CNN assoc. producer pays off student loans in 2 yrs by eating expired food, going hungry, no heat

[Liberal_in_LA]

'I paid off $26,500 in debt in less than two years'

Even while working 10- to 12-hour shifts, I'd skip meals -- eating a protein bar or drinking Ensure shakes to get me through the day. The occasional "splurge" entailed spending $5 at McDonald's for a Sunday breakfast of hotcakes, sausage and two hash browns.

I used leftover food stamp money from my final months of school to help cover grocery costs and I avoided turning on the heat during the (very long) Green Bay winters to keep my utility bills low.

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I also became entranced with "super saving." Cooking meats past the expiration date -- yes, a couple of times I paid the price for this -- or rinsing the mold off a pruned vegetable became routine.

Grocery shopping became a scavenger hunt to find the cheapest deals. I always paid extra attention to the "temporary price cuts" sections, seeking out the "buy 10 for $10" deals. And I would bring it to the attention of the cashier when my usual box of Pasta Roni had skyrocketed to $1.14 from 99 cents and would hold off on a bundle of bananas because I recalled seeing them at another store for 14 cents each, not 23 cents.

Though I often went to bed hungry, left the heater and air conditioner off during the winter and summer months until my 115-pound body couldn't take it anymore -- I never lost sight of the bigger picture.

It's been well over a month since I have received a notification from my bank that an automatic payment for a student loan was due. Now that I'm not tied down to any debt, I have the freedom to make decisions I couldn't before. I can make a purchase without worrying about overdrawing my bank account or falling behind on my bills.

http://money.cnn.com/2013/01/08/pf/debt-payment/

[bullwinkle428]

8. Don't forget the elderly - "Eat your expired peas, Grandma!!1!"

[ecstatic]

2. Good for him.

I think I'll continue paying the $162 a month.

[southernyankeebelle]

3. google receipes for eating meals on depression. You get some great receipes.

[MineralMan]

4. Well, that's one way to do it.

It's not a way that will appeal to many people, though. It's hard to live that way, even for a couple of years, but many people do it.

[PennsylvaniaMatt]

6. I agree....this article is bullshit

I'm a high school senior who is about to go to college for law. Fortunately, my family has saved up a little bit of money to help me pay for college, but I am still looking at the prospect of paying A LOT in loans back - certainly much more than the CNN producer's $26,000.


Living life in a frugal way and doing everything you can to save money is one thing, but starving yourself and going without heat!?!? Come on!!!

I have to laugh when I see college kids complaining about money, as they are wearing a jacket from The North Face which costs more than my entire outfit!

[Starry Messenger]

9. I did that too and it still took me 12 years.

"I landed a job as an associate producer at CNN's headquarters in Atlanta making $25 an hour -- almost double what I was making in Green Bay." I don't doubt he's a very hard worker and committed to his process, but a lot of people making less don't have the comfort of knowing that if they can stop personal austerity if it gets inconvenient.

[riderinthestorm]

10. Food poisoning??!! This guy's recommending risking food poisoning?? What the hell have we become?

When this is seen as even slightly okay?





And the article is bullshit because the obvious extrapolation is that if HE can live like this and save, then ANYONE can do it. Old people, young people - all of them.

Which is insane because those groups are so much more at risk in severe weather as well as food borne illnesses - it could be catastrophic, even deadly.

[aandegoons]

11. Sometimes just paying off a loan is not the right way to do things.

Poor man stays poor by paying off low interest loans instead of investing in future.


Could have contributed more to 401k or bought some IRA's
Made at least 150% on the company match on his 1st 4% of contributions
Made 15.7% profit last year due to markets doing very well
Reduced his income and tax bracket by doing as much as he could have pretax
Saved all that income tax by taking money pretax


Instead he choose to pay off low interest loans.


Lets us all know not to watch CNN money.