This is a topic that probably concerns everyone - both individually and also on a national and even world level right now. It is amazing how much debt we have all accrued.
For some time, Daniel and I have tried to slowly pay off debt that we have accumulated over the years. Our greatest amount of debt fall into the categories of our mortgages, student loans (I put myself through college at a private school, with help from scholarships), and credit card debt - most of which remains is what we have put towards home renovations. We own old vehicles (that we have purchased outright) so no debt there.
In the past 10 months, since I started working full time again, we have really upped the amounts we are paying towards debt. We have worked hard to be frugal in many parts of our lives. On a combined five-figure income, we have managed to pay off significant amounts of debt this year.
Recently Daniel sat down and figured out that if we continue down our current path (with absolutely no changes) we could pay off ALL of our debt in six years (including our mortgage). This is pretty astounding to think about. I am not saying that this will happen, but it is definitely within the realm of possibility. This does not take into account having a family or any change in jobs.
I have no idea what our financial future holds, but with all the financial crisis' that are happening, it makes me feel better to know that on a personal level, it is possible to be completely debt free by the time we are 34.
For some time, Daniel and I have tried to slowly pay off debt that we have accumulated over the years. Our greatest amount of debt fall into the categories of our mortgages, student loans (I put myself through college at a private school, with help from scholarships), and credit card debt - most of which remains is what we have put towards home renovations. We own old vehicles (that we have purchased outright) so no debt there.
In the past 10 months, since I started working full time again, we have really upped the amounts we are paying towards debt. We have worked hard to be frugal in many parts of our lives. On a combined five-figure income, we have managed to pay off significant amounts of debt this year.
Recently Daniel sat down and figured out that if we continue down our current path (with absolutely no changes) we could pay off ALL of our debt in six years (including our mortgage). This is pretty astounding to think about. I am not saying that this will happen, but it is definitely within the realm of possibility. This does not take into account having a family or any change in jobs.
I have no idea what our financial future holds, but with all the financial crisis' that are happening, it makes me feel better to know that on a personal level, it is possible to be completely debt free by the time we are 34.
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