Posts
My new job is going well. Today makes 2 weeks. It’s both challenging and interesting and the days move by really quickly which is a definite plus. I have been much busier than usual so I don’t have as much internet time.
My debt refinance is complete, I paid my parents back in full, I have a plan going forward and I am doing well with my spending. In the next week, I will post the final damage, the plan going forward and I will begin posting a little more regularly as I get back into the swing of things.
Thanks for keeping up with me guys. =)
Wednesday, April 30, 2008
Tuesday, April 15, 2008
New Job...
I start my new job tomorrow at the Bank. My new salary kicks in at the end of the month since I am on monthly pay.
I decided to refi all of my credit card debt into one balance fixed at 3.99% for the life of the loan. Instead of 36 months, it will take me 48 months but I can now attack my student loan balances. The consolidation will be complete by the end of the month and I also made sure that I will be able to pay my parents back in full by the end of the month, if not by the end of this week.
Hang in there with me guys. At the end of the month, the picture will be bleak but from here on out, it should finally improve each month. No more catching up, just getting ahead.
Thanks for all of your support, comments and encouragement.
I decided to refi all of my credit card debt into one balance fixed at 3.99% for the life of the loan. Instead of 36 months, it will take me 48 months but I can now attack my student loan balances. The consolidation will be complete by the end of the month and I also made sure that I will be able to pay my parents back in full by the end of the month, if not by the end of this week.
Hang in there with me guys. At the end of the month, the picture will be bleak but from here on out, it should finally improve each month. No more catching up, just getting ahead.
Thanks for all of your support, comments and encouragement.
Wednesday, April 02, 2008
Debt Refinance/ Balance Transfer…
I am so tired of catching up!!! I currently have two credit cards with a combined balance of $9,300, $2,400 and $6,900.
The $6,900 balance is the remaining balance on a $25,800, 20% second mortgage resulting from my 80/20 home purchase 5 years ago. The current rate on this credit card balance is 3.99% fixed for the life of the loan. I have been paying $225/month to have the balance paid off in 3 years by 12/2010.
The $2,400 balance is the result of spending in March 2008. Thus far, I have been fortunate to be able to pay off the balance on my revolving card in full each month but there is no way that I will be able to pay this balance off by the end of the month.
My new $67,000 salary will not kick in until May 1 and will be first reflected on my paycheck at the end of May. Until then, I am in a cash flow crunch. I can continue to find ways to pay off the $2,300 balance or I can refinance the balances together and increase my monthly payment from $225/month to $250/month and have it repaid within the same 3-year timeframe. The payment will only increase to $250/month because I will pay down the balance by $800 within the next month with my tax rebate check and my regular monthly payment.
I just took a look and my credit card company is offering a 3.99% fixed rate for the life of the loan. For simplicity purposes, I am thinking about refinancing the balances together at the 3.99% rate and increasing my payment to $250/month. I can keep the balances separate but I like the idea of paying just one company, once a month.
I am just tired of being behind each month. I feel like if I refinance the balances together, then I can finally start attacking my debt in an orderly fashion, including my student loan interest which is accumulating at an unbelievable pace. So far, each month I have been so behind that any extra cash flow goes towards paying off my revolving balance in full versus have a balanced plan towards paying off revolving debt and attacking my student loans.
With the balance transfer, I would refinance my credit card debt to 3.99% fixed for the life of the loan, pay off my parents in full and finally be able to completely move to an all cash/debit system so that I can completely eliminate credit card debt from my life within 3 years.
The $6,900 balance is the remaining balance on a $25,800, 20% second mortgage resulting from my 80/20 home purchase 5 years ago. The current rate on this credit card balance is 3.99% fixed for the life of the loan. I have been paying $225/month to have the balance paid off in 3 years by 12/2010.
The $2,400 balance is the result of spending in March 2008. Thus far, I have been fortunate to be able to pay off the balance on my revolving card in full each month but there is no way that I will be able to pay this balance off by the end of the month.
My new $67,000 salary will not kick in until May 1 and will be first reflected on my paycheck at the end of May. Until then, I am in a cash flow crunch. I can continue to find ways to pay off the $2,300 balance or I can refinance the balances together and increase my monthly payment from $225/month to $250/month and have it repaid within the same 3-year timeframe. The payment will only increase to $250/month because I will pay down the balance by $800 within the next month with my tax rebate check and my regular monthly payment.
