They announced the mortgage limits for our county the other day. For King, Pierce & Snohomish County, the new limits for conventional & FHA mortages is $567,500. Looks like our housing market will get a nice shot in the arm. While it hasn't fallen like many other areas across the country, it certainly has slowed. So I'm gearing up to get the paperwork done.
I was chatting with a mortgage broker the other day and she indicated that lenders might tighten their credit requirements along with the limit increases, which isn't entirely unexpected.
Luckily, I signed up the other day for a monitoring service called True Credit . It costs 14.95 per month to view your credit report and scores from the three bureaus. I don't plan to keep it long, I just wanted to monitor my progress as I prepare to refinance prior to Dec 31st when the loan limits are supposed to expire. So I have had a look at my credit scores. Suffice to say, I'm not doing bad at all. I've cracked 700 series for two of the bureaus and 695 in the other. My plan to pay down the debt should bring the scores up to the desired range.
Based on what the broker mentioned, she expected lenders to require a score in the 700-teens and above range. I've achieved that already for 2 bureaus, I just need to raise the other one, which I definitely think is doable without more effort than writing checks.
All of these efforts will have significant impact on my budget and lower my monthly outgo by approximately $550-650. Talk about having some cushion each payday...I've already squeezed many of of my expenses until they screamed, so I was able to create a pretty nice cushion each month, which is currently earmarked for debt payment. This additional amount will make the checkwriting easier and faster! I can't wait until the debt payments are done...Finally, the money will be able to work a little more productively for me.
Saturday, March 8, 2008
Sunday, February 3, 2008
Burning temptation....
This weekend, I went shopping for ceramic tile for a home improvement job we are planning for our bathroom. Just picture a 1959 ranch style home with all the original fixtures, right down to the pink toilet, tub and sink. You get the idea...remodeling emergency. Anyway, we are on a budget and this is a strictly DIY job. So we were looking for some cheap, but good looking tile... We found some suitable choices and brought the samples home to view in the naturally dim lighting. On the way, however, I got side-tracked.
My boyfriend and I have had several conversations about Audi cars and why I should consider purchasing one. But I have no knowledge of them and have never driven one before. As we were driving home, we drove past a dealership that had a couple used ones on the lot. I should mention that I have a weakness for cars...especially expensive ones.
Anyway, my mistake was stopping at the dealership and test-driving not one, but two Audis. Did I mention that I fell in love? I was able to tear myself away from the dealership, but I did spend a considerable amount of time this weekend trying to figure out how to buy one even though it would directly conflict with my other financial goals.
So what happened? Well, I finally came to my senses today and decided to not even consider the purchase any more. Why not? It would completely take me off track from my goals and even though I am in love with the car. I know I would love being debt free even more. It was tough convincing myself that this temptation was not a good idea in the long-term, but it was definitely the right decision.
Monday, January 28, 2008
Missing in Action
Sorry I've been pretty quiet lately. The problem is I'm fighting this cold that won't quit. It came back with a vengeance just when I thought it was getting better.
Anyway, I'm on this mission to lower my expenses. So far I'm doing pretty good. I've cut back my cable and phone bills as well as my credit card bill. I've replaced all of the lightbulbs in my house with the energy saver bulbs. We put a timer on the porch light to prevent it from staying on all night and day.
Installing insulation is also on the list of things to do soon to try to keep more of the heat in the house.
So one other step I plan on taking is refinancing my mortgage. I was putting that step off for awhile given all of the problems in the mortgage market. However, the recent rate cuts have me thinking about how much I might be able to save. I think that I may take it slow and see if the recent stimulus proposals will help sweeten the deal and make my decision to refi even easier.
Anyway, I'm on this mission to lower my expenses. So far I'm doing pretty good. I've cut back my cable and phone bills as well as my credit card bill. I've replaced all of the lightbulbs in my house with the energy saver bulbs. We put a timer on the porch light to prevent it from staying on all night and day.
Installing insulation is also on the list of things to do soon to try to keep more of the heat in the house.
So one other step I plan on taking is refinancing my mortgage. I was putting that step off for awhile given all of the problems in the mortgage market. However, the recent rate cuts have me thinking about how much I might be able to save. I think that I may take it slow and see if the recent stimulus proposals will help sweeten the deal and make my decision to refi even easier.
