Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,089
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Post by Rukh O'Rorke on Oct 31, 2019 7:46:08 GMT -5
Ok - so thinking about this a little more - I was going to put down a "plus side" to all this - but now - I'm not sure if it is a plus! So - last week was my 1-year at the new place. My metrics on my pay bump was that 2 years at the new salary would more than pay for all the costs of my phd (including all those chipolte runs on school nights! and the weekly cleaner to make it all possible!) - And that held even when I factor in the highest marginal tax rate on the increased salary - so I was think well I am half paid off! Cuz one year down! But - I am not half paid off on the debt for it, so how plus side is it really? But - I think I will still take it as a win. I didn't funnel the extra money into the loans, but it was still extra money that flowed into my life due to the degree. Tomorrow I will get my first 401k match with the newjob - so very much looking forward to that! I haven't been tracking this part but of my 114+k student loans - the breakdown is the following.... purpose | amount | Masters (1996) | $2,130.52
| PhD | $50,221.21
| DD's BA | $61,996.47
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So - yeah! I am still paying on my masters from over 20 years ago! That is a whole nuther discussion of frustrations that I won't bother with here.... But still looking at 50k on my recent degree when I am half way through my supposed increased income for it, not sure how to interpret that right now. The other plus side!!! Looking forward to seeing how my social security payments are increased by new job once 2019 is done!!! I got take what I can find for the positives!!!
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Maryland Monroe
Established Member
Joined: Dec 23, 2010 16:52:51 GMT -5
Posts: 459
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Post by Maryland Monroe on Oct 31, 2019 8:44:01 GMT -5
I always had trouble figuring everything out and estimating when I'd be done. This calculator takes all the variables into consideration. It's pretty easy for me now because I don't have any debt but the mortgage, but I wish something like this had been available when I was younger.
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snapdragon
Senior Member
Joined: Dec 20, 2010 14:56:55 GMT -5
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Post by snapdragon on Oct 31, 2019 11:21:40 GMT -5
Rukh O'Rorke -- You are really close to getting your Masters paid off! Can you concentrate and get that done before the middle of next year? That I believe would be a great boost for your morale and one less thing that you have to worry about. Than I would mentally break down your numbers into either 5K or 10K amounts and just concentrate on getting those down. You are still winning just not looking at the large numbers. On your PhD is that amount the total and you have several loans? Because it might make it easier to break down and work on paying individual loans if that would help you mentally. I can't off anything on your DD's BA unless you can also just pay extra on a single loan. Good Luck!
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,089
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Post by Rukh O'Rorke on Oct 31, 2019 14:20:08 GMT -5
I always had trouble figuring everything out and estimating when I'd be done. This calculator takes all the variables into consideration. It's pretty easy for me now because I don't have any debt but the mortgage, but I wish something like this had been available when I was younger. thank you! Excited to play with this on Saturday!
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,089
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Post by Rukh O'Rorke on Oct 31, 2019 14:24:26 GMT -5
Rukh O'Rorke -- You are really close to getting your Masters paid off! Can you concentrate and get that done before the middle of next year? That I believe would be a great boost for your morale and one less thing that you have to worry about. Than I would mentally break down your numbers into either 5K or 10K amounts and just concentrate on getting those down. You are still winning just not looking at the large numbers. On your PhD is that amount the total and you have several loans? Because it might make it easier to break down and work on paying individual loans if that would help you mentally. I can't off anything on your DD's BA unless you can also just pay extra on a single loan. Good Luck! Yes - these break down into 10 individual loans with different interest rates and time frames. I will be breaking those out in 2020 for racing purposes. It's been tempting to get those master's loans gone, but they are the lowest interest rate, so every time I think about paying 2k to a 3.75% loan and hanging on to a 7.24% loan, I always go for the highest interest rate! Since it is upcoming, on my mind and a topic here - I will break them down on my next update. The balance is up and I prefer not to see that until the next payment goes through! Otherwise, I would do it now.
