-What is your number one played song on your ipod....or other musical device of any kind.... Depends on the device: At work I listen to 70s (RUSH!!) on Pandora.com, at home I listen to SJ Tucker's House of Mama Dragon on Playlist.com, in the car I love "7" by Prince and "Who Make you Feel" by Dido, and when none of those are available, it's my MP3's on my Droid - "Bad Romance" by Lady Gaga and "I Know What Boys Want" by The Waitresses.
-What is one of your favourite quotes? Only one? "I was once asked why I don't participate in anti-war demonstrations. I said that I will never do that, but as soon as you have a pro-peace rally, I'll be there." Mother Teresa
-If you could choose to stay a certain age forever, which age would it be? I rather like this age... can my kids get older, though?
-If you won the lottery/came into a financial windfall, what would you do? Immediately pay off all the bills, give my parents and DH's parents a couple thou, set up college funds for my two kids and my nephew, pay off the house. Then I will take what is left and invest a portion of it into two trusts that only allow a certain amount to be removed each month for no more than three years, one for myself and one for my business partner. I will fund the opening of our storefront and create a trust for a limited withdrawal for the store for restocking and marketing for no longer than three years (after that time, if we aren't making enough money to support the business and ourselves, we need to reconsider). Whatever is left will go into a low-risk investment to be used to bolster our retirement.
No, I haven't thought about this... why do you ask?
-If you have 30 minutes of free time, what will you most likely be doing? I don't believe in free time... it's like a unicorn or a mermaid. Seriously, if I have "free time" it's only because I'm too tired to do anything other than watch tv or read.
-How did you come up with your username? It's a magical name I came up with when I first became Pagan. I use it for a lot of my official correspondence as a minister of faith.
-The best part of waking up is ____________. Folgers in your cup? Seriously, there better be coffee and eggs ready to go when I get up. Unless I get to sleep in, then the best part is getting awakened by the hysterics of my kids.
Pre-Step 1: Get current on your debts and do a budget
0.1 No new borrowing. I'm buying a house. Does that count? It's cheaper to pay for that then to pay rent around here. And I'll build equity, too.
0.2 Talk with spouse and get him/her on the same page as you concerning finances. That's easy... I tell him this is what's what and he agrees.
0.3 Do a written budget I write many budgets... now where did I put that last one? I got one that's an app on my Droid, so that should work better. However, our status quo is: don't buy anything unless I know we can afford it.
0.4 Temporarily stop all retirement contributions I dropped my 401K from 10% to 2% (cuz I'll forget it and this way I'm still doing something), I maxed out my dependents on taxes... I have high deductible insurance and rely on an HSA to pay the deductible/co-pay stuff.
0.5 Get current on all the basics (Shelter, Food, Utilities, Basic clothing) Shelter - check; utilities - (double checks) check!; food - Yum!; basic clothing - we have clothes that fit and are in decent repair.
0.6 Amputate "toys" (bikes, boats, ATV's etc) to help snowball Toys? Bikes? Boats? ATVs?!? If I could afford any of this stuff, I wouldn't be worrying about how to pay for my first vacay in over 5 years!
0.7 Cut lifestyle (Cut cable, cell, extras, eating out) and/or get a second job to raise $1000 EF. Actually, it would be more expensive to pay for internet alone then to pay what I'm paying for super-basic cable. And we get the weather channel with school closings - very important when the sky can and will drop 3 feet of snow on you overnight. Cells are all we have, so not gonna happen. Extras? Netflix is our only sin and we don't have movie theaters or anything around here so, no. Eating out? That one time each month or two? :P
DH is getting uber overtime come the next two months or so, so that is good.
0.8 Get current on ALL bills All but medical bills should be about current. I need to go through my pile again, but...
BS1 $1,000 to start an Emergency Fund Working on it... Doing well this month, despite the emergency tire replacement we had today.
1.1 Chop up/freeze CC's (You have an EF now) I have one CC. It has a $300 limit. I use it when I need to rent a vehicle for events. I use it to build my credit - it gets paid off every single month. I haven't had a CC for over 10 years. I need my credit to go up and that requires a revolving debt.
1.2 Get Health insurance NOW if in the US Done.
1.3 Get Life insurance NOW if you have considerable debt/your family couldn't make it financially if you died. Done.
1.4 Amputate cars that you can't pay off within 24 months Both cars are paid off in full and necessary for us to have our jobs. There is NO public transport out here. *wishes for a high-speed commuter train*
BS2 Pay off all debt using the Debt Snowball
2.0 Do the debt snowball, paying all your debts from lowest BALANCE to highest. I don't do it like that, cuz the higher ones would send me to collections while the lower ones got paid off. I pay on everything equally, and when one gets paid off in total, the rest get more paid.
BS3 Three to six months of expenses in savings
3.1 Start car replacement fund Oh, I want a Town & Country... or a Caravan!
3.2 Save up 20% for home purchase OR pay down existing mortgage to the point you can drop PMI. We are in the process of buying our home.
3.3 Start furniture or other non-essential stuff replacement fund We don't need new furniture... Oh, in the future... heh.
BS4 Invest 15 percent of household income for retirement Hmmm... 15%?
BS5 College funding for children Those are already started by much more financially stable relatives... Yay!
BS6 Pay off home early Love this!
BS7 Build wealth and give! Invest in mutual funds and real estate Love this!