Author Topic: That no-debt feeling  (Read 5552 times)

Alukien

  • 5 O'Clock Shadow
  • *
  • Posts: 8
That no-debt feeling
« on: March 22, 2015, 10:28:43 PM »
So last June, my wife and I found MMM, and realized that our hair was on fire. The balance on my student loans (our only debt at almost 7%) at the time was $30,000. We looked long and hard at our spending and crunched the numbers, coming to the conclusion that we had been living ridiculously - We'd "aggressively" paid off only 25k on this same loan in the prior 3 years, but could very likely knock out the remaining 30k in 6 months.

Since then, we moved closer to work, found a lower rent apartment, got rid of our only (fortunately already mustachian) car, and started seriously budgeting to get rid of all that extra spending. The possibility of a move had us wanting to keep a cash reserve, so while we crossed $0 net worth by our goal of January 1, it took a little longer to knock out the debt completely.

9 months later we've made it. We're both 28 years old, up to 13k net worth, and with zero debt as of today. it is a small 'stache, but given what we've learned, we're looking forward to how much it'll grow in the years to come!

Annamal

  • Bristles
  • ***
  • Posts: 429
Re: That no-debt feeling
« Reply #1 on: March 22, 2015, 10:35:46 PM »
Congratulations !


P.S maybe there needs to be an MMM commercial in the style of one of those shampoo ads "love that no-debt feeling" cue hair flipping and running through meadows...

Candace

  • Pencil Stache
  • ****
  • Posts: 582
  • Age: 57
  • Location: Hampton Roads, Virginia
Re: That no-debt feeling
« Reply #2 on: March 23, 2015, 07:44:16 AM »
Congratulations !


P.S maybe there needs to be an MMM commercial in the style of one of those shampoo ads "love that no-debt feeling" cue hair flipping and running through meadows...

Bla ha ha ha... that's great.

dude

  • Handlebar Stache
  • *****
  • Posts: 2369
Re: That no-debt feeling
« Reply #3 on: March 23, 2015, 07:53:41 AM »
So last June, my wife and I found MMM, and realized that our hair was on fire. The balance on my student loans (our only debt at almost 7%) at the time was $30,000. We looked long and hard at our spending and crunched the numbers, coming to the conclusion that we had been living ridiculously - We'd "aggressively" paid off only 25k on this same loan in the prior 3 years, but could very likely knock out the remaining 30k in 6 months.

Since then, we moved closer to work, found a lower rent apartment, got rid of our only (fortunately already mustachian) car, and started seriously budgeting to get rid of all that extra spending. The possibility of a move had us wanting to keep a cash reserve, so while we crossed $0 net worth by our goal of January 1, it took a little longer to knock out the debt completely.

9 months later we've made it. We're both 28 years old, up to 13k net worth, and with zero debt as of today. it is a small 'stache, but given what we've learned, we're looking forward to how much it'll grow in the years to come!

Commendable!!  Congrats!

Murdoch

  • Stubble
  • **
  • Posts: 135
  • Location: QLD, Australia
Re: That no-debt feeling
« Reply #4 on: March 25, 2015, 05:44:17 AM »
Well done. Focus on that next goal with the same focus, and watch that money start working for you.

Retire-Canada

  • Walrus Stache
  • *******
  • Posts: 8790
Re: That no-debt feeling
« Reply #5 on: March 25, 2015, 06:26:02 AM »

9 months later we've made it. We're both 28 years old, up to 13k net worth, and with zero debt as of today. it is a small 'stache, but given what we've learned, we're looking forward to how much it'll grow in the years to come!

You've done the hard part - changing your thinking. You'll do great growing a nice fat stach!

-- Vik

I'm a red panda

  • Walrus Stache
  • *******
  • Posts: 8186
  • Location: United States
Re: That no-debt feeling
« Reply #6 on: March 25, 2015, 06:52:50 AM »
In just 9 months? That is amazing!

Cougar

  • Bristles
  • ***
  • Posts: 344
Re: That no-debt feeling
« Reply #7 on: March 27, 2015, 11:54:16 AM »

 congrats !

 very jealous.

 got 1 credit card balance, paid off two; and about 6k left on the auto loan(must have a car in Houston imo) and i can elimiate them this year, then all i'm paying for is food and shelter and i can make some real momentum on fire when that happens

TenYearsOrLess

  • 5 O'Clock Shadow
  • *
  • Posts: 3
Re: That no-debt feeling
« Reply #8 on: March 28, 2015, 12:49:46 PM »
Congrats, that's an awesome achievement. I can't wait for my own 'no debt feeling' in June. :)

apricity

  • 5 O'Clock Shadow
  • *
  • Posts: 95
Re: That no-debt feeling
« Reply #9 on: March 29, 2015, 07:34:52 AM »
Congrats, that is wonderful!  I'm hoping to have that feeling in about 3 months time.  I hope I can make it!  You are inspiring... thank you!

steveo

  • Handlebar Stache
  • *****
  • Posts: 1928
Re: That no-debt feeling
« Reply #10 on: March 29, 2015, 02:24:10 PM »
We still have a mortgage. I can't wait until that is paid off and we are debt free. I view that point as sort of our base point towards working towards being FI. I know that its not really the case and every day we save money we are close to becoming FI but I figure from that point we will be earning money rather than paying interest.

To stop the discussion around if a mortgage gets you to FI quicker or not. I live in Australia where the interest rate is 5.5% and the payments are not tax deductible.

forummm

  • Walrus Stache
  • *******
  • Posts: 7374
  • Senior Mustachian
Re: That no-debt feeling
« Reply #11 on: March 30, 2015, 08:01:24 PM »
Woohoo! Now your money can start working for you!