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Old 05-08-2013, 07:25 PM  
DA_T_84 DA_T_84 is offline
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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..)

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Last edited by DA_T_84; 03-19-2014 at 05:51 PM..
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Old 05-09-2013, 12:58 AM   #61
Dayze Dayze is online now
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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.
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Old 05-09-2013, 06:10 AM   #62
JASONSAUTO JASONSAUTO is offline
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Yeah. Should be easy with discipline. I'd love for my monthly expenses and payments to look like you're. Damn kids.
no doubt
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Old 05-09-2013, 06:44 AM   #63
Mr. Flopnuts Mr. Flopnuts is offline
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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!
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Old 05-09-2013, 07:31 AM   #64
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Old 05-09-2013, 07:38 AM   #65
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Quote:
Originally Posted by Mr. Flopnuts View Post
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.
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Old 05-09-2013, 08:13 AM   #66
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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.
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Old 05-09-2013, 08:50 AM   #67
ChiTown ChiTown is offline
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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.
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Old 05-09-2013, 09:26 AM   #68
Mr. Flopnuts Mr. Flopnuts is offline
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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.
People don't plan to fail, they fail to plan. Apply to your life as needed young Dante.
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Old 05-09-2013, 10:37 AM   #69
KCFaninSEA KCFaninSEA is offline
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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.
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Old 05-09-2013, 11:30 AM   #70
Dayze Dayze is online now
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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.
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Old 05-09-2013, 11:40 AM   #71
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After all is said and done Dante will be morphed into Reighters Jr. after all of our sage advice.
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Old 05-09-2013, 11:50 AM   #72
DA_T_84 DA_T_84 is offline
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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.
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Subject: RE: AC in Weight Room

Brandon - gum wrapper and ball of hair on player staircase for two days now...

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Old 05-09-2013, 11:56 AM   #73
Katie Katie is offline
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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?
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Old 05-09-2013, 11:58 AM   #74
DA_T_84 DA_T_84 is offline
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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
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Sent: Tuesday, August 31st, 2010 8:50 AM
To: Hamilton, Brandon
Subject: RE: AC in Weight Room

Brandon - gum wrapper and ball of hair on player staircase for two days now...

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Old 05-09-2013, 11:58 AM   #75
Pestilence Pestilence is online now
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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?
Cam girl.
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