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So today marks the one-year anniversary of the launch of The Dolla Thug Blog!! Wooo-hooo!
I have a lot to accomplish in this second year coming up but given the recent Daylight Savings Time situation, I thought it would be good to reflect back on one of my favorite posts and one of the first posts I ever published – OPTIMIZE YOUR 27:
I don’t know about you, but I hate springing forward! I’m fine with falling back, but springing forward is so annoying.
Image courtesy of Rick Trotter.
TIME
Time is the most precious resource we have but we usually don’t realize it until it’s already gone. Losing that one hour HURTS (especially that first day back to work).
168 HOURS IN A WEEK
But it got me thinking…how much of our time is spent paying the bills? For example, at work…thinking about work…commuting to or from work…this can be a fairly depressing revelation. And most of us will remain in this routine until we’re 65!?! I’ve calculated it to about:
- 40% of my total time is work-related
- 33% is spent sleeping (especially weekend catch-up time)…
27% LEFT FOR ME
…And the remaining 27% of my total hours in a week is spent at my discretion doing things that I really want to do (besides sleep), things that I enjoy, and/or doing household chores or grocery shopping.
WASTING YOUR 27
Are you optimizing that precious 27%? Or are you wasting it away watching horrible reality tv (I know it’s not just me!). Continue reading Happy Birthday to DollaThug.com!
By the time you read this post, I should be on a flight to Trinidad for Carnival this weekend!!! Wooo-hooo!!!
HOW MUCH CAN AN ISLAND PARTY POSSIBLY COST??? Now you would think a trip to a Caribbean island where you’re staying with a friend (with no hotel costs) would be pretty cheap…but this mess has run me up a good $1,500!!!
I know what you’re thinking…why on earth would Dolla Thug spend so much on an island vacation……that’s not Hawaii or Fiji???
I’ve been asking myself the same question!!
But alas, Carnival weekend is supposedly the best weekend EVER each year in Trinidad and I’ve been told by NUMEROUS people that it is very expensive BUT totally worth the money…riiiiiight…
I truly, truly hope so…but just so you have an idea of how everything added up (in case you ever decide to embark upon such madness), here’s my list of expenses:
Flight (purchased via cheapoair.com):
$530
(I used $200 worth of rewards miles to bring my flight costs down from $730, and this purchase was over SIX months in advance!…if I tried to purchase the exact same ticket a few days ago, it would run me $1400-1500!!! Carnival IS that serious, guys!)
Carnival itself:
$632 (includes costume and 2-day celebration of all-you-can-eat food and all-you-can-drink liquor, Monday and Tuesday. And yes, I spent this much money on some damn glitter, sequins, and feathers…I didn’t know what happened until my friend sent us the receipt for the purchases she made on our behalf and was like, so the total in USD for Ana is $632…I stared at my computer screen for a good 7 minutes…)
$632 worth of sequins, glitter and feathers..........wait 'til you see my gut in this!
Fetes (pre-Carnival weekend parties):
$291 Beach party (again, unlimited food & liquor): $133
Some Cultural Thing: $50
Another beach party (more unlimited food & liquor): $108
TOTAL (not including souvenirs, daytime food, jet-skiing): $1,453
WORTH THE COST?
And in all reality, there’s no way I could ever consume $1000 worth of liquor and food in one week. Even if each drink was $25 and each meal was $25. And my friend has made it clear that the food is really cheap in Trinidad…so it really doesn’t make any damn sense…but capitalism is REAL! And I’ve allowed myself to be a victim…
MAKING YOUR BUDGET KNOWN
When it came to paying for “fetes”, I seriously had to be like – hey guys, put me down for one or two fetes. Anything above that, you guys can go without me – I’ll chill at the crib or on the beach and relax for the night, that’s what vacations are for anyway. I had to stop the bleeding! It was seriously getting out of control. Just because everybody else is spending $2,000 does NOT mean you have to spend $2,000. You have to know your budget, know your limit, and if that means sacrificing one island party that you’ll probably barely remember from all the unlimited liquor you’ll be consuming anyway – then so be it!
