How Fast Can I Become Debt-Free?
 

The answer was 10 months.

Today I paid off the car; last month the credit card (it ballooned up to 2k after necessary flights and the holidays). I got a new job 6 weeks ago, as I mentioned in another thread, and it has been a Godsend.

Thanks for the thoughtful advice in this thread.

My next objective is to save my ass off. What are some good goals to shoot for? How many seperate piles should I be creating? (House, ring, future kids, retirement, etc..)

original post:

mint.com

You have a $100 minimum on a balance of $500?

OK . Take out a 0%credit card. I know you surely get offers . And pay off everything. Just honor your CC commitment and don't be late.

I do have that, but the delay on those reports makes them irrelevant. I get updates with 2-week old info, and its never completely accurate.

I want to plan going forward as opposed to combing through incorrect, delayed reports.

Well, thats my minimum, that I set. I'm sure its something stupid like 30 bucks, but it's my highest interest debt source.

Debt snowball.

Pay off the smallest debt. Put that payment onto the 2nd lowest debt....
Find ways to save money, find ways to make extra cash.
Use that extra income for debt reduction and then eventually savings.

I recommend several things and none are easy.

One, cut up the credit card
Two, eat at home and make your lunch
Three, see if you can delay (defer) any student loan debt until the credit card debt is gone.
Four, get a second job..something that is night work but has little time commitment
Five, do things on the cheap. Got a date? Take her to the park and do a light outdoor activity.

Attack your highest interest debt after you rid yourself on the small debt.

Looks like about six months if you are aggressive.

:clap:

I like that idea, but do you suggest smallest first, or highest interest first?

Yeah. Should be easy with discipline. I'd love for my monthly expenses and payments to look like you're. Damn kids.

Austin?

4 words: Bull McCabe's for Smithwick's

(Ok...that did not help at all.)

Why is it 2 weeks old? Your accounts should update every time you log in, so I guess unless you're mailing checks or something, it should be up to date... and you can set budgets and goals, too, so it's not just a tool to view the past.

I'd hit the highest interest debt first, then like Iowanian said, use that payment amount to help pay off other debt. The biggest thing I do when I want to save some cash is stop eating out... when I first signed up for mint, I didn't even realize how much I was spending.... didn't have cable at the time, but more than made up for it with trips to BWW.

I considered that, however, isn't there an extra charge for paying off a loan or credit debt with a credit card? If so, I don't want to incur more fees...

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

I am not handy. When you are young, you are either the guy holding the screwdriver or the flashlight. I was always a "flashlight holder" growing up. I am painfully self-aware.

I think you have to be pretty savvy to flip homes in Texas, as the property tax is just nasty. Also, in this market, I'd be happy to hold on to the homes and rent them out. I just need to get into a spot where I can buy my first.

This.

I've been using them for years. I just got one for 21 months and put 15,000 on it. When it expires it will go to 11.99%. BUT I will have it paid before that. SO I'm really gonna be out 3%.

Most of the offer that come in are 12 months or so but keep your credit good and at the end you can ALWAYS roll over to another 0% cc offer.

Credit: $500
Car: $4,300
School: $100
Interest Free Parent Loan: $600

$hit that aint nothing.

Buck up and pay off the $100 first. Pay your parents last.

Stop using the credit card and knock it out fast, then apply all of that to your car.

It will take no time to knock that out.

I've knocked out a lot of debt in the last 2 years, and cash flowed some major projects at the same time. We currently owe 50k on her law school loans and the only other thing is out mortgage, which we are planning to pay of 15 years early.

Let your money work for you, not the other way around.

Good luck. Wish I did this when I was your age.

If you can tie your shoes you can do almost everything to fix up a house.

Iowanian give great advice. My first house was small and built in the 50's. I figured out how to roof and side it myself, then finish the basement. Anything can be done if you research it.

10 years later I was the general contractor on my own house, doing some of the work myself.

ps. I should admit I don't do major plumbing. Changing out toilets, sinks, and faucets is about t.

Not at all a good plan unless the savings are there. Rent is fixed expenditure since maintenance on the property is covered. Buy a house with no savings and when something happens, than is your dime and it comes unexpectedly. You can't plan for that. Renting is smart until your get a sizable savings to make sure you can afford maintenance that comes with home ownership. Too many young people jump into housing purchases and have to scrape by for years simply due to mortgage and unexpected maintenance costs.

