If you are like me then you are one of the MILLIONS or BILLIONS of people out there that did not get much money from their family and do not have piles of cash laying around.
I am, however, glad to say that the wealth that I do own I worked for and generated myself. Whether it is a fiat currency that I have earned from my job or if I earned crypto or invested in something - I did it.
However, like the many MILLIONS and BILLIONS of people out there has been an amount of DEBT incurred.
In a sense, for many low and middle-class people it is almost a DIRTY condition to be in and yet the top earners of the world love debt. Is it because their viewpoint of debt is different? I mean, as much as it gives them great flexibilty it is ALSO because they have the means to pay off the debt!
This is especially true when they have some sort of passive income that offsets the repayments on the debt and then the debt that they have applied for gives them greater leverage in the financial world.
BUT! I am not here to ponder these things right now.
All I am here yo discuss is whether or not I can BLOG my way out of the hole that I am in. I feel as though the noose is tightening around my neck and that is getting more and more difficult to manage my expenses and these debts.
Thus, I need to level up and work hard at eliminating my debt!
Now... on HIVE we sit in a unique and amazing position!
Not only are you rewarded for your time and attention -curation, and awarded for your content -posting content, but you can also put your money into assets that also earn you a passive income!
There are many ways to do this but one of the simplest methods is to stick some HBD into savings for some passive interest. You could keep hoarding a portion of your income and keep it in savings to eventually earn interest ON interest. You could stick a set amount into savings and just take out the interest itself so you have a little money-tree growing, growing the money tree with your efforts.
There is a wide variety of ways of doing this. Right now I am sticking HBD into savings and building it up over the month as it goes and then taking most of it out to pay things. Not the best, but I have some debt holes to fill.
Once I start getting these things under control, I will be in a better position to actually start saving.
So how much do I need to pay off? I am going to do a very rare thing and speak openly about these numbers. I have done so with some of my friends and instead of them looking at me like I did something wrong, the responses are actually quite positive!
This has inspired me to post about it here and to DEMONSTRATE that I CAN blog my way to freedom!
My debts are thus:
I have a loan that has a long term that has a total of: R38,420.65
I have another shorter-term loan that has a total of: R10,511.00
I have an outstanding account that has a total amount of: R28,633.60
Total: R77,565.25
At the current exchange rates this is a total of:
$4057.41
or
£3189,80
or
11933 HIVE
or
4065 HBD
So... its quite a lot of money to me in rands. But I have chipped away at all sorts of mountains and I feel that I can do the same here!
So let me hack at it and see where we get! I will be giving another mid-month update in September, hopefully on the 15th as well!
See you then!
Cheers!
