If you’re looking for some wrap-up-the-year post with links to what happened this year, sorry, I find those kind of boring. That’s what archives are for.

I will say this:

It’s been a crazy year

good news

The good news is that I’m still here, and still fighting. My business had a pretty good December, I haven’t run all the numbers yet, but it looks like we might even have a decent net income of around $1,000. I’m hoping to start paying down some of the business debts in January. My business prospects are also looking up heading into the new year, so that is a positive as well.

bad news

The bad news is that I’m still terribly in debt. I still owe my mother a crap load of money. I have the IRS to deal with soon, and my bankruptcy proceedings are still going on.

All in all, I say, bring on 2008. 2007 didn’t KO me, so I’m ready for round 2.

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

The past few months, heck even the past few years, I’ve been waiting for my life to begin. When I was trading, life was going to begin when I had made enough money to quit. When I stopped trading (and manned up to my mistakes), my life was going to begin once my business was making 20K a month.

I feel like I keep waiting for my life to begin….and it’s passing me by. I find myself not engaging in relationships as deeply. I find myself anxious, always waiting for that big day to happen when suddenly I’ll have lots of money….I’ll pay off my debts. And then life will begin.

What a load of crap.

Seriously.

I have a bed. What else do I need?

I’ve somewhat stabilized my life. I have shelter, I have food, I have friends. If I keep waiting until I’m out of debt to have a life…It could be years. That’s not cool.

I’m already pretty messed up socially (at least I think I am…others don’t seem to notice at all) from all this.

One of my new years resolutions (so cornball, I know…but bear with me) is going to be to stop saying, “I’ll start living once I hit X milestone”

What do you think?

Anyone else struggle with this?

I’m exhausted from my social schedule this Christmas season. Whenever I visit my family, it’s always fun, but never a real vacation by any means. I’ve gotten through 2 social events, but still have 7 more before Thursday. At least I can’t complain about being lonely!

7 Things I’m Thankful For:

1. My brother - One of my closest friends, and a always steady supporter of me…even this year
2. This computer - I’d never survive without you my faithful partner. If only your battery lasted longer than 5 minutes. I forgive you though.
3. My friends - Most of you have no clue what this year has been like for me. And it really doesn’t matter if I tell you or not…you would still love me. So, thanks.
4. Lending Club - Without the extra $ I make writing for you, I’d still be living in my office. And that’s seriously not an overstatement.
5. My Dad - When I freak out about the business, you keep me on track. When I’m stupid you still love me. Want to come be the COO next year?
6. My Faith - I don’t write about this much…but it’s a huge part of my life.

and #7….

You!

Seriously, I would in a much worse position than I am right now if it wasn’t for this blog and it’s readers like you! You keep me accountable, you keep me on track, sometimes you keep me sane. Sometimes you also make me mad, but hey, that’s just tough love, right? Anyway, thanks for reading, I plan to keep this up into 2008. I’m hoping ‘08 will be my turnaround year after so much growth this year.

So thanks for reading, and don’t forget to subscribe!

DK

Also, I’ve started twittering. You can follow me on twitter here…

• coming down from a rockstar sugar high #
• Reading up on twitter #
• Contemplating how art in all forms influences our lives. How does it move me? Is good business art? #
• Thinking its way too early to be getting up for a saturday! #

Every Wednesday my father and I have a morning meeting to catch up. It’s mostly a business meeting, but there are no set rules on that.

One thing that came out in our discussion is that I sometimes have difficulty working on certain projects within my business. And I was trying to figure out why. My Plan A project is something I’ve been working on almost since I started this blog. It’s not producing a ton of money yet (only about an extra $1,000/mo), but it’s growing. And it definitly has the most potential for real revenue. So, why am I not on the phones and selling that project more?

Because it’s mine. It’s my baby.

I’m scared that:

1. It isn’t good enough (even though customer feedback has been enormously positive)
2. No one will pay for it (even though some already have)
3. It will ultimately fail (like my day trading “business”).

Some of my other “Plans” (essentially my different business revenue generating streams) I throw myself into completely. I’m pretty confident in them, but I think that is because they are services I perform for other businesses….not my own. If I fail, it’s likely because of the product, or the company, not the work that I do.

While my business makes about half our revenue each month doing services for other businesses….It will never be enough to get out of this mess I’m in. I could come up with a new business model around my “Plan B” project, but that would be stupid when I have “Plan A” with still so much more potential and scalability.

Now I’m just rambling. Bottom line is that I think I’m struggling with the classic “you have to believe in what you are selling”. I believe in the product, and I know it’s good…I’m just not so sure about the creator (me!).

