By Erin Huffstetler | 05/30/2018 | 29 Comments
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Alright, now that I’ve told you guys about our goals for 2018, let me tell you about our doozy of a long-term goal. We’ve actually been working on it in secret for almost two years.
Back in February of 2016, I posted about the paper chain that we’d created to represent our mortgage. It consisted of a link for each month that we had remaining on our mortgage. When we hung it in our office, it had 54 links.
Each time we made a payment, we removed a link from the chain. Seeing that chain get shorter was so motivating for us that it wasn’t long before we started to talk about changing our goal. What if, instead of focusing on paying off our mortgage, we focused on paying off all of our debt by the time our oldest daughter graduated high school?
The idea was tantalizing. But it was also pretty crazy.
Because aside from paying off our mortgage, it also meant paying off our cabin
and all of the remaining debt from when this happened back in 2011…
Could we really pay all of that off by the time our oldest daughter graduated high school? We crunched the numbers, and decided we could.
So, we calculated our new monthly payments for everything, and we adjusted the length of the chain to reflect our new goal.
And month after month, we’ve been making it happen. We’re now 28 links, or two years and four months, away from meeting our goal.
Here’s where we’re stand with our debt today (January 2018):
Updated Debt Total (January 2020):
Tree: $21,661.76 (total needs to be updated)
4 months remaining!
If we stick to our plan, by May 2020 it’ll all be gone, and that feels really good.
Now, we did just take on a new debt when we bought our office, so we’ll still have that to deal with once we meet our goal. Right now, we’re thinking we’ll give ourselves five years to pay it off.
But bottom line: we’re making a hard push towards financial independence, and all that debt has to go!
I’ll update this post as the payoff amount goes down, and let you know if we run into any snags along the way.
Have any questions about our goal or our debts? Ask away!