yes but ima still travel
Any Brehs working to be Debt free in the next few years?
- Thread starter Apollo Creed
- Start date
Instead of worrying about being "debt" free you should worry about increasing your net worth. Debt isn't a problem if you work in increasing assets while minimizing worthless debt
Word. Not putting the cart before the horse/chicken before the egg. So to speak.
I am been working on it for two years now
Paid off all my credit cards, paid off all old medical bills and have bought two used cars cash (total of about $12,000 including the cars) this doesn' include student loan
Only current debt I have is $36,000 student loan ($42,000 total, paid off $6,000 in 6 months), plan to have it paid off in 5 years tops
Best advice I can give is to do a written budget and live way below your means, you would be surprised how little you can live on once you write down your income /bills and visually see where your money goes
Next thing I can tell you is that once you serious about being debt free don't acquire new debt, I don't buy nothing I can't afford to pay for cash (minus a house), once you pay off your credit card throw them away , it's the most liberating feeling in the world, don't believe what others say all a credit score tells you is a measure of persons debt, think about it if you have no debt you have no credit score.
Where did you read that at? And I think you're missing the point......
Also, re-read your post and ask yourself what would be the first step in increasing your net worth...
the biggest debt people have is student loans. Those take years to pay. If you want a new whip you gonna have to take on a car note eventually. If you want a low interest rate you gonna have to have established credit which means taking on debt. If you want to open a business you gonna need established credit and a revolving lines of credit. And to have a successful business you probably going to need a line of credit.
A lot of people take on short term debt that eventually becomes long term debt. They treat credit cards like actual cash, max them out and act like they don't have to pay it back right away. People don't live within their means which is why they have "stupid" debt in the first place. Getting your cable or phone disconnected and letting it go into collections. Taking on a car note you can't afford and getting it repossessed then into collections.
Rule doesn't apply to everybody though. You can take on new debt so long as you know how to manage it. Like I said previously, most people turn short term debt into long term collections.
yea, I already have a home, lol even plan on going to eating less meat and more fruits and veggies to cut cost since it cost lest for those. I think I`m going to use the Mint app to create a budget.
The Refiner
Pro
About to pay off this car loan, and then attack my student loans. I'm driving this car until it falls apart...no more car notes for me for a long long time.
