Comments on: Achieving Your Goals Is About You

By: cherryl

cherryl — Thu, 11 Jun 2009 21:50:58 +0000

I have found success in paying off my debts by focusing on paying off the lowest balance first. Then I add the monthly amount that I used to pay to that debt to the next lowest balance, which helps to pay it off faster. I continue that way until they are all gone. It gives me tremendous satisfaction to see the number of debts reduce faster.

By: Henry

Henry — Thu, 11 Jun 2009 18:21:13 +0000

You state that the best way out of debt is to pay your largest debt first. I disagree. I believe that the best way is to pay the debt that carries the highest interest rate first. By foloowing this method you will be reducing the carrying costs of your debt much faster.

By: DDFD at DivorcedDadFrugalDad

DDFD at DivorcedDadFrugalDad — Thu, 11 Jun 2009 12:04:19 +0000

I would add to set your goals with small milestones so that you taste success along the way. That will motivate you to continue on in the face of tough times . . . like now.

By: thomas

thomas — Wed, 10 Jun 2009 05:49:41 +0000

Different strokes for different folks. Whether you pay your smallest debt first, largest interest rate last, vice versa or versa visa the key takeaway is that you are paying it off!

By: Wise Money Matters

Wise Money Matters — Tue, 09 Jun 2009 17:42:07 +0000

Completely agree. I know so many people who argue that Dave Ramsey is crazy because his plan isn’t mathematically the best solution, but Dave never says that it’s the best solution mathematically. It’s the best for someone who has tried and tried and failed to get out of debt. It’s simple and easy and provides a psychological boost.

Any method will work if you stick to it. Dave’s method is just the easiest to stick to.

By: FinanciallySmart

FinanciallySmart — Tue, 09 Jun 2009 17:37:48 +0000

When setting goals we have to be realistic about how long it will take, get support and celebrate minor successes along the way. You have to be flexible and realize that there may be more than one way to achieve your goals, and that disappointments can sometimes bring a better outcome than you dreamed.

By: Corporate Barbarian

Corporate Barbarian — Tue, 09 Jun 2009 17:30:07 +0000

What’s true in dieting and exercise is true in personal finance: you have to find a method that you can stick to. But the first requirement is that you need the will to follow the method in the first place.

By: Chuck

Chuck — Tue, 09 Jun 2009 17:23:34 +0000

You mean the mathematically optimal way is to pay down the highest interest rate debts first.