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Those Folks Are Crazy
Alright. I just updated all of my numbers, and here’s what I came up with:
Net Worth: -$36,597.83
Average Daily Change: $4.12
Projected Zero Net Worth: March 4, 2032
These are calculated using net worth figures dating back to 9.26.07. Of course, I don’t expect it to take til 2032, but then again I find myself wondering how it is that since the aforementioned date, I’ve only increased it by $148.19. Must be all the interest. I think.
On a quick side note, I got an email from ING Direct telling me that if I renew my soon to be maturing CD (the two dollar one) to a 12 month one, they’ll give me an extra 0.1% on the interest rate. I went ahead and changed it to take advantage of that.
Anyway, one thing really surprised me, caught me off guard, sent me into maniacal laughter, and got me into some serious thinking all at the same time. Every other time I rode my Capital One credit limit for a while, they bumped it up a thousand dollars, hence my up til now $2300 limit. I wasn’t surprised that they did it again, but holy shock and awe, they bumped it up FIVE THOUSAND DOLLARS! My credit limit is now $7300, more than I’ve even made working this year, with $5011 in available credit. This is by no means an invitation to go blow it all (well, it is from them, but you know what I mean). It must be used responsibly, if at all. The first thing I’m going to do is go fill up my truck – I’ve been running on nothing but fumes and stress to and from work and calls lately. After that, it could really be used for the sake of saving money, one example being combining all of my websites into one hosting account, like I wanted to do a few days ago or so. I could also really use something to clean the bottom of the aquarium with – a flimsy tube just doesn’t cut it, and I’ve been losing fish lately. It’d be super awesome to get the scooter fixed, too, so I can save money by riding that – perhaps even to work, which would save an absolute fantastic amount of gas, and hence eventually pay itself off – the repairs and the purchase.
After that is where the real thinking starts. Ever since I got that loan from my sister, I have only made one payment. I still owe her $750, and it’s really low priority for me even though it shouldn’t be, and I just know I’ll have trouble paying her. I really, really want to pay it off and get it over with, and make her and her husband happy. I am living in their house for free, after all, the least I can do is make good on my loan, and fast, even if that means going from 0% interest to 20%. It would also seemingly be a smart move to transfer the Paypal Buyer Credit balance to the card given the much higher interest rate there. Here’s the big one, though… what if I would move a portion of my LFCU loan to the card? My thinking here is that my monthly payments would be drastically reduced. Yes, lower payments equals more in the long term, but lower payments doesn’t mean I’d be making smaller payments. I’d still make the same or larger payments than I am right now, but the lower payments offer a good bit of cushion room in the event of some sort of emergency, or loss of job, or what have you. I need your comments and advice on this one folks! Big time.
P.S. (Almost 3 days later) – I just noticed that Dave Ramsey’s first Baby Step is a $1000 emergency fund. Now, I’ve said it plenty of times on here already that I need to get one started, but… with the size of my payments right now, I need to work on them before I’d even have money to put away in an emergency fund. Mind you, this might be one of the stupidest ideas I’ve ever had on here, but what if I took out a $1000 cash advance and sat it in a high yield savings account? It’s kind of like paying back my sister… without doing it in this or some similar way, I just don’t see it happening. :-\ Am I making a complete fool of myself?
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{ 4 comments… read them below or add one }
It’s a trap!!!!!
Of course it is! But it doesn’t have to be if I don’t want it to be…
Okay, first off, I don’t trust Capital One as far as I can throw them.
Second, if I were you, I think I would wait a few weeks, or a month, or two, and then reassess where you are at. if CapOne is throwing offers at you now, they still will be a month or two from now (trust me… I know
). You just started a new job and you want to make sure that shakes out before you do anything drastic.
And throw a tiny bit of extra love to your sis. Brothers are an annoying breed
Is this a joke? This is tongue in cheek right? They raise your credit limit and you know waant to take out a cash advance, pay to haveyour scooter repaired and buy gas ?!?!?! This is a recipe for 5000 more in debt and nothing to show for it. A thousand dollar cash advance is not an emergency fund. The whole point of an emergency fund is that you save it to prevent yourself from using the credit cards. Get a budget, get current on your bills, and start paying your sister back from the money you are making. Oh yeah, and get a budget. Budget. Its important. No cash advance. If you don’t have enough after your bills to save an emergency fund, you don’t have enough to pay off the cash advance!
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