TheHaitian
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Post by TheHaitian on Sept 14, 2017 19:41:25 GMT -5
I got some questions for you. [finance related before this get deleted] 8 Bit WWBG |
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TheHaitian
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Post by TheHaitian on Sept 14, 2017 19:45:20 GMT -5
I know that WBBG and another poster (cannot remember their name) reached a point where they had enough of the slow debt payoff and went all out.
No savings, no retirement contributions, everything was going towards the debt pay off. If I remember correctly once it was done WBBG went off to maxing his retirement contributions.
I wanted to know: length it took you? I know you did the 0% transfer to help.
Would you do it again?
Was it worth it to get ride of the credit card payment all at once (and forego retirement contributions / savings) and be done?
How has it been since then?
What would be your advice from that period? Worth it? Or would you take a more middle of the road approach?
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suesinfl
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Post by suesinfl on Sept 14, 2017 23:40:16 GMT -5
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Deleted
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Post by Deleted on Sept 15, 2017 5:10:11 GMT -5
Let me tag him for you, 8 Bit WWBG. I think we would all be interested in hearing if he is willing to share. |
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zibazinski
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Post by zibazinski on Sept 15, 2017 5:46:51 GMT -5
I remember he was pretty angry about the debt. He may not want to revisit it again.
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Deleted
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Post by Deleted on Sept 15, 2017 7:54:15 GMT -5
Not WGGB, but that's what I did. I worked 2 jobs, quit savings and threw everything at it for 2 years. Then a few years later, I did the same thing to build up my emergency fund. I was working 4th shift at the time (Fri-Sun 12 hour days) and worked all of 1st shift too as OT. I saved up 20K in one year working a job making $13/hour base. I couldn't do that anymore with an extra kid and them being older and in all kinds of activities, but back then I just had one son and he was 3. He doesn't even remember that I was never around for a year.
I've been down to just a mortgage for 15 years and now I'm completely fed up with that as well. There is 9.5 years left, but I'm ready to go nuclear. In 4-5 years my Roth contributions will equal the mortgage balance. I'm really considering just wiping it out with that when I get there.
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zibazinski
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Post by zibazinski on Sept 15, 2017 7:56:29 GMT -5
People that I know that have cc debt just charge nothing more until they pay it off. Odd system but it works for them.
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zibazinski
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Post by zibazinski on Sept 15, 2017 7:57:23 GMT -5
It's usually more of a spending problem than an income problem.
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Deleted
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Post by Deleted on Sept 15, 2017 8:11:53 GMT -5
And to answer your other question, yes it was worth it. And I will never, ever go back to living with debt payments. My financial stress level dropped considerably. I never had a lot of credit card debt, but I had a land contract, a HELOC, a barn loan, TWO car loans on ONE vehicle, I even had a loan on a freaking lawn mower! I cannot wait for the day the mortgage is gone and 100% of my money can be invested in the present and the future. I'm so done paying for things I bought 20 years ago.  |
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TheHaitian
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Post by TheHaitian on Sept 15, 2017 12:47:47 GMT -5
Yep he is the one! I see he is using his new found cash flow for new couches!!! Crate & Barrel WBBG, and there is one in Alexandria and Arlington  |
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TheHaitian
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Post by TheHaitian on Sept 15, 2017 12:49:19 GMT -5
Let me tag him for you, 8 Bit WWBG. I think we would all be interested in hearing if he is willing to share. Thank you! WBBG where are you? Need your input since we cannot seem to make up our mind! |
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TheHaitian
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Post by TheHaitian on Sept 15, 2017 12:52:39 GMT -5
I remember he was pretty angry about the debt. He may not want to revisit it again. My reason just turned 8 months today and she is my world! 4 years of infertility, 4 surgeries between the two of us, 4 failed IUI's then IVF... I will gladly pay down this credit card debt. With a smile even. Sometimes a little bit of debt is totally worth it! |
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giramomma
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Post by giramomma on Sept 15, 2017 14:00:27 GMT -5
I remember he was pretty angry about the debt. He may not want to revisit it again. I can hardly believe she's getting so close to 1 already. |
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Blonde Granny
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Post by Blonde Granny on Sept 15, 2017 14:11:24 GMT -5
I can't remember what the baptism party cost Carl....1st birthday? I can only imagine.....