Thursday, January 24, 2008
TMI! Too Much Information!
Recently, I talked about using Yodlee and how great it is to keep track of my finances. It has some really great features that I love and will never go back to MS Money or Quicken ever again. However, I should report that there is a downside to using Yodlee. This downside was not apparent when I first started using Yodlee, but has become a glaring issue as of late.
I set up my investment accounts (401k, play money)in Yodlee. I thought it would be easy to keep track of how it was doing and that would be great. Note to self: "This was not such a good idea."
Given the current stock market performance and the big dive it took this week, I've been able to see the impact on my accounts right away. No more surprises or ignorance when the statement comes in the mail. I can see my accounts shrinking right before my eyes!! Why is this a problem, you ask?
It is a problem because I want to commit a fatal error that many investors make, myself included. I want to pick up the phone in a knee jerk fashion and get out of the losing positions and move into something else. Translation: Sell low and buy high instead of Buy low and sell high.
Previously, I could have remained ignorant about the condition of my accounts
and been puzzled, but not disturbed as to why my accounts were lower than the previous month or only up by a couple of bucks. Translation: Fat, dumb and happy.
Traditionally, the following has been my M.O. Each month or quarter, I glance at the statements when they arrive, note the balances, forget what I read and repeat. No need to panic or worry. By the time, I know that something happened, it's too late to do anything about it. Which has also served me well; especially during the dotcom bust.
The questions remain.....
Should I keep my account visible on Yodlee? Can I resist the temptation to try to make up for any losses by trading? (not that I am some skilled trader by any stretch)
I'll keep pondering these things while I stay away from the phone...
I set up my investment accounts (401k, play money)in Yodlee. I thought it would be easy to keep track of how it was doing and that would be great. Note to self: "This was not such a good idea."
Given the current stock market performance and the big dive it took this week, I've been able to see the impact on my accounts right away. No more surprises or ignorance when the statement comes in the mail. I can see my accounts shrinking right before my eyes!! Why is this a problem, you ask?
It is a problem because I want to commit a fatal error that many investors make, myself included. I want to pick up the phone in a knee jerk fashion and get out of the losing positions and move into something else. Translation: Sell low and buy high instead of Buy low and sell high.
Previously, I could have remained ignorant about the condition of my accounts
and been puzzled, but not disturbed as to why my accounts were lower than the previous month or only up by a couple of bucks. Translation: Fat, dumb and happy.
Traditionally, the following has been my M.O. Each month or quarter, I glance at the statements when they arrive, note the balances, forget what I read and repeat. No need to panic or worry. By the time, I know that something happened, it's too late to do anything about it. Which has also served me well; especially during the dotcom bust.
The questions remain.....
Should I keep my account visible on Yodlee? Can I resist the temptation to try to make up for any losses by trading? (not that I am some skilled trader by any stretch)
I'll keep pondering these things while I stay away from the phone...
Saturday, January 19, 2008
Tools for keeping up with all that "paper" (the green and the white kind)
Last night I had dinner with my kids and my mother. She was asking me to help her get some new software for her computer for word processing and personal finance. She and I both have used MS money over the years and both of us are throughly disgusted by the cost and yearly upgrades that have become necessary. She mentioned that she had to purchase the latest MS Money in order to access her older MS money files.
Don't get me wrong, I have a lot of love for the home team. That company and its employees have created their own kingdom in Redmond. They are printing their own money out there with Bill Gates's face on it. Not to mention that they make up a significant portion of our local economy through consumption and traffic. Without them, there would be no need for a drive through Starbucks and dog spas. But MS has gotten a little crazy with the now required Money upgrades at $50 or more a pop.
So I have decided to get off the MS Money bandwagon and search for a suitable system that doesn't require as much set up, provides more useful features and has a cheaper price tag. My search yielded a worthy contender which I promptly shared with my mother over dinner.
I have converted to Yodlee. Yodlee offers online banking services, bill pay and account aggregation for many of the largest banks as a service for their bank customers. It is a product marketed as directly to financial institutions. However, you can sign up as a consumer independently of your bank as I did and use it like you would MS Money. It is the best thing since sliced bread.
