Thursday, March 26, 2009

Debt Free (Almost)

I finally got back my tax return money today. After itemizing my deductions this year, I got back a sizable return this year. So what did I do with my tax return??? I resisted the urge to spend this extra money to buy stuff(or worse yet, finance more purchases), I ended up paying off all my US credit card debts. So now, all my credit card accounts have zero balances (at least in the US). 

My short term goals this year was to become debt-free by my birthday this July. I'm not just quite there yet. I still have some student loan debt from Canada, and now, my next goal is to aggressively pursue that and eliminate it off my account! 

For some reason, my credit card balances were never getting any lower, although I kept paying sizable payments every month (between 500 to 1000 dollars a month). After seeing my credit balances being racked up higher and higher, I finally decided to look more closely into it and try to reduce the debt that I owe. I made up a plan last November, and according to that, I would have been debt free by this July. I exceeded that target day by three months, and got to that state by the end of March. This means that more of the money I earn on a biweekly basis will be available to me for other activities (no - not shopping :P). I'll have more leftover to invest in both short and long term trading, after obviously, finalizing an investment strategy. 

About that investment strategy, I emailed a Financial Planner from Ameriprise Financial. I got his email from the Employee Network Discount site from my workplace. Lets see what he has to offer, as a financial planner, and I have to check out whether the Employee Discount will give me a definitely advantage or not. 

I have to be careful now, to not let the euphoria of a 'zero' balance let me get carried away and start racking up debt knowing that I can pay it off :P. Knowing me, I think thats highly possible, and so I have to be careful!! 

I haven't been blogging for a while now, I was just a little busy over the last few weeks. Hopefully, I can resume my blogging career now :P. I need to post some more info on badminton!!