Posts having to do with credit card, student loan and any other consumer or personal debt. Documentation and stories related to our debt payoff journey. Learning how to get out of debt and recover from credit issues.
I’ve started and stopped writing this post so many times, it’s unreal. Every time I wanted to post an update, I’d reconsider, thinking enough progress hadn’t been made.
The entire premise of this blog is based on my journey to pay off debt. The ways I’ve been trying to make money on the side, and pursuing side hustles, in order to do that.
But somewhere along the line, your priority list gets a little jumbled. And you forget what it was you were originally setting out to do. Which isn’t to say the debt journey documentation has ended, by any means. In fact, if anything — its existence has extended even further.
Not because we’ve added anything significant to our existing debt. But because we’ve been doing a cr*ppy job (in my opinion) of paying it down successfully.
This next post was written by my colleague Mr. SR, who blogs at semiretireplan.com. He shares his financial knowledge and experience on debt payoff strategies, and how each one can work for you.
What I found particularly interesting about this article were the emotional and psychological effects of both having debt, and paying it off. Because while the base concept is purely mathematical, the accompanying factors have such a personal and emotional impact.
Which I guess is why so many people say “personal finance is personal”. But if you’re not familiar with the “debt snowball” or its alternatives, read more below. There are some fascinating nuggets of information that tie back to science, which you won’t want to miss!
Here’s a topic that’s prevalent with so many educated professionals today. Managing student loan debt, while trying to move forward in your life.
You spend many years honing your skills to begin a highly coveted career in your field of choice. You finally earn the degrees and certifications to get started on your path. And the next step on that path is establishing a place you can call home.
But with all of that student loan debt you are now accountable for, can you afford to buy a house? Should you take on a mortgage, when you already have mountains of student loan debt looming over you?
This next post will go over all of that and more —
Jeff at Debt Free Doctor shares this in-depth analysis into both sides of this important decision.
The following article was originally published on The Money Mix, and is being republished with permission.
Buying a House When You Have Student Loan Debt
A topic about mortgages appeared recently on Dental Town, which is the world’s largest online community for dentists. The post discussed a video (see below) in which the wife of a recent dental school grad called in to get some advice on whether she should pay off their student loan debt before buying a house. In typical Dave Ramsey fashion, he aggressively answered her question.
I attended a meetup last weekend for the local ChooseFI group I belong to. It was actually more of a presentation. The group tries to do several throughout the year, balancing out educational with social. Yesterday’s presentation was about the recent tax changes.
Since I’m in the midst of doing taxes for all of my family members, I figured it would be worth it to attend and see if I could glean a few pointers from the discussion.
Also, I’m trying to make myself attend more of these events, to try to be more social. Because a discussion on taxes is clearly a social excursion …
But given the fact that I work from home, I can sometimes go a full week without ever leaving the house. I’m a homebody, and don’t see the need to go out just to go out.
Some people think that’s weird. I know it’s just the way I’m most comfortable.
Since making the conscious effort to co-mingle with the human race, I’ve found this local chapter of Choose FI to be a great place where I can interact with others. We’re all interested in money topics, and I don’t even need to say anything if I don’t want to. I can just sit back and listen.
Because I’ve met many group members who know A LOT, and are more than happy to share their knowledge. Which is really helpful, since this whole FI (Financial Independence) concept is still fairly new to me.
But a funny thing happened as the meeting was commencing and we were going around the table doing introductions.