Got a great nights sleep last night on a real mattress for the first time in a while. Selling went very well yesterday, should get a sale in that area by Thurs. I’m around P-town today, then driving down to California tonite. Gonna be a long day. I’m excited.

If you get a chance

I really hate asking for a vote like this, it’s kind of like asking for money indirectly, which I am definitely NOT about. But, I am pretty close to winning this contest, I just need a good 20 or so more Yes! votes.

Do you recommend debtkid.com for dtcc Bloghunt?

It’s a grand if I win.

What should I do with 1K?

What should I do with the $1000 if I win the contest? (please vote!) Should I use it to find a place to live? Pay down some of my debt? Use to pay the lawyer for my Ch. 7 case? Pay 1K to my Mom?

I'm 300K in debt. Gulp. I'm 24 and day traded away a fortune. Now I'm trying to crawl back to zero. Why not subscribe to my RSS feed and join me on this journey. You can also subscribe via e-mail. I appreciate tips and feedback! ~ DebtKid

I can’t sit around waiting to get new clients for my new project (Plan B project). After two weeks our first client is very, very happy with the results. So, its time to go get some new ones.

Going on a road trip

I do well cold calling. But our new service is pretty expensive and so I really need to meet potential clients face to face to close the deal. Thus, the sales trip next week. I’ll be going from Seattle down to California and back. 5 days, 7 cities, 70 leads, and a sales goal of 7 new clients.

I’m obviously not able to spend much on the trip. I’ve got two cheap hotels lined up that I need to book tonite, but I may just spend the nights in my car. I’ve done it before, and have a decent setup that’s worked. We’ll see.

This is a big trip for me. If I can even pick up 4 new clients using this new sales process the trip will be a big success, and I have 7 other mini-trips lined up around the country I could take. I haven’t sold in person for a while, so we’ll see if I’m rusty or not. I feel very confidant in our service though, and know if the client just gives us a shot they will be very pleased. The potential of this new project is much greater than I originally thought. I’ve got 1 client. I need 100.

Bad Press

I noticed some not so flattering reviews of this site as of late. Some had fair points, others had no clue what they were talking about. Regardless, I have no intention of this place turning into some casey serin fiasco. I saw what happened when I wrongly thought about challenging him. To me, this journal is a way to keep me on track and organize my thoughts. Anyway, I may make the journal private going into the future. I’m not sure how to do that quite yet (and still maybe let registered readers continue to read), I’ll look into when I get back.

Goal = 7 New Clients!

I checked out two potential places to live this week. Both would be large enough to run my business comfortably (and both were OK when I explained what we do), and live simply.

One sucked, and one was amazing. The problem is that the amazing one is an actual apartment (not a sublet) and I had to fill out an application.

Can you beat this?

I’ve been working on getting all my Bankruptcy documentation together and everything is looking pretty good on that front. I purchased a cheap credit report (I had already used my free ones this year) to double check everything for the BK petition. Apparenty, my credit is “bad”. See, they even told me so:

This is no shock to me at all. I just loved the very blatent “you suck” of the picture. Oh well, I’m an all cash guy for a long time anyway. Sigh.

Life at the office

It’s now day 25 of living in my office, and it’s starting to wear me down a bit. I knew this would happen, but I figured I had a few months before it would really start effecting me (bear in mind, I have no mattress, just a camping pad and blankets). My productivity has been way down this week, mostly due to just being exhausted and stir crazy.

I’ve discovered a few things:

• I don’t love milk as much as I thought
• Who needs butter anyway?
• The thing I really miss is cheese.

Living where I work to working where I live

I decided to go with my gut and apply for the apartment place. It’s 2 bd, and the guy was cool with my running my business from the location. The problem is the application. It’s going to a tenant screening company and I’m sure I’m screwed. I wrote a great cover letter on why I would be a great tenant, but I imagine to hear a rejection from them tomorrow. But it was worth a shot.

If I can find a place for both my business and bed (not that I have one yet) that only runs 300-400 more than my current office I will consider that a success. Housing in Seattle is insane, especially studios/1 bedrooms. If I get denied on this app, I will be looking exclusively at sublets.

Biz Update

Business revenue continues to be pretty stable around 7K a month. My newest project is going really well, and even though we still only have one client, that is by choice. I’ve been really trying to refine our system for our one client, and if we do well (we already are), it could lead to referrals galore. This is my Plan B project.

My Plan A (my plans for getting out of all this debt!) project is about ready to launch soon as well. I’m very excited about the potential of this project, but it won’t generate any real revenue til Nov. at the earliest. Thus, the forey into a different niche with Plan B project!

A few things I need to decide this week:

#1. Should I consolidate my office into a “home office”? I’ve been in this building for over 2 years now. My office space is a good deal, but with only 2 full time employees (myself included) and one part-timer, shouldn’t I work from home? I’m looking at a place tomorrow that would be larger than my current office (yet also provide a “real” place to live. ahh….a real mattress!).

