Can you answer any of the questions in my financial outline before I share it with my Financial Peace University coach / instructor? Also, how would he likely react to this?
Topics to go over with Financial Peace University Coach Jon Carothers in a 1-on-1 Zoom consultation meeting
========== I. Spreading around my emergency funds onto several accounts
A. $1000 on my Able Savings (Fifth Third Bank)
B. $500 on the One (soon to be renamed OnePay) prepaid debit card obtained at Walmart
C. $500 in the hidden Emergency Savings account at Central National Bank
D. $500 in the hidden Emergency Savings account at Heartland Credit Union
E. The idea is to make my emergency funds not as easy to obtain as they would be if they were all in one account.
F. Your thoughts on that strategy?
========== II. Quitting the mobile FPS game "World War Heroes" for the new year because it kept nickel-and-diming me too much.
A. $30 for a high-powered sniper rifle, for example
B. Uninstalled it for a New Year's Resolution
C. I still play other mobile app games, and almost all app games have premium gaming enhancements that cost real money.
D. Got stories to share about how mobile app games carried the players' finances away?
========== III. Maxed out my student loans for several semesters hoping and assuming the world would end with the Mayan Calendar.
A. Paid off a credit card with it
B. Paid for a laptop with it that I got rid of more than 17 years later
C. Paid for a study trip to Japan with it
D. Paid off the remaining portion of a car loan balance with it
E. As Mom would quote, I sometimes "partied with it."
F. Had racked up over $120k after interest, thinking the end of the world would cancel all of it.
When the Mayan Calendar's end on 12-21-2012 came and went without incident,
i. I decided to keep taking classes indefinitely just to defer student loan payments
ii. I needed to take a minimum of 6 credit hours to defer all student loans, federal and private
iii. When financial aid ran out, I kept paying for 6 credit hours of community college courses with my personal funds
iv. When I no longer had a job and only had SSI, I kept charging 2 JuCo classes per semester onto a credit card.
v. When the balance hit $3500 of the $5000 limit, I chose to stop attending classes to not accrue more debt.
G. When the 6-month student loan repayment countdown started ticking:
I looked for solutions frantically
i. When I suggested to Mom that she re-mortgage the house, she said "Can't do that."
ii. I asked her to cash out in 2017 a small part of her 600-bitcoin investment she told me about in 2014.
a. She didn't know what I was talking about.
b. When I reminded her that she told me in 2014 she had invested 600 bitcoin in 2011, she said she was only joking.
c. Her 600-bitcoin joke must be the most expensive joke ever made in my family. That joke is worth $60M today.
2. I researched fleeing to a new country to escape my loan creditors.
i. However, my SSI would've stopped depositing after leaving the USA for over 30 days.
ii. Norway, my favorite country, would've rejected all Americans' economic refugee asylum applications within 48 hours of submission.
iii. I had ancestry from Germany, but documents of that side of the family were destroyed in WW2, otherwise, I could've had a shot at emigrating to Germany based on ancestry.
iv. I had ancestry from Denmark but was too distant of a descendant to qualify for emigration based on family ties
v. I had ancestry from Ukraine and Russia, but they would've been rougher countries to live in even before the war.
vi. Mom is from Korea, but she had to be at least 65 before she could qualify for a dual citizenship that would enable her to resettle me there.
a. Also, there is that specter of a new war erupting with North Korea someday.
3. No one would hire me after my last job as a debt collector with PRA Group only lasted 3 months in 2017, as many employers want a history of longer job stability.
i. I would gladly let my student loans go delinquent before ever applying for a fast food job, due to bad experiences at previous fast food employers.
ii. I heard a horror story about Wal-Mart confiscating an employee's 6-figure accident settlement, which dissuaded me from applying there.
4. I was considering letting a train run me over, as I lived (and still live) next to the tracks.
5. I slept as long as I could just to escape reality.
6. I called prayer hotlines twice a night for any miracle and divine intervention.
7. I found out about the Total and Permanent Disability (TPD) loan discharge application.
i. I maybe was told that due to my having SSI since 2005, so for 12 years by that point, it would result in an automatic approval.
ii. I filled it out and also had my mental health agency fill out their portion.
iii. The TPD applications for both the federal and private loans were a success!
H. After filling out the TPD loan discharge applications:
I felt the hugest amount of burden get lifted off of my shoulders.
