Loans
06-21-2006, 01:30 AM
#51
Line Holder
Joined APC: Jun 2006
Position: ATP Stuart, FL Bound
Posts: 75
Loans are a neccessary evil in today's world. Although they are legal theivery by the banks. There are couple rules one must follow religiously if they use loans.
1. Never ever miss a payment.
2. An extra loan payment is more important than cable... or any other entertainment.
3. No extra loan payment is too large.
4. Have a plan to pay off the loan before you get one and stick to it.
I have used these rules to pay off more than 60k in debt over the past 6 years. Today I am completely debt free with over 30k in the bank. Now with that said I am about to borrow $64k for flight school and to complete my degree. Based on my plan I will have all but $10k paid off by September of next year and debt free by 2008. That's based on a CFI salary, making an average RJ FO salary, and some money I plan on making on the side doing small computer network & web design jobs. This is not even roughing it and living on bread and water. It can be done with a little preperation.
1. Never ever miss a payment.
2. An extra loan payment is more important than cable... or any other entertainment.
3. No extra loan payment is too large.
4. Have a plan to pay off the loan before you get one and stick to it.
I have used these rules to pay off more than 60k in debt over the past 6 years. Today I am completely debt free with over 30k in the bank. Now with that said I am about to borrow $64k for flight school and to complete my degree. Based on my plan I will have all but $10k paid off by September of next year and debt free by 2008. That's based on a CFI salary, making an average RJ FO salary, and some money I plan on making on the side doing small computer network & web design jobs. This is not even roughing it and living on bread and water. It can be done with a little preperation.
06-21-2006, 04:27 AM
#52
Gets Weekends Off
Joined APC: Jul 2005
Posts: 2,242
Originally Posted by SkyHawg
Loans are a neccessary evil in today's world. Although they are legal theivery by the banks. There are couple rules one must follow religiously if they use loans.
1. Never ever miss a payment.
2. An extra loan payment is more important than cable... or any other entertainment.
3. No extra loan payment is too large.
4. Have a plan to pay off the loan before you get one and stick to it.
I have used these rules to pay off more than 60k in debt over the past 6 years. Today I am completely debt free with over 30k in the bank. Now with that said I am about to borrow $64k for flight school and to complete my degree. Based on my plan I will have all but $10k paid off by September of next year and debt free by 2008. That's based on a CFI salary, making an average RJ FO salary, and some money I plan on making on the side doing small computer network & web design jobs. This is not even roughing it and living on bread and water. It can be done with a little preperation.
1. Never ever miss a payment.
2. An extra loan payment is more important than cable... or any other entertainment.
3. No extra loan payment is too large.
4. Have a plan to pay off the loan before you get one and stick to it.
I have used these rules to pay off more than 60k in debt over the past 6 years. Today I am completely debt free with over 30k in the bank. Now with that said I am about to borrow $64k for flight school and to complete my degree. Based on my plan I will have all but $10k paid off by September of next year and debt free by 2008. That's based on a CFI salary, making an average RJ FO salary, and some money I plan on making on the side doing small computer network & web design jobs. This is not even roughing it and living on bread and water. It can be done with a little preperation.
Right on! I agree with you. I love being debt free - been so since 1993! I don't count my mortgage or living expenses...
-LAFF
06-21-2006, 07:04 AM
#53
Gets Weekends Off
Joined APC: Mar 2006
Position: SkyWest Captain
Posts: 466
Originally Posted by SkyHigh
Good for you. Looks like you will be able to eat after all. Judging by your attitude I did just ASSumed that you were a total avdork,, sorry.
SkyHigh
SkyHigh
Apology accepted and I apologize for calling you an idiot.
06-21-2006, 08:09 AM
#55
Guest
Posts: n/a
Originally Posted by SkyHawg
Loans are a neccessary evil in today's world. Although they are legal theivery by the banks. There are couple rules one must follow religiously if they use loans.
1. Never ever miss a payment.
2. An extra loan payment is more important than cable... or any other entertainment.
3. No extra loan payment is too large.
4. Have a plan to pay off the loan before you get one and stick to it.
I have used these rules to pay off more than 60k in debt over the past 6 years. Today I am completely debt free with over 30k in the bank. Now with that said I am about to borrow $64k for flight school and to complete my degree. Based on my plan I will have all but $10k paid off by September of next year and debt free by 2008. That's based on a CFI salary, making an average RJ FO salary, and some money I plan on making on the side doing small computer network & web design jobs. This is not even roughing it and living on bread and water. It can be done with a little preperation.
1. Never ever miss a payment.
2. An extra loan payment is more important than cable... or any other entertainment.
3. No extra loan payment is too large.
4. Have a plan to pay off the loan before you get one and stick to it.
I have used these rules to pay off more than 60k in debt over the past 6 years. Today I am completely debt free with over 30k in the bank. Now with that said I am about to borrow $64k for flight school and to complete my degree. Based on my plan I will have all but $10k paid off by September of next year and debt free by 2008. That's based on a CFI salary, making an average RJ FO salary, and some money I plan on making on the side doing small computer network & web design jobs. This is not even roughing it and living on bread and water. It can be done with a little preperation.
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