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Old 05-08-2013, 08:25 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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Old 05-08-2013, 08:39 PM   #16
siberian khatru siberian khatru is offline
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This thread will give R8ers a boner
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Old 05-08-2013, 08:41 PM   #17
DA_T_84 DA_T_84 is offline
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Quote:
Originally Posted by NewChief View Post
Yeah. Should be easy with discipline. I'd love for my monthly expenses and payments to look like you're. Damn kids.
I'd happily pay down a mortgage and build equity rather than paying rent...

All in good time, I suppose.
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From: Pioli, Scott
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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DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.
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Old 05-08-2013, 08:41 PM   #18
Iowanian Iowanian is offline
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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.
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Old 05-08-2013, 08:42 PM   #19
Garcia Bronco Garcia Bronco is offline
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Quote:
Originally Posted by Dante84 View Post
I like that idea, but do you suggest smallest first, or highest interest first?
Do the smallest debt first, but after that get aggressive with high interest debt.
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Old 05-08-2013, 08:42 PM   #20
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Matt once made a very nice play in Seattle where he spun away from a pass rusher and hit Bowe off his back foot for a first down.

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Old 05-08-2013, 08:43 PM   #21
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Quote:
Originally Posted by Dante84 View Post
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...
Right now they are charging a 3% transfer fee.
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Old 05-08-2013, 08:44 PM   #22
DA_T_84 DA_T_84 is offline
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Quote:
Originally Posted by Bearcat View Post
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 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.
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From: Pioli, Scott
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...

scott
Posts: 9,938
DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.
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Old 05-08-2013, 08:46 PM   #23
dj56dt58 dj56dt58 is online now
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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
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Old 05-08-2013, 08:46 PM   #24
Garcia Bronco Garcia Bronco is offline
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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
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Old 05-08-2013, 08:47 PM   #25
Iowanian Iowanian is offline
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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.......
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Old 05-08-2013, 08:47 PM   #26
DA_T_84 DA_T_84 is offline
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Quote:
Originally Posted by Hog Farmer View Post
Right now they are charging a 3% transfer fee.
hmm

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

scott
Posts: 9,938
DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.
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Old 05-08-2013, 08:51 PM   #27
DA_T_84 DA_T_84 is offline
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Quote:
Originally Posted by Garcia Bronco View Post
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
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.
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From: Pioli, Scott
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...

scott
Posts: 9,938
DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.
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Old 05-08-2013, 08:51 PM   #28
Iowanian Iowanian is offline
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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.
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I said I'm an expert dickrider.
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Old 05-08-2013, 08:51 PM   #29
dj56dt58 dj56dt58 is online now
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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
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Old 05-08-2013, 08:54 PM   #30
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you're a badass Dante - Keep setting goals - great start.
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His former offensive coordinator Norv Turner once said "Alex Smith throws the best deep ball I have ever coached." Critics, doubters, and even 49ers fans and Chiefs fans who doubt Smith's ability to throw down field need to realize that Smith plays a style of quarterbacking that won Montana 4 super bowls in the 1980's before fantasy football and Madden video games were invented.... and THAT style wins games.
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