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Net Worth and Debt Free Projection

December 8th, 2012 at 06:41 pm

I had decided to look at all the stuff that I have and see what my net worth is currently.

-$30,000 approximately

Pretty sad I'd say...

My current debts equal $50,000 and my assets equal $18,000 approximately.

What I want is to be debt free by May 2018. It seems impossible right now, but I know that I'll at least be able to pay approximately $30,000 towards debt by then. That means that there is a difference of about $20,000. I'd have to make up about $4,000/yr to be able to payoff everything by that timeline. So hopefully I'll get promoted in a timely manner, or get a really good bonus when i re-enlist.

But that is my projected goal of debt free.

May 2018 here I come!

5 Responses to “Net Worth and Debt Free Projection”

  1. creditcardfree Says:

    Getting out of debt usually is longer on paper. You'll find that cash will flow into your life when you do the right things, and that you might find other ways to reduce your spending as well. If all those savings go to debt repayment, it speeds up the payoff time!

  2. Sian Says:

    that's what i'm hoping! i'm going to be working on selling things and doing some side jobs. that's one of the reasons that when i get home i'm going to gather up ALL my possessions and go through EVERYTHING and sell what i'm not keeping and at the very least to donate it. i have a lot of stuff and i'm ready to clean house in more than one way. i won't be able to even look at things on paper until i get home so that i can get a REAL idea. ugh! MY goal is May 2018 but on paper it may be longer or shorter. we'll see!

  3. patientsaver Says:

    I find that always keeping your goal uppermost in your mind helps keep you on track. For many years, paying off my mortgage was #1, and it helped keep me on the straight and narrow, throwing extra money at the principal when I could. It paid off.

    I just hope you don't tell us that you're paying to keep your possessions in storage!

  4. wowitsawonderfullife Says:

    I agree with the paper vs reality noted above. When you get in the groove it really starts landsliding towards paying debt. Some things that seem important now will likely not be as important when you see how the debt is decreasing. You are definitely on the right track. Awesome job!

  5. Sian Says:

    haha. i'm going to try not to. i'll have a 1bdrm apt/when i get back. i'm going to get the stuff i need at my brothers place first then go to my parent and get EVERYTHING. go through that, then get all the rest of my stuff from my brothers place. i'm going to try and get a storage room attached to my apt (i think they come with one) but i only plan to use that for 3months max. i don't want storage but to get my stuff out of my relatives homes i will do it. my brother might let me store it at his place as i go through it though (he lives 2hrs away & my parents are 6hrs away)

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