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Here are a the strategies that I’ve adopted so that I can remain debt-free for the rest of my life -

  1. I live on a budget.
  2. I use cash, debit cards, or checks.
  3. I do not use credit cards. Period.
  4. If I cannot pay for it, I don’t buy it.
  5. If I want it, I save for it.
  6. I make a house payment to ‘myself’ each month.
  7. I look for opportunities to create ’side income’.
  8. I look for opportunities to reduce taxes.
  9. I talk with my spouse about our hopes, plans, and dreams.
  10. I write down my goals and I work very hard to achieve them.

Here are the accounts that I’m funding so that I can remain debt-free for the rest of my life -

For Pre-Tax Retirement Savings -

I am fully-funding my 403b.

My wife is fully-funding her Pension Plan.

These plans allow us to save for retirement AND reduce our annual income taxes.

For After-Tax Retirement And Education Savings -

I am fully-funding my Roth IRA.

My wife is fully-funding her Roth IRA.

We are fully-funding 3 ESAs.

These plans allow us to save for retirement AND our contributions grow tax-free.

For Non-Retirement Savings -

I maintain an emergency fund (inside of my savings account).

I am rebuilding my non-retirement savings (inside my savings account).

I am ‘making a house payment’ to ‘myself’, each month, through a deposit to my savings account.