It’s 2:23am and I’m still working. Sweet.

It feels good when I’m getting lots done!

Pride

One thing I’ve been noticing lately is that doing little “life things” keeps me going. Just basic stuff like:

• my laundry
• vacuuming my apartment
• cleaning the bathroom so it could pass a white-glove inspection
• grocery shopping

I kid you not, I never used to do those things. All a part of growing up I guess.

I’m never gonna be normal

Also, I’ve decided (granted I’ve known this for some time): I’m never going to be “normal”. And I’m totally OK with that. I would be so discontent if my life is not exciting. Now I just need to make sure I do exciting things that are healthy!

Like go to bed. now. (ok, so that’s not really exciting. but it’s late)

Today was not a good day financially.It also wasn’t the best day for my cold feet.

The $176 Ticket Story

Once a week I volunteer for a few hours in downtown Seattle. I’ve been doing it since the summer, and I really enjoy giving a little back. Most of my day is spent stewing over my own little world and my problems. It’s terribly selfish. If I could volunteer full time I totally would. Maybe some day. Helping others always puts my own little problems (well, big problems. everything is relative you know) in perspective.

I usually take the bus, but was up late last night and wanted a few extra zzz’s so I drove. Not usually a problem, just that I have to pay extra for parking. Well, today I forgot my wallet at home. And my cell phone. So, I risk parking without paying. It’s usually about a 50/50 shot of getting a ticket, but with no wallet and me running late, I really had no choice. So, I park.

4 hours later, I come back to my car expecting to see a possible ticket.

Nothing.

No ticket. No car.

No car. “oh bleep!”

My Car is gone…

So, I’m now stuck downtown with no wallet, no cash, no car, and no cell phone. Anyway, to make a long story a bit shorter: I got home eventually. I found a Bank of America branch that didn’t ask for my ID (just my social security number) to access my account (even though I didn’t even know my account number!). So, I got $20 out and took the bus home. Later in the evening I took the bus downtown (which I should have done in the morning!) to pick up my car from the impound.

Result: $176 impound charge.

Who’s Fault?

100% completely mine. I had 4 unpaid tickets from earlier in the summer…and that’s why I got towed. I should have taken care of them, but they got moved to the bottom of my priority list in terms of payments. I have to get rid of this car…it’s just not worth it. Plus, I’m really enjoying my “bus-time”. I’ve been coming up with great ideas and thoughts while riding the bus. I need “creative-time” and don’t seem to be getting enough of it lately. I may just start riding the bus for an hour or two at a time to “think”.

As the end of this crazy year draws closer, I can’t express how much help alot of finance/personal development bloggers have been to me. I subscribe to an insane number of feeds, but I wanted to say a special thanks to a few blogs that I read often:

My Thank You List

• Blogging Away Debt -Tricia’s blunt and open honesty is very refreshing. I can very much relate to her writing.
• Get Rich Slowly - I’ve gotten a ton better at saying “no” to temptation…
• I Will Teach You To Be Reach - You have to love fellow entrepreneurs…
• The Simple Dollar -I think Trent and I would get along well. I love this list.
• NCN Blog - I’m not a big fan of the mall. NCN isn’t either.
• We’re In Debt - I hate shaving too. I want to join this simple shaving club!
• All Financial Matters -I won’t be using a loan for Christmas. Two gold stars for that.
• Five Cent Nickel - If I ever hire a financial adviser…I’ll come back to this.
• Lazy Man And Money -Lazy Man uses a kitchen timer. Cool. I use an online one.
• Make Love Not Debt - Him and Her have student loans debts to deal with as well. I’m in the club!
• Clever Dude - Clever Dude had a clever tip on batteries that I’ll use in the future…
• Chief Family Officer - Next time I have a lady over…it’s homemade hot chocolate time!
• Plonkee Money - From across the Pond, plonkee has family money stuff too. I should had done what she did in this post with my mum.
• My Two Dollars - When I have a wife, I will do things like this.
• Being Frugal - Definitely needed to read this 6 years ago…wouldn’t be writing now!
• Free Money Finance - I want a free chair! hmmm…could I get one?
• Queercents - Sometimes it’s worth paying more for a christmas tree and $5 to a hunk (funny)
• Mighty Bargain Hunter - Need to save for your kids’ college funds? Maybe not…
• I’ve Paid For This Twice Already - I’ve been here. Yikes, I’m still here!
• Gather Little By Little - Their pastor just thanked God for credit cards. Hmmm…not cool.
• Wisebread - I don’t get exhausted from the holiday’s. Maybe you do. Here’s how to deal with holiday exhaustion.
• Single Ma’s Fabulous Financials - Just paid off her student loans. I’m green with envy, as I have to start paying mine again this month (deferment periods are over).
• The Dough Roller - You can’t go wrong with 75 painless money saving tips. I hate pain.
• Frugal For Life - offers a simple, basic, no frills guide to living on less. I dig it.
• My Open Wallet - Even Ivy League grads struggle with money. That’s comforting.
• Everybody Loves Your Money - Hazzard is building a lakehouse. One of my long-term goals is to someday have a lakehouse for my family
• Consumerism Commentary - I would take a million in pennies. I wonder how upset my bank would be if I showed up with this…he he he
• The Digerati Life - Need to do some of these 12 end of year items before the EOY.
• My Money Blog - I’m hoping my net worth will have a curve like this someday
• Fire Finance - I made your list. That’s awesome.
• + a few more I’m sure I’m leaving out here…

