[abfan1127]

I was a sole provider making under $100k.

Edit: salary. We were receiving small bonuses ($10k) at the time. but we learned to keep our expenses down, and every bonus we did receive we rolled right into debt before spending it on stupid crap.

[wffurr]

Something is off with the math here. I don't doubt your story, but perhaps your numbers are a bit off?

240k over 3 years is $80k/yr in principal alone, substantially more with interest. If your post-tax take-home was $95k, that leaves only $15k/yr for living expenses for your household, which is extremely low.

Maybe that's possible with a lot of beans and rice, paid off used cars, and second-hand clothes and such.

Seems like part of the debt you are paying down is a mortgage, so that means your housing cost at least is part of the $80k/yr debt service. Still doesn't leave much for transportation (often second biggest expense for a household) and the rest.

[abfan1127]

no, you may be right (it was a few years ago). It may have been 3.5 or 4 years. I did receive small raises over the years, but we kept our budget fixed. I did receive a big windfall near the end from a company acquisition ($40k iirc). But at the rate were were paying stuff off, it brought it in ~6 months.

The math still shocks me every time I do it.

[theplague42]

So it was really around 100k over four years with the last 40k covered by your acquisition earnings. So 25k a year on a 100k salary (pre/post-tax?). Which is a lot less than 80k a year. Still impressive, and kudos, but let's not pretend that it's anywhere the same. That's a difference of two whole median incomes per year.

[astura]

Jeez, I made $99k last year and saved more than $25k and I AM an idiot with my money (I consider my lifestyle to be lavish). So I suspect it's more the "making a lot of money" part instead of the "not being an idiot with my money" part. Absolutely nobody is going to "not be an idiot" themselves to a six figure loan payoff in a few years on a 30k/year salary.

[bavent]

This math doesn't check out. $240k for three years is $80k/year. Assuming you are already factoring interest in. So you and your wife lived off less than $20k a year? Where?

[folkrav]

Must have had extremely cheap rent, be very frugal when it comes to eating and basically any expense, really. In rent alone I pay $10.5k/year (with what most people here extremely cheap rent). When I still was in school living off school loans, our frugal weekly groceries (almost no meat, very rare, mostly fresh produce in discount markets) came out around $80 a week, so about $4-5k/year. We're already at $15k. This leaves $5k for literally everything else. I'd wager no kids, no car payments, no cell phone outside maybe prepaid, basically nothing in utilities, buying used clothing, no appliances that broke, no internet above basic, next to nothing in terms of entertainment expenses, etc. Quick mental math keeping the strict minimum from what I pay right now and I'm already over $20k. This is weirdly cheap.

And honestly, if the numbers are right, good on him for having the discipline to do it, but this sounds like a rather awful three years.

[abfan1127]

Arizona