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Monday, October 8

One Year Later and a Milestone

One year ago I set an ambitious goal:  reduce my total debt to $400,000 within a year.  $400,000 was a nice round number, making it easy to remember.  But I wasn't sure whether I would be able to make it.  On October 7, 2011, I owed over $444,000 to various creditors, most of whom are mortgage companies.

A couple of weeks ago, as I was reviewing my goals for the year, it dawned on me that this particular goal was nearing its deadline.  I anxiously opened up Quicken and pulled up the report I had saved, a report which gives me a monthly total and a sexy (to me, anyway) graph detailing my progress.  I couldn't believe it:  on September 21, my debt stood at $400,190.15.  That absolutely made my day.

Needless to say, I reached my goal, so it is time to set a new one.  Since I was able to pay off $44,000 of debt in 12 months, I want to be a bit more ambitious this time.

By December 31, 2013 my total debt will be less than $350,000. If I sell one of my properties before then, I will adjust my goal to account for this... no shortcuts allowed!

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