Declaration of Financial Independence

[ordnance11]

5 years ago, I was deep in the financial hole. Lost my job for a year. Every credit card I got was nearing max and I was just barely making minimum payments.And would you believe I was still paying off my college loan?
Now?
1. I am one month away from paying off the last of my credit card debt. I paid off my college loan 2 years ago.
2. I just 8 months away from paying off my car loan, if I double my payments. Which is now doable. Maybe more since it is now my last major outstanding debt. Which I had to get in 2011 when some moron smashed into me at 60 mph and I was standing still. Because he was texting. *still makes me mad when I think about it.*
So in November 2015, I can declare financial independence. I might be able to up it to July of 2015. Which might be more appropriate.
So whatever date this happens I will finally be free this year from the tyranny of debt. I feel like singing!
Of course the big question is..now what? I'm saving for retirement..check..what else do I need to do?
__________________
Into terror!,  Into valour!
Charge ahead! No! Never turn
Yes, it's into the fire we fly
And the devil will burn!
- Scarlett Pimpernell

[Rajvik]

Invest, invest invest. Find some good stocks and start buying them a little bit at a time.
 

[hazard]

ordnance11 wrote:

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2. I just 8 months away from paying off my car loan, if I double my payments. Which is now doable. Maybe more since it is now my last major outstanding debt. Which I had to get in 2011 when some moron smashed into me at 60 mph and I was standing still. Because he was texting. *still makes me mad when I think about it.*

Shouldn't your insurance have paid for the damages that made that necessary?

[ordnance11]

Hazard wrote:

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ordnance11 wrote:

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2. I just 8 months away from paying off my car loan, if I double my payments. Which is now doable. Maybe more since it is now my last major outstanding debt. Which I had to get in 2011 when some moron smashed into me at 60 mph and I was standing still. Because he was texting. *still makes me mad when I think about it.*

Shouldn't your insurance have paid for the damages that made that necessary?

My original vehicle was a total loss. I had to buy a new vehicle. Well, a used vehicle. Thus the new car loan in 2011. Insurance was enough for a down payment. And that was it. Thank God for credit unions.
__________________
Into terror!,  Into valour!
Charge ahead! No! Never turn
Yes, it's into the fire we fly
And the devil will burn!
- Scarlett Pimpernell

[robkelk]

Of course the big question is..now what? I'm saving for retirement..check..what else do I need to do?

In order:

Save more for retirement. (I'm putting aside 5% of my gross pay, and the only reason it's that low is because I'm a civil servant and thus have an indexed pension.)

Invest in things that pay dividends. (Gold may be pretty, but it's just a rock until you can find somebody to buy it from you. Put your money to work instead.)

Share your good fortune - donate to the charity of your choice.

Indulge yourself. You won't be this young ever again - now is the perfect time to do that special thing you've always wanted to do.
--
Rob Kelk
"Governments have no right to question the loyalty of those who oppose
them. Adversaries remain citizens of the same state, common subjects of
the same sovereign, servants of the same law."

- Michael Ignatieff, addressing Stanford University in 2012

[ordnance11]

Save more for retirement. (I'm putting aside 5% of my gross pay, and the
only reason it's that low is because I'm a civil servant and thus have
an indexed pension.)

Been putting that aside into FERS..time to up it to 10 percent.

Invest in things that pay dividends. (Gold may be pretty, but it's just a
rock until you can find somebody to buy it from you. Put your money to
work instead.)

That I can do.

Share your good fortune - donate to the charity of your choice.

Can be done.

Indulge yourself. You won't be this young ever again - now is the
perfect time to do that special thing you've always wanted to do.

Might be difficult. I have been frugal for so long, the word indulge might be a problem. But we will see.
__________________
Into terror!,  Into valour!
Charge ahead! No! Never turn
Yes, it's into the fire we fly
And the devil will burn!
- Scarlett Pimpernell

[Bob Schroeck]

Congratulations, Ord. I can't add anything to the advice you've already been given, it's all good.
-- Bob
---------
Then the horns kicked in...
...and my shoes began to squeak.

[DHBirr]

Good news indeed.
-----
Big Brother is watching you.  And damn, you are so bloody BORING.

[ordnance11]

Update:

I just went below 4k on the car loan. So still on track for end of the year. I just ran it through the calculator (even if I had to divert money for the niece's college term tuition..ouch)

More number crunching..I should have more than enough to live on when I retire. Though there are 2 things I need to talk to HR about. They need to update my total years in service, since I bought back my military time.

To BA: If you every want to work for Uncle as a civvie, one of the first things you should do is buy back your military time. Doing that increases your federal time in service. Which makes you no longer low man at the totem pole in the office. I still remember fondly the staff meeting when the AD handled me my 10 year pin. I've only been there for 4 years. Everyone was boggled!
__________________
Into terror!,  Into valour!
Charge ahead! No! Never turn
Yes, it's into the fire we fly
And the devil will burn!
- Scarlett Pimpernell

[ordnance11]

On Tuesday,I pay off the final amount left of the car loan. $572.92. I am finally free of all debt.
Free at last! Free at last! Thank God Almighty! Free at Last!
Edit: So new Goal. The money that used to go to my car payment now goes into long term savings. Save up for big ticket items (i.e. down payment for a sports car  or a new car 5 years from now.)
The rest is 2 goals:
1. Build up a buffer for the checking account. 1 months worth of pay.
2. Build up an emergency account. 6 months worth of pay.
I'll think of what to do next later.
__________________
Into terror!,  Into valour!
Charge ahead! No! Never turn
Yes, it's into the fire we fly
And the devil will burn!
- Scarlett Pimpernell

[Labster]

Congrats ordnance11!  I wish I was debt-free, got 40 kUSD left on my student loans.  Not that I'm in a hurry to pay back the half of it at 2.3% interest.
Good goals.  Much better than my idea of hookers, blow, and anime figures.
-- ∇×V

[ordnance11]

vorticity wrote:

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Congrats ordnance11!  I wish I was debt-free, got 40 kUSD left on my student loans.  Not that I'm in a hurry to pay back the half of it at 2.3% interest.
Good goals.  Much better than my idea of hookers, blow, and anime figures.

A fiend of mine once said better hookers than drugs. Though that's a form of addiction also. I see no problem with anime figures if you think of them as collectibles.
__________________
Into terror!,  Into valour!
Charge ahead! No! Never turn
Yes, it's into the fire we fly
And the devil will burn!
- Scarlett Pimpernell

[Labster]

I see no problem with anime figures if you think of them as collectibles.

Well, there's one small problem with the resale market for anime figures:http://en.rocketnews24.com/2015/07/30/h ... er-figure/
-- ∇×V

[Rajvik]

I don't even have to read the article to say, thats not right and eww
 

[Bob Schroeck]

Congratulations, Ord!
-- Bob
---------
Then the horns kicked in...
...and my shoes began to squeak.

[Rajvik]

also, congrats ord, of course you get out and i now have to get even deeper. for the record i found myself in a rather nasty wreck tuesday night and now have no car. i use my mother's why she uses my sister's but i will of course have to replace mine soon. i dont hate car shopping, but now i have to look at what i need versus what i can afford.

for the record, i hate the smell of cordite and burned cornstartch