- EAT FASTER!!!!!!
- Sep 21, 2002
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Legendary.
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Current Figures -
- Approximately $390,000 of student loans, of which only $20,000 not eligible for forgiveness through qualifying payments.
- Approximately 6 months into a $280,000 mortgage, $28,000 of which exists as a “second mortgage” which will require a balloon payment at year 5 and draws monthly interest payments of at 4% but has no penalty for prepayment, and $252,000 of which exists at 3.2% on a 5/1 ARM. Our long-term goal is to have this paid in full or refinanced in less time than it will take for the ARM to vary.
- Approximately $66,000 remaining in car loan at 2%. (Yes, it was a big loan, no, I don’t usually regret it).
- Second car paid in full, but now 13 years old and increasingly fickle. Aim to not replace this until MBA paid in full.
- Matched 403 (b)’s from our employer matched with 10% to our 5%, as well as post-tax money making up the rest to our maximum eligible.
By end of Q1:
- Down to 2 credit cards, neither carrying any interest.
- Savings to 16k.
By end of Q2:
- Personal CC debt free.
- Savings to 32k.
By end of Q3:
- Savings to 6 months expenses, max that we can earn 2+% on in our credit union checking.
- Wife private student loan retired.
By end of Q4:
- MBA Tuition paid in full (this may adjust as my work has decided to pay for graduate degrees - plan will be similar to others who have reported keeping the tuition in savings in case a change of jobs becomes likely before my tuition is forgiven by work)
- Our 403 (b)s fully funded.
Yearly Goals:
- No new debt.
- Be promoted to clinical assistant professor (slight pay raise).
Things we will not try to do:
- Pay anything beyond the minimum on our awful student loans - we are both eligible for PSLF in less than 5 years, so will be aiming to stick to this payment schedule, which this year accelerates to 10 year basic repayment.
- Mess around with the car situation - I’m happy with the car that I bought for my wife, although it was expensive and has a high monthly payment, it is under warranty and it feels safe for her and my daughter to get around.
Stretch Goals
- “second mortgage” retired ($28,000 balance starting)
- 457 plan launched at work (I have requested this, CEO on board and benefits officer looking into cost/benefits to launch in 2017), fully funded by both wife and I
- Have my paid-off car last another year.
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Dec 16, 2016 21:18
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May 2, 2024 04:44
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- EAT FASTER!!!!!!
- Sep 21, 2002
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Legendary.
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First Month's Progress
- Second car paid in full, but now 13 years old and increasingly fickle. Aim to not replace this until MBA paid in full.
By end of Q1:
- Down to 2 credit cards, neither carrying any interest. Both remaining cards paid in full today!
- Savings to 16k.10k now, but my budgeted tuition is currently serving as the remainder of our emergency fund - work has agreed to pay for my degree, terms developing...
By end of Q2:
- Personal CC debt free.Ahead of the curve!
- Savings to 32k.
By end of Q3:
- Savings to 6 months expenses, max that we can earn 2+% on in our credit union checking.
- Wife private student loan retired.
By end of Q4:
- MBA Tuition paid in full (this may adjust as my work has decided to pay for graduate degrees - plan will be similar to others who have reported keeping the tuition in savings in case a change of jobs becomes likely before my tuition is forgiven by work) we'll see
- Our 403 (b)s fully funded.
Yearly Goals:
- No new debt. so far so good!
- Be promoted to clinical assistant professor (slight pay raise). July 1 if it happens
Things we will not try to do:
- Pay anything beyond the minimum on our awful student loans - we are both eligible for PSLF in less than 5 years, so will be aiming to stick to this payment schedule, which this year accelerates to 10 year basic repayment. Payments set to increase in December 2017
- Mess around with the car situation - I’m happy with the car that I bought for my wife, although it was expensive and has a high monthly payment, it is under warranty and it feels safe for her and my daughter to get around. God but I want a new car so bad.
Stretch Goals
- “second mortgage” retired ($28,000 balance starting)
- interest-carrying inelligible student loans retired (some Discovery loans totalling like $15k.)
