Pay Off Your Debt Fast: A Personal Story

Get out of Debt

For those of you that have been tracking my website recently, you are aware that my wife and I just became debt free! We are still super excited and would like to share our story so that the rest of you can benefit from our experience. Hopefully, after reading this personal story, you’ll have a better idea of how to pay off your debt fast.

It is pretty common for students to amass debt these days, which is unfortunate (but at least they’re able to write off a tax deduction for up to $2500 of the interest on those student loans). Did you know that the average student loan by graduates in 2008 was $23,186!! That is one huge number! Luckily, my wife and I only had a total of about $18,000 in debt, but that’s nothing to sneeze at either.

The Decision

On Christmas day, 2009, I received the . . . → Read More: Pay Off Your Debt Fast: A Personal Story

Budgeting Basics

Budgeting Basics

My wife and I got married almost two years ago, and similar to most newly weds, we were gushing with love but short on cash. A budget was entirely necessary for our survival. Initially, we focused only on one aspect of budgeting, because that’s all we knew, but actually, there are four aspects that one should focus on. I call these the Budgeting Basics.

1) Know how much money you have

Before you start planning where it is you are going, you need to know where you are. What is your current net worth? Take your current liabilities (home loan, credit card debt, car loan etc.) and subtract this amount from your current assets (cash, investments, home equity etc.). The remaining balance is your total net worth.

Right now, my wife and I are looking for a temporary rental to live in while we get settled in Michigan. In order . . . → Read More: Budgeting Basics

What is the Benefit to Living Life Debt Free?

Within this website as well as many others on the World Wide Web, there is often instruction on how to become debt-free. But, many might ask, “What is the benefit?”

In my last post, “How to Get Out of Debt – Step 2 of Dave Ramsey’s 7 Step Plan,” I told you that if Dar and I would have paid our $6,500 loan with the minimum payments, we would have actually paid almost $9,000! You might observe that this is only a savings of $2,500 in 10 years. Is this really that much of a benefit? According to the Forbes 400, it most certainly is.

The Forbes 400 is a list of the richest 400 people in America as rated by Forbes magazine. When surveyed, 75% of the Forbes 400 said the best way to build wealth is to become and stay debt free. Do you understand this message and . . . → Read More: What is the Benefit to Living Life Debt Free?