Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,030
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Post by Rukh O'Rorke on Mar 6, 2020 12:53:05 GMT -5
that was a pretty nice bonus! did you do a little splurging on yourself too? You bet I did! I bought a new motorcycle helmet ($250), some new visors to match ($150), and a new area rug ($240) for my living room. I also made a donation to a GoFundMe for a friend whose apartment burned down (they lost EVERYTHING, including their two cats), and surprised a friend with a birthday cake a non-birthday event, and donated some money to a charitable organization. I'm also trying to get my sister to agree to let me help her with a $2,000 vet bill (I want to give her half) because her dog went after another dog (before anyone says anything, my sister's dog was on a leash, the other dog was not, and the bill was so high because the other dog has a bad bite history and the vet needed to sedate him to examine him). I was responsible with most of it. I paid off the two student loans (appx $7400) and most of the rest went into various savings accounts. Though I do still have a few thousand kicking around in my checking account that I need to figure out what to do with, but 2/3 of that is from tax refunds (still waiting on two more refunds. I had three states this year). I may fund one extra savings account and budget out the rest for my therapist for the remainder of the year. Super excited to go to Mexico next week for a friend's wedding and I feel so...free..knowing the trip is already fully paid for and I only need to take out about $300 to exchange for local currency. Which also means my vacation fund is grossly overfunded. LOL glad you splurged! didn't want to like the post overall due to
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,030
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Post by Rukh O'Rorke on Mar 6, 2020 12:56:50 GMT -5
UPDATE ByeDebtBye: 03/01/20 $27,174.38 (09/28/18, $33,407.11, WIRR180)
Uhggg... huge backslide because of a major car repair (carburetor replacement). I was able to cover $500 of the repair from my EF, but the remaining $1200 had to go on one of my CC's that I had a zero balance on. Super bummed, but I'm working hard to pay that off again. ooo - sorry about that!! Glad you at least had some of the money available.
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,030
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Post by Rukh O'Rorke on Mar 6, 2020 13:37:45 GMT -5
UPDATE! Rukh O'Rorke 3/06/2020 $108,662.24 (6/29/2019 $126,041.86)
Debt | December 20 | January 7 | February 6 | March 6 | Difference | Fed Student Loans | $105,438.65 | $104,422.08 | $103,616.48
| $102,789.29
| $827.19
| Private Student Loans | $6,204.46 | $6,131.58 | $6,071.97
| $5,872.95
| $199.02 | Total | $111,643.11 | $110,553.66 | $109,688.45
| $108,662.24
| $1,026.21
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I was able to put 100 extra toward the private student loan this time to get it under 6k....but then I saw I was less than $25 away from knocking 1k off principal overall, so I went back and added $50 more My two 2020 goals were to eliminate the private loan, and get under 6 figures. I'm not entirely sure how to approach that with the new job situation uncertainty. for those not on the wider YM boards, the functions of my work group are going to be outsourced.....timeline is over a year...maybe a job with new vendor but nothing on paper as yet. I did find out the contract is not yet signed, so there's that. I figure I have at least 3 months (totally not trusting their estimates!) Not sure if I should jump ship asap or bide my time with a pickier job search? Jobs in my area are few and far between..... With my debt repayment - knocking out that private loan only buys me a 51/month minimum payment in case of trouble. But - I suppose I should keep on that one because I know all the federal can be put onto forbearance in emergency. I don't know how private ones work but I think not as friendly to hardship? Although the thought of over 100k sitting around gathering compound interest..... Scary stuff!! Wellsy - I guess I will go forward with my original goals while trying to line something else up. And try to beef up the EF.
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nidena
Senior Member
Joined: Dec 28, 2010 20:32:26 GMT -5
Posts: 3,581
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Post by nidena on Mar 6, 2020 13:57:04 GMT -5
Now is as good a day to update as any. The student loans/vehicle/mortgage debt has gone down--can't really add to those--but the CC debt has gone up.
Had another offer on the house a few days ago. It didn't pan out. They offered $20,000 under my asking price AND wanted me to pay $8,100 in closing costs AND pay for appraisal repairs. Dude, if I had that kind of money, I would have done more stuff on the house so that I could list it for more than $150,000.
