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This year has already been difficult in many ways. So I’ll have to unleash a whole lot of not great news. Of course, everything is down right now. And I’m fighting my HOA about a roof repair and thinking about renting an apartment nearby and trying to sell my current place.
All that’s been going on in the background as everything I’ve worked to save in the past year or two has been wiped out in the stock market. I’m hoping I can sell before my property value suffers too much. I will never, NEVER live in a place with an HOA EVER again.
That said, I’m grateful to have a job that’s allowing us to work from home. But this – all of this – moving, renting, selling, and making repairs to my current place (including the roof and ceiling!) are going to cost me everything I have. Like, everything.
But I have to try.
For a second, my finances are going to spin out of control. And oddly enough, it’ll all be OK.
In This Post
March 2020 Freedom update
It’s totally unreal everything that’s happened since my last Freedom update. Things were on the up and up. And now… who knows what’s going on.
While I’m still contributing to my 401k, I’ve resorted to paying the minimums on my credit cards until some dust settles.
You see, I’m trying to rent an apartment nearby, repair and sell my condo, and move. And contractors and movers want cash. But once I sell my condo, I *should* have enough to pay it all back and then some.
I’ve missed writing here. Most days and nights, I’m consumed with thoughts about money and my living situation, and of course… the pandemic. I oscillate between living in fear, wanting to fight back, and a slough of despond. But I bucked up and:
- Started a petition to impeach the entire board 💪
- Got my realtor on board 🏡
- Looked at apartments around Dallas 👀
- Contacted movers 📦
I still need to repair the ceiling and a few things around my condo and move and rent an apartment and all the fees that requires. 😰
And god, I just want out of here. 😔
Maxed out my 2019 Roth IRA
Before this virus saga, I managed to max out my 2019 Roth IRA. And then promptly lost all of my contributions. 🤦🏻♂️
After I sell my place, I’ll use the money to:
- Max out my 2020 Roth IRA
- Pay off all my credit cards
- Fill up my savings account with an emergency fund of $20,000
In essence, selling will give me all the money I need to fulfill my financial goals for the year – and hopefully with a little left over to buy a single family home in the Memphis area. But like so many things right now, the situation is fluid – and time will tell. It may even be a pipe dream.
Credit cards on the wayside, cash is king
Until everything is fixed, I’m moved into a new place, and everyone is paid, I’m letting myself carry some credit card debt. These are fees I’ll have to eat, as much as it pains me. But everyone wants cash, so it’s the thing I need most to rearrange my life right now.
So I’m saving my paychecks. And I’ll use the remainder to make payments later.
I feel like I’m trying to stop spending, but it’s hemorrhaging, and I’m sliding into a tailspin. Which means, ugh, this next chapter is going to cost me.
Down down down
Time for the good bits. Let’s see how fast and far I’ve fallen since this same day last month.
|Roth IRA 2019||$6,000||$5,180||+$820||$6,000||COMPLETE!|
|Roth IRA 2020||$0||$0||xx||$6,000|
|401k||$5,155||$6,673||-$1,518||As much as possible|
|Overall investments||$60,924||$88,151||-$27,227||As much as possible|
|Net worth in Personal Capital||$112,682||$137,885||-$25,203||$500,000||Track your net worth with Personal Capital|
Nothing here is surprising. It does sting to backslide so much after trying so hard. But this is temporary and it will bounce back. (Right?)
I’m going to get back to where I was over these next months. It’s gonna be sloppy and won’t look good – on paper or in reality – but that’s what it is.
I’m banking, literally, on selling this condo to normalize my finances. Praying to all the gods it sells fast in this current environment. I’m prepared to give someone the deal of a lifetime.
- Pay off my credit cards, once and for all
- Supplant my savings
- Max out that 2020 Roth IRA
- Ramp up my 401k savings, provided I still have a job by then
- Keep on keeping on
And if I can’t sell it, then I’ll deal with that when it happens.
In any regard, I’m so glad to be writing here tonight. It feels so incredibly good to write. I’ll have a lot to report over the next little bit. All the good stuff and all the bad. This is my chronicle and my witness.
If I had to summarize this entire post, it would be:
I’m in a rough patch (like so many others) and the next few months are going to be more rough patchiness. You know those long hikes that have an infamous section known for being super shitty, but afterward the views are amazing? That’s how I feel right now.
Ultimately, I have to do what makes me happy. And I keep reminding myself: it’s just money. At its core, money is a tool to move situations along to their conclusion. That’s how I’m viewing all this. And I can always make more of it.
It does feel so good to write. I promised myself I would write my way through this, and then I just… didn’t. Energy has been so low. My writing means to much to me and I never want to write if it’s not going to be energetic. I’m glad it’s here to ground me now.
Money aside, I am safe and healthy. And in the end, that means more than any stock market crash ever could. I will pay some fees and interest, which I promised myself I’d never do. But we’re in uncharted waters and I need cash on hand. That’s just how it’s gotta be.
So I’m sure this crash in my Freedom update isn’t surprising. But I’m counting my blessings anyway. Once this all blows over, I can recollect, turn around, and enjoy the view from how far I got. This is just the super shitty part of that amazing hike into the mountains.
I’ll keep writing my way through this. Thank you for being here. Sending love and light to your home – may you be safe and blessed. ✨* If you liked this post, consider signing up to receive free blog posts in an RSS reader and you’ll never miss an update! And thanks for using my links to apply for new card offers!
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