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SVTPerformance's Chain of Restaurants
Road Side Pub
Paying off debt
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<blockquote data-quote="smitty2919" data-source="post: 16501509" data-attributes="member: 113577"><p>Our debt payoff process is highest interest loans first and work your way down. While you have a point, "highest interest" approach saves most money long term. We organized our debt payoff spreadsheet a couple of different ways. My loans are all private so it's bussiness as usual for paying them off during the virus, where my wife's are federal which they allowed interest free until December I believe.</p><p></p><p>Scenarios were as follows:</p><p>-Highest to lowest interest</p><p>-Highest to lowest monthly payment</p><p>-Pay off as many loans as we can with the cash out money regardless of monthly payment or interest.</p><p></p><p>We made different "scenarios" and looked at what made sense for us and what we were able to feel comfortable with.</p><p></p><p>It so happens my Corvette was one of the highest interest loans AND highest monthly payment so that worked out well to free up money and roll it into the next loan.</p><p></p><p>The refi was THE game changer. Without that, we wouldn't have been able to take out equity as a cash out option to then pay off other debt to then roll it into other loans and really speed up the payoff period.</p><p></p><p>With all this, we are still taking about $5k out for her to buy a horse trailer (we currently don't own one and is wise to have in case of emergency). As well as looking into redoing the flooring/windows in the house. It slightly delays the payoff period, but also weighing resale value when the time comes is a factor too as this won't be our "forever home".</p><p></p><p>Good to see there are other out there our age taking advantage. People around me don't appear to be as "in tune" with this as financials are not something typically discussed. I'm 50/50 making it a conversation. On one hand I'm happy and proud of the progress, but OTOH I wonder if people look at us and think we are rubbing it in or showing off? Money conversations seem to be a fickle beast because you don't know someone else's story. I try to be respectful of it.</p></blockquote><p></p>
[QUOTE="smitty2919, post: 16501509, member: 113577"] Our debt payoff process is highest interest loans first and work your way down. While you have a point, "highest interest" approach saves most money long term. We organized our debt payoff spreadsheet a couple of different ways. My loans are all private so it's bussiness as usual for paying them off during the virus, where my wife's are federal which they allowed interest free until December I believe. Scenarios were as follows: -Highest to lowest interest -Highest to lowest monthly payment -Pay off as many loans as we can with the cash out money regardless of monthly payment or interest. We made different "scenarios" and looked at what made sense for us and what we were able to feel comfortable with. It so happens my Corvette was one of the highest interest loans AND highest monthly payment so that worked out well to free up money and roll it into the next loan. The refi was THE game changer. Without that, we wouldn't have been able to take out equity as a cash out option to then pay off other debt to then roll it into other loans and really speed up the payoff period. With all this, we are still taking about $5k out for her to buy a horse trailer (we currently don't own one and is wise to have in case of emergency). As well as looking into redoing the flooring/windows in the house. It slightly delays the payoff period, but also weighing resale value when the time comes is a factor too as this won't be our "forever home". Good to see there are other out there our age taking advantage. People around me don't appear to be as "in tune" with this as financials are not something typically discussed. I'm 50/50 making it a conversation. On one hand I'm happy and proud of the progress, but OTOH I wonder if people look at us and think we are rubbing it in or showing off? Money conversations seem to be a fickle beast because you don't know someone else's story. I try to be respectful of it. [/QUOTE]
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SVTPerformance's Chain of Restaurants
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Paying off debt
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