I don’t even know what number I am up to by now….
Well, folks, I have hit a few milestones. I’m happy to say that FINALLY my private LAL loan has fallen below $16K. The balance on it is now 15,921.62. That means I have paid off about 25% of the loan since September, because it was over $20,900 at that time!
So here is what the numbers used to be like:
Personal loan: $4,211.42
LAL loan: $20,939.94
Simmons Loan: $23,620.04
Big Daddy (federal) loan: $75,390.94
TOTAL BALANCE: $124,162.34
Here are what the numbers look like now:
Personal loan: GONEEEEEEEEE FINITO, NON-EXISTENT!!!!
LAL loan: $15,921.62
Simmons Loan: $23,620.04
Big Daddy (federal) loan: $75,390.94
TOTAL BALANCE: $114,942.60
DIFFERENCE: $9,219.74 REDUCTION in DEBT!!!!!!!!
In addition to that, I guess I can say it now – I’ve reached the halfway $ mark for my tiny home/motorhome/land fund (whatever it ends up being.) I admit, sometimes I am tempted to take that balance and throw it all at the LAL loan just so I can see the balance go below 10K sooner than scheduled, but I just need to keep plugging away.
To keep myself inspired this morning, I read through a couple blog posts of people who have really gotten themselves out of debt:
http://www.givemebackmyfivebucks.com/debt-payoff/ (How I wish my amount was as low as hers to start with! It’s all relative, folks…)
Fairy Tales, or How I Paid $200,000 in Student Loan Debt Loan Off in 5 Years
If you haven’t read this guy’s book or blog yet, check out No More Harvard Debt. Pretty inspiring.
Oh, and another friend sent me this link over the weekend – I love how this guy has been helping very elderly senior citizens get stronger! This is definitely an untapped market in the fitness industry. The post was called A Chiseled Body Builder, Frail Clients, and A Fitness Story for the Ages.
And in case you like reading these kind of stories in bulk: People Who Got out of Debt.
What do you do to give yourself a pick me up when you need it? Whether it’s about debt or something else?
If you have liked this post, please hit like or subscribe, and again, if you’re at all familiar with living/traveling through Washington state, please drop me a line below. (I’ve been looking at personal training programs out there because I just don’t feel like I have enough practical experience to do a good job training people.) Thank you!
8 thoughts on “Getting out of my Debt, Part Umpteen!!”
Congrats! Keep going Terri…keep going! Once you are done, you’ll be qualified to write a book on your journey 🙂
God, I hope so, Kelvin, I really, really do.
You’ll get there, and when you do, the most satisfying thing I did was to pay an extra dollar on my very last student loan, just so they’d have to send me a refund check :). I’m flattered that my blog made your shortlist of inspiration! (I’m the one who wrote the Fairytales blog post).
Wow, Leann, thank you so much for commenting! And I love that idea – make those bastards pay you back, although, you know what? They’re so slow moving that it would probably take forever, and god knows I don’t want them to have any of my money a second longer than they should!
I have to admit, when I saw you did the Big Law thing, I was like “well, that’s how she got rid of it so quickly” so my hat is off to you for being able to put up with that crap for as long as you did. I’ve also got a law background, and didn’t have the grades (although I didn’t do badly) for the big firms to really look at me (top third just wasn’t good enough), so I never really had that option. And working as a law librarian affords you more of a life, but not at the same salary. But my hat is off to you – and I really do thank you for the inspiration. My friend Alan/Stormy from Art of Hookie found your post and sent it to me. 🙂
Doing the Big Law thing certainly made it easier, but you’d be surprised at how many Big Law lawyers I know who have been in the game 15-20 years an STILL have student loans to pay off. I’ve seen so many BIg Law lawyers get sucked into the money and the status and the fancy houses. I had a few setbacks, like paying for a Masters in cash (still not sure why I thought the Masters was a good idea) to helping my folks out when the economy tanked to getting my salary cut nearly in half to avoid being laid off. I took extreme measures like dumpster diving and basically moving to the DC ghetto, but it got me to where I am today… I got to take most of 2013 off to travel, and now I’m a legal advocate at my local domestic violence organization making less than my first job out of undergrad. I’m 1000% happier making a barely living wage and working 35 hours a week, rather than the 80-100 hours a week I had to in Big Law, and I’m proud to say that everything I own fits into my little Honda Fit, even to this day. :).
That is so awesome!! Wow, you are very minimalist if it can all fit into something so small. In other words, I aspire to be like you in that respect! And yes, I’ve been out of law school myself for 17 years, and I do have friends who work in either big firms, or who have been practicing all these years, and they still have the loans, just like me. They also bought houses along the way, started families, etc….so yes, I can totally believe that. I’ve never gone in for all the things that “impress” others, thank God. But I wasn’t handling my debt well either for many years, and now, well, that’s changing.
Were you dumpster diving for food? (I haven’t done that, although I do have a cat tree that someone was throwing out outside of my building. Silly, really, it was clean and in good shape!)
Yes, I was dumpster diving for food… there’s a great documentary called Dive! that can help shed light on why it’s not as gross as it sounds. To be fair, I only dumpster dived at suburban Whole Foods and Trader Joe’s (so I didn’t compete with our homeless population and could get a higher quality of food). I found everything from cases of wine with water damaged labels to eggs to food whose labels said it expired but wasn’t actually expired…
We all have our financial downfalls, I splurged on travels to far off lands and fancy bicycles, but I was able to sell the bikes and I never regret traveling. Still, I think it’s awesome that you are being so thoughtful in attacking your debt and it’s something to be proud of!
I think I will check out that documentary – and wow, I am impressed at your ability to dumpster dive. I’ve done it for items other than food, I have to admit, the food makes me a bit squeamish, but maybe after I watch that movie, I will think otherwise….and yeah, I look back at what i have spent my money on and just want to hit myself. But hindsight is always better than 20-20 vision.
It is good to hear you are happy even on a very low salary. I think if I do the job switch thing even before the loans are paid off, then I will be joining you in those ranks. But I know I will be happier so the sacrifice of worldly goods (which, can I be honest, doesn’t seem that big a deal anymore) will be worth it. Who says I have to be normal like everyone else? 🙂