no schol - June 1 Debt Check

June 1 Debt Check In

5 years ago

Here we are in June praying for summer weather.  It’s way too hot and wet outside for my tastes.

I do this whole debt review thing every single month.  With the exception of one month I’ve done so for four years.  That’s four years of putting everything all out there for the world to see.  Have you ever had that nightmare where you suddenly find yourself naked in a very public place?  That’s pretty much what doing this feels like every month.

You would think that I would be desensitized to this whole process by now, but the truth is that I’m not.  Every single month when I sit to write these posts I get anxious and apprehensive about what to say and how you will react.  Many of my peers who started their blogs tracking their debts have moved away from doing this because it can feel pretty dehumanizing to have perfect strangers comment on the most personal aspects of your life. But, I signed up for this right? There’s no use in backing down from it now!

This month I’m going to go right to the debt and then talk about a bunch of other things.  Let’s do this!

The Debt

may debt may debt chart June 1 Debt Check In

My debt continues its downward trend as it is supposed to.  You will notice that there has been a shift in the debt.  I took advantage of yet another 0% balance transfer offer and consolidated my debt over onto one card that will cost me nothing for the next year.  Yes, I paid a 1% transfer fee which was abut $50.  So, I’m continuing this “pay as little interest as possible” thing with almost 4 years of 0% balance transfer offers. Not bad, I think.

The credit card debt is actually about $3,000 higher than it should be because of renovation costs of one rental property’s bathroom AND the costs of a new project that I’m launching.  More on that below.

The other reason why many of you read this blog is for my income reports.  Here goes the numbers:

Online Income

Google Adsense My Tenant From Hell: $1.92
Google Adsense YIAC: $105.14
Gogle Adsense Niche Site: $207.59
Private ads: $ 785.79
Ad network #1: $ 109.60
Ad network #2: $42
Total: $1,046.64 NET

I do have to spend money sometimes to make money.  This month I spent $34.21.

Some of you might recall that last month I vowed to double my online income to $2,000.  To say that I failed would be a miserable understatement.  I’m not too big on excuses, but I am big on causality.  Why did I fail? A couple of things.  One was because I refused about 10 ad requests in May.  That might sound counterproductive when I’m trying to make money, but I do have my reasons.

There is a floor for what I will accept in payment for advertisements of writing.  If I receive offers or proposals below that floor, I try to negotiate.  If, after negotiating, we are too far apart, I decline.  Some advertisers think that they are doing you a favor by offering you anything at all.  The way that I view things is that this must be a mutually beneficial arrangement.  There is nothing one-sided about it.

You must know what you are worth, and you should not be willing to accept anything less than that.  When you do, you begin to devalue your time, your work, and your effort.  This holds true whether you work for someone else, or for yourself, but I find it to be especially important when you are self-employed.  Yes, there is a huge temptation to accept just anything to have income, but I’m just not there yet.  If we have completely different ideas on what my work is worth, then I am not the right fit for you nor are you the right fit for me.

The second reason is that I’ve been secretly working on launching “Plan C”.   By now you probably tired of hearing the talk about having a “Plan B”.  I will always speak the gospel of never depending on any one thing for the entirety of your income.  My “Plan B” is making money online through this blog.  I shared with you a couple of ways that I do that, and will continue to do so, however, my “Plan B” isn’t at income replacement levels yet which is my ultimate goal.  So, it’s time to activate “Plan C”.

I am going to reveal what “Plan C” is for the first time.  I have spent the past few months talking to my brother and learning a bit about that I am going to do.  He already runs his own business and I’ve been acting as his consultant for some time. Now it’s time to dip my toes back into the entrepreneurship waters. So, while its yet unfinished, here is the what I’ve been working on: custom cell phone cases.  I’m still building the site, so it’s pretty rough right now.

Launching a new business is always fun and exciting, but there are so many risks involved that I would encourage anyone thinking of being an entrepreneur to seriously consider the negative consequences of what you are doing.  At this point I consider myself a serial entrepreneur having launched a number of different businesses since I was age 14.  I’m not a Debbie Downer on being your own boss though.  If you don’t mind disappointment, working 25 hour days and losing your hair, then I’m all for it!

Now that I’m working on putting “Plan C” into effect, it time to begin developing “Plan D”.  I hope that you get what I’m doing here.  I am always and will also work on visualizing something else to do just in case this does not pan out.  Call me paranoid, but it’s just how my brain works.

In the meantime, I’m still working on this whole blogging thing.  It’s still the cornerstone of my income replacement plan since it will take some time for any new business to get off the ground.  Hopefully, you’ll be seeing more of me since I’m out of the blogging closet.  Below is an appearance that I made on Huffington Post Live last week.  This week I’m scheduled for a radio interview.

What I Learned This Month

My word this month is perseverance.

I might not spell it well, but I’m great on execution!  I had to deal with a tenant eviction, an apartment renovation, a serious health issue, hiccups with launching the business and building the new website, and a host of STUFF last month, but you know what? I did everything that I had to do.  That meant multiple trips out of state, lots of sleepless nights, cuts, bruises and money spent out of pocket, but I GOT STUFF DONE.

Sometimes you just have to suck it up and do what you have to do, whether you like it or not.  That’s called being an adult and handling your business, whatever it is.  No matter what is going on in your life, don’t give into the “woe is me” temptation.  Give your best effort to succeed.

When the new site is done, I’ll be hosting a giveaway with my brother for some custom cases.  I’m doing iPhone right now, but we’ll also do iPad, Galaxy and a number of difference cases.  Good luck and see you guys next month!

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Sandy Smith

This messy little blog was all my doing. I started this blog four years ago as a way of keeping myself accountable to my own debt reduction plans. Now I'm using this blog to help others get out of debt as well. Consider subscribing to get more delicious posts like this at least twice per week.

13 thoughts on “June 1 Debt Check In”

  1. We’re starting out on our goal to get rid of massive debt. New to trying to make a little side income off blog– I’m hoping to do so soon! Looks great! Good luck with your new business!

  2. Even if you didn’t hit your income target, you seem to be doing pretty well! I think in the near future I’ll be expanding my freelance income. Right now it makes up about 20% of my income but I’d like to expand that to around 30%.

  3. Right now you haven’t doubled your online income but at least you are making income and know its possible. Sometimes thats the hardest hurdle to cross. I really like the cell phone cases but I thought the competition was fierce in that niche. Already to back up plan C. I like your thinking but sometimes you have to stay focus on the task at hand.

    1. It’s a new car that I purchased almost 10 months ago. I’ve already put over 17,000 miles on it. For what I do, I probably need a truck sometimes, so I can’t downgrade.

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