Renting is not throwing money away. Foreclosing on a house is throwing money away and ask the thousands who did it.

Who the hell measures their school debt in hundreds? Just pay that shit off to be rid of it.

Is paying off a car loan with a credit card considered a cash advance? Would the 0% interest still be in effect should I go that route?

And not to overwhelm you, but I also recommend start saving for retirement now or within the next few years. If your job matches you on a 401k up to certain percentage, then sign up and pay in to get the percentage. It's free money.

There is a phrase I use and it's called. "Save myself poor"

If you get that gig and you can make that kind of money, live down to the min whenever possible while having a good time. Its an easy life.

A guy who lived at home for 2.5 years after graduating.

Christ that sucked. Love my parents even more for it, though.

No. Read the fine print. I think you'll find there is an seperate rate for cash advances.

If you have the CC call them to clarify. But in my experience NO.

The earlier the better... adding a couple of years in contributions in your 20s can make a huge difference at retirement....... at least that's the one thing I learned in Finance.

I don't know what it is, but you have a skill or knowledge that you can turn into an extra $100+/week.

That is enough to make a difference in what you're trying to do.

Absolutely. Something. Anything out of each paycheck. Pay yourself first.

I was the same way when I bought my first house when I was 24. 16 years later I can fix just about anything around the house. Google and Youtube are great for finding out how to fix things around the house youself. I just bought a foreclosure for cash 3 weeks ago and have no house payment now. I've had to fix a few minor things with the home but it's amazing what you can fix with a few hand tools and a 12v Dewalt drill. Just keep saving, don't piss away a lot of money on booze and women and keep your nose clean and you'll start saving money quick. 401K plans are great as well if your employer offers one.

And good grief is google a godsend. YouTube has made it even better. My washer spin cycle stopped working. Googled it. It was the lid shut sensor. Found a video on how to replace, ordered the part , and fixed it myself for $40.

I'm fairly handy, but I'm considered the pretty boy idiot who can't fix shit in my family (both my brothers can tear apart an engine or any piece of machinery and build houses for a living though).

I don't remember the exact figure but Money magazine stated that if you invested 5k a year into a retirement fund from the ages of 25-35, that your total at age 65 would be almost the same if you didn't start until you were 35 and invested until 65!

It is hard to catch up so start as soon as you can! I take that advice and do 401k through work plus 2-3k into a Roth IRA that I self fund. Hopefully once I get a little more settled, I can max out that Roth each year.

couple things, some of these might be Q because I didn't read everyone's responses:

1) you could use the 'snowball method' and pay off the smallest balances 1st, and keep putting the payments you 'wouldve made' into the remaining debt....here-->http://en.wikipedia.org/wiki/Debt-snowball_method

basically pick a number that wors for you to pay off debt per month, like $1000, and pay off the smallest balances 1st (make minimum payment on all but one smallest debt)...and do not lower from the 1000$ as your debts are eliminated one by one

it isn't the absolute fastest but it works, and i think would be very effective for you given you have low debt, it will be fast

2) once you are paid off....take a number that works for you and have your credit union automatically deduct it, and never even think about it...start with 10-15% of your income...raise it when you get raises and as you see fit

3) for what to do with savings see : http://www.clarkhoward.com/categorie...inance-credit/ , listen to clark howard on the radio...great show

http://www.clarkhoward.com/s/podcast/clarkshow/


You are doing great man! Keep it up, very good work.

I am in the final stages of going to work for a temp agency that focuses on servicing home builders. It will be a weekend gig, and it will allow me to rub elbows with different HB's in the area and at the same time make 10 bucks an hour.

That extra income should help in the short term, though I am not looking forward to 7-day work weeks :deevee:

I guess it depends on how fast you can save up once you put money down and close... and it was kind of ridiculous how much I spent right after closing, too, so there's that.

I like Iowanian's idea, even for someone who doesn't care to fix up a house... a good inspector will tell you all you need to know about a house, and a mortgage payment on an older home isn't going to run you more than a decent apartment (around here, anyway). Put 20% down to avoid a couple thousand in PMI, be ready to spend some money on small stuff, and it doesn't hurt to have some put away just in case.... then even if you sell in a few years for the same price, at least you get your down payment plus some back, and you come out ahead vs renting.... and with any luck, you'll have saved some money for those few years, too, so you're not just pouring the net proceeds into the next house.

