The stock market last week was crazy! Am I the
only one that felt like they were missing out because I did not buy any GameStop stock?
Although I didn't buy any GameStop in this video I'm going to discuss why I made a YOLO
purchase of Dogecoin; which I had actually never heard of until the day that I bought
it. You just gotta get started! Welcome to my channel I'm Harland D. White and on my channel
I'm documenting my journey of eliminating almost $50,000 in debt, and sharing lessons
learned along the way. If you're interested in an update on my debt free journey and a
summary of my January spending, I'll have that at the end of this video. Alright so
let's jump into it. This video is definitely for entertainment purposes only and is not
financial advice. So what is Dogecoin? Dogecoin is a type of cryptocurrency that was created
in 2013. Very similar to the more popular Bitcoin. And at the time of this recording
one Dogecoin is worth a couple cents, whereas one bitcoin is worth somewhere in the $34,000
Both fluctuate a lot so who knows what is going to be tomorrow. So where in the world
did the idea of buying Dogecoin come from? I blame Meet Kevin. Just joking I do not blame
Meet Kevin, however I was watching Meet Kevin's all day live stream where he was covering
the news on what was going on with the Reddit forum Wallstreet Bets and GameStop and AMC
and all the issues with Robinhood and at some point someone in the live streaming comment
section suggested that Meet Kevin buy some Dogecoin.
And part of the reasoning behind that was
Dogecoin was another item that was mentioned by Wallstreet Bets, similar to how GameStop
was mentioned by Wallstreet Bets. And so Meet Kevin proceeded to buy $25,000 worth of Dogecoin.
And he definitely wasn't advising that anyone else do it, but it was his birthday and he
figured let's see what happens. And so that's probably great for Meet Kevin who can do that
because his net worth is probably in the millions. But why in the world did I decide to buy Dogecoin?
Well, like I mentioned at the start of this video, I was seeing all the excitement going
on around GameStop and AMC and other stocks, and I wish that I could take part in the action.
The one small problem is that I have very little extra cash.
However, on Monday last
week I ended up opening up a Robinhood account to take advantage of an offer to get for free
stocks, and at the time when I opened up the account, I moved over $25. So as a result,
earlier in the day I tried to buy some AMC stock because it was down to like $7, however,
Robinhood wouldn't allow you to buy new shares of AMC. About an hour or so after Meet Kevin
had made that purchase of Dogecoin, Elon Musk proceeded to tweet about Dogecoin, and it
seems like every time he tweets about an item, the price of that item jumps up. And so as
a result, since I couldn't buy AMC, I figured what the heck I might as well try to buy some
It was only $25! And so around the five o'clock timeframe I decided to go ahead
and purchase 910 Doge coins and the total investment was $24.97, and then around 11
o'clock that night when I looked at my Robinhood that $24.97 had grown to $70.05, I don't
know for sure but it might have went up a little bit higher than that but that's what
I was able to get a screenshot of. And then to backup real quickly, right after I'd bought
my initial Dogecoin maybe about an hour later, I decided to move over an additional $100.
Basically just in case I wanted to make any "investments" the next day, which I thought
was going to be possible because at the time Robinhood offered instant deposits.
when the next day came around, unlike Meet Kevin who sold his $25,000 worth of Dogecoin for
$72,000. I still had my Dogecoin sitting there. And based on what I've seen in the news I
realized that cryptocurrencies jump up and they jumped down, and it's very volatile.
However, I was looking at potentially buying some more Dogecoin on Friday. However, because
of the volatility of cryptocurrency Robinhood wouldn't allow instant deposits for purchase
of cryptocurrency. And I don't know if it's a good thing or a bad thing but as a result
I was not able to buy any more Dogecoin. However I do suspect that other people had moved money
into their Robinhood account with the same expectation of buying Dogecoin. The next day
as well. And because they were unable to access that money that they moved over to buy Dogecoin,
the price of the Dogecoin went down, at least that's my theory, and as a result, my $24
that went up to $70, at some point while I'm recording this, it went all the way down to
$21, but again, like I said, it is very volatile.
So I am interested to see what happens next
week. So on my channel I'm definitely heavily focused on encouraging people to budget and
get out of debt, and it's not a channel around cryptocurrencies or investing in the stock
market, but it was a very interesting experience that I did want to share. Let me know in the
comments section below whether or not you bought any GameStop or AMC or any of the other
crazy stock, or if you too actually bought some Dogecoin last week.