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,089
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Post by Rukh O'Rorke on Oct 31, 2019 16:43:31 GMT -5
well - I knew my steady financial progress couldn't last and/or climbin up a few notches tempted fate to smite me back to my approved "zone"..... Last night about half the house electricity was going in and out, then out for a while. Shut off those breakers overnight due to safety concerns - but that includes the heat system, so luckily the low was only down to 45 and not seriously cold. So - then my phone went out. Some kind of verification lock and I don't have any of my apple info to fix this. Need to go to the tmobile where I bought it and get proof of purchase/ownership or somesuch, then maybe apple can help me. I fear all my pics are gone, some kind of reset, very upset. And I couldn't even use the flashlight feature on the phone in the dark - and I can't call an electrician until I get the phone issue fixed. It's like some mod twist on a Shakespearean comedy of errors! None of which moved the online apple help to give me any extra help last night - was on a chat with them for an hour...at least the internet wasn't impacted. Have the electric back up this am and so far seems ok, at least the house is getting warmed up - just didn't want anything to short out overnight and start a fire - not that I know for sure that turning off the breakers would prevent that - but at least there was a good chance that if there was a threat, that shut down a lot of the wires.....or so I thought. So now everything is going to take a lot of money and or a lot of time to remedy here. Neither of which I have in abundance - and if anything - my time is shorter than my cash in terms of availability to spend on unanticipated problems. so..... aside to debt - I knew something would go wrong! Just wanted to followup on this with an update. I got extremely lucky here! We were able to identify the source of the problem without calling an electrician and it was the responsibility of the electric company and they came and did the fix. As it was their lines, there was no charge. Although - it did take a few days to sort this out and the stress was enormous. Mainly - worrying for our safety as we worked to resolve this and waiting for the repairs. still without a phone, will get on that as my next task..... And my phone is open! omg, what a nightmare it's been this past week. Now, just being without these extra stressor is like a gift..... 3 years of photos not backed up . Thank goodness I was able to piece the info together an apple helped me unlock it. Having issues with the backup, will have DD help me tomorrow. Hopefully - no explosion till then. Celebrating with a chilled rose......
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Maryland Monroe
Established Member
Joined: Dec 23, 2010 16:52:51 GMT -5
Posts: 459
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Post by Maryland Monroe on Nov 1, 2019 5:34:07 GMT -5
Update: Maryland Monroe [2] 11/1/2019 $15,291.98 (1/1/2014 $93,528.61 NE113 C127)
Paid: $78,236.63 (83.65%)
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paynointerest
Established Member
Joined: Dec 21, 2010 1:35:20 GMT -5
Posts: 440
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Post by paynointerest on Nov 1, 2019 6:21:36 GMT -5
c
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steph08
Junior Associate
Joined: Jan 3, 2011 13:06:01 GMT -5
Posts: 5,460
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Post by steph08 on Nov 1, 2019 8:12:11 GMT -5
UPDATE: steph08 [2] 11/1/2019 $9,308.23 (11/15/2016 $50,382.58 NE139) Bill (Interest Rate) | Start | Previous | Current | Difference | Normal Payoff | Monthly Payment | Big Student Loan (5.08%) | 18,337.66 | 0.00 | 0.00 | - | November 2022 | $298.59 | Small Student Loan (5.7%) | 4,585.95 | 0.00 | 0.00 | - | November 2022 | $81.81 | Truck (2.49%) | 18,995.89 | 9,704.56 | 9,308.23 | 396.33 | October 2021 | $416.19 | Van (3.6%) | 8,463.08 | 0.00 | 0.00 | - | October 2022 | $154.49 | TOTAL | 50,382.58 | 9,704.56 | 9,308.23 | 396.33 | | $951.08 |
Paid this update: $396.33 Total Paid: $41,074.35 Percent Paid: 81.52% Turtle turtle turtle. Still resisting paying more to a loan that is only 2.49%. It costs me less than $20/month in interest. Though I would like that monthly payment gone. But I need to save money for house building...
