So here is the update that has been over two years in the making!
When last I entered anything into this blog, I was making great strides to a better life, brighter future and more success. I am happy to report that all of that and more have been coming to pass in my life. I have saved more and gave more then I have my entire life. I have truly been blessed these past couple of years and would like to share it with you. I have been for the most part reading many financial books as I've been flying. Needless to say when one spends about 16 hours a week traveling through various airports, it is best to have something that will help pass the time. What is interesting about all the books that I have read over the past couple of years is that they basically all say the same thing. Pay yourself first, this puts money away for that rainy day. My thought follows what many claim, but I don't have any money left to save. Every dime goes towards bills and food. This is where I'd like to point out the "Pay YOURSELF first!" Even if you only put $5.00 into a separate account each pay, it's at least something and believe me, you won't even miss it. I have an account through the former ING Direct, now Capitol One 360, and have X amount automatically withdrawn every pay period. I started out small and slowly raised the amount as I felt comfortable and as my bills were paid off. Yes, paid off! You can also create as many accounts as you'd like and set up as many different automatic deposits as you see fit. Each account then can be labeled for specific things such as, deductibles or Christmas fund. Typically you should be socking away 10% of your income. Next all the books pointed to giving of tithing. This too should be at least 10% of your income. Now I had barely given anything to anyone for all my life but since the gift that our local church had given us in our time of need, that was about to change. I made it a point to give something, every week or at least every pay period. Again I started small and worked my way up. Given that most people will look at their account balance and go from there, I never really missed the money that I saved or gave. I have been doing this ever since and this has actually help in some unforeseen situations.
Now you don't have to take my word for it but after reading about 10 different books on finance and getting out of debt that all mentioned the same thing, I had to believe there was something to it. Over the past couple of years, I have proved what the books had mentioned. I only have two payments that are loans, all else are regular monthly bills such as telephone, satellite, electric and gas. Of course we still have groceries and auto to contend with. The economy picked up which led to more traveling and longer hours which also contributed to socking away a few more bucks. My company began giving out bonuses again which also helped. On the downside of things my children are slowly growing up and moving on. My oldest has lived just over 1000 miles away but luckily I get to see her once or twice a year. My next graduated in 2013 so I've slowly lost some of my original tax advantages. With that being said I've recently started an IRA separate from my 401K plan to leverage some more tax relief from my growing income.
I'm sure I could go on and on but seeing how this is the last day of 2014 with mere hours left before the New Year, I'd like to leave everyone with this:
I wish everyone a Blessed and Prosperous Holiday and New Year!
