu Feb 21, 2008 1:45 pm 

Joined: Wed Feb 20, 2008 10:34 am
Posts: 24
LOL ask and you shall receive. I have 3 cards with $6 k combined credit and debt on them.

My success is owning up to the fact that these indeed HAVE TO BE PAID OFF. My part time job doing fast food wasn't good enough. So I picked up another job at a factory. Worst feeling ever waking up and working 16 hrs and coming home almost every day.

FAST FORWARD.

About 4 months of working (2 months with both jobs) I am now Just $934 in debt, in which March 16th is the day I am officially $246 in the green.

Keep in mind I'm not feeding off my parents either. I walked to work, yes about 12 km of walking each day working 16 hours. I lost 30lbs too and built muscle. I payed rent and was forced to save $400 a month into an untouchable account too. So I was definitely feeling the burn in this lesson.

What should I do now that I'll be out of debt? My plan is this:

Rent $200.00
Cellular $50.00
Gym $26.50
Savings - Forced $400.00
Fun / Things I need $72.70

Quote:
ING RSP $350.00 (max out contributions for my tax bracket - Canadian by the way)
ING Direct Regular Savings $500.00
Emergency Fund $100.00



... CHANGING THIS TO

ING RSP $100.00
ING Direct $650.00
Emergency Fund $200.00




Sound good for a while?[/quote]


Last edited by DannyBoy on Mon Feb 25, 2008 11:47 pm, edited 1 time in total.

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PostPosted: Mon Feb 25, 2008 12:35 pm 

Joined: Sat Dec 08, 2007 9:51 am
Posts: 9
Great work, and it seems like you are starting your life off right.


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PostPosted: Mon Feb 25, 2008 2:44 pm 

Joined: Wed Apr 04, 2007 9:50 pm
Posts: 752
Location: Vancouver, Canada
What are your goals? If you are earning a low salary at this time, it may not make a ton of sense to max out your RRSP, especially when you don't have an emergency fund. You might be better to keep the money in a savings account and contribute it in a few years when you could get 30% back.

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Andrea Coutu
Consultant Journal
www.consultantjournal.com


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PostPosted: Mon Feb 25, 2008 11:44 pm 

Joined: Wed Feb 20, 2008 10:34 am
Posts: 24
I've been toying around with the idea of an rrsp. I might just do what you suggested and just lump it all into a high interest account.

My goals are simply to live below my means but still have the experiences that most people get out of life which can include:

> own a small house
> MAYBE drive a car, I've been heavily debating this one, I've done so well so far without a car and just biking, running or walking wherever I need to go.
> continue on with my internet projects
> have 1-3 kids and be married

I'm a fairly basic guy, I don't need the best of everything but it won't stop me from getting what I want. I project my income will be between 60k-100k when I finish school. 60k from nursing and the rest from internet business.

I just never want to be in debt again, even good debt kinda scares me. I plan on saving for a year, and then going to school again as long as my mind is still in the right place.


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PostPosted: Mon Feb 25, 2008 11:47 pm 

Joined: Wed Feb 20, 2008 10:34 am
Posts: 24
Quote:
ING RSP $350.00 (max out contributions for my tax bracket - Canadian by the way)
ING Direct Regular Savings $500.00
Emergency Fund $100.00



... CHANGING THIS TO

ING RSP $100.00
ING Direct $650.00
Emergency Fund $200.00


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PostPosted: Wed Feb 27, 2008 8:27 am 

Joined: Mon Feb 18, 2008 2:43 pm
Posts: 26
Location: PA
Cant complain about being out of debt and losing weight. Nice work...that is a long day!

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Erica Jones
http://www.countrywidecredit.com/
http://www.squidoo.com/direct-deposit/


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PostPosted: Wed Feb 27, 2008 1:40 pm 

Joined: Wed Feb 20, 2008 10:34 am
Posts: 24
Thanks for the comments.

:) I just went to a personal trainer today and set something up. Thats what my dollars are going to next get started on a good healthy habit. :D


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PostPosted: Thu Mar 06, 2008 2:50 pm 

Joined: Wed Feb 20, 2008 10:34 am
Posts: 24
Update:

$261 in debt right now. Will be $329 in the green come March 13th now.


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PostPosted: Sun Mar 09, 2008 4:24 am 

Joined: Sun Mar 09, 2008 3:55 am
Posts: 18
Sounds like you are doing the right thing. I imagine that it is very exhusting but you must be really focussed to be working so hard - good for you and keep it up!

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Master Your Card - Making Your Credit Cards Work For You : Priceless.


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PostPosted: Thu Mar 13, 2008 2:34 pm 

Joined: Wed Feb 20, 2008 10:34 am
Posts: 24
Yes, I can confirm for certain that I have $0 against me! These months were long and sometimes I didn't want to wake up, but it's only uphill from here!


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PostPosted: Sat Mar 22, 2008 6:27 pm 

Joined: Fri Aug 10, 2007 1:32 pm
Posts: 312
My hat is off to you,wish more young people would stop and realize where they are headed just as you did.


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PostPosted: Sun Mar 23, 2008 4:59 am 

Joined: Wed Feb 20, 2008 10:34 am
Posts: 24
Thanks kindly,

For those wishing to pop in on my financial goals, check out my journal, http://www.getrichslowly.org/forum/viewtopic.php?t=1658


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 Post subject: Learn More, too Earn More!
PostPosted: Thu Jul 03, 2008 8:04 pm 

Joined: Thu Jul 03, 2008 7:39 pm
Posts: 3
Everyone has lived paycheck to paycheck. I was the same way. I asked myself what are the rich people doing that I am not? I started reading about money, how it works, what to invest in. The first book I purchased was Money Dynamics for the 80's written by Venita Van Caspel. After reading that book, I started investing and within 3 years I had saved over $30,000 dollars. Earning Interest is far better than paying it. So Learn More, Too Earn More.

The One Minute Millionaire
Lower Your Taxes Big Time


Try these to get you started.

Read all you can about Warren Buffett. Do what the rich do, and you too can get the same results.

Good Luck!


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