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I'm debt free. I paid off my mortgage 2 weeks ago. Car was paid off in January. I've never carried a credit card balance. It's a very liberating feeling. My monthly income needs have plummeted, giving me the flexibility to pursue other career fields that don't necessarily pay as well as what I'm in now. (Before I start getting any advice to chuck all that money away -- yes, I have an emergency fund and my retirement is funded to the point where I need not contribute any more, just earn a modest 4% on what I've got between now & retirement age.) My whole attitude towards my job has really changed. Hard to describe.
Wow... so much for stories. That's what I hate about this section of CD Forums. Seems some people (not everyone) are either quick to admonish others for racking up debt, or they are bragging about the fact that they have so much in savings, never had debt, blah blah blah.
Want to hear a story? 10 years ago, I decided to go out of state for school. A fairly expensive school at that. Parents didn't do much to advise me on the pitfalls of student loans, and for all I knew, I just wanted to get away from home. At 18, I knew nothing about finances. I managed to rack up 2.5x the amount of debt you have, all in student loans. After graduating, I was scared. I immediately put the loans into forbearance and, as you can imagine, the interest began to mount.
I couldn't face the fact that I'd accumulated so much debt. I was scared to face it, scared to look at the notices that would come, and even more scared of the day my forbearance was up. I was embarrassed that I had so much debt and, of course, some of the belittling advice that could be found on this forum wasn't helping. And then one day, I decided I was going to overcome that fear. I once was against all things Sallie Mae. Then I realized that they did help me pay for school, which helped me get a good job in a great field, and that I was going to just embrace the insanity. And it is insanity. I was going to embrace it, and I was going to overcome the beast that has been my student loans. While so many others continue to run from it (there's even a girl who started a website for people to donate to help her pay off her 199k loan debt), I stared it in the face.
I started paying before my forbearance was up, and I'm starting to see some hope. It feels good to see a dent being made in the principal It's been hard, every bit of a struggle, but it WON'T KILL YOU. I learned a valuable lesson, albeit an expensive one, but I learned a major lesson about debt, and I'm smarter because of it. Hopefully this story has a happy ending. I think it will, because I will not let that debt beat me. I refuse. It's my beast to slay. For you, just don't give up. I'm in the struggle with you, just feel good knowing that you're being responsible.
I'm debt free. I paid off my mortgage 2 weeks ago. Car was paid off in January. I've never carried a credit card balance. It's a very liberating feeling. My monthly income needs have plummeted, giving me the flexibility to pursue other career fields that don't necessarily pay as well as what I'm in now. (Before I start getting any advice to chuck all that money away -- yes, I have an emergency fund and my retirement is funded to the point where I need not contribute any more, just earn a modest 4% on what I've got between now & retirement age.) My whole attitude towards my job has really changed. Hard to describe.
Wow... so much for stories. That's what I hate about this section of CD Forums. Seems some people (not everyone) are either quick to admonish others for racking up debt, or they are bragging about the fact that they have so much in savings, never had debt, blah blah blah.
Want to hear a story? 10 years ago, I decided to go out of state for school. A fairly expensive school at that. Parents didn't do much to advise me on the pitfalls of student loans, and for all I knew, I just wanted to get away from home. At 18, I knew nothing about finances. I managed to rack up 2.5x the amount of debt you have, all in student loans. After graduating, I was scared. I immediately put the loans into forbearance and, as you can imagine, the interest began to mount.
I couldn't face the fact that I'd accumulated so much debt. I was scared to face it, scared to look at the notices that would come, and even more scared of the day my forbearance was up. I was embarrassed that I had so much debt and, of course, some of the belittling advice that could be found on this forum wasn't helping. And then one day, I decided I was going to overcome that fear. I once was against all things Sallie Mae. Then I realized that they did help me pay for school, which helped me get a good job in a great field, and that I was going to just embrace the insanity. And it is insanity. I was going to embrace it, and I was going to overcome the beast that has been my student loans. While so many others continue to run from it (there's even a girl who started a website for people to donate to help her pay off her 199k loan debt), I stared it in the face.
