Boatswain2PA Posted May 10, 2018 Share Posted May 10, 2018 15 hours ago, Rbnz said: Finished school with 165K (some left over from undergrad). Wife stays home with our 2 kids. Took a job in a small rural community. I have put in on average 52 hours a week and have taken about 20 days of call a month since starting for the extra income. Work, work, work is what I have done for the past 2.5 years. We are now down to about 40 K and I plan to have this paid off by the end of the year. No new cars, small vacations (nothing elaborate or expensive), rent, nothing elaborate for Christmas/birthdays, did not go out much (we got creative for date nights), etc... We also did not consolidate our loans. We started with paying off the highest interest loans and have continued to do that till now. Our monthly payments are now down to 450 a month which has allowed us to hit them even harder due to the lower interest accruing. This has not been easy!!!! But was our goal by moving to a place with no amenities, crappy schools, no parks, etc... It is totally painful to send thousands of dollars a month to the government. KEEP GOING!!! Sacrifice, work 2 jobs, move for a better job (always be looking for a better opportunity), move in with family, just do what you have to do to become financially secure and out of debt. Just my 2 cents. Imagine what it's going to be like to have that extra $5K a MONTH in your pocket once you're out of debt! Outstanding job!! 15 hours ago, HMtoPA said: You could be a little less self-congratulory about it. Hell no! He lived WITH HIS PARENTS while paying his dues. He earned the right to be self-congratulatory! 5 minutes ago, cinntsp said: I finished school/fellowship with the intent of paying off my loans as fast as possible and living as if I was making minimum wage, but came to the realization that I'd rather enjoy my early and mid-30s than wait til my mid-late 30s to do so. Couldn't tell how long you've been paying, but if it's taken you 2-3 years to pay off $30K, it's going to take you another 7-10 years to pay off the rest, putting you into your mid-FORTIES before you are out of student loan debt. How much interest will that cost you? To each their own..... Link to comment Share on other sites More sharing options...
cinntsp Posted May 10, 2018 Share Posted May 10, 2018 24 minutes ago, Boatswain2PA said: Couldn't tell how long you've been paying, but if it's taken you 2-3 years to pay off $30K, it's going to take you another 7-10 years to pay off the rest, putting you into your mid-FORTIES before you are out of student loan debt. How much interest will that cost you? To each their own..... Like I said previously...refinanced privately at 4.25%(much lower than govt rates) over 8 years, with about 7 years left. All in all it'll come out somewhere in the range $30k in interest assuming I'm making the minimum payment for the entirety of the loan. Considering my 401k and other investments have averaged about 10% over the past few years, I'd rather put any extra money into that anyway. Costa Rica and Belize were beautiful. Everyone has to find what numbers work for them and what one's priorities in life are. Finances aren't a one size fits all thing. Link to comment Share on other sites More sharing options...
katieo Posted May 10, 2018 Share Posted May 10, 2018 My strategy for incoming debt is the Kamaiyah strategy. “I been broke all my life” so it shouldn’t be too hard to keep living on a broke person’s budget. Or it will make it even more difficult. One of the two. Link to comment Share on other sites More sharing options...
JD2012 Posted May 10, 2018 Share Posted May 10, 2018 45 minutes ago, katieo said: My strategy for incoming debt is the Kamaiyah strategy. “I been broke all my life” so it shouldn’t be too hard to keep living on a broke person’s budget. Or it will make it even more difficult. One of the two. That's kind of the boat Im hoping I will be in coming from a $30k/yr job to a PA's salary. Link to comment Share on other sites More sharing options...
majetito Posted May 11, 2018 Share Posted May 11, 2018 There's always money in the banana stand! Link to comment Share on other sites More sharing options...
d-wade Posted May 15, 2018 Share Posted May 15, 2018 On 5/10/2018 at 11:10 PM, majetito said: There's always money in the banana stand! Burned it right down to the ground Link to comment Share on other sites More sharing options...
pvdude Posted May 16, 2018 Share Posted May 16, 2018 Keep in mind if you have a low interest rate on your loans you may be better off paying minimum and then investing the rest. Link to comment Share on other sites More sharing options...
Boatswain2PA Posted May 17, 2018 Share Posted May 17, 2018 19 hours ago, pvdude said: Keep in mind if you have a low interest rate on your loans you may be better off paying minimum and then investing the rest. Mathmatically, yes. But that doesn't take ino account the risk, or the emotional burden of debt. Link to comment Share on other sites More sharing options...
camoman1234 Posted May 17, 2018 Share Posted May 17, 2018 50 minutes ago, Boatswain2PA said: Mathmatically, yes. But that doesn't take ino account the risk, or the emotional burden of debt. Both of those take a toll on my wife and I monthly. We just want them paid off as we have several things to fix around the house (such as roof actively leaking and molded), plus need newer cars. Link to comment Share on other sites More sharing options...
pvdude Posted May 17, 2018 Share Posted May 17, 2018 First republic bank offers loan refinance under 3% for 10 years if you qualify. I would recommend people to look into this if they have a bank in their county (one of the stipulations I believe). At that rate you are looking at as close to free money as you’re going to get. If you’re interested let me know as I believe I get a referral bonus and I would appreciate it ( sorry if this is against the rules, i refinanced a few months ago with them). Link to comment Share on other sites More sharing options...
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