Tuesday, June 20, 2006

Gambling isn't for me

Yes, I know it's been a while since my last blog posting. I admit I've been going through a blog funk, mostly because life has been hectic and I've been frustrated with the pace of the debt payoff. The smaller it becomes the more impatient I become to get rid of it. It's changed from a giant menancing dragon into a tiny pestering fly in comparison which I'm happy about but I just wish I had a fly swatter that would make it go away NOW. :)

The new job took a dive for the worse. I took a gamble even taking the job and that gamble isn't going to pay out. I knew it was 50/50 going into the mortgage business now because rates are going up and a lot of places were struggling as business was drying up but the promise for greater pay was too alluring to pass up. Unfortunately, I think the promises were too inflated so I'm going to start looking for another job. It's a bummer because it throws another wrench into the debt reduction plan but hopefully another job will come along, this time a stable, normal job.

I was contemplating cashing in my 401k to pay off my credit card just so that it would be gone and done with. I have about $4,000 in the 401k and I think after paying taxes and the penalty I would have just enough to pay off the rest of my debt. I know, I can already feel the angry comments being hurled at me. I'm not going to do it, but it's tempting! The thought of not having any more credit card debt makes me tingle a little.

I'm going to do something I have never done in the history of this blog. I've added a Paypal donation button. If you've enjoyed reading my site AND feel it's a worthy cause AND you are in the financial position to do so, you can make a small donation to help me get out of debt. I've avoided adding these types of links to the blog in the past because I'm definitely not looking for a handout. Don't donate because you feel obligated or anything like that, only do so if maybe I've made you laugh or gave you something entertaining to read while you were at work or you've been following my story from day one and are as excited as I am to see me get out of debt. Of course, all of it will go directly to paying down the evil credit card.

Soon people, soon. Only $2,150 to go. It's so close but farther away than I would like.

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11 comments:

mapgirl said...

I'm so sorry your gamble was a losing bet. I know it's hard for you to put up a donation button. I have contemplated doing the same, but I can't bring myself to do it. You are really close to your goal and I wish you lots of luck on your next job search. Just know that it was a learning experience, if nothing else, and there's some value in that.

Anonymous said...

Since the topic is anathema to the world of pf, the comment about cashing in the 401(k) will give some people pause (myself included). I wonder if it's not like when hazzard posted about his craving to buy a new truck then said the craving passed but then he went and bought the truck anyway. Once you start thinking about raiding your retirement accounts, tunnel vision can set in and it can be a tough road back from the brink.

Anonymous said...

Is there any way you could maybe get a part-time job? If you had even a small PT income that went solely to debt reduction, it could really help. I know a friend did waitressing, and in the summer her tips were really good. Good luck -- you're really close, and you can absolutely eliminate this debt, whichever method you choose. :)

Anonymous said...

I know exactly what you mean. I thought the same thing about my 401K. Why should I not when I can get out of debt. But the interest is horrible if you look at it. Since they charge a 20% penalty for early withdrawl. Plus paying taxes. It really isn't the right option, but if you can't afford to pay the monthly fee, then you might not have another option.

Things will turn out ok. From one debtor to another.....I am here to help in any way I can. I feel your pain all to much!

Andi @ udandi / Lunch It Punch It said...

hang in there, it will get better :)

Anonymous said...

I haven't checked in for awhile (my own debt reduction has hit brick walls...my own fault, of course), but girl, you're so close! That's awesome - a year's worth of very hard work has been worth it. :)

Good luck -

mapgirl said...

Wait a sec. I'm reading about the 20% penalty for withdrawing from your 401k, however in some plans, if you stay there less than a year, they will disburse it back to you as straight income and there is no penalty because you didn't stay in the plan for very long.

I cashed out a very lucrative 401k plan that way and used it to finance a move back to the east coast from Silicon Valley. It's up to you to decide what's a good move or not based on your situation. For me, cashing out was best rather than stay in an overpriced area and sink deeper into debt.

StePHen said...

as always, continued kudos on your debt reduction and i wish you all the success in the transition time ahead as it seems it will be... you have really taken hold of your debt! keep going!

ps. i think the donation button is an excellent idea! no shame in it. money is liquid. you need some, i give it, i need some, you give it ;)

Anonymous said...

Congratulations on getting the debt down. In the future, if you need to borrow (to buy things or pay off more expensive debt) you may want to start a Lending Network with a new company called FYGO (www.fygo.com). FYGO just launched a peer to peer finacial collaboration platform beta. You can create a group, invite friends and family on and then people can offer or ask for loans from people they know and trust. Depending on your relationships, you could get a very low interst rate loan.

Cheers,

David

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