This is the twelfth day in our 31-Day Money Challenge. Over 31 days we’ll publish 31 podcasts, each designed to help you move closer to financial freedom. Yesterday we had Maxine Sweet from Experian on the show to talk about improving your credit. In today’s podcast, we start a 3-day series on getting out of debt.
- What is good debt and bad debt
- What are some examples of good debt and bad debt, and why should we care about classifying debt
- Why car loans should be avoided
- How borrowing causes you to spend more and limits your choices
- The 4 rules of getting out of debt
- The getting out of debt plan
- 23 Powerful Tools and Tips to Get Out of Debt
- 8 Tricks to Stay Motivated to Get Out of Debt
- How to Crush Your Credit Card Debt Once And For All
- How We Paid Off $237,428.13 in Debt in 5 Years
- How to Become Debt Free–A 5 Step Approach
Q (Steve): Obviously, one would need some liquid assets to be able to retire early. I can see how it would work if you got started early in life and saved in retirement accounts as well as in taxable accounts but is there any hope of early retirement for us older folks who got a late start of even thinking about the idea of early retirement?
I do have more liquid taxable funds than ever before and I’ll continue to grow that which will help. Also, since I did get started late, 60 was the age I was thinking of as a retirement age goal and I guess I can start taking unpenalized distributions at that age. I guess the question boils down to what is the best plan of attack to address your income between the time of early retirement until your retirement funds are available to you without penalty?
One other question I have is about real-estate but I think you may be tackling that in the podcast series. Mainly, how important is it to have real-estate other than your house in your portfolio.
Day 13: The Debt Snowball