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Writing about money, starting a business, and getting out of debt.

My Life

A Beginning Manifesto

I am in debt. I’m actually not quite sure how much yet (we will talk about the details in the next post) but guaranteed it is at least $100K including both my husband and my student loans. Double that if you include the mortgage.And up until recently, I didn’t care. I pay my student loans every month, along with all my other bills. I spend a bit too much but we get by and I was ok with that.

Until I decided that I want to move to Canada. I’ve always wanted to live there, but now that my daughter is graduating high school I have the freedom to relocate without interrupting her education. So I researched the requirements to get a permanent resident visa for Canada. The important part – have a net worth of $100k CAD which is about $70k US.

I am not one to give up on my dreams. I will move to Canada. It is just going to take a little elbow grease first.

The Plan

I will be writing here about all of my adventures, struggles, and successes as I make my way to debt free.  I will give you regular updates as I make my way through this journey but each month I will do a review to give you specifics and track my goals.

The idea of these monthly updates will be to give an overview of:

  1. What has happened in the previous month?
  2. How am I tracking on my debt free goal?
  3. What am I going to focus on for the coming month?

Of course, that isn’t all. I have so much to learn: budgeting, saving, investing, and a few other things I’m sure. I need to figure out ways to increase my passive income. I’m currently a freelancer, but freelancing is what I call a 1 to 1 business. You get a client, complete the job once and bill that job once. Yes, you can work for a client frequently, but each assignment is a new piece you can only sell once. Passive income allows you to make an item once and sell it many times without any additional work. I love freelancing and not being beholden to a 9-5 job, but there are smarter ways to work than what I’m doing now.

At some point in the future, I want to learn about rental properties, but I am going to focus on debt reduction before I get into large-scale investing like buying an investment home.

I’m going to spend the next few days figuring out my finances, my debts, my assets and I will give you the first update.

 


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