Freedom !

Photo found on Google

I don’t normally sing my own praises, but today I am here to announce something big. What I am about to mention is a joint effort between me and my wife.

6.9.21 I requested a payoff on our house. I wired the last payment to my mortgage company today. I no longer have a house payment or any other debt.

A decade ago Marcie and I looked at the Dave Ramsey plan. We read the book, started a budget, and I even listened to his radio show for inspiration.

We started on the plan and lasted only a few months. We tried again and drifted away from it. We had every excuse to not do it. It was too hard; we didn’t have enough income (ironic excuse), and we had emergencies come up that needed funding. The desire was there, just not the dedication.

Almost two years ago we again looked at the plan with a new desire to stick with it. Like before, it was still very difficult. We also had the pressures like before, but this time we pushed through them. Following the plan got easier as time went on. We saw the value of the plan a few times early on.

Not far into the plan, we had multiple household appliances that we had to replace. The plan taught us to save up cash, and we could replace all of them. What a great feeling it was to pay for those in cash and not put those expenses on a credit card.

During our latest journey we paid off the few small debt we had, made additional payments on a car loan to pay it off early (60 month loan paid off in 11), and also paid extra on our house payment (for many years now). Per the plan guidance anything extra we had financially, we through toward the mortgage.

As of today, we have no credit card debt, no student loans, no car loans, and finally, no house payment. We owe no one. We still have regular bills such as cell phone, electric, water. But those are services, not loans.

Our next financial goals are simple. First, pay for everything in cash (or debit card). Next, retire earlier than we expected doing (prior to paying the house off) and build wealth to pass on to Gavin.

Goal one is simple. If we don’t have the cash, we don’t buy it. Period.

Goal two will take time, but we plan to take our house payment amount and put ¾ of it in savings monthly while investing the rest. We can now fully fund out 401K (within IRS limits). By doing this we can increase our financial portfolio, thus allowing us to retire earlier than recently planned.

Goal three is part of goal one. Monthly we will increase our savings and investment portfolio and Gavin’s inheritance will grow as well. This is a marathon, not a sprint. We do, however, see a large glowing light at the end of the tunnel.

Imagine if you had no debt (credit card, house payment, student loan, car payment, etc.). How quickly your savings could grow? That was the driving force behind our decision to get back on Dave’s plan and why we stuck to it.

It is a strange feeling finally working and paying ourselves instead of a mortgage company, credit card or any loan company. I am still in shock that Marcie and I (with God’s blessing) could do this.

If you are interested in the plan, let me know. I have had others ask me about it, but like us (initially) many find excuses not to stick with it. I have heard stories on Dave’s radio show of single parents on one (low) income push through and get out of debt. If you have an income (big or small), you too can be debt free. It takes desire, no excuses and discipline. We did it. I know anyone can.

As tears fill my eyes while writing this, I feel so blessed. I NEVER thought we would be in this position, but with hard work and deep desire to get here, we made it.

Cutting our grass will be sweeter. I know it is our grass, not the banks. Our little slice of this planet has now become a very special place for me.

I am going to walk around our house, walk our property and likely hug my two trees. This house already looks different to me. Thank you GOD for allowing us to be in this position!

Until next time,

Tim (Kilmer)