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DagnyT
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Post by DagnyT on Sept 15, 2017 14:22:38 GMT -5
How long would you need to stop contributing to retirement savings to pay off debt? If just one year, I would consider continuing investing at least half the current amount and pay the debt off over 2 years. Be careful about putting yourself in a higher tax bracket by stopping contributions to your retirement accounts.
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MJ2.0
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Post by MJ2.0 on Sept 15, 2017 14:33:26 GMT -5
I can't remember what the baptism party cost Carl....1st birthday? I can only imagine..... that hardly seems necessary.... |
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Blonde Granny
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Post by Blonde Granny on Sept 15, 2017 14:35:53 GMT -5
Unfortunately as many of us have learned, there are 3 sides to debt repayment....the first being that you can't spend on those credit cards and still pay the card off. Second, Carl & Mrs. Carl will have to come to agreement about their spending and have a line item budget for every cent that gets spent. YNAB is a perfect budget for doing that. MPL is a true guru when it comes to using YNAB and has been a great source of info for me to get me settled into using it.
Third: What about the student loans? Those are in the category of $100K +, do they continue to pay the minimums or attempt to pay them off also?
Big decisions certainly, but getting your financial life under control has a huge payoff and will change the way you look at spending from then on.
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NastyWoman
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Post by NastyWoman on Sept 15, 2017 14:39:51 GMT -5
Not WGGB, but that's what I did. I worked 2 jobs, quit savings and threw everything at it for 2 years. Then a few years later, I did the same thing to build up my emergency fund. I was working 4th shift at the time (Fri-Sun 12 hour days) and worked all of 1st shift too as OT. I saved up 20K in one year working a job making $13/hour base. I couldn't do that anymore with an extra kid and them being older and in all kinds of activities, but back then I just had one son and he was 3. He doesn't even remember that I was never around for a year. I've been down to just a mortgage for 15 years and now I'm completely fed up with that as well. There is 9.5 years left, but I'm ready to go nuclear. In 4-5 years my Roth contributions will equal the mortgage balance. I'm really considering just wiping it out with that when I get there. Derailing this thread a little bit, but I would not use the money already in my Roth to get rid of my mortgage. I would however, either suspend or lower my Roth contributions to pay of the mortgage asap. I have done so myself and paid off a 30 year mortgage in under 11 years --♫ and it feels good ♫
... and as if that was needed -> this proves that I am not Phil 
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TheHaitian
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Post by TheHaitian on Sept 15, 2017 14:41:51 GMT -5
My reason just turned 8 months today and she is my world! I can hardly believe she's getting so close to 1 already. Yep can't believe it either, this year just flew by.... now she just need to start sleeping through the night and we will be golden! |
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MJ2.0
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Post by MJ2.0 on Sept 15, 2017 14:46:21 GMT -5
I can hardly believe she's getting so close to 1 already. Yep can't believe it either, this year just flew by.... now she just need to start sleeping through the night and we will be golden! awww, it's cute that you think that!  |
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TheHaitian
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Post by TheHaitian on Sept 15, 2017 14:46:24 GMT -5
I can't remember what the baptism party cost Carl....1st birthday? I can only imagine..... And every penny was worth it! She was surrounded by people that has prayed and hope for her arrival for years and that adore her; and she was blessed to have grandparents that covered more than 50% of the costs. Her birthday will be no different! Life is short, I will create memories while I can, at least when I am old I will have them to keep me warm! |
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TheHaitian
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Post by TheHaitian on Sept 15, 2017 14:47:22 GMT -5
Yep can't believe it either, this year just flew by.... now she just need to start sleeping through the night and we will be golden! awww, it's cute that you think that! I believe it will at least improve our quality of life ... somewhat |
