Blogging away the debts... Progress... Not really progress...
Almost two weeks ago I posted this: Can I blog away my debts? Zak takes a look at the numbers! And in that time I created wealth on the Hive blockchain.
So do not despair halfway through the numbers... wait till the end!
My previous total was: Total: R77,565.25
My debts today are thus:
I have a loan that has a long term that has a total of: R38,893.25
This one actually went UP, probably with the way they work out interest on the loan.
I have another shorter-term loan that has a total of: R10,371.70
This one went down.
I have an outstanding account that has a total amount of: R28,633.60
This one stayed the same.
The new total is: R77,897.95
This means that the new total is R332.70 MORE than it was 11 days ago.
Right so this is because I paid off my debts the normal way and no money had yet gone from my BLOGGING into these debts. This means that if I carry on for the next year the same way as I had for the last 11 days, my debts would likely spiral UPwards and not come down, even though I was paying every week on thse debts.
This is the trap that most people are in.
The sneaky part on the statement is that the bank works out their interest at monthly intervals and then it keep jacking up what you pay off. This is why you end up paying far more than the money they loaned.
Its obvious, I know... but not everyone knows this...
What have I done against this?
Well I blogged and I made well over R1200 in HBD. I have stuck it into savings, which generated me around R10 in interest. I am withdrawing around about R1050 from savings so by the time it clears into my bank account that I have around R1000.
This would be used to pay off accounts but for now will be used to balance my budget. If something is left over, I will pay into the debts. That much I can do.
Let's say I put R500 into the debts.
Then in this time it was R332.70 more debt, with about R500 down for a total change of R167.30 down.
Not much but this is only the beginning!
I think that once you start tipping the bucket, that a real and lasting change can be achieved!
The Strategy for the upcoming month is this:
- Post every day.
- Put all HBD earned into savings!
- Increase engagement!
I already have R122 in savings again. I also want to grow the amount of HBD I have in my savings at the end of each month, regardless of the amount that I withdraw. This has to then increase too. I have $6.7 in savings right now.
My targets:
End of September: $20 HBD that I do not withdraw.
October - $40
November $60 - This is the Dollar earner! A Dollar per month in interest! R18!
December $80
Thank you for reading and thank you for your support!
Cheers!
@zakludick
Yes, Debt is a nasty spiral and good for you on tackling it headon and with so much intention. All the best and I know, like everything else, that you'll get there xxx.
Eventually, I shall! Thanks for stopping by! !LUV
@jusipassetti, @zakludick(8/10) sent LUV. | connect | community | HiveWiki | NFT | <>< daily
! help(no space) to get help on Hive. InfoI love that you're tracking this! It's the 1st big step to getting rid of debt. So proud of us my love ❤️
!LUV
@clairemobey, @zakludick(9/10) sent LUV. | connect | community | HiveWiki | NFT | <>< daily
! help(no space) to get help on Hive. InfoHi Zak for most of us normal mortals getting out of debt is a challenge except for the super rich who pick debt at super low rates and make more money in the process.
I am aware how hard things are getting in South Africa
So hope being on hive helps you in managing and reducing your debt.
Do consider sharing your post via a threadstorm to increase its visibility and reach.
The following post should help
https://leofinance.io/posts/anomadsoul/curation-on-leo-finance-threads-outreach
Interest, and the way banks and debtors charge it is the biggest bullshit in the industry. When the numbers get too large, it is almost impossible to get out from under. I have a payment, long term, on a debt that I owe where the 498.87 USSD monthly that I pay is nearly 300 USD of ONLY INTEREST.
Hang in there man, you got this. You have a goal in sight and the willpower to do it. You have my full (albeit miniscule) support!
!ALIVE
!LOL
!PGM
!DHEDGE
!PIZZA
@zakludick! You Are Alive so I just staked 0.1 $ALIVE to your account on behalf of @ mirroredspork. (3/10)
The tip has been paid for by the We Are Alive Tribe through the earnings on @alive.chat, feel free to swing by our daily chat any time you want, plus you can win Hive Power (2x 50 HP) and Alive Power (2x 500 AP) delegations (4 weeks), and Ecency Points (4x 50 EP), in our chat every day.
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Thank you so much man! Your support is noted and appreciated! I think that I just need to keep poking holes in the debt and eventually there will be a chain reaction. Watch this space!
Cheers!
!LUV
!LOL
!HUG
@mirroredspork, @zakludick(1/10) sent LUV. | connect | community | HiveWiki | NFT | <>< daily
! help(no space) to get help on Hive. Infololztoken.com
Because he hated capitalism.
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@mirroredspork, I sent you an $LOLZ on behalf of zakludick
(1/4)
ENTER @WIN.HIVE'S DAILY DRAW AND WIN HIVE!
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$PIZZA slices delivered:
@mirroredspork(2/5) tipped @zakludick
Whoa!
thank you for being so vulnerable man, but also wow well done on tracking all of that and working all that out
For sure man.
I want to prove that all of this works!
My vulnerability means nothing bad for me. Lol
Good luck with this buddy @zakludick you will come out on top in no time, with the debt under your boot!👢🔞💪😄 , and remember the dreadnought saying " EVEN IN DEBT I STILL SERVE! "
🤣🤣🤣 !LOL
lolztoken.com
I woke every two hours and cried.
Credit: reddit
@xenowolfza, I sent you an $LOLZ on behalf of zakludick
(1/4)
Good luck! I gave up expecting too much from Hive, but it seems like you've got the numbers figured out. Every little bit counts!
This week was slow, but I generally do a good $50 per week so around $50+ HBD to me per month. That's nearly R1000 in my local currency. It's a sizable chunk.