The Purpose of Debt
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It seems that nowadays everybody carries some amount of debt. Some people go into debt to start a business, some go into debt to obtain an education, and some go into debt to make large purchases. With opportunities for financing and loans everywhere to be found, it is no surprise that young people can [...]
What Come’s First? A Step-By-Step Guide to Financial Independence: Step 6–Pay Off Your Low-Interest Debt
Welcome to the fifth installment of Independent Beginning’s Step-By-Step Guide to Financial Independence inspired by Dave Ramsey’s “Baby Steps”. In the last installment, you learned about Step 5: Set Up College Funds. In this installment, you will learn about Step 6: Pay Off Your Low-Interest Debt
Step 6: Pay Off Your Low-Interest Debt
At this [...]
What Comes First? A Step-By-Step Guide to Financial Independence. Step 2: Pay Off Your High Interest Debts
Welcome to the next installment of the Step-By-Step Guide to Financial Independence here at Independent Beginnings! Yesterday, I introduced Step 1: Set Up an Emergency Fund. In Step 1, you were encouraged to set up an emergency fund equaling $1000 or 1-month’s worth of expenses, whichever is higher. Once this preliminary emergency [...]
Federal Student Loan Changes–Income Based Repayment
Starting on July 1st, 2009, students will receive a huge relief on their federal student loan payments. The program is called Income Based Repayment (IBR). The new program will set a limit on monthly payments that is a percentage of the student’s income. Specifically, IBR will cap monthly payments to 15% of [...]
Paying Off Debt: Dave Ramsey vs. Suze Orman
If you are like most Americans, you have to worry about paying off a substantial amount of debt. This process can be stressful and overwhelming. Because of this, it is important to attack the problem with a plan. There are two main methods for attacking debt. The first way, called the [...]
