Hey guys,
Little win to start the week. I AM FINALLY CONSUMER DEBT FREE!!!! Never...again...ever
After what seemed a pipe dream years ago, I stumbled across ol Mr Money Mustache about October last year. For someone who is meant to be educated, MMM made me realise how I had made some pretty horrendous decisions with consumer debt, namely credit cards and car loans.
What really got me motivated was hearing stories of people on this forum sharing their wins on debt elimination and the commencement on their investor journeys. So I like graphs, they're pretty cool and I want to share mine to hopefully inspire those who find themselves in similar situations and are trying to eliminate what feels like an impossible amount of debt.
Red is the loan balance from inception, the blue is when I started to make additional contributions. The balance is given in multiples of 10 so they are readable next to one another.
You can probably notice the contributions getting larger and larger, I guess this was my motivation to clear the debt ahead of anything else in life. I sold off a heap of crap I no longer used (PS4, kite boards, snowboard gear, etc), reduced my fuel, food costs, entertainment costs and most money sucks in my life. I still maintained a good quality of life during this time and even went on 2 small holidays so this can totally be done while not becoming a hermit.
Now its time for chapter 2 and start investing rather than a being consumer sucker stuck in the cashcycle rat race!
Pass it on!
