My car won’t stop.
problem occurs. I just don’t know what.
Accelerating when the light turns green becomes a predictable but confusing chore. My foot on the gas pedal usually results in a sluggish, almost inevitable, momentary hesitation before she makes a concession. Kind of like a hiccup, only from the car.
I know I have to fix this at some point. But I’m not a mechanic. I don’t know much about the inner workings of the vehicle so hopefully this is nothing serious. Maybe an oil change will fix the problem. I think replacing the starter or alternator is the worst case scenario. It was only when I took her for an oil change that I realized how big my mistake was and how big my problem was.
My transmission has failed!
This happened in mid-August last year. It changed my life forever.
My final rebuilt transmission and oil change cost $3,774.32. It almost broke my heart. The cost forced me to consider buying another car before deciding to pay. The odometer on my 2009 Dodge Corvette showed 185,000 miles on it at the time. I’ve spent a lot of money on other repairs over the past nine years. I didn’t know what to do, the decision alone caused anxiety. I was almost out of debt from my divorce and longed for the new beginnings it would bring. But with that came an unexpected expense, and a huge one at that.
The store asked for a $2,000 deposit, which I didn’t have. All my cash is in a savings account for a down payment on a house that I refuse to touch, and a separate general savings account designated for my daughter Parker that is also inaccessible.
So I did what a quarter of Americans do when they spend $1,000 or more on emergencies, according to Bankrate’s annual survey. I pay for vehicle repairs with a credit card. I used the same credit card six weeks later when I needed new rotors and calipers. That bill was $941.
While you’re enjoying the end of last summer, the ever-increasing expenses got me looking for a side hustle to supplement my income. I searched the internet for easy ways to make more money and quickly started doing small things to earn money in my spare time. I unsubscribed. I eat out less often. I have sold used household items. I completed an online survey for a small cash reward. I even won a few dollars playing bingo on my phone.
At this stage, I also stumbled upon information about investing in the stock market.
I smile when I think about how a few dollars worth of free stock from my brokerage firm got me into it. This might be the most ridiculous carrot to get adults to start investing. But thanks to that first $4, our lives will never be the same.
I quickly saw the power of investing. I was instantly hooked. After learning the magic of compound interest, it inspired me to take every dollar more seriously.
Divorce affected my finances more than my mistransmission. Only after going through multiple judges, attorneys, guardians ad litem, court fees, and huge costs, is the cost of a divorce really set. I paid five figures for my divorce. Calling it a setback would be an understatement. But it taught me a lot. Freeing myself from financial constraints—and ultimately soaring—is also at the heart of why I decided to manage my money wisely.
Having a home again is also very important to me. However, putting money into a savings account is not the most efficient way to get your money back. Learning better earning and spending, saving and investing skills excites me right now. In just a few months, my wallet and waistline are already looking better.
I can’t ignore the role inflation plays in reshaping my mindset with money. Have you looked at the price of cheese? How could I not be more aware of where my money is going?
The closer I look, the less I like what I see. All I had to do to solve my problem was face it. One unexpected expense turned into another expense and I couldn’t take it anymore.
Back on that night in mid-August, I decided I was no longer on the financial roller coaster of my life.