Friday Finance Followers – I’m Debt Free (sort of) Edition

It’s Friday and my wife and I have achieved something I think is outstanding. This week I payed off my student loan which was my last vestige of non-mortgage debt. It is super exciting to have finally reached this point in our lives and it has taken us over 6 years. It turns out in a little less than 6 years we have managed to eliminate over $65,000 in consumer debt. To me that is a staggering amount of money to have 1.) owed, and 2.) paid off. Next up, killing the mortgages, if I could just win the car battle.

Enough about me though lets check out this weeks links:

@Matt_SF postulates “What if Facebook became a bank?“. This is a pretty interesting article accompanied by a video. With Facebook now THE most popular site on the internet what would happen if they became a bank. Or even scarier what if they started doing social lending?

@Enemyofdebt submitted a story from guest author Dena where she talks about her financial journey. Much like me she had a good bit of debt coming out of college, this article is the first part of her story where she covers how she got into $60k of debt.

@EverydayFinance presents a contrarian view on Emergency Funds. I am on the fence about the “6 month” rule. I agree with this article in assuming you should be able to reduce the amount of money you spend while you are laid off and therefore requiring less “emergency” money.

@CarrieActually wants us to eBay our used or broken electronics. Personally eBay scares me, I hear too many horror stories of people getting burned on there. I have never tried to sell anything either though. This sounds like a great way to keep things out of the garbage and make a little money.

@MrsMicah presents 5 ways to hurt your credit without using credit. People don’t really think about it but you can severely hurt your credit score without ever getting any kind of credit. It is kind of scary to think that a late library book could cost you a decent interest rate on your mortgage.

Carnivals

Beingfrugal.net hosted the Carnival of Personal Finance and included my article When Opportunity Knocks Open the Damn Door.

Canadian Finance Blog hosted the Festival of Frugality with my article on Crock Pot Chick and Rice

Len Penzo ran the Carnival of Money Stories this week with my article Kids and Money it’s never too early to start.

The Money Hacks Carnival was at Eliminate the Muda this week with last weeks guest post on the credit card act.

Giveaway

Elle over at couple money is giving away a NetBook and Netbook kit. Enter win HERE.

{ 13 comments… read them below or add one }

1 RainyDaySaver March 19, 2010 at 12:46 pm

Congratulations — what a great milestone!
.-= RainyDaySaver´s last blog ..Fix-It Friday: Light Switches =-.

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2 harvestwages March 19, 2010 at 1:45 pm

Hey kyle, i find Dena’s post fascinating. i read how she got her 60K debt and how she worked it out. i like her approach towards solving the problem.
.-= harvestwages´s last blog ..Success patterns that emerge – Guest post =-.

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3 Brad Chaffee March 19, 2010 at 2:29 pm

Thanks for including my link Kyle!

Ebay is a little intimidating but if you know what to do, and avoid, you really can make some good money. We learned NOT to ship overseas since there is no such thing as tracking on overseas packages. (we got burned to the tune of $80 because someone claimed they didn’t get a really nice cell phone.) We have made lots of money on eBay, but I will say this; it is a slight hassle.
.-= Brad Chaffee´s last blog ..When You’re Tired Of Being Broke, You’ll Start Saving =-.

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4 Brad Chaffee March 19, 2010 at 2:31 pm

Oh and congratulations on being almost debt free! When you say if you could just win the car battle, does that mean you have car payments?

Either way congratulations for killing the rest of it, and I hope you win the car battle too! 🙂
.-= Brad Chaffee´s last blog ..Great Financial Advice From The In-Flight Safety Handbook =-.

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5 Kyle March 20, 2010 at 8:22 am

Right now we don’t have any car loans. Just mortgage debt. For more on the car situation check out this post: The Great Debate – My Wife wants a new car

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6 Mrs. Suburban Dollar March 19, 2010 at 8:55 pm

FYI, you will not win the car battle

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7 Pinyo March 19, 2010 at 11:19 pm

I think that’s superb — congratulation! And I notice the other goal is already 81% done…may be it’s time to set some tougher goals. 🙂
.-= Pinyo´s last blog ..How To Write A Check And Other Checkbook Basics =-.

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8 Kyle March 20, 2010 at 8:20 am

Yeah it looks that way doesn’t it. Paying off the student loan was supposed to take longer but we came into some extra money this month that allowed us to take care of it in one fell swoop. The wifey and I will have to come up with something new to shoot for, of course you tell what she is shooting for from her comment.

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9 Forest March 20, 2010 at 10:52 am

Well done Kyle, that is awesome news! I have $40k of debt that I hope to pay off asap…. I need these posts from people like you to keep me going 🙂
.-= Forest´s last blog ..FREE DOWNLOAD -Tribes: We Need You to Lead Us by Seth Godin =-.

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10 Craig March 20, 2010 at 1:33 pm

Congrats! We’re sort of debt free too. Only student loans and cars.
.-= Craig´s last blog ..Tax Help For Your Tax Questions =-.

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11 Simple in France March 21, 2010 at 3:26 am

Congratulations on the student loan. 65k is a lot to pay off!
.-= Simple in France´s last blog ..What kind of blogs do you read? =-.

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12 Ken March 22, 2010 at 3:49 pm

Congratulations for knocking out 60K. What an accomplishment.

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13 LeanLifeCoach March 26, 2010 at 8:23 pm

Kyle that is fabulous! Congrats on knocking out that debt. Now it is a race to the end of the mortgage!
.-= LeanLifeCoach´s last blog ..Combat the Closing Techniques – The Make It Affordable Close =-.

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