Why you ask? First and foremost, it's free! Secondly, its web based. I can view the current status of all of my accounts, pay bills, view my net worth and analyze my monthly spend rate from a web browser or my mobile phone. I can't do that with MS Money or any other software application. It helps categorize my transactions which is a huge time-saver. In MS Money, that task alone could take hours if I neglected this too long. Which would also impact my ability to see where I stood at any given point in the month. Now it takes minutes, because most of the time Yodlee has intelligently categorized things based on the transaction data or uses some custom rules that I have built.
Check it out! Here is the demo of Yodlee.com
Here is how you sign-up.
Don't get me wrong, I have a lot of love for the home team. That company and its employees have created their own kingdom in Redmond. They are printing their own money out there with Bill Gates's face on it. Not to mention that they make up a significant portion of our local economy through consumption and traffic. Without them, there would be no need for a drive through Starbucks and dog spas. But MS has gotten a little crazy with the now required Money upgrades at $50 or more a pop.
So I have decided to get off the MS Money bandwagon and search for a suitable system that doesn't require as much set up, provides more useful features and has a cheaper price tag. My search yielded a worthy contender which I promptly shared with my mother over dinner.
I have converted to Yodlee. Yodlee offers online banking services, bill pay and account aggregation for many of the largest banks as a service for their bank customers. It is a product marketed as directly to financial institutions. However, you can sign up as a consumer independently of your bank as I did and use it like you would MS Money. It is the best thing since sliced bread.
Why you ask? First and foremost, it's free! Secondly, its web based. I can view the current status of all of my accounts, pay bills, view my net worth and analyze my monthly spend rate from a web browser or my mobile phone. I can't do that with MS Money or any other software application. It helps categorize my transactions which is a huge time-saver. In MS Money, that task alone could take hours if I neglected this too long. Which would also impact my ability to see where I stood at any given point in the month. Now it takes minutes, because most of the time Yodlee has intelligently categorized things based on the transaction data or uses some custom rules that I have built.
Check it out! Here is the demo of Yodlee.com
Here is how you sign-up.
Thursday, January 17, 2008
It's tough but I'm making it happen...
There are a few things that I have implemented recently to help me get on the right foot financially. Truthfully, this is a financial transformation plan that I set into motion couple years ago. It has taken awhile to get into the groove because I retired from a previous profession during the. implementation phase. I know, you're thinking..you are too young to have retired! You're right I am, but I had already put more years in and become fully vested far earlier than most of the peers my age. So I feel like I'm on my second career, when most people my age are beginning to hit their stride in their first career.
That transition slowed down my progress, but allowed me to get more focused, better at living within my means and budgeting.
So what am I working on now? I quit smoking cigarettes for starters. That's like trying to pull out of the war in Iraq. The hardest thing ever! Anyway, I had been planning it for a while. I figured I would monetize the effort by planning a vacation with the money saved by quitting. I spent roughly $100 per month on cigarettes. No, I didn't really smoke that much, roughly a half a pack a day. But yes, I spent money like a fool. I never bought cigarettes by the cartons because I was in denial about how long I would continue to smoke. My logic was that I might quit tomorrow (which was lie, most of the time) so I shouldn't buy a whole carton and waste the cigarettes.
So my new year's resolution was to quit and am 17 days smoke-free! What else have I done? I have severely cut back on my daily Starbucks habit. I buy coffee maybe once in 2 weeks or more. I've switched to hot tea. I spend $4 per month now versus $45 per month.
That's not all...I've turned over a new leaf and made peace with my dinner leftovers. Previously between my boyfriend and I, we spent enough money on eating out for lunch, dinner and breakfast on the weekends that we could have carried another mortgage or two luxury car notes.
So what is the "new me" doing now? Bringing my lunch and even breakfast to work.
I haven't crossed over to the everyday lunch-bringing world, but I'm getting there. So what am I saving? I was spending almost $75 per WEEK on breakfast, coffee & lunch! That's a plane ticket to a vacation spot. My spending is down to about $30.00 per week at this point. I've decided to slowly cut back, partially because my cooking skills suck and I have limited time in the evenings. However a fellow blogger has turned us all onto some simple recipes that work well for lunch and breakfast at work. Trent at the Simple Dollar has a flare for freezer cooking. Check it out..The Simple Dollar
So I forsee some white sandy beaches in my future paid for in advance using my expense budget savings
That transition slowed down my progress, but allowed me to get more focused, better at living within my means and budgeting.
