You are probably beginning to get idea! Research from www.nodebtever.com indicates that average US citizen can pay down ALL their debts in as little as 6 years using this method!

The important things about this method are as follows:-

You want to pay off debt which will clear first. This allows you to 'accelerate' process, using each item's payments on next in chain as method matures. You must resist any temptation to focus on higher interest debts - that is not essential here. If you run into problems (emergency expenditure required, that sort of thing) you can suspend plan for minimum amount of time it takes you to deal with emergency, but then you must resume immediately. Oh, and by way, DO NOT try to use your retuirement 401(k) funds for this - fund it from income and windfalls only.

Think about it . . . if you pay $600 a month, your landlord ends year with $7,200 of income from you alone. After five years, that’s $36,000 that you’ve paid out (odds are your rent would have gone up over that period, so amount you’ve paid out is likely much higher.) From this money, your landlord is not only getting income, but also getting tax deductions, business write-offs, and capital appreciation. You’re busy making him rich! Don’t get me wrong, you did have a place to sleep at night . . .

Okay, so I definitely have an opinion here. Do whatever you can to get out there and find a home to buy! You and your wallet will thank me.

Remember: Make sure you do not stretch yourself too thin with your payments. Buy only what you can afford. Be sure to consult with an attorney or accountant to protect yourself.

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