Came across this blog while randomly browsing. Great way to pay off 100k loans in an year.

He sold almost evrything except his AP1 s2k.

http://nomoreharvarddebt.com

Video of summary

http://www.youtube.com/watch?v=1Y6kTsBNH78

 

As a fellow MBA with 6 figure loans, I respect the guy for sacrificing everything to get them paid off so quickly... But it still sounds like this guy has issues.
His payment would allow his loans to disappear pretty quickly as-is; and the principal will come off faster and faster. He did the heavy lifting in the first 2 years of what seems like a 10 year loan. So instead of living comfortably and just watching the principal peel off over the next 7 years, deducting the interest, and living a normal life, he sold everything he owns and will eventually need to replace some of it but at retail value (probably more than he sold it for originally), busted his ass landscaping for a year, wasted a year of valuable dating time, missed a low point in the stock market to invest in his future at a faster pace, etc.
I'm not saying it was wrong, it is just totally extreme and kinda smells like he had grand plans of making the next big documentary...

 

From a finacial standpoint, i completely agree with dombey. From a human standpoint i applaud this guy for dokng what he did. From a financial planner/advisor standpoint, his dave ramsey-esque 10 months was financially retarded, but honestly we can all learn a lesson or two from it. Not everyone is mentally built to ignore the rat race, to not subconciously comort themselves for being in debt by buying more stuff, etc. By being debt free, you do have a clearer perspective on life and what is really most important to you. Lastly, yeah he did lose out on 10mos of one of the biggest run ups in the stock market, but no one could really know that, in 2009 and 2010 everyone said to invest in europe and yeah... lets not even begin on the FB ipo. But one thinghe has now is paycheck freedom and a better understanding on how to use his money. Gotta live off of rice and beans to really enjoy a steak.

 

I think that is one of the most refreshing videos I've seen in a long time. Easy credit has everything thinking they've earned multiple cars and all the rest of what we blow money on nowadays, purely because some banker will approve the loan...this guy has his priorities straight. Would I ditch weddings to pay off debt, no...but that just means this guy is willing to push a little harder than me.

He'll probably be a success story in a few years if he puts this drive into his career.

 

I wasn't sure what to think but I enjoyed it in the end!

 

Yeah i mean his financial plan tecnicaly isnt sound, but the overall message is a great one. That said, im sure he has a decent pretax income and sounds like he was stretching himself pretty thin to begin with because i i sold everything i have minus house and property, i would be able to pay off 100k in a year, or two. Nonetheless, a good sotry of the human spirit.

 

i enjoyed the vid

 

Can't deduct the student loan interest if you make more than $150K a year filing married, or ~100K filing single. Apparently the fed's think $150K for a couple is a lot of money, but in the area i live in its middle class. Anyway, just wanted to clear up that misinformation, but yeah I agree that story is freaking insane.

Student loan debt isn't terrible debt to have in the first place.... On the other hand it is refreshing to see someone getting debt free and going against the grain...

 

The guy with few money but with less debt will always sleep better that the guy with more money but with more debt.

In the past 6 years my income have been more than double but so my debts. This year I will make less money than last year but I have less debt, I have more money in my pocket and sleep better every day

 

a while back i was living semi-temporarily overseas on work assignment. the uncertainty of the duration/status of the project meant bouncing around corporate rentals month to month, and reducing my personal goods to literally 3 suitcases.

the nature of that situation lent itself to a minimalist lifestyle. i purchased almost nothing material besides a few clothing articles. it was one of the most liberating experiences of my life. not even financially, but mentally in the way of not accumulating stuff.

it felt really, really good.

eventually i moved back, but continued to subscribe to the "buy few, buy good" mantra. that lasted a few months until i found myself -- a single person -- in a 3BR house with 3 cars and countless gadgets and knick-knacks:
i dont ever ever use my stereo system.
dont watch subscription television.
dont play on gaming consoles.
i barely touch my 3 handmade bikes (carbon calfee & steel derosa).
all the random kitchen appliances -- vacuums sealer , sous-vide bath , pasta maker , numerous espresso machines -- just take up counterspace.

i didnt need them AT ALL that year in england, and i dont need it now.

next month im starting the expat stint again. and glad for the opportunity to get rid of all this junk now and start anew.


between amazon.com and the extreme ease of purchase here, its really easy to get sucked into this shop-shop-shop lifestyle. living in the opposite manner requires an external change but is so damn rewarding