Anyhow, update...
nidena: 3/6/2020 $168,752.08 (8/22/2007 $223,361.20 N453,503,NE648,NPT25)
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
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Post by Rukh O'Rorke on Mar 6, 2020 16:34:02 GMT -5
Now is as good a day to update as any. The student loans/vehicle/mortgage debt has gone down--can't really add to those--but the CC debt has gone up. Had another offer on the house a few days ago. It didn't pan out. They offered $20,000 under my asking price AND wanted me to pay $8,100 in closing costs AND pay for appraisal repairs. Dude, if I had that kind of money, I would have done more stuff on the house so that I could list it for more than $150,000. Anyhow, update... nidena: 3/6/2020 $168,752.08 (8/22/2007 $223,361.20 N453,503,NE648,NPT25)ooo - yeah dude! pound sand!
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nidena
Senior Member
Joined: Dec 28, 2010 20:32:26 GMT -5
Posts: 3,581
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Post by nidena on Mar 8, 2020 9:11:59 GMT -5
New offer last night and it's for the asking price with no other contingencies. I accepted and now we just wait for the appraisal. If that comes in lower than the asking price, I'm sure the buyer will have me lower my price--which I will--and then that's kind of it. Expected closing date March 31st.
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ners
Junior Associate
Joined: Dec 23, 2010 16:21:18 GMT -5
Posts: 6,487
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Post by ners on Mar 8, 2020 9:25:01 GMT -5
Update Race 2
8388.05 (4/21/2018 $12,161.07 R172)
172.26 paid this month.
A wee bit behind my goal.
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ners
Junior Associate
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Post by ners on Mar 8, 2020 9:25:25 GMT -5
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debthaven
Senior Associate
Joined: Apr 7, 2015 15:26:39 GMT -5
Posts: 10,325
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Post by debthaven on Mar 9, 2020 18:12:56 GMT -5
Me too Nidena!
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nikiz628
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Posts: 1,442
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Post by nikiz628 on Mar 10, 2020 8:26:29 GMT -5
Crossing everything for you nidena!
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nikiz628
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Post by nikiz628 on Mar 10, 2020 8:39:52 GMT -5
RACE #4 | INTEREST RATE | STARTING BALANCE | LAST UPDATE | THIS UPDATE | DIFFERENCE | Truck Loan | 4.8% | $24,945.53
| $23,233.67
| $22,937.22 | -296.45 |
NikiZ628(4) 3/10/2020 $22,937.22 (6/26/19 $25,195 WIRR197) Total Paid in 2020: $889.11 Total Amount Paid Off: $2,257.78
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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 Mar 10, 2020 9:04:12 GMT -5
Twelve years and 10 months ago I started my race with the WIRR group back when it was over on MSN Money and M. Dunleavy was the moderator. DH and I were in our first year of marriage, we had a new house with a $166K mortgage, a HELOC, student loan debt, and CC debt from 2 credit cards and tuition bills for DH graduate school. I was making $51,000 a year and DH had a small stipend of $8K a year. Needless to say, money was tight. I remember I would give DH and myself $25 each for our "fun money". We took one date night a month. To manage our money, when we got our paycheck, I would go to the grocery store, buy gift cards for the amount we could spend on groceries each month as a way to track that spending.
I joined this group to get support (at the time DH did not quite understand my motives to be debt free -- I'm grateful that he trusted me to lead the effort and eventually came around to my way of thinking). In that 2 year time frame, we paid off $16K in CC debt, the $8K HELOC, and paid for his graduate school. Then we moved, right at the time of the world global financial crisis. We could not sell our house and so we kept it and rented it. After a year, we sold it and the remaining debt on that mortgage was off of my race.
Ten years ago (to this very day), my DH and I purchased the home we live in now. We had saved enough to put 20% down. When we sold our other house a year later, we had $65K to work with (from that down payment and the principle we had paid down on the other house), I made the decision to refinance our house and put down most of that money. Our interest rate was also lowered to 4% from 5.5%. That decision really sped up our pay off rate. Other factors that contributed was I took on extra work and put that extra money toward the loan payment, I inherited some money from my family over the years and used that to help pay off the loan. I will admit, I have been very fortunate.
As many of you know, since 2011, my remaining debt has been my home mortgage. Today, I can officially say that We are DEBT FREE!!!!! I can also say that I am "paying NO interest" to anyone.
Here are the final numbers:
UPDATE: March 10, 2020 $0.00 (New debt total: 08/2018 $388,835; starting debt 05/2007: 369,884)
% paid on total debt: 100 % % paid on mortgage debt: 100%
Thanks to all of you for your support over the years on my journey to being debt free. Thank you for encouraging me in the early years when money was really tight and pulling me through when I discouraged because I could not go out and buy anything I wanted.