I’m now finally learning what it means to save, budget, plan, and spend wisely. So, thank you all! I’ve still got a long trip ahead of me and I’m sure your advice will continue to inspire and guide me along the way.

Regards,

DebtKid

I have a Scion Xb that is about 2 and 1/2 years old. The car has about 43,000 miles on it.I want to get rid of it.

Helpful DK readers like Jim from mydebtblog.com have been telling me for ages on this blog to ditch the car, and I’ve resisted. But I’m thinking of doing it now, here’s why.

Reasons I Could Survive Without The Car

1. I now work from home. I have no office commute.
2. My two grocery shopping locations are within easy walking distance
3. I still have very little social life
4. My dating life didn’t pan out (long story, don’t want to go into it. It didn’t have to do with my debt issues)
5. My church is only a 15 minute very nice walk
6. I’ve noticed I’ve only been using it about 1-2 times a week
7. I’m behind again on the payments
8. Between insurance, the car payment, gas, oil changes, etc. I estimate I can save nearly $500 a month going without a car.

Now the problems I see are:

1. I owe at least $3,000 more than I can sell the car for
2. The car needs about $300 worth of work before I could sell it
3. I listed that I was going to keep the car on my bankruptcy petition
4. I drive to Portland at least once a quarter
5. It’s nice having a car

Bottom Line

I need to get rid of the car. I’d like to have this done by Jan 15th. That is the action date for this specific goal. I’m going to start doing some goal setting here and tracking my goals.

My first goal is saving $1000 in an emergency fund. Selling the car is the next goal going on the list.

Coming Goals

• Negotiate and begin payment plan with IRS for back payroll taxes from 2006 and 2007
• Reach $10,000+ in revenue from my Plan A project
• Tell 1 more friend about my situation

What do you think?

How can I sell the car when I owe about 3K more than it’s worth. Bear in mind I have a FICO score that is awful, and I’d rather not (and cannot) take on any more debt. Could I voluntarily surrender the car? Do I just need to save up the 3K difference and eat it as a learning expense?

This was a guest post I had written for a finance blog that never got picked up.

For most of my short adult life, I was obsessed with financial success. I wanted the big house, the nice car, the fat bank account. Everything. In 2006 I had all that…and the $300,000+ in debt from day trading my way to that “success” I desired so much.

It wasn’t until I started taking accountability for what I had done to get into debt, and changing the habits that I could, that I finally started separating my self-worth from my financial situation.

Debt - The Silent Burden

Debt tends to be a silent burden for many of us. It’s not always the easiest issue to share or talk about, sometimes even with our family. And I think that is OK. You don’t need to broadcast to all your friends how much debt you have. What you do need to do is not let your debt control your self-talk and your self-worth.

First Step: Control What You Can

Your first step to feeling better about your debt is controlling what you can. Can you negotiate a better interest rate on some of your credit cards? Do it. Can you create a budget and stick to it? Do it. Can you take a 2nd job? Do it.

Once you’ve begun to control the factors you can, you need to start changing how you interact and think of your debt.

Change Your Thinking

1. Telling yourself each day that you are not defined by your debt - Literally say this to yourself in the mirror each morning. I’m not joking. It helps.
2. Begin thinking of your debt as reverse savings goals -For example, “I’m going to save $200 this month” (by paying down my credit card).
3. Tell A Friend - You need to have at least one person who you can share your debt reduction journey with. You don’t need to tell the whole world, but you need at least one person outside your family. I can’t stress this enough. It may be difficult sharing this at first, but a true friend will understand, recognize the efforts you’ve been making, and love you even if you really screwed up.

I’m able to function so much better today, even with a mountain of debt, because I am controlling what I can in terms of my debt.

Got Tips?

Do you have any tips that have helped you deal with your debt?