Updates

I have great news I lost 5lbs!!!!! It took me a week, but I am off to a great start. I have been eating healthy and working out(missed one workout). I even took a 12 mile bike ride down to Coconut Grove. Be consistent.

Money Updates

I officially listed the Benzo de Lorenzo for sale on craigslist yesterday and will be hoping for the best. I considered going to CarMax but after reading terrible reviews I opted to not go through the hassle.

Money Reminder

Make sure you are contributing to your 401k with at least the company match. You are giving away free money if you don't participate. Don't worry so much about what you put your money in(index fund or total fund) just putting money in your 401k makes you money, decreases your AGI, which makes taxes less now and when you do your year-end taxes. Plus if they match your contributions you are doubling the money you put in and also receiving tax deferred savings. It's the best of both worlds, sign up, pretty please.

Do Whatever You Have To Do

So my car talk and riding a bike really woke me up. I don’t think I can afford to not sell my car. If I had my full-time job and salary this might be easier, but if you want to be debt free it doesn’t make any sense to have a car loan on a Mercedes Benz. After going through the pros and cons I believe it is in my best interest to sell the car. Will this be difficult maybe, but I have to find out. I work part-time currently and to have a large payment is not the right thing to do financially. In Miami I am really trying to keep up with the Jones’ and that's not what I want to do.
I will put the car for sale on craigslist. If I can sell the Benzo de Lorenzo by the end of the summer it will basically cut my bad debt in half. I will need a vehicle, but spending 2K or 5K is a savings of almost 10K.

I hope I am able to sell it for a fair price. All I really ask is to sell the car for what I owe on the car. This could be more difficult but in the end worth it. I will start with craigslist and see what response I get and then move to local papers. I mean $300 for the car payment, $100 for insurance, and the potential of other costs that come with it. With a used car I will be able to have a very small payment if any and start paying off debt and not be afraid of not having enough money.

The Diet and Excercise Update

· Diet is going well I have only been on it for a total of 4 days but I am eating healthier and less. So far so good.

· Exercise this week has been great, I did the 8 to be Great workout 3 days, and have rode my bike at least 3 or 4 times this week and even went running once. I also played basketball 2x. What a week!

· Financially I have done a much better job of putting my finances in order. I have budgeted out to at least August. I sold 4 different items on ebay.com, and mowed lawn all for extra income. It is hard to put goals on my debt because of the part-time job. However, I will start doing a monthly goal list to take a certain amount of debt off of my credit card

Sell My Car and Ride a Bike? Mercedes or GMC Denali Bicycle

So I own a nice car and make payments on it. I bought a used car through my work because my other car was ready to die( I miss you Tracer you Can’t Replaca). So i found a used Benz( Now Benzo De Lorenzo) for 2K under Blue Book. If I would have stayed with my current job I probably wouldn’t be saying anything, but life is full of surprisesso I have to at the very least bring up this topic.

Pros of Selling the Benzo de Lorenzo

· I save over $300/month not including the $100/month insurance and $100/month maintenance. OMG when I say it like that this, $500/month that is a lot of money

· I will get great exercise, I mean it is about 10 miles on a bike to work each way, plus any other trips I would make to the library, grocery, etc....

· I would have a great tan and be in the best shape of my life, think Lance Armstrong with 2 testicles, sexy isn’t it.

· Never pay for parking, not that I spend a lot on parking, but I’m sure it amounts to at least $10/month and I rarely park in the paid areas, I will walk a mile before I pay $5.

· Vehicle registration, speeding tickets(I’m fighting one right now), tags, car washes, lots of extra hidden costs.

· Pay off my debt that much faster, I mean basically an extra $500/month or more

Cons of Selling the Benzo de Lorenzo

· I drive a really nice car, it makes me feel good about myself, I own something nice.

· I would have to take the bus/train/bike/walk everywhere, everywhere

· It costs money to take the train and bus, it’s not a lot but it would certainly prevent me from going a lot of places.

· I would need to wake up much earlier to go anyplace. I figure a 15 or 20 minute trip could take take an hour or two just to get there.

· I truly believe in keeping cars for a long period of time after you have paid the vehicle off. I had my first car since high school and drove it for at least 3-5 years after it was paid off.

· I put a lot of miles on when I first got it, so like all cars the value has decreased and for me a little faster than I expected. So currently I owe about 2K more than the car is worth. So I would need to sell the car for a higher price than it is worth, which would be unlikely.

· It could affect my job/future job. I plan on getting into financial advising/education whether it be now or in the future

I’m sure there is more things to consider and please comment if any come to your mind. I’m sure many of you are saying trade it in and get a less expensive car where I would still be saving $200/month and yes I have considered that also, but life is full of choices make sure you weigh all the pros and cons!!!