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bankergurl
Well-Known Member
Joined: Dec 30, 2010 17:05:10 GMT -5
Posts: 1,435
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Post by bankergurl on Nov 1, 2019 20:01:31 GMT -5
Update to Race #2, and #3!!! (One week late)$451.80 paid off in the last 2 weeks!!
The twins BD is this coming week and as much as I try to be self aware and reasonable, both MO and I have been emotional spending ourselves into a mess. We went on another mini vaca, just a long weekend, but had a drs apt attached to it and spent too much on casino, food and gas. I get so mentally and emotionally exhausted repeating the terrible and traumatizing story over and over again and have very bad anxiety before and after every dr apt. They did raise the dose on my anxiety meds, so hoping that will help. UGH. So anyways...bad decisions abound. We have another mini trip scheduled for next weekend, its just for the weekend and with a few friends. After the last overspending trip we discussed cancelling the trip and eating the cost of the hotel, but this is for MO's BD (which is 2 days after the babies BD) and I just don't think it's fair to him to cancel his BD trip with friends. We just need to get through this next week so we can breathe again and then get back to the normal financial plan.
One of our renters messaged today that they will be about $200 short on rent, hopefully this is a one time deal and she gets caught up fast. She is a single grandma caring for her boy/girl twin grandkids which pulls on my heartstrings but she also grates on my nerves a lot and takes advantage of our compassion and flexibility with her.
I threw an extra $125.00 towards Rental #2 Mortgage to get us under the next $1000 mark for this update.
We did Open Enrollment today for insurance for next year so that is done. Our home insurance for our two rentals is due soon and that is $2K+. Savings will definitely be taking a serious dive, as of payday today we did squeak past $18K for the moment.
Savings is at $18,080.00
Celebrations for this update: -$488.99 paid off in the last 2 weeks!! -Race #3 went under the next $1000 mark!!
-Total debt went under the next $1000 mark for the 4th update in a row!!
Race #1 - Banker Gurl Mortgage (Rental #2)
10/25/19 $141,775.00 (9/17/07 $250,514.73) Paidoff - $108,739.73
Debt | Interest | Start 9/17/07 | Last 10/11/19 | Current 10/25/19 | My Mortgage (Rental #2) | 3.62% | $250,514.73 | $141,900.00 | $141,775.00 |
Race #2 - Bad Debt Race
10/25/19 $32,569.05 (6/19/15 $63,603.84) Paidoff - $31,034.79
Debt | Interest | Start 6/19/15 | Last 10/11/19 | Current 10/25/19 | Student Loan | N/A | $93.97 | $0 | $0 | Payback Savings | 0% | $500.00 | $0 | $0 | David's Bridal | 0% | $275.30 | $0 | $0 | Scheel's Card | 25.24% | $929.90 | $0 | $0 | Total Rewards | 17.99% | $3,955.66 | $0 | $0 | LOC - US Bank | 21.90% | $4,994.05 | $0 | $0 | Ring - Iddeal | 9.99% | $9,334.87 | $0 | $0 | Appliances - Best Buy | 0% | $2,960.09 | $0 | $0 | Store Loan
| 2.00%
| $14,560.82
| $1,579.59
| $1,459.60
| Mom Loan #2 (HELOC) | 2.00% | $0 | $5,109.45 | $5,109.45 | Mom Loan #3 (Truck - Added 9/1/18)
| 2.00%
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$26,000.00
| $26,000.00
| $26,000.00
| Totals |
| $63,603.84 | $32,689.04 | $32,569.05
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*Mom Loan Savings Account has $2795.00 in it so total still owed is $28,314.45.
