"Wobbles the Mind" (wobblesthemind)
02/27/2017 at 07:55 • Filed to: Finances
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"Wobbles the Mind" (wobblesthemind)
02/27/2017 at 07:55 • Filed to: Finances | 4
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This year kicked off the most important part of my 5+5 year plan, the drive to pay off all my debts. Stage 1 was completed last month when I paid off the Amanti. I received the title the following week in the mail so I am officially the full-fledged owner of a Kia Amanti! Please, keep your pants on...
My bigger goal is to create $1,100 in monthly discretionary income (it relates to the final years of the 5+5 financial plan). Too personal to explain quickly and no one will believe me until I prove it anyways. This is post is for me because saying things publicly keeps me accountable. Here is the summary of what will happen next:
- Starting at age of 28 years (Year 5 of 5+5).
Jan 2017 - Kia Pay Off (42 months total)
May 2017 - Personal Loan Pay Off (23 months total)
Nov 2017 - Education Pay Off (65 months total)
*Mar 2018 - [Living Decision and start of second Five Years]
Nov 2018 - WK2 Pay Off (37 months total)
*Jan 2019 - [Depending on Mar 2018 Decision]
*Feb 2020 - [Depending on Jan 2019 Decision]
Feb 2021 - XF Paid Off (58 months total)
*March 2022 - [TBD Apr 2021]
- Ending at age of 33-34 years.
My current debt total (nothing excluded) is $62,117 and that will take me 48 months from right now to pay off. I’m so neutral that I amazed myself with how precisely the plan has worked out. No current path is more financially beneficial than another. Rent, 30-year Mortgage, 15-year Mortgage, No Mortgage, it all ends up adjusting to the same destination. Honestly, I like the concept of No Mortgage but the trust component on that is well into the red zone no matter how I attack it. We shall see, and I do expect new debts in 2018 and 2019 to be paid off in early 2022.
Like I said, this is to keep me accountable. My future is incredibly normal across spreadsheets. That makes me believe everyone is in the same boat despite being seated in different areas or moving up and down the aisles. Comforting!
OPPOsaurus WRX
> Wobbles the Mind
02/27/2017 at 08:00 |
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so where are you gunna be when all these banks start getting robbed?
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Wobbles the Mind
> OPPOsaurus WRX
02/27/2017 at 08:15 |
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Holding the door politely?
Aaron M - MasoFiST
> Wobbles the Mind
02/27/2017 at 09:06 |
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Best of luck to you. In the five years between 2011 and 2015 I paid off a car and my student loans...about $70,000 in total. Your plan is definitely doable, and keeping yourself accountable is awesome for staying on track.