Author Topic: Getting to Zero feels amazing  (Read 4234 times)

MEJG

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Getting to Zero feels amazing
« on: March 18, 2017, 04:53:53 AM »
On March 15th we hit a positive net worth for the first time in 10 years. I keep re loading personal capital just to make sure I'm not dreaming.

lemanfan

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Re: Getting to Zero feels amazing
« Reply #1 on: March 18, 2017, 05:44:14 AM »
Woohoo!  Well done!  :)

Mathew675

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Re: Getting to Zero feels amazing
« Reply #2 on: March 18, 2017, 06:09:06 AM »
Nice! Way to go.

kayvent

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Re: Getting to Zero feels amazing
« Reply #3 on: March 18, 2017, 06:13:26 AM »
Congrats. Being a worthless person never felt so good I bet. Pun intended. I did the same last December :)

Dezrah

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Re: Getting to Zero feels amazing
« Reply #4 on: March 21, 2017, 12:53:07 PM »
Nice. 

Here's the fun part now.  A month from now you can legitimately say you quadrupled your networth.  Then you can say you got 10x, 50x, 900x, etc.  Math does funny things close to zero.

smaze

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Re: Getting to Zero feels amazing
« Reply #5 on: March 21, 2017, 03:01:17 PM »
Congrats! Tell us the whole story - how far in the hole were you? How long did it take? How did you do it? I'm working towards zero myself and think I'll be there in 5 months. Can't wait for the day!

Optimiser

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Re: Getting to Zero feels amazing
« Reply #6 on: March 21, 2017, 03:06:42 PM »
Congrats. I'm looking forward to saying the same thing some day.

tyort1

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Re: Getting to Zero feels amazing
« Reply #7 on: March 23, 2017, 10:18:00 PM »
What's cool is that with debt, you are paying other people to use their money.

With savings/investments, other people are paying you to use your money.

I realized that when I got out of debt, and it's pretty dang cool!
Frugalite in training.

Paul der Krake

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Re: Getting to Zero feels amazing
« Reply #8 on: March 24, 2017, 09:13:33 AM »
Nice. 

Here's the fun part now.  A month from now you can legitimately say you quadrupled your networth.  Then you can say you got 10x, 50x, 900x, etc.  Math does funny things close to zero.
Pff. Poor people have it too easy.

starjay

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Re: Getting to Zero feels amazing
« Reply #9 on: March 24, 2017, 01:20:48 PM »
On March 15th we hit a positive net worth for the first time in 10 years. I keep re loading personal capital just to make sure I'm not dreaming.

Whoo-hoo! That's awesome!

acroy

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Re: Getting to Zero feels amazing
« Reply #10 on: March 24, 2017, 01:32:53 PM »
BADASS, congratulations, keep it up!
SWAMI (Satisfied Working Advanced Mustachian Individual) 1 stash, 1 DW, 7 Mini MM's...
God, Family, Country. Everything else is details.

HAPPYINAZ

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Re: Getting to Zero feels amazing
« Reply #11 on: March 24, 2017, 02:33:19 PM »
Congrats and Keep going! 

The Money Monk

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Re: Getting to Zero feels amazing
« Reply #12 on: March 25, 2017, 08:07:30 PM »
Awesome! nice work

recklesslysober

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Re: Getting to Zero feels amazing
« Reply #13 on: March 27, 2017, 01:18:58 PM »
Congratulations!!

MEJG

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Re: Getting to Zero feels amazing
« Reply #14 on: March 29, 2017, 12:30:55 PM »
Congrats! Tell us the whole story - how far in the hole were you? How long did it take? How did you do it? I'm working towards zero myself and think I'll be there in 5 months. Can't wait for the day!


Well we're not out of debt- just a network of + $2,000 in the positive as of this morning.  Deepest hole was about -$160,000 net in mid 2012; comprised of student loans and a family loan for help with a down payment on a house (that we probably shouldn't have bought).   There have been major ups and downs along the way, including taking on a low interest (2.1%) car loan (That I hate) when my other half totalled our car and we didn't have a substantial E-fund due to aggressive loan repayment.  If not for the car loan we would have hit Zero in 2015.

We still have about -$100,000 in student loans, all refinanced at sub 4%.  Major headway has been made by taking advantage of generous employer matches, paying down the highest interest dept and modest home appreciation.  Our current focus is getting a reasonable E-fund together in cash, then continue to take advantage of our HSA and tax advantaged accounts and get the last $100,000 of non-house debt paid off over the next 10 yrs.  I'd love to be SL free, but the numbers make paying any quicker than that make no sense.