Race #3 - MO's Mortgage (Rental #1)/HELOC
10/25/19 $77,981.31 (6/19/15 $119,756.61) Paidoff - $41,775.28
Debt | Interest | Start 6/19/15 | Last 9/27/19 | Current 10/25/19 | HELOC | 3.5% | $30,324.70 | $0 | $0 | MO Mortgage (Rental #1) | 4.5% | $89,431.91 | $78,188.12 | $77,981.31 | Totals |
| $119,756.61 | $78,188.12 | $77,981.31 |
Race #4 - Our Mortgage
10/11/19 $237,674.05 (9/2/15 $270,000.00) Paidoff - $32,325.95
Debt | Interest | Start 9/2/15 | Last 9/13/19 | Current 10/11/19 | Our Mortgage | 4.125% | $270,000.00 | $238,098.72 | $237,674.05 |
Yearly Progress
Date | Total Debt | 6/19/15
| $584,391.18
| 1/1/16 | $557,236.94 | 6/1/16 | $536,179.52 | 1/6/17
| $524,971.47
| 6/9/17
| $516,318.28
| 1/5/18
| $504,165.70
| 6/8/18
| $495,101.02
| 12/21/18
| $509,625.02
| 1/4/19
| $508.767.86
| 1/18/19
| $507,697.95
| 2/1/19
| $506,989.70
| 2/15/19
| $505,918.19
| 3/1/19
| $504,998.86
| 3/15/19
| $503,995.75
| 3/29/19
| $503,730.27
| 4/12/19
| $502,303.76
| 4/26/19
| $501,586.82
| 5/10/19
| $499,957.80
| 5/24/19 | $499,637.68 | 6/7/19
| $498,975.00
| 6/21/19
| $497,886.96
| 7/5/19
| $496,973.20
| 7/19/19
| $495,818.98
| 8/2/19
| $494,954.13
| 8/16/19
| $493,982.84
| 8/30/19 | $493,659.11
| 9/13/19 | $492,219.86 | 9/27/19
| $491,890.01
| 10/11/19
| $490,451.21
| 10/25/19 | $489,999.4 |
*Record for going under the next $1000 mark is 9 updates in a row.
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nidena
Senior Member
Joined: Dec 28, 2010 20:32:26 GMT -5
Posts: 3,586
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Post by nidena on Nov 1, 2019 22:42:44 GMT -5
I changed my homeowner insurance policy to reflect that I'm no longer living in my house and that increased the premium about $400 but I don't anticipate the house being on the market for a full 12-months once it's listed so I don't expect to actually pay any amount equal to the increase. I haven't changed the state my vehicle is insured in, yet, because I'm delaying having to pay registration in my new state, having already paid for five years worth of registration when I bought the car, new, in May 2018. In short, I'm only 17 months into a 60 month registration. I plan to call the losing DMV on Monday to see if I can get anything prorated back to me. Doubtful but I won't know for sure unless I ask.
The house goes on the market in two weeks. The repair guy gets started on Monday.
Even with where my debt load is, I'm nowhere near where I was 12 months ago. I've paid off $25,000 and change in the past 12 months and my debt will only continue to decrease from this point on.
Have a great weekend!
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,089
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Post by Rukh O'Rorke on Nov 2, 2019 8:38:29 GMT -5
bankergurlHope the new med dose helps and you can relax and enjoy the weekend a little bit. Time will help eventually.
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forwardwego
Well-Known Member
Joined: Dec 22, 2010 3:54:23 GMT -5
Posts: 1,395
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Post by forwardwego on Nov 3, 2019 17:08:12 GMT -5
Hi WIRRacers,
I've raced off debt here before. Race #1 was credit cards. Race#2 was automobiles and a large dental bill. This race is to finish our mortgage:
Forwardwego 11/3/2019 $38,648. C208
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Maryland Monroe
Established Member
Joined: Dec 23, 2010 16:52:51 GMT -5
Posts: 459
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Post by Maryland Monroe on Nov 3, 2019 17:45:00 GMT -5
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forwardwego
Well-Known Member
Joined: Dec 22, 2010 3:54:23 GMT -5
Posts: 1,395
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Post by forwardwego on Nov 3, 2019 18:27:42 GMT -5
Thanks for the welcome Maryland!!! I could try doing this on my own but I will do better by participating here. WIR board is my ace up my sleeve, and the WIRRacers are amazing.
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Maryland Monroe
Established Member
Joined: Dec 23, 2010 16:52:51 GMT -5
Posts: 459
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Post by Maryland Monroe on Nov 3, 2019 18:46:15 GMT -5
forwardwego, I'm also finishing up with my mortgage. I have been a racer for almost 12 years, but I'm almost done. 2020 will be it for me!