My first house I was way over my head. I made a lot of dumb mistakes trying to save money and do things myself instead of asking for help....like cutting drywall in half so I could hang it on the ceiling myself.

Best luck I had was making buddies in that community with a carpenter...could help me and tell me how to fix things when I got into a pickle.....like putting in a front door with a crooked jam.

But too many are in the OPs case where they have no savings but think they should buy a house! They come no where close to 20% down. Renting is the best option to build an emergency fund, which can be followed by saving for a down payment for a house. To many idiots with no savings who lose a job and then can't pay the mortgage. Easier to break a rental lease then a mortgage!

True, it's not something to jump into without a plan.... hell, I knew smart people who jumped into a house a few years ago since it was so easy during the housing boom. Even with 20% down + some extra cash and even an emergency fund, you have to know how fast you can recover from all of the up front costs, and be certain that you can put away a decent amount every month for the unexpected. And you should also have a pretty good feeling that you'll want to live there for at least a few years, and some rent vs buy calculators will tell you that you don't break even for 7+ years.

That said, it is a great time to buy.... :D

Default on the parent loan

If you aren't getting car insurance through geico call tomorrow and switch. That saved me almost 75 a month.

You don't have any debt.

See 2008.

<table border="0" cellpadding="0" cellspacing="0" width="392"><colgroup><col style="mso-width-source:userset;mso-width-alt:2742;width:56pt" width="75"> <col style="mso-width-source:userset;mso-width-alt:2852;width:59pt" width="78"> <col style="width:48pt" width="64"> <col style="mso-width-source:userset;mso-width-alt:2523;width:52pt" width="69"> <col style="mso-width-source:userset;mso-width-alt:3876;width:80pt" width="106"> </colgroup><tbody><tr style="height:15.0pt" height="20"> <td class="xl65" style="height:15.0pt;width:56pt" height="20" width="75">Date</td> <td class="xl66" style="border-left:none;width:59pt" width="78">Description</td> <td class="xl67" style="border-left:none;width:48pt" width="64">Out</td> <td class="xl67" style="border-left:none;width:52pt" width="69">In</td> <td class="xl67" style="border-left:none;width:80pt" width="106">Net</td> </tr> <tr style="height:15.0pt" height="20"> <td class="xl68" style="height:15.0pt;border-top:none" align="right" height="20">01/01/2013</td> <td class="xl69" style="border-top:none;border-left:none">payroll</td> <td class="xl70" style="border-top:none;border-left:none"> </td> <td class="xl70" style="border-top:none;border-left:none" align="right">$2,200.00 </td> <td class="xl70" style="border-top:none;border-left:none" align="right">$2,200.00 </td> </tr> <tr style="height:15.0pt" height="20"> <td class="xl68" style="height:15.0pt;border-top:none" align="right" height="20">01/01/2013</td> <td class="xl69" style="border-top:none;border-left:none">Credit</td> <td class="xl70" style="border-top:none;border-left:none" align="right">$100.00 </td> <td class="xl70" style="border-top:none;border-left:none"> </td> <td class="xl70" style="border-top:none;border-left:none" align="right">$2,100.00 </td> </tr> <tr style="height:15.0pt" height="20"> <td class="xl68" style="height:15.0pt;border-top:none" align="right" height="20">01/01/2013</td> <td class="xl69" style="border-top:none;border-left:none">Food Gas</td> <td class="xl70" style="border-top:none;border-left:none" align="right">$250.00 </td> <td class="xl70" style="border-top:none;border-left:none"> </td> <td class="xl70" style="border-top:none;border-left:none" align="right">$1,850.00 </td> </tr> <tr style="height:15.0pt" height="20"> <td class="xl68" style="height:15.0pt;border-top:none" align="right" height="20">01/01/2013</td> <td class="xl69" style="border-top:none;border-left:none">Gym</td> <td class="xl70" style="border-top:none;border-left:none" align="right">$30.00 </td> <td class="xl70" style="border-top:none;border-left:none"> </td> <td class="xl70" style="border-top:none;border-left:none" align="right">$1,820.00 </td> </tr> <tr style="height:15.0pt" height="20"> <td class="xl68" style="height:15.0pt;border-top:none" align="right" height="20">01/01/2013</td> <td class="xl69" style="border-top:none;border-left:none">Other</td> <td class="xl70" style="border-top:none;border-left:none" align="right">$200.00 </td> <td class="xl70" style="border-top:none;border-left:none"> </td> <td class="xl70" style="border-top:none;border-left:none" align="right">$1,620.00 </td> </tr> <tr style="height:15.0pt" height="20"> <td class="xl68" style="height:15.0pt;border-top:none" align="right" height="20">01/01/2013</td> <td