Getting to Know Kevin at No Debt Plan

by David Ning · 5 comments

I got a chance to ask a fellow blogger a few questions the past few days and I want to share them with you.  Enjoy.

No Debt Plan is about getting and staying out of debt with a plan. Kevin, the author, is passionate about budgeting, saving for the future, and using goals to reach financial freedom. You can subscribe to his blog by RSS.

This interview is part of a new feature he’s developed called Subscriber Swap Saturday. The basic idea is to get the subscribers of one blog to subscribe to the other blog for at least a week, just to try it out. After a week if you don’t find that blogger’s content enticing, drop it. The hope is that over time you will find several writers that you weren’t familiar with who provide meaningful content to you. You can read more about Subscriber Swap Saturday at his blog.

Q: The greatest part about writing my blog has been the ability to learn from my readers.  What would you say is the most important lesson your readers taught you since the blog started?
A: Great question. I would say that readers have taught me that even if there is a well known correct way to do something, that way may not work for every person. It kind of goes along with what Dave Ramsey says about money being 80% psychological. I don’t agree with that, but I will grant that your mind has something to do with it. People think differently than what is plainly obvious to be right. I think our duty as bloggers is to deal with that different mentality in a positive way — turning the readers thoughts into positive progress.

Q: How is your debt repayment process coming along and what is your view on your progress?
A: Well to be honest the only debt we have right now is our mortgage and my deferred student loans. We pay off our credit cards every month and have no other debt. The student loans are essentially pre-paid — we have the money sitting in the savings account earning interest while we wait until I graduate.

The mortgage is another issue entirely. We’re a little more than one year in and, well, it’s going to take a while.

Q: New years bring new resolutions.  What would be your #1 goal for 2009 that is non-financially related?
A: To be a better husband. That seems cliche, but I have been really busy in the last year with work, blogging, and my MBA work. It’s not that I’ve been a terrible husband, but I’m looking forward to graduating and getting that huge time commitment off of my plate so I can re-focus my attention on my wife.

Q: I’m just throwing this out in the blue and see what you think.  Do you think it’s easier for the generation X or Y to retire rich and why?
A: Well first I need to define each generation. I’m going with Wikipedia and saying Gen X runs from 1965-1980, and Gen Y from then to 2000.

I think Generation X is going to have it easier than us Generation Y-ers for a few reasons. Generation X grew up in a more simple time (believe it or not). There was no internet. Life, business, and finance did not move at the pace that it does currently. Gen X worked jobs for 20+ years and retired with the golden watch and a pension. Not that there have not been struggles — just as they start to retire the investment world loses 50% of its value. That’s rough.

Generation Y is going to have more hurdles and a more complex world to live in. As I said, the internet is an amazing medium, but it greatly complicates things. There are more people out there trying to take your money, and more ways to lose it (identity theft, hacked accounts, etc.). There are most likely more “good” investment choices out there, but I’m not holding my breath that a majority of us are going to make wise decisions.

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{ read the comments below or add one }

  • MoneyNing says:

    Studenomics: Let me try to weigh in on the “optimism” comment. I believe that our attitude is one of the most important aspects that determine our success. As a PF Blogger (and someone who people listen to), we need to encourage do the right thing and let them know that with hard work, good things DO happen.

  • David says:

    I wish I was a retired GenX’er, but I am only 36, born in 1972. I have about 30 more years, so hard to see how I could have been retired with a golden watch and pension already 😉

  • Studenomics says:

    Nice interview feature I really enjoy reading interviews with other pf bloggers. I started a similar feature on my blog and I feel it is extremely valuable anytime readers have the opportunity to see how established pf bloggers feel about certain issues. You asked some really good questions and I was amused with the answer about turning readers thoughts into positive progress. Any chance you could expand on this?

  • No Debt Plan says:

    @ABCs of Investing: I blame Wikipedia. I was using their definition. 🙂

  • Just for the record, I think you have “Gen X” confused with “Boomers”. Gen Xer’s are still in their late 30’s, 40’s and are likely still working.

    Some of us even use the internet. 🙂

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