Waiting for our debts to disappear

I’m 23, a recent college grad making ~$80K/yr, on my way to clearing $33K in student debt within 18 months of graduation (Dec ’11). This means, I’ll be 100% debt free at age 23!

…That is, until I buy my first home and take out a mortgage in a few years. I’m switching gears to accelerate savings/investments so I can pay down big ticket items like this in the future ASAP.

Student loan and that’s all for now. Not planning on getting anything I can’t afford in the near future thanks to your lovely blog.

Very interesting…

We’ll have our student loans and car paid off by May 2014, assuming no huge emergencies/unexpected loss of money. We’ll probably be more aggressive in getting them paid off (I’m hoping to get rid of them by the end of 2013 at the latest), but for the past few months we’ve been more focused on starting our retirement savings and beefing up our emergency fund.

We are one year into a 30 year mortgage, but we expect to move before then…whether we buy again or not will depend on where we end up, but we’re hoping to be able to make a huge down payment when we finally settle in a city for faculty positions (theoretically). We would like to own a home wherever we end up long term so that we don’t have to worry about a mortgage OR rent when we retire…but it’s still hard to say when we’ll be settled. We don’t plan to finance a car again, so we shouldn’t have that kind of debt again.

Basically, our non-mortgage debts WILL be gone within the next 2-4 years, and we’ll see what happens with the mortgage.

I won’t be debt free for a couple of years, and at this rate, it may be more than a couple. I’m keeping hope alive though and working on a bigger, more vigorous plan.

I’m 21 and haven’t been in dept so far. I know, I have my life ahead of me and don’t know what will happen, so maybe someday..I hope not. Anyway, I didn’t have to pay for college and have a scholarship instead. My parents and grandparents have saved for me since I was about 10 to provide money for my future education and house. I’ve already used some of that money, but have still around 15 000 dollars in savings (that’s converted from my local currency, I live in the Czech Republic. You have to take into account that everything is cheaper here and we get paid less). Aside from my scholarship I work part-time from time to time to cover for my holidays. I was able to buy myself a laptop and other things. I get no money from my parents now, I only got acces to the already saved money when I was 18.