- 457 plan launched at work (I have requested this, CEO on board and benefits officer looking into cost/benefits to launch in 2017), fully funded by both wife and I
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Feb 1, 2017 22:10
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- EAT FASTER!!!!!!
- Sep 21, 2002
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Legendary.
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Welp, finally got approved for a (secured) credit card, vantage score 3.0 instantly jumped by 100pts. It's sad when even the Discover It didn't want me, so I picked the one with the lowest annual fee ($29).
Low interest rate, but no intentions of carrying a balance. Strictly for day-to-day spending (ie, pop at work)
One step closer to having decent credit by the time I have enough saved for the downpayment on a house.
Also, I got the IBR consolidation for my loans done. Hooray for $0.00 payments!
IBR is sick, having great credit is sick, drinking too much pop will make you sick, owning a home is sick, good luck, have fun.
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Feb 10, 2017 14:08
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- EAT FASTER!!!!!!
- Sep 21, 2002
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Legendary.
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One of my bucket list items is to buy a new car and take delivery in Europe (BMW, MB, and Audi all do this program), so I budgeted a $500 a month car payment.
1) we used to play a lot of CoD together and it makes me happy to finally find out where you post but
2) Volvo does this also, and I really cannot say enough good things about the new line of Volvos starting with the S90/XC90 in 2016 and rolling out to include the V90 and so on going forward. I don't know what you're looking for, but if it's a luxury car and not a sports car, I think you could do a lot worse than Volvo. The interiors are as well appointed as I've ever experienced, the tech is A1, the autonomous driving scales from absolutely amazing (adaptive cruise etc.) to pretty cool future tech (highway "autopilot"). Plus instead of being in Germany you get to go to Sweden!
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Feb 24, 2017 16:38
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- EAT FASTER!!!!!!
- Sep 21, 2002
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Legendary.
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Current Figures -
- Approximately $390,000 of student loans, of which only $20,000 not eligible for forgiveness through qualifying payments. We are going to put some of our tax refund toward these loans illegible for forgiveness
- Approximately 6 months into a $280,000 mortgage, $28,000 of which exists as a “second mortgage” which will require a balloon payment at year 5 and draws monthly interest payments of at 4% but has no penalty for prepayment, and $252,000 of which exists at 3.2% on a 5/1 ARM. Our long-term goal is to have this paid in full or refinanced in less time than it will take for the ARM to vary. We've given considerable thought to how to approach this loan, and will be paying the balloon as soon as is feasible but will probably refinance the remainder onto a 15Y fixed.
- Auto loan dwindling down.
- Second car paid in full, but now 13 years old and increasingly fickle. Aim to not replace this until MBA paid in full. Winter update, I did some TLC on this car and it's behaving better. I don't know how long it will last but it's getting me to work every morning.
- Matched 403 (b)’s from our employer matched with 10% to our 5%, as well as post-tax money making up the rest to our maximum eligible. Unchanged.
By end of Q1:
- Down to 2 credit cards, neither carrying any interest. Now zero, although we opened two new cards (both autopay in full every month) to take advantage of cash back at Costco and Amazon.
- Savings to 16k. 24k into March.
By end of Q2:
- Personal CC debt free. Ahead of schedule!
- Savings to 32k. We will be close to 6 months expenses, but unfortunately are above the amount that can draw interest on our accounts. Going to have to put this somewhere else.
By end of Q3:
- Savings to 6 months expenses, max that we can earn 2+% on in our credit union checking. Need to find another place to put "emergency fund" savings that earns interest.
- Wife first private student loan retired. This one seems like it's going to be tough.
By end of Q4:
- MBA Tuition paid in full. Work's agreed to it but hasn't PAID it yet, I have the full tuition saved, but I don't have to pay anything until May, so there's some wiggle room moving forward.
- Our 403 (b)s fully funded. This one just "happens."
Stretch Goals
- “second mortgage” retired ($28,000 balance starting). This is our next goal after my wife's private student loan.
- 457 plan launched at work (I have requested this, CEO on board and benefits officer looking into cost/benefits to launch in 2017), fully funded by both wife and I. I've talked to the right people about this, but no progress yet.
- Have my paid-off car last another year. So far so good.
