The 60-Week Challenge

I recently post to my Instagram a chart for the 52-week challenge. Now if you haven't seen it before, the 52-week challenge is a way to put money away every week, in increments until you reach the end of the year. The goal is to take $1 dollar in week one and put it away. $2 dollars in week two, $3 in week three and so forth. By the chart on the right, you should reach the desired goal of $1,378 at the end of the next calendar year.

In my case, I'm doing a 60-week challenge. Why? I don't want to wait until January to start my savings program. The final amount for the 60-week challenge will be $1,830. Here's a word of warning. Keep in mind that as you progress in the weekly interval, you will be taking out amounts in the $40, and $50 dollar range from your check on a weekly basis. That might be something that is very prohibitive depending on your expenses. Another way to do the 52-week challenge is to do so in reverse. Carrie Rocha in her article Don’t Do the 52-Week Money Challenge (At Least Not Their Way) from the Pocket Your Dollars website dated January 8, 2014 describes how you can do it in reverse by taking out the bigger amounts in the beginning when you are motivated and have the smaller amounts taken out in December when you're main expenditures for Christmas happens.

In the end, do what works for you. I'm starting now because I am not guaranteed a job after Christmas season. I was hired as a seasonal worker and I am trying to stay on permanently. So starting now helps me get a start for when I get hired on a permanent basis (hopefully). I'm doing a smaller one as well, starting with 25¢ and going up from there at 25¢ intervals. They key isn't the amount, its the dedication to stay on the path to savings. Just find what works for you. Here are a few more examples of savings plans.

If you rather do your own plan, print out this chart to keep track:

There's no right or worse way to do this plan. Just find what works for you and ride it out until the end. I'll post on how I'm doing in the near future. Let me know what you think.

Until next time,
FH

No More $20 Dollar Cocktails For Me

I have to admit that I never thought that I would be where I am at the age of 42. Now I never particularly planned specific end goals for the age of 42. But I never thought that I would have been without a job and surviving on unemployment benefits and a dwindling nest-egg when I turned 42.

It really is a humbling situation to be in. Even more so, since working in the bar business offered me the opportunity to make good money, albeit off the illness and addictive habits of many a customer. That in itself formed a type of moral issue for me. But I digress.

Fast forward about a month and a half and I'm employed in the retail sector. Why? Because the bar business well dried up. In almost four months I had three interviews for a person with almost 20 years in the bar business. 3!!!!! When I interviewed for the Olive Garden and I couldn't get a second interview or a call back of any type, I knew at that point it was clear as day that I was done in the bar business. You know what? It was a good thing.

I was downright miserable. I really dreaded going to work to deal with the constant bullshit that came from both within and without. If you've never worked in the service industry, you really wouldn't understand. A five night work week in the bar feels like a seven day or more work week at a day job. Trust me, I've been on both sides of the workforce. Not to mention, you see people at their worse and they treat you like you're shit. As if you're job in dealing with their drunk and belligerent asses isn't a "Real Job." Don't let me get started on the internal issues.

So you may ask "Why do it". Plain and simple" The money is good. Back to working the proverbial 9-5 40-hour work week as a daywalker, I can tell you that on a bad night, I could make almost the entire amount that I would now make in a week. Talk about sobering. But again, it was a good thing that I was knocked back down to square one. I probably would be miserable and working at the bar. It took getting kicked in the balls and going through my savings to realize that it was a blessing in disguise. I might be cash-strapped but I have my peace of mind. The money issues have created another stress but it has allowed me to refocus and re-learn the idea of living a simpler existence. In trying to cut the fat from my expenses, it has allowed me to better manage the little funds I have available. I can no longer live by the idea of "I'll have a kick ass night that will cover the bills and what not." As I mentioned to my sister the other day: No More $20 Dollar Cocktails For Me.

So where do I stand. I'm back at square one after taking my lumps and ready to dish out some punishment and take my next steps. I'm going to try and rebuild my savings and then some. The original amount that I had saved and subsequently went through is irrelevant but I will attempt to use tried and true methods of saving money and share my successes and failures here through periodic posts.

The first recommendation that I have is that if you can, pick up this book: How to Invest $50-$5,000: The Small Investor's Step-By-Step Plan for Low-Risk, High-Value Investing by Nancy Dunnan. Now in its 10th edition, the book is a great resource in educating people on what resources are available out there for investment written in plain English. It won't make you rich with a turn of the page, but it will allow you to learn the foundations of investing and give you ideas on what services might be ideal for you. I'm sure you can find it in the public library if you don't want to buy it. That's how I got a hold of it. Let me know what you think.

