IN
MY OPINION
A Daily Assortment of Reader Opinions
I'm
Debt Free!
By DollarIQ
January 7, 2002
[Editor's Note: We're always inspired when we hear about
a member of the Fool Community reaching their goals. Five
years ago, DollarIQ's goal was to pay down $74,000 in
debt. Take this short stroll through time with us as we
monitor DollarIQ's progress. And, if you're struggling
with credit card debt and loans, check out our Get Out
of Debt Area here at the Fool.]
For some history:
Date: 2/23/00 12:58 PM
http://boards.fool.com/Message.asp?mid=12032373
Just imagine it: I have been paying about $20,000 a year
(excluding tax refunds, bonuses, etc.) to credit card
companies for the last 6+ years, for a total estimate
of $120,000, about 75% or more to finance charges and
interest ALONE (That's $90,000!!). Most of my principal,
in the early years, was paid via second incomes, bonuses,
tax refunds, etc.
Think of it: As of approximately September 2001, that
monthly $1,700 -- all that will be MY money again. In
one year, I will go from a negative net worth to $20,000
in the bank (or investments, etc.), enough for a down
payment in some regions for a small house or condo.
Inspired by my pay down progress :)
Date: 5/5/00 11:31 AM
http://boards.fool.com/Message.asp?mid=12521915
I have A LOT of things I hope to do, but my greatest achievement
is the sense of peace and control I now feel I have over
my financial life, consequently, over my general sense
of independence now. I no longer feel as vulnerable to
exterior catastrophes or daily problems, or the ever-changing
whims of people and environments around me. Being self-reliant
and independent, financially, professionally, domestically,
as well as mentally, has become the most significant thing
to me in recent years. Whatever else I engage myself with
in the future, I know that I will know when and if I over-extend
myself, but can now cope with it as needed.
* * * * * * * * * * * * * * * * * * * *
Most recently:
My boss has, yet again, given me a generous year-end bonus
that I am even more truly thankful for than in years past.
Business has been difficult at times this year and times
now have been terribly tumultuous.
I have been a few months behind my anticipated pay down
of fall 2001, but on my current schedule I would have
paid it all off by spring 2002. With the bonus, I decided
finally to stick it all to my last debt, my bank consolidation
loan. As of last night, I called the bank about the final
pay down amount and I sent it electronically. So, at least
as of last night, I'm DEBT FREE!!!!!! :) Yes, I'll still
wait for the official letter, which I think I might frame
or laminate.
I can't tell you what a huge relief this is. I have been
in non-stop debt since 1986 when, as a young adult, I
got my first apartment. I made too many financial mistakes,
many of which was assuming that money was the best way
of solving other people's problems, as well as my own.
I've gone through various peaks and valleys of debt, the
highest of which was $74,000 in 1996-1997. I eventually
recognized I was significantly incompetent about handling
money and started making steps. When I arrived on these
boards 9/1999, I had gotten my debt down to $52,000. At
the beginning of this year, I managed to use two lump
sums and brought my debt down to under $10,000. Now, it's
finally $0.
The hardest part for me is having patience. One of the
most important tips I learned was realizing that there
would be occasional financial setbacks that would delay
my goals, but that I would eventually get there. Well,
I'm here. :)
With the help of all you wonderful Fools on the Credit
Card discussion boards and extra help by the Living Below
Your Means board, I've also got a six-month emergency
fund and the start of my own IRA accounts. Now, I can
finally start really working and planning for my future
as I've finally managed to resolve a lot of my historical
financial baggage.
I hope the holiday season has been treating everyone well
and lovingly and wish that everybody will have a truly
Joyous and Happy New Year!
Now that I've gone ahead and done it, join me in the interactive
Happy Dance!
Also, a big cyber Champagne toast to the whole Consumer
Credit / Credit Cards discussion board!
Thanks all, $IQ
