Sunday, April 14, 2019

Paying off my Car Loan

Nearly a year and a half ago, I bought a new car. The safety of my previous car, which I'd been driving since 2005, was in question. I had been commuting between Austin and Dallas each week for over a year and my family wouldn't relent--they wanted me to buy a new car. 

I caved.

At the time of the purchase, I felt that a transition from a law firm to in house role wasn't far off. This meant that I was nervous about my future earnings, which is why I ended up taking out a low interest loan to purchase my new car even though I could have paid cash. 

In this instance, my risk aversion proved sound as the following events took place in the six months after I purchased my new car:
It took nearly ten months in my in house role to build confidence and a clear picture of what my earnings and expenses will look like going forward. 

The above is a long way of saying: I paid off my car loan last month and my new title arrived a few weeks later. Paying off this debt was a great feeling, although nothing will trump the excitement of paying off my student loans.

I'm down to just one debt: my mortgage.

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