Readers Ask, the Prince Answers

Enough Wealth recently asked,

I've been reading your blog for a while and am just wondering what your savings/investment plans are for the money you'll have free once you pay off the last of your CC debts in a couple of months?

Once the last of my debts is paid off, I will begin building each of my savings.
$50/month will go into the retirement account that I opened, to roll my former employers 401(k) into. This will help build that retirement account and help supplement my current employers retirement plan. Thankfully, the current employer matches up to 3% of my income, so that helps.

I also plan to start making my car payment to savings so that I can pay cash for my next car. It will be July (or so I plan) before the car will be completely paid off. However, I plan to never pay for a car 2 times, because I borrow the money.

In addition, I plan to start a Christmas club account with $50/month to purchase Christmas presents each year.

I will also fund a savings account that will be used to purchase clothing as I need them.

Not only that, but I also plan to finish the remodeling around the house, and then start a fund (besides my emergency fund) to cover such future expenses for home repairs.


he also asked the following, follow-up question.

Also, have you thought about doing a certificate/degree course by external study/distance education so you can eventually change jobs? A basic qualification in IT should enable you to get a job in data operations, which would be a better career in the long term than working in a supermarket...

This one, I am a little more hesitant answering. That's because, the question can easily be construed as insulting. Especially when he says, "a better career in the long term than working in a supermarket." I really doubt that is the way he meant it, so I will turn my focus to the rest of the question.

In that regards, yes, I have thought about going back to school. The last post, was here. Basically, I didn't go through with it, because they wanted my to borrow everything to pay for the "business" course. I have thought about IT training to, but after starting this blog, I felt business and finance was a better fit, with my interests. Since, then my career in the grocery business has sky rocketed.
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go ahead share your thoughts with me now.