I feel ashamed. Reviewing my finances as I approach the ninth month of 2017 all I want to do is crawl into a hole and hide.
How am I in a worse financial position than I was three years ago?
I want to blame a circumstance or a person but the truth is I am responsible. There, I said it, I am responsible. In accepting full responsibility for the catastrophe I’ve made of my finances (again), I now have everything I need to start over.
I’ll begin again a quest to repay 100% all of my debts. For the sake of record keeping and accountability, as well as keeping this transparent for readers who are in similar situation, I will give you all the numbers.
You’ll notice right away that I don’t have an income this month.
That’s because I have not worked this year. You’ll also notice that my debt is greater than when I started my debt journey back in 2013. A few factors contributed to my blooming balance I financed a car, used credit for my business, and significantly upgraded my home.
In addition, I have not (yet) earned an income during the year of 2017. Which translates into collections for unpaid invoices, late fees, and unpaid interest on high balance loans.
The new and old debts add up to a balance that feels impossible to conquer. But I know caring about my feelings won’t get rid of my debt, changing my behavior will.
So despite the shame I feel, I will climb this mountain (again), I’ll follow Dave Ramsey’s Financial Peace University (because it works), I’ll pay of my debts and live my life by cash.
I am currently on Baby Step #1: Save $1000.00. My balance is $300.00
Debt Remaining: $208,453.27
Cash Paid to Debt: 0.00
Total Assets: 0.00
Total Liabilities: $208,453.27
Net Worth: – ($0)
Important Goings-On in September
My financial goal this month is to earn $1000.00 of passive income. This amount may not seem significant. However as I mentioned early, I have not earned an income this year. Additionally, experiencing emotional exhaustion throughout the first two quarters reminds me that pushing myself emotionally, physically, mentally, and spiritual will result in death. I am not interested in dying. So rather than challenge myself to earn an income that would at least cover my monthly expenses. I’m committed to growing slow. At this point I’d consistently earn $1000 a month in passive income for the next 36 month, then get a job earning $1000 a week working 15 -20 hours.
Have you ever paid off a bunch of debt then fell back in(somebody please tell me I’m not alone)?
Disclaimer: Honesty is awesome, so I share numbers and dollars in this post. I trust you’ll honor my honesty. Just so we’re clear, everything written here is based on my personal experiences + opinions. Not everything I say here will work for you, but I have faith that you’ll take the information presented and apply some of it to your own finances in a new and creative way.