Thank you for listening and offering support related to the challenges I have had with my present job over the years. Thank you for your advice and guidance as I was struggling with the insane work load I had taken on by taking on extra work to make extra money so this day could happen. It feels good that it is done. I am whittling down the extra work that I took on for my job and next academic year I will work according to the terms of my contract. I'm excited to have a work life balance again.
Thank you all so much! -- Pay-No-Interest
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nidena
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Post by nidena on Mar 10, 2020 9:25:27 GMT -5
Yay! Congrats!
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nikiz628
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Post by nikiz628 on Mar 10, 2020 10:29:12 GMT -5
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debthaven
Senior Associate
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Post by debthaven on Mar 10, 2020 13:24:27 GMT -5
Hurray PayNoInterest! You are an inspiration, and I am just thrilled for you! I'm glad you can go back to a better work-life balance now. You've earned it!
for the teacher LOL!
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,030
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Post by Rukh O'Rorke on Mar 10, 2020 16:25:05 GMT -5
Thank you paynointerest for your wonderful recap of the journey! Very inspiring and I hope to continue following in your wise and hard-working footsteps!!
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Maryland Monroe
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Joined: Dec 23, 2010 16:52:51 GMT -5
Posts: 459
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Post by Maryland Monroe on Mar 10, 2020 17:38:17 GMT -5
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ners
Junior Associate
Joined: Dec 23, 2010 16:21:18 GMT -5
Posts: 6,487
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Post by ners on Mar 10, 2020 19:50:33 GMT -5
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TheHaitian
Senior Associate
Joined: Jul 27, 2014 19:39:10 GMT -5
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Post by TheHaitian on Mar 10, 2020 22:59:33 GMT -5
Sorry I have been absent, a lot going on...
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Minnesotagirl7
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Joined: Dec 27, 2010 11:43:59 GMT -5
Posts: 1,793
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Post by Minnesotagirl7 on Mar 11, 2020 10:26:08 GMT -5
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nidena
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Post by nidena on Mar 12, 2020 22:15:29 GMT -5
Worked my first shift for the first time since the beginning of October. The first two hours were a struggle because it was all kinds training on stuff that I already knew but the latter six hours flew.
I'm scheduled for another 8 hours tomorrow and again on Saturday. It's good to be busy again.
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Minnesotagirl7
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Joined: Dec 27, 2010 11:43:59 GMT -5
Posts: 1,793
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Post by Minnesotagirl7 on Mar 13, 2020 9:30:47 GMT -5
Shoutouts! nooccar- Your update is in, nice work! sealy- Nice update, congrats on the new $0! Did you talk to your bank about PMI? forwardwego- Awesome progress! minnesotapaintlady- Excellent use of the tax refund! nikiz628- Good looking numbers! steph08- Looks like you’ve got the debt/savings balance under control. Looking good! swordguy- Sounds like its all coming together! bankergurl- Good updates, sorry for the losses byedebtbye- Oh no, what a bummer! Thank goodness for the EF. Don’t forget to build it back up. Maryland Monroe- Woo hoo, fantastic update chicg- Heading in the right direction, good for you. Hope you’re feeling recharged and ready to blast away some more debt. Rukh O'Rorke- Nice update, and hope things settle down for you soon nidena- Hoping for a nice smooth sale! ners- Good update! paynointerest- Congratulations on your hard-earned win!! Thanks for sharing your story, and we hope you’ll stick around!
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Minnesotagirl7
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Joined: Dec 27, 2010 11:43:59 GMT -5
Posts: 1,793
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Post by Minnesotagirl7 on Mar 13, 2020 9:31:19 GMT -5
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nikiz628
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Post by nikiz628 on Mar 13, 2020 10:32:37 GMT -5
Sorry I have been absent, a lot going on... Hope everything is okay.
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swordguy
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Joined: Dec 26, 2010 18:07:07 GMT -5
Posts: 446
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Post by swordguy on Mar 17, 2020 22:41:35 GMT -5
Hope you and your families are all doing well -- and stay that way.
We've settled in and gotten a number of tasks done and items repaired. Still not completely unpacked but we're getting closer.
