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Closet Entrepreneur

Closet Entrepreneur

Every weekday, my reoccurring wish is not suffer through another traffic jam. Every two weeks, there is an urge to be independent and to control my own destiny. Every month jealousy rages when the media celebrates another start-up company with an un-extraordinary idea. And every year there is a realization…time is slipping by.

Living a Dream

With enough dedication, hard work and maybe a little luck, nothing is impossible. My dream was to always start a business to apply all the things learned during college and graduate school (and, hopefully, create a little wealth). After all, my determination, work ethic and being a little lucky already helped me a lot. However, starting a business would be a great learning experience.


Even after programming all day at work, tinkering at night always brought a little enjoyment because there was something new to learn about. And as someone who enjoys learning, these nightly sessions provided many rewards. Then one night something happened.

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I thought of an idea that could be turned into a business.

The idea itself was simple: it solved my problem of being late. But then there was the realization that it could solve other people’s problem of being late. And then this thinking became a flurry of possibilities…

Procrastination

…but there was a problem: I was late a lot because of my procrastination. Although this procrastination didn’t affect my studies or work, it affected everything else.

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One of my tricks for getting things done is simplify the problem and write down each step on a scrap piece of paper. More importantly, I can scratch off each step after completing it and real progress can be seen. Scratching off each step is a reward in itself — it feels empowering.

So each night, the task of creating a business formed on little scraps of paper. And steps were being scratched off one at a time.

It helped having a friend that helped with the legality of starting a business. And thank goodness for the tech bubble because the bust made a lot of internet-related services, such as web site hosting, dirt cheap.

So less than the price of computer, my simple idea became a real business one night at a time, one step at a time.

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Living a Life

Luckily I had a weekend to myself to create most of the code for my internet start-up.

Within three days, the entire start-up, including the client software, web site and supporting applications, were developed. But now came the hard part: it had to be ready for prime time.

Working on this start-up was fun and rewarding, but it was impossible to dedicate every night to finish my start-up. And that was okay. Working on the same problem for too long only produces new problems. Like everyone else, I tend to get sloppy from working too much.

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Imaginary deadlines were created to ensure that steps were completed within a reasonable time period. But there was always a goal of trying to reach that elusive balance. Work was not to be my entire life — this was supposed to be a learning experience.

Starting a business has been a great learning experience, although it hasn’t created too much wealth yet, I’m still at the beginning of a great journey. Living the dream hasn’t been easy, but it has been rewarding and, best of all, it’s possible for anyone else to do the same.

Matthew Choinski is the founder of messagingreminder.com, a Baltimore, MD, USA small software start-up offering a service that synchronizes your Microsoft Outlook calendar and sends reminders to your mobile phone. The service is the perfect complement to your mobile phone since it’s easy to use, reliable and very affordable.

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Leon Ho

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Last Updated on April 3, 2019

How to Nix Your Credit Card Debt in Less Than 3 Years

How to Nix Your Credit Card Debt in Less Than 3 Years

Debt is never a fun thing to be in. But, there are many actions that you can take that will help you rid yourself of the burden of debt once and for all.

By coming up with a set plan, eliminating your debt can feel much easier than constantly thinking about it.

This post will provide some tips on how you can do this to help you nix your credit card debt in less than 3 years.

Hint: there are ways that are easier than you think.

1. Consider Consolidating Multiple Credit Cards If Possible

This may not be applicable to you, but if you have multiple cards – it is something to consider. Keeping up with multiple bills is time consuming.

It will depend on the balance you have on each. Consolidate ones you can but do not do it to the point that you get too close to the maximum limit. Also, it is ideal to pick the card with the lower interest rate.

Consider if there are any fees or alternatively, rewards, with transferring a balance to another card. Watch out for fees. Note that some cards offer rewards for transferring a balance to them. This is extra cash that can help go towards paying off your debt.

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Having one or two cards can make nixing your debt much simpler than keeping up with the balance of a bunch of cards. Keeping track of paying the minimum towards a bunch of cards is time consuming. Spend the time to consolidate instead to make the overall process simpler going forward.

