Author Topic: New Member/Long Story/New Beginning  (Read 363 times)

Dee Boy

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New Member/Long Story/New Beginning
« on: March 28, 2019, 11:57:08 am »
Hi All,

So i'm 43yr old male with a wife, 4 kids and 3 dogs ;D. And only this year learning who and what Robert Kiyosaki/Dave Ramsey/The Millionaire Next Door/The richest Man in Babylon is........about 23yrs too late......

With more than R120K in debt and a car payment of 5500/month (high interest rate because of the bad debt) and an unnecessarily high standard of living, including going to loan sharks to make all the payments and interest on these micro loans every month..... i hit a wall.........:wall:

But i now know what i have to do to turn this around! I have already paid off 2 of the smaller debts and attacking the third with gusto. Made a few adjustments regarding expenses. 2 unsuccessful attempts to actually write my budget down on paper and keep it at.....guilty.......but i will fix this now!

Once i get all that done, which i predict can be done by the end of this year.....i'l start doing this investing lark all you wealthy dudes always go on about.... ;D

Meanwhile i'll be around learning about investing/ETF's/RA/TFSA's et al.........

I've always said i want to be a millionaire by the time i am 50yrs old, but that was always a pipe dream and i was drifting further away from it with each passing year....i might have to adjust the timing now, but i know that is still possible....and by God's grace i will make it happen!

Cheers everyone

gcr

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Re: New Member/Long Story/New Beginning
« Reply #1 on: March 28, 2019, 12:44:10 pm »
Two pieces of advice:-
Draw up a 12 month budget covering all payable household expenses - I make a tab for each month on an Xcel spreadsheet and populate each month - bring the revision months negative or positive difference into the new month. If you pay annual fees car licence, donation to a charity populate those items in the month that they occur. If you extrapolate your spend and income over the full year period you will get a picture as to which months are going to be tight and which months you may have some flexibility. If you are positive you will get a bonus of some description or income from and investment then plug that in as well. If you have a loan for a car arrange with your bank that you want to introduce capital once or twice a year but it must reduce the capital due but the monthly repayments are kept at the same level - this will result in you paying off the debt x months ahead of the agreement period

Dreaming of being a millionaire is one thing, actually achieving it is another matter - this is nothing more than a project, so take the project management approach which simply put is having a start point and an end point and it needs strict milestones in between - if you miss a milestone then readjust to meet the same project end point. Once you get to 70% of you project journey then start looking at your next goal - which may well be R 2 mill. but ensure that you achieve it in a shorter period than the project to get to R 1 mill. There is no harm in setting long term goals but the real important part is setting milestones, meeting the milestones, or adjusting but still ensuring that you stick to your end date. As a person nearly 30 years your senior I have always worked on goals and meeting deadlines - my next end goal is 2025 but still twice a year I measure my achievements against that goal and determine whether I am on target or not and if not adjustments are made to achieve the end goal

So have fun setting up goals and milestones - also periodically do a reality check on progress made 
Not everything that counts, can be counted, and, not everything that can be counted counts - Albert Einstein

1chairm

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Re: New Member/Long Story/New Beginning
« Reply #2 on: April 09, 2019, 06:38:11 pm »
Hi, welcome to the forum of "wealthy dudes" as you put it. You may not be as rich as some people here, but you could pass them if your zeal is stronger. Its a good start to accept your shortcomings, the best thing to do now is to lay down a plan on how to move forward. What will help you however, both as a trader and in your life generally, is discipline. Manage your funds with discipline and the sky will be your only limit as you strive to join the millionaires' club. Wishing you luck dude

Gavinralmeena

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Re: New Member/Long Story/New Beginning
« Reply #3 on: April 10, 2019, 11:29:06 pm »
Hi, I love the title that you've given this thread - new beginning. It means you'll leave behind every stain in your past that was an obstacle in your journey towards being a millionaire. Recollect yourself and clear your debts as you learn as much as you can. This forum is very useful in that