Sep 11 2011

How To Live Debt Free

Posted by admin in debt

how to live debt free
How does this plan sound?

I am a college student, age 22, who will graduate in December next year. My goal is to live Debt free, mortgage free, earn at least $40,000/year with a lot of savings. I have no Credit Card Debt, but a student loan of $3,000.

first, next year I want to purchase a really cheap(crappy) home and pay the remainder of my $3,000 loan off. Then, I plan to live with my parents or my sister for a year, as I fix up the cheap home.

By age 25, I will move in, and have the job I wanted, earning at least $40,000.

I don’t want to marry, and I don’t want kids. If I live off of $10,000/yr, I save $30,000, compounded yearly at 3%, I will have $884,477.91 wealth just sitting there after 20 years.

Sounds unrealistic?
I won’t have a mortgage, since I plan to buy a cheap “fixer-upper” home. Plus, I only buy used cars, so no car payment. I lived off $10,000(not including rent) for 3 years so far. I don’t see, what will change my living habits.

Sounds good. If you have factored in everything like food, party, etc.

How To Live a Debt Free Life


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