Debt Avoidance "Suddenly, it was clear to me that my freedom had been compromised and that..."

Wave Riding > Debt Servicing

Debt...ugh! Where do I start on a topic that I hate so much? Let's go back to the summer of 1996. After two years of full-time graduate school, I had just finished an MBA and my MATL . In July, I landed my first job after graduate school, a position as an ESL instructor in Jubail, Saudi Arabia. At the time, it was the best job I ever had: $39,000 a year (mostly tax-free), 401k with automatic 10% employer contribution, housing, and the use of a car. My only expenses were for food and phone calls.

I was very happy to have the job because I had a $20,000 student loan that I wanted to pay off. I was 33 years old, and I had never been in debt...EVER. I realized that I should use my first job to pay down my loan as quickly as possible. When my first paycheck arrived, it was for nearly two months work, so I immediately sent Sallie Mae a check for $4,000.…