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Feb 27, 2017 19:29
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- EAT FASTER!!!!!!
- Sep 21, 2002
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Legendary.
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End of Quarter 1 Update!
New tales of BWM lay within!
By end of Q1:
- Down to 2 credit cards, neither carrying any interest. froze all our old cards, now cash-backing with 2 further cards
- Savings to 16k. ahead of schedule
By end of Q2:
- Personal CC debt free. on track
- Savings to 32k. on track
By end of Q3:
- Wife private student loan retired. half done already
By end of Q4:
- MBA Tuition paid in full developing... :drudge:
- Our 403 (b)s fully funded. still working on getting them to do this
Yearly Goals:
- No new debt. spectacular failure! new (to me) car purchased!
- Be promoted to clinical assistant professor (slight pay raise).
Things we will not try to do:
- Mess around with the car situation - I’m happy with the car that I bought for my wife, although it was expensive and has a high monthly payment, it is under warranty and it feels safe for her and my daughter to get around. no! how foolish I was! my car was breaking down on the way to work yesterday, seizing and shuddering at stoplights with the electrical flickering, so I felt compelled to buy a new car.
Stretch Goals
- “second mortgage” retired ($28,000 balance starting) if we manage this, it will happen mostly in November and December
- Have my paid-off car last another year. voted off the island!
How foolish, December EF was, to think his car would last another year.
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Mar 28, 2017 14:12
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- EAT FASTER!!!!!!
- Sep 21, 2002
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Legendary.
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Current Figures -
- Approximately $390,000 of student loans, of which only $20,000 $12,000 not eligible for forgiveness through qualifying payments.
By end of Q2:
- Personal CC debt free. Done!
- Savings to 32k. Should just about hit this on the nose.
By end of Q3:
- Savings to 6 months expenses, max that we can earn 2+% on in our credit union checking. Have been cheating this up, owing to a tuition reimbursement and a raise.
- Wife private student loan retired. oo-eee this one is gonna be tight.
By end of Q4:
- MBA Tuition paid in full I will have the money for it but will not be "paying" until Q1 2018 to receive more tuition reimbursement
- Our 403 (b)s fully funded.
Yearly Goals:
- No new debt. FAIL, got a second car loan, but with relatively favorable terms
- Be promoted to clinical assistant professor (slight pay raise). received an additional administrative promotion to a clinic directorship, should come with a significant pay raise
Things we will not try to do:
- Pay anything beyond the minimum on our awful student loans - we are both eligible for PSLF in less than 5 years, so will be aiming to stick to this payment schedule, which this year accelerates to 10 year basic repayment.
Stretch Goals
- “second mortgage” retired ($28,000 balance starting) This will likely not happen until January 1, 2018
- 457 plan launched at work (I have requested this, CEO on board and benefits officer looking into cost/benefits to launch in 2017), fully funded by both wife and I If this goes live, will likely just dump my whole raise into it
- Have my paid-off car last another year. MAJOR FAIL but that's okay, I like my new car
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May 1, 2017 16:15
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- EAT FASTER!!!!!!
- Sep 21, 2002
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Legendary.
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By end of Q2: Wow we're nearly there already huh?
- Personal CC debt free. Success, earlier this month put the final nail in the last coffin of CC debt
- Emergency savings to 32k. We're already here and will probably aim to grow the EF to 50k before moving additional savings into taxable investments
By end of Q3:
- Savings to 6 months expenses, max that we can earn 2+% on in our credit union checking.
- Wife private student loan retired. Don't know that we're going to make this by the end of Q3
By end of Q4:
- MBA Tuition paid in full (this may adjust as my work has decided to pay for graduate degrees - plan will be similar to others who have reported keeping the tuition in savings in case a change of jobs becomes likely before my tuition is forgiven by work) Don't know that we'll make this until the end of Q1 2018
- Our 403 (b)s fully funded. On track!