HOW DID I PAY FOR THIS?
Well, I’ve been using a “compartmentalizing method” where I have part of my paychecks split between two different accounts. One account (where most of my money goes), I use for monthly expenses like rent, utilities, food, etc. And the other account (where I have $200 per paycheck deposited) I use as a method for saving up for large expenses that I plan for months in advance, like Christmas gifts, travel expenses, or gadget purchases. This method works for me and allows me to pay cash for the large purchases when I have enough saved up so I don’t have that debt on my credit cards (costing interest month after month as I try to pay it down!).
AT THE END OF THE DAY, IT’S A ONCE IN A LIFETIME WEEKEND
But TRUST – I know this is a one-time thing – no matter HOW much fun I have this weekend (and I better have $2,000 worth of fun to make my return on investment worth it), I will surely not be doing this again! So I’m gonna make the most of it! Wish me luck and see you when I get back!!!
So how did I spend my $300 Las Vegas winnings? Did Dolla Thug save every penny until she got home to tuck it safely away in savings??? Ummm…not quite!
Courtesy of zazzle.com
The psychology of “windfalls” are a very interesting phenomenon…I spent most of it, but still had a pretty practical approach (meaning I didn’t blow ALL of it on Patron shots…only $100 went to liquor and more gambling…).
Details as follows:
The First Hundred – the boring, sensible approach: I made sure to tuck one of the $100 bills in my suitcase so I wouldn’t be tempted to spend it and could at least have 30% of my winnings when I got back…and the 70% I spent?…
The Second Hundred: We went shopping the next day and I allowed myself to buy these $80 beauties (which I’ve worn all of 3 times since March!…jackpot money well-spent lol I get some good compliments on these bad boys!):
The Third Hundred: As I stated before, the remaining $100+ I spent buying drinks for me and my friends, food, and gambling a little more here and there throughout the rest of the weekend. As suspected, no more significant wins were made!
All in all, I made out pretty good – no complaints!
I got lucky, but what are some of the common pitfalls of Las Vegas?
10 THINGS YOU SHOULD KNOW ABOUT VEGAS GAMBLING…
1) ALWAYS go with a gambling budget (that you can afford to lose! whether it’s $20 or $200) – and when that money is gone – it’s GONE and you push away from the table! When determining your gambling budget, keep in mind what your REAL financial goals are (winning the jackpot does NOT count as a legit financial goal). You don’t want to put your finances in jeopardy! I went to Atlantic City for our college senior trip, and went with a $40 budget, lost the first $20 on a tragic game of Black Jack. Decided to try the Wheel of Fortune slots, got down to my LAST $5 and knew this was it! Pulled the handle and won $170!! I don’t know where my luck comes from…I think I get it from my daddy, he used to love Atlantic City!
2) Casinos use chips for a reason. Although plastic chips are the equivalent of cash within a casino, you do not have the same emotional connection to little round pieces of plastic as you have to cash money (i.e. your strong desire to keep as many paper bills as possible). This disconnection with chips allows your brain to feel more comfortable with betting more chips than you normally would if you were actually using cash. It’s a very dangerous game when your brain is processing real money as play money. Always keep in mind that at the end of the day, when your chips are gone – your cash will NOT be returned to you!
3) Beware of (what I like to call) The Windfall Syndrome. This syndrome occurs when you win unexpected money, and therefore do not feel the need to act responsibly with it. i.e. “If I fritter it all away on all-you-can-eat hotwings, what difference does it make since I never planned on having this money in the first place?” This is part of why it’s possible for lottery winners to end up going bankrupt! They put windfall money in a separate category or compartment of their brain where they don’t feel it’s necessary to handle it with care as they may with their regular income (if they ever even handled their regular income with care!). When dealing with a significant windfall, it’s recommended that one WAIT before they spend the money (at least a week or more), until the initial emotional high has worn off. THEN set up a plan to spend some, save some, pay down debt, and most importantly WISELY invest some! And don’t fall for scammers!…and anybody approaching you about your new money is a scammer!
