“I didn’t think of my debt as a struggle, and I encourage everyone else to do the same.” – Eric Rosenberg
Eric Rosenberg created the personal finance blog Narrow Bridge Finance in 2008 after quitting his bank job. He learned a lot during his time as a bank employee and wanted to share his knowledge about credit scores, savings and bank accounts with readers online. Just like that Narrow Bridge Finance was born.
Face your debt head on
The faster you embrace debt the faster it will be paid off says Rosenberg. “Rather than look at debt as a battle, it should be a goal.” So many people ignore their debt because they are afraid of it, but owning the debt and setting a plan in motion to pay it off as quickly as possible can help save thousands of dollars in interest.
Rosenberg’s biggest financial accomplishment is paying off his student loan debt in only a couple of years. After graduating with an MBA from the University of Denver Rosenberg spent approximately $90,000 on his education and financed it through student loans.
He knew he didn’t want to graduate with close to $100,000 in student loan debt so Rosenberg made a very aggressive repayment plan that started while he was still in school. Rosenberg worked full time while studying and set up automatic payments from his checking account to his student loans each and every pay day.
“Pre-paying the (student) loans saved me thousands of dollars in interest and helped me free up extra funds to purchase my first home and follow my dreams” says Rosenberg. Two years after graduation Rosenberg was debt free
From Debt to I Do
Being debt free has opened multiple new doors of opportunity for Rosenberg and Narrow Bridge Finance. Not only did he graduate with an MBA in the last few years, he also moved to a new state, landed a new job and fell in love. “I knew that finding someone with a similar view on debt and wealth was important and I have certainly met my match.”
Rosenberg and his fiancé have been together for a year and a half and his May they are getting married. He and his wife-to-be have a mortgage on their home but otherwise live completely debt free. Their goal as a couple is to continue to live debt free while enjoying life to the fullest. “We will both be active in our financial decisions and will work together to ensure we reach our goals” says Rosenberg.
Contributor: Tahnya Kristina conducted this interview for SaveUp