Seems like ‘debt free’ means different things to different people and clarity is essential in order to make progress. So, debt free means debt FREE. I am currenly out of consumer debt, which seems to be what most people are worried about. (I too was worried about it last year at this time. But that is gone now.) Nope, I mean completely debt free. Like, I would like to clear the $580,000 mortgage debt on my various properties.
It seems insurmountable, I mean at a thousand a month it would take 48 YEARS to clear this. That’s a really long time and I would like to be enjoying my passive income before I’m 90 So. What I need is a plan… Here it is:
1. Print amortization schedules for each of the three mortgages and determine how much I’m paying down each month. Compute a timeline and debt tracker where I can monitor and celebrate my progress.
2. Achieve my 5k per month income goal consistently and devote a thousand of it each and every month to paying down those debts.
3. Decide on the payment priority and tackle one debt at a time then devote the resources from that debt to the others when its paid off.
4. Budget well enough that I’m booking vacations and taking them so I won’t feel like my life is on hold while I’m doing this.
5. Find a debt accountability buddy so I can stay on track. My Sister’s a good bet, or my good friend Lori, or my mastermind group. And, apparently there are at least 1422 people on THIS site who might be helpful in this regard.
Think I can do this in 10 years? That would be more than quadrupling the rate of payment, Let’s see!
