Author Topic: Selling it all to end the Debt Emergency!  (Read 9520 times)

GradMinus

  • 5 O'Clock Shadow
  • *
  • Posts: 16
  • Location: Portland, OR
Selling it all to end the Debt Emergency!
« on: October 03, 2013, 09:33:46 AM »
In February of this year, I owed $80K in private student loans, a motorcycle loan, a car loan, and credit card debt. As of Oct 1st, I owe $31k, and being without the Lexus and Ducati have not negatively affected my happiness. In fact, I'm happy to see the debt decline so quickly. About two weeks ago, I took on a 20hr/week job in addition to my 40hr/week job in order to pay the remaining debt off as fast as possible. By April 2014 that $31k will hopefully be $0!!

Making these changes would have been far more difficult without the support of this great blog and community!

Frankies Girl

  • Magnum Stache
  • ******
  • Posts: 3275
  • Age: 82
  • Location: The laboratory
  • Ghouls Just Wanna Have Funds!
Re: Selling it all to end the Debt Emergency!
« Reply #1 on: October 03, 2013, 11:06:01 AM »
Wow, you really committed to getting out of debt if you sold off all of that and took on a second job... over halfway paid off too. Super job there!

4alpacas

  • Handlebar Stache
  • *****
  • Posts: 1898
Re: Selling it all to end the Debt Emergency!
« Reply #2 on: October 03, 2013, 11:38:34 AM »
Wow!  Congratulations on really focusing on your goal.

Norrie

  • Bristles
  • ***
  • Posts: 348
  • Location: The Bible belt
Re: Selling it all to end the Debt Emergency!
« Reply #3 on: October 03, 2013, 01:21:05 PM »
That seriously is awesome. You're going to feel like a total bad ass once you're through with debt. I knew that it would feel good to get rid of it, but I was surprised at just how great it felt.

It sounds like you have the perfect perspective on happiness, and a newfound lease on life.

2527

  • Bristles
  • ***
  • Posts: 486
Re: Selling it all to end the Debt Emergency!
« Reply #4 on: October 03, 2013, 01:25:09 PM »
Way to go!  Please comment on this post again when you hit the $0 mark!

Charlotte

  • Guest
Re: Selling it all to end the Debt Emergency!
« Reply #5 on: October 04, 2013, 04:34:43 AM »
Congrats!! I'm a little jealous that you were able to give up your Ducati ... my husband has one and he simply loves it! It will only go in a "hair on fire" emergency....

(We also have another motorcycle which is much more comfortable for me so we can go out together).

Gray Matter

  • Magnum Stache
  • ******
  • Posts: 3640
  • Location: Midwest
Re: Selling it all to end the Debt Emergency!
« Reply #6 on: October 04, 2013, 04:48:17 AM »
I love how you have take charge of your situation and made things happen!  I didn't detect any woe-is-me sentiment, just strength and commitment and a hint of freedom, now that the end is in sight.

Congrats and keep us informed!

OOBER

  • 5 O'Clock Shadow
  • *
  • Posts: 53
  • Mustache Fabber
    • DIY METAL FABRICATION: Saving Money Through Fabrication
Re: Selling it all to end the Debt Emergency!
« Reply #7 on: October 04, 2013, 05:17:23 AM »
Congrats! Keep it going!

GradMinus

  • 5 O'Clock Shadow
  • *
  • Posts: 16
  • Location: Portland, OR
Re: Selling it all to end the Debt Emergency!
« Reply #8 on: October 04, 2013, 09:02:10 AM »
Thanks for all the encouragement!

olivia

  • Pencil Stache
  • ****
  • Posts: 770
  • From Consumerism to Minimalism
Re: Selling it all to end the Debt Emergency!
« Reply #9 on: October 04, 2013, 09:08:44 AM »
Killer!  Keep up the awesome work!

