I’m happy to finally be able to write this post. I’m excited and ready to get the ball rolling. Today is the day that I finally start the debt repayment plan back up. It has been over a year since my last debt update. It’s time to seriously get this thing rolling. Let’s get to the January 2015 debt update.
At this moment, I currently have over $72,000 worth of debt. That’s a lot of freaking money. You may be wondering how it got that high. I didn’t take out the maximum amount of student loans or go crazy with credit cards. My biggest problem was interest and late fees specifically with my student loans. I seriously didn’t take the loans serious my first couple of years out of college. With interest and late fees, the loan amounts have increased significantly. One day I realized that for me to start making real moves in life I can’t have debt anymore.
If you’ve read my previous posts you’ll remember where I said that I still plan to have some sort of life while I’m paying off these loans. I still feel that way. I will be using principles from Dave Ramsey’s Total Money Makeover and T. Harv Eker’s Secrets of The Millionaire Mind. I will be paying off my debt from smallest to largest using the debt snowball effect. Here is a post explaining what the debt snowball. Like I stated above, I plan to still have a life. I won’t be wasting much money. I will cook and be home a lot more. The one thing that I won’t stop doing is traveling, though. It’s my addiction. I only travel 3-4 times per year anyway.
How do I plan to make this happen?
The first thing I plan on doing is going back on The Price is Right (Just kidding). I plan to continue to create multiple streams of income. I have a full-time 9-5 job. I am looking for a part-time gig to work a couple of days each week. I am selling multiple items on eBay. I am also looking to make more money online. Finally, I will continue to sell t-shirts at my NomadTees big cartel store.
Some people think I’m crazy. I’ve heard people say forget them loans and just wait for them to be forgiven in 10 years since I work in higher ed. Forget that. That’s not an option; I plan on being debt-free before then.
I want to make this happen by October 17th, 2018. That is 3 years and 9 months from today. That will also be my 35th birthday. Having no more student loan debt will be a hell of a birthday gift.
The debts that I will be eliminating are my Sallie Mae student loans, Discover credit card, Loan 2, Wells Fargo loan, Bank of America credit card, Credit Union Loan, and Fed student loans. (Note. The Fed loans are currently in deferment. I still plan on putting
$50-$100 $10-$20 on them each month.) Below is a chart of the debt.
I have a long way ahead of me. One of the key things that I learned from last year was to “Do what others won’t do“. Well here goes. Make sure you check back for my monthly updates!
You can view all my debt updates here.