The Cash Success You Are Most Proud Of
Wouldn’t it be great if from time to time we could take a break from thinking about our money and instead reflect on what we have achieved so far?
This is what we asked you to do a few days ago, and I highly recommend reading the answers if you are looking to improve your money. As someone who constantly worries that I will never save and earn enough, I appreciate your honesty. Overcoming financial difficulties is not always easy, but with a certain amount of determination and knowledge, it is possible.
If you’re in a tough spot or have a goal that you think is unattainable, hopefully some of these comments will serve as inspiration for your next monetary goal.
Debt repayment
Paying off debt is an important task for many people like TheAndrea :
I’m doing a spring cleaning, came across my box of papers that I need to get rid of, and found a credit card statement that cost about $ 19,000. Currently, I have practically no debt. It was amazing. No, I didn’t do it alone … but I didn’t go back to the habits that led me to this, now that I got out of them.
I am also proud that, with the exception of my 0.1% car loan (which will be paid out in JUNE !!!), I have not paid any real interest in many years.
It’s not easy, writes mwhite66 , but when it’s done it will be a big achievement:
I’m debt free. It took a lifetime, but the house is paid, all credit cards have zero balance and I have no other outstanding debts, secured or otherwise. I don’t owe anyone a dime. It’s a great feeling.
And once the debt is paid off, harnessing that momentum can be a boon to other parts of your finances, as AllonsyRiver can attest to:
I am proud that within 4 years I got out of debt, got a credit rating high enough (from zero to 770) to get a mortgage … and bought a property in New York (which I have NEVER thought about. I can do) !
Especially things like college savings, according to FirefighterGeek :
We think we’ll get all three of our kids through college – at least their first degree – debt-free. We do not drive fancy foreign cars, do not own boats or snowmobiles, we have a kitchen from the 80s. We made these decisions on purpose, and the result bears fruit for us.
Remember what you spend your money on
For others, this is not an expense at all. Difficult task, of course, but it suits commentator Sean Brody :
– Recently “not wasted” Mon-Fri.
I cook my own meals on weekends, ride my bike to work, have a MoviePass, etc. Technically, I spend money in advance, but I don’t spend a cent extra when I leave the house on Monday. It’s not for everyone, but I enjoy it.
Churam writes that it doesn’t take a lot of money to live a good life if you prioritize what’s important:
I am most proud of the fact that I live a life in which I have no financial constraints, even with a rather small budget (55 thousand dollars for me and my wife). We’re comfortable with our situation (a decent 1 bedroom apartment in a fairly expensive city) and still spend a lot of money on things that matter to us (adventures, family visits, parties with friends). On top of that, we were able to pay off about $ 15,000 a year on her student loan, that is, about a year after she disappeared.
I guess I’m just proud that we were able to find what matters in life and spend money on it without worrying about the rest (we don’t eat every other meal and we don’t spend $ 5 a year). day at Starbucks, for example).
Engineer46 focused on achieving his retirement, reaching a pretty impressive number by the end of his 20s:
Accumulated $ 100,000 of his retirement savings until his 30th birthday. Half of each increase is added as a contribution, although I think I’ll start contributing to the affordable Roth 401k now as the tax cut pushed me to lower it.
Others focused on additional mortgage payments or paid off the loan more aggressively, like the Duke of Kent :
I am most proud of my ability to pay off my mortgage early and aggressively.
I opted for a 15-year mortgage, which wasn’t easy at first, but since I didn’t overdo my home (I got pre-approval for almost $ 100K more than I borrowed), it could be dealt with. Then I set up automatic payments at half the monthly payment every two weeks (resulting in an additional charge every year). Finally, I put all my extra money into the principal – if I got a bonus or raise, I would prefer to pay the principal.
This strategy shortened the duration by several years and saved thousands of percent on interest payments.
SemperSciFi also prioritizes mortgage payments:
Zero debt, including zero mortgages. The day we paid for our house coincided with my wedding day.
You don’t have to figure it out
The takeaway, as noted by E = MC Hammered , is that even though most of your financial life may be work-related, it is important to note only one aspect that you have figured out.
The only thing I have to hang my hat on is my salary, which is much more than I could have imagined. The rest of my financial life is unfortunately a clear disaster, but I am beginning to take control of it.
We so often take on ourselves because we don’t save enough or spend more than we think we should. Take time to celebrate small cash wins.