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nikiz628
Well-Known Member
Joined: Jun 11, 2013 17:25:59 GMT -5
Posts: 1,450
Mini-Profile Background: {"image":"","color":"4ee2dd"}
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Post by nikiz628 on Nov 3, 2019 21:49:23 GMT -5
Hi WIRRacers,I've raced off debt here before. Race #1 was credit cards. Race#2 was automobiles and a large dental bill. This race is to finish our mortgage: Forwardwego 11/3/2019 $38,648. R208Welcome back!! I’m so excited to see you here again! You got this!
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,089
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Post by Rukh O'Rorke on Nov 4, 2019 8:58:06 GMT -5
forwardwego , I'm also finishing up with my mortgage. I have been a racer for almost 12 years, but I'm almost done. 2020 will be it for me! wow - I will have to research this in the archives! Kudos and well done!
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nooccar
Junior Member
Joined: Jan 6, 2011 1:54:02 GMT -5
Posts: 165
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Post by nooccar on Nov 4, 2019 16:00:48 GMT -5
Update: nooccar (2): 11/4/2019 $43,470.79 (11/4/2010 $73,475.79 WU197)
Refinance is done, closing costs are paid (much lower than the estimates) and first official payment is 12/1. Meanwhile I have been paying what is in the budget so it is down $1030 already. I am so glad it's over. Now I will continue to work on getting it paid off in 6 years.
On a side note, I see it's the anniversary for this second race.
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nidena
Senior Member
Joined: Dec 28, 2010 20:32:26 GMT -5
Posts: 3,586
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Post by nidena on Nov 4, 2019 22:53:57 GMT -5
Welcome back, forwardwego! Your name is a familiar one to this Racer of 12+ years.
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forwardwego
Well-Known Member
Joined: Dec 22, 2010 3:54:23 GMT -5
Posts: 1,395
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Post by forwardwego on Nov 5, 2019 6:40:48 GMT -5
Hi nikiz628! Hi nidena! Thanks for the warm welcome back!! I think I'm right behind you Nidena with @10-11 years with WIR. I think I'll go back a ways and read, try to get "up to speed" .
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paynointerest
Established Member
Joined: Dec 21, 2010 1:35:20 GMT -5
Posts: 440
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Post by paynointerest on Nov 5, 2019 6:56:09 GMT -5
Forwardwego -- it is great to have you back! I am also part of the WIRR club who has been a member 10+ years (12 years and 6 months to be exact)
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nikiz628
Well-Known Member
Joined: Jun 11, 2013 17:25:59 GMT -5
Posts: 1,450
Mini-Profile Background: {"image":"","color":"4ee2dd"}
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Post by nikiz628 on Nov 5, 2019 11:10:49 GMT -5
I am also a 10+ WIRR (11 I believe). Just not on this name haha. I joined in 2008, but somewhere in the transition from MSN to ProBoards, I got confused/lost and had to make a new account (after I had already made a new account here). So, under this account I've been here since 2013. I am still salty that I lost my old content.
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Maryland Monroe
Established Member
Joined: Dec 23, 2010 16:52:51 GMT -5
Posts: 459
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Post by Maryland Monroe on Nov 5, 2019 14:43:54 GMT -5
I started 2/24/08 when I read a magazine article about the racers. In 2013, I finished my first race, and on 1/1/14, I started the second with a credit card, bank loan, and mortgage. In 2015 I had to add a car due to an accident (rear ended, pushed into another car). By February 2018 everything was paid but the mortgage. I am so ready to be finished with this!
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,089
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Post by Rukh O'Rorke on Nov 6, 2019 8:59:50 GMT -5
UPDATE!
