Fabulously Broke in the City

From heavily in debt to debt free in 2.5 years

This is my version of my November round up.

No budget numbers, no budget amounts spent. That’ll resume for December 2008.

Here’s a quick recap of my assets and liabilities (a.k.a. my balance sheet)

MAY 2006 (when I graduated)

ASSETS: $500

$500 – Bank Account
$500 in Assets

LIABILITIES: – $59,000

- $9500 – Small University Bank Loan (TD)
- $15,000 – Larger Business School Loan (Scotia)
-$5500 – Personal Loan (Other)
- $29,000 – Government Student Loan
- $59,000 in Liabilities


MAY 2006 TOTAL NET WORTH: -$58,500

NOVEMBER 2006 – TODAY – 2.5 years later: $83,480.07

ASSETS

$2000 – Car of what I could sell it right now and just be done with it
$2990 – Cash in Chequing/Savings (Personal)
$26,733 – Company Earnings not taken out in Dividends (No taxes paid yet)
$32,136.78 – Accounts Receivable
$3869.31 – Expenses Receivable
$7,369.89 TD Retirement (Market Value) ($10,850.79 is my Book Value)
$8,381.09 Sunlife Retirement (Market Value) ($12,559.74 is my Book Value)
$83,480.07 (Market Value but before taxes)

LIABILITIES – $0

No credit card debt.
No other lines of credit debt.
No student debt.
No mortgage.
No loans.
$0 in Liabilities


NOVEMBER 2008 TOTAL NET WORTH: $83,480.07

INCREASE ($ value) OF NET WORTH: $141,980.07 in 2.5 years

FB NOTES

*Before August 2008 I earned $65,000 a year.

Not a small amount by any means, but I cleared everything except $15,000 in loans before I started making $110 – $130 an hour. I never used to make this kind of cash.

But I managed to clear the bulk of my loans ($44,000 worth) with a wage of $65,000 a year.

I scrimped, I saved, I budgeted, tracked expenses and I was very lucky in terms of my career, job’s benefits and flexibility especially in the market that we’re experiencing right now.

One day, I will write the whole story out in detail…. I have a post coming up on this, when I get around to writing it.

And I’ll even have pretty graphs!!

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Thinking of leaving your career?

Are you thinking about switching careers? I’m talking about going from a circus tamer (at the office, naturally) to a public relations manager (for example)

Ask yourself why you want to make a change and leave

Is it the employer? Can you work it out? The job pay? The retirement? A new city? Make sure it’s a VALID reason with PROVEN instances (not just one) that makes you want to quit so that you don’t make a rash decision and go all Office Space on us.

Look back on what your job did and didn’t do for you

There must be something you hate about your job. Find out what it is.

And find out what you love as well.

Using these two pieces of information, get a sort of roadmap of what your ideal job would have (please, nothing on sunny beaches doing nothing but sipping margaritas), and figure out what you love to do.

Try it on

From here, search job descriptions that match that in your industry (or out…) and come up with a HUGE list of occupations you could love.

Narrow those occupations down (by salary, experience required, etc) and start researching more into your top 3 occupations to figure out which one is right for you.

Research the job, read books, browse the internet, talk to people already working in your dream job and even better get some first-hand experience by job shadowing or signing up to be a volunteer

Get ready for school

Many radical career changes need more education. Be ready for the financial hit of going back to school while losing your full-time income. If you can, save ahead of time and look into scholarships, bursaries and anything for mature students

Let go of your ego

Recognize you won’t begin where you’ve ended. Do as much as you can to build experience and credibility in your new field even if you have to do things for free or do tasks beneath you

Don’t take skepticism to heart

People are going to look at you like you’re nuts and be prepared to explain why you made such a drastic move. Think about your parallel skills that you could transfer from your previous job into your new one.

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COMMENTS: 2 Comments

Interview: DogAtemyFinances

Interviewing: DogAteMyFinances of the (sometimes snarky, but always charming) blog Dog Ate My Finances who describes herself as a:


Mid-twenties debtor. I make more money than anyone in my family, but am somehow still in debt.


Tell me a bit about yourself

I was raised in a rural Texas and escaped to very expensive, private college and grad school. I’ve been watching my money so I could make mammoth student loan payments, which are now mammoth wedding payments, and hopefully will soon be down payment savings.

I’m all about taking calculated financial risks. Expensive school, starting a small business, buying a house, aggressive investing, and so on.

What’s behind your blog name and what made you want to start blogging?

My deep revelation to start blogging was when my dog destroyed a gorgeous pair of Beverley Feldman pumps. I was crushed. I went to just order a new pair, and I thought to myself “What would a PF blogger do?”

So, I started the blog, in part, to force accountability on myself for decisions like that.

I also use my blog as a way to talk to my partner about our finances. He knows a lot more now, and he at least has access to our net worth charts.

I thought my blog name was funny. It had a literal meaning–the dog was expensive, and those Feldmans were expensive! But it also had a tongue-in-cheek response to the general problem that I had such a high income and practically nothing to show for it.

My name shows my attitude. I never claimed to be perfect, but I have a sense of humor, and I’m trying.

What do you do as an occupation and how’d you get into it?

Ninja skills. I started a company with two fellow students in grad school. Turned out we were darn good at it. We all still work in roughly the same field.

Why is personal finance such an important subject for you?

Nobody in my family ever had any money, really. When I started having a bunch of money go through my hands, it was clear I had to figure it out one way or another.

