Happy holidays Dukes!!

With the FCC ruling coming up and the holiday season in the works, I’m still ramping up my good guy army to pay off this trifling debt! I did great in November on saving in my student loan pool and will begin in the new year with the alternative strategy posted about previously.

One huge takeaway from November? Prioritizing money, happiness, and family. Where in the world do they fit together and how to make the best decision based on that priority? Find out more below on my first take, as I will definitely be posting a blog about this in December.

Planned Army Statistics by Year (Unchanged from July):

In July, I posted to officially declare war on debt. Although the battles began discreetly in January, it was time to publically announce the commitment to destroy the greedy barbarians. Before getting into August updates, let me share the three-year plan to rid ourselves of these bloody fools.

3 Year Loan Pool / Investment Plan

YearCumulative Student Loan PoolCumulative Student Loan PaymentsCar Loan PoolCumulative Car Loan PaymentsAnnual IRAAnnual 401(k)
2017$7,918$5,2190$1,920$5,500$18,000
2018$12,538$10,4380$3,840$5,500$18,000
2019$17,448$12,7213,800$5,760$5,500$18,000

I will be around 3K short at the end of 2019 for my student loan pool, meaning that in the next 3 years side hustles / arresting expenses will be required to hit the goal.

Have a suggestion? Would love to hear it!

Army Updates for November 2017

  • Bad Guys:

    Student Loans of the East
    • Army Size: 30.4K (was 30.7)
    • Growth Rate: Avg of 5.5%
    • Weakness: Although large in numbers, the army lacks trained fighters. Each month they lose 433 men
    Auto Loan of the West
    • Army Size: 8.6 (was 8.7K)
    • Growth Rate: 5.5%
    • Weakness: Sickness infects the army to reduce its size by 160 each month

    Good Guys:

    Loan Pool Savings of the North
    • Army Size: 8.6K (was 7.9K)
    • Growth Rate: 1.0% (Capital One360 savings)
    • Weakness: Early career salary means an average of only 375 greenbacks soldiers graduate to fight each month

Side Hustle Income for November Update

I didn’t have any income from side hustles in November but lined up a tech gig for January.

Fortunately, I did receive a wonderful $200 check from a doctors office for overpaying, this was due to my effort to rectify a long-winded insurance situation. It only took me around 90 minutes of effort, meaning it was well worth it! December will bring the full story via blog post to you – can’t wait to share!!

Lessons from November Update

Priorities

Have you ever had to help out your parents, siblings, friends, or other family members with money? 

I’ve been fighting the decision on whether or not to include this into the blog but after Jack shared about his ridiculous parents, I felt it would be helpful to eventually share some lessons from mine. Learning from others can boost your wisdom in the world! We’ve talked about Warren Buffet’s documentary on the blog as a great example.

With that being said, how to prioritize will be the second of the two blog posts planned in December after this one for me, while Jack finishes up the HSA series for the roadmap.

The high-level view is that each month, we all have situations that potentially require your budget to be changed to meet them. How does one make these decisions? Three times this year acquaintances have asked for money. I would absolutely love to help everyone in this world, so I find it difficult to say no, yet it is required.

Why is it required?

My family and real friends are my priority. If I were to give away money to anyone who asked, then when my family or friend needs help – there will be no help to give!

Secondly, where do early retirement and personal goals fit into this decision? Is money a tool to help others or help your self or both? It depends. What are your goals and what is your timeline? Does this change either? These are definitely part of that decision because we do have the self-serving bias, and also a future self to consider.

I’m not going to dive into my full philosophy on this update. I do use the following questions and also a hard look at my goals to decide on when and when not to give money to someone who asks for it. We’ve said it often on the blog, our reason for starting it is to help people – our reason for obtaining wealth, the same!

Check out our post on direct charity and also help us fight the FCC!

Concluding Thoughts

How has your debt war been going? How are you doing as we approach the end of the year?

Thank you for reading!