4) This is a rumor…but I wouldn’t put it past them! Some believe that casinos actually inject oxygen in the air to make you feel more alert, happier, optimistic and more willing to spend money despite any large losses. What do you believe?…Apparently this site debunks this oxygen myth.
5) BUT it is true that many casinos do not have clocks or windows in order to encourage gamblers to stay longer (i.e. lose track of time!) Bring a watch and/or your mobile device!
This past March, I went to Vegas for my friend’s 25th Birthday celebration. And…I hit the jackpot.
Well…not the jackpot jackpot, but let me just tell you the story…
So it was the first night of our 3-night weekend in Sin City. It was my first time really visiting Las Vegas (I had been there for a layover in the Las Vegas airport once when I was like 10, but that doesn’t count!) My friends and I had just dropped our things off in the hotel room and decided to head downstairs to check out our hotel’s casino (we were staying at this hotel, the Luxor…fancy huh?).
Courtesy of www.las-vegas-vacation-specials.com
Two of my friends had arrived a few hours before me and the birthday girl so they had already tried their luck a few times with the various slot machines the hotel had to offer, but there was one that caught my eye as we were making our rounds. It was this really huge slot machine with a big slot handle…like this chick:
Courtesy of amazon.com
Actually, it was slightly smaller than this machine shown below, but this should give you a pretty good idea of why I was so drawn to it (and no, that’s not me in the picture!):
Courtesy of quitecurious.com
Anyway, the slot handle attracted me and I had to pull it (…get your mind out of the gutter!). So I told my friends I was going over to the big machine while they were putting a few singles in the smaller machines we were talking near. I walked over and took out the first $5 of my $50 gambling budget (yes, I had a gambling budget; who goes to Las Vegas without a gambling budget???) and neatly fed it to the machine. I pulled the handle and watched the pretty lights and big numbers spin (easily amused much?).
SHE SPINS…
The first symbol to land was some random blue logo that was something the hotel used in their machines (not the typical “cherry” “7″ “$”, etc.).
The second symbol to land was the same random blue logo.
In the next few milliseconds, as the 3rd wheel came to a stop, I wondered what would happen if I got 3 in a row!
The 3rd symbol was NOT the random blue logo. BOOOOO!
I didn’t get 3 symbols in a row, but the pull was pretty satisfying and I was ready to just cash out on my remaining $4 and move on…but the little red numbers started counting upwards.
They finally stopped at 324 points. That couldn’t possibly mean $300, right??? I tried to quickly analyze what a “point” meant. When I first put in the $5, did I start with 500 points…or only 5 points? Did a point=$.01 or $1??? I couldn’t remember!
I stared at the machine puzzled for about 2 seconds before I decided it would just be safer to cash it out and figure it out when the little ticket stub told me exactly how much my “winnings” were worth.
I hit the “cash out” button, but nothing happened.
I hit it again…nothing.
A few months ago, a fellow personal finance blogger (who’s actually hilarious) from Punch Debt in the Face started an exclusive club of which I am now a proud member: the Thousand Dollar Baller Club. [Check out the photo below, but replace the car with a Subway Metro Card and a brown face and that's ME, son! Ridin' all DAY!]
Courtesy of PunchDebtintheFace.com
I’m still aiming for that “Six Zeroes and Up” Club, BUT I can’t take for granted that I’ve at least made it to $1,000+ status. BALLINNNNN!!!
What about you? Are you a Thousand Dollar Baller? On your way? Ballin outta control?
Well I decided to take this opportunity to bring to you capitalism at it’s WORST! Anything to make a buck, huh? Here are some of the worst ways people have capitalized on Obama’s “brand”. ENJOY and COMMENT! Continue reading HAPPY BIRTHDAY OBAMA! (not so safe for work)
I’m sure some of you are probably wondering how I got this alias. My own mother said to me, “Are you sure you want to be known as Dolla Thug??? Do you know what a “thug” is??? Why can’t you be Dollar Diva or something?”
