Author Topic: F*&% DEBT!  (Read 5494 times)

bigalsmith101

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F*&% DEBT!
« on: February 26, 2016, 03:51:01 PM »
My debt in particular consisted of two student loans. One for me, and one for wifey. We both borrowed the same amount, at $15k. Mine was unsubsidized, thus when I graduated college, I owed $16,600. Wifey's loan was subsidized, thus when she graduated, she owed $15k.

I graduated in June 2010, she graduated in June of 2012. Fast forward to Jan of 2015, and we've spent a year abroad and traveled extensively otherwise, and got married. All while dutifully paying the "payment due" each month, while the loan companies secured $1k/year+ from each of our loans in interested payments.

January 2015 brought us good fortune in the way of a valuable contract that allowed us the capacity to decide to assassinate my student loan. It was at $11,600, and in one fell swoop we eliminated it.

Next on the block was wifey's debt. Just three weeks ago she mentioned her student loan payment was due. (It's on an automatic schedule). I immediately got angry! F*&% DEBT!

"WIFEY!" I yelled, "What is your log in info for your student loan account, I'm going to murder this debt!"

"Yaaaayyy!" She cheered!

And thus that day I paid down $2,000 against the loan. 10 days later, and I paid down another $2,400. Then this morning, another $2,000. Then, just this minute, another $1k. BECAUSE I HATE DEBT!

There is just $3.6k left, but it will be gone by the end of next month. Hell, it might be gone in the next 2 weeks! We have a larger than necessary cash cushion between our different bank accounts, earning us nearly 0% interest, doing us no good. Our jobs are stable, we don't need the cash money, and I'm tired of debt.

DEBT FREE HERE WE COME!!!

DEBT = SLAVERY.

Ergo

F*&% DEBT!
« Last Edit: February 26, 2016, 03:55:44 PM by bigalsmith101 »
I spent the first 6 years of "real" life in a self imposed semi retirement, to secure a lifetime of stories. Now it's time to secure the next lifetime through the badassity of FI.

"I achieved such a high level of badassity I just don't realize how normal people miss the whole process." --Le Barbu

GrowingTheGreen

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Re: F*&% DEBT!
« Reply #1 on: February 26, 2016, 04:35:39 PM »
*mic drops*

NYCWife

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Re: F*&% DEBT!
« Reply #2 on: February 26, 2016, 04:50:47 PM »
What a great feeling to annihilate the debt ogre! Good job . . . can't wait for an update when you nail that final blow.

Kaydedid

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Re: F*&% DEBT!
« Reply #3 on: February 26, 2016, 05:40:52 PM »
Great work!  Keep us posted!

bigalsmith101

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Re: F*&% DEBT!
« Reply #4 on: February 26, 2016, 07:30:46 PM »
I KILLED THE DEBT! FUCKIN KILLED IT! YEEEEEEEEEEEEESSSSSSSSSSSSS!!!!!

DEBT IS SLAVERY!

FREEDOM!!!!!!!!!!!!

FFFUUUUUUUUUUUCCCCCCCKKKKKK DEEEEEBT!

(I moved money, clicked the pay off amount button, and hit submit. BOOM BITCHES!)
I spent the first 6 years of "real" life in a self imposed semi retirement, to secure a lifetime of stories. Now it's time to secure the next lifetime through the badassity of FI.

"I achieved such a high level of badassity I just don't realize how normal people miss the whole process." --Le Barbu

Heckler

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Re: F*&% DEBT!
« Reply #5 on: February 27, 2016, 10:01:08 PM »
Fuck debt.  I'm with you!  Nice work. 
« Last Edit: February 28, 2016, 03:06:18 PM by Heckler »

stylesjl

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Re: F*&% DEBT!
« Reply #6 on: February 28, 2016, 03:12:55 AM »
I find your lack of interest in holding debt - Enlightening!

bigalsmith101

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Re: F*&% DEBT!
« Reply #7 on: March 01, 2016, 01:57:50 PM »
I'm still waiting on the damn payment to clear so that I can take a screen shot of "Current Balance: $0.00" and post it to facebook. Maybe I should include something like, "Decided to kill the $11,600 debt monster yesterday " as a prelude...

