Running Numbers

I have $42,000 in student loans. 
$34k of that is at a 6.8% interest rate, $1.2k is at 5%, and the rest is at 1.64%

I ran some scenarios using a tool that was here (at SALTmoney.org) but it's no longer available. You can find tools/calculators that will give you the same information here: 


Senario 1: Pay it off in 10 years = $483.34 per month


Senario 2: Pay it off in 9 years = $533.34 per month


Senario 3: Pay it off in 2 years = $1,400 per month

Senario 4: Pay it off in 10 years = start with a "small" monthly payment ($331.87) and increase it over time



Senario 5: Pay it off in 11 years if I defer for 6 months



I'll pick what's behind door number 3 -- $1,400 for 2 years. Uggghhh! @_@

I don't want to think about this any more right now. Here's a pretty picture of Mt. Olympus I took last week...just as a thank you for scrolling to the bottom :)



So Nice It's Named Twice

ode to rembrant.
I've been going to NYC at least twice a year since I was 12. And I hate it. I actually became nauseous when I rode the subway this week. And I wear out a pair of shoes almost every time I'm there. I got into NYU for grad school but didn't go because the city just isn't for me. 

But I've been going for work all the time (like every other week!) and have to just deal with it. I have a theory now that like 80% of people there are enchanted by life, they are dreamers are feverishly hustling towards something. For the first time in my life, I see why people live there and it's interesting. It's gotten me to think more about place and how people identify with where they live, how people choose their communities, and, of course, how I've chosen mine. 

bling. bling. #timesquare
I'm currently living in a one-bedroom apartment in Miami. It's incredibly lonely. I've always had 2 roommates and it's super fun! At least I live close enough to my sister and my mom to hang out with them. I also don't have a car so share with them. I don't have a car so I can pay off my loans way faster. A car payment is equivalent to my minimum payment for my loans - ugh! But that's not news. 

After my lease is up I'm definitely going to get a cheaper place. I pay $925 now. A car (with insurance and all that jazz) would come to about $500. Sigh. I do love my little apartment though. Even if it can get lonely and is a bit expensive. I love being close to my awesome family, having a hammock in my living room, and my little balcony oasis. 

garden oasis. aka my little paradise.
top right: tomato jungle
center right: baby giant violets
bottom right: 4 day old watermelon




May Update 2013



As you can see, what I owe actually increased this month! X_x 
I can thank compounding interest (and a 15 day lag in my first paycheck) for that. Uggggghhh!

Also, in the news this week: under the Bank on Student Loans Fairness Act Senator Elizabeth Warren is currently fighting to get student interest loan rates -- set to got to 6.8% (which $34k of my loans are already at - eep!) -- down to the interest rate of banks (0.75%). I hope this goes through. It would be great! 

Call and write to your Senators folks -- you can email them through these links:   
http://www.senate.gov/general/contact_information/senators_cfm.cfm

I just wrote to mine:



I am not happy at all about owing more now than a did a month ago. But now I am all the more determined to zap away this bogus suck cost (my student loans!). I am definitely not afraid to face "The Red"-- unlike our friend here:



I think part of the key is to kind of think rich, or focus on abundance rather than debt. Here's part of what I'm talking about; ways the rich think differently from the middle class (from here: http://www.budgetsaresexy.com/2013/03/how-rich-people-think-vs-middle-class/):

  • Middle class focuses on saving. The wealthy focus on earning.
  • Middle class believes hard work creates wealth. The wealthy believe leverage creates wealth.
  • Middle class believes money is earned through labor. The wealthy believe money is earned through thought.
  • Middle class worries about running out of money. The wealthy think about how to make more money.
  • Middle class operates from a fear based consciousness. The wealthy operate in a consciousness of abundance, freedom, opportunity and possibility.
  • Middle class believes getting rich is outside their control. The wealthy know getting rich is an inside job.
  • Middle class sees money through the eyes of emotion. The wealthy see money through the eyes of logic.
  • Middle class has a lottery mentality about money. The wealthy have an action mentality.
  • Middle class sets their financial expectations low so they’re never disappointed. The wealthy set their financial expectations high and get excited.

