Tuesday, July 7, 2015

Update - July, 2015 - You can do it!

"The man who begins to say it can't be done is often interrupted by somebody else doing it." -Elbert Hubbard

Excuses, excuses!  I am often appalled when after reading an encouraging personal debt payoff story submitted by someone who has patiently sacrificed the pleasures of today for a better life tomorrow, the reader responses are littered with the skeptics who spend energy and digital ink condemning the contributor as a liar or exaggerator because in their minds it couldn't be done.  Then there are others who simply must justify themselves and their inability to accomplish something similar because they just don't have it as good as the author.  They may feel better about their lack of success, but in the end they've been interrupted by the man (or woman) who did it.
I've been in the debt payoff mode for several years now and I can tell you from personal experience that it's NOT easy.  To be successful you must constantly swim against the current of self-indulgent consumerism promoted by the commercial system whose economic life depends on your living beyond your means.  You fight boredom as the same basic incremental payments seem to ever so slowly whittle away at the mountain of debt month after month for years on end.  You wrestle with discouragement when unforeseen bills such as medical expenses or house and car maintenance costs eat away at your debt repayment efforts.  The list is endless and any one or all the above becomes the fodder of excuse-makers.
If that has been your experience, take heart!  You can become the one who by your bold, patient persistence interrupts the naysayers.  Don't let their defeatist attitudes and excuse-making become a source of discouragement.  I've said it before, but the secret to success lies in visualization.  You must be able to see yourself living your new debt-free life.  You've got to imagine the feeling of satisfaction, having reached your goals.  Feel the freedom.  See the better life.  Meditate on the positives.  I find writing this blog helps me.  I frequently go back and read what I've written and I'm amazed at how encouraging that can be.  Associate with like-minded people who are working hard to liberate themselves from the bonds of debt.  Read their stories and rejoice in their accomplishments with the full expectation that your day will come.  If they can do it, so can you!

Jan 1, 2013 (Beginning Bal).                                              July 1st, 2015                                Amount Paid Off
House #1 - $70,908                                         House #1 - $49,547                      $21,361
House #2 - $57,619                                         House #2 - $ 0                              $57,619
House #3 - $49,123                                         House #3 - $ 0                              $49,123
-----------------------------                                    -----------------------------               -----------------------------
Total:       $177,650                                                          $49,547                     $128,103 (-72.10%)

Well, as you can see, we've paid off $128,103.  That has certainly not been easy.  What could I have done with $128k over the past two and a half years?  Plenty!  New cars, trucks, home remodel, gadgets galore, tons of travel.  We could have become drunk on consumerism without the hangover of debt.  But at times when I'm feeling weak or bored, I just go back and read more on debt-free living and imagine what life will be like by this time next year when I can fully enjoy the fruits of my labors and call an official end to this forty-two month rental property payoff marathon.
The battle will have been worth the sacrifices.  I can see that clearly.  Can you see it in your case?  Let me know how things are going in your debt-payoff adventures.  What issues are you battling?  How close are you and what "future reality" helps you carry on in your efforts? 


Investing Early said...

Gratz on the results from this july update. Whats really cool is when one debt gets completely paid off, the others become easier!

Pay off my rentals said...

Thanks, Investing Early!

Absolutely true. The snowball gets rolling a little faster because it's getting a little bigger every month. Actually, I expect next month to be a very good month on the mortgage payoff front. I'm getting really close here and look forward to fulfilling one of the purposes of this blog: Keep me motivated to see this 3 1/2 year goal to completion. In the process I hope I've encouraged a few others as well.

Thanks for reading and commenting.

No Nonsense Landlord said...

I have one more mortgage I will likely payoff before I retire. Then, I do not owe too much and will cash flow another $970 a month.

Pay off my rentals said...

That's outstanding, NNL

We get the best of both worlds: Reduced debt and increased cash flow. It just doesn't get any better than that. Risk free return without the mood swings of the market. Excellent work.

Moneywatch101 said...

Congrats on staying on course with a 49K debt pay down in 1 year is about 4K a month. That's a lot of money. Good luck and then you can definitely save more and be free sooner rather than later.

Pay off my rentals said...

I appreciate the sentiments and commendation, Moneywatch101. You may not be reading the chart quite accurately. The 49k is the balance owed on the last rental mortgage. However, I have paid off 128k in 30 months making your point on point. ;-) That's closer to $4,250 per month paid toward debt.

It hasn't been easy, but support like yours adds fire to my desire to see this through.

Thanks for stopping by. I hope your around here when I get to post my last payoff.


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