I just took a look and my credit card company is offering a 3.99% fixed rate for the life of the loan. For simplicity purposes, I am thinking about refinancing the balances together at the 3.99% rate and increasing my payment to $250/month. I can keep the balances separate but I like the idea of paying just one company, once a month.
I am just tired of being behind each month. I feel like if I refinance the balances together, then I can finally start attacking my debt in an orderly fashion, including my student loan interest which is accumulating at an unbelievable pace. So far, each month I have been so behind that any extra cash flow goes towards paying off my revolving balance in full versus have a balanced plan towards paying off revolving debt and attacking my student loans.
With the balance transfer, I would refinance my credit card debt to 3.99% fixed for the life of the loan, pay off my parents in full and finally be able to completely move to an all cash/debit system so that I can completely eliminate credit card debt from my life within 3 years.
March 2008 Goals in Review…
Pay off Revolving Credit Card Balance with Tax Return: $2,800
I am in a serious cash crunch to say the least and I have had to pay for a number of unexpected expenses including insurance deductibles and required minimum continuing education. I paid off the previous month’s balance of $2,700 in full but I have a new $2,300 balance to pay off for March. Don’t ask. I don’t know exactly how I am going to pay that balance off in full.
Pay Parents Back with Tax Return: $600
I decided (with my parent’s permission) to pay them back $100 per month. I am going to try to accelerate that payment but I already paid them back $100 in March and I gave my mom a $100 check last weekend for April. They really don’t’ care but it matters to me. I may have enough money in the coffers to pay them back by the end of the month.
Land a New Job and Higher Salary: Min $90k
I landed a new job but not with the $90k salary. I have a new job that I will be started on April 16th with a salary of $67k, up from $55k. I am still looking and posting for more positions at a higher salary. I am hoping to land another position by the end of the summer. This new job is still a step in the right direction and will ease my cash flow crunch.
I am in a serious cash crunch to say the least and I have had to pay for a number of unexpected expenses including insurance deductibles and required minimum continuing education. I paid off the previous month’s balance of $2,700 in full but I have a new $2,300 balance to pay off for March. Don’t ask. I don’t know exactly how I am going to pay that balance off in full.
Pay Parents Back with Tax Return: $600
I decided (with my parent’s permission) to pay them back $100 per month. I am going to try to accelerate that payment but I already paid them back $100 in March and I gave my mom a $100 check last weekend for April. They really don’t’ care but it matters to me. I may have enough money in the coffers to pay them back by the end of the month.
Land a New Job and Higher Salary: Min $90k
I landed a new job but not with the $90k salary. I have a new job that I will be started on April 16th with a salary of $67k, up from $55k. I am still looking and posting for more positions at a higher salary. I am hoping to land another position by the end of the summer. This new job is still a step in the right direction and will ease my cash flow crunch.
Tuesday, March 25, 2008
Update…
There hasn’t been much to report as of late. I just got good news that a friend from law school landed a job at a mid-size firm in Chicago and I am so happy for him. I’m a little jealous too because he is in the Firm’s Restructuring Group which is the type of law that I want to practice. I am hoping to make the transition to a Firm by year end.
I am working on a plan to pay down debt over the next few months. My goal is to pay down $5k in loans this year and this is a lofty goal considering my lower income level. Despite accepting a job here at the Bank, I decided to send out my info anyway and apply for jobs in hopes of landing a higher salary sooner rather than later. I also want to keep my interviewing skills fresh.
That’s about it. I should be posting my new budget soon and my monthly report for March. My first day in the new position is April 16th but I’m not sure when my new salary will go into effect since I am paid just once at the end of the month.
I am working on a plan to pay down debt over the next few months. My goal is to pay down $5k in loans this year and this is a lofty goal considering my lower income level. Despite accepting a job here at the Bank, I decided to send out my info anyway and apply for jobs in hopes of landing a higher salary sooner rather than later. I also want to keep my interviewing skills fresh.
That’s about it. I should be posting my new budget soon and my monthly report for March. My first day in the new position is April 16th but I’m not sure when my new salary will go into effect since I am paid just once at the end of the month.
