Debt Confession 2024 | Update | Real Numbers
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- čas přidán 23. 06. 2024
- #debtfreejourney #financialfreedom
In this video I give an update on our progress towards being debt-free.
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**This video is not financial advice. I am not a financial advisor and am just sharing my own experience.
Hi Mrs K, great update!
Thanks!
It’s great you are tracking this level of detail. That roof costs is really significant. We replaced ours years ago and was no where close to that. But like everything else with costs, it’s all gone too high!
We also replaced 6 windows, but they were just $6k or $7k of the cost. We also had to choose to cover our sky lights because they would have been another $7k.
@@kronsonfamily Makes sense, it’s crazy the costs in repairs. We are doing some door replacements now and it’s thousands. Crazy how much things go up and never down. 😊
I think it's smart to pay your student loans like you do. Intrest are a pain to pay
I heard about doing it that way recently from another channel. I wish they made it easier to pay the high interest loans first. I hate paying interest.
Why do you think people can't retire or retire poor!
I have also taken advantage of the low interest rate of a 401k loan. That's the one thing i disagree with on the dave ramsey method. I understand why he hates 401k loans and his thought process on keeping your 401k intact due to stock market gains however because the loan is a very low interest, and it all 100% goes back to your own account. That's a terffic option, in my opinion
I can see how it can be a bad thing because you are missing out on the returns but I think it could be a great tool to pay off high interest debt as long as you continue to also contribute as you normally would. Definitely better than paying someone else interest.
You are missing the point Ramsey is making and might not said it like it makes more sense to you! What he is saying, don't touch your 401K, especially when you might just be taking it out BECAUSE IT IS EASY! Compound interest is the strongest power there is. If you took 40,000 out of your 401K, pay back over 5 years, you get the interest added back to your account, say 310.00 per;month, but 39,700 not making anything!
i agree- why rob from our future- when the economy has so many job openings. Go get many second jobs and work tons of overtime. I heard that nobody has ever died from working to much. It appears that this family is just moving debt around by borrowing and especially concerning when a person gets desperate to borrow from their future. Not for for me - works for some- but not for all.Glad this family has a great coverage over there head with the enormous roof loan that was taken.Good luck! Also- how will they pay off the roof- when they had to borrow for everything else. It also appears that her behavior of creating debt is always coming back with low interest being offered. None of this has any proven scientific methods- in becoming rich over investing the way this family is.
@badlands9100 Keep watching and you'll see us pay off the roof. Thanks for the motivation!
Would u consider pulling out $750 from your emergency fund to pay in full Student Loan #2? As it's such a small debt & u are only paying interest on it; isn't it wiser to just knock it out?
I believe the interest rate is so low that we're making more money by keeping the money in our savings account. But it is crazy to see the balance keep going up right now.