Comments on: Monthly Debt Reduction & Savings Statement for Aug, Sept, & Oct 2009 – The Question Edition

By: Monthly Debt Reduction & Savings Statement – November 2009 | Debt Free Me

Mon, 07 Dec 2009 21:43:39 +0000

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Mon, 07 Dec 2009 16:43:35 +0000

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By: Matt Jabs

Matt Jabs — Tue, 24 Nov 2009 06:30:07 +0000

The money constitutes earnings from my websites and will go toward taxes on the earnings, hosting fees, reinvestment into the sites, and most likely toward some of our debt.

By: aiqji

aiqji — Thu, 12 Nov 2009 03:19:05 +0000

I’m confused about the everquest online adventures tunar But I don’t understand why you are not applying that money to something (investment, debt repayment, business

By: Matt Jabs

Matt Jabs — Mon, 09 Nov 2009 17:15:24 +0000

Hey BG, The "Side Hustle" is an account that is strictly income from my online writing sources. I keep it all in a separate account for now, as a way to keep it separate until I open a business account. Right now the money is being saved for taxes on the earnings, to go back into future business endeavors (like a new Wordpress Theme, or a new Flip UltraHD), and some of it may end up going toward debt repayment before the end of the year.

By: BG

BG — Mon, 09 Nov 2009 16:02:51 +0000

Matt, thanks for the update — I love reading these posts.

I’m confused about the “side-hustle” fund: an extra $860 is a nice boost. But I don’t understand why you are not applying that money to something (investment, debt repayment, business growth, etc). Is that amount included in your emergency fund balance?

I’m reminded of Luke 19:11-26.

Take care.

By: Laura@mtp

Laura@mtp — Sun, 08 Nov 2009 10:01:42 +0000

You are doing so well Matt; inspirational

By: Matt Jabs

Matt Jabs — Fri, 06 Nov 2009 18:43:10 +0000

No, I’m not “counting” it as PAID in the sense that I no longer owe the money, but just crossed them out because that individual account has been paid off. The amounts are still very much alive in the Lending Club loan.

Thank you for making that distinction.

By: ArdenLynn

ArdenLynn — Fri, 06 Nov 2009 13:00:13 +0000

I missed something. You are counting consolidated debts as “paid”? I don’t really think of something as paid off if I had to borrow the money to do it.

By: MD @ Studenomics

MD @ Studenomics — Fri, 06 Nov 2009 05:52:34 +0000

Man I love your attitude! I really need to start keeping track of my finance on my blog.

5 outta 7 goals accomplished, that’s impressive Matt. Can’t wait to check out your next series of goals.

By: Andrew @ Earn Give Save

Andrew @ Earn Give Save — Fri, 06 Nov 2009 00:03:57 +0000

Congratulations! You are crushing it, and it sounds like your attitude is going to keep you from ever getting discouraged. Freedom is within sight!

By: karyn

karyn — Thu, 05 Nov 2009 21:52:00 +0000

Congratulations on your accomplished goals. It’s motivating for me to see that it can be done with perseverance – especially since you just started in January!

By: Matt Jabs

Matt Jabs — Thu, 05 Nov 2009 19:37:16 +0000

Well, they have 2nd dibs on the house if it goes into foreclosure. The bank that holds the 1st mortgage gets the house and the bank holding the 2nd gets what is left over, so it’s a bit of an unsecured/trust loan. That is why the rate is higher.

That said… I will call them up and see what I can work. Thanks.

By: Financial Samurai

Financial Samurai — Thu, 05 Nov 2009 19:20:29 +0000

Eh Matt, your bank is taking you to the cleaners on the 2nd mortgage. Call them up ASAP and ask for a rate mod! Prime is right now at 3.25%, so they are making at LEAST a 5.5% margin on you. That’s highway robbery.

Stand up and fight the borg!

By: Jason @ RedeemingRiches

Jason @ RedeemingRiches — Thu, 05 Nov 2009 16:28:53 +0000

Looks like you guys have done a great job so far! Keep it up buddy. The end is in sight. I appreciate you posting stuff like this – I think it really motivates to see others making sacrifices and doing whatever it takes to accomplish their goals.

By: Matt Jabs

Matt Jabs — Thu, 05 Nov 2009 15:08:01 +0000

Thanks for the encouragement… I am excited to get any of the goals accomplished but am SOOO driven to see them all come to fruition!

Our 2nd mortgage has an 8.8% interest rate, so we are in a different boat. This loan will be the next one I attack after the Lending Club loan goes bye bye.

By: Financial Samurai

Financial Samurai — Thu, 05 Nov 2009 14:54:55 +0000

Matt – eliminating 5 out of 7 of your Current Goals is great! Whatcha mean “will you make it?” Of course you will!

On your 2nd mortgage, isn’t it at a lower rate than your first? I ask b/c in my “Going Broke to Win Big: HELOC Edition” article, I talk about using my 2nd (100k HELOC at 3.25%, to pay off 100K of principal at 5.25%) to save money and about 5 years off my repayment schedule.

Ever thought of that?

By: Matt Jabs

Matt Jabs — Thu, 05 Nov 2009 14:45:13 +0000

Thanks for the advice Robert, but unfortunately the vacation Fund, along with the New Auto Fund, only have $376.93 in them or else I definitely would. I will leave these amounts where they are to encourage me to hurry up and eliminate debt so I can resume contributions ASAP!

By: Robert Espe

Robert Espe — Thu, 05 Nov 2009 14:33:43 +0000

Good luck with your end of the year goal. I would like to offer an idea to help you make it.

You mention a vacation fund. You might consider liquidating it until all debt but your primary mortgage is gone.