Until next time.
FH

Yet Again Another African Email Scam

It's been a while since I've posted anything here and decided to do so with one of my favorite kinds of scam emails. I find it amazing that people actually fall for some of these. The thought of having millions deposited to your account at a time of desperation must be hard to dispel. Though for this one I have to admit that the person writing it is actually doing some research though their lack of grammar is a dead give away. The insertion of the link to the CNN article from 2008 about plane crash that took the lives of four people including a member of the Cabinet of the President of Kenya and his assistant is a nice touch in an attempt to lend some credibility to the scam. Here is the text of the email I received:

Dear,

My name is Cynthia Kipkalya Kones,
I am writing this mail to you with tears and sorrow from my heart. With due respect,trust and umanity, i appeal to you to exercise a little patience and read through my letter, I wish to contact you personally for a long term business relationship and investment assistance in your Country so i feel quite safe dealing with you in this important business having gone through your remarkable profile, honestly i am writing this email to you with pains, tears and sorrow from my heart, i will really like to have a good relationship with you and i have a special reason why i decided to contact you, i decided to contact you due to the urgency of my situation, My name is Miss.Cynthia Kipkalya Kones, 21yrs old female and I held from Kenya in East Africa. My father was the former Kenyan road Minister. He and Assistant Minister of Home Affairs Lorna Laboso had been on board the Cessna 210, which was headed to Kericho and crashed in a remote area called Kajong'a, in western Kenya. The plane crashed on the Tuesday 10th June 2008.

You can read more about the crash through the below site: http://edition.cnn.com/2008/WORLD/africa/06/10/kenya.crash/index.html

After the burial of my father, my stepmother and uncle conspired and sold my father's property to an Italian Expert rate which they shared the money among themselves and live nothing for me. I am constrained to contact you because of the abuse I am receiving from my wicked stepmother and uncle. They planned to take away all my late father's treasury and properties from me since the unexpected death of my beloved Father. Meanwhile i wanted to escape to the USA but they hide away my international passport and other valuable travelling documents. Luckily they did not discover where i kept my fathers File which contains important documents. So I decided to run to the refugee camp where i am presently seeking asylum under the United Nations High Commission for the Refugee here in Ouagadougou, Republic of Burkina Faso.

One faithful morning, I opened my father's briefcase and found out the documents which he has deposited huge amount of money in bank in Burkina Faso with my name as the next of kin. I travelled to Burkina Faso to withdraw the money for a better life so that I can take care of myself and start a new life, on my arrival, the Bank Director whom I met in person told me that my father's instruction/will to the bank is that the money would only be release to me when I am married or present a trustee who will help me and invest the money overseas. I am in search of an honest and reliable person who will help me and stand as my trustee so that I will present him to the Bank for transfer of the money to his bank account overseas. I have chosen to contact you after my prayers and I believe that you will not betray my trust. But rather take me as your own sister.

Although, you may wonder why I am so soon revealing myself to you without knowing you, well I will say that my mind convince me that you may be the true person to help me. More so, my father of blessed memory deposited the sum of ($8,500.000.00 USD) Dollars in Bank with my name as the next of kin. However, I shall forward you with the necessary documents on confirmation of your acceptance to assist me for the transfer and statement of the fund in your country. As you will help me in an investment, and i will like to complete my studies, as i was in my 1year in the university when my beloved father died. It is my intention to compensate you with 30% of the total money for your services and the balance shall be my capital in your establishment. As soon as I receive your positive response showing your interest I will put things into action immediately. In the light of the above. I shall appreciate an urgent message on (cKipkalya@yahoo.fr) indicating your ability and willingness to handle this transaction sincerely.

AWAITING YOUR URGENT AND POSITIVE RESPONSE, Please do keep this only to your self for now un till the bank will transfer the fund. I beg you not to disclose it till i come over because I am afraid of my wicked stepmother who has threatened to kill me and have the money alone. I thank God Today that am out from my country (KENYA) but now In (Burkina Faso) where my father deposited the money with my name as the next of Kin. I have the documents for the claim. Please contact me here (cKipkalya@yahoo.fr)

Yours Sincerely,
Miss.Cynthia Kipkalya Kones
cKipkalya@yahoo.fr

Alas my dear Cynthia, I cannot help you. I'm sure you'll find another patsy, umm, knight in shining armor that will ride on in on his trusty steed to help save the day for you. Au revoir.

On a side note, here is another little nugget I just received:

Hi Friend I am a banker in UBA BANK .I want to transfer an abandoned sum of 10.5 USD to your account.50% will be for you. No risk involved. Contact me for more details. Kindly reply me back to my alternative email address ( kasimmohamed712@yahoo.com )    Dr Kasim Mohamed.

Really now. To quote Ed Lover: Come on Son.

FH