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A place for Get Rich Slowly readers to ask questions
and exchange ideas
It is currently Fri Aug 22, 2014 4:35 pm




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 Post subject: greetings and salutations
PostPosted: Tue Aug 21, 2007 11:22 am 

Joined: Tue Aug 21, 2007 10:15 am
Posts: 22
Location: Baltimore, MD
Hi everyone. New to the boards and somewhat new to GRS.

About me/my family: 32yo father of 2 beautiful daughters (4 yrs and 9 mnths). Husband to 1 pistol of a wife. We're currently about $32K in debt not including mortgage. This includes 3 student loans (1 of which is on a 0% CC), 2 car loans, and a small CC balance (on the same 0% card as the student loan). The car loans are 0% and 6.25% respectively. The student loans are 0%, 6.75%, and 7.65%. Throw in the mortgage and we're up to a little under $230K. Mortgage is locked in at 6.38% with 20 years left.

I've recently discovered the debt snowball method espoused by Mr. Ramsey and will be using it to be debt free in approx 7 years. Found a cool spreadsheet tool through GRS that maps this out for us by month. Thanks GRS for the link.

There are other issues re: the family's finances that I plan to touch on here and there. I plan to be active on the boards as long as things are slow at work. I look forward to being part of the community.


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PostPosted: Tue Aug 21, 2007 12:47 pm 
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Joined: Thu Mar 29, 2007 4:58 pm
Posts: 948
Location: Portland, Oregon
Welcome! It's great to have another active member. I think you'll find that you can get debt-free sooner than seven years. When I first plotted out how long it would take me to use the snowball method to get out of debt, it was going to take something like eight years. I managed to compress that to something closer to three. Seriously. Your milage may vary, but I'm willing to bet that if you stay on course, you'll beat your estimates.


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PostPosted: Tue Aug 21, 2007 1:22 pm 

Joined: Tue Aug 21, 2007 10:15 am
Posts: 22
Location: Baltimore, MD
Well that's VERY encouraging. Thanks for that.


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PostPosted: Thu Aug 23, 2007 9:03 am 
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Joined: Wed Apr 04, 2007 7:46 pm
Posts: 1627
Location: Washington DC
I think that, once you see the snowball working, you get excited, and then it goes even faster.

Welcome to the community.

_________________
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