Rukh O'Rorke 11/6/2019 $113,592.06 (6/29/2019 $126,041.86)debt | June 1 | June 29 | August 6 | September 6 | October 8 | October 26 | Nov 6 Difference | IRS | - | $6,384.25 | $4,427.14 | $1,925.94 | $837.50
| ~~~0.00~~~ | -
| Personal Loan | - | $1880 | $1960 | $1518.15 | $1,538.15
| $873.11
| $ 369.84 503.27
| CC1 |
| . | - | . | . | . | . | CC2 |
| . | - | . | . | . | . | SL Private | $8,253.95
| $8,229.97
| $8,138.02 | $7,844.81
| $7,542.27
| $7,223.38
| $ 7,236.26 -12.88
| SL Fed | $110,027.95
| $110,396.31 | $108,319.69 | $107,570.12
| $106,798.08
| $107,124.82
| $ 105,985.96 $1,138.86
| Total | - | $126,041.86 | $122,844.85
| $118,859.02
| $116,716.00
| $115,221.31
| $ 113,592.06 $1,629.25
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2019 Goals
October: Pay at least 500 to IRS, 250 personal loan
November: Pay off IRS
- December: Pay off Personal loan
2020 Goals
- January: Pay off any CC balances (I may be transferring IRS/PL balances onto cc temporarily)
- February:
- March:
- April:
- May:
- June:
- July:
- August:
- September:
- October:
- November:
- December: Pay off Private Student Loan/Be under 6 figures overall
Regular update....On track with goals...Will post student loan details, and compare with first post before I went to the more abbreviated format.
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,089
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Post by Rukh O'Rorke on Nov 6, 2019 9:11:52 GMT -5
May I join in the racing? I super hope I am ready to pay down and not accrue any more debt!! Just getting the student loan information together, I have some other debt I may include at another point, but not sure what is up with that, I'm waiting to hear on how the IRS is handling my owed taxes and my refund from 2017 (that I filed this April) I am also going to an accountant to get a second opinion on turbotax. So - that is all fluxy right now. Need to start paying on the parent plus loans in July. Rukh: 6/1/19 $118,626.28 Today Interest Rate Nov. 2018 Nov. 2019 Difference Masters $2,096.44 3.75% $2,406.16 $1,773.71 Masters $343.08 3.75% $393.77 $290.56 Phd $21,576.29 5.59% $22,473.99 $20,532.11 Phd $23,107.35 5.96% $24,047.70 $22,000.29 Plus $18,034.89 6.31% $17,511.78 $17,483.12 Plus $12,354.84 6.84% $11,989.68 $11,986.15 Plus $6,575.57 7.00% $6,351.32 $6,382.64 Plus $4,865.26 7.00% $4,697.08 $4,722.63 Plus $21,442.59 7.21% $21,790.09 $20,814.75 Phd $8,229.97 7.62% $11,469.44 $7,236.26 Total $118,626.28 $123,131.01 $113,222.22 So - I thought this would be a little more rewarding! less than 10k over a year . The parent plus loans were not in repayment until the past 4-5 months, so they were gaining interest/capitalizing interest/more interest... I tried to focus on paying down the private/highest interest loan, but obviously not enough to make up for all that accrued interest! Still - it is a decent dent since Nov. of 2018, and by Nov of 2020 I hope to exceed that dentage!! More details to follow, as I will not be using this template going forward.....
