Author Topic: Crushing Debt  (Read 1320 times)

jda85

  • 5 O'Clock Shadow
  • *
  • Posts: 42
Crushing Debt
« on: February 05, 2016, 07:08:39 AM »
I have been lurking here for a while and just wanted to share how the beginning of our FI journey has been going.  Since my wife and I got married in August, we have crushed 24k of her student loans.  We have about another 27k to go, which we should have extinguished in 7-8 months. At that point we will be debt free, except for the mortgage. We also just paid the last 3k on her car loan. In addition, last year I maxed out my IRA, and we are planning to fund the wife's IRA (for 2015) to 3190.

coolistdude

  • Stubble
  • **
  • Posts: 204
  • Age: 28
    • Retirement Tree (Same One I Use):
Re: Crushing Debt
« Reply #1 on: February 05, 2016, 08:56:46 AM »
You sir, are on the right track! Not sure if you've already seen this but #19 in http://forum.mrmoneymustache.com/ask-a-mustachian/how-to-convert-your-so-to-mmm-in-50-awesome-steps/ can help keep you guys motivated. You may also want to consider a net worth chart and begin calculating a FI date.

jda85

  • 5 O'Clock Shadow
  • *
  • Posts: 42
Re: Crushing Debt
« Reply #2 on: February 05, 2016, 09:51:35 AM »
I do keep a net worth chart, though we haven't completely finished combining finances so it isn't 100% accurate. Quick estimate trying to take into account everything, +75k, with about 43k in retirement accounts/stock investments. The remaining 32 is emergency fund, cash savings, and home equity.

Thank you for posting that link.