Comments on: The Sacrifice of Eliminating Debt

By: The Cycle of Debt

The Cycle of Debt — Tue, 07 Sep 2010 08:00:39 +0000

[...] We realized that this is not just a journey, it’s a life changing event. We make the sacrifices. We do what is required to get out of debt. We run like a gazelle running from the lion (Dave [...]

By: Deliver Away Debt

Deliver Away Debt — Tue, 02 Mar 2010 10:03:25 +0000

[...] your favorite post on your site and why? The Sacrifice of Eliminating Debt. Without sacrifice you can’t move the debt needle. People need to understand that in order to get [...]

By: Jeffrey Kosola

Jeffrey Kosola — Sun, 07 Feb 2010 16:07:54 +0000

“Good Debt” I’m not a true believer in good debt. I understand some debt is needed sometimes to perform certain tasks, but I just don’t like debt. I’m glad you are not listening to your co-workers and just paying the min. Let’s do a little math. Let’s say you had a $300 per month student loan payment. If you worked your butt off and paid the 10 year loan off in 2 years but still saved the $300 for the last 8 years. You’d save $3,600 per year and over the 8 years you will have $28,800 in the bank. That’s without interest. Your co-workers will have a paid off student loan after 10 years, but you’d have a paid off loan and a chunk of change I like your plan much better.

There are NO MAGIC debt elimination pills. I take work and sacrifice to blast away debt and pave the way to a better future.

Keep up the great work Red!!!

By: Red

Red — Sun, 07 Feb 2010 02:56:14 +0000

This post is great! I’m in the same frame of mind. My co-workers tell me I should pay my student loan debt in the 10 years I’m given because it’s “good debt.” But I don’t want to carry debt for 10 years! That’d be hundreds of dollars a month going to loans for 10 YEARS! (I know it goes by fast when we look back, but it just seems a monumental length of time to me right now.) That’s why I made a plan to do it in the first two years after graduation. Am I going to make sacrifices in those two years? Yes! Am I going to hate the weekends I have to give up when I take on a second job? Sure! But those eight years that I’ll have all of that loan payment money coming in as disposable income instead? Oh, that will make those two years of hell so worth it!
Red´s last blog ..Bitten by the debt payment bug

By: Forest

Forest — Sat, 02 Jan 2010 17:07:54 +0000

Oh fantastic, thanks .

I’m a bit worried about my content as I am also trying to push to get Google search traffic so sometimes my posts may be old news for the readers, I try and balance it but please don’t be shy to tell me if my content is bad! I try and bring some good info in there for search engines and readers….
Forest´s last blog ..Frugal Living

By: Jeffrey Kosola

Jeffrey Kosola — Sat, 02 Jan 2010 17:03:44 +0000

Wow Cairo, that is really cool. I know all about the low cost of living. When I lived in China the cost was VERY cheap. Unfortunately I was still in my spending mode and didn’t use it to my advantage

I’ve already been a RSS subscriber of yours for a few weeks. Great stuff. I’ll be commenting too.

Thanks, Jeff

By: Forest

Forest — Sat, 02 Jan 2010 15:41:58 +0000

Awesome post. Money Funk directed me over here and I have signed up via email…. I too have a large debt that I hope to kill in 2010.

I actually live in Cairo, Egypt right now so I have a low cots of living advantage but a second job isn’t really an option (unless I want to work for about $5 a day). However i work online and I work long hours if needs be.

I’ll be back to comment often i hope.

Thanks,

Forest.

By: Jeffrey Kosola

Jeffrey Kosola — Thu, 19 Nov 2009 21:04:43 +0000

Money Funk,
Yep, getting out of debt sucks!! But we are not alone. Your family and mine are both making the difficult choice to get out of debt. Nothing good in life comes easy, just think how much fun it will be to BE able to blow money (within reason of course). Just keep going. The toughest part for me was getting my wife on board. My financial coach helped with that, thank goodness she listened to him

I look to all the other bloggers for the motivation to keep going. Those who’ve gotten out of debt and those still in it. Brad over at Enemy of Debt is a great person to follow. He’s also delivers pizza on the side.

Take care, Jeff

By: Money Funk

Money Funk — Thu, 19 Nov 2009 19:44:06 +0000

Great article! I was just thinking about the sacrifices of debt. It can be tough to stay in check all the time. I think another great article to accompany this one would be how to stay motiviated to keep making these sacrifices. We all know when the debt is gone that it will be well worth it. But there are days that it drags and we just want to blow a ton of cash.

It can be even more difficult to get everyone on board this debt free journey.

You are definitely right, you have to have a Strong YES to become debt free!
Money Funk´s last blog ..$25 Amazon Gift Card Giveaway

By: Jeffrey Kosola

Jeffrey Kosola — Wed, 11 Nov 2009 20:29:26 +0000

Angie,
Just keep going. Sounds like you have a plan that is working.

I hear you on the giving up the weekends, it sucks. I going as hard and fast as I can because I don’t want to do this for years and years. I want to pay everything off so I can enjoy it. I really love working the second job. It’ has opened my eyes to the a hole other world. I really want to get into the ownership side of things now.

Best of luck,

Jeff