Debts 11 years ago (mid 40’s, 3 kids): $110K in credit cards and cars; $245K in mortgage
Retirement: $35K in TSP (Oh my!)
Our reasons for finally making better choices to get out of debt:
* We wanted not to be a burden to our children due to our poor planning.*
* Both sets of our parents left a legacy of debt living. Social Security is their only retirement due to poor choices in cashing ou
t their 401Ks.*
* We finally realized that new/better/wiser habits were needed to be better models for our kids because as most parents we want better for them.*
----------------The sacrifices for 1 and 1/2 years: ------------------------
* NO eating out, taking lunches to work EVERY day, saying NO to wants
for that time frame in order to learn to make our money work for us.
* Cut out all luxuries such as house cleaning services, lawn services, etc
and the entire family was put on a schedule to pitch in with cleaning,
laundry, mowing, etc so that everyone became involved in the future
of our family (this involved an honest family meeting with who was
willing to do what).*
* We sold “stuff” that we never/hardly ever used (furniture in the guest
room, crystal/plates that we used only a few times while entertaining,
things we had at least 2 of, and items that were just taking up space).*
* Kids took on weekend and summer work to pay for things they
wanted. *
* We worked extra jobs and full time to throw extra money at our debt.*
* EXTREME: We even sold our house and took the money we made to
pay off our debt and then rented an apartment until we could pay 20%
to buy the next house. *
--Budgeting and getting intentional with goals for our dream to get
out of debt and see a brighter retirement future was a team effort. --
TODAY:
*Our only debt is our home, our business runs debt free, and
we put 15-20% into retirement accounts!
* The kids are now all in the work field or college (debt free).
***WE DID IT AND SO CAN YOU! ***
