Furlough Preparation: Paying off Car Loans with Ebook Sales
This post on paying off car loans with ebook sales is post #5 in my series on financial freedom and spirituality.
In my last post, I talked about using near-zero-interest-rate savings to pay off a big chunk of my car loan. With a safe cushion in the bank and all but the last 9 months of my car paid off, I needed to come up with around $3300 to own my car free and clear.
Furloughs and Part-Time Jobs…if Legal Counsel Approves
With the looming sequestration and a 20% cut in pay in my Federal job (translating into 25-32% take home cut, depending on whether I still fund my retirement, I’m not as free as most people, including most Federal employees, to pick up a side job wherever I want. Â In my career field, I have to have special permission to work elsewhere so I don’t have a conflict of interest with my job. Â That means I can’t work for any company or in competition with any company that might either benefit or be harmed by my employment. Â For example, if I work in an office that buys construction services, I would not be able to take on part-time work doing dry-wall repair because I might choose to give myself the work rather than my competition. Â That makes sense. Â Then again, a coworker who doesn’t have anything to do with buying health/wellness services was told she couldn’t work as a yoga instructor on her furlough. Â I still haven’t wrapped my mind around that one but legal counsel isn’t budging. Â Like I said, it’s not necessarily easy to pick up a second job to make ends meet during sequestration because the decision is out of our hands.
As for writing, I received official documented permission around 1993. Â I couldn’t write about anything that wasn’t info available to the public, which was much more restrictive before every 12-year-old had a smart phone in his hand and a wifi-connection to Google. Â I could write military heroes in romantic comedy (Top Secret Affair), alternate realities (Access), Â guides for dealing with bereavement (Working through Grief). Â Essentially, based on what I was writing at the time, I just had to make sure I didn’t work in a lab where we were finessing time travel or teleportation through worm holes. Â The same holds true 20 years later–I’ve asked not to be put in charge of the super secret bunker of the world’s most dangerous books, discreetly hidden inside a University Library in a non-existent Florida educational institution. Â Â (Joking–that’s the premise in The Secret Lives of Librarians series).
Writing to Pay for Sequestration’s 20% Cut
If I am indeed furloughed in April, I’ll be forced to work only 32 hours a week, by law. Â That means, I’ll leave after only 8 hours a day and go home. Â No working late or taking work home with me every day or on weekends. Â It means I’ll have evenings free, weekends free, plus one day a week. Â That re-discovered time will go to writing as my part-time job. Â I’ll easily have an extra 20 Â – 30 hours a week to devote to legally mandated time away from the office.
So at least I have a plan for trying to make up the 25% difference in take-home pay.
Most of my royalties already have a place, but in figuring out how to zero out my car loan, I decided to take what I had in the bank at the end of the month for a particular book and apply it to my debt. Â I emptied out the account and paid the rest out of my wallet. Â The book that paid off my car was titled, aptly,Give Your Life Direction.