Sunday, September 13, 2015

Savings when in Debt

Some people have asked me why I'm saving in Cd's when I have debt. I have a few reasons why. Here they are:

1) Opening a CD in Banco Azteca requires very little money, 4000 lempiras lets you open a CD at 11 to 12% annual interest.
2) Several "experts" recommend setting aside some money for savings even if you are in debt so that if an emergency ocurrs one can take that and use it instead of going into debt again
3) I'm going to renew my US travel visa in September-October after they first issued it 10 years ago when I was in better financial shape. I need to prove some financial stability. So I think that the Cd's along with my two plots of land and the documentation that my girls are in college and bilingual school should suffice in other for the consular office to understand where my money is going.

I just came from a two-week training seminar in another country and I was very exhausting dealing with training from 9 to 5 plus answering work emails, plus still working for the US company AND studying nightly. On Wednesday and Thursday of the second week I was very tired. I did the certification tests on Friday and I hope I passed. Otherwise my boss won't be happy to throw another $5,000 down the drain. We had a coworker take this training in December last year and he didn't pass so the project for that software couldn't go on.

If I do pass, I already feeling sorry that due to the many things I do at work we won't be able to exploit more than 30% to 40% of what this software can do to prevent fraud. The solution would be to hire someone to work on it full time but I doubt my boss would do that if he has to spend another $5,000 plus travel expenses to train that person to manage it. On the plus side it's an important certification for my resume in case I need it later.

Traveling has it's own money issues even if the company pays for the travel. Something for a future post.

Have a good day.

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