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A place for Get Rich Slowly readers to ask questions
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 Post subject: Aiming for a Zero Net Worth
PostPosted: Sat Aug 15, 2009 12:31 pm 

Joined: Wed Jul 08, 2009 3:28 pm
Posts: 119
A year ago this time, our combined net worth according to Mint.com was about -$68K. It's currently about -$52K. Yay. :) That's all student loan debt... we do still owe about $15K on the car, but it's worth more than that, so it contributes to our overall net worth instead of detracting from it.

We're currently throwing about $4K a month at the loans. If we can keep it up, that means we'll be at ZERO a little more than a year from now (by September 2010, my 29th birthday).

I'd like to keep this thread around for the additional accountability, and update it as we progress.


Last edited by pdxrocks on Mon Aug 31, 2009 1:36 pm, edited 1 time in total.

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PostPosted: Sat Aug 15, 2009 6:53 pm 
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Joined: Tue Aug 19, 2008 8:27 pm
Posts: 591
Location: NC
Does this include your mortgage (if you have one)?

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PostPosted: Sat Aug 15, 2009 7:31 pm 

Joined: Fri Jan 23, 2009 4:28 pm
Posts: 132
Location: Cali
Wow...I wish I could throw $4k at my loans every month. With that kind of firepower, that loan doesn't stand a chance. I'm guessing that this loan amount is the total between you and your significant other? I guess when you put it that way, $4k seems much more plausible. Congrats on being able to whittle such a large debt amount so quickly! :D


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PostPosted: Sun Aug 16, 2009 10:08 am 

Joined: Wed Jul 08, 2009 3:28 pm
Posts: 119
No mortgage at the moment, we're happy renting until we get these other loans under control. It doesn't make much sense to save beyond an EF, like for a down payment, when two different companies are charging us 11% interest. :P I think having a mortgage on top of every thing else would make me feel panicky.

And yeah, Sula, we're "dink"s, dual income no kids... definitely makes it easier. Even so, though, it's taken us a while since college to get to this point.


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PostPosted: Sun Aug 16, 2009 7:14 pm 

Joined: Tue Sep 23, 2008 6:05 am
Posts: 329
Wow, even as a DINK, $4k/month to spare at a debt is still impressive. Good luck!


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PostPosted: Mon Aug 17, 2009 4:35 am 

Joined: Sat Jul 25, 2009 6:18 pm
Posts: 6
Location: Pennsylvania
Congratulations on you commitment to your plan. I definitely think that it is better to pay off your student loan debts before buying a home. I didn't do that and now the amount of money I can throw at my student loan debt is about $1000 less a month.

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PostPosted: Mon Aug 17, 2009 7:15 am 

Joined: Mon Sep 22, 2008 12:41 am
Posts: 122
ekrabs wrote:
Wow, even as a DINK, $4k/month to spare at a debt is still impressive. Good luck!


Haha yeah I had a fiance-gasm when I managed 2k or so in one month and most of the time it's been averaging 1400ish!

But he's also digging out of a deeper hole. Still I think this is academic if this FFJ motivates our OP like mine has motivated me!


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PostPosted: Tue Aug 18, 2009 12:23 pm 

Joined: Sun Jun 10, 2007 3:19 pm
Posts: 620
4,000/mo is GREAT. I remember how satisfying it was to put 2,000/mo towards my down payment.

DINK...wait. Does this mean I am a SINK?


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PostPosted: Wed Aug 19, 2009 10:45 am 

Joined: Wed Nov 12, 2008 9:47 am
Posts: 172
Location: FL
i wishhh i could put 4k toward my loans, im starting with just about the same as you did and can only spare like 1k, oh the money you'll save for hitting them so hard, good for you.

and then just think, you can start dreaming about what you can do with that extra 4k a month you'll have laying around when your done.


