The Road to Financial Armageddon #9: The Road to Recovery
I always think that the story is somehow related to me until it came to this one "The Road To Recovery". Yes, it said a couple options that the author did to solve his financial problems, but it didn't seem so realistic about how it worked out in short period of times, and how his wife responded to their financial issues. Yes... He didn't even talk about his wife.
I would love to know what exactly he did to solve all his problems.
1. He laid out every single expense he had each month and asked myself what he could do to reduce them. Reducing the interest by 75% is really what I want to know HOW!
2. He set up a loose monthly budget that he re-evaluated and tightened at the end of each month. I think I did this part very good now.
3. He put strong caps on all of my frivolous spending. I put enough efforts on letting myself to spend on things that we could afford.
4. Making clear short term goals for myself. Two month emergency fund sounds great. But what it is? How do you estimate for it? I really start thinking about this question very hard.
5. He began to build up some savings so that disasters wouldn’t derail him. The author mentioned about opening up a high-interest savings account and set up an automatic deduction plan so that the money would simply move automatically into savings. I read this from The Automatic Millionaire. But what is high-interest savings account? How much interest is high? How does it work? I start getting my head spinning round and round and round...
经济计划
要开始了吗？
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