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idlechatter
Initiate Member
Joined: Sept 7, 2013 15:12:54 GMT -5
Posts: 70
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Post by idlechatter on Mar 17, 2020 22:41:49 GMT -5
Congratulations paynointerest!! What an accomplisment!! How does it feel?? Buckle up, folks. If you thought things were wild right now, it's about to get a whole lot crazier in the coming months. Prepare using lessons learned from the 2008 recession and the 2001 bubble, because the same type of thing is headed our way and could be worse. I'm not trying to be doom and gloom about it but I work for one of the big banks that you all mention here a fair amount and the general outlook is not good. I suspect you will start seeing some discussion of freezing principal payments on mortgages, high unemployment, and such. It's gonna be a bumpy ride. I ended up cancelling my trip to Mexico for my friend's wedding the day before I was supposed to leave (last Monday). I came down with strep and in light of the virus stuff, it just wasn't a good idea. Two of the girls ended up getting VERY sick down there (including the bride) and one is still stuck in Mexico trying to get back home to Scotland (the US won't let her touch down here to get back home). On the upside, I was able to get a full flight credit and return my dress. I still paid for my half of the hotel with my roomies but I ended up only being out $350 (the $350 included my half of the hotel, makeup appointment that I donated to one of the girls, a hotel for an overnight layover, and parking) instead of about $1,500. So that was good anyway. I'll use the flight credit to either visit the bride and groom once things die down or to go on my August vacation. Debt paydown continues and the suspension of interest payments on student loans should help out a little bit as all will be applied to principal, adding about $150 to principal payments a month for however long it lasts. Super pumped and am thinking about throwing extra money at my student loans while this is in effect but it really depends on how the next month or two unfolds. I may want to keep that cash on hand just in case. March Summary• March debt paydown of $949.20! • Total debt ~$27K! • 10 months credit card debt free! (I think this is my longest streak since I joined the boards in...2007?) 2020 Goals• Under $26K by December 2020 update. • Reach 75% paid off by December 2020. • Reach 60% paid off since WIRR start by December 2020. (met February 2020!) • Pay off another student loan by December 2020. (met February 2020 x2!) • Reduce SL#B and SL#D to <$2,750 by Dec 31 20. (met and PAID OFF February 2020!) • Reduce Auto loan to <$4.5K by Dec 31 20. idlechatter (2) 3/15/2020 $27,065.53 (12/13/2017 $71,083.09 C165)
Debt | Interest Rate | Starting Debt | WIRR Start 12/13/2017 | 3/15/2019 | Difference from WIRR Start | Total Difference | CC#1a | - | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | CC#1b | 0.00% | $4,846.31 | $4,846.31 | $0.00 | -$4,846.31 | -$4,846.31 | CC#2 | 18.92% | $1,592.09 | $1,592.09 | $0.00 | -$1,592.09 | -$1,592.09 | SL#A | 6.80% | $3,024.00 | $640.37 | $0.00 | -$640.37 | -$3,024.00 | SL#B | 6.80% | $8,400.00 | $5,465.90 | $0.00 | -$5,465.90 | -$8,400.00 | SL#C | 6.80% | $31,822.91 | $21,424.73 | $14,380.68 | -$7,044.05 | -$17,442.23 | SL#D | 6.80% | $8,400.00 | $5,596.11 | $0.00 | -$5,596.11 | -$8,400.00 | SL#E | 6.80% | $11,370.48 | $8,723.05 | $5,704.69 | -$3,018.36 | -$5,665.79 | SL#6 | 6.55% | $6,581.00 | $2,926.35 | $0.00 | -$2,926.35 | -$6,581.00 | Auto | 1.90% | $19,036.80 | $15,864.00 | $6,980.16 | -$8,883.84 | -$12,056.64 | Moto | 7.99% | $4,384.14 | $4,004.18 | $0.00 | -$4,004.18 | -$4,384.14 | Total | | $99,457.73 | $71,083.09 | $27,065.53 | -$44,017.56 | -$72,392.20 |
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ners
Junior Associate
Joined: Dec 23, 2010 16:21:18 GMT -5
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Post by ners on Mar 18, 2020 7:18:06 GMT -5
Update Race 1
70,048.59 (1/3/2011 $97,382.42 MPT5)
Paid 318.80 This month.
Behind pace for the year. Thinking there will be no extra payments for the next few months. With all the uncertainty with work and the world I am going into hoarding cash mode.
