Announcement

Collapse
No announcement yet.

Paying Over 120k/year Towards Our Debt (Our Story)

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Paying Over 120k/year Towards Our Debt (Our Story)

    My Fiance and I are in the process of putting over 120k/year toward our cumulative debt. She's an optometrist making 120k/year, and I'm a pharmacist making 125k/year. Our goal is to be debt free in 2 more years! Even though we total 245k/year, we only end up with around 150k/year after taxes/401k/insurance.

    Current Debt:

    My house :300k @ 4.45% interest ->94k left as of 4/2/13
    Her 176k @ 6.8% interest student loan-> 115k as of 4/2/13
    No CC Debt or any other Debt

    I have been paying my house for the past 5 years @ 4600/month (of course 500 of it goes toward escrow).
    She just got out of school, been at work since 8/12, so in just 7 months she paid 60k off!..she worked extra days between 8/20/12 to 3/13. She also gives her mom 800/month to help them out..leaving about 0.53 cents in her bank account most of the months...

    We both are still driving our 98 honda civics from high school...rarely eating out(and if we do, we eat with coupons), and shopping at cheap Hispanic grocery stores and Aldi(Aldi, you are the best!).

    Our living expenses are not that high because we are located in Florida. Even though my house is 3400sqft, my electric bill is around 70 in the winter, and 130 in the summer (no A/C when no one is home, also turn off the water heater when not taking a shower).

    We could drag our total 476k debt to 30 years, only making 2.2k payment per month, but the total interest paid @ year 2040 would of been 443k! We have to think of it this way, by 2040, we would be 400k richer because we ate ramens for the first few years paying 120k/year toward our debt.
    Last edited by Singuy; 04-02-2013, 11:36 AM.

    #2
    Way to go! Keep up the good work.

    Comment


      #3
      Wow! That is terrific! How many 'poor' people would be willing to make those sacrifices that you two are making so that they could even get $50 in savings each month?
      Gailete
      http://www.MoonwishesSewingandCrafts.com

      Comment


        #4
        Good job!

        That's incredible. I wished I made that much money!

        Comment


          #5
          Nice story! Seeing what both of you are doing right now, that 2 years target to clear all debts will be possible.

          Comment


            #6
            Wow great story! You are both fairly young so this is awesome! You are going to be the millionaire next doorif you continue this style of living!

            Comment


              #7
              Great Job !
              Very inspiring

              Comment


                #8
                Awesome job! Nice to see a fellow pharmacist around. The day you pay off your student loans will be a great feeling. Plus, after you have it paid off and your friends are complaining about the monkey on their back, you can just sit back and smile knowing it's gone.

                Comment


                  #9
                  Nice work! Always impressive to see stories like this, and motivational! Keep it up and you'll be really happy you did!

                  Comment

                  Working...
                  X