How I Paid Off Credit Cards, Student Loans And Saved $150K For A New Home

How I Paid Off Credit Cards, Student Loans And Saved $150K For A New Home

Jake Hawkes describes how he was able to pay off debt to afford a home. It was after college, and his salary had gone up with his own startup company that it was enough that he could start making a plan. He explains how as a 30-something he lived like someone in his 20s — he relied on groceries rather than eating out, he downgraded to a one-bedroom apartment, and he cut costs on travelling. These sacrifices allowed him to save the $150,000 for a down payment on his own home. He explains the process he went through for finding the perfect choice for him.

Key Points:

  • 1Even in an expensive city like New York, it’s possible to pay off debt and save toward future goals if you know how to live frugally and have a plan and budget.
  • 2When extra money comes your way through a raise or bonus, apply it toward a future savings goal, such as purchasing a home or retirement, instead of spending it.
  • 3By paying off your debt and credit cards in a consistent manner over time, you can build up your credit rating, which will help you secure a mortgage and purchase a home.

Without good credit I’m sure I would never have been able to build my business … or buy my home.

Read the full article at: https://www.forbes.com/sites/learnvest/2016/05/27/how-i-paid-off-credit-cards-student-loans-and-saved-150k-for-a-new-home/?ss=personalfinance

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HealthStatus has been operating since 1998 providing the best interactive health tools on the Internet, millions of visitors have used our health risk assessment, body fat and calories burned calculators.The HealthStatus editorial team has continued that commitment to excellence by providing our visitors with easy to understand high quality health content for many years.
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HealthStatus has been operating since 1998 providing the best interactive health tools on the Internet, millions of visitors have used our health risk assessment, body fat and calories burned calculators. The HealthStatus editorial team has continued that commitment to excellence by providing our visitors with easy to understand high quality health content for many years.

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