GradMinus

  • 5 O'Clock Shadow
  • *
  • Posts: 16
  • Location: Portland, OR
Re: Selling it all to end the Debt Emergency!
« Reply #10 on: October 04, 2013, 09:14:14 AM »
Congrats!! I'm a little jealous that you were able to give up your Ducati ... my husband has one and he simply loves it! It will only go in a "hair on fire" emergency....

(We also have another motorcycle which is much more comfortable for me so we can go out together).

Haha! It was tough to give up the bike. I had a Monster 1100...so much fun!

FrugalZony

  • Handlebar Stache
  • *****
  • Posts: 1530
Re: Selling it all to end the Debt Emergency!
« Reply #11 on: October 04, 2013, 12:25:05 PM »
Congrats!! I'm a little jealous that you were able to give up your Ducati ... my husband has one and he simply loves it! It will only go in a "hair on fire" emergency....

(We also have another motorcycle which is much more comfortable for me so we can go out together).

Haha! It was tough to give up the bike. I had a Monster 1100...so much fun!

That HAD to be tough!!! But WTG!!! Congratulations on your dedication and achievements!

N

  • Handlebar Stache
  • *****
  • Posts: 1375
  • Location: Chicago
  • You must change your life. -Rainer Maria Rilke
Re: Selling it all to end the Debt Emergency!
« Reply #12 on: October 06, 2013, 01:09:49 AM »
awesome!!! you rock.

GradMinus

  • 5 O'Clock Shadow
  • *
  • Posts: 16
  • Location: Portland, OR
Re: Selling it all to end the Debt Emergency!
« Reply #13 on: March 22, 2014, 10:26:54 PM »
I took me a little over a year to pay it all off, but the $80K is gone! I began paying the debt 02/01/13 and paid it in full 03/07/14 partially by taking on a second job. What a fantastic feeling! I continue to work the second job, and now all the money I was sending in to pay off my debts is going into VTSMX! It feels amazing to be working toward the freedom to do whatever I want with my time. :-) Thanks for the inspiring words - such a great community.


MDM

  • Senior Mustachian
  • ********
  • Posts: 10369
Re: Selling it all to end the Debt Emergency!
« Reply #14 on: March 22, 2014, 10:36:22 PM »
That VTSMX will be VTSAX very soon at the rate you are going - great job!

GradMinus

  • 5 O'Clock Shadow
  • *
  • Posts: 16
  • Location: Portland, OR
Re: Selling it all to end the Debt Emergency!
« Reply #15 on: March 22, 2014, 11:14:30 PM »
That VTSMX will be VTSAX very soon at the rate you are going - great job!

Ooh, yeah. I can't wait to roll it over!

iris lily

  • Magnum Stache
  • ******
  • Posts: 3852
Re: Selling it all to end the Debt Emergency!
« Reply #16 on: March 22, 2014, 11:20:07 PM »
OP that is a stunning victory against The Enemy (Mr. Debt.) Way to go!!!!!

payitoff

  • Guest
Re: Selling it all to end the Debt Emergency!
« Reply #17 on: March 22, 2014, 11:42:27 PM »
wish im as brave as you! you are Badass!

lifejoy

  • Magnum Stache
  • ******
  • Posts: 3922
  • Age: 32
  • Location: Canada, eh
  • Lovin' the Mustachian life!
    • Not Buying This
Re: Selling it all to end the Debt Emergency!
« Reply #18 on: March 22, 2014, 11:47:06 PM »
I took me a little over a year to pay it all off, but the $80K is gone! I began paying the debt 02/01/13 and paid it in full 03/07/14 partially by taking on a second job. What a fantastic feeling! I continue to work the second job, and now all the money I was sending in to pay off my debts is going into VTSMX! It feels amazing to be working toward the freedom to do whatever I want with my time. :-) Thanks for the inspiring words - such a great community.