#2. Can I file Chapter 7 Bankruptcy? We are getting to crunch time now on the BK filing. If I’m going to do it (I have to at this point, it’s the only thing that makes sense all around) I need to get it all figured out this week. I made more progress on the paperwork today, but it’s difficult finding time when my employees are not around (and I have a friend visiting from out of town! yikes…)

#3. Can I win the contest at DCC? (go here to vote for me, please leave a comment too!) If I can win that contest I may just have enough money to get a place I’m looking at that could hold both myself and my business! (for only $200 more. IE, with no business lease @ $800/month this place would only cost me 1K/month, and allow a place for my business and personal life!). Obviously I’m hoping I can win this contest!

#4. Will I ever be back to my “old self”? I don’t think so. I don’t think I want to be. As I slowly shed every piece of my former life (big house, lots of crap, fake relationships, fancy office?), I’m feeling more and more genuine and real and honest…and it’s wonderful.

#5. Will I ever make it out of this hole? I don’t know. I’m still so right on the edge right now….

What do you think?

Should I ditch my fancy office (none of my clients are local, all my workers mostly sit at a desk all day and work on the computer and talk to clients over the phone)? I’m leaning towards yes here…if I can find the right place (and come up with the money).

It’s been a really long week.

I have yet to get over 8 hours of sleep a single night this week. I know that’s not a big deal for most people but no sleep turns me into a cranky monster. Worse, my motivation level goes down the tube and I can’t get much done at work.

So, I’m going to try and take a nap today. I took a little one on Wed, and it was wonderful, and I came back to work refreshed and ready to go. Even if it was in the back of my car! I found a pretty comfy (relative) position with my seats laid down and a sleeping bag. And since it’s been cooler here in Seattle lately, I don’t burn up. So, yeah…..ahh, that sounds nice. I have a meeting in an hour, then I can come back and sleep a bit.

Business Update

Business stuff is crazy right now. Crazy. I’m getting ready to launch my main Plan A (for getting out of this mess) project in the next few weeks. My office has been working on this project for the last 6 months almost, and I have a ton riding on it. It needs to go well!

Debt Update

I plan on getting my bankruptcy filed by the end of the month. I have a friend coming into town this weekend (I couldn’t get him not to come visit…), so I’m going to have to not work for a few days. Maybe it will be good for me…but I really don’t have time. I’ll not work all the time someday, just not now!!!

Also, once I get the BK filed, I should have a nice updated debt spreadsheet. Then it’s on to attacking my business debt, assuming everything goes smooth (unlikely) with the (hopefully) chapter 7.

Other Stuff

• Still No BOA checking account ATM card yet. I have an account, but no way to access it yet.
• If the 4th of July girl would even go out with me….when would I have the time. : ( I don’t need money for great dates…but I would need time….

*This was a post I wrote for Lending Club (I’m a guest blogger for them now!). I don’t think it was quite what they are going for, so I figured I’d post it here rather than let it waste*

Making mistakes with your money is pretty easy to do. A department store credit card here, a financed 60” plasma TV there, and next thing you know you’re thousands in debt with not a spare knut or sickle to your name.

In honor of Harry Potter (just in case he dies) I’ve decided to go with Potter themed analogies to help lighten up these 3 unforgivable money curses, um, er, I mean mistakes.

Muggle Money Mistakes

#1. Buying a Firebolt, when you really just need a Cleansweep

When I was 23 I bought a nearly half-million dollar home because I could. A year later I was short selling the home to avoid foreclosure. Sometimes, just because you can do something financially, does not mean that you should.

Think you need a new car because your best friend just got one? Think again! Buy used, save the difference and see who’s doing better in 5 years. You’ll be pilling up the galleons (loads of cash) while your friend is slaving away in the kitchen cleaning treacle fudge out of the dishes to pay down his now 5 year old car loan.

Remember, if you want to pass your O.W.L’s in finance, you need to think about the long term effects of your financial decisions, not just the short term.

#2. Not depositing your Galleons at Gringots regularly

For many of us muggles, saving money isn’t easy. We often (especially the younger ones) think that we’ll save later, and just live for the moment now. It’s a bad habit, and if you aren’t saving now, START!

Many online savings account earn over 5%, and if you want to open a mutual fund, most will auto-draft your checking account as often as you’d like to save. No winding, death-defying trips down to your vault at Gringots! If you have trouble saving, sign up for a savings program or investment product that automatically drafts your account.

Hermione would do it, so you should too!

#1 Thinking your money problems will go away magically

If you are having financial or debt problems, one of the worst things you can do is ignore the problem and go looking for your invisibility cloak. Not dealing with a creditor or not planning for the future will just make things worse. Drinking another glass of pumpkin juice will also not remedy your situation.

Even Harry Potter has to study, and one of the best ways to help deal with money problems is to learn what resources are out there. See how to build a balanced financial plan, and write 2 scrolls on what you learn!

Harry has also had some great mentors and advisors in his life, as well as supportive friends. If you have made some of the 3 Muggle Money Blunders, don’t worry, you’re not going to Azkaban. You can change your habits! Find a wise old Dumbledore in your life to be a financial mentor and keep you accountable.