class="xl69" style="border-top:none;border-left:none">Rent</td> <td class="xl70" style="border-top:none;border-left:none" align="right">$800.00 </td> <td class="xl70" style="border-top:none;border-left:none"> </td> <td class="xl70" style="border-top:none;border-left:none" align="right">$820.00 </td> </tr> <tr style="height:15.0pt" height="20"> <td class="xl68" style="height:15.0pt;border-top:none" align="right" height="20">01/08/2013</td> <td class="xl69" style="border-top:none;border-left:none">Food Gas</td> <td class="xl70" style="border-top:none;border-left:none" align="right">$250.00 </td> <td class="xl70" style="border-top:none;border-left:none"> </td> <td class="xl70" style="border-top:none;border-left:none" align="right">$570.00 </td> </tr> <tr style="height:15.0pt" height="20"> <td class="xl68" style="height:15.0pt;border-top:none" align="right" height="20">01/10/2013</td> <td class="xl69" style="border-top:none;border-left:none">Car</td> <td class="xl70" style="border-top:none;border-left:none" align="right">$250.00 </td> <td class="xl70" style="border-top:none;border-left:none"> </td> <td class="xl70" style="border-top:none;border-left:none" align="right">$320.00 </td> </tr> <tr style="height:15.0pt" height="20"> <td class="xl68" style="height:15.0pt;border-top:none" align="right" height="20">01/10/2013</td> <td class="xl69" style="border-top:none;border-left:none">Car Ins</td> <td class="xl70" style="border-top:none;border-left:none" align="right">$100.00 </td> <td class="xl70" style="border-top:none;border-left:none"> </td> <td class="xl70" style="border-top:none;border-left:none" align="right">$220.00 </td> </tr> <tr style="height:15.0pt" height="20"> <td class="xl68" style="height:15.0pt;border-top:none" align="right" height="20">01/10/2013</td> <td class="xl69" style="border-top:none;border-left:none">Parent</td> <td class="xl70" style="border-top:none;border-left:none" align="right">$50.00 </td> <td class="xl70" style="border-top:none;border-left:none"> </td> <td class="xl70" style="border-top:none;border-left:none" align="right">$170.00 </td> </tr> <tr style="height:15.0pt" height="20"> <td class="xl68" style="height:15.0pt;border-top:none" align="right" height="20">01/10/2013</td> <td class="xl69" style="border-top:none;border-left:none">Phone</td> <td class="xl70" style="border-top:none;border-left:none" align="right">$50.00 </td> <td class="xl70" style="border-top:none;border-left:none"> </td> <td class="xl70" style="border-top:none;border-left:none" align="right">$120.00 </td> </tr> <tr style="height:15.0pt" height="20"> <td class="xl68" style="height:15.0pt;border-top:none" align="right" height="20">01/10/2013</td> <td class="xl69" style="border-top:none;border-left:none">School</td> <td class="xl70" style="border-top:none;border-left:none" align="right">$50.00 </td> <td class="xl70" style="border-top:none;border-left:none"> </td> <td class="xl70" style="border-top:none;border-left:none" align="right">$70.00 </td> </tr> <tr style="height:15.0pt" height="20"> <td class="xl68" style="height:15.0pt;border-top:none" align="right" height="20">01/15/2013</td> <td class="xl69" style="border-top:none;border-left:none">payroll</td> <td class="xl70" style="border-top:none;border-left:none"> </td> <td class="xl70" style="border-top:none;border-left:none" align="right">$900.00 </td> <td class="xl70" style="border-top:none;border-left:none" align="right">$970.00 </td> </tr> <tr style="height:15.0pt" height="20"> <td class="xl68" style="height:15.0pt;border-top:none" align="right" height="20">01/15/2013</td> <td class="xl69" style="border-top:none;border-left:none">Food Gas</td> <td class="xl70" style="border-top:none;border-left:none" align="right">$250.00 </td> <td class="xl70" style="border-top:none;border-left:none"> </td> <td class="xl70" style="border-top:none;border-left:none" align="right">$720.00 </td> </tr> <tr style="height:15.0pt" height="20"> <td class="xl68" style="height:15.0pt;border-top:none" align="right" height="20">01/15/2013</td> <td class="xl69" style="border-top:none;border-left:none">Gym</td> <td class="xl70" style="border-top:none;border-left:none" align="right">$30.00 </td> <td class="xl70" style="border-top:none;border-left:none"> </td> <td class="xl70" style="border-top:none;border-left:none" align="right">$690.00 </td> </tr> <tr style="height:15.0pt" height="20"> <td class="xl68" style="height:15.0pt;border-top:none" align="right" height="20">01/22/2013</td> <td class="xl69" style="border-top:none;border-left:none">Food Gas</td> <td class="xl70" style="border-top:none;border-left:none" align="right">$250.00 </td> <td class="xl70" style="border-top:none;border-left:none"> </td> <td class="xl70" style="border-top:none;border-left:none" align="right">$440.00 </td> </tr> </tbody></table>