Soooo awesome!!

lexie2000

  • Stubble
  • **
  • Posts: 221
Re: Selling it all to end the Debt Emergency!
« Reply #19 on: March 23, 2014, 12:46:37 AM »
I took me a little over a year to pay it all off, but the $80K is gone! I began paying the debt 02/01/13 and paid it in full 03/07/14 partially by taking on a second job. What a fantastic feeling! I continue to work the second job, and now all the money I was sending in to pay off my debts is going into VTSMX! It feels amazing to be working toward the freedom to do whatever I want with my time. :-) Thanks for the inspiring words - such a great community.

AMAZING!!  Great job.

MicroRN

  • Handlebar Stache
  • *****
  • Posts: 1033
Re: Selling it all to end the Debt Emergency!
« Reply #20 on: March 23, 2014, 01:56:58 PM »
Wow!!  That's amazing work!!

N

  • Handlebar Stache
  • *****
  • Posts: 1375
  • Location: Chicago
  • You must change your life. -Rainer Maria Rilke
Re: Selling it all to end the Debt Emergency!
« Reply #21 on: March 23, 2014, 10:44:45 PM »
awesome! very inspiring!

MarciaB

  • Bristles
  • ***
  • Posts: 496
  • Age: 59
  • Location: Oregon
Re: Selling it all to end the Debt Emergency!
« Reply #22 on: March 24, 2014, 08:05:44 AM »
Gold star for badassity!!

arebelspy

  • Administrator
  • Senior Mustachian
  • *****
  • Posts: 28270
  • Age: -999
  • Location: Seattle, WA
Re: Selling it all to end the Debt Emergency!
« Reply #23 on: March 24, 2014, 08:10:43 AM »
Extreme measures lead to extreme results.

Nice work! 
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

reginna

  • Stubble
  • **
  • Posts: 172
Re: Selling it all to end the Debt Emergency!
« Reply #24 on: March 24, 2014, 08:21:12 AM »
GradMinus,

So very seriously impressive. You are unstoppable!!

ender

  • Walrus Stache
  • *******
  • Posts: 5577
Re: Selling it all to end the Debt Emergency!
« Reply #25 on: March 24, 2014, 08:44:50 AM »
but I thought once you had debt you were trapped and it was all the Man's fault?

It's great to see stories like this.

greenmimama

  • Pencil Stache
  • ****
  • Posts: 718
Re: Selling it all to end the Debt Emergency!
« Reply #26 on: March 24, 2014, 11:28:05 AM »
Very Impressive, congratulations!

nicknageli

  • Guest
Re: Selling it all to end the Debt Emergency!
« Reply #27 on: March 24, 2014, 12:28:02 PM »
Impressive.  Congrats!

Le0

  • Stubble
  • **
  • Posts: 216
  • Location: Ontario, Canada
    • My Path to Financial Independence in 2014
Re: Selling it all to end the Debt Emergency!
« Reply #28 on: March 24, 2014, 12:36:28 PM »
Yep, I came to post something that I thought was badass... however after reading this its more of a obvious decision regarding my finances. Really good job! I am not eyeing everything of value in my home :)

Exflyboy

  • Walrus Stache
  • *******
  • Posts: 7067
  • Age: 59
  • Location: Corvallis, Oregon
  • Expat Brit living in the New World..:)
Re: Selling it all to end the Debt Emergency!
« Reply #29 on: March 25, 2014, 06:49:49 PM »
Superb.. As a lover of decent motorcycles myself I can see why giving up the Duke was tough.

But think of it this way.. in  a few years from now you can buy one for cash.. Except you won't want to by then..:)


Frank

GradMinus

  • 5 O'Clock Shadow
  • *
  • Posts: 16
  • Location: Portland, OR
Re: Selling it all to end the Debt Emergency!
« Reply #30 on: March 25, 2014, 07:47:44 PM »
It is so nice to have the support of like-minded people. A few of my local friends have been supportive, but over the past year I've largely lost contact with the fine-diners, the fashionistas, and the luxury vacationers. Although it is what I want, transitioning to this lifestyle has required more than "giving up" luxury items - it has also meant being more selective about who I spend my time (and I suppose my money) with. It's been somewhat difficult at times.