As September draws to a close fall is in the air here. The nights are getting cooler and the leaves on the trees are starting to turn and fall. We closed the swimming pool for the season a week ago, and we have begun harvesting fruit from our pear and apple trees. Soon I’ll be servicing the furnace and looking to buy oil and coal to get us through the winter. Here is a brief overview of what has changed financially since early in September.
Wealth Building
I went ahead and made the move to halt all investing for the time being in order to focus on debt repayment. I’m still saving some cash for daily expenses and emergencies, but I’ve stopped putting money into the markets for now. I’m not sure how long I will be doing this for. I’d like to think until all debt is gone except the mortgage. The timeline on that happening is a bit fuzzy, but I should have a clearer picture in a couple of months.
Debt
Debt is manageable but is a thorn in my side. Hence my reasoning for starting to focus on it. Here is a breakdown of current debt.
Line of Credit = $3500
Truck Loan = $16,900
Student Loans = $35,200
Mortgage = $186,000
Without putting too much emphasis on repaying everything, the total amount was dropping my around $1000 a month. I’m sure that it will start to go down much faster now, but I won’t know exactly until the end of October.
Income
Income is holding steady with my full-time job and my blog work. I did list a few things for sale recently, so if they sell the proceeds will be going toward debt.
Changes for Next Update
The biggest change will be my total focus on snowballing my debt and accelerating the payoff. It will be strange not contributing to my investments, as I have done so regularly for over 15 years, but it will a good feeling to watch my debt draw down. Until the next update. Keep working toward your financial goals!
See Also:
Personal Financial Update – SEPT 2019
Finding Motivation For Debt Repayment
Eliminate the Debt and Live Your Life
5 Essential Tips On How to Stay Out of Debt
Based in the Pittsburgh, PA area, Brian holds full-time employment as a Warehouse Manager for an electronics firm. Brian enjoys wealth building, investing, gardening and the great outdoors. Brian holds a B.A. in Environmental Studies from the University of Pittsburgh and an MBA from Robert Morris University.
