tag:blogger.com,1999:blog-7237510488098484827.post7207344758669267583..comments2023-10-03T14:28:15.645-07:00Comments on Frugal Wife = Wealthy Life: A Peek at the Promised Land (Carole)Carolehttp://www.blogger.com/profile/13361293553525222340noreply@blogger.comBlogger14125tag:blogger.com,1999:blog-7237510488098484827.post-51144297578745573252010-04-09T00:17:09.345-07:002010-04-09T00:17:09.345-07:00Thanks for the encouragement. Doesn't everyone...Thanks for the encouragement. Doesn't everyone have those days where you swear you'll never be able to pay anything off? And this is not crazy irresponsible consumer debt or anything! I know there are different loan repayment programs (some subsidized by the fed gov't), but I like the idea of just paying huge chunks at a time. Something that haunted me well before I met Ty was that at the Y, my (twin) friends' dad was still paying off his med school debt, and he had three children in college. <br /><br />Ty and I just went on a long walk about a week before you posted this, talked about finances, got a little discouraged at how long it'll all take, etc, but then after you posted this, I was like, "TY! You have to read this thing my friend's mom posted!" It really is great for kids our age to get this kind of encouragement. Thank you!!Beccahttps://www.blogger.com/profile/06466472891256658798noreply@blogger.comtag:blogger.com,1999:blog-7237510488098484827.post-40119368607096515042010-04-07T09:44:32.035-07:002010-04-07T09:44:32.035-07:00It'll take awhile, but we'll get there. An...It'll take awhile, but we'll get there. And I think the journey will be just as great as the destination in most ways, though it's certainly hard to be patient sometimes.<br /><br />Good thing Elder Uchtdorf covered the topic of patience just the other day!Barthttps://www.blogger.com/profile/02891001107688768478noreply@blogger.comtag:blogger.com,1999:blog-7237510488098484827.post-29813761526386517112010-04-07T09:03:12.812-07:002010-04-07T09:03:12.812-07:00Becca: I would recommend setting small goals in p...Becca: I would recommend setting small goals in paying off your student loans. Work on $10,000 or $20,000 off at a time. Then take a couple of months off from paying extra and do something fun with your extra money. You would only have to do this about about a dozen times to have the debt completely done. It will certainly take you a few years, but you'll get there -- and way before you're in your 40's. Go to www.bankrate.com and plug your loan and interest rate numbers into one of their mortgage calculators (they work like any other loan) and see how much in interest you'll pay if you don't pay off early. <br /><br />I took the liberty of plugging in some guess numbers for you. If you have $180,000 in debt at 6.25% for 15 years you would pay $97,805.07 in interest -- above and beyond the original $180,000 you currently owe. If your loan has a lower rate of 4.0% then you'd pay $59,658.81 in interest. <br /><br />The vast majority of your interest payments are going to be in the first 5 years of this loan -- you'll be paying very little toward the principle, unless you pay off early (that is ALL principle). So, to pay a bit ahead at this point (or whenever you have to start paying) will save you most of that interest. Waiting 5 or 10 years to finally start paying extra principle will not save you all that much because the interest will have already been paid to the bank. <br /><br />Obviously this is your life and you can do what you want. But wanted to give you some things to think about. Good luck!! And I LOVE Palo Alto! So beautiful!! Was just there on Monday.Carolehttps://www.blogger.com/profile/13361293553525222340noreply@blogger.comtag:blogger.com,1999:blog-7237510488098484827.post-58979503811094308002010-04-06T23:54:18.272-07:002010-04-06T23:54:18.272-07:00This all just seems so daunting to me. Ty and I ha...This all just seems so daunting to me. Ty and I have well over 180K from med school and with him making very little as a resident, and me making a decent salary (but one that we're completely putting away and pretending doesn't exist), it still looks almost impossible to pay back anything. Cost of living is so expensive in Palo Alto, and eventually we'd like to have kids which will take me out of work, so although we might get a good chunk paid off, it just feels like we'll have this debt till our 40s like most doctors! :(Beccahttps://www.blogger.com/profile/06466472891256658798noreply@blogger.comtag:blogger.com,1999:blog-7237510488098484827.post-75032063986489169072010-04-05T19:12:39.427-07:002010-04-05T19:12:39.427-07:00Carole,