2. Over $60,000 in principal and interest of federal loans got discharged.
i. There was initially a 3-year monitoring period.
a. That stipulated an income limit I had to stay under for 3 years or else the loans would be reinstated.
b. SSI fortunately didn't count towards the income limit; only a regular work income would.
c. The income limit went up every year due to inflation and COLAs (cost of living adjustments.)
d. I fortunately kept my income below that limit during those 3 years.
e. The 3-year monitoring period ended in September 2020, so I was finally home-free afterward.
ii. My payments would've otherwise been somewhere over $600/month had the grace period run out.
3. About $30,000 or so of private loan interest got removed, but the private loans themselves were only modified.
i. Their interest rates were set to zero.
ii. All previous payments toward the interest retroactively reapplied toward the principal.
iii. When repayments started on the modified private student loans, the principal was at $29k.
iv. The monthly payments on the modified private loans, when started, were $139.57/month.
v. If the grace period ran out on my private loans with no TPD application, monthly payments would be $601.55/month.
I. My student loans today
On loan modification, I had 3 private loans remaining.
2. The smallest of the three private loans was paid off in fall 2021.
3. I have two private student loans left.
i. One has a $7000 balance
ii. The other has an $8000 balance.
iii. The total owed is exactly $15000.
4. If the private student loans were the "Smart Option" student loans, they would've been eligible for discharge.
i. Why wasn't I made aware of these Smart Option private student loans when I was first taking them out in the 2000s?
========== IV. I plan to never retire; to keep working indefinitely.
A. However I am still interested in building up passive incomes.
This is so I can have backup income to fall back on whenever I'm in between jobs.
2. Other people could treat these as "retirement incomes."
B. I tried "simulating" retirement for 5 years in college, living off of SSI and financial aid refunds.
I got bored of not working, so I decided to work for the rest of my life.
C. If I get tired of a job after a long enough time, I may take a vacation for only a few years and then search for another job again.
D. I believe advances in medical science & research will find more cures for aging-related diseases.
Computers keep getting faster, and quantum computers are also advancing, so the pace of medical research will also accelerate.
2. When more cures are found for more aging-related diseases, we'll get to stay healthier and in a younger working condition longer.
3. Eventually, the pace of the advancement of medical science will be so rapid that ALL aging-related diseases will have cures, including the aging process itself.
i. I believe the ability to stop the aging process entirely and even reverse it, will happen in my lifetime.
4. So due to medical advancements, I'll never need to retire due to age-related medical reasons.
i. I plan to work until the "end of time" and also build up as many passive incomes as I possibly can.
========== V. The two remaining credit cards and my dropping FICO score.
A. I already cut up 7 credit cards (because my family mandated me)
But two were still on the way in the mail when I cut up the others already in my possession.
B. After closing 7 credit card accounts, I've already seen my FICO score take some dives.
I'm afraid of letting my FICO score dive some more from closing the remaining two.
C. One of the two credit cards remaining: Citi Diamond Preferred
Credit Limit: $3000
2. Current balance: $0
3. Introductory APR is 0% until January 2026
i. After January 2026, the regular APR will be 17.24%
D. The other of the two credit cards remaining: AmEx Blue Cash Everyday
Credit Limit: $2000
2. Current balance: $0
3. Introductory APR is 0% until April 2026
i. After the introductory period ends, the regular APR will be 23.24%
4. This is my first-ever American Express card.
i. I once read that while Visa is like the Toyota of credit cards, AmEx is like Mercedes-Benz. So I hesitate to give it up.
E. Are there any special tricks and tips on how to keep a high FICO score without having any credit cards open?
F. I'm afraid of possibly getting into another auto accident after I close the two remaining CCs and seeing my FICO score dive further
Because then I might not qualify for a low-interest auto loan anymore.
========== VI. My current income/employment:
A. My main income is as a 3rd-party delivery driver through Doordash.
The income is weekly and highly variable.
i. So it's not exactly practical to predict my future income well enough to put it on the EveryDollar app.
2. My usual goal is to make between $625 - $760 per week.
i. Most weeks, I meet that goal.
ii. In some better weeks, I may even exceed that goal.
iii. In some rough weeks, I fall short, especially if inclement weather or illness makes me stay home for an extra day.
3. I start and end my Dashes whenever I choose.
i. I wake up late and normally start Dashing after 1 PM.
ii. I normally stop the afternoon Dash at 4:30 to eat dinner at 5, up to 4 times a week.
iii. After resuming Dashing with an Evening Dash at 5:30, I keep going until sometime between 10 PM - 1 AM.
B. I also receive monthly SSDI through Social Security.
Not to be confused with SSI.
