Mini Dave's Quest to be mortgage free!

StuartGMC

Wanna_Be_Mini_Dave wrote: »

I wanted to update this thread again because I made September's payment today

I overpayed by $3,000 this month That's $700 more then my "goal of a $2,300 overpayment" so I'm feeling great Not to mention I don't have to stress about another payment until October. Life is good :beer:

Dave
Wonderful progress, especially in these economic conditions.

BabyBetty

Hi Dave,

I just read your post and really loved it. I am a bit of a Dave Ramsey addict (listen to him every day). I got started on my journey towards debt freedom from listening to DR.

I must admit that I prefer the boards here - the challenges and general support.

When I finish clearing my debt, I am going to start saving a large down payment for a house.

Good luck on your Mf journey.

BB

setmefree2

Wanna_Be_Mini_Dave wrote: »

I wanted to update this thread again because I made September's payment today I've been doing really well at work lately and when I hit a streak like I have; I like to get ahead of the game After all, I know hot streaks don't last forever

I overpayed by $3,000 this month That's $700 more then my "goal of a $2,300 overpayment" so I'm feeling great Not to mention I don't have to stress about another payment until October. Life is good :beer:

Current Mortgage: $181K

well done :T:T

Wanna_Be_Mini_Dave

Update:

I made my October's payment this last week, but I only overpayed $500. Bringing my total mortgage down to $179K; I made enough money for my "$2,300" goal, but I'm saving that; and here's why:

This month the downturn in the economy finally hurt my company somewhat hard. My company is still making what I would consider "good money" but they're not making "great" money like they're used to. They've slashed everyone's pay, cut back our bonuses, cut back vacation time, and cut back our expense budget. They've cut back my expense budget so far that I'm having trouble actually "doing" my job.

Routine things like taking my clients out to dinner, they no longer allow. Which makes it next to impossible for me to compete with other salesmen when they get to take their clients out to eat or buy them gifts etc. (one of my old advantages was I would send a small gift whenever it was a client's child's birthday, usually something small like a $10 teddy bear, but they won't even allow that anymore, unless I take the money out of my own pocket)

So, the cut back has me where I am today. I've been fed up with the way my company has been treating the employees for some time now, and I've chatted with my wife about leaving. After all, why should my base pay be the first to be cut when the big wig's salary isn't even being touched.

I was talking to my brother in law about the situation and overall just whining about how I'm being treated. He then brought up an interesting topic.

My brother in law went to the Bejing olympics in 2008 to be a reporter. When he was over there he met a girl, fell in love, and now they're getting married shortly. Her name is CoaCoa (spelling is wrong). CoaCoa's father is a factory owner in Bejing. He basically produces random things for U.S. companys at a fraction of the cost it'd be to produce them in the U.S. He then ships them over to U.S. companies and those companies resell the products at a higher price.

Well, the "item" that I sell, he can make That means I can get the same item my company currently sells for the same price they currently buy it for (which is one of the barriers to getting into this business).

I'm very knowledgable on the subject (obviously since I sell it) my secretary wants to leave the company (I've been begging her to stay) I know about 5-10 other salesmen that are also wanting to leave, and my immediate family already owns other businesses, so my uncle could basically help me run it and set everything up in the beginning. He started his own real estate company 30 years ago, and his own home improvement stores 20 years ago and has done very well for himself.

Well, long story short, I don't know if I'll start my own business. But if I do decide to start my own business then I'll need capital. Which is why I'm only overpaying a little bit, instead of the full $2,300. I'm going to save up as much as possible, if I do end up starting my own business, great, I can used that saved money as capital. If I don't start my own business then I can use that money to pay down my mortgage in one big lump sum at a later date.

I'll keep this thread updated with what decision I'll make. Still up in the air but I'm kind of excited to even be considering starting my own business

Old mortgage balance: $181,000

New mortgage balance: $179,000


cliff notes:
-tired of job
-thinking of starting competing business
-redoing my overpayment goal from $2,300 to $500 per month

StuartGMC

Do consider your cash flow in the planning and try never to put the family home up as collateral if you can avoid it for obvious reasons. I wish you well in the review and whichever way the decision goes.

evab_2

Good luck with your plans, very sensible to keep hold of some money during these difficult times.

setmefree2

Hi Dave

Well done on your progress - tough about the pay freeze. I've had my pay frozen this year too (and I am not expecting a bonus either.) I had my pay frozen in the dot com bust and it stayed frozen for years:rolleyes:....Let us know how the saving is going.

I find it better to think in terms of my personal net debt - debt less savings - that way I'm motivated to save too!

.... whatever you decide to do.