Saturday, October 8

New Goal: Debt Reduction

All of a sudden I have more debt.  It's great that I used the debt to buy distressed assets rather than spending it frivolously on new furniture or toys.  Still, my debt stresses me more than anything else.  To keep me focused, and to get a handle on things, I plan to track my progress in a special bar over on the right side of this page.

I currently have just over $444,000 in debt.  Keep in mind, I own 9 houses and virtually all of that debt was taken on in the pursuit of distressed real estate.  Still, that scares me.  Today I am setting a goal to reduce my debt to less than $400,000 in one year.  The goal assumes I don't sell any of my assets to pay down debt.  In other words, I plan to pay off $44,000 in debt above and beyond any debt that is extinguished from asset sales. The reason I wanted to add this stipulation is because one of my tenants has the option to buy the home they are in.  It will be great if they exercise that option, but I don't want that to distract me from continuing to pay down debt.

Goal:

  • $44,000 in 12 months
  • $3,667 every month

2 comments:

  1. I don't know why, but somehow I think you can do it, you da man!

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  2. You're awesome, Marilyn! Thanks for the encouragement.

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