After the student loans were paid, we got more excited to pay down our first mortgage. Putting extra payments toward the mortgage not only caused our debt to go down, but our home equity went up, up which felt more exciting. It then motivated me to learn other ways to invest.My debt-free journey inspired me to learn new ways to make money beyond traditional investing and diversifying my income streams. I rented a room in my house.After a year of hustling, I paid off my student loans.
Paying off my debt faster came with many trade-offs, including downsizing from two cars to one, forgoing some vacations, living off of one income instead of two, and. It also required us to pause our 401 investing to divert as much money toward the student loans as possible. Once I built the courage to leave my day job, I was able to open up my own 401 to also max out, match myself and contribute more to profit sharing. We now have contributed at least $50,000 consistently annually since becoming debt free — a huge increase from the $6,000 we would have contributed had we stayed in debt.
and learned to live within our means. Even if we lost those jobs, it wouldn’t take much to adjust our expenses while searching for new opportunities.
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