Author Topic: Getting to zero  (Read 3792 times)

Philociraptor

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Getting to zero
« on: March 03, 2015, 07:35:46 AM »
Joined the MMM Forums last June (2014), shortly after my wife and I got married. At that time we had a net worth of -$53,186 thanks to my massive student loans and 2 car notes. After tallying everything up for February 2015, I'm very proud to say that we've reached a positive net worth of $4,648. Since last June we've traded down my car (Mustang to xD), increased 401(k) contributions (match to max), refinanced my student loans (7.9% to 4%), and greatly reduced our monthly expenses. We still have a ton of work to do (student loans are still massive, still paying down a car, still spending too much), but I'm super excited for this milestone and wanted to share. Thanks for all the help getting here MMM peeps, looking forward to hitting more milestones with y'all!

rocksinmyhead

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Re: Getting to zero
« Reply #1 on: March 03, 2015, 07:46:34 AM »
Congrats!! That positive net worth milestone is huge (I remember it well, had $70k of student loans...) The best part is how your progress just gets faster and faster :)

J Boogie

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Re: Getting to zero
« Reply #2 on: March 03, 2015, 07:52:01 AM »
Congrats! that is a hefty sum you balanced out.  My wife and I are about to hit zero as well and we are looking into refinancing student loans too.  Did you use SoFi? Did you get a variable interest rate? Are you able to use a credit card via chargesmart to pay them off, effectively reducing your interest rate another 1%?


cashstasherat23

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Re: Getting to zero
« Reply #3 on: March 03, 2015, 08:15:01 AM »
Congratulations! I am at -$11K right now, and hoping to be at 0 net worth by the end of the year!

It sounds like a silly thing to say, but it really is so amazing! Congrats on achieving it, and on continuing to move upwards.

Numbers Man

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Re: Getting to zero
« Reply #4 on: March 03, 2015, 08:21:56 AM »
That is an awesome accomplishment. Net Worth is the truth; it's great that you figured this out at a young age.

Bicycle_B

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Re: Getting to zero
« Reply #5 on: March 03, 2015, 10:20:39 AM »
Good job!  Proud of you for pushing forward and glad to hear about it

Bob W

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Re: Getting to zero
« Reply #6 on: March 03, 2015, 11:09:53 AM »
At 4% I would pay those student loans as slow as molasses.   Simply focus on the saving and investing side of the equation.   In a few years the SLs will be small in comparison to the loans.

Remember,  If you paid off all the loans today that would leave you with no or little cash available.   It is nice to have a chunk of change sitting around in stock accounts in case you decide to take 4 years off to tour the world or buy the ever popular massive unneeded house.   

James

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Re: Getting to zero
« Reply #7 on: March 03, 2015, 11:16:58 AM »
Congrats!

Retire-Canada

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Re: Getting to zero
« Reply #8 on: March 03, 2015, 04:33:30 PM »
Congrats!! That positive net worth milestone is huge (I remember it well, had $70k of student loans...) The best part is how your progress just gets faster and faster :)

+1 - yes it does. Good work! :)

MLKnits

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Re: Getting to zero
« Reply #9 on: March 03, 2015, 04:35:02 PM »
Congratulations! That's wonderful.

SMCx3

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Re: Getting to zero
« Reply #10 on: March 03, 2015, 04:39:08 PM »
Nice work....now the fun really starts.

Luckyvik

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Re: Getting to zero
« Reply #11 on: March 03, 2015, 11:47:13 PM »
Well done! That's fantastic.


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Kaivalagi

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Re: Getting to zero
« Reply #12 on: March 04, 2015, 05:17:07 AM »
That's so great, congratulations!

We are also close to 0 net worth now.. My spreadsheet tells me that it will be at the end of April and I cannot wait! Your post has made me want it even more :)

Killerbrandt

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Re: Getting to zero
« Reply #13 on: March 04, 2015, 05:32:42 AM »
That is awesome! Congrats!