tag:blogger.com,1999:blog-615490013609764120.post3363743973355159852..comments2007-12-05T21:16:27.595-05:00SingleGuyMoneyhttp://www.blogger.com/profile/03525952724884778798singleguymoney@gmail.comBlogger1125tag:blogger.com,1999:blog-615490013609764120.post-61959099965949382692007-12-05T21:16:27.595-05:002007-12-05T21:16:27.595-05:00I just found your blog and was reading through. I noticed that you are 'knocking out your small balances' as opposed to paying the 'highest interest rate debt first' I think that since you had such a large emergency fund, you should have paid more towards your high rate car loan as opposed to your low rate 'fixed for life' credit card balance. Also, have you considered re-financing your auto loan to a lower interest rate? Have your run your debts though a snowball debt calculator? here is a link to one: http://www.whatsthecost.com/snowball.aspx?country=us<BR/><BR/>Also, reading through, I noticed that as soon as you paid your non-mortgage debt down $10k, you were going to increase your debt with an investment property for much more than that amount you reduced your debt by. I don't think that was a good idea. When I look at your debts, and without knowing the specific numbers, I would say that your primary goal should be paying your mortgages down to 80% LTV so that if you needed to sell one of them in a pinch, you could. BEFORE considering another investment property.<BR/><BR/>Either way, congatulations on realizing your debt and making it a goal to reduce it. My finances were very similar to yours. The only thing I did differently was to pay off my $35k 6% car loan and keep my $15k in credit cards at 2.99% fixed for life. I am down to $32k in non-mortgage debt. My goal is to pay my $222k mortgage down to $200k by my 5 year anniversary of owning my house (jan 2011). At that time, my $32k debt will be about $20k just by paying the minimum payments...but still at a low-low interest rate. I am taking the approach of reducing my expenses as much as possible, without copromising my 'quality of life'. And being more aware of where my money goes. I still eat out for lunch every day like you do....my lunch expense has a daily cap of $7.50...but I usually spend $6.00. I also cancelled my cable service, downgraded to dsl internet, decrease my car insurance coverages, found a better homeowners insurance rate, got rid of my land-line, reduced my cell phone bill by changing plans, using energy saving light bulbs, a programmable thermostat, installed new windows(did it myself), a new shower head, etc etc etc...so I actually have more spending money now than ever before and my debts are still decreasing rather than increasing. Well i blabbed enough...GOOD LUCK! STAY THE COURSE!BillyBillnoreply@blogger.com