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April 2014
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8 Things You Can Do Once Your Credit Cards Are Paid Off

debt is paid off

Do you carry a credit card balance?

I know, I know — if you’ve been reading financial blogs for a while, it might be tough to admit that you carry a balance on your MasterCard. But if you’re in that situation, it’s important to face the cold, hard truth.

(And check out the success stories that come from people who have paid off their balances. They’re incredibly inspiring.)

So — for the benefit and inspiration of anyone who might be carrying credit card debt — I’ve compiled a list of eight things that you can look forward to . . . → Read More: 8 Things You Can Do Once Your Credit Cards Are Paid Off

Paying Off The Mortgage Update: March 2014

paying off the mortgage

I have vowed to pay off my mortgage by the end of this year, 2014. At the end of February, I still owed $53,800 to the bank, which is a huge amount (to pay off in a year anyway), but I still think it’s possible.

Paying Off The Mortgage: Money Windfall in March

I expected March to be good to me, but not this good. If you remember my post, “Paying Down the Mortgage: My Successes and Failures,” you probably recall that I expected to receive about $3,000 back in taxes, get about $3,000 in insurance money, and I . . . → Read More: Paying Off The Mortgage Update: March 2014

4 Huge Benefits of Graduating From College With No Debt

graduates

Colleges are ripping us all off. Tuition prices keep going up and our society keeps pushing kids into colleges around the world, because it is suddenly necessary for everyone to have a college degree. Personally, I think this is crap, especially since many of the jobs out there don’t really need someone that has been college educated. I know one young lady that wants to be a secretary. Instead of some quick on-the-job training, she is being pushed into a degree program that is going to cost her $50,000! Paying $50k for a $30,000/year job doesn’t make a . . . → Read More: 4 Huge Benefits of Graduating From College With No Debt

Should You Sell Your Car to Get Out of Debt?

20140317 - car for sale

Are you seriously thinking about getting out of debt? Have you ever wondered if selling your car is a good idea to accelerate your debt payoff? This is a question that I have received a lot lately, so let’s dive in!

Two Reasons for Selling the Car

When you break it down, there are really two scenarios when you consider selling your car. For some of you, your car is a pretty good chunk of your debt, and if you were able to sell it, then your large debt amount would be reduced considerably. For the rest of . . . → Read More: Should You Sell Your Car to Get Out of Debt?

Paying Down the Mortgage: My Successes and Failures

20120323 - house

Against the advice of many of my friends, I have decided to pay down my mortgage aggressively this year. Some of you might be thinking, “Why in the world would you want to pay off your house when the interest rate is only 3.75%?” Well, there are many reasons: most of which are summed up in my article from last March: “Should You Pay Off Your Mortgage ASAP?“, but the main reasons are that (1) it is still a guaranteed gain since I will not have to pay that interest once the mortgage is gone, (2) my cash . . . → Read More: Paying Down the Mortgage: My Successes and Failures

10 Reasons Why Being in Debt Stinks

20140108 - why being in debt stinks

Being in debt … well, it kinda stinks. Actually, it really stinks. Big-time. I’m not talking about a reasonable mortgage debt, or a $200 monthly car payment. I’m talking about high-interest, huge-balance, keeps-you-awake-at-night levels of debt. The scary kind of debt. The kind you should get rid of as quickly as possible.

We often hear tips, tactics or other pieces of advice about how to climb out of debt. But let’s take a step back, for a moment, to discuss why you should want to get rid of your debt in the first place. Here are 10 reasons why being in debt . . . → Read More: 10 Reasons Why Being in Debt Stinks

Why Should You Care About Getting Out of Debt?

Debt

Most of the time I’m writing on this blog to help people get out of debt and to save and invest money for their future. But, for those that stumble onto my site from another random site, perhaps they don’t even care that they have debt. After all, it’s incredibly normal to have debt today. In fact, I have realized over the years that I am the weird one that is actively trying to get rid of all my debt, including my house mortgage (by next year). So yeah, I guess I’m a little crazy, but why do . . . → Read More: Why Should You Care About Getting Out of Debt?

My Truck Sale Has Been Interesting to Say the Least

driver side

I originally bought this truck to turn around and sell it to make a profit (in an effort to pay my home mortgage down to $40k by the end of this year). I have already had my ups and downs in fixing it up, but selling it hasn’t been the smoothest process so far either. After about a month of fixing up various things, my total dollar amount invested in this truck (including the initial purchase) was $5,300. I felt pretty good about that since the typical truck that’s in this condition costs about $7,000. Even if I only . . . → Read More: My Truck Sale Has Been Interesting to Say the Least

How to Get Out of Debt and Grow Rich

LAMF

I was in your shoes. I was in debt to a tune of $20,000, twice, and both times I have gotten out of it and I am now in a position to make money with my money, just like the rich do. I desperately want you to do the same.

The Seven Steps to Becoming Wealthy

When I was 24 years old, I had $20,000 in student loans to pay off. Cash flow was tight and it didn’t seem like I had much hope of paying it off quickly, and then I received Dave Ramsey’s DVD series. To . . . → Read More: How to Get Out of Debt and Grow Rich

7 Reasons to Pay Your Student Loans Off Fast

graduates

Do you have student loan debt? Since many of you have an incredibly low interest rate of 3.4%, I often get the question as to whether or not you should pay it back quickly, or just make the minimum payments until it’s gone in 10 years (the typical term of the loan). Most of the time, adults will advise you to just keep the loan and invest your extra money. After all, you could earn more than 3.4% in the market with your eyes closed. Don’t believe them boys and girls. While this could be true in some . . . → Read More: 7 Reasons to Pay Your Student Loans Off Fast