Mother’s Day: Halvening Edition

Today is Mother’s day. Everyone is up and in a good mood — it seems. After I finish this I’m going to make mimosas and cook breakfast. We don’t have anything planned today, but I imagine it’s going to involve a lot of movies and sweets. I’m going to keep the kids productive, though, there are a couple rooms of the house that are in dire need of tidying.

It’s also been over six months since I did the house accounts. I use GNUCash, to keep tabs on the house expenses, mainly the mortgage and utilities, but it also let’s me stay on top of contributions between my wife and myself. She’s put up large lump sums in the past, for the roof and the HVAC, and I have to balance that against my monthly deposits until we’re more or less even. Things are even more complicated because she pays the health, car and home insurance and has also made the daycare payments. We split those payments and I credit her on the house account, but we’re not very disciplined about keeping up with adjustments.

We don’t track groceries or clothes for the kids or anything like that. We tried once using an app, but she just spent more than me, and it became too much of a conflict when it came to buying groceries, or eating out, or buying things for the kids. So we just try to take turns with the groceries and call it a day. We also make our own contributions to the girls. Missus prefers our state’s 529 plan, and I have bitcoin wallets for the two of them on my hardware wallet. Like driver’s licenses, I don’t think the kids will have a need for either by the time their old enough to use them.

I’ve managed the other bills through the joint account, but we’d never been able to keep much of a buffer in our savings. My individual account usually hovered just above water, maintaining tenous balances on my credit cards that I would struggle to pay off each month. She’s since started building it up through her side job, and with the addition of our stimulus payment and a hefty tax return, we’re sitting on close to six months expenses in that account.

I told Missus about my Sixty Days to Six Figures goal, and we wrote up all our debt on the board, which is about two hundred and seventy grand for the mortgage, my student loans, and my car. We wrote it up on the fridge. I also wrote up the current price of Bitcoin, and where we needed the price to be in order to pay all that off. Without disclosing how much I’m holding, I’ll just say it’s between a new all time high and six figures.

One of the responses above reminded me that mortgage interest on a $250,000 house is more than the house itself. It seems absurd now that we would have done such a thing, but given where we were coming from when we bought this place five years ago, I don’t think we could have fathomed any other alternatives. We know better now, so we’re going to do what we can to get out of this trap. And more importantly, teach our kids how not to get caught up in it either. There’s so much that could be written about this aspect of the American Dream, how the banks get rich off of servicing this loan debt, both mortgages and credit cards. The banking economy is driven by this extraction. It remains to be seen whether Bitcoin will fulfill the promise of P2P currency; it looks like it’s getting swallowed up by traditional finance. I am, however, more confident than ever of it’s worth, and am looking forward to the upcoming halving, now in about one day and eleven hours, early Tuesday morning.

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