It’s a however long it takes goal. I’m hoping to have it done in 2, although 3 and change is more realistic.
Unfortunately, if you can’t afford to live with financial security, you can’t afford to live. I haven’t had an entertainment budget in over a year, and food has basically been what’s on sale at the grocery store and maybe a gyro every month.
I world say it’s getting to 3-months first, then paying down debt with high-interest rates, then trying for 6-months of expenses. Could easily take a decade, but the idea is that once you have that 6-months saved, it’s less likely that you’ll re-enter into high-interest debt in the first place.
You can’t accomplish it in a year.
Most people can’t afford it in a year.
People who inherited a sizeable amount of money or are in the top 10% of earners are able to do so.
Yeah this is a 5+ year goal right?
It’s a however long it takes goal. I’m hoping to have it done in 2, although 3 and change is more realistic.
Unfortunately, if you can’t afford to live with financial security, you can’t afford to live. I haven’t had an entertainment budget in over a year, and food has basically been what’s on sale at the grocery store and maybe a gyro every month.
I wish you the best of luck. It isn’t easy. Getting out of debt and having a fully funded emergency fund is a great feeling.
How long is a piece of string?
Depends on how much you earn, what are your expenses, and how much you have saved already.
I world say it’s getting to 3-months first, then paying down debt with high-interest rates, then trying for 6-months of expenses. Could easily take a decade, but the idea is that once you have that 6-months saved, it’s less likely that you’ll re-enter into high-interest debt in the first place.
You don’t have to. Start early, save aggressively, get it done before you worry about upgrading your lifestyle.