I just had to assure her that “Dollar Diva” just doesn’t quite do it for me…doesn’t quite do my mission justice. “Dolla Thug”…is perfect…and you’ll see why with this post.
Courtesy of www.superchefblog.com
IT WAS NEW YEAR’S DAY…JANUARY 1, 2008…
You may recall from a previous post that my personal finance revolution happened a few short months before this day. I was extremelyfocused and watching EVERYTHING I did with my money – from that $1.99 Snapple I shouldn’t have bought for lunch to that $6.99 cold medicine I bought when I felt a cold coming on. Every expense was just taking away from the money I was using to pay off my debt and build up my savings. EVERY.DOLLAR.COUNTED!
IT’S A CELEBRATION!
Now…when it came to celebrating New Year’s Eve…it was my first NYE in NYC so I wanted to do it big with my friends (don’t worry, I budgeted for it so I made it work!). Within the last few days leading up to the big event, my friends and I were all excited about our dresses and hair and shoes and the party and dinner and open bar and etc, etc, etc!
In the midst of it all, one of my friends needed me to spot her a little cash; it wasn’t too much – maybe $15-20 bucks. I can’t remember if it was to buy the perfect necklace for her dress or to cover the cost of the cab back to my place. Either way, I obliged because I knew she’d pay me back, it was no problem and I had it on me so I was fine helping her out. BUT…just like the $1.99 Snapple and the $6.99 cold medicine, I definitely kept a mental tally of the money I was putting out each day and this small loan was no exception… Continue reading How I Got the Name “Dolla Thug”
How did I have fun AND save money during my initial Dolla Thug Phase?
Courtesy of http://www.watchmojo.com
1) I DIDN’T LIVE IN MANHATTAN (unless it’s above 120th Street); try decent neighborhoods in Brooklyn or Harlem.
2) I made sure to go to FREE events (i.e. enjoy the park, free museums, Summer Stage concerts, River to River festival, etc. – or just hang at a friend’s place and watch old DVDs or shameful reality tv)
3) If I went out, I made sure to get to the venue BEFORE they started charging (“Free before 11″ meant I was ready and leaving my place at 9pm to get anywhere in Manhattan by 10:15!)
4) Liquor can be expensive – I definitely didn’t get caught up in the bottle-buying Manhattan high life; I took a cash budget of about $20 and I needed to make the most out of it (i.e. Long Island Iced Tea!) because when that was gone, I needed to be good for the rest of the night…unless someone else was buying! Tip: Being a lightweight saves money!
5) My preferred transportation of choice was the SUBWAY, no more cabs (living in Queens or Brooklyn guarantees a bill of at least $25 from Manhattan). Even now, I will take the subway at pretty much any time of night…alone…probably not safe, but I figure subways are lit, people are always riding 24/7 and my stop is fairly peaceful. Famous last words, I know – but it is what it is…
David Bach wrote a book on the infamous “Latte Factor” and how eliminating those small everyday purchases like the daily Starbucks cappuccino can help one to grow rich. My guilty pleasure is not a “latte venti mochaccinoatta”…It’s the Strawberry Surf Rider smoothie from overpriced Jamba Juice.
Courtesy of http://farm2.static.flickr.com
If you haven’t been put on: the Strawberry Surf Rider is a heavenly concoction of lemonade, lime sorbet, oj and fresh strawberries…absolutely amazing! Sweet and tangy. The kind of tart that gets you right here *puts pointer finger and thumb on either side of neck right where one would take a pulse…you know, that “tang” spot.* Continue reading My Personal Latte Factor
PROBLEM: If you are up at the crack of dawn about to purchase that [PRODUCT that’s only sold between the hours of 3am and 7am] that you’ve just GOT to have NOW – or else you’ll miss out on the FREE napkins??
SOLUTION: Dolla Thug says, “Put the phone down and go to sleep!!! You’ll thank me in the morning!”
For the record, I am not a certified financial advisor of any kind and will not be held legally responsible for any misuse of the content of this site.
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