Monday, March 17, 2008
Job Offer…
I received and accepted a job offer from the Bank. I will be moving into the position within the next 30 days. I am excited and a little nervous. The job definitely did not come with the salary I was hoping for but I did receive a $12k increase which is going to help out a lot. Additionally, sometimes you need to force change in order to get your career moving in the right direction. I have been working in the same position since graduating from undergrad 8 years ago so I need something else on my resume. I got too comfortable so I am taking this position to force change on myself, to learn new skills and get more experience. I am still looking to move into a Firm position within the next 12 months so this is hopefully just a stepping stone on my way to practicing law.
Thursday, March 13, 2008
February 2008 Financial Review…
In February, my private loans capitalized so there was a huge increase in my student loan balance. All the principal and accumulated interest got rolled into a new loan balance on 8 different loans. My car if finally depreciating a little quicker and my 401k balance held relatively stable despite huge fluctuations during the month. Liquidity continues to be an issue as I don’t have any huge reserves.
Credit Scores for February
Transunion: 750
Equifax: 730
Experian: 777
Credit Scores for February
Transunion: 750
Equifax: 730
Experian: 777
Thursday, March 06, 2008
March 2008 Goals…
- Pay off Revolving Credit Card Balance with Tax Return: $2,800
- Pay Parents Back with Tax Return: $600
- Land a New Job and Higher Salary: Min $90k
Monday, March 03, 2008
February 2008 Review…
Move to an all cash/debit system…
Not yet. I don’t foresee this happening until I land a new law position and until I pay off my credit card balance in full which should be this month.
Apply for law jobs…
I have all of my cover letters completed and my resume, writing sample and transcript copied but I haven’t sent them out. My first preference is the position I interviewed for last week. When/If I get that position, I can save the copies for later or send them out in the month of March is necessary.
File Tax Return…
Done. I filed my tax return over the weekend and should receive a refund in about 10-12 days electronically. The total for fed and state is about $3,300. The refund will go to pay off my accumulating credit card balance in full and repay my parents back for the help they gave me with my car/home repairs.
Not yet. I don’t foresee this happening until I land a new law position and until I pay off my credit card balance in full which should be this month.
Apply for law jobs…
I have all of my cover letters completed and my resume, writing sample and transcript copied but I haven’t sent them out. My first preference is the position I interviewed for last week. When/If I get that position, I can save the copies for later or send them out in the month of March is necessary.
File Tax Return…
Done. I filed my tax return over the weekend and should receive a refund in about 10-12 days electronically. The total for fed and state is about $3,300. The refund will go to pay off my accumulating credit card balance in full and repay my parents back for the help they gave me with my car/home repairs.
Friday, February 29, 2008
Thoughts on Second Interview…
The second interview yesterday went very well and I believe that I will get an offer. The good thing is that the Bank is looking to hire 3 Consultants in that area so my chances improve significantly. This would be a great move for me in terms of moving my career along.
I had a great day yesterday starting out with the good interview and followed up with the last Black History Event for the month at the Bank. There was a ceremony where educational and career achievements for African American workers at the Bank were recognized and celebrated. I got recognized for getting my law degree and passing the bar exam.
At the event, I was able to network and talk to a lot of people including the CEO of the bank (I had to pinch myself) and several other member of the Executive team. It was such a tremendous opportunity and one of the reasons why I love working for my Bank in particular. Where I work, we are a large regional bank with a close feel that I don’t think you get at other larger international banks. This is just one of the many reasons why I want to stay there because I can see myself getting the opportunity to advance. It amazes me also how much more comfortable I am with networking and meeting people. Two years ago, I would have broken into a cold sweat and quickly walked from the room hoping nobody noticed.
I will keep you posted on how things turn out. When all goes well, I should be transitioning from my position by the end of March. Either way, I feel like things will be getting better for me and soon.
I had a great day yesterday starting out with the good interview and followed up with the last Black History Event for the month at the Bank. There was a ceremony where educational and career achievements for African American workers at the Bank were recognized and celebrated. I got recognized for getting my law degree and passing the bar exam.
