debt free gives me so much freedom
Have been toying with the idea of starting a blog that share about how to be debt free and continue to live a debt free life based on my personal experience with The Total Money Makeover.
In December 2006, I started with about $4k in credit card debt, $5k in personal loan that I took from family and friends to start the business, and about $30k mortgage on the house. I was totally stressed out and worried about the debts, then I got to know about Dave Ramsey. Though I found some used cds, was too cheapskate to buy all the CDs and DVDs, I just downloaded the podcasts of Ramsey’s radio shows from the Internet and listened to him before I went to bed. It sounded like a workable plan to me, so I started following the “Baby steps”. I started a budget that I followed religiously. I also got rid of all the credit cards, paid them off one by one. 9 months later, I have totally paid down every cent of it and completely debt free except for the mortgage.
What really helped a lot in paying down the debt in such a short time was getting a second income i.e. making money off blogging. I am very thankful to God’s provision and for stumbling onto this opportunity to blog for money. I have so far make about $3k writing paid posts for 10 ad networks. It has all went into paying for expenses and debts.
Now that I have no credit card and car payments, my net income gives me so much more freedom and flexibility. I am saving up an emergency fund to take care of the rainy days and a fund for getting a new car. After that, I would be working on paying down the mortgage in a shorter period than the scheduled 8 years.
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