Laserjet3051

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Re: Getting to Zero feels amazing
« Reply #15 on: March 29, 2017, 06:33:35 PM »
Congrats, passing 0 is a major milestone. Puts a positive psychological outlook on the future. I agree with the #s not arguing to pay down those sub-4% student loans any faster than you have to, but DAMMM, 100K in the hole is some major digging. Just make sure you have a backup shovel if it ever breaks.

EdwardMM

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Re: Getting to Zero feels amazing
« Reply #16 on: March 29, 2017, 08:36:59 PM »
Awesome Job! Keep killing it!

MEJG

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Re: Getting to Zero feels amazing
« Reply #17 on: March 30, 2017, 06:19:57 AM »
Congrats, passing 0 is a major milestone. Puts a positive psychological outlook on the future. I agree with the #s not arguing to pay down those sub-4% student loans any faster than you have to, but DAMMM, 100K in the hole is some major digging. Just make sure you have a backup shovel if it ever breaks.

Oh yea! The hole is depressing and terrifying in the face of a job loss. The refi terms were for 30 yrs and we are paying ahead- for an end date of 15, that's kinda the mental compromise we made with our selves when we refied. We're in an odd situation with the numbers. I can see in the future a vanguard taxible account being an offset for the debt- but right now the shovels are pretty sturdy and the focus is on an e-fund so we don't end up with the situation we did previously with a totaled car.

h82goslw

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Re: Getting to Zero feels amazing
« Reply #18 on: April 02, 2017, 08:25:31 AM »
Congratulations!!  I know how awful it feels to have negative net worth and how much of a relief it is to be out of the abyss of crushing debt.  At one time in our lives, wife and I owed $30K of credit card debt, a mortgage on a house we had just bought (with no money down) and a kid on the way. Wife wanted to take at least 6 months off for the baby and my only thought was how are we going to live??  I was really scared.  It's taken a number of years but things are much better.

 Keep up the hard work!  It's worth the peace of mind. 

Livingthedream55

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Re: Getting to Zero feels amazing
« Reply #19 on: April 12, 2017, 10:47:28 AM »
Way to go!!!!



tyort1

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Re: Getting to Zero feels amazing
« Reply #20 on: April 12, 2017, 10:53:35 AM »
Oh yea! The hole is depressing and terrifying in the face of a job loss. The refi terms were for 30 yrs and we are paying ahead- for an end date of 15, that's kinda the mental compromise we made with our selves when we refied. We're in an odd situation with the numbers. I can see in the future a vanguard taxible account being an offset for the debt- but right now the shovels are pretty sturdy and the focus is on an e-fund so we don't end up with the situation we did previously with a totaled car.

If you are worried about job instability, you might consider dumping the money into savings/investments instead of mortgage pay down.  The main reason is that if you lose your job, it's a lot easier to get it out of an investment/savings account than it would be to get it out of a mortgage. 
Frugalite in training.

MEJG

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Re: Getting to Zero feels amazing
« Reply #21 on: April 14, 2017, 05:00:34 AM »
[quote author=tyort1 link=topic=70200.msg1511953#msg1511953 date=149201601

If you are worried about job instability, you might consider dumping the money into savings/investments instead of mortgage pay down.  The main reason is that if you lose your job, it's a lot easier to get it out of an investment/savings account than it would be to get it out of a mortgage.
[/quote]

Hi Tyort!

We are not paying down iur mortgage! That comment was about my 100,000 worth of student loans at a low interest rate :) I totally agree with your take on mortgage debt vs investment!  Luckily our jobs are very very stable right now.

Writology

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Re: Getting to Zero feels amazing
« Reply #22 on: April 24, 2017, 01:03:42 PM »
Congrats!
Congrats! Tell us the whole story - how far in the hole were you? How long did it take? How did you do it? I'm working towards zero myself and think I'll be there in 5 months. Can't wait for the day!
It would be great to hear. It`s just interesting because of a positive experience for me. 

marielle

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Re: Getting to Zero feels amazing
« Reply #23 on: April 24, 2017, 01:31:26 PM »
Congrats! I think I'm only a few months away from 0! And then a few more away from NO DEBT!

SwordGuy

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Re: Getting to Zero feels amazing
« Reply #24 on: April 24, 2017, 05:04:09 PM »
You've got a ways to go, but you're on the right path!  Congrats!

Each raise, or extra bit of side income, or reduction in your expenses will snowball getting rid of that debt even faster!   I wouldn't be surprised if you kill that debt a couple of years faster than you expect.