I am having a wonderful day. I have devised a plan- encourage others who can to do it.
Say you work 3 extra jobs- one of them being full-time. So you have $2500 extra a month. If you use it to pay off student loan debt, etc, which takes 4 years, then for 3 years ( remember now you only have rent, gas, and food) you save $120,000- cash speaks and you have more of a chance of getting a pretty decent house for that in Kentucky. So then your home is paid for, so you have tons of money to invest. Then for 3 more years you save and invest $3,800 a month in a 9-10% mutual fund( one of the more secure ones) That's $120,000 in 3 years, plus interest.
That's only 10 years and look at what you've done. I worked 100 hours a week when I was firs tout of college because I didn't have anything else to do- well, lots of it was volunteer work as a Mennonite community nurse, but still, I was working like that for 4 years and it didn't kill me.
AN IDEA TO BE DEBT FREE IN 10 YEARS
January 25th, 2007 at 08:19 am
January 25th, 2007 at 10:10 am
January 25th, 2007 at 11:57 am
January 25th, 2007 at 12:12 pm
The only way to be rich or secure is hard work!
January 25th, 2007 at 01:39 pm
We have actually been recovering and focusing on new babies, but overall dh getting a night/weekend job now doesn't sound as horrible as it used to. ALL the money would go to mortgage/retirement. For a year or 2 I think we could kick it up a notch. Finding that job is another story. If I didn't have kids I would take a 2nd job in a heartbeat with my current situation. As is I already feel bad how little I see them though and I think dh needs to step it up a notch more than I do - I bring the bacon- if anyone is getting a job is him - at least the kids would get both of our time then - even if not at the same time. I rather have my mortgage another 30 years than never see my kids...
Overall totally good advice though. You don't know how many people I know in big financial trouble who would never consider bringing in more income, getting a 2nd job, etc. An often overlooked prospect - it never has to be forever, but it can move you ahead quickly. If I had "bad" debt and couldn't pay my bills, kids or no I would be getting a 2nd job or making sure dh did - LOL. IT's sad these days so many in my generation feel "above" working hard.
January 25th, 2007 at 01:44 pm
They may have 6 jobs between the 2 of them but one of them is always home with their kids. I admire them - always bartering and thinking outside the box.
January 25th, 2007 at 04:31 pm
the stamina for that anymore, but if I had to,
I'd plow thru somehow.
February 6th, 2007 at 11:47 pm
A good idea of working three extra jobs, bring home more money and invest in mutual funds.