Hello, incredible Rich N Fit Realities community! I’m baring it all in our February 2024 Debt & Savings Confession!
In this video, I’m going to open up about my financial struggles and successes in February. We’ll discuss the progress I’ve made in tackling debt and building my savings, as well as the challenges I’ve faced along the way.
Whether you’re here for financial wisdom or weight loss inspiration, this video is all about transparency, growth, and keeping each other motivated. We’re in this journey together, and together, we’ll overcome every obstacle.
So, grab a seat, hit that like button, and let’s dive into this candid and insightful Debt & Savings Confession for January 2024. Your support means the world, and it’s what keeps us moving forward!
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Have you considered consolidating your student loans?
Yes keep targeting those loans 7 & 8. Them unsubsidized loans are criminal! You're doing it the same way I am. Youre doing great!
Exact same feeling. We paid close to $7k in debt for Feb but our debt only reduced by $3k.
You probably spoke about this in an earlier video…just wondering why you wouldn’t sell the second home (mortgage 450K+) and pay off your first mortgage and entire student loan debt. Just curious.
Your calculation on loan 13 is wrong…you show an increase in the debt…but was a decrease based on your balances shown….
When you look at your amortization schedule for mortgages you will see that the interest is front loaded meaning you will always pay more interest than principle. If possible overpay each payment (same with student loans or credit cards) – even if it's $100 extra p/month for each of your debt payments it will make a difference & then you will be making a dent in the principle therefore reducing interest. Do it as a total payment ie: min payment is $43 so pay $93 or $143 instead (not as a separate payment if that makes sense). Otherwise if it is a separate payment for the extra amount you will need to contact them to let them know you want that amount going to the principle as they won't automatically do that because they WANT to make the money from your interest.
Use a mortgage/debt calculator to see the math. When people refinance it front loads all the interest again.
I agree with you about sinking funds. They help keep you from going further into debt. I definitely would not touch your retirement funds. However, I do think cashing in your brokerage and using that towards debt is a good idea.
Had the same feeling last month as I’m preparing to close on my home soon. I don’t have much debt left so that’s my motivating factor once I’m settled with house stuff. Stay positive ??