At the event, I was able to network and talk to a lot of people including the CEO of the bank (I had to pinch myself) and several other member of the Executive team. It was such a tremendous opportunity and one of the reasons why I love working for my Bank in particular. Where I work, we are a large regional bank with a close feel that I don’t think you get at other larger international banks. This is just one of the many reasons why I want to stay there because I can see myself getting the opportunity to advance. It amazes me also how much more comfortable I am with networking and meeting people. Two years ago, I would have broken into a cold sweat and quickly walked from the room hoping nobody noticed.
I will keep you posted on how things turn out. When all goes well, I should be transitioning from my position by the end of March. Either way, I feel like things will be getting better for me and soon.
Tuesday, February 26, 2008
Second Interview…
I just got a call from HR and I made it to the second round of interviews for the position at the Bank. This is excellent and welcome news especially since it’s my hope that this job will open doors for me in the restructuring / bankruptcy area of the law in the future.
I will keep you posted on how things go but the position will earn me no less than $90k/ year which will be a significant boost in income from my current $55k salary.
On a side note, my current manager is making me give up my flex schedule now that law school is over. While I knew it was coming, it is and was my hope that I would land a different position before having to return to a full five day workweek. I have the 4-day schedule for another month so I am hoping to make my transition to the new position within that timeframe. Besides, we’ve been so busy that most weeks, I end up working 5 days anyway and working late.
I will keep you posted on how things go but the position will earn me no less than $90k/ year which will be a significant boost in income from my current $55k salary.
On a side note, my current manager is making me give up my flex schedule now that law school is over. While I knew it was coming, it is and was my hope that I would land a different position before having to return to a full five day workweek. I have the 4-day schedule for another month so I am hoping to make my transition to the new position within that timeframe. Besides, we’ve been so busy that most weeks, I end up working 5 days anyway and working late.
Wednesday, February 20, 2008
I’m Back…
Sorry for the lack of posting. I’ve been really sick with a sinus infection and I am on vacation this week. A lot has happened recently. For one, the interview went well and I am waiting to see if I get a call back interview. The HR representative spoke with the hiring manager and he was impressed with my interview so my fingers are crossed that I will land in the second round.
I went to the doctor today because my throat has been sore for 8 days now despite the antibiotics. Of course since I was going to the doctor, I automatically started feeling better (why does that happen?). One thing that wasn’t better is that my chest was still very congested and I would get winded very easily so she prescribed a different inhaler for my asthma so that my chest can clear up. Hopefully, I will be in tip top shape by next week.
I got into a car accident this morning on the way to the doctor. I was on the expressway (Chicago’s famous Dan Ryan) and a car in front of me thought he could cut into the next lane but couldn’t. So, he played car hopscotch and jumped right back into my lane and when I slowed down, the guy behind me rear-ended my car. I had to wait for the state police but despite the large impact, the damage is minimal.
On Saturday, my car started making the worst grinding noise and I knew something was wrong with the brakes. I was right. On Monday, I took my car in and I needed new brakes. That was $280.00
So, my luck hasn’t been so good lately in the financial arena and I am financing everything with my credit card which will have to be repaid with my tax return. I am looking to file my taxes by the end of next week. With everything that has happened to me in the last few months, I am trying to keep a smile on my face, think optimistically and believe that good things to come are right around the corner.
I went to the doctor today because my throat has been sore for 8 days now despite the antibiotics. Of course since I was going to the doctor, I automatically started feeling better (why does that happen?). One thing that wasn’t better is that my chest was still very congested and I would get winded very easily so she prescribed a different inhaler for my asthma so that my chest can clear up. Hopefully, I will be in tip top shape by next week.
I got into a car accident this morning on the way to the doctor. I was on the expressway (Chicago’s famous Dan Ryan) and a car in front of me thought he could cut into the next lane but couldn’t. So, he played car hopscotch and jumped right back into my lane and when I slowed down, the guy behind me rear-ended my car. I had to wait for the state police but despite the large impact, the damage is minimal.
On Saturday, my car started making the worst grinding noise and I knew something was wrong with the brakes. I was right. On Monday, I took my car in and I needed new brakes. That was $280.00
So, my luck hasn’t been so good lately in the financial arena and I am financing everything with my credit card which will have to be repaid with my tax return. I am looking to file my taxes by the end of next week. With everything that has happened to me in the last few months, I am trying to keep a smile on my face, think optimistically and believe that good things to come are right around the corner.
