I'm Doing It Again! My Second Debt Free Journey!
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- Опубликовано: 31 окт 2023
- Welcome to the first video in my Debt Free Journey series. We are currently right around $80,000 in debt and will be on a debt payoff journey for the next 2 years. In order to accomplish this goal, we are using the Debt Payoff Planner app. It is such a useful tool! If you are unsure where to start or need a bit more structure on your journey, download the free version and see if you like it. Stick around for future videos and make sure you are subscribed!
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80k on vehicles is 🤪
Maybe to some. And that's fine.
Thats why I love being a mechanic. Because it saves me so much money by just fixing the cars I have.
I'm sure that's helpful. But even after having our old car fixed multiple times, we still would've gotten a new one. It was 20 years old and had electrical issues on top of the normal repairs.
Cars are a necessity- brand new cars are a luxury. I can’t imagine spending $80,000 on cars. My husband was laid off twice during the time we’ve been married. Debt =risk. We bought a 2016 Honda CRV a year ago with 30,000 miles on it. We were able to pay it off in 14 months because it was $20,000. I don’t mean to sound negative but a new house and (luxury) new cars sounds like a risky bet. I would have just gone used and beefed up the emergency fund for any potential repairs.
My daughter drives our old 2006 Honda Accord because the car insurance alone for a 19 year old driver is a car payment. 🙊
Since I just realized this is not a financial channel but a lifestyle channel I thought I should leave the safe car buying rules for those considering buying cars.
20-3-8 plus match
20% down ( to beat depreciation)
3 year term
8% of net monthly income ( the money guy says gross but who lives off gross?)
+ match. You should be investing more than your car payment.
These are the safe car buying rules.
I’m out for real ✌🏽
I'm not sure if you're familiar with the car market right now, but used cars cost MORE than new cars. We could've bought the same cars that were a couple of years old and they would've been around the same price. We keep our cars forever, so FOR US, it made more sense to buy new and pay them off quickly.
There are best practices, but there are no rules. Of course, do what's best for you. Used cars are also risky as they're usually out of warranty and require regular repairs. We chose which risk we wanted to take. You did what you felt was best for you, and I'm doing the same. I, personally, would not put my kids in an older car without modern safety features. And our insurance actually did not increase when we added our son - it decreased. Everyone's situations and priorities are different. Just because you can't imagine doing something doesn't mean we shouldn't. I'm also not telling other people to do what we do - just sharing my experiences.
@@DanielleLaShawn I totally get it . I realize I gave an unsolicited opinion and I really do wish you all the best with your plan.
Thank you ❤️
Yes to all of it , ma'am!!!!! That's why you surely are in a better position, and so am I. Yes!!!!!!
You make sense especially the way the economy is these days u need a year emergency fund not six months… the economy is hemorrhaging
Whoa those car prices are crazy. lol.
They really are. Cars are ridiculously expensive.
Just found your channel. I’m enjoying it. I only purchase new cars and I’ve had a total of TWO since i started driving at 16 - I’m almost 45. nothing wrong with buying new and driving until the wheels fall off. 😂 my current car is 18 years old and when it’s time to get another one, it’ll be brand new too.
Yeah, I've had enough experience with used cars. My cars will continue to be new moving forward. Lol
If you got yourself out of debt once you can do it again🎉🎊. I’m now debt free and it feels so good. I stuck to budgeting, cash stuffing and the debt snowball….still doing it and sharing my journey😀
Yes you are right about debt snowball and debt avalanche 😀
Love that!
Hey Danielle! Catching up on your videos. This video is very helpful. I am about to embark on a journey of paying off some things. Appreciate your wisdom and transparency ❤
Thank you! I'm glad it's helpful to you. 💕
You go girl! Please keep us updated!
Will do! I am planning the next video.
Reliability and Volkswagen in the same sentence is crazy
Had a Volkswagen before this for YEARS. Got well over 200k miles out of it.
I had a 2006 VW Jetta, got it in 2010. Lasted until 2018 when I was t-boned and it was totalled. Was definitely highly reliable
Agree. I wouldn't touch any European car brands. For every person who claims they never had problems there are dozens that do. Hundreds probably.
I'm so glad I ran over your video!!!! I'm 32 and I am in the middle of my own journey of becoming debt free!!!!! Student loans are the last two big things!!!! im still trying to figure out a payment plan for that!
I've never had student loans, so I won't be much help there. But I'll continue to post updates on my journey.
This is motivating. I really need to make a budget and stick to it 😫
I know it seems hard, but once you see the numbers laid out it makes it easier to see where you can cut expenses.
I just became debt free a month ago 🎉you got this
Congrats!! Thank you!
You are such a great resource thanks for the motivation.
Thank you!
This video will really help out a lot thanks ❤
I'm so glad!
Very interested looking forward for the next episode ❤❤❤
Glad you enjoyed it!
This video will really help me reach My gold
Thanks
Thank you so much 😢 I can hear it in you. And that’s where I’m at ❤
I’m definitely enjoying this video on finances of which you can never get enough of; and looking forward to the next one; as I might be interested in purchasing another vehicle.
Yes, can't wait to aware more in this series!
@@DanielleLaShawnCan you link the app?
