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On second thought

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I have been doing ALOT of self reflection these past couple of weeks. Like ALOT! Even more time in my head than ever before. And typically this would be dangerous ground for me especially in this season of loss.

Don’t get me wrong, I have spiraled down into uncontrollable sobbing on multiple occasions. And have been very tempted a couple of times to make some really terrible decisions. A couple of things have helped…

  1. I legit sprained my ankle a week back, right after my uncle’s funeral. So even if I was tempted to get out of the house for whatever reason, I didn’t. It just hurt to bad to put on shoes, let alone walk or stand.
  2. My son is watching me like a hawk. Gymnast has been watching me closely for my reaction and mental health. I know he’s worried about me, even if he would never admit it. And I’ll be honest, I probably wouldn’t have eaten much this week if he hadn’t taken caretaker duties to some extent. While I hoped this would be a healthy positive relationship, an example for my kids, instead, it’s a lesson to us all.
  3. Focus. I have kept busy by working on our New York trip, working, and making travel plans for me alone.

Despite all this, it is so hard. My heart hurts. My self-worth and confidence is in tatters. And as much as I preach to myself…”this is a reflection on his character, not mine”, ugh, it just feels terrible. All my hopes and dreams and plans, just thrown out like the garbage.

The book I’m reading, thought, wow, just wow. Highly recommend if you are facing any sort of transition or trauma. It has spoken to me on so many levels, given me perspective that I never even considered. (I read Chapter 5 today, which is all about forgiveness and how it is so important. I am floored and humbled and know that this was the book I was meant to read at this stage in my life.)

At the same time

Meanwhile, there are other things going on that require my attention.

  • Gymnast has completed his high school requirements. He has a semblance of a plan. And I need to help guide him.
  • History Buff and his girlfriend of 5 years ended their relationship over Thanksgiving week, and he is floundering like I am especially with her very public reactions. (I will not tell their story, but he and I are grieving albeit very differently over the same loss of dreams and heartache.) And he needs to be surrounded with support right now too.

Tearing myself apart

In both cases, they have helped me recognize some failures in my own life. I have been too divided for far too long.

Do I rebuild my business or return to corporate?
Do I do both? And burn the candle at both ends?
Move to this tiny town where the financial benefits will be amazing for the family?
Don’t move to this tiny town due to racial profiling and tensions, but then deal with never ending financial pressures as an under-employed single mom of five kids?
Homeschool or public school?
Prioritize my debt payoff or follow my heart with regards to my finances?
Travel or pay off debt?
Find a new job, pay off debt, travel?

I have literally torn myself apart over the last dozen or so years trying to do it all, be it all. With no sounding board, other than this community. No looking glass to know what the future holds. And with regrets abounding on so many levels.

As a result of these divided priorities, I have a floundered with indecision and without a clear path for far too long. It’s time for that to be over. It’s time for me to stop waiting and return to making decisions.

My advice

This has made advising the boys very easy. And given me direction that I have long needed.

Determine: What is your #1 goal right now?

Then do everything and anything to pursue that goal. Don’t worry about what the world thinks. Don’t worry about who is watching. Don’t worry about who sees you. Just go after it with everything you have got until you achieve it.

This focus changes the story for me. It affects my budget, my day to day life, and my mental health. All in really good ways.

So back to the drawing board on my 2023 budget. But for the first time, in a really long time (at least a year since I began floundering in my work environment,) I feel energized and focused and a bit like myself again. I’ll update you on the boys’ focus at a later date. I see big things coming especially for History Buff who has struggled a lot over the past 6 years.

 

 

Personal Finance Learning Goals for the New Year

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Personal finance learning goals

As the new year approaches, I’ve been thinking about how I can get better at managing my money. I’ve been a personal finance writer for over four years, which has helped give me a decent financial foundation. 

I feel like I’ve gotten a pretty good handle on financial basics like budgeting and saving. However, there are still things I want to learn more about. I feel like my knowledge of certain aspects of investing and taxes could definitely be improved, which I plan to work on in 2023. Here are my personal finance learning goals as we head into the new year. 

Taxes

I’m lucky that there are many tax and financial professionals on my partner’s side of the family, so I don’t handle my taxes and get free help. However, I want to start taking more responsibility for my own taxes. Although I know many other self-employed writers outsource their taxes, it almost feels hypocritical to write articles about how to file a tax return when I don’t do it myself!

