We have big things in store.
Like really big things. Some of which have slowed down our debt chipping away progress the last couple of months.
I don’t want to spoil it, but we have a couple of surprises coming your way within the next couple of weeks. I know you are dying. We’ll keep you posted as it comes. Stay tuned.
This months debt update was really exciting for one reason…my loans are out of the $30,000! We’re now in the 29k’s. I got the butterflies when I saw the total this morning.
…And then I saw that Danny’s rapidly accruing interest pretty much made up for the difference, in the negative. He starts working in just a few short weeks. We have really been trying to take advantage of this time he has had off by spending lots of time together and trying to get in as many cheap or free fun-tivities as possible. And honestly it is probably the only time in his life where he will get to act as the stay at home parent, so we are trying to treasure this time BUT we are very excited for him to start working so we can really start knocking his portion of our debt out.
Without further adieu, our current debt update:
I honestly don’t know anyone who has paid off this much debt, let alone within such a short amount of time. So I’m taking it to YOU. What do YOU think? Is this even possible? Have you set a lofty goal but then been able to reach it?
Hi there! I’m Amber! And welcome to the Deeply in Debt blog where we’re offering simple solutions for big debt.
Do you have ideas of things you wish you knew/did while you were living off of student loans?
If I could do it over Coley I would do anything I could to earn money on the side to start making payments while we were still in school! If you make payments while still in school then it goes straight to your principal instead of interest which is GREAT. I would also try to do a better job hunting for scholarships and grants!
Great job guys! Progress is such a great feeling. Looking forward to following your journey as you work to pay down your debt. Happy to have found your blog!
Thanks so much! Progress is definitely a good feeling. We have really loved your blog so far as well. We are anxiously watching for when you hit your retirement goal so you can reveal yourselves! 🙂
I admire lofty goals. And you seem a very determined family to make it happen.
Geographic arbitrage that the Mad Fientist has written about will help you for sure.
It all depends I guess on your debt pay off rate relative to annual salary, assuming no other major outgoings.
It does make me realize that when I came to the US with no debt – in part thanks to a UK university education (degree and Ph.D.) – I was very lucky.
Again, big kudos to you for taking on such a goal and looking forward to seeing your great progress towards it.
Thanks a million 🙂 I hadn’t heard of the Mad Fientist– we are checking out that podcast. Thanks for the rec.
Coming here with no debt? Ah what a dream! Thanks for your encouragement!
Hey Amber I found the site from one of your comments on my post: http://millennialmoola.com/2016/06/21/financial-advice-ripoff/
I actually consult with people on six figure student loan burdens. I would love to do a case study on your situation for my blog for free. If you are interested hit me up at travis@millennialmoola.com.
My initial thoughts, hopefully the largest loan isn’t with the government if Danny’s a working dentist now out of school. I’ve seen variable 5 year student loan rates as low as 2.13% at SoFi. With a rate that low, the balance would grow slow enough that you could pay down the large loan in your 5 year time frame. My girlfriend is a surgeon so she has some debt to overcome as well, which is what got me so interested in this.
Thanks Travis! We just sent ya an email. As for the 2.13% refinancing– that is amazing. Most of ours are still federal since they’re still in the grace period. I thought when you refinanced privately that they basically just took the average of the current interest rate on your loans– for us that wouldn’t help so much. Is that even true?
Ran across your blog from Rockstar Finance’s Blogger Net Worth summary page and just had to connect the dots on your, uh, weighty net worth number. Sorry, it just stood out and I got curious.
Have to say that I admire your determination. And your personal law school/undergrad debt is really on the more reasonable end, all things considered. Good job there and with the zero credit card debt. I myself took out 60k in debt for private law school tuition, though I must have lucked out because they are at only 3.6% interest.
Grant Cardone has a well-received book The 10X Rule. “You must set targets that are 10 times what you think you want and then do 10 times what you think it will take to accomplish those targets.” Basically, aiming for lofty goals will push you to accomplish more than aiming for smaller or more conservative goals. Hey, even if you fail to achieve debt free status within 5 years, you’ll probably be much further along than if your goal was much more conservative like being debt free within 30 years.
As for the real estate venture, if I was single I’d totally househack and buy a big house and load it up with as many paying roommates as I could get away with. Having a family, you’re duplex with 1/2 rented is a good alternative. Though I wouldn’t limit myself solely to a duplex. Some areas you’ll find a lot of duplexes, some few to none. Many times, you have a basement rental or house split into 2 apartments type set-up that works just as well. Good luck with that venture.
Best Regards,
Thanks so much for this! That’s a really good point– even if we don’t make it, at least we’ll likely be better off than if we didn’t have it as our goal.
And If I could do college/my single days over I would TOTALLY househack and fill it up with roommates. Thanks for your encouragement. It really is helpful.
Hey,
Any goal that can be accomplished with small steps is definitely achievable. That’s just the way you have to approach it and defeat it. Like the people who got to the top of Everest first, or the centre of the South Pole – almost impossible feats, yet one step at a time and you’ll get there.
We currently have a goal of trying to have a baby (now through IVF), it is taking forever to try to achieve but hopefully we will become pregnant at the end of this year.
Tristan
Thanks a million Tristan. It’s hard to keep that perspective– one step at a time! Good reminder.
Wishing you guys all the best with IVF! We’ve had lots of loved ones have success with it,but I definitely understand the emotional roller coaster it can be!