PF bloggers might not know all the answers, but they can figure them out! I am a meticulous planner. I don’t make decisions without information, and financial information is fantastic when it is so collaborative.

Name 3 of your best buys/investments and why

My dog. OK, she was really, really expensive. But she is the best 5K I ever spent.

Moving to Texas. Coming from all the places I’ve lived, Texas seemed like the cheapest place ever.

My grad school. My grad school cost an arm and two legs, but it gave me lifelong friends, my career, and a sense of belonging I had never had before.




What are the 3 worst financial mistakes a person can make?

Going to school when your heart isn’t in it.

Marrying for money.

Paying retail.

What is “personal style” to you?

If someone could see an outfit/sofa/necklace, and it reminds them of you, you have personal style. Personal style has to be consistent in some way and differentiated from the norm in a meaningful way.

Name 3 of your best fashion splurges and why

I spent $800 on a designer briefcase for my laptop. The thing is SHARP, and women always notice that kind of thing. Also, some men in my industry are real label snobs, so it’s the price of admission.

I spent $400 on the first pair of shoes I truly loved, Pedro Garcia Noa pumps in champagne glitter. I am happy every time I see those shoes, which certainly isn’t true for all my expensive shoes. I store them in their dust bag and their box and bring them out every couple months.


I spent more than I should have on clothes for the gym. That was the only way I was going to be confident enough to actually go.

What are the 3 WORST fashion trends, EVER?

Matchy matchy shoes/bags/accessories. My mom still does this. Drives me crazy.

FB: you mean like this!? Hahahahahha!

Leggings. The skinny witch that thought that was a good idea is probably not skinny anymore.
(FB: What is UP with those sequin knee pads on the left? Is anyone else seeing how slutty they are? Hello! Is she going to be on her knees? A LOT? They’re LiLo leggins all right)

Logos all over everything. Very little irritates me more than logo prints.

What is your signature style?

I work with mostly men, so I try to keep it fun. I wear a whole lot of skirts and fitted dresses. I always buy a size up and have dresses tailored. I can’t believe no one told me that tip when I entered the workforce. I have grown to actually like pantyhose.

I’m not sure when that happened. I’m most comfortable in a tailored dress, chunky necklace, and 4″ heels, but not cheap heels. I wear the same thing in my civilian clothes, just more exciting heels and dresses. Oh, and sequins.

You have $1000 to spend and you must spend the entire amount in 1 day in the shops. GO!

I never replaced my iPod that got stolen, so that’s $200.

I would really like, but can’t bring myself to buy, one of those flashy cocktail rings that are in style. I’d spend all $800 on that.

Pick 4 dishes you could eat for the rest of your life (continuously)

Migas. That would give me all the Tex-Mex condiments (guac, sour cream, pico, salsa) plus three delivery mechanisms (eggs, chips, tortillas).

Sashimi. I practically live off this already. Pricey habit.

Chicken pot pie. Cheap, frozen pot pie was my mother’s comfort food, and I still can’t get enough of it.

Thai soup. I love soup, so I need a soup. And Thai soups are works of culinary art.

What’s on your “Must-Buy” list right now?

* a double sided scanner
* a new (business) laptop
* Christmas dishes and mugs (I am so hokey!)
* a decent camisole (I’ll buy 10 if I can find one)
* a new iPod after mine got stolen
* Christmas presents for, well, everyone

Name 3 of the most frustrating things about going shopping

I hate shopping. I do most of it online. Sometimes fiance drags me to real shops.

* dumb people shopping
* dumb people selling
* don’t have your size/color
* crowded
* takes forever
* parking
* sales taxes

Whew. That’s not 3.

How can fashion and finance come together harmoniously for you?

For me, the only way was to be aware of how much we spent on clothes, which was a lot! I had to go on no-buy to really appreciate judgment in my fashion purchases. I’m getting better.

I think it’s kind of funny that in the year I’ve had my blog, finance has become fashionable in itself.

Frugality is chic.

Finance is chic. Thus I (and you, FB!) are tres chic.

(FB: Aww.. thank you!)

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Threw another couple grand into retirement accounts

Might as well take advantage of the market. Thew $3000 into my retirement account with TD to buy shares. I want to raise my retirement account to $10,000 book value before I go so that I stop paying that $25/year fee.

Then I am going to call Sunlife next week, take the hit, lose the $5000 and transfer that cash into TD so that I only have one bank to deal with for Canadian retirement.

That, and Sunlife is charging me $10/month for that retirement plan!! WTF? Asses.

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Watch out for dry skin this winter

I know it’s coming up, and I can feel it.. but if you get eczema as easily as I do, make sure to do the following:

Keep your skin moisturized all the time

1. Moisturize all the time. Olay Quench Therapy Concentrate is THE BEST lotion, ever. Hands down, no questions asked. It does the trick and really softens dry, peeling skin like on your elbows and knees.

2. Moisturize right after showering when your skin is damp, warm and the pores are open and able to receive the lotion easily

3. I’ve heard that moisturizing body washes like Olay really help. I’m considering buying a bottle.

Don’t scratch

If you see a little spot appear, resist the urge to scratch. It’ll just get worse.

Eczema is the itch that rashes and turns into something worse than it originally was.

It’s hard, but if it’s a little tickle of an itch, ignore it, or it’ll be a bleeding mess at night when you scratch without thinking.

Good luck, and have a safe, moist winter :)

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