2. For 2025, my SSDI deposit is $608/month.
3. I don't have to worry about the $2000 resource limit now like I used to when I only had SSI.
========== VII. My car - the 2018 Toyota Prius Prime Premium
A. Has around 70,000 miles
B. Sticker price from CarMax: $23998
C. Purchased 9-25-2024
D. Monthly payment: $498.51/month
E. Starting loan amount: $27695.19
Included GAP Insurance
2. Included an AD&D life insurance policy for the life of the loan
3. Included Route 66 extended warranty
i. Good to 9-25-2029, or 120,000 miles, whichever comes first.
F. Have around $25k left to pay on the principal.
G. I mainly use it for my 3rd party delivery driving job.
H. Loan term: Up to 72 months
I. Heartland Credit Union auto loan APR: 7.49%
J. Did I get a reasonable deal?
========== VIII. My FICO scores
A. Experian: 764, as of 2-14-2025
B. Equifax: 774, as of 2-14-2025
C. TransUnion: 787, as of 2-14-2025
========== IX. Other debts not traceable by American credit reporting agencies
A. International/overseas debt
Softbank - for the Japan-only smartphone (Panasonic 920p) and monthly service
i. Last I heard in Fall 2008, after returning to the US from studying in Japan, I owed ¥76500.
ii. They have not tracked me down nor contacted the 3 US credit reporting agencies.
iii. I would have to call them again to ask what I owe now after well over a decade of added penalties and interest.
iv. I plan to look into paying them back after I'm debt-free of all domestic debts.
B. Debts to family
2001 Honda Accord
i. If I recall correctly, I owe about $4000 on it.
ii. After wrecking it in 2011, Mom told me not to pay her back with my financial aid refunds that I had at the time.
iii. She instead told me to wait to pay her back until I had a real working income underway.
2. Stove with glass cooktop
i. The replacement stove was $800.
ii. After smashing the glass top with a cast iron skillet in 2015, she also told me to wait until I had a real working income.
========== X. Health Insurance
A. It is a form of Medicaid called KanCare
B. Most procedures and prescriptions are completely free.
C. Chiropractic work isn't covered.
I go to the chiropractor maybe once or twice a year when my back bothers me.
2. My preferred chiropractor, Oz Chiropractic, charges only $25 for students, and $40 for the general population, the last time I got seen there.
D. I must stay under an income limit that normally rises due to COLA/inflation every year, to maintain my current health insurance status.
The upper income limit for Kansas 1619b recipients for 2025 is $50,882.
2. If I ever exceed that amount, I'll be faced with a "spend-down" which is like a type of deductible.
3. How do you feel about my plan to purposefully limit my income to maintain my health insurance with no deductible?
========== XI. Tithing and other charitable giving
A. I plan to tithe again after my student loans are finished.
B. I keep track of the back-tithes that I owe on a document on a phone app.
$1031 for the Salvation Army for 2024
2. $1446.50 for Church of God for 2024
3. Should I include my back-tithes in my Debt Snowball?
C. I plan to tithe 5% to the Salvation Army
$122 for January 2025
D. The other 5% will be tithed to my preferred church, the Church of God on 7th & Jefferson.
$122 for January 2025
E. I plan to donate to the Soup Kitchen (Christian Soup Ministry) after I'm out of all debt.
The $778 in back-tithes that would've gone to the Soulwinner's Mission Church can now go to the Christian Soup Ministry.
========== XII. How I save money so I devote more funds to my debts:
A. I mostly eat from free and heavily subsidized meal sources.
The Soup Kitchen (Christian Soup Ministry)
i. They normally operate on Mondays, Tuesdays, Thursdays, and Saturdays, and serve at 5 PM.
ii. The Soup Kitchen director has stated objections about my still eating there when I was no longer poor.
iii. But she lets anyone eat there, no matter where we are on the socioeconomic ladder.
iv. A few years ago, she said she'd even let President Biden and his entourage eat at the Soup Kitchen if they felt like visiting.
v. I started eating there in March 2018, when I was only living off of SSI.
vi. I kept eating there after getting new incomes because most of their meals tasted great and it's a great way to save money.
vii. After I'm debt-free, I plan to donate $1000 to them, and a new drinking fountain also meant to refill water bottles.
viii. Also after I'm debt-free, I'll eat there less often but I'll still come for their fabulous beef noodles.
a. No restaurant in Reno County serves beef noodles so I must come to the Soup Kitchen for them.