So what am I working on now? I quit smoking cigarettes for starters. That's like trying to pull out of the war in Iraq. The hardest thing ever! Anyway, I had been planning it for a while. I figured I would monetize the effort by planning a vacation with the money saved by quitting. I spent roughly $100 per month on cigarettes. No, I didn't really smoke that much, roughly a half a pack a day. But yes, I spent money like a fool. I never bought cigarettes by the cartons because I was in denial about how long I would continue to smoke. My logic was that I might quit tomorrow (which was lie, most of the time) so I shouldn't buy a whole carton and waste the cigarettes.
So my new year's resolution was to quit and am 17 days smoke-free! What else have I done? I have severely cut back on my daily Starbucks habit. I buy coffee maybe once in 2 weeks or more. I've switched to hot tea. I spend $4 per month now versus $45 per month.
That's not all...I've turned over a new leaf and made peace with my dinner leftovers. Previously between my boyfriend and I, we spent enough money on eating out for lunch, dinner and breakfast on the weekends that we could have carried another mortgage or two luxury car notes.
So what is the "new me" doing now? Bringing my lunch and even breakfast to work.
I haven't crossed over to the everyday lunch-bringing world, but I'm getting there. So what am I saving? I was spending almost $75 per WEEK on breakfast, coffee & lunch! That's a plane ticket to a vacation spot. My spending is down to about $30.00 per week at this point. I've decided to slowly cut back, partially because my cooking skills suck and I have limited time in the evenings. However a fellow blogger has turned us all onto some simple recipes that work well for lunch and breakfast at work. Trent at the Simple Dollar has a flare for freezer cooking. Check it out..The Simple Dollar
So I forsee some white sandy beaches in my future paid for in advance using my expense budget savings
Tuesday, January 15, 2008
Expense Shakedown
So I'm on a mission to lower my expenses so that I can free more cash up to pay off my credit cards and other assorted debt. Ever since I got my credit card company to lower my rate, I've been calling up companies that I do business with and threatening to leave unless they cut me a deal.
Unfortunately this won't work on every company unless there is adequate competition in the industry. So for example, my electric and water companies would laugh in my face if I threatened to leave because they have their industries "on lockdown" a.k.a. monopolistic grip. My only defense is to lower my consumption in order to lower my expense. So it looks like I need to put a sweater on and get some low flow toilets...
The latest target in this shakedown? My cable company, Comcast. I called today to see if they could lower that crazy bill otherwise I would be forced to put them on the bench for awhile.
I didn't even have to argue. One bargaining chip that I used was my local phone service. I currently use Vonage because it is cheaper than the local phone company service. Anyway, Comcast, like other companies are chomping at the bit to grab customers from other providers and therefore were more likely to give me a deal to earn my business.
So how did I do? After the deal, I was able to shave $65.00 per month off my bills for phone, internet & cable. It only cost me 15 minutes of hold time...
Unfortunately this won't work on every company unless there is adequate competition in the industry. So for example, my electric and water companies would laugh in my face if I threatened to leave because they have their industries "on lockdown" a.k.a. monopolistic grip. My only defense is to lower my consumption in order to lower my expense. So it looks like I need to put a sweater on and get some low flow toilets...
The latest target in this shakedown? My cable company, Comcast. I called today to see if they could lower that crazy bill otherwise I would be forced to put them on the bench for awhile.
I didn't even have to argue. One bargaining chip that I used was my local phone service. I currently use Vonage because it is cheaper than the local phone company service. Anyway, Comcast, like other companies are chomping at the bit to grab customers from other providers and therefore were more likely to give me a deal to earn my business.
So how did I do? After the deal, I was able to shave $65.00 per month off my bills for phone, internet & cable. It only cost me 15 minutes of hold time...
Monday, January 14, 2008
I washed that checking account right out of my hair...
I had to fire the other institution that I was using. While it worked fine for the the basics, it was a hassle trying to abide by their rules in order to earn the highest interest on my deposits. The rates were great, but there were too many hoops to jump through.
