Throwback Thursday

Throw Back Thursday – Debt Repayment

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(Edit: Due to some technical difficulties, Throw Back Thursday is late. My apologies)

It’s that time of the week again, Throw Back Thursday. One of the best ideas I’ve had yet, even though it’s not totally original. Each Thursday for the month of January I post something regarding goal setting from my past and this is supposed to help me set my goals for 2016.

My first post was about my life time goals where I discussed what I achieve in the long-term (by 2029, when I turn 40). The second was about my reward list. I have to admit, after that post I have identified a few other goodies I could add to that list. Finally last week I posted about habits I want to either gain or get rid of, mostly to do with health, finances and organisation.

This week’s throw back is about debt repayment. I found a sheet of paper in one of my files. I think I must have come up with this plan right after my place was broken into and they took about everything material I value like my Xbox 360, TV, laptop, iPod and some clothes.

I needed to come up with a plan to get some clothes to just go to work but I had no money. I reviewed credit card and consumer debt situation and came up with a plan to pay off most of it.

It was a pretty simple plan. I was going to commit $2,000 NAD (about $120 USD) per month for the next six months to the repayment of my debts. There was a total of $12,800 NAD ($780.80 USD) outstanding.

Well I managed to close the one account and buy the engagement and wedding ring for my fiancé without making more debt but I couldn’t pay off my credit card and I didn’t have enough money to buy my own wedding ring, so I had to open another consumer debt account for that.

I didn’t make my goal but I think I came pretty damn close. Now I’ve created a new debt repayment plan for 2016 and hopefully I stick to this plan and pay off all my debt and go into 2017 debt free. Below you can see my new debt repayment plan.

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Please note that one NAD is equivalent to $0.061 USD. (Most of my readers are from USA).
The toughest thing about repaying debt is not creating any new debt and actually sticking to the repayments amounts set out. I really hope I get to stick to this.

It’s been a pleasure writing these series of blog posts. Maybe I will start a new Throw Back series soon, but I don’t have much in my archives. Next week I will post my final 2016 goals.

Until next time. Thanks for reading.

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Throw Back Thursday – Habit List

Back again for another installment of Throw back Thursday, the goal setting edition.  Each Thursday for the month of January I will be sharing goals I’ve set for myself in the past couple of years.  I’m using these goals to help me set my goals for 2016.

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Throw Back Thursdays – Lifetime goals

As promised in my previous post, I am going to start a series of posts called Throw Back Thursdays (very original, I know) whereby I go through all my old goals I’ve set for myself in the past. With the help of these goals, I will try and set my goals for 2016. 

I decided to start with the big one. I set these goals round about the time I dropped out of college and was living at my parents place. I had no job, I was single and I wasn’t really sure where to go. I took an aptitude test to determine what I am actually good at and really sat down and thought, what do I really want to do. What will truly bring me joy? And this is what I came up with:

Lifetime Goals – By the time I reach 40 (2029)

Work from home – consultant in finances and information technology
A PhD in Information Technology
Always be on top of the technological developments
Master all relevant web and software development languages
Set-up my own place with the latest tech gadgets
Own a sports coupé
Have a passive income that covers all my day-to-day expenses

It’s 2016, I still have 13 years left to get there. I am currently in my second year of studies. I am slowly but surely getting to my goal of getting a PhD in Information Technology. I’ve learned four languages in the past year, namely Java, C#, CSS and HTML. I wouldn’t call myself a master in those but I feel comfortable enough with those languages. I got a new smartphone last year and a new laptop. I have no car and I am no where close to having a passive income to cover my day-to-day expenses.

So far it’s looking good. I am on course to complete these goals. I haven’t deviated from the plan. I can’t come up with better goals at this moment in time. Those goals look pretty solid. 

From these goals, I can come up with the following goals for 2016 to bring me closer to my life goals:

Pass my second year of studies
Master Java by writing a Java app for desktop or mobile
Read new tech articles every day by subscribing to tech articles, blogs etc.
Save up money to build a home theater PC
Get my drivers permit (I was never in a position to buy a car)
Pay off all short- and medium-term debt
Start a savings account that will later turn into an investment account

These goals aren’t final yet. Still 3 more articles to go before I finalize my goals for 2016. Things are really looking up for me. I have a feeling this is going to be a fantastic year for me and my family. 

Until next time. Thanks for reading