October 2018 status: A mess

Re-reading this title, it sounds more negative than the actual reality. I’m OK overall, I am healthy, I still have a job, and I still have a plan.

But since the Q1 of this year, I’ve deviated from the plan and the purpose of this blog quite a bit. To put everything in context, and calculations will follow in the next few days, but my current net worth might be negative. And the worse part is that I’m not yet sure how that happened.

Since writing the last post on this blog, I have traveled a lot, including to 8 new countries. This, and a few messed up relationships might have played a big part in building up debt. Lessons learned!

So, a short term plan to get back on track looks like this:

  • I took a consolidation loan, to pay off my credit cards / overdrafts. Overall interest went from 24% to 8%
  • I’m cancelling credit cards, one by one (it seems like I can’t control the temptation of a large credit limit)
  • While I’ve been using Yolt┬áto track spending, it’s useless for budgeting. I’ll switch to something else, likely YNAB. Or good ol’ Excel
  • Apart from visiting family, I am not planning to travel until all debt is fully paid off.

I’m also working on a secondary stream of income from swing trading, but this is a long (12-18 months) term plan, and won’t fix my current problems. More details to follow in the next months.

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