Hoping around this time next year me and the soon to be wife will be ready! We are both 27 years old and have been renting for quite a while, especially needing to with my schooling. Financially I feel we are pretty good but as you said, still tough to make a perfect determination. No sign that interest rates will be rising and hopefully plenty of options a year from now.

Started ours in early 2009. And should be done, or damn near this time next yr.
find your budget and stick to it. Extra cash pay off as fast as you can. You'd be surprised.

And don't use or incur more debt. We haven't used a cc in 4yrs. Unless its to buy something g online that we have cash for. Then we just immediately make an online payment to pay it off.
sold my motorcycle. Paid off two cars. Paid off 4 cards. 2 left in which they waived fees and interest for a payment plan. Those will be done late this yr. those are my wife's too from pre-marriage.

no doubt

Okay, without knowing your interest rates and all here is some general advice from a former credit manager/professional. I worked in that industry for over 10 years.

1. Get health insurance yesterday if you don't already have it. People your age often think due to your age you don't need it. Fact is, health problems are the number 1 credit killer in this country.

2. Parents come last unless they need the money, then they come first. They're the ones that will always be there for you so they're the top and bottom priority at the same time. I think you're picking up what I'm laying down.

3. Knock out debt under a grand first, but hammer the highest interest debt most importantly.

4. Don't pay interest on depreciating assets unless the interest is stupid low, and it almost never is. Buy your cars in cash. For life. Spend stupidly once you've retired and can afford it. Now, if you can get a dealership to finance you at 0% that will sound appealing, until you realize the thousands you lose the second you drive off the lot. If you're willing to keep it for 10+ years, go ahead. Most people aren't though.

5. Buy your own home as soon as possible. Speaking of depreciating assets, I can't think of a bigger one than borrowing someone else's home. Home ownership is the single most important investment young American's can make. Make sure you can afford it, because you can always upgrade later as your income increases. If you have a 30 year note, make one extra payment a year and it will turn into a 20 year note. Think about that. Knock out 120 monthly payments by paying 20 of them early. Pay it down as fast as possible.

6. Do you want to retire? The sooner you start investing in it, the sooner you'll be done with working. The most free country on Earth? Move across country with no money, you can't work, that ain't free, wait a week and call me up and let me know how free you feel. Freedom is waking up when you want, doing what you want, and being able to pay for it.

Money is a tool. Use it the right ways and you'll have a nice balance of the things you want today, and the things you want more tomorrow. Bag your own lunch and eat cheap for the next 5 years, and you'll thank me for the next 20. I know we as Americans like having our own chefs more than ever, but it's expensive as ****.

You're in a great position to take financial control of your life. Better than tons of others at your age. The fact that you're thinking about it, is a real good sign toward your future. Best wishes!

This is solid advice.

When it comes to homes and cars, my wife and I have always believed that its better to love in a nice house than a drive a nice car. I've been married for 11 years. I bought the car I drive 12 years ago. It's a Toyota Carolla that has 250k miles on it. My wife currently drives an 08 Camry. It has 115k on it.

