MDTM Entrepreneur Daily – 9.09.16

The Entrepreneur Daily series are blog posts that I write when I am working on my side business. My goal is to write a post every day when I am in “entrepreneur mode” and actively working on my business, talking about what I’m grateful for and what I’m working on. In a perfect world, that would be every single day, but in my reality, I work on my business in spurts. I’ve accepted this as my reality for now and hope to improve going forward. This is my entrepreneur journal, to document where I am today.

What I’m Grateful For

Today I’m grateful for my dad and his love of weight lifting. Well, it was a love he had in his younger days. He had massive arms and a big barrel chest when I was growing up. It fit well with his job as a cop.

Because my dad lifted weights frequently, my brother and I got into it as well. My dad eventually bought free weights for a home gym. Over the years, he added to the weights. We had a couple of benches, barbells, dumbbells, and plates that ranged from 2.5 pounds to 25 pounds. And knowing my dad, he probably cobbled together this home gym with deals, discounts, and donations from friends. I’m sure nothing was full price.

Several years ago, my brother and I divided up the free weights, taking them home to make our own home gyms. I’m so glad I have this home gym available to me because I always enjoy weight lifting workouts. Even if I don’t lift for months, I can pick it back up and start again when I’m ready.

I have been lifting more consistently recently, about every 2-3 days. Yesterday was a lifting day and I really needed the workout. I have been doing heavy weights, using 40 pound dumbbells and 80 pound barbells for the exercises.

Yesterday was back and biceps. I got out my work and life frustrations, pushing weight around until it all melted away. Thanks dad!

What I’m Working On

I’m working on personal finances this week, staying focused on stabilizing my financial foundation for the entrepreneur efforts to come. And yesterday was a great day…

I was so excited because I have paid down about $8,000 in debt from one credit card in about a month! I had been paying small amounts towards this particular card each week, my highest interest rate debt, when I realized that I was close to having the entire balance paid off.

That’s when I looked at my bank account, did some quick math, and accelerated the pay off. The final payment will hit on Monday and this card will have a balance of zero!

I still have to figure out how I had $8k available to make those payments so quickly. I know some came from my emergency cash…relax, I didn’t liquidate my emergency fund to pay this card off. The rest came from reduced expenses on the monthly budget…I think. My wife no longer uses credit cards (she only gets $200 per week on a debit card), and I use one credit card minimally, which is now paid off each month.

The bottom line is that I had the funds available and I really want to squash my debt, so I paid off one credit card! Woohoo!

Next up, I need to figure out my savings situation after the house refinance, which is underway. I talked to the loan guy yesterday and got an update on things. I should be able to close out this refinance loan by the end of September. In the meantime, I’ll continue to pay down my debt.

Goals For the Day

The plan for today is to setup payments for my next debt on the list. I’m working from the highest interest rate debt on down the list. Next up is another credit card to pay down. The house refinance is going to wipe out a significant portion of this debt, but I don’t want to wait around for that, and it will help me build a weekly habit to make debt payments.

After that, I need to dig into my spreadsheet on savings for after the refinance. I will have significantly more net income each month and I want to direct it towards the best use (eg. debt payments, Roth IRA, emergency fund).

That’s it for today. Don’t forget to join me on Twitter where we can interact.

Share this Story

Related Posts

  • Wow. I’m amazed you managed to actually pay off eight grand in one month! Woohoo!!!! Way to go. Pretty sure you and the wife are totally relieved that this is behind you. There’s nothing better than being debt-free!

    P.S. What does your wife think about getting $200/week? Although that seems pretty generous =)

    • Thanks, I was amazed I could pay off $8k in a month too! Realized we were sitting on some cash and it was better applied to this debt. We are not debt free, but paid off one card. Still have lots to go, but making progress.

      My wife is doing okay with the $200/week setup. It’s for gas, groceries, and whatever else she needs for the week. We exceeded that amount only for one-time expenses that were necessary for the kids, like doctor’s co-pays. She’s not exactly thrilled with the setup, but I had to take away her credit cards to break our bad spending habits. From that perspective, the setup is working well so far.

      Thanks for your comment.

Check Also

MDTM Entrepreneur Daily – 9.22.16

The Entrepreneur Daily series are blog posts that ...

About Brian Stephens

Brian is on a journey from massive debt to real estate mogul. Join him as he stumbles and fails on his way towards long term success. Debt isn't pretty and turning it around won't be either. His primary goal here is to tell the story and network with like minded people who want financial independence through real estate investing.

Subscribe to MDTM via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.