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- Sep 14, 2012
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Newer member here. I, like some others, feel way behind the curve. Granted, MJ didn't get his bang into Entrep. until later in his 20s; however, I feel like I need to make something happen now. I took a long, circular route in college-starting in 2004, taking a couple years off to pursue poker, then going back & graduating in 2012. I didn't read MJ's book until the end of last year, AFTER I had accepted a job at an insurance company. Bad choice.
My main questions are for those who finished college and had the school loans and other life debts from foolish purchases/spending. I also read Dave Ramsey's book, and have worked on Snowballing my debt (yes, some might not agree since it pays more in interest, but I got myself motivated by paying off chunks of debt this way). So far, I have about 7k in CC debt, 50k in school loans, and then car pmt, rent, phone, etc.
What is the most advisable route? Do you work tirelessly at whatever means necessary and pay off the CCs/School debts quickly while just having a small emergency fund set aside (also described in Ramsey-$1k in fund)?
Do you pay off the most critical CC debt, while leaving School Loans for the 10-20 years you are projected to pay on them (since lower interest)?
Do you pay min on everything, save up all you can on the side while developing an idea, then spend this fund to get idea/product produced->which generates an abnormally large amt of revenue?
The reason I ask is because I always switch on what is the "best" route. I want to get out of my cubicle and into financial freedom. Credit Card debt will take me another year to pay off, maybe 2. School Loans I don't even want to think about. I just don't know if I should get this debt out of the way before tackling the debt that comes from creating a business, or going for the business first, since this should generate more profits quickly than staying in the cube to do it.
I remember reading in MJ's book that there will never be a perfect time in Life to do anything. I can't wait for all the lights to turn green before leaving home, otherwise, I never will. However, I would still appreciate any input from those who have already "been there, done that." My goal was to earn enough by poker on the side again, combined with cubicle pay to get out of the credit card debt. Then, maybe set enough aside to get out of the cube, doing what I enjoy for "necessities" while building a business on side. Thanks for the thoughts.
My main questions are for those who finished college and had the school loans and other life debts from foolish purchases/spending. I also read Dave Ramsey's book, and have worked on Snowballing my debt (yes, some might not agree since it pays more in interest, but I got myself motivated by paying off chunks of debt this way). So far, I have about 7k in CC debt, 50k in school loans, and then car pmt, rent, phone, etc.
What is the most advisable route? Do you work tirelessly at whatever means necessary and pay off the CCs/School debts quickly while just having a small emergency fund set aside (also described in Ramsey-$1k in fund)?
Do you pay off the most critical CC debt, while leaving School Loans for the 10-20 years you are projected to pay on them (since lower interest)?
Do you pay min on everything, save up all you can on the side while developing an idea, then spend this fund to get idea/product produced->which generates an abnormally large amt of revenue?
The reason I ask is because I always switch on what is the "best" route. I want to get out of my cubicle and into financial freedom. Credit Card debt will take me another year to pay off, maybe 2. School Loans I don't even want to think about. I just don't know if I should get this debt out of the way before tackling the debt that comes from creating a business, or going for the business first, since this should generate more profits quickly than staying in the cube to do it.
I remember reading in MJ's book that there will never be a perfect time in Life to do anything. I can't wait for all the lights to turn green before leaving home, otherwise, I never will. However, I would still appreciate any input from those who have already "been there, done that." My goal was to earn enough by poker on the side again, combined with cubicle pay to get out of the credit card debt. Then, maybe set enough aside to get out of the cube, doing what I enjoy for "necessities" while building a business on side. Thanks for the thoughts.
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