My tip: Have one main credit card. Have a second one that you use for necessities – such as groceries or gas – that offers rewards for those purchases (a lot of cards do) and set the second one on auto-pay. You should be able to pay off a smaller amount on auto-pay if it is a necessity. If you think you cannot, then you may need to cut down a lot on expenses.

Why do I suggest doing this? Having one thing set to auto-pay is one less thing to think about. One less thing to waste time on. Same idea with consolidating to one main card. Tracking down too many is a hassle.

2. Try to Pay the Full Balance You Spent Each Month at the Very Least

You need to pay off the amount you are spending each month when that bill comes in. This is the amount you spent THAT month.

Do not let the debt keep accruing while you work on paying any unpaid debt that has accrued. It will become a never-ending battle. Try as best as you can to be current on paying for each month’s expenses when that month’s bill comes out.

If this is a strain, consider why. You may need to cut expenses. Or you may need to consider other cards. Or look at where this money is going.

3. Pay Extra When You Can – Every Small Amount Counts

This cannot be emphasized enough. If you are looking at a lot of credit card debt, it can look daunting, but each extra amount that you can put towards the debt will really add up – no matter how small it is.

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It does not just reduce the principal amount that you have left to pay off, but it reduces the amount that is collecting interest. You will always save money with that reduced interest.

4. Create a Plan on How to Pay Extra

Back to the main point, having this plan is giving you one less thing to think about.

This plan should be a plan that works for you. If it does not work for you, your spending habits, and your views on debt, then it will not be an effective plan.

For instance, if a set plan of an extra $50 (or another amount that you know you can afford) works for you, then do that. Set that aside every month and pay that extra amount. Treat it like a bill. Choose an amount that works for you and pay it like clockwork as though it was a bill you had to pay each month.

Little amounts will not nix it entirely, but they will help tackle it and having a set plan can make it less of a chore. Creating a new plan of how much to put towards it each month is an unnecessary added stress.

5. Cut out Costs for Services You Do Not Use

If you are signed up for subscriptions that you do not use because of some free trial or for some other reason, cut it out. Your overall financial position will look better.

In turn, that will make cutting your credit card debt easier. Look at your statements to find these expenses. If you do not use them, you may forget you are paying some unnecessary amount each month. Cutting it out can really add up in savings that you can put towards other needed expenses.

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6. Get Aggressive About It

Consider these points:

Depending on the interest and the level of debt, you may need to give up a few indulgences. For example, instead of ordering delivery or going out to eat, cook at home. Everything adds up.

Other things may be more of a sacrifice. It may be a trip you wanted to go on, or a daily latte habit you’ve picked up. In these instances, consider how important it is to you and if it’s worth the sacrifice. And if it is a costly expense, think whether you can wait to indulge.

Cutting an extravagant expense can really help make a dent in your overall debt. Try not to add to debt when you are trying to pay it off. It will be a never-ending battle. Make it less of a battle with these tips and it will feel easier.

Bottom line: Do what you can to make this process easier for you. Implement steps that do this. It takes time now, but will help overall. Also, keep track of your spending and paying down of your debts. Which is the next point.

7. Reevaluate Your Progress at Set Intervals

Doing a regular check-in can help you see your efforts pay off or maybe indicate that you need to give this a bit more effort. If you check every 3-6 months, it will not feel so much like a chore or feel so daunting.

By doing this, you will be able to better understand your progress and perhaps readjust your plan. Bonus: if you see it pay off, it will feel great to do this check-in. You will get there.

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Finally (and most importantly)…

8. Keep Trying

Do not get discouraged. Pushing it off will make it worse. Just keep trying.

Once your debt becomes lower, each monthly payment will reduce the balance more. Why? You are paying less towards interest. It will be a snowball effect eventually and it will become much easier to manage. Just get to that point. And know once you do, it will feel easier and motivating.

Start Knocking out Your Debt Today

The best way to eliminate debt is to get started right away. Begin by implementing the above steps and watch your debt just melt away. Try out some of the above strategies and see what works best for you. Soon you’ll be on your way to a debt free life.

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Featured photo credit: Pexels via pexels.com

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