So I found me a new checking account partner! Charles Schwab has a checking account called Schwab High Yield Investor Checking that pays 4% interest with no minimum balance and best of all, they reimburse all of your ATM fees worldwide! That in itself is worth its weight in gold! Trying to find your own bank's ATM machines is like looking for a needle in a haystack. The ubiquitous Bank of America ATMs are gouging non-customers $3 for cash withdrawals. Finally, convenience store ATMs overcharge you for the convenience of using some off-brand ATM.
Anyway, it comes with free checks, bill pay, FDIC insurance, visa platinum debit card with no minimum balance. Yeah, so it doesn't have many branches. I think the only one is in Reno, NV, but you can visit a brokerage office if you need to.
However, it is rare that I ever go into a branch anymore. If I do, it is to make deposits. With Schwab, I can use postage paid envelopes to mail my deposits if I need to. My deposits aren't usually something to rush to the bank over anyway. Half the time, I look like an idiot depositing my $2.00 class action settlement check. But before you knock it, just understand that I don't leave anything on the table. $2.00 spends just like $2000 and it adds up quick. So you better believe that I cash/deposit any and all checks with my name on it.
They do require that you open a brokerage account but tell you up-front that you don't have to use it. Which is great, because I won't. I'm sure I could find another brokerage with better trading costs than Schwab.
As a back-up, I will probably keep a local bank account with a small amount of money in it for emergencies. I've banked with several large banks that have lost their ATM/debit networks and left me high and dry for the weekend more times than I care to mention.
Note: I get nothing for my comments here from Charles Schwab. No referrals, money, or free coffee cup. When I find good stuff that either saves or earns me some money, I tell everybody who will listen.
But if you want to contribute to the cause by compensating me for this tip, by all means, leave me a comment and I will gladly take you up on the offer.. :O)
So I found me a new checking account partner! Charles Schwab has a checking account called Schwab High Yield Investor Checking that pays 4% interest with no minimum balance and best of all, they reimburse all of your ATM fees worldwide! That in itself is worth its weight in gold! Trying to find your own bank's ATM machines is like looking for a needle in a haystack. The ubiquitous Bank of America ATMs are gouging non-customers $3 for cash withdrawals. Finally, convenience store ATMs overcharge you for the convenience of using some off-brand ATM.
Anyway, it comes with free checks, bill pay, FDIC insurance, visa platinum debit card with no minimum balance. Yeah, so it doesn't have many branches. I think the only one is in Reno, NV, but you can visit a brokerage office if you need to.
However, it is rare that I ever go into a branch anymore. If I do, it is to make deposits. With Schwab, I can use postage paid envelopes to mail my deposits if I need to. My deposits aren't usually something to rush to the bank over anyway. Half the time, I look like an idiot depositing my $2.00 class action settlement check. But before you knock it, just understand that I don't leave anything on the table. $2.00 spends just like $2000 and it adds up quick. So you better believe that I cash/deposit any and all checks with my name on it.
They do require that you open a brokerage account but tell you up-front that you don't have to use it. Which is great, because I won't. I'm sure I could find another brokerage with better trading costs than Schwab.
As a back-up, I will probably keep a local bank account with a small amount of money in it for emergencies. I've banked with several large banks that have lost their ATM/debit networks and left me high and dry for the weekend more times than I care to mention.
Note: I get nothing for my comments here from Charles Schwab. No referrals, money, or free coffee cup. When I find good stuff that either saves or earns me some money, I tell everybody who will listen.
But if you want to contribute to the cause by compensating me for this tip, by all means, leave me a comment and I will gladly take you up on the offer.. :O)
Sunday, January 13, 2008
Looking for some "couch cushion" money...
Simulate my bank balance
The NYT reported that Bush and Congress are considering a economic stimulus package to calm the natives and perhaps head off a recession. All I can say is I know these things always come at a cost because nothing in life is free. But I won't argue with the government if they want to stimulate my bank accounts with some unexpected "paper". It will go quite nicely with the debt snowball plan that I have been toying with lately. I haven't implemented it yet because I am a bit torn about which method to use... balance order or highest interest.
Given the constraints that I am dealing with (interest rate expiration), I may have to pay off starting with the debts whose interest offers expire first.
Given the constraints that I am dealing with (interest rate expiration), I may have to pay off starting with the debts whose interest offers expire first.
Credit Card Companies, Please Pimp My Life!
