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My Story Series:
On the My Story page I share a bit about the beginning of the journey to financial peace. The journey started in July 2007 when co-worker recommend the book The Total Money Makeover: A Proven Plan for Financial Fitness to me. I was only 26 years old with $104,616 in debt and no solid plan to get my life together. Little did I know that my financial life was about to change forever.
You can follow my journey to financial peace by reading the “my story” monthly posts.
Today – November 2017
It’s crazy how quickly things change! On Monday, October 2nd I shared with you all my intentions to refocus on my finances and the return to the habits that got me through the first 4 baby steps, so that I can become more aggressive in paying off the house.
On Wednesday, October 4th I had bigger problems. The company I worked for sent someone to my office to tell me that my duties were moving to the Netherlands and my position in the USA was being eliminated. We agreed that my last day would be Friday, October 6th.
Between my last day, which was payday, and today I received my final paycheck for a week’s worth of pay, the value of 79.5 hours of unused PTO and am eligible to collect unemployment. Needless to say house payoff plans are on hold and I a super grateful that I have followed the 7 Baby Steps.
Being terminated sucks. Not having a financial crisis is a blessing.
Navigating Finances During Unemployment
I am expecting to have a monthly income of about $2,529 for the next 6 months. This is about a 69% reduction.
- $1638 = VA Unemployment Benefit
- $ 650 = Roomie Rent
- $ 241 = Military Pay
Expenses have been reduced to $2,254.27.
Naturally, budget cuts had to be made. My giving will decrease, while Roth IRA contributions and savings for Christmas, travel and clothes were cancelled. I am fortunate to have affordable health care due to my military status. The one luxury expense that I am keeping is my gym membership. Anything left will go straight to the emergency fund.
“What Will You Do Next?”
This is the million dollar question these days. I will look for a job, but I know from experience that job searching can take several months. I am also waiting to attend military training and I prefer not to start working only to leave 30 days later.
For some time now I have been thinking about trying something different that is not related to supply chain management in any way, shape or form. I think now is as good of a time as any to take that chance. For the next few months I will be working on becoming a successful income generating blogger. It will be fun connect with you during this time while we are both trying on the journey to build wealth and live the life that makes us happiest.
Other things I am looking into are traditional roles in my field, teaching english to kids in China over the internet and becoming a real estate agent.