Also, I've started reading a personal finance blog called Afford Anything, skimming through a great site about student loan management called SALT,  perusing budget templates at Budgets are Sexy, and will be reading a book that came out this month called Don't Go Back to School

And finally, I leave you with this:

The Daily Show with Jon StewartMon - Thurs 11p / 10c
Stay Out of School
www.thedailyshow.com
Daily Show Full EpisodesIndecision Political HumorThe Daily Show on Facebook


Happy Student Loan Annihilating and Dream Following!
:)

-----
Sorry for the late and lackluster post. My job has me traveling like whoa so they'll be a bit skim til around July -- once I get into the rhythm of things. But stay tuned!

Whoa whoa, slow down there!

In the last 2 weeks I started a job (finally!), moved into my first solo apartment, and celebrated my birthday. Phew! Bottom line, sorry I've missed my Thursday updates for 2/3 weeks :( It's 2am and I just had to update!

But I'm back!

Again, to recap:

1. Job: The brand-new, just-opened-the-plastic, fresh-out-the-box job is totally *awesome*! Woo! :::virtual high-five::: It's exactly what I wanted (data analysis), and in a sector I want to be in (public service). I'm also totally trying to give it my all. Especially in the first 90-days. I'm even reading a book called "The First 90 Days"...I know, I'm totally into this. There's nothing like having your self-esteem trashed by going through a hopeless stretch of unemployment to get you appreciating a wonderful new job. So. Sweet. On the first day my boss even had a little goodie bag and note welcoming me to the team. It's amazing. I'll also be traveling a ton (at least once a month to NYC and up the east coast at random times). Racking up the frequent flyers!

In NYC...my new 2nd home. 

2. Apartment: I moved into my first apartment without roommates. It's inexpensive for the neighborhood ($925 in a neighborhood where $1000 would be a steal) but more expensive than if I were to have roomies ($500 if Chicago, $700 if Miami). I'll prob move out after my lease is up in a year. But nonetheless, it's a nice little experiment in pretending to be grown. Remember when you thought all of a sudden on some day in your late twenties/early thirties there'd be a switch you flick and bam! you'd be an adult. You'd have a place, and a job, and hang at coffee shops like on the show Friends...ya, that's a myth. There's no switch, button, nor even a trap door to "adulthood." That's all a fairytale. I met up with a friend in NYC and we were talking about how we feel like the same person we were when we were like 16. We're essentially the same inwardly, but are now just independent and have a ton of student debt to show how we paid for that independence. I mentioned to her how my little cousin (who's 11) wrote a letter to herself that she can't open for 10 years, and we did the same for ourselves. I wrote a congratulatory letter to my 37 year old self (ie. Nice job getting those 3 Oscars!), my friend started with asking herself questions (ie. Where do you live? What are you doing?). I thought our differing approaches were interesting.

Friend and I writing a letter to our 10-years-older selves :)
My apartment :) #too much time on pinterest!

3. Birthday: So I had a little birthday party with 2 friends. It was a triple "21st" birthday. Super cute. I was volunteered to take the left over chocolate cake home and have had chocolate cake for like 7 days straight. Delicious. I will soon be at a family reunion in the Dominican Republic with 13 family members. CRAZY. It's going to be insane. We leave tomorrow. It will totally be nuts. I'm just hoping it all goes smoothly. But I digress. This birthday (#28) marks the "official" start of my g.o.o.d. by 30 goal. $42k in 2 years!! Eep! I'm really excited actually. I can't wait to get my first paycheck and start zapping away my debt. #determined. I'm also toying with the thought of making a film about it. Stay tuned!
Happy 21st (again) birthday! (aka 28th!)

Also, come back next week for my May financial update!




Related Posts Plugin for WordPress, Blogger...