By dragging all this credit card debt around, in effect, this is really what I'm saying to the credit card companies. So here's what helped motivate me to get my CC debt paid down. Without overloading you with too much info at once, I have always had some CC debt. Anyway, I'm pretty OCD when it comes to paying on time. (the reason why is a long story) So right now, I have decent credit. I am not in the 800 range... yet. But I'm not a deadbeat by any stretch. Anyway, so I've been carrying some balances for over a year. I had some balance transfer rates that were really low that would last until the balance was paid off (or so I thought). I recently got a statement from Citibank to whom which I owe about $6300, that indicated that my low rate of 2.9% was increased to 17.24%.
I was HOT when I saw this! There was no disclosure or letter, nothing. I found it by reading my statement this month. So I called to find out why I was being punished. I knew that I hadn't been late or violated any agreements with any company including Citibank.
Their reply was that my rate had expired. That was some sneaky BS and they know it! But I'm at their mercy for the moment. I really don't want to open another CC to transfer right now and I don't want more CCs. So I told the rep that unfortunately the new rate would not work for me and I would be forced to change companies, so what could she do to help me?
A measly 1% reduction? She tried to sell it like I was getting a deal. Hello? Oh no, that would not work either! I need to talk to a supervisor or something (I worked in and around CS for 12 years, and know the drill). She transfers me to the retention group or whatever. Now I am offended. I've been with Citibank for over 7 years without any late payments etc. and they are jerking me around.
The retention rep reminds me of my long history with Citibank and asks what he can do to help. I tell him the same story... I will take my business elsewhere unless they do something to lower my rate. Mind you, I was not rude to any of these aforementioned Citibank reps, because that will get you nowhere fast. However, I was not taking no for an answer. I did have offers for 0% but I didn't really want to take them.
Finally, this rep was willing to deal. I got 1.9% for 9 months on all balances and 9.99% thereafter on all purchases and balances. Not bad, but definitely has me motivated to fire Citibank or limit my business with them going forward.
I shouldn't carry a balance, I know. But the card had a low rate that they snatched away without any notice. It won't be happening again, I can tell you that. I'm done being pimped by my CC companies.
I was HOT when I saw this! There was no disclosure or letter, nothing. I found it by reading my statement this month. So I called to find out why I was being punished. I knew that I hadn't been late or violated any agreements with any company including Citibank.
Their reply was that my rate had expired. That was some sneaky BS and they know it! But I'm at their mercy for the moment. I really don't want to open another CC to transfer right now and I don't want more CCs. So I told the rep that unfortunately the new rate would not work for me and I would be forced to change companies, so what could she do to help me?
A measly 1% reduction? She tried to sell it like I was getting a deal. Hello? Oh no, that would not work either! I need to talk to a supervisor or something (I worked in and around CS for 12 years, and know the drill). She transfers me to the retention group or whatever. Now I am offended. I've been with Citibank for over 7 years without any late payments etc. and they are jerking me around.
The retention rep reminds me of my long history with Citibank and asks what he can do to help. I tell him the same story... I will take my business elsewhere unless they do something to lower my rate. Mind you, I was not rude to any of these aforementioned Citibank reps, because that will get you nowhere fast. However, I was not taking no for an answer. I did have offers for 0% but I didn't really want to take them.
Finally, this rep was willing to deal. I got 1.9% for 9 months on all balances and 9.99% thereafter on all purchases and balances. Not bad, but definitely has me motivated to fire Citibank or limit my business with them going forward.
I shouldn't carry a balance, I know. But the card had a low rate that they snatched away without any notice. It won't be happening again, I can tell you that. I'm done being pimped by my CC companies.
So Now What?
So now that I have introduced myself and my blog, what now? Well I should probably bring you up to speed. I'm about one week into a new job that I'm pretty excited about. Unfortunately, the compensation isn't one of my favorite things, but I shouldn't complain. I get paid pretty well.
However, I was a bit frustrated with the offer because it was stock focused versus salary focused. I'm not opposed to stock, but I don't think it's a good idea to have a lot of it (i.e. more than 10% of one's company stock). Nor can I take that stock share and eat it or buy some bread with it, at least not right away. I know, I know, it helps make employees owners of the company and it will grow in value (we hope) and be worth more when it is vested.