Love it! I’m gonna try the app
I highly recommend it. If nothing else, it gives you an end date, which I find extremely motivating.
This is definitely a lifestyle channel. Over and out.
100% a lifestyle channel
I switched my audible subscription to Spotify. The premium plan now allows about the equivalent of a book a month in it. Then, after 6 months of doing this audible sent me a re-subscribe offer with 3 months for $1.99 a month. I did that for 3 months to stock up on some books and used it in combo Spotify.
It wasn't as huge a savings as renegotiating car notes and electric....but it was a nice feeling!
All up, auditing and strategising and renegotiating my subscriptions (not just audible, Spotify, amazon - but cloud storage, newspapers which make my work easier, home security systems and vitamin subscriptions) has got me saved about $40-$60/month which is auto drafted onto my student loans. Will be paid off by October at the latest!! 🤩
That's great! I'm glad you were able to get some.of your monthly obligations down.
Two cool cars. Love the look of the atlas.
Thanks! We're thoroughly enjoying it. ❤️
I love my 2000 dollar e-bike
Love that for you! Those are great for more walkable areas.
My husband bought his truck two yrs ago 2021 Toyota Tacoma for 26 thousand a he already had a camery 2017 paid for when I met on 2018 we got married 2021 and few months after he bought a paid for house for us. He was 41 and I was 37 when we got married three yrs ago and now we have two beutiful a baby boy and a paid for house. He an amazing dad and husband.
That's great! ☺️
This was very interesting information. I do all these things except for the pay off plain. Could you please put this information in your description box so that I or anyone else could use this company over the Internet so we'll know it's a legitimate company? I really would appreciate it. I appreciate the video. Thank you ❤
Sure! I put the name of the app in the description box. Its called Debt Payoff Planner. You can download it from the app store.
Thank you so much.. 😊
😮 wow I would die at the dealership if they told me my payment was that high 😱😱 ⚰️
Get your casket ready if u plan to buy a car in 2024. Prices are high, interest rates are high, everything is high. If you can stay under $30k, the note will be much more manageable, especially if you put money down.
@@DanielleLaShawn 😭😭😭 damn girl!! U got this! Can’t wait to watch ur journey! Super inspiring.
No way I would had bought a new car let alone two new cars. All my cars were bought used and below below bluebook. It's been 20 years, and my cars are still good and OK fine.
Our last car was used. Had it for 14 years. We spent between 10-15k on repairs during that time. If we can avoid paying for expensive repairs for the first 5 or 6 years and have modern safety features (especially as our kids reach driving age because we will ALWAYS value our kids' safety over money), that's the best option for us. You're either going to pay a car note, pay for repairs, or both. We chose the first option. Everyone should do what works for them.
The debt payoff planner I found was not free. Can you put the link in here?
Here you go: www.debtpayoffplanner.com/
Absolutely Awesome 👏🏾
Thank you!
Anymore videos about this journey coming up?
Since I decided not to do a full budget, there aren't any major updates other than how much I've paid so far, but yes I'll make another video. Thank you!
Protection plan 😭 I mean on a Ford GT, a McLauren GT, a Porsche 911 sure. There’s a reasonable expectation of value maintaining but even the nicest VW atlas is going to depreciate like a good condition atlas
I don't plan to trade it in. I am not worried about depreciation.
Watch out for the insane increase in your auto insurance now that you have to name your son on the policy.
Already did, and it went down $200 per 6 month term. I live in a rural, low traffic area, so I'm sure that had something to do with it. I was shocked.
Right?! Same thing here. 😭😭
Absolutely. We keep an old 2003 Trailblazer around to run the kids under. We are in a very rural zip code, too. Keep an eye on those premiums. Sounds like a lucky error on their part. 😊
Update?
What’s the name of the app?
Debt Payoff Planner
I’m on my second journey too.😢
Sometimes it's necessary. For me, having reliable transportation trumped being debt free. Be easy on yourself. ❤️
Glad to see you’re really attacking the loans. Next purchase pay for the extended/extra warranty out of pocket, that way you aren’t being charged finance fees on that amount. Most dealers will even allow you to break up the amount into a monthly debt no interest.
How do you have a 17 yr old!!! You look 32?
We thought about paying it out if pocket but chose to keep our savings fluid and pay off the loan quickly instead.
Thank you! I had him at 20. Now I'm 37.
@@DanielleLaShawn well my Mom always said children keep you young! Here’s to 32 as your permanent age. 🥰
Lol, cheers! 🥂
Sounds like you have teenagers. Are they college bound? If so, are you saving into a 529 or other college savings plan? I was happy to hear you and your husband don’t have student debt. Are you contributing to your retirement plans?
I am scared if I have to buy a new car right now in this market.
It's definitely not the best market to do it in, so I understand being afraid.
Don't be scared. My family just bought a nice sedan with 36k miles for $17k. We paid cash with money saved but even financed it wouldn't have been bad. Don't think you have to get a new car to get a reliable car.
Do not buy from a dealer. They are ridiculously overpriced. Find a private sale and take it to your mechanic before buying. That’s where you find deals. People buy cars they cannot afford and have to get rid of them. Our last two was one Granny car (Camry) and one divorce-related sale (Equinox) for our kids.