Savings For the New Year

Just started my new job around the middle of October. Wasn't sure about it at first, but I've decided I really like working there. Guess they're happy with my work since they've already given me a raise. Still well below what I'm used to making, but I'm doing O.K.. With the raise in pay and rearranging some of my debt, I should be able to direct more cash towards my investment accounts. Still working on my goals for the year.

For the beginning of this year, it will help out that I've transferred some high interest debt from my old Chase credit card to a much lower interest rate card. I plan to make the same amount of payments each month, but since the interest rate is now 14% lower, I should have the debt paid off much sooner with a substantial savings on interest. I should be completely debt free by the end of 2010. Once my debt is paid off, I will divert the cash I now use for credit card payments towards building up my IRA account and my regular stock account.

Currently my stock accounts are performing well and the dividends increase month after month. Eventually my dividend income should outpace my earned income from work, but even now I'm feeling more financially free because I don't have to rely entirely on my paychecks anymore. Whether I work or not, I get paid every month of the year. Now it's just a matter of building those payments up by continuing my investment program. Although I do add to my accounts every month, it's also nice to know that even if I never invested another dollar, my accounts would continue to increase every month. My additional contributions accelerate the process and I find it's getting much easier to make more money with the stock market as I increase my knowledge about investing. My biggest regret is that I didn't start earlier in my working career.