Sober Women Managing Money & Mental Wealth
In continuation of my interview series, “people are basically...”, I am excited to introduce you to Tim and L.
They are a young couple with a very bright future and an already impressive net worth. However, that has not come by happenstance as they make very intentional choices in their lives.
Without further ado, here is Tim & L from Life for the Better…
Preventative care is a big thing in healthcare right now. As a matter of fact, all Affordable Care Act-compliant plans include preventative care at a zero dollar cost to members.
Who wouldn’t rather prevent a condition versus treating it? Some things are preventable with good habits and early detection.
Unfortunately, there is also rotten luck and genetics; although, that doesn’t negate the importance of preventative care. 😉
I propose that as we do preventative care for our physical and mental health, we can also do it for our financial health.
If there is a financial problem like debt or not enough money at the end of the month, we need to treat the problem. I’ve written several prescriptive articles pertaining to such things:
However, once you’ve treated the problem and cleaned up your debt, you now get to focus on the prevention of these things occurring again. And I would argue that prevention is a bit more fun! 😉
There are many ways to pay off debt, but most notably are two very popular methods:
Both have their strengths. Neither is bad. I still say that the best method is the method that you are going to stick to!
This purpose of this article is to show how you can combine both the debt snowball and the debt avalanche into a hybrid method.
I couldn’t think of a catchy name. The Debt Snowlanch or the Debt Avalball just don’t roll off the tongue.
I personally followed the debt snowball method when paying off my debt. I was desperate to get financial peace and when I was steered towards Dave Ramsey back in 2014, I grabbed hold of it. It certainly worked as I made my final debt payment on December 29, 2017, and became debt-free for the first time in 23 years!
However, I learned about the debt avalanche method after getting out of debt and was intrigued.
Let me briefly explain the tenants of each method and then review the pros and cons of both before we talk about combining the two.
Ms. Fiology was born one year ago at CampFI Mid-Atlantic 2018 on the weekend of April 13th – April 16th. I owe a big thanks to Jonathan for introducing me to Kevin Clack and to Kevin Clack for pushing my blog past the goal line.
My first post went live on April 19th, 2018. Okay, okay so I’m releasing this post one day early so technically you can wish me a happy 364 days of blogging. 😉
However, I did start blogging for ChooseFI in January of 2018 so if we want to get technical I’m at a year plus.