The month of June marks the start of my debt free journey. Because I plan on documenting my debt free journey and share my payoff reports I thought I should write up a humble beginnings post. One day I will look back at this post and go “Man I was in a lot of debt!”. Check out my debt free tips to a debt free living. Alright, let us get into my $200K debt.
CHECK OUT LASTEST DEBT PAYOFF REPORTS:
START OF MY DEBT FREE JOURNEY
I am at a grand total of about $200, 000 in debt. $150,000 is courtesy of law school. Probably about $10,000 of it is maxed out credit cards. I thought 2017 was going to be the year I start traveling, but after laying out my debts the realization that I cannot afford to travel sunk in.
Before I decided on to go on a debt free journey I did a lot of research trying to find the best ways to help me tackle my debt. After tons of reading and researching, I decided I will be following Dave Ramsey’s Debt Snowball Method for paying off my debts. You can check out my review of his Total Money Makeover at this post here.
DEBT AS OF JUNE 2017
- Savings – $25 (Dave Ramsey suggests that you have an emergency fund of $1000 so that is my goal)
- Iphone – $620.33 When I got off my mother’s phone plan I decided to go ahead and switch over to the iPhone. Literally, a huge regret because my Samsung Galaxy was paid off and I actually like that phone more.
- Mattress Firm – $1,105.22 I opened this account when I moved to my new location. I owned a previous mattress but it was super cheap and really bad on my back. I wanted to go ahead and invest in a better one for wellness reasons.
- Rooms to Go – $1,420.22 I could have done without this account. But I just had to have nice furniture for my new apartment.
- Discover – $2, 823.61 It took me all through law school to max this card out. I would have not survived without it. Surprisingly, financial aid does not last you as long as the school estimate.
- MasterCard – $4,795.65 When I moved to my new location I owned 45 dollars. I had no money to pay my first and last month rent. So I took out another credit and use it to pay all my January and February bills and a bunch of other things I did not need.
- Bar loan– $8,602.90 Check out my post on why I took out a bar loan.
- Car Loan – $32,004.50 I totaled my car in October without on 2,000 dollars left of payment. I had to get a new car and decided to just buy new. Did not want the troubles of buying used.
- Student loans – $152,728.01 Enough said.
I read somewhere that millennials are the masters of side hustles. Because I am serious about becoming debt free I got a part time job as suggested by Dave Ramsey’s book. In addition, my youtube channel brings me extra earnings about every two months. I also get a few sponsorships from my youtube channel every two or three months that helps me with extra cash. Maybe in the future, I will be able to put my blog down as a side hustle to pay off my debt.
my side hustles:
- 24-Hour Fitness: