Wow! Sitting down with these numbers is both empowering and depressing. LOL! I mean the massive amount of debt that I have taken on between school, cars, and business expenses, it's amazing! I use this blog for motivation and accountability so an important part of that is transparency. In this post, I will break down all of my debt, investments, and bank balances so I can use it as my baseline for progress throughout the year. Well, without further ado, here we go...
It's the end of the year and if you are subscribed to my newsletter, you know that I send a financial word of the week every Wednesday! It is a financial term that you should know and will be helpful on your financial journey. The whole purpose of my blog is to educate and improve financial literacy so that goal is always at the forefront. With that said, I wanted to do a recap of all 2018 WWW terms (in case you missed it). If you want to subscribe, just click here and type in your email at the top. Ready? Let's Go...
Has it really been three months since my last post? Man, time flies! I had to step away because my final semester got really crazy. I felt like I was on the verge of failing and I kept thinking to myself, I did not come 2 years to not graduate on time. Well, the good news is... I PASSED! So, although it was hard for me to step away from the baby I built up over the past year, it was worth it! I am now officially an MBA, and I am so proud of myself for it. The next question is what next? What do you do with a newly minted MBA? When I started my graduate school journey, I was in a different mind space. I wanted to work my way up the corporate ladder and become a VP of HR. Now, HR is no longer my focus, and I don't really have the desire to work for anyone else in corporate America. So, now what?
I tossed a few ideas around like continuing on to get my Ph.D. so I can be a college professor. I feel like it would be an excellent way to mesh my two loves (HR and personal finance). It would be almost impossible to do that in any other setting. Also, I am always complaining about schools not teaching personal finance topics so why not be part of the solution instead of whining about it? Then, I also think about how long and arduous this MBA was, and a Ph.D. would be double that. Whew! I don't know. Only time will tell!
In the meantime, I am back to focusing on my CFP (Certified Financial Planner) studies and giving you all the personal finance information you were craving. Don't worry! Even if I do go the Ph.D. route and get accepted, the cohort doesn't start until next fall, so I'm not going anywhere anytime soon! In my 2018 recap, I will go into my current numbers and show you where I stand. The hiatus was tough without you all there to keep me accountable!
If you have been keeping up with my finance blog, you know I love to budget! It gives you a sense of control when it comes to your money. I believe in doing a zero-based budget. This means your income will always equal your expenses. With this type of budgeting, you are telling your money where to go every month. I want to give you a recent example of how budgeting frees you instead of constricts you.
I have a line item on my budget for clothing. If you know me, you know I rarely use it. I am always wearing things out until I have to give it up. This month I had a coupon for DSW, and I was like I really do need some new shoes. Me being that cheap person that I am, I didn't want to buy any because I hate spending money! Then it dawned on me, Tiffany you budget for clothing every month, use it! So, I was able to buy new shoes, guilt-free. It didn't slow down my debt payoff or put me in the position to sacrifice something else. It was already in my budget! I wanted to tell this story because I hear people tell me all the time that budgeting feels like a restriction. But it is in instances like this where it actually has the opposite effect. I don't feel bad after purchases. I don't feel like I have to sacrifice one thing for another. I feel free! Budget, budget, budget!
Here are some links to help you get started:
New Year, New You? How Budgeting Can Help
Budgets, Budgets, Budgets
A couple of weeks ago, I came outside to yet another flat tire. What the heck?! It seemed like every week a tire was going flat on my car. I knew when I bought the car I would have to get new tires (that was one aspect I used to negotiate the price down), but I didn't think it would be this soon. I made my seemingly weekly trip to the gas station to fill up again, and I was on my way. Of course, that wasn't the end of it...
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