But my previous company's stock tanked and I was left with some worthless options and almost penny stocks in the ESP plan. So you can't really blame me for being leary of some more company stock or stock options.
Furthermore, it complicates my financial situation including my taxes, which I have been able to handle most of the time.
Ok, I'll stop belly-aching now and be grateful to have a job. It could be worse.
However, I was a bit frustrated with the offer because it was stock focused versus salary focused. I'm not opposed to stock, but I don't think it's a good idea to have a lot of it (i.e. more than 10% of one's company stock). Nor can I take that stock share and eat it or buy some bread with it, at least not right away. I know, I know, it helps make employees owners of the company and it will grow in value (we hope) and be worth more when it is vested.
But my previous company's stock tanked and I was left with some worthless options and almost penny stocks in the ESP plan. So you can't really blame me for being leary of some more company stock or stock options.
Furthermore, it complicates my financial situation including my taxes, which I have been able to handle most of the time.
Ok, I'll stop belly-aching now and be grateful to have a job. It could be worse.
My Inaugural Post!
This is my first foray into the world of blogging! So what is the "Great Paper Chase" and what is it about? Well, as the description mentions, it is about my experiences with money, life and the like. The Great Paper Chase is about constantly chasing after the almighty dollar a.k.a "paper" and convincing it to make itself at home in my bank accounts. My hope is to talk about the struggles and successes associated with getting out of debt, building up my net worth and resisting the constant peer pressure from the media to buy what I don't really need. By the way, that last item is a doozy!
Anyway, I've tried keeping a journal, but the results were less than stellar. So I hope that using this blog might help me become a bit more disciplined with managing my finances and reducing the spending. Maybe even allow me to be more accountable for my financial actions. I have found that with my own reading of others experiences has help me while going through my own my trials and tribulations. So if my comments can help others... all the better!
So who am I? I am an early 30's girl. I refuse to say 30-something. I"m not mentally there yet and don't plan to be until I'm ready. (obviously, I have other issues the contend with that are probably the subject of another blog) I live and work in the "rainy city" and I have two children. I don't have all of my financials ready for posting, but I hope to gather up the specifics soon. Particularly, the debt balances. I am currently on the hook for roughly 14k in CC debt, 14k in auto loan debt, 40k in student loan debt as well as a very large unmentionable mortgage balance.
There was a time when those figures would stop my heart and cause me to start suffocating. However, I do have some positives to go along with those numbers. So I am currently still breathing and the heart is still pumping.
I wish I could say that my goal was to become completely debt free by 2010, but the reality is that I am not shooting for that right now. The near term goal is to eliminate the CC debt and auto loan while moving the needle on the student loans.
So why isn't being debt-free in 2010, the ultimate goal right now? Well like so many others, I have some other obligations that will come due rather quickly. College for one of my daughters is so close I can taste the tuition bills. We'll get into why I'm just now doing something about that in another post.
Anyway, I've tried keeping a journal, but the results were less than stellar. So I hope that using this blog might help me become a bit more disciplined with managing my finances and reducing the spending. Maybe even allow me to be more accountable for my financial actions. I have found that with my own reading of others experiences has help me while going through my own my trials and tribulations. So if my comments can help others... all the better!
So who am I? I am an early 30's girl. I refuse to say 30-something. I"m not mentally there yet and don't plan to be until I'm ready. (obviously, I have other issues the contend with that are probably the subject of another blog) I live and work in the "rainy city" and I have two children. I don't have all of my financials ready for posting, but I hope to gather up the specifics soon. Particularly, the debt balances. I am currently on the hook for roughly 14k in CC debt, 14k in auto loan debt, 40k in student loan debt as well as a very large unmentionable mortgage balance.
There was a time when those figures would stop my heart and cause me to start suffocating. However, I do have some positives to go along with those numbers. So I am currently still breathing and the heart is still pumping.
I wish I could say that my goal was to become completely debt free by 2010, but the reality is that I am not shooting for that right now. The near term goal is to eliminate the CC debt and auto loan while moving the needle on the student loans.
So why isn't being debt-free in 2010, the ultimate goal right now? Well like so many others, I have some other obligations that will come due rather quickly. College for one of my daughters is so close I can taste the tuition bills. We'll get into why I'm just now doing something about that in another post.
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