Can I blog away my debts? Zak takes a look at the numbers!
If you are like me then you are one of the MILLIONS or BILLIONS of people out there that did not get much money from their family and do not have piles of cash laying around.
I am, however, glad to say that the wealth that I do own I worked for and generated myself. Whether it is a fiat currency that I have earned from my job or if I earned crypto or invested in something - I did it.
However, like the many MILLIONS and BILLIONS of people out there has been an amount of DEBT incurred.
In a sense, for many low and middle-class people it is almost a DIRTY condition to be in and yet the top earners of the world love debt. Is it because their viewpoint of debt is different? I mean, as much as it gives them great flexibilty it is ALSO because they have the means to pay off the debt!
This is especially true when they have some sort of passive income that offsets the repayments on the debt and then the debt that they have applied for gives them greater leverage in the financial world.
BUT! I am not here to ponder these things right now.
All I am here yo discuss is whether or not I can BLOG my way out of the hole that I am in. I feel as though the noose is tightening around my neck and that is getting more and more difficult to manage my expenses and these debts.
Thus, I need to level up and work hard at eliminating my debt!
Now... on HIVE we sit in a unique and amazing position!
Not only are you rewarded for your time and attention -curation, and awarded for your content -posting content, but you can also put your money into assets that also earn you a passive income!
There are many ways to do this but one of the simplest methods is to stick some HBD into savings for some passive interest. You could keep hoarding a portion of your income and keep it in savings to eventually earn interest ON interest. You could stick a set amount into savings and just take out the interest itself so you have a little money-tree growing, growing the money tree with your efforts.
There is a wide variety of ways of doing this. Right now I am sticking HBD into savings and building it up over the month as it goes and then taking most of it out to pay things. Not the best, but I have some debt holes to fill.
Once I start getting these things under control, I will be in a better position to actually start saving.
So how much do I need to pay off? I am going to do a very rare thing and speak openly about these numbers. I have done so with some of my friends and instead of them looking at me like I did something wrong, the responses are actually quite positive!
This has inspired me to post about it here and to DEMONSTRATE that I CAN blog my way to freedom!
My debts are thus:
I have a loan that has a long term that has a total of: R38,420.65
I have another shorter-term loan that has a total of: R10,511.00
I have an outstanding account that has a total amount of: R28,633.60
Total: R77,565.25
At the current exchange rates this is a total of:
$4057.41
or
£3189,80
or
11933 HIVE
or
4065 HBD
So... its quite a lot of money to me in rands. But I have chipped away at all sorts of mountains and I feel that I can do the same here!
So let me hack at it and see where we get! I will be giving another mid-month update in September, hopefully on the 15th as well!
See you then!
Cheers!
@zakludick
Maaan. Your post just made my day. We are similar in a lot of ways that we are self made. Another funny thing is that we almost have the same amount of total debt difference is mine is all on credit card. Haha. Lets blog our way out pf this.
1000%!!! Let's do it!
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Always target the smaller outstanding amounts first as that is what I used to do and it works. You can then get rid of those and hit the main one when they are done. This is not fun, but you will get there.
Right.
So there is a repayment amount for each one of course. An amount I need to pay weekly/monthly.
But then yes, the extra bits I will throw at the smaller amount first and get it down.
It will be fun to see that one drop a digit!
Sounds like a good plan ! Personally, I'd get rid of the highest interest debt first.
It might even be worth doing some maths on it. If you were to grow your HBD and pull out (say) 50% of the monthly interest to pay off the debt, would the difference in interest rates work better in your favour that way than just directly paying down the debt ? You could also factor in the rate of inflation which effectively reduces the debt if you're getting annual pay increases at close to the inflation rate.
Unfortunately the loans have high interest rates so just sitting on HBD savings would end up paying them more over time.
So it seems that what I can do is build up some interest throughout the month, but just keeping a stack does not help me speed things up in the long run.
I shall get there.
Ah, that's a shame ! In that case, pay off the highest interest loan first. You keep posting, we'll all keep upvoting 😁
Cheers and ditto! I shall grind thus debt to paste!
You got this man. I wish my outstanding debts were this low, but my pay hasn't met inflation in about 10 years.
You got this.
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Lol. Thanks man.
It might be silly but I feel sort of encouraged when people tell me that this level of debt is low. Lol
As a comparison, my debt is about 12x that. And I have 3 teenage children to feed and house. Looks like I need to start blogging as well!
Yep! Do so!
I have three teenagers as well. sigh lots of money and lots of effort!
Good luck out there and yes, by all means, post! I shall be there to support your work!
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Awesome!
Hello Zack,
first of all, thank you for your transparency. Like you, I am also quite open with my transparency. Between us, I currently have debts of 32701.29 USD, which is very much by German standards and is also unfortunately self-inflicted and have in the period 2016 - 2018 with gambling addiction almost driven me to ruin.
Thanks to my wife we could talk openly about it and have found a solution.
Now I'm working my ass off so that I see a green bar on my account again.
So we will see where the road will lead us.
Wow! And ouch!
That is a massive amount of money for me! Again. It does put it into perspective for me that my debt is not that much!
Well man. We must just keep working and growing together on Hive and beat these debts!