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July 2014
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Three Ways to Pay Off Your Debt

Debt

Are you trying to pay off your debt? If so, then you might be wondering how you should proceed. What’s the best strategy for paying off your debt?

As it turns out, there are three popular methods: the “traditional” method, the “snowball” method, and the “annoying” method. Let’s look at the pro’s and con’s for these popular debt payoff techniques, so that you can decide which one is best for you.

Traditional Payoff Method

Under the traditional model, a person would first make a list of all of their debts, from highest-interest-rate to lowest-interest rate. For example, you . . . → Read More: Three Ways to Pay Off Your Debt

How Quickly Could You Retire If You Had No Debt?

saving money

Our culture today is all about making a large income and buying a bunch of stuff on credit to “enjoy life to the fullest”, but in my experience, this often leads to discontentment, stress, and a constant want for more. One would think that the higher income earners would have a ton of money socked away in the bank, ready to retire at any time, but this isn’t how it typically works is it? If one’s salary is $50,000 a year, they finance a new Chevy Malibu. If their salary bumps up to $100,000 a year, they finance . . . → Read More: How Quickly Could You Retire If You Had No Debt?

Paying Off The Mortgage Update: April 2014

mortgage payoff

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, but then March happened (which was a good thing!) and I was able to take this balance down tremendously. I sold my extra car, received a hefty tax refund check, and got some money from my insurance company. After March, I was able to put over $10,000 toward the house debt and brought the balance down to $43,524.

Paying Off The Mortgage: A Decent April

There were no more money windfalls . . . → Read More: Paying Off The Mortgage Update: April 2014

What is Delayed Gratification and How Important Is It?

financial future

Have you ever heard of the term, “delayed gratification“? The term may sound a bit intimidating at first, but it is truly not a difficult phrase to understand. Simply put, it basically means that you avoid splurging today so that you can reap an even larger reward in the future.

The Marshmallow Test

Back in the late 1950′s, children (ages 4 to 6) were tested to see which of them could delay their gratification. Here is how the test went:

One child entered a closed room with a table and no other distractions. The adult that . . . → Read More: What is Delayed Gratification and How Important Is It?

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