Don Juan Says…

I ran across a quote the other day that gave me a little perspective on optimism, pessimism and dealing with what comes at you. It’s from Carlos Castaneda’s Tales Of Power:

“The basic difference between an ordinary man and a warrior is that a warrior take everything as a challenge, while an ordinary man takes everything as a blessing or a curse”.

It gives one something to chew on. What do you think?
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Here’s where I am with my Debt as of today.

Car – $17,118.89
U.Promise – $10,707.75
Discover – $10.324.46
Chase – $6,020.29
MCU – $2,576.80
REI – $32.78
Total Consumer Debt: $46,780.97
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So now that I am focusing on my finances again, I have come to realize that, even though I’m not missing payments, my debt is growing by the month whether or not I use my credit cards. This is a very unhealthy place to be.

I’ve a bit of a negative cash flow problem happening. Effectively, I spend more than I make and am living on borrowed money.

The logical first step would be to stop using my credit cards, but I’m not yet able to do that. I can’t miss child support or mortgage payments. I need to eat and to buy gas to get to my kids and to work. So…

The first step I took was to stop racking up interest.

I transferred and consolidated my credit card balances as much as possible. I had been making too many small payments and wasn’t making any progress against the mounting interest which was in excess of 15% and, due to some unwise cash advances, up to 30%.

So I paid the 3% fee on each balance transfer and got a year’s grace on the interest. In one case, I got a term of 18 months interest free. Transferring and consolidating balances is a step toward getting better by making sure you aren’t getting any worse.

I’m still paying interest on one card, and my plan is to attack that balance first. I’m tracking and roughly categorizing my expenditures and income for the month of July. My goal is to adjust my income and spending enough to get to a $200 positive cash flow. I’m afraid I’m a long way off right now.

I’ve started taking on extra work again and am trying to branch out into other areas to make money. In the line of work I do more is not always better, for all concerned, and I don’t want to burn out. So I’m trying to think differently. Getting out of a rut isn’t easy.

That’s it for now. Thanks for coming by.

Keep Plugging,
RBD

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