One Year of Savings After No Mortgage Payments : May 2015 Budget Update

A MORTGAGE IS A HEAVY DEBT   Kissing our mortgage payments goodbye one year ago this month was one of the greatest accomplishments we’ve achieved financially as husband and wife. Honestly it was my wife that reminded me that it has been a year since our final mortgage payments were processed. Time certainly does fly by but I’m certain since having our son time is just a big blur to the both of us.   Mortgage Payments are reality   Having no mortgage payments have not gone unnoticed though as our budget has shrunk and our net worth has jumped up to just under $700,000. It would be nice to be worth a cool million before I turn 40 although that may be super optimistic of me. When we conquer one hurdle we set goals to conquer another. Having mortgage payments will add bulk to any budget but it’s not the end of the world if you have one. The reality is that most people who have a mortgage pay for it until the end of their term unless they pay extra to shave a few years off here and there. That is great if you can do this as […]

My Debt Story: How I Paid Off $100,000 In Debt (And How You Can Too)

I’m not done paying off all my debts yet, but I recently hit the century mark and wanted to share with you all how I did it. I have paid off $100,000 in debt in 17 months, and am a few months away from being debt free for the first time in 20 years. My Debt Story I am a musician (a trombone player) who found myself making quite a bit of money doing something I love. I read all the time about people who make a lot of money but hate their jobs; that was not me, which made my predicament a bit tricky. When I got into debt and spent more than I earned, I would justify it by saying to myself that I would work forever. It still got old, and I still got tired of being in debt. Even though I love the work I do, my debt left me “trapped” in certain areas of life. Sometimes I would rather stay home with my kids than play a concert…I did not have the latitude to say “no”, since I needed the money. My debt pay-off has really allowed me to follow my passions, and only my passions. Here […]

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