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Archive for June, 2017

Start Base as of June 30, 2017

June 30th, 2017 at 08:52 pm

Debt:

Credit Card 1 - Balance $0 - Netflix, Cell, Internet, SJCH Donation, Auto Insurance are auto charged each month for a total of $230.00

Credit Card 2 - Balance $0 - Misc charges include but are not limited to food/groceries, entertainment, household needs, kids needs, etc. Monthly charges ~$770.00 (Wow, when I put it on paper, it really is way too high). Eating out is the big killer....so easy and less stressful...this has got to change)

Mortgage - Original Loan Amount - $108K. Balance - ~$96K. $952.00/mo includes principal, interest, taxes and insurance (PITI)

Car - $240.00/mo

Electric - ~$90.00/mo

Refuse - $17.00/mo

Support - $725.00/mo

Total Monthly Debt: ~$3,024.00

Income:

Rental Income - $95.00/mo

Military Benefit - $130.00/mo

Salary (including auto stipend) - $4,100.00/mo

Total Monthly Income: ~$4,325.00

Debt to Income: ~$1,293.00

Non Winter Savings Commitment: ~$1,000.00/mo
Winter Savings Commitment (differentiator is propane for heat at ~$500.00/mo): ~$500.00/mo

Miscellaneous Funds (cash, unplanned expense(s), etc.): ~$293.00

Savings/Investments:

Roth IRA - $5,412.06 - Balance as of 7/1/17 (for Tax Year 2017 fully funded)

Emergency Fund - $2,143.02 - Balance as of 7/1/17 (Every $10K saved in E.F. supports a $5K transfer to the Capital One 360 MMA)

Capital One 360 MMA - Balance as of 7/1/17 - $50,226.58

It's been a "long and winding road", but I am finally seeing light at the end of the tunnel, coming out of the darkness and satisfied my family is not only financially stable but protected for years to come.

Life is Full of Goals

June 30th, 2017 at 02:43 am

So, I work to save 20% of my net income (after ensuring a full tax year contribution to my Roth IRA and Emergency Fund Deposit). One of my goals toward financial freedom (errrrr, ummmmmm, early retirement via debt elimination versus retirement income only) is to eliminate my mortgage. Now, I know I can do this by simply selling my home, investing the proceeds and renting a small, one bedroom apartment allowing the property manager to shovel the snow, mow the lawn and take out the garbage. Rather, I'd like to leave my children a bit of a nest egg partially in the form of home equity by pounding away at the principal. I am a very visual man. Watching the balance drop each month is extremely motivating to me. I am going to try to share my success (or failure) with you all and hopefully gain some insight along the way.