By God’s mercy and favor to me, I’m totally OUT OF MEDICAL AND CONSUMER DEBT. Total payoff to date is $13,776.90. I only have one debt and that’s an enormous student loan that I’ve been lugging around for two decades (paying the minimum, deferring and forbearing). I’m embarrassed to admit such. If you want to know the reasons why I carried the debt so long–read my debt cautionary tales blog posts and others here.
Dave Ramsey’s 7 Baby Steps
Baby Step 1 – $1,000 to start an Emergency Fund.
Baby Step 2 – Pay off all debt using the Debt Snowball.
Baby Step 3 – 3 to 6 months of expenses in savings.
Baby Step 4 – Invest 15% of household income into Roth IRAs and pre-tax retirement.
Baby Step 5 – College funding for children.
Baby Step 6 – Pay off home early.
I’ve completed Step 1. I’m one-third of the way to completing Step 2. And, I’m, actually, doing Step 2 and 3 at the same time. Since, I sold my house several years ago (after I realized I got myself into a bad deal after become a multifamily salesperson), my student loan is, now, my largest debt. Therefore, my student loan would fulfill my baby step 6. In 2006, I developed an allergy to car notes, so I don’t have one of those.
I’m so proud of myself. My one goal is to day by day FINISH WHAT I’VE STARTED and to do my best to finish well. I’m proud to say, I’m closer to achieving my goal of 100% debt freedom. I don’t want to owe any man anything except to love them as I love myself–which is a very hard task and should not be complicated by me having the burden of extraordinary financial debt.
It’s easier to be patient with others and bear up against unintentional injuries when your stress levels and hassle factors are low. Being debt free reduces stress and hassle factors–tremendously. Thank you Lord for getting me this far.