Well, it is now almost January 2017 and as promised I am publishing my debt progress report for the month of December. This will allow you to see my progress and how much debt I have been able to get rid of in the last 31 days.
I am publishing it a little early because I am stoked that I am now officially debt free!! I can’t think of any better way to start 2017. My brother and I have paid off $135,000 dollars of debt in 2 years. And we posted every single month along the way. Check out our debt reports.
Don’t get me wrong, it hasn’t been easy. We have worked our butts off to get where we are. While others relax in the evenings we are working. In fact, I am working right now writing this post. We took a niche site and grew it to 100,000+ visitors/month making $1,000+ a month in 2016. And this is while we are both working full time jobs during the day. And you know what we did with the extra money? We put it all towards our debt and investing (IRAs).
Andrew over at Dollar After Dollar wrote a great post the other day titled “How Fancy Are Your Pants?” I could relate with that so well! I live in a richer end of town and I would probably say that 9/10 people in my complex all drive BMWs or Audis. Then you have me, I am driving my Mazda hatchback lol. But the idea behind is post is that people need to:
“Stop going broke by acting rich. – Andrew, Dollar After Dollar”
Many rich people you see are probably living way beyond their means. I could easily afford a monthly payment on a BMW, but there is no way I would want to put myself in that situation financially. A car after all is just a car. I would rather go to sleep at night knowing I don’t have any obligations to anyone.
My brother and I both don’t want to be working when we are 60. We would rather work hard now to reap the benefits later on. Some days are long and grueling, but I can say today it has all been worth it. I encourage anyone trying to get debt free to pick up extra jobs or do something you are passionate about and turn it into a business. Diversifying your income streams can be a great way to speed up getting rid of your debt.
Another piece of advice is get an accountability partner to pay off your debt. My brother and I turned this into kind of a competition. With both of us trying to beat each other, we managed to pay off our debt way faster. And we both kept each other focused on the one single goal. Nothing’s healthier than a debt free race!
December 1st: $5,878.70
December 31st: $0.00
I have been saving up every penny I possibly could and was thankful to be able to finally pay off my car.
Great Lakes School Loan #1: -$2,868.64Paid Off Great Lakes School Loan #2: -$1,406.01Paid Off Car Loan: -$5,878.70Paid Off (December)
I got rid of $5,878.70 of debt in November, woot!
My brother and I are now both completely debt free. And now it is time to share more about everything we have learned along the way. Stay tuned for in-depth posts and tricks on how to save even more money. And what’s next for us in 2017? Well, now its time for investing, IRAs, stocks, and finding better ways to diversify our income streams.