And in fact, last
week I talked about my new budget categories. And because of me opening up the Robinhood
account, I had to create a new budget category called trading, because I would not consider
this investing. And as you'll see in the next part when I go through my January spending
it was a very small percentage of spend. If you have any questions for me definitely leave
them in the comment section below. And now let's transition into an update on my debt
free journey, as well as an overview of my January spending. Alright, so here's my debt
free journey update. Since last week, I've reduced my debt by $98. And the funny thing
was is that I did not intend to put any money towards my debt this past week.
decided if I can put money into buying Dogecoin, I can also put money towards paying off my
debt. And so instead of putting an extra $100 towards my emergency fund, I decided to use
that money to put it towards paying down my IRS bill. Additionally, a few other things
happened last week that made me confident in my decision to put money into the Robinhood account. The first thing was that I did have $62 that was sitting in miscellaneous
because I wasn't sure if I was going to get a loan back, and I did get that money back.
The second thing that occurred was that I had received a $60 refund for a powerlifting
meet that had gotten canceled.
And lastly in October of 2020, I actually switched car insurance
companies, and as a result, I was able to reduce my monthly car payments from somewhere
around $320 to $167, and since that point in time I had been waiting for a refund check
that never showed up, and I had requested that they resend it twice. Well, last week
I was able to reach out to my old landlord to check with the new tenants to see whether
or not they had received any mail, and come to find out they did have my checks.
And so he ended up putting them in the mail last week. And so I'm expecting another $300
to come in next week as a result of this refund check. With all that being said my
remaining debt is $20,810, and the total debt that I've been able to reduce since May of
2020 is $28,858.
Alright so let's quickly take a look at where my money was spent in
January of 2021. Alright, so here's my spending overview for the month of January. Last year
I didn't spend much time looking at reports but earlier this month I did change around
how I set up my budget categories. And so this year I do want to spend much more time
looking into the reporting to see exactly where all my spending is going month to month.
So as I go on through the year I anticipate that I'll be able to gain more insight into
my spending habits, and thus change them to improve or accelerate my debt free journey.
So then I can focus on building wealth. Alright so as you can see the bulk of my money went
towards the family category at 34%,. However right behind that my next largest spend is
towards paying off debt. Back in the July timeframe I set a goal for myself to put at
least $1500 each and every single month towards paying off debt, and in just about
every month I've been able to exceed that goal target as you can see here this month
I've been able to put $1700 towards my debt.
However, one of my top three financial goals
for 2021, is to be completely debt free by the end of this year. And in order for me
to do that I do need to pay more than $1500 per month. But let's quickly take a look at
where the rest of my money went this month. Alright, so my next category is utilities,
which makes up 8 percent of my spend. Pretty much what's in my utilities category is internet
and my cell phone bill.
I have three other people on my cell phone plan. Housing is 7%,
pretty much for me all that is is rent. Next is food, which makes up 4% and in my food
it categorizes alcohol spend, groceries, and eating out. The next area is around content
creation, things that I use to help me with YouTube and social media type things. And
that makes up 3%. 3% was also spent on my transportation category, and pretty much what this is is
my, I had to get a new registration for this year. And so, that's my transportation
spend for this month, because I did not have to put any money towards gas. The next area
is around insurance, and that is just my car insurance. Next is giving where I put 3% towards
giving and that includes both charity as well as giving in terms of presents or to other
people. The next area is around trading, and this is my whole Robinhood activity for last
week, where I moved over $125 into my Robinhood account, and it accounts for 2% of my
spend for this month.
And the next area is around personal items which makes up about
1% of the spend for this particular month. And within that includes purchases that I
made for Apps, technology and then just other personal care items. And then basically the
remaining items that I had spend on for the month is fitness which is pretty much my gym
membership, education, which education which goes to Audible, or ebooks. Miscellaneous
I ended up not spending any money in the miscellaneous category, and then the savings that you see
here is basically tracking my cashback rewards for the month. So that's pretty much it. All
right, and so that's the video hopefully you found some value out of the video, if you
liked the video please make sure you like the video, and if you're interested in more
content like this from me, please consider subscribing and hitting that notification
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fernet, and come to find out that they did have my and come to find out they did.