Student Loan Payoff Progress Report – June 2015

studentloanpayoff I didn’t make any progress on paying off my student loan this month. Since I’ve been unsuccessful in finding a job and haven’t been making much money from my other endeavors I was only able to make the minimum monthly payment of $183.16. Since my loan accrues $21.26 in interest each day my loan balance has increased a few hundred dollars this month. That isn’t the direction I want my balance to go. I probably made a mistake by taking out the credit card balance transfer loans to pay down my student loan when I didn’t have a job. I felt certain I would have a job soon. Unfortunately, that feeling was wrong.

For now, I think I need to put my goal of paying off my student loan on hold. I need to concentrate on paying my monthly bills and putting any extra towards paying down the balance transfers on my credit cards. If I’m not able to pay them off before the 0% promotional rate ends then I’ll be stuck paying a ton of interest. That is why paying off the credit cards needs to be my priority now. Next month I will be getting three dental implants which will cost me $2700. The money I had set aside to pay for the implants has gone to pay for my medical bills from being hit by a car and another medical problem. Unfortunately, it doesn’t appear that the driver’s insurance company is going to offer me a fair settlement so it could be quite a while before I’m reimbursed for those medical bills.

In order to make decent progress on paying off the student loans I need to find a job making $60,000 or more. Although I’m confident that I will eventually be able to find a job I seriously doubt that I’ll be able to find a job paying that much. That is waaaay more than I have ever earned before. A more likely scenario is a job that pays around $40,000 and I make the rest of the $60k from other sources such as blogging, Amazon FBA, and Uber. Until I’m able to significantly improve my financial situation I will need to keep the student loan payoff on hold and concentrate on paying off my credit cards.

Weight Loss Bet – 5 Month Update

Before I get to the weight loss update I want to give an update about the blog’s appearance. When the latest edition of WordPress came out I updated and noticed that all of the comments on the blog were no longer visible. I couldn’t figure out how to make them visible again. I figured it had something to do with my Thesis theme so I attempted to update to the latest version of Thesis. I was able to upload it, but kept getting an error message when trying to access the manage skins tab. This meant that my site was a blank page so that wouldn’t work. After several hours of trying to get my comments restored and make the them work I gave up and decided to just switch themes. I’m now using the free 2014 theme that comes standard on WordPress. Although it doesn’t look great it looks good enough and I don’t want to spend any more time on the blog’s appearance. The site should at least function correctly now. Let me know if you have any problems with the site and I’d also like to get feedback on the new appearance.

I now have less than one month left on my weight loss bet. The bet will pay me $3600 if I manage to lose the weight ($3000 of the amount is my own money being returned to me) and if I don’t manage to lose the weight I’ll be out $3000. The idea behind the bet is that the prospect of losing $3000 will motivate me to lose the weight.

After backsliding a little earlier in the month I now have less than ten pounds to lose. I’d prefer to have already lost the weight rather than taking to the last-minute to lose the weight, but I’m still confident that I will lose the weight. I’ve been experimenting with a low carb diet the last three days and I’ve lost over a pound a day on the diet. If I’m able to maintain that rate of weight loss I’ll easily lose the weight in time to win the bet. There is a two-week weigh-in period that starts on September 23. That day also happens to be my birthday. It would be pretty sweet if I could meet my weight-loss goal on that day. I’m making that my goal now. I’ll update you when I have met the goal.

Weight Loss Bet – Four Month Update

Four months have passed in my six month bet to lose thirty pounds. The bet will pay me $3600 if I manage to lose the weight ($3000 of the amount is my own money being returned to me) and if I don’t manage to lose the weight I’ll be out $3000. The idea behind the bet is that the prospect of losing $3000 will motivate me to lose the weight.

My starting weight was 226 pounds so I need to get down to 196 pounds to win the bet. Last month I weighed 211.4 pounds so I had lost basically half of the weight I need to lose. This month I weighed 210 pounds. It is good that I lost weight, but I need to lose weight much more rapidly if I am going to win this bet. I still have fourteen pounds to lose in two months. Losing seven pounds a month will not be easy. I’d like to have a little safety margin so it would be better if I could lose eight pounds each month.

Despite the slow weight loss after the first month I still feel that I can lose all the weight. This past week I did great at exercising and eating better and lost four pounds. I just need to continue doing that and I will win the bet. Taking the necessary steps to lose the remaining weight isn’t that hard, but it isn’t easy either. When I’m tempted to skip my exercise or eat junk food I just have to remind myself that I have $3000 on the line. Momentary pleasure is not worth losing $3000. I’ll have another update at the end of this month. I hope to report that I have lost the entire thirty pounds or close to it.

Weight Loss Bet – Halfway Done Update

As of July 10 I was halfway through my weight loss bet to lose thirty pounds in six months. I have bet $3000 that I will lose the weight. If I manage to lose the weight then I win $600 plus get my $3000 back, if I don’t win the bet then I lose $3000. I have since found out that the max you can win in addition to the amount you bet is $600. If I had bet $600 I could have won $600 for a total payout of $1200. That is obviously a lot better return on investment than my bet. The extra $2400 I bet wasn’t totally without benefit though. I was able to place that bet with a 2% back credit card so I did get a nice amount of credit card rewards from placing the bet. Additionally, the thought of losing $3000 scares me a lot more than the thought of losing $600.

My starting weight was 226 pounds so I need to get down to 196 pounds to win the bet. At my July 10 weigh-in I weighed 211.4 pounds. If I round that down then I have lost a total of 15 pounds in the first three months. That means I have lost half the weight I need to lose and am exactly on track to lose thirty pounds in six months.

However, I would like to lose the weight before the six months is up. Not losing all the weight until the last-minute doesn’t give me any margin of error in case something goes wrong. Ideally I would like to have all of the weight loss by the end of August or early September. After a strong start of losing twelve pounds in the first month my weight loss has been very slow the last couple of months. I am going to continue to try to lose weight while I’m working, but I don’t think I’ll be able to lose weight quickly enough while working. Therefore, once my current work project is finished I will take some time off. I plan to give biking the Katy Trail another try. I know from past experience that I can lose weight quickly from hiking and I think I should experience similar weight loss from biking. It will be hot for biking, but it would be worse if I was hiking. I’ll update my bike plans once I know when the bike ride will be.

July 2014 Goals

My goals for July are going to be the same as my goals for June. I’m going to just keep making the same goals until I do a satisfactory job of meeting the goals. If you don’t remember from my previous posts the goals I’m referring to are exercising for 30 minutes or more  and writing 1000 words or more at least five times a week.

I kept track of how often I met both goals in June thinking that it might help me to make goals more often. That didn’t prove to be the case. There were only five days in June that I met both goals. One positive of keeping track of the goals is that I know exactly how poorly I did on making the goals. It is easy to see that there is plenty of progress to be made. If I can just meet my goals more than five days in July then progress will have been made.  I didn’t keep track of how often I met just one of the goals. There were many days that I exercised at least thirty minutes, but didn’t write 1000 words. This month I will keep track of both items so I can see how I’m doing on each goal. I’d like to get these goals to where they are just an ordinary habit and then I can add some more goals.  I am working this month, but that isn’t a good excuse for not meeting these goals. I know there are lots of bloggers out there working full-time or longer hours and getting more done than me.  It is entirely possible for me to achieve both of these goals and still have plenty of leisure time.