How on earth do you manage that?

ozzyfan_2

what an inspiring post & signature juni

you have every reason to be very proud of yourself & you've given hope to all us DFW's

it just goes to show what can be achieved with hard work & determination

so pleased you have a happy ending

Juni_3

JAMIEDODGER wrote:

wow juni, great post. i noticed your sig....how did you get to that point? if you dont mind me asking...

As the sig says; hard work and determination. Too be honest I overdid it as my health is not so good now. I aimed for the sky and hit the moon.

I was fortunate to have a natural appitude for computers at the time they were really taking off in this country. What I did though was to take this skill and study the marketplace to figure out where the next "boom" would be. I put myself onto various courses to learn how to make an impact on interviews and to learn how economies and businesses worked. I devoured books on the subjects, often getting through one a day.

I started out doing government consultancy during the recession as thats about the only place to make money during a recession.

After that I reckoned that the next big thing would be the internet and gambling/sex would be the things that sold. As I didn't fancy getting into the !!!!!! industry I managed to get myself into the gambling industry. That was 1996.

Ten years later I've got my rewards for working 100hr weeks, endless all nighters and never seeing the kids.

I can't complain about the results though. I never thought I would retire at 40 as a millionaire fifteen years ago.

Despite being what 99% of the country would consider very rich I still shop in Lidls primarily, although I have been known to pop into Asda.

Just think, when you get yourselves out of debt, all that money you're paying off debts can be invested and starts to grow. If you're fortunate to couple that with a good wage then it's incredible how fast the cash grows.

The habits learnt while paying off debts are exactly the habits you need to make yourself rich or, if thats not your ambition, to have a lovely lifestyle within your means.

dinkylou

I like your attitude Juni.

Having debts obviously made you determined to succeed in life, and you have.

Your spirit and determination is something for us all to aspire to.

I'm trying to fight my debt now and your post here has inspired me to keep going. Thanks x

Linguistic_Chimp

Hi dinkylou,

You said that you had a scary student loan to pay off. Without wishing to be nosy, I was wondering how much it is? Mine, 1.5 years after graduation, currently stands at 17000 quid. I am currently paying it off, judged from my salary, at a rate of 127 quid/month. I just worked out that if I keep up that rate then it'll take me to 2017!!! I can't even contemplate that far ahead.

I was planning on adding voluntary contributions that would pay it off by 2008, but since the loan interest rate is so low, I have been convinced (by this website and my boyfriend's parents) to save the money instead in a high interest savings account and use it for something in 'the future'.

What is your approach to the whole thing?

The Language Monkey

P.S. For more info on my debt at its highest check out my initial post on this board.

scottishspendaholic

Hi Linguistic Chimp,

Sorry to jump in but I am in a similar situation. I have 4 years worth of student loans from 1998-2002 - and I am only paying back about £40 a month directly from my salary. You've just reminded me that I must phone them and ask them for a statment as I've no idea how much I owe at the moment.

I'd like to pay off more but I also want to pay off my consumer debt first (see my signature) - but I agree with what others say about putting the money in an interest free account but I also know how you feel - that you just want it paid off! I have to admit I'd be tempted to pay if off by 2008 if I could, but I understand that may not be the most sensible option.

Let me know how you get on...

scottishspendaholic x

dinkylou

Linguistic chimp,

My student loan to SLC is just over £7k and am paying back (through salary) about £50 per month. I've been paying it back just over 3 years now.

I have thought about this alot as I want rid of it, but decided that as the interest rate is 3.2% and my ISA is 5%, I am saving an amount each month in my ISA instead.

That way, I am making more money in interest and when it gets to a certain level then I will just pay that towards the loan.

And also, if I do need a loan for a desperate emergency, the money will be better used there than getting a loan of about 6%.

Scottishspendaholic,

I dont think they will tell you your balance but the annual statement should be out soon so you could always make sure they have your correct address?

dont_want_to_be_in_debt

Its very easy to run up a huge debt, you get a large tax bill when self employed, have to take out a loan to pay the debt,become employed to pay of the debt, have to move house because your landlord moves back from Africa, earn less than you need to live on have two kids that are amazingly expensive they dont stop growing eating and needing one of whom is autistic and cant be left with childminders so you cant work. Credit cards are so easy. Parents that never even gave you pocket money let alone budgeting advice. Then five years of poverty to come... Its very very easy to get into debt very very hard to face it and even harder to get out.

Linguistic_Chimp

Hi scottishspendaholic!

I just wanted to say a big GOOD LUCK and I know you can do it! My lightbulb moment was after I got back from a trip to Australia in August 2005. Because of the low value of the Aussie dollar, I didn't need to spend much money out there and since I was there for 5 weeks, I got paid twice during that time. Hence when I returned my account was in credit for the first time ever in my life.

This inspired me to keep it that way and pay off the debts I had accumulated and I realised how much money I'd been wasting. Just changing my phone and internet service providers, downloading Skype for free and cheap calls over the internet and being much more aware of what I am spending has made a HUGE difference.

I now have made a monthly budget for myself which is well below the means provided by my salary and am doing OK at sticking to it (give or take 50 quid either way!). I have to say this site has been a godsend and I highly recommend hunting on the forum for anything you need!

A few tips: - examine all your service providers (gas, electricity, water, phone, internet etc) and using this site make sure you're getting the cheapest ones.
- make your lunch and take it to work with you, it's so much cheaper than buying in the canteen/going out for lunch every day. I live on my own, so one day a week I make all the food I'm going to eat for the rest of the week (at work/home), then all I have to do is heat it up if necessary to have a meal. Cuts down on effort of cooking AND price!
- make a budget for yourself, based on how much you want to save/pay off every month and how much you reckon you can afford to live on after rent and bills are paid.

Once again a huge GOOD LUCK and keep us informed of how you get on!

The Language Monkey

dont_want_to_be_in_debt

pixie1 wrote:

Exactly how do you guys manage to rack up so much debt?

Ask nicely and i may answer but today im totally sick of been judged by people who do not know me.

Im not sure i will be posting here anymore....thanks to those who have been supportive, i couldnt of got this far without you x

I agree it is very hard facing up to your problems yes so maybe we could have been wiser, but we were dealt hard cards. We wont anyone else to pick up our problems -to ashamed but we will survive and get free of debt and understanding from other people goes a long way. Its very easy for other people to critize, its a lot harder to find the money for a kids birthday cake.