It used to bother me that I drive a shitty car, but I've gotten over that. Now I can't wait to upgrade to the Camry, which has been paid off for a while now. When we got married we agreed to only have one car payment at a time. The idea was to buy something every 5 years. Now, we are probably fools, but we buy new cars. Our next car will probably be new and pretty expensive. But we are preparing for the purchase. We will probably finance about half of it and then knock it out in 2 years.

This has really worked for us. Oh, and the other benefit is that you never have to haul your friends around. My buddy always offer to drive his LX. It's a sweet SUV, but every time I'm in it I think to myself what a waste of 80k. I'd rather have it in the bank or my house paid off.

Cash for cars. Never buy new.

Knock out the small interest loans first. Get as much put into that car payment as you can, so you can stop burning your money away on interest.

I'm 47 and will be retiring (meaning, only working on things I want to work on, when I want to work on them) in about 18 months. All I can tell you is that you can't get anywhere, financially, without a plan. Find a plan that works to achieve your life goals and stick to it. It's going to suck at times, but will seem normal at some point. My plan was a 15 year plan that I set forth at the age of 35. I'm going beat that plan by a year plus. I had lots of good luck to get there.

I wish you Good Luck and Good Fortune on your journey.

:thumb: People don't plan to fail, they fail to plan. Apply to your life as needed young Dante. :)

I was given some great advice many years ago. It fits with long term financial planning not necessarily getting out of debt but I thought I would share. When I was about 20 I was asked who the most important person or company was that I owed money to. I didn't own a home at the time but had a car payment so I said the car loan was my most important debt. He looked me in the eye and said, wrong!!!! The most important person you owe money to is yourself. After I thought about it, he was right. I set up an automatic deduction from my paychech every week to go into a savings account I don't touch. It has taken some willpower to leave it alone but after some time I just don't even think about it very often. It has been over 25 years now and it will be a nice chunk of change when I start drawing my pension.

speak of the devil; my wife just called and we've paid off 2 more cards today woo hoo.
just 3 more to go; all on payment plans with 0 interest and they waived the fees.
if we pay nothing above and beyond they'll be done around Sept next year.

Hopefully we can knock them out early.

For those who like to spend and 'pay it later' etc, DON"T. Don't be tempted.
Only use a CC that you pay off each month. I was young and dumb; got a great paying job a few years back; didn't have a lot of debt (at least in my mind) compared to salary.
bam...layoff. 7 months w/out income; 50% pay reduction when I did find a job. foreclosed.

Feels GREAT getting out from all this shit. Lesson learned. Never again.

After all is said and done Dante will be morphed into Reighters Jr. after all of our sage advice.

Wow, thanks for all the responses and advice - there's some really good stuff in here.

Very much appreciated. I plan on updating as I kick ass and take names going forward.

Looking for a good job to do from home...there are a million out there but how do you find the ones that are legit?

Pics or GTFO

Cam girl.

just kidding.....

i bet you can find a job working from home :hump:

That was going to be my suggestion. There are 2 sides of the equation. Revenue and Expense. Expense is pretty goddamn important. But revenue shouldn't be avoided.

Grab some extra cash. Don't **** it off, or think you can spend more money because you have extra income. That will be a huge help. Huge.

The other thing to consider is that if you grab a second revenue source, that keeps you busy. If you have idle time, that's when you spend the most money. If you're working all the time, you can't **** off your money doing stupid shit.

Yep. $250/week for groceries and entertainment when you are wanting to get out of debt given your current net revenue means you have too much time on your hands.

That extra revenue will also cut down on your discretionary expenses because you won't have the time to spend it. It will allow you to a) pay down your debt faster, b) create some savings, and c) let you really examine what expenses are actually important to you; quality expenses are more important than quantity expenses.

Interest that you pay is opportunity lost (opportunity to save, opportunity to pay another loan). Therefore I would attack the loan that you pay the most interest on (not the rate). The trap is spending... keep spending and you'll never make any headway. Just make sure you allow yourself to spend some of the money you save (that way its not as much of a chore).

Credit cards are great, if you pay the balance every month. Another is track every nickel you spend to see where the money goes. You may find a way to save some money by adjusting your habits. There is a hole in everyones spending bucket.