Thanks for the reply. Everyone talks ab...Carole,<br /> Thanks for the reply. Everyone talks about Dave Ramsey but I've never actually checked him out. I'll take a look and see what I can learn.Sheyennehttps://www.blogger.com/profile/08510100663132358313noreply@blogger.comtag:blogger.com,1999:blog-7237510488098484827.post-12424812086355487462010-04-05T03:21:10.963-07:002010-04-05T03:21:10.963-07:00Sheyenne: I'm a HUGE Dave Ramsey fan, as you&...Sheyenne: I'm a HUGE Dave Ramsey fan, as you've probably guessed. He recommends that you continue to pay 15% of your income to tax-friendly retirement plans while you pay off your house. He knows a lot more about money than I do, so I take his word that this is the way to go. <br /><br />Go to the Dave Ramsey home page and read through his Baby Steps plan. He explains things very well.<br /><br />Good luck to you and your family!Carolehttps://www.blogger.com/profile/13361293553525222340noreply@blogger.comtag:blogger.com,1999:blog-7237510488098484827.post-22155177123856380272010-04-04T22:55:13.297-07:002010-04-04T22:55:13.297-07:00We've actually made a plan to pay off our mort...We've actually made a plan to pay off our mortgage in 4 years- however, we have very significantly cut down our retirement savings to do this. With the low interest on our mortgage and it being tax-deductible, I'm hoping we're making the right choice to get it paid off first. I want to do this to free up some cash to travel, but also as sort of an insurance policy because my husband is diabetic and is pretty much impossible to get life insurance on, and I'm a stay at home mom. I want to have the peace of mind that if I should suddenly be left without him, I'd at least have a home for myself and our children. What do you think about cutting retirement savings in order to pay down the mortgage?Sheyennehttps://www.blogger.com/profile/08510100663132358313noreply@blogger.comtag:blogger.com,1999:blog-7237510488098484827.post-54307177572482631552010-04-03T06:13:48.706-07:002010-04-03T06:13:48.706-07:00This was definitely inspiring! My husband and I wa...This was definitely inspiring! My husband and I want to pay off our mortgage, and we're slowly getting there. Glad to know that other people have done it, too, and at a young age!tootiehttps://www.blogger.com/profile/17820959883657749639noreply@blogger.comtag:blogger.com,1999:blog-7237510488098484827.post-19936701685482348292010-04-02T12:56:43.824-07:002010-04-02T12:56:43.824-07:00s post was just what I needed to motivate me to sa...s post was just what I needed to motivate me to save even more. I am totally going to make an amortization plan and tape it to my pantry door. Can't wait to be debt free!Maryhttps://www.blogger.com/profile/17676545568653344069noreply@blogger.comtag:blogger.com,1999:blog-7237510488098484827.post-68882383279623117392010-04-02T10:32:43.896-07:002010-04-02T10:32:43.896-07:00I love this blog. When we were first married, we ...I love this blog. When we were first married, we got into a lot of debt. Once we decided to buy a house, about three years later, we decided that paying everything off before would be a great idea. So we did, and I was amazed at how quickly we paid it off, plus saved a significant amount for a down payment.<br /><br />We have always paid about an extra $100 a month to our mortgage payment, which means we end up paying an extra payment a year, but this whole paying off your mortgage in three years thing really has me thinking. I don't think I would have ever really thought it was possible.<br /><br />Thanks!The Liddellshttps://www.blogger.com/profile/07563434703260940456noreply@blogger.comtag:blogger.com,1999:blog-7237510488098484827.post-27874199310410254402010-04-02T09:14:59.427-07:002010-04-02T09:14:59.427-07:00Ah, it does look nice. I have high hopes that this...Ah, it does look nice. I have high hopes that this will be us. A crucial part you only implied is that you must have had some sort of decent, stable income. I don't mean super wealthy, but decent. That's the part I'm looking forward to more: a real income. I know that all that other stuff will be possible once we get to the point that my husband isn't in school and we have a predictable, steady income (even if it isn't very big). My fingers are crossed that happens in about four years or so. I just keep telling myself, that really that isn't as long as it sounds!Carlyhttps://www.blogger.com/profile/02624558841231207858noreply@blogger.comtag:blogger.com,1999:blog-7237510488098484827.post-5053788251635116032010-04-02T08:20:21.275-07:002010-04-02T08:20:21.275-07:00I resent that comment about the older children bei...I resent that comment about the older children being "larger"...... :) <br /><br />This was a great post. We're currently working toward paying off our home and I can't even imagine how much we'll be able to save when that huge chunk of money isn't coming out of each monthly paycheck. Hallelujah.Anonymoushttps://www.blogger.com/profile/09460868173643998921noreply@blogger.comtag:blogger.com,1999:blog-7237510488098484827.post-65879279088610250882010-04-02T08:03:06.582-07:002010-04-02T08:03:06.582-07:00Dear Mother-in-law-in law,
I love reading your po...Dear Mother-in-law-in law,<br /><br />I love reading your posts because where you were is where we are now and where you are now is where we hope to be someday. You give me such hope when I think about the horibble monster that is our student loans! I know we can do it and I know the Lord will bless us!The Petersonshttps://www.blogger.com/profile/00802314644675229385noreply@blogger.comtag:blogger.com,1999:blog-7237510488098484827.post-57324357878585958182010-04-02T07:32:26.759-07:002010-04-02T07:32:26.759-07:00This is amazing. I've been struggling, too, wi...This is amazing. I've been struggling, too, with the idea of saving for some far-off future (like retirement, which is around 30+ years away for us). But to think about how much of our monthly income goes to what I consider "good" debt- our mortgage and car loan- being totally gone...whoa...that is incredibly significant!!!!<br /><br />I love the personal experience you shared here, thank you!Melindahttps://www.blogger.com/profile/06024781281106560254noreply@blogger.com