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Steps To Full-Time: Part 1-Debt

  • Steps to Full-Time: Part 1

    Like so many people seeking to join the ranks of full-time RV living, you need a plan.  My husband and I put together one to guide us in reaching our goals. We hope you will find this to be a useful resource in your own journey to...journeying.


    This is a series of five blog posts based on one of the five subjects listed below. The very last item, "Reality of the Road" will be published after we launch and have navigated mail, insurance, club memberships, and route planning advice. 


    1. Debt Free
    2. Health & Fitness
    3. Recurring Income
    4. Gearing Up
    5. Reality of the Road


    Step 1: Freedom from Debt


    Get mad at that debt. It is keeping you from living the life you want.


    Like so many others we follow Dave Ramsey.  The dude is right. It works. There is no reason to wait. If you click on his name, it will pop open a separate window taking you to his "get-started" page. 


    This isn't quite Dave's deal because beans and rice...bleck! Here is our personal break down of his steps: 

    1. Save $1000 for your, "Well crap" fund
      1. Stuff happens and you will need it.
    2. Snowball your debt. 
      1. List all your debts from smallest to largest
      2. Pay them in that order rolling the payment from the paid off loan into the next one
    3. Get rid of unnecessary debt
      1. Do the math on your car. Are you better off financially with a cheaper reliable ride?
      2. Kill all the autopay stuff drawing from your account. Netflix, Amazon, etc
      3. Say bye to cable tv if you haven't already.
    4. Make a budget every week (stay focused on your goals)
      1. There's an app for that. 
        1. Fudget - simple and free
      2. Pen and paper your style? 
        1. Kiplinger Household Budget Worksheet
        2. The Balance has The Percentage Based Budget
    5. Build your "I lost my job or the house burned down" fund.
      1. Three to six months of money for when things get really bad.
    6. Retirement Savings!!!
      1. You can invest 15% or more of your income for retirement
    7. Kids College
      1. Help the little nose miners avoid college debt
      2. You started too late? Make sure they know how to budget and have strategies for avoiding or annihilating student loan debt. 
    8. Continue budgeting
      1. Build your wealth - Investing
      2. Give to your community - gifting
      3. Build a legacy to help others after you are gone.

    So far, so good. We have a house payment and a student loan that starts wanting money from us next month. We are hopefully selling a semi truck and trailer we no longer need and that will take care of the student loan. The remainder is staying in the bank for a safety fund while we continue to build our business for reoccurring income. I'll talk about that in Part 4


    Watch for Steps To Full-Time: Part 2 - Health & Fitness