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Originally Posted by arrwheader
I have been looking at ways to get out of some debt as well and have been looking around for advice. The appeal is to just be able to stack money quickly and feel more secure or able to buy land at some point. Our only debt is car loans (one is a camper we use a lot) and our mortgage and student loan. No credit cards or anything like that. We are able to put money in savings every month and pay for these things comfortably and have spending money (me and the wife have separate spending accounts for things we wanna buy for ourselves). We’d like to pay off all the debt and eventually the mortgage. I’ve looked at some aggressive methods and it just seems to not add up right like forgoing retirement contributions or throwing every extra dollar we have on the debt to where we are not saving any money. I have a hard time with any of these options and we always end back in the same place just making our payments and living life. Starting to think that’s just the balance we’re at. We aren’t saving every dime for retirement but have some debt to do things we enjoy. Same time I’d like to pay at least the car loans off and snowball to mortgage but easy said than done.
The aggressive things just don’t seem to make sense because we mortgage the future but then there is ok once it’s paid off play catch up, but there’s opportunity cost there. Idk Ramsey seems extreme like others have said in today’s world. We are kinda stuck here.
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If you have a low mortgage rate I’d be focused more on paying it to schedule and investing my money. I’d also not be stacking money in a savings account unless it’s a high-interest account.
Also, find a way to payoff those vehicle loans. Financing a depreciating asset is less than ideal if you can keep from it.