Medicated Money

Wednesday, September 27, 2006

Auto Insurance: Unfortuanely Revisted

“You know, somebody actually complimented me on my driving today. They left a little note on the windshield that said ‘Parking Fine!’ -Tommy Cooper

With the move from Texas to Pennsylvania, we knew that we were heading into a increase in cost of living from one to the other, and we would need to adjust our monthly budget due to this. With that being said, we needed to switch our Texas auto insurance to a Pennsylvania policy to complete the registration of our cars. Needless to say, many people warned me to be ready when I saw the rates jump considerably between states.

This is posted on our old site! To read more, please come visit us at our new site: http://www.medicatedmoney.com/!

Tuesday, September 26, 2006

The Price Of Higher Education

In the latest version of CNN Money's 'Millionaires In The Making: The Marchbanks,' a young couple very similar to Mrs. Medicated and I in age and salary are featured. To be honest, I love reading these articles as do many other pf bloggers. The Marchbanks are kicking ass and taking names with their financial status, and worth this, they should be commended for this (hence the article).

If you are unfamiliar with this series, these articles are a nice little recap of people doing it right and how they do it. For the most part, it is the same basic pf advice stated by all. Yes, you know that one should save as much money as possible. Yes, you know on should max out retirement savings. And yes, you know I should own a home to get the equity created from home ownership. Very basic advice plus very basic financial commitment equals millionaire status, right? Wrong and here's why!

This is posted on our old site! To read more, please come visit us at our new site: http://www.medicatedmoney.com/!

Saturday, September 23, 2006

Hasta La Vista, Car Loan #2

This past week was another crazy week at work, and with that, we did not have the chance to get around to posting. Yet, riding on the coattails of lamoneyguy, we also have great news. We have finally finished paying off Car Loan #2. This car is Mrs. Medicated's car, and she swears that it has been driving different since we paid off the car. A little more smoother and comfortable!

This is posted on our old site! To read more, please come visit us at our new site: http://www.medicatedmoney.com/!

Wednesday, September 20, 2006

Are You Missing Something?

After 3 weeks of working at my new job, I forgot about something very important. You see, at my last position, I was paid twice/month and only on certain days of the month. To be honest, it was definitely annoying at first, but after almost 4 years of it, it became so normal that I barely thought about it. I would know that money would be deposited in the account on these 2 days, and I knew to always check our accounts a few days before and then a day or two after. Well, one of these days came and went this week and with my mind still processing the normal routine, I did what I normally do on this particular day.

This is posted on our old site! To read more, please come visit us at our new site: http://www.medicatedmoney.com/!

Sunday, September 17, 2006

I Think I Just Heard Our Budget Scream

Do you ever have your budget set with everything in place and are doing so well by the middle of the month, and the next thing you know, the budget is blown to pieces from an unplanned event? Well, this weekend, we had one of those experiences!

This is posted on our old site! To read more, please come visit us at our new site: http://www.medicatedmoney.com/!

Thursday, September 14, 2006

Rolling Over Our Retirement Accounts

Today I completed the paperwork needed to complete our rollover to a IRA. We both our rolling over our 403(b) accounts as well as our Work-Retirement accounts into a IRA account.

This is posted on our old site! To read more, please come visit us at our new site: http://www.medicatedmoney.com/!

Wednesday, September 13, 2006

We Are Moving!

Well, after 6 months of blogging on Blogger.com, we have decided to make a change! We have enjoyed blogging so much; we decided to take it a step further! Unfortunately, here at Blogger.com, we felt that we were limited in everything that we wanted Medicated Money to be. Because of this, we are proud to announce that we have moved!

Our new website is: http://www.medicatedmoney.com/

We are extremely excited about this new change and would love if you stop by and pay us a visit. After much hard work, we are finally up and running!

So, with that, we would like to thank Blogger for hosting us, and look forward to continuing on at our new site, http://www.medicatedmoney.com/

Thursday, September 07, 2006

New Retirement Plan

With the start of my new job this week, I needed to attend 2 days of orientation. For the most part, it was your standard ‘this is how we do this’ orientation. I did my best to pay attention to all of the speakers, but to be honest, after a couple of hours of hearing about hospital protocols and procedures, I was lucky I didn’t fall asleep. I did perk up though when retirements and benefits were discussed.

Overall, I am both happy and disappointed with my new company’s plan. They offer a 4% base plan and a 50% matching plan on employee money contributed up to 5% of your salary. On the whole, one can receive up to 6.5% of their salary from the institution. The bad news is that you become eligible for these plans after one year.

Due to the one year waiting period for enrollment, we have decided to not make any retirement contributions in the 1st year of employment. We plan on completing our debt repayment plan, and then banking enough money for a down payment on a house. As for the wife, she is currently still looking for a position. We hope that after a very good interview this week, she will have a job offer early next week. If that stands true, her position does offer a 3% matching rate on contributions to a 401(k) that starts immediately. We definitely would take advantage of this offer and contribute just 3% and put the rest of her salary to the plans already mentioned.

Tuesday, September 05, 2006

Expenses For August 2006

I think for the record I am going to just erase the month of August 2006 from my memory. Not only did we get killed from the expense of the move, but our general expenses were out of control. But you have that monthly budget, right? Well, the monthly budget was put through the ringer because we didn’t even come close to staying on budget. Here are the numbers:

As you can see, our spending was out of control. Hard to believe this statement is coming from this couple that was making so much progress the last couple of months. We are planning on creating a new budget for our new home, hopefully something around the $3k mark. We should be able to do that once the dust from everything settles. As for explaining this month, let’s just forgot that we even brought it up and move on!

Saturday, September 02, 2006

Net Worth - August 2006

We knew that this month we were going to take a serious hit in our Net Worth. With our move across the country, we decided to stop our debt repayment schedule and just pay minimal amounts. We also decided to tap into our emergency fund to help pay for the move. Even with these financial moves, we still took a serious beating to our net worth. We were hoping to not lose too much ground; hoping to maybe stay where we were at. After completing the calculations this afternoon, it looks like we lost roughly about 1 good month’s progress. Here are the numbers:


As you can see, we had a nearly 9% negative loss in the month of August. Granted, if you remove the moving expenses that are a one and done expense, we actually had a positive net worth of 2%. Unfortunately, we have to be fair to ourselves, and we wanted to include this to get the whole picture, even if it meant, taking a negative hit!

We only paid $1,000.69 towards our debt repayment plan. We have been averaging closer to $4,000/month. We hope we can get back on track in the month of September with vengeance.

As occurred in the month of July, negative change in the Work Retirement– Wife account is due to a recent inquiry which resulted in a wrong amount being calculated. The value now is the correct amount.

The negative change in the Student Loan #1 as well as 0% credit card are due to up-to-date statements instead of just using Quicken software. The 0% credit card also was affected thanks to Bank of America.

Friday, September 01, 2006

The Debt Repayment – August 2006

We knew coming into the month of August that we were going to suspend our repayment plan and just pay the minimal amounts on each bill. It still was disappointing to see that we only paid $1,000.96 to our bills. I was getting use to seeing the total debt get smaller and smaller each month. As for our goal of paying off $36,500 by the end of the year, this will definitely make it even more difficult.

In the month of August, we paid $1,000.96 to our repayment plan lowering our total goal to $17,547 left to pay off. This means we need to average $4,390/month to reach our goal! My guess is that we will not be able to reach this goal due to the expense of our move and we are running out of time. However, I am optimistic that we may be able to complete this goal. We'll just have to wait and see!