I think what’s been holding me back is that taxes feel “scarier” than other aspects of personal finance. There are consequences and penalties for messing things up and underestimating how much quarterly estimated tax you need to pay. It feels safer to have someone else who’s a professional handle it, but that just seems like passing the buck. This year I want to face financial fears like taxes and become more self-sufficient. 

Investing

Another area of personal finance that I’m a bit uncomfortable and out of my depth with is investing. The main way we save for retirement is by investing in Vanguard target date funds through my spouse’s employer-sponsored 401k. We don’t do much investing outside of this. We aren’t enrolled in my spouse’s ESPP and I don’t have my own retirement accounts set up yet, which I need to work on in 2023. 

Again, I think the main reason why I’m intimidated by investing is that I don’t want to mess things up. There’s a real risk of losing money in the stock market if you purchase the wrong securities. I know better than to try to time the market, so I don’t want to learn day trading or become an active investor. I still want to buy and hold securities over the long haul, because I believe that’s the best, safest, and most reliable way to build wealth. 

But I think I want to diversify our holdings and invest in other assets besides Vanguard mutual funds. I want to learn how to create a balanced portfolio of stocks and bonds on my own instead of relying on Vanguard to do the heavy lifting for me. 

I also want to look into alternative investments like gold, REITs, and buying shares of farmland. I’ve heard that alternative assets can be more resilient during recessions and periods of high inflation. So I want to do some more research and see if it might be worth investing a small portion of our disposable income in nontraditional securities. 

However, I’m still going to stay far away from crypto and NFTs, which have never made much sense to me. Crypto doesn’t seem like it’s backed by anything and has always felt like speculation, so I avoid it. 

Wills

My spouse and I haven’t created wills or done any sort of end-of-life planning. The most I’ve done is sign up to be an organ donor. While I know that we’re young, we’re also starting to accumulate more assets. We’ve paid off about $30,000 of our mortgage, we have a fully funded emergency fund, and our 401k balance is starting to grow.

If both of us died, we’d probably want all of our assets to transfer to my spouse’s mom, who isn’t as well-off as my parents due to being a single mom for many years. As of now with no will in place, I’m not sure where our assets would go. So I want to learn more about end-of-life planning this year and maybe tackle putting together a basic will.

Healthcare and Insurance

Healthcare and insurance is another topic that makes my head spin! My spouse is the one who pays our medical bills and deals with insurance. A few months ago, we discovered a billing issue on one of our medical bills. Some basic outpatient lab work my spouse had done was miscoded and was several hundred dollars more expensive than it should’ve been. We didn’t pay the bill and my spouse is still fighting with the hospital to get the issue resolved.

When it comes to insurance and billing problems like this, I’m totally clueless. I’m not sure I would’ve even spotted the coding issue on my own! I want to be able to help more when problems like this arise, so I’m planning to do more research on health insurance and billing in the new year. Eventually, I want to take over and handle insurance-related phone calls since I have a more flexible schedule due to being self-employed.

Considering New Side Hustle Ideas

I don’t always have time to work side hustles. There are only so many hours in a day. But there is a new side hustle I’m considering due to the fact that superhero films are so popular – flip old valuable comic books for a potential few bucks.

Find Old Comic Books to Flip

I am not a comic book fan. There is a lot I need to learn about the fan culture. There is a big fan market out there where nostalgic collectors pay big bucks for specific comic books. I’m learning that one doesn’t need to be a comic book expert to understand what makes a comic book look like an investment.

They should be rare. Or be in good visual condition with no aesthetic damage. Or signed by a creator or feature an important storyline. If you have a stash of old comic books and want to quickly vet them, there is a way to check their current market value online for free.

There are plenty of good online comic price guides, you just need to find them.

I use it to vet old comics I find. Stay humble – you may only be able to make a few bucks at best or a few hundred if you’re lucky.

Share Your Thoughts

Do you have any financial weaknesses you want to shore up this year? Are there any aspects of personal finance you want to learn more about? I’d love to hear your thoughts in the comments section below! 

Read More

Hope’s Budget – Almost Empty Nest version

My Financial To-Do List

All the Holiday Things!

5 Best Comic Book Storage Boxes and Bins

6 Best Comic Book Display Shelves