Wednesday, July 16, 2008

My Wish List

Almost every commerce site on the web now has a wish list of stuff people can sign up for and other people can give it to them as a gift. It's cool. I like how that works.

After posting another really difficult post (still feeling it in pit of my stomach), I've thought of my financial wish list of things I would like to occur:

0) Have my wife find, get and keep a good job.
1) Profusely thank God for her job.
2) Get a big consolidating loan to cover all my debts (maybe not including the ones to my family).
3) Get a good rate on the loan, maybe 10% tops.
4) Get a a 4 to 5 year term.
5) Profusely thank God and whoever gives me such a loan.
6) Go to each credit card company and pay the balance in full. Take a written note requesting them to cancel that card. (except for the cellphone plan card). no deal sweetener will keep me from canceling the cards. If I can't pay for it in cash I probably shouldn't be buying it anyway.
7) Go to the credit card with the cellphone plan and cancel the balance, request they lower my credit limit to $400.
8) Not tell my family that I've payed everything (since I actually haven't !)
9) Work hard and get the $500 to $600 each month to pay the debt consolidating loan.
10) Tell and help others about the dangers of misusing credit cards and refinancing loans.
11) Help people out but don't allow myself to drown financially in the process.
12) Sleep better every night, stay regularly healthy as I've surprisingly been able to do so up to now.

What do you think of my list? do you feel I'm missing something I should include?

7 comments:

Steve Smith said...

AJ, can you come up with any real estate to secure a loan to consolidate your debt?

AJ said...

Steve,

Thanks for reading my blog.

I have some real estate but it's value went way down when the developer didn't finish the job of putting roads water and sewer services. Right now it's basically a small plot of grazing land. It's nice for a picnic if you have a 4x4 vehicle to get there.

You know, I might just try it anyway. I won't know for sure if they will take it unless I try.

Steve Smith said...

It doesn't necessarily have to be yours. Perhaps one of your or your wife's family members may be convinced to help relieve you of that 60% interest burden with a property to secure a bank loan.

Have you dared to add up all the interest and fees you were charged last month? Show them that.

I have had good luck requesting they reverse the annual and any other fees. They have always reversed them. I'm not a good customer because I pay in full every month and pay them nothing in interest. Of course they earn the vendor fees off my purchases. I also refuse the optional $35 fraud insurance fee.

AJ said...

I'm sorry to say but my wife's family members don't have any property to put for a loan. Plus she's not in speaking terms with her family at all. Long story that would make for a blog on it's own. Let's just say that my wife was the money problem solver in her family (thru me obviously).

I've had luck with all credit cards in dropping their annual fees. I do keep the fraud insurance because I did need it once and it worked very well.

On the card that I already did a payment arrangement there are "supposedly" no more fees involved.

Thanks for you posting.

La Gringa said...

Steve and I think alike. (We are both former US Certified Public Accountants.)

I've been wanting to ask how much of your monthly payments are principal and how much are interest? That is what you need to focus on. Interest is money straight down the toilet. Your goal should be to never pay a lempira in interest.

If, for example, your dad or someone has money in the bank, he is earning less (maybe a lot less) than 10% annually. If he can loan you some money at 10%, he will be making a greater profit and your expenses will be much, much less so it is a win-win situation for everyone -- provided, of course, that you are dependable with your payments and don't run up your credit cards again.

AJ said...

They are fixed rate, fixed monthly payments so the first payments are mostly interest, and it's steady decline in the interest portion every month (as there is less capital owed).

My long term goal will be that, to turn myself into an interest-hater :-).

You can imagine how difficult it is to ask relatives for money (as a loan obviously). So i'm not really sure when I should ask them for help. My dad unfortunately doesn't have that kind of money saved and he is paying a loan himself (of my brother), and my mom is going thru her savings helping my sister.

LW said...

Hola

I just discovered your blog and started reading it from the beginning. I'm from the US, retired living in Mexico.

The one thing missing from your list is a savings plan. The one you mentioned earlier. It doesn't have to be a lot, just consistent. Consistency is everything. Every week on the same day deposit the same amount into a special account. You may think of it being for emergencies, but don't kid yourself. Don't touch it! Just let it sit and climb.

What might be an emergency you ask? A child needing surgery. Gas for the car and groceries are not emergencies. Those are periodic everyday expenses that can be budgetted.

Just my thoughts.

LW