2. Bread & Cup
i. They serve at 5 PM on Fridays.
ii. Their meals taste superb most of the time.
3. Church of God on 7th and Jefferson
i. They serve after 12:30 service is over at 1:30 on Sundays.
4. Salvation Army
i. They serve Wednesdays at 5 PM, and then a Bible Study starts around 5:30.
5. Milestone Clubhouse
i. They operate 5 days a week on Mondays-Fridays, though they sometimes have socials on weekends.
ii. They serve lunches at noon and then box up leftovers for me and the other Milestone members to collect later.
iii. Their lunches are just $1 each, 50 cents if the leftover box is still there the next day, and free on Fridays after 2 PM.
6. Otherwise, I'd most likely spend hundreds of dollars a month on both eating out and grocery shopping.
B. Food Stamps (EBT)
I am allotted $23/month onto my EBT card.
i. I used to be allotted over $200/month until DCF found out I make too much money.
C. I drive a PHEV.
My 2018 Toyota Prius Prime Premium most often gets over 40 MPG and over 50 MPG in better weather.
2. I spend close to $25/week on fill-ups
3. I plug a charger into my car overnight each night.
4. I average between 3.5 and 7 cents per mile in fuel.
D. I don't own a home; I only rent an apartment.
It's only $450/month for a 2-bedroom.
2. Electric bill ranges from $100-$260/month.
3. All other utilities are paid for by the property management company, New Beginnings.
4. Maintenance and repairs are typically paid for by New Beginnings also.
5. New Beginnings properties are subsidized by tax credits.
6. I would only be interested in buying my own house after my income exceeds $100,000/year, post-tax.
========== XIII. My previous interactions with Ramsey Solutions
A. I called into your radio show identifying as "Lee," my middle name, sometime in Spring 2017. (Likely April.)
I read a question aloud off of my phone's screen on the call.
i. I asked something to the tune of "Will my student loans follow me if I permanently move to another country?"
ii. I don't remember who answered my question, but he sounded younger than Dave Ramsey, like a Millennial.
2. I searched for my call through some Ramsey radio archive website of April 2017 but had no luck.
3. I also searched through my old call recordings from that time but also had no luck.
4. Would you be able to ask the Ramsey Solutions call archivists to find and send me a copy of my call to their show?
i. I'd like to keep a copy of that recording as a type of memento.
5. They also mailed me a free copy of The Total Money Makeover, but I didn't start reading it in earnest until January 2025.
i. So it stayed on my bookshelf for nearly 8 years, collecting dust.
ii. When I finally got motivated to spend time in it, the stories were pretty inspiring.
iii. I'm handling my money differently now thanks to this book.
iv. What are some next books you'd recommend reading from the Ramsey Solutions bookstore?
6. I gave my name as Lee instead of Christian because I didn't want anyone I knew in real life to recognize my voice with my name.
i. At least when going over the subject matter of wanting to escape America to run away from my student loans.
========== XIV. If I share this outline elsewhere?
A. If any part of this outline was read on the radio show, what would the reactions be?
How would Dave Ramsey himself react?
2. How would George Kamel react?
3. How would the other Ramsey Show radio personalities react?
========== XV. My Crypto investments
A. On my Gemini account
ELON (Dogelon Mars)
i. 1,000,000,000 @ $200 total as of 2-16-2025
2. SHIB (Shiba Inu)
i. 10,000,391.057811 @ $159 total as of 2-16-2025
3. PEPE (Pepe)
i. 1,004,556.962025 @ $9.75 total as of 2-16-2025
B. On my Crypto.com account
LADYS (Milady Meme Coin)
i. 1,000,000,000 @ $48.52 total as of 2-16-2025
2. TRUMP (Official Trump)
i. 2 @ $36.74 total as of 2-16-2025
3. TONIC (Tectonic)
i. 1,000,000,000 @ $35.99 total as of 2-16-2025
4. CAW (Crow With Knife)
i. 1,000,000,000 @ $23.46 total as of 2-16-2025
5. VVS (VVS Finance)
i. 10,000,000 @ $22.59 total as of 2-16-2025
6. MELANIA (Melania Meme)
i. 10 @ $13.10 total as of 2-16-2025
7. COQ (Coq Inu)
i. 10,000,000 @ $11.07 total as of 2-16-2025
C. What to do with these?
When should I sell them?
2. How long should I hang onto these?
3. What should I do about these cryptos?
D. Any other comments and advice about these Crypto investments?
No comments:
Post a Comment