Story of a guy who paid off his HBS debt

[fbf2006]

in 7 months...without working on Wall Street

management.fortune.cnn.com/2012/05/16/student-debt-business-school/?iid=HP_LN

I think some might find it interesting.

[dr.girlfriend]

Aw, seems like a cool guy!

[slug*bug]

Wow...that's impressive.

[fbf2006]

May 16, 2012 15:19:19 GMT -5 RockNVoll said:

While I admire his diligence in getting rid of the huge debt load, it's a bit too Dave Ramsey for my taste. Selling extra vehicles and renting out an extra room is good, liquidating his IRA and stopping 401k contributions is not.

It only took 7 months though and he'll probably build it back up fast enough.

[Awkward]

May 16, 2012 15:19:19 GMT -5 RockNVoll said:

While I admire his diligence in getting rid of the huge debt load, it's a bit too Dave Ramsey for my taste. Selling extra vehicles and renting out an extra room is good, liquidating his IRA and stopping 401k contributions is not.

This was my thought too. I stopped at the liquidating his IRA. And how someone with a Harvard MBA was SHOCKED at how much interest his loans would accumulate over 10 or 15 years. Math...how does it work?

[SJ]

May 16, 2012 15:19:19 GMT -5 RockNVoll said:

While I admire his diligence in getting rid of the huge debt load, it's a bit too Dave Ramsey for my taste. Selling extra vehicles and renting out an extra room is good, liquidating his IRA and stopping 401k contributions is not.

I completely agree. I was onboard until the liquidation of IRA and suspension of 401K contributions.

[80sjunkie]

May 16, 2012 15:47:37 GMT -5 Awkward said:

May 16, 2012 15:19:19 GMT -5 RockNVoll said:

While I admire his diligence in getting rid of the huge debt load, it's a bit too Dave Ramsey for my taste. Selling extra vehicles and renting out an extra room is good, liquidating his IRA and stopping 401k contributions is not.

This was my thought too. I stopped at the liquidating his IRA. And how someone with a Harvard MBA was SHOCKED at how much interest his loans would accumulate over 10 or 15 years. Math...how does it work?

Spot on.

[busybodyk]

Wow! Great story!

[nygalinpa]

I can be on board with stopping the contributions but draw the line at the IRA liquidation.