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-   -   Money How Fast Can I Become Debt-Free? (https://www.chiefsplanet.com/BB/showthread.php?t=272902)

Dante84 05-08-2013 07:55 PM
Quote:
Originally Posted by Iowanian (Post 9669518)
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.

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.
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.

mlyonsd 05-08-2013 08:00 PM
Quote:
Originally Posted by Simply Red (Post 9669525)
you're a badass Dante - Keep setting goals - great start.
This.

Hog's Gone Fishin 05-08-2013 08:00 PM
Quote:
Originally Posted by Dante84 (Post 9669502)
hmm

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

Hoover 05-08-2013 08:01 PM
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.

mlyonsd 05-08-2013 08:04 PM
Quote:
Originally Posted by Dante84 (Post 9669528)
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.
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.

lewdog 05-08-2013 08:06 PM
Quote:
Originally Posted by Dante84 (Post 9669469)
I'd happily pay down a mortgage and build equity rather than paying rent...

All in good time, I suppose.
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.

DaFace 05-08-2013 08:06 PM
Who the hell measures their school debt in hundreds? Just pay that shit off to be rid of it.

Dante84 05-08-2013 08:06 PM
Quote:
Originally Posted by Hog Farmer (Post 9669540)
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.
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?

Garcia Bronco 05-08-2013 08:07 PM
Quote:
Originally Posted by Dante84 (Post 9669515)
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.
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.

Dante84 05-08-2013 08:07 PM
Quote:
Originally Posted by DaFace (Post 9669550)
Who the hell measures their school debt in hundreds? Just pay that shit off to be rid of it.
A guy who lived at home for 2.5 years after graduating.

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

Garcia Bronco 05-08-2013 08:09 PM
Quote:
Originally Posted by Dante84 (Post 9669551)
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?
No. Read the fine print. I think you'll find there is an seperate rate for cash advances.

Hog's Gone Fishin 05-08-2013 08:10 PM
Quote:
Originally Posted by Dante84 (Post 9669551)
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?
If you have the CC call them to clarify. But in my experience NO.

Bearcat 05-08-2013 08:10 PM
Quote:
Originally Posted by Garcia Bronco (Post 9669553)
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, take it. 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.
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.

Iowanian 05-08-2013 08:13 PM
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.

Garcia Bronco 05-08-2013 08:14 PM
Quote:
Originally Posted by Bearcat (Post 9669562)
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.
Absolutely. Something. Anything out of each paycheck. Pay yourself first.


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