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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 05-08-2013, 07:55 PM   #31
DA_T_84 DA_T_84 is offline
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Originally Posted by Iowanian View Post
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.
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Old 05-08-2013, 08:00 PM   #32
mlyonsd mlyonsd is online now
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you're a badass Dante - Keep setting goals - great start.
This.
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Old 05-08-2013, 08:00 PM   #33
Hog Farmer Hog Farmer is offline
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Originally Posted by Dante84 View Post
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.
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Old 05-08-2013, 08:01 PM   #34
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$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.
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Old 05-08-2013, 08:04 PM   #35
mlyonsd mlyonsd is online now
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Originally Posted by Dante84 View Post
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.
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Old 05-08-2013, 08:06 PM   #36
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Quote:
Originally Posted by Dante84 View Post
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.
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Old 05-08-2013, 08:06 PM   #37
DaFace DaFace is offline
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Who the hell measures their school debt in hundreds? Just pay that shit off to be rid of it.
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Old 05-08-2013, 08:06 PM   #38
DA_T_84 DA_T_84 is offline
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Quote:
Originally Posted by Hog Farmer View Post
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?
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Old 05-08-2013, 08:07 PM   #39
Garcia Bronco Garcia Bronco is offline
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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.
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Old 05-08-2013, 08:07 PM   #40
DA_T_84 DA_T_84 is offline
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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.
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Old 05-08-2013, 08:09 PM   #41
Garcia Bronco Garcia Bronco is offline
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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.
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Old 05-08-2013, 08:10 PM   #42
Hog Farmer Hog Farmer is offline
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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.
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Old 05-08-2013, 08:10 PM   #43
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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.
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Old 05-08-2013, 08:13 PM   #44
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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.
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Old 05-08-2013, 08:14 PM   #45
Garcia Bronco Garcia Bronco is offline
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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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