Quote Of The Day 10/11/17

It can be difficult to work on a business level with personal connections, at times. While this may make for a fun environment at times, the line between business and personal can be blurred. While some can do this with no problem, this type of partnership often ends in disaster for both parties and the business. Just don’t do it unless you’re 10000000% sure that you can handle it. 

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My Financial Journey

I need to get my house in order. I plan on moving at some point in 2018 so that I can be closer to my sister and her family. They come back from Italy in 2018. Not sure where as of yet, though. The time is now for me to start getting myself together and saving money for this move. I happened to take a look at my credit because of all that is going on with Equifax getting hacked and stuff and I found that my credit isn’t really where I think it should be. ┬áIt’s not bad but it could be better.

I noticed that there were little things on there for like $85 here or $50 there for things that I had completely forgotten about or didn’t even know that I owed. Now, everything that was on there was actual debt that I owed I just either forgot about them and they ended up in collections or simply didn’t realize it. ya know like that ‘didn’t rewind fee that Blockbuster used to charge’. Not saying that its not a real debt but I just didn’t think about rewinding the copy of Home Alone 2; Lost in New York before returning it. So yeah I’ll pay your stupid $1.50 fee.

I plan on tackling this debt slowly but surely. Like I said, I need to still save for this move at some point in 2018 which is right around the corner. I plan to use the debt snowball effect. Have you heard of it or tried it before? If you haven’t heard of it, it’s a good way to tackle debt without going into more debt or going broke in the process. You simply gather all your bills or debts and start paying off the smallest amount first. Not the one with the highest interest but the smallest amount. Once that is paid off, you move on to the next smallest and so on and so forth. Like a snowball, hence the title. As you pay off these smaller amounts it does a few things; raises your credit score by removing collections/debt from the list, doesn’t necessarily hurt your saving because of the amount, gives you a mental feeling of accomplishment and makes you want to tackle the next amount with even more vigor. I am going to start this process ASAP.

Another option to raise my score during this process is to use a secured credit card. At the moment I don’t have an unsecured credit card because, to be honest, I don’t trust my money management skills and I don’t want to go into more debt. I plan to get a secured credit card with a small limit on it and use that to pay things like Netflix, Hulu, Audible and my web hosting bill. These come to less than $45 per month. My goal is to have the secured card pay those bills and then just pay it off every month. This will show on time payments because I already have those bills set to auto-draft from a separate checking account anyway. So basically I would switch the auto-draft to the secured credit card and then have the payment for that secured card drafted automatically from the separate checking account that I had those bills set up to come out of anyway. Tricking the system into thinking that I am making purchases and paying the debt off every month. A nice little boost to my credit for paying for Hulu, Netflix and ‘nem from the money I was already allocated out of my paycheck to pay them with. Make sense?

I have to get serious about budgeting. Even though I have my direct deposit setup to distribute my bill money to one account, emergency fund savings to a different account and then the extra or left over to a third account. I still know I can do more. I’m working on it and will let you know how things go as it happens. Y’all can walk on this financial journey with me. Cool? Cool.

Quote Of The Day 10/6/17

Build your own legacy. Leave something that your children and your children’s children can have and continually grow. Even if it has to start with you, it must start.

“I’d like to see

A nice peace-fund ideas from people who look like we

We gon’ start a society within a society

That’s major, just like the Negro League

There was a time America wouldn’t let us ball

Those times are now back, just now called Afro-tech

Generational wealth, that’s the key

My parents ain’t have shit, so that shift started with me”