Make a plan, avoid the 3 big mistakes, and you’ll be on your way to Muggle financial freedom faster than you can say, “Expecto Patronum!”

So, I took a long (45 mins….gasp!) lunch yesterday and chatted with Bob Brooks, who hosts Prudent Money, on 91.7 FM in Dallas/Fort Worth, TX.

I was so nervous! I was a little hesitant about going on a radio show like this, but it ended up being kinda fun. Actually verbalizing my whole story again reminded me of why I should probably tell some more people in my life about my situation.

Anyway, I’ve embedded the show here if you want to take a listen. My notes to myself before the show were:

1. Don’t talk to much. You don’t run the show.
2. Just be yourself.

Six months ago I finally came clean with my father regarding the enormous amount of debt I had accumulated due to my trading addiction. The past six months have flown by, but I’m still here. I’m not yet the (debt free) man I want to be, but I’m working on it.

A quick 6 month recap:

1. My first post: I didn’t realize how much emotion plays into debt. It really creeps into almost every part of your daily life when you don’t have it under control. I learned this very quickly once I manned up, and I imagine it will continue to be a struggle going forward.
2. My first debt spreadsheet. Not very organized yet, but it was a start.
3. I dealt with the IRS for a 2005 bill. This was recently paid off. My first debt down!
4. In March I really started bearing down on my business. I also learned I could eat pretty cheap and survive!
5. I got through my ex-roommates finding out about my debt and the foreclosure coming on the house.
6. May was consumed with dealing with getting my house sold via a short sale.
7. In June I had my first really great day in a long time. It seemed like a turning point of sorts. It’s not clear yet if this will turn out to be true, but it was a pretty darn good day and I got the house short sold!
8. Now I’m focusing on growing my business and preparing for a new product launch next month (that I’ve been working on about 4 months now). And of course, I’m living in my office full time. It’s not a bad setup. I’m also preparing to file chapter 7 bankruptcy for my personal debts this month as well.

So, that’s it. 6 months. Wow. I’ve got a few announcements coming out the next few weeks, some contests/side jobs I’ve been working on late at night. I’m tired, but I’m still here!!! The next few weeks and month are going to be crazy business/personal/debt wise. But I like a little craziness. Keeps you on your toes.

*I was thinking of going to a payday loan store to cash my ebay check (since my bank account is in limbo at the moment). I discovered that God wants me to take a vacation with my payday loan!* (an article over at Get Rich Slowly had me thinking about God and money….)

My search begins

I’m searching for a check cashing place…ohh look, an interesting Google ad:

Christian Faith Financial….that sounds great! I’m a Christian!

Oh, all I need to do is overcome evil with good! (payday loans are good!?). Look, they want to help me “the Christian way”. I’m touched. Let’s dig deeper.

OK, just filled that all out. Oh wait, what is this…

This is NOT a credit application? What did I just fill out? But, that’s OK, they want to help me in “the Christian way”. I’m sure everything is going to be fine.

Wait….are all your sponsors, partners, and advertising Christians too? Wow. That’s impressive. I’m so glad I decided to go with you guys. Wait, hang on a sec, I’m getting a SMS on my phone. Oh gosh, now I’ve got 3 SMS’s….Man, I must really be loved. I’m getting like 5 text messages a minute…wait a minute…

Christian Faith Financial. You’re official dead to me. You’re the first one on my dead to me board. I started it just for you. You make me sick.

I hate not having money in my business checking account. It worries more than almost anything else. Today is one of those days where I’m praying that deposits go though fast, and cashed checks take a few extra days to process. Yeah, right.

On the edge

I’m really pushing my finances right now in terms of business investment. I’m putting (and have already put) nearly two thousand dollars into my new client in my Plan B project. If it pays off, it could be great, leading quickly to 5-10K in new revenue, and 3-4K in profit. If it doesn’t pan out…then I took a risk and lost.

At least when I “take a risk” now with my money I have some amount of control over it. It is somewhat based on my talents, abilities, skills, ect. Not just some sheer stupid trading god. I bought a banana today (I made tuna sandwiches for lunch). It cost 34 cents. 34 cents! I once lost 20 thousand dollars in one night trading forex. And I had to scrounge to find that 34 cents because I still don’t have a personal checking account up and going yet (I’m waiting for my ATM card in the mail).

Sleeping is good

I’ve been sleeping much better the past few nights. I found a more comfortable pillow positioning. Plus, I’m no longer really paranoid and am much more relaxed sleeping in the office. My goal will be to have some sort of a place by Sept 1. I can do another 6 weeks in the office.

I love writing here

I never thought I would be much of a writer. It was always one of my worst subjects in school. Not that I’m a good writer now…but I enjoy it. It really helps me process what I am thinking and feeling.

What do you think?

Am I overconfident in my new Plan B business venture? Or am I justified in taking some risk because I have to find new ways to make more money? Should I be looking for a place to stay by the end of July, or is another month a good idea?