Thursday, July 29, 2010

Can You Start At 50+? Part 2

Credit cardsImage via Wikipedia
Such great plans and goals have been made. Do you think I can really pull it off? A lot of debt has to be paid off. Lets see whats before me.
  • Credit Card 1- Finished by October 1,2010
  • Credit Card 2- Finished by October 1,2011
  • Credit Card 3- Finished by October 1,2014 (realistically)
It doesn't look good for the old retirement account. This is a real problem. Starting in 4 years worries me. When seeing it in black and white it speaks volumes. But what choice do I have? I have a plan and I'm sticking to it. But maybe I should just pay the minimums on the cards and put the extra debt payments in my Roth IRA. I'm doing the debt snowball process for paying off debt. I'm putting all money towards the smallest debt and only the minimums to the others. When that's payed off then throwing all moneys toward the next one and so on. To reduce this time frame an increase in income is needed or a decrease in expenses. I'll be trying on both those fronts. So to answer my own question. Yes. But I wish I would of done this 30 years ago. It going to be a real pain in the ass.

4 comments:

  1. You're not alone. I and my husband woke up late in life too. Scary when the realizations hit you and hit you hard.

    ReplyDelete
  2. Great choice, the debt snowball is really the most life-changing step you've used in order to make your total money.This would certainly help you to stop everything except minimum payments and focus on single thing at a time.

    ReplyDelete


  3. Wow, nice post.It really great when I read this post which is totally helpful to us and our doubts has been cleared after reading all steps.I like all steps and like most

    Quickbooks Hosting

    ReplyDelete

Join 1000's of People Following 50 Plus Finance
Real Time Web Analytics