Cars Paid Off, All Student Loan Debt Paid off 100k in Saving

Have you paid off your debt? Managed to save for your dream home? Had an awesome investment pan out? Share your personal finance success stories here.

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GoldbergFinancial
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Cars Paid Off, All Student Loan Debt Paid off 100k in Saving

Postby GoldbergFinancial » Fri Sep 14, 2012 10:54 am

This has actually all been done by age 28. I know we are supposed to post our success stories but I feel like this is just going to sound like bragging but whatever, I will post it.

My car is $75,000 and paid off completely, my wife's car a Honda CR-V $28,000 paid off and her $20,000 in student loans have been paid off too. Fortunately I didn't have any student loan. I did four years then didn't spend another $1, I never thought much of school anyways.

Now I live in a high income area which makes things easier since our incomes are higher but our expenses are higher and housing is so expensive. So to exploit the difference in income versus high cost of living we opted to sell our owned townhome and go back into renting. By doing this we saved a tremendous amount of money and we had a strict budget for the last 6 years. My wife is also quite frugal which is so important. If your partner is an overspender and doesn't share your financial goals it becomes incredibly difficult. In my opinion housing isn't going any higher over the next 10 years so i felt no rush to buy anything and housing is so expensive it sucks up too much of most people's monthly income. We saved money for housing down payments but used it to pay down debts instead of taking out more debt to buy an overpriced house. I have also been extremely successful in the investment markets.

I went into sales so I could make as much money as possible and not take a salary then started another investment advising business while my wife worked also. I utilized technology to accomplish more, outsource work to other people (and sometimes other countries) after reading the Four Hour Work Week book which I loved.

If I can be of any help I'd love to help you with whatever I can do.

Michael Goldberg
Goldberg Financial, LLC
Follow My Blog: http://financeinlife.blogspot.com/2012/ ... t-now.html

Wilbs
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Re: Cars Paid Off, All Student Loan Debt Paid off 100k in Sa

Postby Wilbs » Wed Oct 17, 2012 9:19 am

First off, congrats on being debt free. I was wondering if you had any resources for a beginner like me?. Resources on basic financial planning and books to read.

peachy
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Re: Cars Paid Off, All Student Loan Debt Paid off 100k in Sa

Postby peachy » Wed Oct 17, 2012 3:43 pm

@Wilbs,
Go to the personal finance section. You will find plenty of posts on books to read and suggestions for anything your heart desires. I would search topics for those that you are interested in. If you want to keep a finance journal, there is a section for that too. Welcome!

Wilbs
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Re: Cars Paid Off, All Student Loan Debt Paid off 100k in Sa

Postby Wilbs » Wed Oct 17, 2012 7:54 pm

I appreciate the reply back. I will do just that. Thanks!!! :)

Justus
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Re: Cars Paid Off, All Student Loan Debt Paid off 100k in Sa

Postby Justus » Fri Jan 04, 2013 4:12 pm

Congratulations and thanks for sharing your successes with us.

RayinPenn
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Re: Cars Paid Off, All Student Loan Debt Paid off 100k in Sa

Postby RayinPenn » Sat Feb 23, 2013 7:14 am

You don't own. Home yet you drive. $75000 car? In my opinion that is not a wise move. House prices could jump at my time - Prices are at historic lows, mortgages have terrifically low rates. why not buy now and build equity?

A bell isnt going to ring when the prices and rates start to go up!
And by all accounts inflation is looming big time..the government continues to prin money.
Last edited by RayinPenn on Tue Mar 05, 2013 4:21 am, edited 1 time in total.
RayinPenn

“If you tell the truth, you don't have to remember anything.”
― Mark Twain


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