Write your success stories here!
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Write your success stories here!
| Thu, 05-29-2008 - 9:31am |
I have noticed a lot of new people on the board, and the tension level as of late seems to have gone through the roof! I imagine the economy/gas prices/food prices have a lot to do with it. The tone I have noticed seems to be desperation.
So on that note, I am asking anyone who has a success story, big or small, to come to add to this thread and tell us about it.
What was the problem? When did you realize it was a problem? What did you do about it? How long did it take? Any tips for others on the board?
Lets see if we can't come up with some positive stories to keep us all on track and inspired!
Bex
Bex -
"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."

I will start (though mine is just a mini success story!)
The problem was as follows. I bought a house in
Bex -
We paid off approximately $40K in debt in 15 months.
I also wanted to tell you, you are doing a great job Bex!
Other people's success stories certainly helped me, especially in my early days here four years ago.
At that point, I couldn't keep ignoring the fact that I was paying over $1000 a month to make minimum payments on something like 8 credit cards and loans, and my rates were all so high that the balance was actually getting higher every month. The reason they were so high was that I was perpetually behind on paying the bills - I *had* the money in the bank, but I detested the actual process of writing out checks, and because I paid late, my rates went up. I learned about debt management plans on this and the Debt Questions board (or whatever it's called), and got us onto one. And I made sure the money was taken out of my account automatically so I would never be late paying it! That was step 1.
A couple of months after that, I came to the devastating realization that my job would never be worth much more to my company than I was being paid. If I couldn't make more money, my family would forever be on the brink - we had enough to pay the bills each month, but not enough to save for college or retirement or even an emergency. I have read the books about voluntary simplicity, and I know you can be financially independent at almost any income, but I can tell you that DH and my three kids would NOT buy into that idea! Nor was anyone going to accept the idea of moving to the next county, let alone another state, to live more cheaply. More income was the only solution.
Moreover, my pride was really hurt when I realized that everyone in my company had the potential to make more money than I did in my job. About 2 months after I got onto the DMP, on the spur of the moment, I told my boss that I wanted to change jobs. I knew the company could use me in the job I wanted to take, and it would put me on a track to become an owner of the firm. Only by becoming an owner would I ever make the kind of money that would lead to financial independence.
Thus began step 2, starting a new job. Which was hard work mentally, physically, and emotionally, and continues to be. I got promoted after 9 months, and became an owner 13 months after that. I've been an owner for 2 years now, and the financial rewards finally started to be realized at that point.
I still have no savings, and the house continues to require work that was needed many years ago (drainage, siding, a falling down deck, etc.), but in the next year, I'll be able to start putting away really large chunks of money. I'm 45yo and I hope to retire when I'm 60, which means I have to save a LOT of money at the same time I'm putting 3 kids through college, but I think I can do it all. I'm determined to!
My advice, for the little it's worth, is to FACE problems instead of running away from them, be creative and try to think of all the ways you can overcome them (in my case, it was MAKE MORE, not SPEND LESS), and be ready to change the way you think about things. For 4 years, I was in the mode of "got to make more money." For the next year, I will be focusing on spending it (on the house). After that, I will have to switch gears and adopt a mentality of saving my money and growing it for the next 14 years. And then I'll be learning how to live on what I've saved and create a new life at the age of 60. These are all new challenges, but I'm prepared to accept them.
And, for those who have faith, pray and trust in God! And never forget that the things that are most worthwhile are your relationships, not your possessions. Don't let debt ruin the best things in life.
Kelly
I think everyone knows my sad story. But anyway I got up to (January