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Minnesotagirl7
Well-Known Member
Joined: Dec 27, 2010 11:43:59 GMT -5
Posts: 1,793
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Post by Minnesotagirl7 on Mar 18, 2020 8:17:42 GMT -5
NEW RACE
Minnesotagirl7 [6]: (3/18/2020 $403,476.12 C220)
Here we go with race #6! This is the mortgage for the house we bought last year. Its a 15 year loan, our goal is to pay it off in ~10. We've made some good progress already. I'll post my first update next week after the payment posts, and it should be a good one!
All of my races have started on March 18th. It was the day I started my very first race back in 2009, and its such a special day for us. Things changed so drastically for us with that first race, and I'm so proud of where we are now. I know we wouldn't be in this position without this group, so thank you WIRR!
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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 Mar 18, 2020 8:41:25 GMT -5
Pay No Interest - I am so happy for you! You are so dedicated and really had your nose to the grind stone to finish off that mortgage! Congrats to you hubby on this amazing accomplishment!!!
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bankergurl
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Joined: Dec 30, 2010 17:05:10 GMT -5
Posts: 1,435
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Post by bankergurl on Mar 18, 2020 9:07:48 GMT -5
Update to Race #1, #2, and #4!! $1504.73 paid off in the last 2 weeks!!
Whoo hoo!! A great update!
Our renter was behind again in March again, but is caught up now.
So far not too many changes for us with this Corona business. Luckily hubby and I both work in industries that won't be going anywhere anytime soon. I work in Health Insurance and hubby is a grocery store manager. So no foreseeable changes to work, but of course my 401K has tanked. I am in my 30's, far from retirement, so isn't directly effecting me at the moment. Just staying home and hunkering down for now. My Mom and myself are both in the high risk category, so doing what we can with the social distancing to get through this mess.
We do have my 9 y/o nephew staying with us for the week as school is closed and his Mom and Dad need to work. I work from home so he can easily stay with me. He is a big help, loves to learn new things, help with sales and actually starts cleaning randomly with no prompting at all?! Yesterday he grab the Swiffer and just went to town...lol. Maybe I should keep him longer??
Savings is at $11,000 Celebrations for this update:
-$1504.73 paid off in the last 2 weeks!!! -Only two more payments left on the Store Loan!! -My Mortgage went under the next $1000 mark and under $140,000!! -Race #2 went under the $1000 mark!! -Total Debt went under the next $1000 mark!!
Race #1 - Banker Gurl Mortgage (Rental #2)
3/13/20 $139,800.00 (9/17/07 $250,514.73) Paidoff - $110,714.73
Debt | Interest | Start 9/17/07 | Last 2/14/20 | Current 3/13/20 | My Mortgage (Rental #2) | 3.62% | $250,514.73 | $140,200.00 | $139,800.00 |
Race #2 - Bad Debt Race
3/13/20 $28,359.55 (6/19/15 $63,603.84) Paidoff - $35,244.29
Debt | Interest | Start 6/19/15 | Last 02/28/20 | Current 3/13/20 | 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
| $375.57
| $254.66
| Mom Loan #2 (HELOC) | 2.00% | $0 | $2,911.36 | $2,359.55 | 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 | $29,286.93 | $28,614.21
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*Mom Loan Savings Account has $3,485.00 in it so total still owed is $24,874.55.
Race #3 - MO's Mortgage (Rental #1)/HELOC
2/28/20 $77,156.28 (6/19/15 $119,756.61) Paidoff - $42,600.33
Debt | Interest | Start 6/19/15 | Last 1/31/20 | Current 02/28/20 | HELOC | 3.5% | $30,324.70 | $0 | $0 | MO Mortgage (Rental #1) | 4.5% | $89,431.91 | $77,356.28 | $77,156.28 | Totals |
| $119,756.61 | $77,356.28 | $77,156.28 |
Race #4 - Our Mortgage
3/13/20 $235,528.72 (9/2/15 $270,000.00) Paidoff - $34,471.28
Debt | Interest | Start 9/2/15 | Last 2/14/20 | Current 03/13/20 | Our Mortgage | 4.125% | $270,000.00 | $235,960.73 | $235,528.72
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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
| 1/4/19
| $508.767.86
| 6/21/19
| $497,886.96
| 12/20/19
| $486,311.31
| 1/3/20 | $485,706.29 | 1/17/20
| $484,756.69
| 1/31/20
| $484,426.93
| 2/14/20
| $482,924.76
| 2/28/20
| $482,603.94
| 3/13/20
| $481,099.21
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*Record for going under the next $1000 mark is 9 updates in a row.
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