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And honestly guys, I did not just have this knock the ball out of the park year in terms of savings. Because every other day the boxes are showing up at the door from Amazon with something, from Target with something.
So as much as I would like to have thought that this year of any other years would have been the year that I could save, it really put a mirror up to my spending habits. Because even sitting at home I did not just pile up and stack up lots of money and cash. But I think one part of it though is also maybe accountability is another thing here. But perhaps consider creating an accountability group. You mentioned that you had some folks who invest and those types of things locally. Maybe you could create a little monthly little club or something where you bring some of those things and talk about those goals to other people so that you have some sort of structured accountability program. And bad credit installment loan direct lender if you feel like that would be uncomfortable with some of those friends, you could always try like the BiggerPockets Money Facebook group and see if some people there might be interested in that either locally or virtually. Tracy:I have friends that I would completely trust who have volunteered to do this before. But because I knew they would do it very, very well, I turned down the offer multiple times. There is this problem I think in America in general where money is taboo to a certain extent. You are doing wonderfully with your financials and those types of thing. Like no, the goal should be not payday loans in st louis mo be to compare or all these other things. Mindy and I certainly are not perfect with money, not close. But I think a lot of people have that problem when it comes to talking to other people about money because you might be comparing yourself to someone you think … They might not even be this way. But you might think has more wealth or is doing better than you. When we interviewed Rosemarie Groner way back on episode fast installment loans four from easy approval personal loans The Busy Budgeter, she said that one of her big things when she was budgeting was these little trips. And what helped her a lot was to create a little pantry in her house. So what are the things that you are constantly buying at Target specifically, at Amazon specifically that you need but you can store in your house? You have enough money … You are fortunate enough to be able to afford to stock up. Put it in the fast installment loans spare bathroom or even in one of the closets. It goes to show that there is definitely waste in there.
My waistline would thank me in addition to my wallet. Prior to moving to Pittsburgh I lived in New Orleans for nine years.
And moving to Pittsburgh has helped some because the food is just not as seasoned.
Mindy:Is there a place in your house … Do you have a garage that you could put a freezer?
Scott:And your goal I think in general is to save up for a rental property in the next two years or so. So I have about 50,000 I could play with if I wanted to. And when do you think your timeline is for buying a rental property?
So in that case it could be as soon as three payday loans minnesota to six months. So for me it would just be an opportunity to be rid of that debt. Because honestly the plan was to have done it in January of last year with that company stock I had sitting.
So like I said, that stock today is only worth about 11,000 or 12,000 but in terms of value when I purchased it, it actually was worth, 20,000, 25,000. The world stopped, the market crashed and I never recouped that money. That employee stock purchase plan, that is a no brainer to me. You buy the stock and then you sell it immediately or you personal loan low interest rate hold onto it for two years or longterm or whatever. You got unlucky with your timing in that situation. You made a good decision, had a bad outcome with that. You can sell the stock whenever the time is up right? Scott:I had the same thing at my old company and what I would do is I would just put … You could buy up to 25,000 in stock and so I only made like 45,000 at the time. And so I put all of my paycheck into it and arbitraged it and sold it immediately. Scott:Okay so going back to the car thing in general, I just wanted to point out that in the context of your overall set of goals here, I mean, you could save three, 4,000 a month by really getting smart about your spending, writing things down like Mindy said, having an accountability group and really kind of getting those controls in place on your spending. This is not a high stakes decision, whether to refinance the car.
Higher stakes decision would be selling and swapping out the car or changing up something else there. And coinciding with that, do you hae a real estate agent in the area that you want to invest in? Some who invest local, some who have become realtors themselves. I have a few friends who have done that to help themselves with investment. I have a really good friend in a different market who is willing to become combination of realtor and potential investment partner. Because even my house … My job assignment is only a few more years left in it and because the mortgage versus the amount I could get in rent is quite a bit of a delta. Like I said, my mortgage is under 1,200 and I think I could probably get 2,000 a month in rent. They would have to get their own electric, their own gas.
I think that covers CapEx, vacancy, a little bit of maintenance, those types of thing. Trying not to beat myself up as Mindy says I should not.
Make sure your first property generates you income.
Because the few clicks of a button just make it so insanely easy. If I make it more difficult for myself to be able to access those and then I like the idea of going down to one card because spreading it out over multiple cards allows it to get fast installment loans out of hand very quickly. Tracy next month is going to spend less than Tracy this month spend and on and on and on. You got a bonus which you do not depend on for your spending and those types of things.
Asset allocation is really a fundamental issue for you. You have one tactical choice around the car payment and those things. But just depends on how soon you need access to that liquidity for other investing purposes. And for that your spending is going to be the key challenge I think. Really make some choices that automate or make it difficult for you to spend outside of those boundaries that you place. And then maybe I think also …My last point here would be, thinking about some sort of accountability mechanism. Could be a mastermind group with some of those ladies that you know. I truly appreciate everything that fast installment loans you guys have shared with me. I am walking away with lots of ideas and optimistic about the new year.
Thank you so much for coming on and sharing all this stuff. I stole this from the money channel and somebody posted it and it got like a bagillionn likes. I told him I would use it on the podcast so who was it?
But Tracy, thank you so much for coming on the show and sharing your story and all this with us. We really enjoyed it and we hope that you have a great and very successful 2021. Some people will have much more in home equity if they bought in a place that appreciated for a while over the last five years and a little bit less in retirement accounts, but that story I think is repeated all across middle class America. And I think quick loan bad credit the root cause of that is just a lack of intentionality about really attempting over a long period of time to build wealth outside of those two places that gives you those options. Should can buy a new rental house every single year and then tagging off of what Rich Carey said on episode 155, she could start paying those off and then her rental properties buy her more rental properties. Because her short term goal I think is really … Short to medium term is really to build more wealth in general outside of those retirement accounts and have some of these options available. But longterm we just talked to the Mad Fientist and he had some great points about how … Look, if you want to retire early, traditional retirement is part of early retirement.
That live session is going to be on February 4th, which is a Thursday, at 5:00 PM Mountain Time. And with me as always is my ideologically pure FI portfolio investing cohost Scott Trench. Mindy:Yeah, towards the end, that gets explained a little bit better. Mindy:You said after getting fired, after losing your job, because fired means something different in our vernacular here, Scott. We are talking to Josh and Ali from the FI couple, and we get into several topics including how to hack student loan debt, and as Scott just alluded to, sudden unemployment just as they discovered financial independence. Scott:This was an awesome episode, one of my favorites.
The dynamic, I think, between them is hilarious and fun and they just have made so much progress in such a quick money loans short period of time, knocking out chunks of student loan debt, getting a house, heck, underway. The underlying money story, I think is incredibly informative and relatable, I think, to a lot of folks. I think everyone who listens to this is going to learn a lot. And I ended up being really impressed with both Josh and Ali here. By the way, we found Josh and Ali through the Facebook group. I started following him on Instagram and yeah, we just got to know him there.
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