I started paying before my forbearance was up, and I'm starting to see some hope. It feels good to see a dent being made in the principal It's been hard, every bit of a struggle, but it WON'T KILL YOU. I learned a valuable lesson, albeit an expensive one, but I learned a major lesson about debt, and I'm smarter because of it. Hopefully this story has a happy ending. I think it will, because I will not let that debt beat me. I refuse. It's my beast to slay. For you, just don't give up. I'm in the struggle with you, just feel good knowing that you're being responsible.
Excellent. Keep at it. You invested in yourself, and now it's going to pay off. There are far worse ways you could have incurred outlandish debts. Best of luck to you.
Excellent. Keep at it. You invested in yourself, and now it's going to pay off. There are far worse ways you could have incurred outlandish debts. Best of luck to you.
Thanks man. The main thing for some of us is just getting over the fear of facing the debt we've incurred. Someone shared a story a while ago that was floating around the internet about a man who, between he and his wife, accumulated 105k of credit card debt. They had kids and, to add to it, she wasn't working. They figured bankruptcy was not an option, so he took on a second job working as an overnight grocery stocker at a supermarket, IIRC. They managed to pay all of the debt off in 5 years. True story.
The main thing for me was changing my attitude, and instead of looking at my loans as such a burden, looking at them as a challenge to overcome. Sometimes it is still a royal pain trying to balance saving with paying massive loans and just getting by, but when the goal of overcoming such an obstacle becomes such a realistic thought that you can almost "taste" it, well, that's the mindset that makes an entire world of things possible.
Thanks man. The main thing for some of us is just getting over the fear of facing the debt we've incurred.
The main thing for me was changing my attitude, and instead of looking at my loans as such a burden, looking at them as a challenge to overcome. Sometimes it is still a royal pain trying to balance saving with paying massive loans and just getting by, but when the goal of overcoming such an obstacle becomes such a realistic thought that you can almost "taste" it, well, that's the mindset that makes an entire world of things possible.
Very wise words, Professor. You learned a valuable lesson at a very young age and it will serve you well, in the years to come. Good job!
I am completely debt-free (knock of wood). No mortgage, no car payments, no credit card debt. Come to think of it - my entire life has been debt-free so far (I'm 29).
I am completely debt-free (knock of wood). No mortgage, no car payments, no credit card debt. Come to think of it - my entire life has been debt-free so far (I'm 29).
You are certainly an anomaly, sweetheart, and not the norm. Good job for being such a responsible young person.
However, I do believe that we are going to see a change in this upcoming generation. They probably won't be as self-indulgent as their parents were. In fact, I think our current younger generation will view money and possessions much the way their grandparents or great-grandparents did. That's not a bad thing, either.
I'm debt free. I paid off my mortgage 2 weeks ago. Car was paid off in January. I've never carried a credit card balance. It's a very liberating feeling. My monthly income needs have plummeted, giving me the flexibility to pursue other career fields that don't necessarily pay as well as what I'm in now. (Before I start getting any advice to chuck all that money away -- yes, I have an emergency fund and my retirement is funded to the point where I need not contribute any more, just earn a modest 4% on what I've got between now & retirement age.) My whole attitude towards my job has really changed. Hard to describe.
I did, I learned to live within my means. I budget all my money now, eat out a bit less, I shop and compare for vacations, etc... You can do it also if you become organized.
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It's been hard, every bit of a struggle, but it WON'T KILL YOU. I learned a valuable lesson, albeit an expensive one, but I learned a major lesson about debt, and I'm smarter because of it. Hopefully this story has a happy ending. I think it will, because I will not let that debt beat me. I refuse. It's my beast to slay. For you, just don't give up. I'm in the struggle with you, just feel good knowing that you're being responsible.