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tcu2003
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Post by tcu2003 on Sept 15, 2017 14:51:01 GMT -5
awww, it's cute that you think that! I believe it will at least improve our quality of life ... somewhat I took that as she thought it was cute you thought she'd start sleeping through the night soon. C didn't sleep through the night until he was 26 months. Once. He was closer to 3 before he STTN somewhat regularly. #sleepisoverrated #notreally #goodthingkidsarecute |
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MJ2.0
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Post by MJ2.0 on Sept 15, 2017 14:53:52 GMT -5
I believe it will at least improve our quality of life ... somewhat  I took that as she thought it was cute you thought she'd start sleeping through the night soon. C didn't sleep through the night until he was 26 months. Once. He was closer to 3 before he STTN somewhat regularly. #sleepisoverrated #notreally #goodthingkidsarecute Yup! I remember we had moved into the house and DS was still getting up in the night. He was past 1... I'm thinking he consistently stayed asleep by 4. anyway, I'll stop so this can go back to being about money, lol |
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TheHaitian
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Post by TheHaitian on Sept 15, 2017 14:55:50 GMT -5
How long would you need to stop contributing to retirement savings to pay off debt? If just one year, I would consider continuing investing at least half the current amount and pay the debt off over 2 years. Be careful about putting yourself in a higher tax bracket by stopping contributions to your retirement accounts. The tax thing is the big hold up and that is what is the main "pause". We currently contribute the equivalent of ~$42,750/yearly to pretax savings and having that amount suddenly become "taxable" may change things. As for how long: 1 year max just for the credit cards/medical bills. Student loans: we were not planning on rushing to pay them off since I plan on going back to school and may add to my total. Also would not be comfortable doing it for more than a year or two I think. Not rushing it and going as we are now: ~3 years (just credit cards and medical bills). Also not rushing the student loans because it allows us some flexibility that we hope we won't have to use: postponing payments / deferral / interest only payments etc. |
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GRG a/k/a goldenrulegirl
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Post by GRG a/k/a goldenrulegirl on Sept 15, 2017 14:56:15 GMT -5
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Jaguar
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Post by Jaguar on Sept 15, 2017 14:57:11 GMT -5
I can't remember what the baptism party cost Carl....1st birthday? I can only imagine..... And every penny was worth it! She was surrounded by people that has prayed and hope for her arrival for years and that adore her; and she was blessed to have grandparents that covered more than 50% of the costs. Her birthday will be no different! Life is short, I will create memories while I can, at least when I am old I will have them to keep me warm! Get good pictures and use village.photos/ not CrapBucket. |
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TheHaitian
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Post by TheHaitian on Sept 15, 2017 14:57:42 GMT -5
I took that as she thought it was cute you thought she'd start sleeping through the night soon. C didn't sleep through the night until he was 26 months. Once. He was closer to 3 before he STTN somewhat regularly. #sleepisoverrated #notreally #goodthingkidsarecute Yup! I remember we had moved into the house and DS was still getting up in the night. He was past 1... I'm thinking he consistently stayed asleep by 4. anyway, I'll stop so this can go back to being about money, lol A brother can dream!!! Lol! My mom and MIL are suggesting we put oatmeal in her bottle at night to keep her full longer and help her sleep through the night. My wife is against it and I am really tempted to try it and see. |
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TheHaitian
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Post by TheHaitian on Sept 15, 2017 14:58:25 GMT -5
I will post in the Facebook group and you can see it. I just posted a picture of the two of us recently on Facebook ... |
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GRG a/k/a goldenrulegirl
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Post by GRG a/k/a goldenrulegirl on Sept 15, 2017 15:03:12 GMT -5
I will post in the Facebook group and you can see it. I just posted a picture of the two of us recently on Facebook ... Some of us are not in the Facebook group.  |
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