Home-front and Dads Finances
The woman who was to talk to the family of our recently deceased landlord does not have any significant updates for us. She still intends to try and buy the 3 properties, but has no word on that yet. She did however say that she’s been given the impression that the family intends to keep renting this place out to me and my father. Which leaves the question of price and any strict arrangements they wish to make.
I still hope she’s able to purchase them though. We’ll see what happens.
I’ve learned over the last 2 years during my struggle and success with my financial independence and newfound bachelorette-hood, that the best way to work through issues is through baby steps. Setting small goals for myself and meeting each of them individually, rather than setting one big massive goal. Often when a large goal is set, if you are unable to meet it right away, you feel defeated. And I never accept defeat.
A good example would be my mustang. It was my search for a new car that catapulted my mindset financially. After much disappointment and turn-down after turn-down on loans due to my credit history, I decided to take a step back. If I wasn’t able to buy the 2005 mustang that I wanted, then I needed to lower my standards. After all this car was a tool I needed to get back and forth to work, not just a toy or luxury for me to enjoy.
So I started looking at my other options. I had thought about financing through Bar-None due to their commercials I saw all the time, but decided against it on some good research about how shady their service really was.
After several more attempts through banks and such, on a whim I decided to check out a Capital One offer I received, just to see if they really met up to all they were offering. Low and behold I’m given a $14,000 loan, which I used to purchased my pre-owned 2004 mustang (with originally warranty still in place). I had also recently established a credit card with Capital One maybe a year prior, and can honestly say I’ve been happy with their service ever since.
So essentially I found what I needed for -my- situation. A great car, better gas mileage, and a loan that fit into my budget. It’s a small step, but the next time I’m looking for a car, I’ll already have a rung of the ladder in place.
I realized yesterday that I’ve put myself in the best possible financial position I can be in right now. Not only are all my debts besides my car payment gone, but I’ve deduced my bills (really all except for one, which I have to wait for anyway) to the lowest I wish to be at for my quality of life, and I still have all the benefits of saving money in my 401k, Roth IRA, Christmas fund and emergency savings. With all of this, I still have money to buy something for myself now and then, so long as I’m not doing it regularly. When my mustang is paid off, I will still be putting that $323/month away into my Roth IRA instead.
This makes me very happy. And took many small steps to get there.
I also realized that this month is the first month in a while where my father’s checking account is not overdrawn. Granted he only has $9 to his name until Social Security pays him again next week, but he’s not being charged one or more $35 overdraft fees. If we can keep every month like that, it will be my father’s first baby step to his financial independence as well.
Granted me helping to pay off his debts helps. I paid off one of his debts for his birthday this year, and have already started a fund to pay off all of his hospital bills by fathers day next June. Instead of trying to come up with all the money at once, I can put a little away each month, which really is the key, despite my taking so long to realize it.
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