Yearly Goals:
- No new debt. Failed, bought a new car two months ago but the old one died so... not too bad
- Be promoted to clinical assistant professor (slight pay raise). Success! Passed my boards, earned this promotion and another (and raise) to accompany it
Things we will not try to do:
- Pay anything beyond the minimum on our awful student loans - we are both eligible for PSLF in less than 5 years, so will be aiming to stick to this payment schedule, which this year accelerates to 10 year basic repayment. Success, we'll see whether this program still exists.
- Mess around with the car situation - I’m happy with the car that I bought for my wife, although it was expensive and has a high monthly payment, it is under warranty and it feels safe for her and my daughter to get around. Failure, but no sweat broh.
Stretch Goals
- “second mortgage” retired ($28,000 balance starting) I actually have this scheduled to be completed by Q1 2018, but we might be able to move things forward, it remains near the top of our list of goals
- 457 plan launched at work (I have requested this, CEO on board and benefits officer looking into cost/benefits to launch in 2017), fully funded by both wife and I The pay raise would cover this completely, but have had no additional movement from benefits as far as creating this
- Have my paid-off car last another year. Failed, oh well, time to start paying off another car I suppose
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Jun 2, 2017 13:29
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- EAT FASTER!!!!!!
- Sep 21, 2002
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Legendary.
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END OF Q2 UPDATE!
- Personal CC debt free. Have remained CC debt free since April!
- Emergency savings to 32k. Great success! Will try to push this to either 40 or 50 thousand based on a rough estimate of 6 months expenses.
By end of Q3:
- Savings to 6 months expenses, max that we can earn 2+% on in our credit union checking. Should hit this by end of August
- Wife private student loan retired. Very unlikely! Now on track for completion Q2 2018.
By end of Q4:
- MBA Tuition paid in full (this may adjust as my work has decided to pay for graduate degrees - plan will be similar to others who have reported keeping the tuition in savings in case a change of jobs becomes likely before my tuition is forgiven by work) Unlikely! Now on track for end of Q1 2018.
- Our 403 (b)s fully funded. On track!
Yearly Goals:
- No new household debt. Failed, bought a new car two months ago but the old one died so... not too bad.
- Be promoted to clinical assistant professor (slight pay raise). Success! New salary structure begins with August's paycheck.
Things we will not try to do:
- Pay anything beyond the minimum on our awful student loans - we are both eligible for PSLF in less than 5 years, so will be aiming to stick to this payment schedule, which this year accelerates to 10 year basic repayment. Success, we'll see whether this program still exists.
Stretch Goals
- “second mortgage” retired ($28,000 balance starting) I actually have this scheduled to be completed by Q1 2018, but if we get back on track with the student loan, we be able to move things forward. It remains near the top of our list of goals.
- 457 plan launched at work (I have requested this, CEO on board and benefits officer looking into cost/benefits), fully funded by both wife and I The pay raise would cover this completely, but have had no additional movement from benefits as far as creating this.
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Jun 30, 2017 20:08
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- EAT FASTER!!!!!!
- Sep 21, 2002
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Legendary.
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END OF JULY (DELAYED) UPDATE!
By end of Q3:
- Savings to 50k. Unexpected floor bill delayed us one month. Should hit this by end of September.
- Wife private student loan retired. Raise put this back on the table, will probably hit October 1.
By end of Q4:
- MBA Tuition paid in full Now on track for end of Q1 2018.
- Our 403 (b)s fully funded. On track!
Yearly Goals:
- No new household debt. Failed, bought a new car two months ago but the old one died so... not too bad. No further debt.
- Be promoted to clinical assistant professor (slight pay raise). Success! New salary structure began with August's paycheck. Raise was more extreme than anticipated as I also obtained a medical directorship.
Things we will not try to do:
- Pay anything beyond the minimum on our awful student loans - we are both eligible for PSLF in less than 5 years, so will be aiming to stick to this payment schedule, which this year accelerates to 10 year basic repayment. Success, we'll see whether this program still exists.
Stretch Goals
- “second mortgage” retired ($28,000 balance starting) I actually have this scheduled to be completed by Q1 2018, but if we get back on track with the student loan, we be able to move things forward. It remains near the top of our list of goals. Unlikely to be accomplished before Q1 2018.