Thursday, February 14, 2008
Charitable Donation…
I made a $35 donation to SOS Children's Villages today as part of Wooly Woman’s challenge over at Clawing Our Way. I have a $500 charitable goal for the year and I also make a recurring monthly donation of $35 to World Vision.
If you can make a donation to SOS Children's Village, please do and let Wooly Woman know so she can add the donation to the final tally. Let's give from the heart and help others less forunate. Despite my debt load, I am truly blessed.
If you can make a donation to SOS Children's Village, please do and let Wooly Woman know so she can add the donation to the final tally. Let's give from the heart and help others less forunate. Despite my debt load, I am truly blessed.
Sick Again…
I am sick once again. My throat is on fire and my head is hurting. Why am I at work??? This is the fourth time since Christmas and I am just plain tired. I called the Doc yesterday and she said that it is probably a sinus infection that won’t go away without medication. So, she called in a prescription for me and I’m on antibiotics. Great!
Interview Update…
My interview yesterday went well. The hang ups that the guy had were my lack of banker experience and minimal experience dealing with clients. So, I had to sell myself on my strong ability to interact with people and my strong negotiation skills. I think I did a good job but I have to say that I am a little frustrated with the idea of working for a company for 8 years and having them continue to tell me that I lack experience in one area or another. This is especially the case when the only way I can the experience is to get an opportunity to advance.
I will keep you posted on how it goes but I am off on vacation next week. While I am off, I will be applying all over the city for jobs in the area and just mass sending out info to firms.
I will keep you posted on how it goes but I am off on vacation next week. While I am off, I will be applying all over the city for jobs in the area and just mass sending out info to firms.
Tuesday, February 12, 2008
Retirement Allocation…
For the last few months, I have been making contributions to my 401k but the balance has not moved from the $27k - $28k level. I am thinking about moving all the funds to the balanced fund which is a mix of 60% equities and 40% fixed income.
What do you think??? Here is my current allocation. I am 30-years old and the current balance is $28.6k.
What do you think??? Here is my current allocation. I am 30-years old and the current balance is $28.6k.
Here is the performance for the last 12 months.
Monday, February 11, 2008
Applied For Another Position…
I applied for yet another position last week at the Bank. Not to worry, I am also sending out information to law firms. I am just trying to hit all of my bases to increase my chances of success.
The position at the Bank would provide me with some transferable legal skills so it is a positive move in the right direction. There is another possible position here at the bank that may materialize in the future. However, I would prefer the one I posted for because it at least involves a small legal angle.
I got a call from Human Resources last week to ask me a few questions. Overall, I believe that I am qualified for the position and I am eager to move my career along. I have an interview on Wednesday.
The position at the Bank would provide me with some transferable legal skills so it is a positive move in the right direction. There is another possible position here at the bank that may materialize in the future. However, I would prefer the one I posted for because it at least involves a small legal angle.
I got a call from Human Resources last week to ask me a few questions. Overall, I believe that I am qualified for the position and I am eager to move my career along. I have an interview on Wednesday.
February 2008 Goals…
I know this post is late but here are my goals for February:
Move to all cash/debit system
- I have a little cash so I am moving to an all cash/debt system as of today.
Apply for Law Jobs
- My goal is to land a law position within the next few months. I want to get out my information to firms by the end of the month.
File Tax Return
- I have yet to file my taxes. I am still receiving information. I just got more tax forms in the mail yesterday but I think I have everything now.
Tuesday, February 05, 2008
January 2008 Recap…
Not much to report. January was not a good month. I put a portion of my student loans in forbearance until 2/2009. My private loans enter repayment in 4/2008 and I will be putting those into 6 months of forbearance.
My goal is to secure a law job within the next two months.
January’s credit check was good and clean. My credit scores are as follows:
Transunion: 738 (750 in December)
Experian: 777 (777 in December)
Equifax: 730 (733 in December)
I am not entirely sure why my credit score declined in January. It may be because Equifax was late in reporting two of my student loans. I am still pleased with my scores.
My goal is to secure a law job within the next two months.
January’s credit check was good and clean. My credit scores are as follows:
Transunion: 738 (750 in December)
Experian: 777 (777 in December)
Equifax: 730 (733 in December)
I am not entirely sure why my credit score declined in January. It may be because Equifax was late in reporting two of my student loans. I am still pleased with my scores.
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