Everyone that knows me, knows how I feel about debt.

My current slogan is "Save your money, so you can quit early". People laugh when they hear it. They'll all know I meant what I said though when I quit at 40...
I spent the first 6 years of "real" life in a self imposed semi retirement, to secure a lifetime of stories. Now it's time to secure the next lifetime through the badassity of FI.

"I achieved such a high level of badassity I just don't realize how normal people miss the whole process." --Le Barbu

RWD

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Re: F*&% DEBT!
« Reply #8 on: March 01, 2016, 02:22:23 PM »
Epic!

I remember when I finally got serious about paying down my student loans. I had been making the minimum payment for a little over two years after graduating and then I ran some calculations on how much I was paying in interest. I knocked out my student loans within the next year. The initial balance was about $50k, if I recall correctly.

Murdoch

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Re: F*&% DEBT!
« Reply #9 on: March 02, 2016, 06:09:43 PM »
Well done, and love the enthusiasm.

It's a great way to realise what you are able to save. The 'stick' of interest accumulating against you can be a powerful motivator.
Next comes the 'carrot' of interest accumulating for you, and it's a whole lot nicer, but can be less motivating unfortunately.

Keep the nose to the grindstone.
Good luck.

BBub

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Re: F*&% DEBT!
« Reply #10 on: March 04, 2016, 07:54:53 AM »
I find your lack of interest in holding debt - Enlightening!
I agree in principal.
« Last Edit: March 04, 2016, 09:57:01 AM by BBub »

PARedbeard

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Re: F*&% DEBT!
« Reply #11 on: March 04, 2016, 08:19:28 AM »
This made my week!

RWD

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Re: F*&% DEBT!
« Reply #12 on: March 04, 2016, 08:29:21 AM »
I find your lack of interest in holding debt - Enlightening!
I agree in principal [sic].

"[sic]" is supposed to be used when you quote something that has an error, not when you deliberately make a mistake/pun yourself.

BBub

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Re: F*&% DEBT!
« Reply #13 on: March 04, 2016, 10:01:35 AM »
Oh I'm so embarrassed.  With practice, I can only hope my grammatical skills will someday be as [sic] as yours.

The error has been modified.

RWD

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Re: F*&% DEBT!
« Reply #14 on: March 04, 2016, 10:14:26 AM »
Oh I'm so embarrassed.  With practice, I can only hope my grammatical skills will someday be as [sic] as yours.

The error has been modified.

My work here is done.

bigalsmith101

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Re: F*&% DEBT!
« Reply #15 on: March 07, 2016, 04:03:55 PM »
Epic!

I remember when I finally got serious about paying down my student loans. I had been making the minimum payment for a little over two years after graduating and then I ran some calculations on how much I was paying in interest. I knocked out my student loans within the next year. The initial balance was about $50k, if I recall correctly.

There has been three separate times when I had enough money in my checking account to pay off my student loan in full. The first time happened less than 6 months after graduation. Instead of killing debt, I rode a motorcycle to Buenos Aires. It happened again 2 years later, and instead of killing debt, my wife and I flew to Australia and traveled/worked for a year. The third time, I wised up, and killed my loan.

When the time came for wifey's loan, we were ready for action.

Well done, and love the enthusiasm.

It's a great way to realise what you are able to save. The 'stick' of interest accumulating against you can be a powerful motivator.
Next comes the 'carrot' of interest accumulating for you, and it's a whole lot nicer, but can be less motivating unfortunately.

Keep the nose to the grindstone.
Good luck.

The debt is gone, and the investment account is rising proportionately!

This made my week!

Thanks! I'm quite please with it myself!
I spent the first 6 years of "real" life in a self imposed semi retirement, to secure a lifetime of stories. Now it's time to secure the next lifetime through the badassity of FI.

"I achieved such a high level of badassity I just don't realize how normal people miss the whole process." --Le Barbu