- 457 plan launched at work (I have requested this, CEO on board and benefits officer looking into cost/benefits), fully funded by both wife and I The pay raise would cover this completely, but have had no additional movement from benefits as far as creating this.
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Aug 8, 2017 20:40
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- EAT FASTER!!!!!!
- Sep 21, 2002
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Legendary.
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Thread is dead but gently caress it I'm still going monthly!
My wife had a windfall month related to taking some extra shifts so things have marched forward very slightly for the better -
END OF JULY (DELAYED) UPDATE!
By end of Q3:
- Savings to 50k. Officially done with this one, emergency fund now in place for emergencies.
- Wife private student loans totally retired. Might actually be able to get that done this month.
By end of Q4:
- MBA Tuition paid in full Now on track for end of Q1 2018.
- Our 403 (b)s fully funded. On track!
Yearly Goals:
- No new household debt. Failed, bought a new car two months ago but the old one died so... not too bad. No further debt.
- Be promoted to clinical assistant professor (slight pay raise). Success! New salary structure began with August's paycheck. Wife also received raise, promotion. My raise was more extreme than anticipated as I also obtained a medical directorship.
Things we will not try to do:
- Pay anything beyond the minimum on our awful student loans - we are both eligible for PSLF in less than 5 years, so will be aiming to stick to this payment schedule, which this year accelerates to 10 year basic repayment. Success, we'll see whether this program still exists, my suspicions grow.
Stretch Goals
- “second mortgage” retired ($28,000 balance starting) I actually have this scheduled to be completed in Q1 2018, but if we get back on track with the student loan, we be able to move things forward. It remains near the top of our list of goals. Unlikely to be accomplished before Q1 2018.
- 457 plan launched at work (I have requested this, CEO on board and benefits officer looking into cost/benefits), fully funded by both wife and I The pay raise would cover this completely, but have had no additional movement from benefits as far as creating this, and it sounds like unfortunately our state government is entering somewhat dire financial straits.
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Sep 3, 2017 16:14
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- EAT FASTER!!!!!!
- Sep 21, 2002
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Legendary.
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Lots of movement to the good:
By end of Q4:
- MBA Tuition paid in full. One semester short, it'll be paid next semester when the degree is awarded. I will be able to do this on February 1!
- Our 403 (b)s fully funded. On track! This one will be a success! 52k each in mixture of pre and post-tax income.
- Pay off our "second mortgage" - this will put us well above 10% equity in our home, which is very exciting! I will be able to do this on January 1!
Yearly Goals:
- No new household debt. Failed, bought a new car two months ago but the old one died so... not too bad. No further debt. In fact, our credit has been frozen since August!
- Be promoted. Success! It was accompanied with a juicy, 15% raise.
Things we will try to do:
- Watch for PSLF to see whether this program evaporates. So far, no news is good news.
Stretch Goals
- “second mortgage” retired ($28,000 balance starting) I actually had this to happen in Q1 but I think it's a more worthwhile target to do now than would be finishing my tuition payment! So it's on the list to finish for Q4!
- 457 plan launched at work. Finally reached out in desperation to the President of our University. He emailed back immediately and said he would work on it, and "didn't know why we didn't have it already." Seems promising.
Is it about time to start thinking about next year's goals? The 2017 thread has been great, and it's hella fun to watch the numbers go up!
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Nov 8, 2017 17:55
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- EAT FASTER!!!!!!
- Sep 21, 2002
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Legendary.
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I'm probably gonna post every month with my new totals:
- HOUSE $78,185
- Card 1 $4,946
- Card 2 $4,933
- Card 3 $4,272
- Card 4 $5,484
- Card 5 $3,878
- Card 6 $1183
- School $802
- Card 7 $2780
- Card 8 $750
- Card 9 $750
- Card 10 $885
- Card 11 $1,090
Went too hard with Christmas shopping. Also getting a new bed, though I'll have $700 coming in from my SO when she pays her half of it soon. Still on track to pay off school loan by end of January and cards 8 and 9 by end of March.
You're another $2,000 in debt. What?
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Nov 26, 2017 19:27
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- EAT FASTER!!!!!!
- Sep 21, 2002
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Legendary.
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End of November updates!
