Looks like we made it (insert Barry Manilow song here). We began the path to Financial Peace in September of 2009. It is hands down, the best thing we have done for our family and our marriage. The plan has kept us on the same page for the last five years. We have a system that works for us and we have followed through with our commitment. In January of this year we checked off Baby Step 6 and I would like to share with you what it’s really like to be completely free of any kind of debt.
Here are a few posts that I have written along the way about our journey to Financial Peace.
Once we wrote the check for the house we really wanted to call into the Dave Ramsey show and scream “WE’RE DEBT FREE!!!!” but you have to make an appointment to either call or visit. We haven’t been able to coordinate a call. We honestly don’t have the funds to visit either. We hope to visit once we can save up the money! Sounds strange doesn’t it? Save up the money after completing all 7 steps?
You might think, as I did, “shouldn’t you have extra money now?” If you pay off all of your debt and you have the entire plan set in place and your house is paid off there should be extra with no mortgage payment, right? For us, it’s not very much. I’m not sure how we ever made it before. We live on one income and we have built the emergency fund, invested in the IRA, 3 college funds, our sinking funds (Christmas, etc.,) and our monthly expenses. We are breaking even and at the same time we have piece of mind.
Now we build wealth and give! In the after math here are a few things you should know…
1.) We aren’t judging you! Everyone has to learn their own lessons. We learned ours in a six figure kind of way and it was painful. We won’t return there again, ever.
2.) We still have monthly budget meetings. It’s necessary when you have children.
3.) Yes, we still listen to the Dave Ramsey show. It’s a great reminder to stay on our path.
4.) I wish building wealth was easier than giving. I love to give and if I had more wealth I would continue to invest in people. I have a gift for spotting talent.
5.) Our children still need work. They have the “I wants” just like any other kid. You would think they would get tired of hearing “no.”
6.) Yes, I still use the envelope system.
That’s about it folks, there was no special balloon drop just a continued peace of mind. We stayed the course and that was tough but as with anything the hardest part is starting. As always I’m here should you have any questions! Where are you in your Financial Peace journey? Let me know in the comments!