Tuesday, February 16, 2010

Financial Freedom

Friends and friends of friends have been bragging on Facebook about paying off credit cards.

I just got repaid some money I lent out and paid off a card myself.

Why can't our government quit borrowing, reduce expenditures, and pay down it's debt?

Freedom entails doing what you want to without hurting others. You can't be free if you're a slave to your credit card companies.

I've embarked on a journey to pay off my credit cards by the end of the year. I have approximately $25K on 3 cards. I have a rental with some equity, and that will pay off most of it, so it's up for sale. I will probably need to spend $500 on paint and landscaping (maybe more) and will need to put it on the Home Depot card. At least they offer interest free financing for 6 months on purchases over $299.

I am also selling off projects and collectibles around the house on Etsy, Ebay, and Craigslist. As I'm in the middle of a move, I wish I'd done more of this sooner. I need to be out by the 27th, so I'm not going to be able to sell a lot of it. Luckily the place has appliances, so I can sell my kitchen appliances.

It's a bit ironic that I started investing in real estate in order to give myself financial freedom. I now believe I did it the wrong way. Instead of leveraging, I should have paid off properties and used the income to buy one property at a time and pay it off as fast as possible. Then you just carry a really good insurance policy.

1 comment:

  1. It was my goal to be debt free by 30. Well, I didn't quite get rid of ALL my debt, but I got rid of the credit card bills by my birthday last August.

    Congrats on taking those first steps!


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