This thread will give R8ers a boner

I'd happily pay down a mortgage and build equity rather than paying rent...

All in good time, I suppose.

Different schools of thought.

In theory it makes sense to get rid of the highest interest first because it's the most wasted money. In my personal business, I nuke the lowest debt first(say, smallest of my 3 original student loans)...when that is paid off, I take the $75 from that loan that is paid in full and put it on the 2nd lowest. When that is paid off, I take both and put them onto the 3rd.

It worked well for me with student loans.

I also concur that taking lunch et al will have a big effect. At your stage in the game, I ate a lot of cheap meals, took a foreman grill or sandwich maker and supplies to work. I purchased my drinks in bulk instead of the convenience store etc....

You'll be shocked how much you spend.

The easiest way to get a reality check is to write down ever dollar you spend and you'll see how much you waste a month.

Do the smallest debt first, but after that get aggressive with high interest debt.

Where's R8drs?

Right now they are charging a 3% transfer fee.

I suppose I've been relying on the texts and emails rather than logging in. I'm certainly not mailing checks, but even my online banking takes a day to a week to update, depending on the merchant I pay.

My biggest waste of money is definitely food. That is for damn sure.

Total money makeover is a great book 10.00 on amazon for kindle version I read it in a day and I hate reading . It will tell you how to get out of debt build up a retirement plan and pay off mortgage and never be in debt again

Okay, so you've got some ideas on getting out of debt.

Buying a house:

I recommend to save up at least 6 months living expenses
You'll need ernest money in some cases to even file a contract offer on a house
Look at FHA loans and consult a local housing athority in your area and see if the can help you

And the big one, 20 percent down on the house. This can vary from lender to lender, but it'll be atleast ten percent.

Also before any of that... you need to figure out what you're looking for: aka condo, single family home, townhouse, so on

I also say this.......

I have a good job with adequate income. I do all kinds of things on the side for extra money. That's the cash I use for the "extras" like guns, hunting stuff/trips etc....and for savings building.

There are piles of legal ways to make extra cash. You just have to be ambitious and creative. Where I'm working this week, if I had more time I'd come back with a chainsaw and cut up storm damage trees after I'm done with the day job. Things like that. Mow yards, ebay, bartend.......

hmm

How long does the 0% rate typically last on these cards? And what does it spike to when that time ends?

Great advice.

I am considering going into sales for a home builder if I can make an opportunity present itself. It is tough work, but in this market, it is easily a 6 figure job, which would essentially triple my income in poor scenario. It may not be the most secure long-term solution, but if I can put serious hay in the barn in the next 5-10 years, it will be well worth it.

Are you handy?

I started out with a "3 house plan". I bought the first one...a turd, fixer upper and spent a couple of years remodeling it and sold it for my equity and a little profit. The 2nd house was bigger and nicer and needed less work....and I sold it holding my equity from the first and a small profit. The 3rd house was supposed to be the one I build....but that didn't work out and I bought another big project house...and put a pile of time and money into and will lose some on it when I sell.....because I'm working on house 4...the last one.

When I worked for a contractor when I was younger, I took on a job building a horse barn for that client at night and weekends. There is opportunity everywhere for someone looking for it.

My Point....start out with a reasonable home, not out of your league prices and work your way up with improvement and equity as you go.

That's my advice on that topic.

Paying off debt with another debt is just masking the problem. I mean its not a bad idea if u can get 0% but your still in debt your just making it easier to ignore the problem

Use the snowball method others have suggested and stay focused. Set a budget for every penny

There is also good advice in raiders thread about building credit