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,089
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Post by Rukh O'Rorke on Nov 6, 2019 9:20:10 GMT -5
Detailed info on Student Loans Only:Loan | Current Balance | Interest Rate | Minimum Payment | Projected Payoff | Months to Payoff | - | - | - | - | PhD - Private | $ 7,236.26 | 7.24% | $ 62.15 | N/A
| N/A
| - | - | - | - | Parent Plus | $ 20,814.75 | 6.96% | $ 251.31 | 6/5/29 | 115
| - | | | | Parent Plus | $ 4,722.63 | 6.75% | $ 56.52 | 6/5/29 | 115
| - | | | | Parent Plus | $ 6,382.64 | 6.75% | $ 76.38 | 6/5/29 | 115 | - | | | | Parent Plus
| $ 11,986.15
| 6.59%
| $ 142.45
| 6/5/29
| 115
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| Parent Plus
| $ 17,483.12
| 6.06%
| $ 203.09 | 6/5/29
| 115
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| PhD
| $ 22,000.29
| 5.96%
| $ 281.25
| 4/5/28
| 101
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| PhD
| $ 20,532.11
| 5.59%
| $ 258.74
| 4/5/28
| 101
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| Master's
| $ 1,773.71
| 3.75%
| $ 59.02
| 8/5/22
| 33
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| Master's
| $ 290.56
| 3.75%
| $ 9.61
| 8/5/22
| 33 |
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Total
| $113,222.22 | 6.28%*
| $1,400.52 |
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*Weighted average interest Ok - so I am on my ongoing journey of feeling really crushed here! Work has been hard, stressful, people getting fired, etc. producing a lot of general yukky feelings and then financial pressures with the firings. Pushing for Rukh inc. clients adds more general stress/no weekend downtime - but given the financial picture and a volatile employment situation, I need that extra security! On the plus side, I realized that since I turned 55, if let go I can access my current jobs 401k penalty free - so that has put an added emphasis on socking money away there as part of my immediate EF planning - so that helps! I have money to make it about 4-5 month there and will push myself harder in 2020 now that the money is also an immediate financial boost in the case of unemployment. So - the student loan morass continues! I am doing the avalanche method - and have the loans arranged by interest rate from highest to lowest and that is how I will race them. I don't see any huge advantage to snowballing in my situation. With a 1400/month minimum payment, clearing out the smallest balance loans with payments of about $69/month (59 and 9) isn't going to be a real boon to me, and it is going to be a very long time before paying down on this makes any noticeable dent in monthly obligations - no matter how I play it. It's been very sobering!! I've been putting a lot of effort in for about a year, sacrificing, pushing to pay as much extra as I can and while balances are down, there is not really a light at the end of the tunnel yet! Now or anytime soon! After a year, I am only down about 4 k on the highest interest loan I've been racing. And that includes a 3k payment I made from my vacation payout from old job!!! It's going to be a loooooooooooooooooooooooong haul. Ok - don't mean to be too negative. I am making progress! Even if I get fired, I have a decent plan and time to execute it, thanks to the 55 yo rule on the 401k.....sooooo here's where I'm at......power through!
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nidena
Senior Member
Joined: Dec 28, 2010 20:32:26 GMT -5
Posts: 3,586
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Post by nidena on Nov 6, 2019 9:48:27 GMT -5
That personal loan is looking tiny, Rukh O'Rorke! Same with the smaller Master's loan. Any extra smidges of $$ that you can squeeze out to get them gone this coming year? That would be two fewer payments going into 2021.
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,089
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Post by Rukh O'Rorke on Nov 6, 2019 10:05:46 GMT -5
That personal loan is looking tiny, Rukh O'Rorke ! Same with the smaller Master's loan. Any extra smidges of $$ that you can squeeze out to get them gone this coming year? That would be two fewer payments going into 2021. Thanks nidena! Personal loan will be paid off next month for sure! So far - I've avoided any cc balances that I anticipated might spring up as I got the personal and IRS paid off. Since the interest rate is so much lower on those master's loans, I am going to keep them as long as I have higher interest student loans, which means I likely will pay them off on schedule. I can't even really see any path forward that gives any real immediate change - so my focus right now is on the overall balance and watching that go down month by month. So far - I think my goal is going to be to pay at least 1k of principal/month. That's a few hundred above minimum payment - likely around 1650/month in payments. I think that is all I can muster until next year and getting to my first big side project payout. While also avoiding any other debt!!!
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Minnesotagirl7
Well-Known Member
Joined: Dec 27, 2010 11:43:59 GMT -5
Posts: 1,799
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Post by Minnesotagirl7 on Nov 6, 2019 13:17:25 GMT -5
Welcome back forwardwego!! So great to have you back racing with us! Another long-time racer here. I’ve been around for ~10.5 years, 5 races won. Starting race #6 in the spring.
There are so many other names I miss - HappyCat, angelbaby26, seahorse... It would be great to hear from more past racers to see how they're doing.
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