By end of Q4:
- MBA Tuition paid in full. One semester short, it'll be paid next semester when the degree is awarded. I will be unable to do until February 1!
- Our 403 (b)s fully funded. All tax advantaged space in FY 2017 utilized for my spouse and myself
- Pay off our "second mortgage" - this will put us well above 10% equity in our home, which is very exciting! MOTHERFUCKIN DONE. Like 15% equity now.
Yearly Goals:
- No new household debt. Failed, bought a new car two months ago but the old one died so... not too bad. No further debt.
- Be promoted. Success! It was accompanied with a juicy, 15% raise.
Things we will try to do:
- Watch for PSLF to see whether this program evaporates. So far, no news is good news.
Stretch Goals
- “second mortgage” retired ($28,000 balance starting) I actually had this to happen in Q1 but I think it's a more worthwhile target to do now than would be finishing my tuition payment! Done!
- 457 plan launched at work. Finally reached out in desperation to the President of our University. He emailed back immediately and said he would work on it, and "didn't know why we didn't have it already." He said it will take probably 2 years to get up and running, which is fine, our tuition minimum payments are going up anyway.
About to head into three years of lean times owing to much higher minimum payments on our student loans until they're eligible for forgiveness!
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Dec 2, 2017 17:01
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- EAT FASTER!!!!!!
- Sep 21, 2002
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Legendary.
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Current Figures -
- Several hundred thousand dollars of student loans, of which only $20,000 not eligible for forgiveness through qualifying payments. Non-forgiveable loans all retired. Wife qualified for PSLF, I'm in the process of qualifying for PSLF.
- Approximately 18 months into a $280,000 mortgage, with like $246,000 remaining. So far just paying this on time.
- Approximately $55,000 remaining in car loan at 2%. Just paying this on time.
- Second car paid in full, but now 13 years old and increasingly fickle. Aim to not replace this until MBA paid in full. Failed, car gave out in February, bought a CPO VW Golf R at 1% interest and promptly earned a several thousand dollar speeding ticket.
- Matched 403 (b)’s from our employer matched with 10% to our 5%, as well as post-tax money making up the rest to our maximum eligible. 403 (b)'s are maxed on autopilot.
By end of Q1:
- Down to 2 credit cards, neither carrying any interest. Done and done, can't believe we actually had credit card debt costing us INTEREST 9 months ago.
- Savings to 16k. Hit it.
By end of Q2:
- Personal CC debt free. Can't believe we had credit card debt 6 months ago!
- Savings to 32k. Hit it.
By end of Q3:
- Savings to 6 months expenses, max that we can earn 2+% on in our credit union checking. Hit it.
- Wife private student loan retired. Hit it.
By end of Q4:
- MBA Tuition paid in full (this may adjust as my work has decided to pay for graduate degrees - plan will be similar to others who have reported keeping the tuition in savings in case a change of jobs becomes likely before my tuition is forgiven by work). Missed it, we retired our second mortgage instead.
- Our 403 (b)s fully funded. Hit it.
Yearly Goals:
- No new debt. Failed, bought a "new" car.
- Be promoted to clinical assistant professor (slight pay raise). Hit it, and got another position as well.
- Stick to a yearly budget. Financier has been a godsend.
Stretch Goals
- “second mortgage” retired ($28,000 balance starting). Did this instead of the MBA tuition, because my department decided to help me fund my degree.
- 457 plan launched at work (I have requested this, CEO on board and benefits officer looking into cost/benefits to launch in 2017), fully funded by both wife and I. They still haven't added this, it might be a few years, will have to suffice using just our 403 (b), post-tax accounts and our 529 space for the time being.
- Have my paid-off car last another year. Bzzt.
This marks my 2017 made or broken year-in-review post. Overall I'm quite pleased, actually, and there were a few fun windfalls along the way (including a little bitcoin bonus).
The car was the only real setback but it was just an acceleration of the timeline I already had the sense was coming.
As far as getting your personal finances in shape in a hurry, I highly recommend making a ton of loving money.
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Dec 29, 2017 17:31
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May 2, 2024 04:44
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Dec 16, 2016 21:18