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PostPosted: Wed Aug 19, 2009 5:55 pm 

Joined: Wed Jul 08, 2009 3:28 pm
Posts: 119
-$49K as of today, according to Mint. And believe me, I'm already daydreaming about what we could do with that "extra" 4K. ;) Our ancient sofa is threadbare and smelly, and our bedroom furniture consists of a mattress set, two cardboard boxes for nightstands, and a bunch of clothes on the floor. I think we might celebrate our halfway point with either a new couch ($600 from a local place) or a bedroom set ($800 from the same place). Sigh.... :)


Last edited by pdxrocks on Mon Aug 31, 2009 1:36 pm, edited 1 time in total.

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 Post subject: Be gone student debt
PostPosted: Thu Aug 20, 2009 3:27 pm 

Joined: Sun Jun 01, 2008 10:13 am
Posts: 148
I think getting rid of your student loan in this way is excellent. You are obviously prioritizing. Plus it is just very satisfying watch the number go down and you are free and clear on your education. People I worked with actually saved their cans and bottles for me to return for a month or after I made some joke about nickel and diming until I got my student loan paid off. I had a little party at work to celebrate when the loan book said zero. Way to go! It is unusual that you are able to put so much toward your loan and are actually doing so. Does the current economy have anything to do with that decision?


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PostPosted: Thu Aug 20, 2009 5:32 pm 

Joined: Wed Jul 08, 2009 3:28 pm
Posts: 119
Thanks Ellie, we're doing our best. Part of our income is a sizeable amount we earn off a website we run, that we recently negotiated for. Previously we were making very little on it, but the ads on our site are worth, if anything, even more than the amount we just agreed to. We're looking for ways to expand on it. I also just asked for a pay increase at work. I'm a freelancer on an hourly rate, and I know I should be making more than they're paying me. We'll see if they agree when the money person returns from vacation next week. I really have this site to thank for keeping me focused on looking for ways to pay down the debt, rather than piss it all away every month.

There's been times in the past where we were earning more than enough to send a few thousand a month to the loans, but we didn't. We paid the minimums, ate out a lot, and bought the latest electronic gadgets. I realized last year, when we were making less than a third of what we're making now, and actually losing money every month, that things had to stop. When my husband was offered a great new job opportunity, I knew that this was our chance... if I don't get these things paid off now, I may not get another one.

Hooray for GRS! :)


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PostPosted: Tue Aug 25, 2009 9:20 am 

Joined: Wed Jul 08, 2009 3:28 pm
Posts: 119
Yikes, okay, so I went a little overboard this month with the debt payments, and wasn't realistic about where our spending would be. Our emergency fund (and only cash, really) is normally kept at at minimum of $6K, but it's now at $4700, with 6 days to go till the next paycheck. Whoops. I really need to figure out what bills come in when, before I go sending so much to the loans. It'll take us two paychecks to get back to comfortably above $6K, especially because we have to book a trip cross-country for a wedding next week. Hmmpf.


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PostPosted: Wed Aug 26, 2009 7:26 am 

Joined: Sun Jun 10, 2007 3:19 pm
Posts: 620
pdxrocks wrote:
Yikes, okay, so I went a little overboard this month with the debt payments, and wasn't realistic about where our spending would be. Our emergency fund (and only cash, really) is normally kept at at minimum of $6K, but it's now at $4700, with 6 days to go till the next paycheck. Whoops. I really need to figure out what bills come in when, before I go sending so much to the loans. It'll take us two paychecks to get back to comfortably above $6K, especially because we have to book a trip cross-country for a wedding next week. Hmmpf.


It can help to live on last month's income; then if you have any left over from last month, send it to bills.

That stopped me from doing the same thing. :)


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 Post subject:
PostPosted: Wed Aug 26, 2009 12:06 pm 

Joined: Wed Jul 08, 2009 3:28 pm
Posts: 119
Yeah, that's a good idea, Daedela. It's just hard to resist sending a big ol' chunk in as soon as we get it. :) Won't do us any good if we wind up in a real emergency and a depleted emergency fund, though!


Last edited by pdxrocks on Wed Nov 18, 2009 5:16 pm, edited 1 time in total.

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