Where I Came From, Where I’m Going
November 6, 2007
“Today is the first day of the rest of your life.” It’s the thought I like to think every morning. I’m truly grateful for everyday that I have on this earth, every breath that I take, and every blessing and act of forgiveness God extends to me. I feel like every day is a new beginning and a new chance to make things right, and this same concept applies to my finances. First off, I’m no financial genius. I’m learning every day how to control my impulses and balance my needs vs. wants. I think anyone with any financial sense has at least a small grip on this. But it wasn’t always the case with me.
When I graduated from college, I found credit cards and all the wonderful things they could offer me. I convinced myself that I “needed” things and the only way I could get them was with credit. Soon I got married and my wife and I were making a “decent income” and didn’t take care to pay off our balances every month. We had the “we’ll pay off the rest next month” attitude.
I was young and stupid. What can I say?
Soon enough we got a house (and all the expenses that come with one) and little ones and the credit card debt started piling up. And my wife quit her real estate agent job and stayed home with the kids, because we felt strongly about not having them in daycare. So there we were, down to one income and a lot of credit card debt.
To make a long story short, we worked out settlements on most of our credit cards and took a (surprisingly small) hit on our credit scores, but we reduced our debt significantly and now only have 1 credit card with a couple thousand on it.
Like a lot of people, we were/are motivated by a lot of the teachings of Dave Ramsey. The baby steps are a good framework with which to plot a course to financial freedom, which we are starting/resuming. I feel like I’m starting a little late at the age of 35, but better late then never, I guess.
Since then I’ve increased my income significantly, my wife has a home business teaching piano lessons, and we are being blessed every day by having great friends and funny, lovable kids. What more could I want?
My dream is to pay off my mortgage by 2020 and have a significant amount save for retirement. How much is “significant”? I have no idea right now.
“Because of the LORD’s great love we are not consumed, for his compassions never fail. They are new every morning; great is your faithfulness.” Lamentations 3:23
Posted in Life
