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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