What stage are you in?
DEBT! - I need help. Multiple sources. More debt than paycheck
Debt! - student loans? oh I have to pay those. New car?
debt - Only the mortgage. Nothing crazy.
debt free - FREEDOM!
I love helping people get out of debt and make smart financial decisions. I've been listening to Dave Ramsey while working and have been inspired by those sharing their debt story and want to share our story.
The Stanton Debt Story.
Me:
College Debt: $17,000 with interest.
First Salary out of college: $28,000. Annual bonus maybe $2k. Part-time job: $5000
Debt paid off in 1 year!!!!!!!!!!!!!
As a result, saved up and bought 5 year old car in 2009. I started a Roth account while contributing to my 401k at work. Also, I was able to save up and bought a house with 18% down-payment on a 15 year loan in 2012.
My husband:
College Debt: $75,000k plus interest
Car Loan: $16,000 plus interest
Salary ranges: $50k-60k
Over $90k in debt at graduation! Debt paid off in 6 years.
Private colleges are expensive! After going through Financial Peace University my senior year of college, I lived as a college student my first year in the real world. I lived very minimal and didn't buy any large items. I'm a natural saver so that helped. I remember telling my friend Naomi that I hoped my future husband would be financially wise and not have more than $20k in debt. If for some reason he had more than I wanted to see evidence that paying it off was important.
Fast forward a few years as my husband and I start dating and had the money talk... He informed me that he had $40k in debt. ouch. That was double what I hoped for, however, that was half of what it started it at. He had been paying off close to $10k a year. He didn't go through the class but had read the Total Money Makeover by Dave Ramsey. As part of our pre-marital counseling they encouraged us to talk about finances and get on the same page. We did. We talked about how I wanted to be a stay at home mom which means living on one paycheck.
Our Goal was:
Be out of debt (not counting the mortgage) before kids.
Surprise, Surprise...
We came back from the honeymoon. I wasn't feeling good. I'm pregnant! Crunch time if we wanted to pay off $40k in 9 months. Isn't it funny whenever you have a goal you tend to have some kind of hurdle.
Results: Accomplished Goal!
We did it. It was close but Josh and I both received a great bonus that year plus received a tax refund and applied it all to his loan. We lived off just my salary that was now in the $40k range. His salary went to the loans. This was so huge as we had no idea Josiah would spend the first week in the NICU but we were able to pay the bill between using HSA and savings.
I've always loved traveling and we've been able to do so much traveling since we don't have a car loan or a credit card payment.
My dream would be to help you also be debt free.
Our next thought - no mortgage by age 40. This will be interesting to see if we can do since most likely we won't be in the same house but right now we are on track even after our first move.
Do you want to be debt free? Did you know it's possible? Did you add our total numbers? My husband and I together had over $100,000 in debt not counting the house.
It is possible to be debt free.
You can be debt free.
I'm willing to help.
Dave Ramsey steps:
1. Save $1000 emergency fund
2. Pay off all debt not including mortgage.
3. Save up 3-6 month expenses
4. Save 15% for retirement
5. Pay off mortgage
6. Save for kids college.
7. Build wealth and give generously.
*4-6 can be done simultaneously
DEBT! - I need help. Multiple sources. More debt than paycheck
Debt! - student loans? oh I have to pay those. New car?
debt - Only the mortgage. Nothing crazy.
debt free - FREEDOM!
I love helping people get out of debt and make smart financial decisions. I've been listening to Dave Ramsey while working and have been inspired by those sharing their debt story and want to share our story.
The Stanton Debt Story.
Me:
College Debt: $17,000 with interest.
First Salary out of college: $28,000. Annual bonus maybe $2k. Part-time job: $5000
Debt paid off in 1 year!!!!!!!!!!!!!
As a result, saved up and bought 5 year old car in 2009. I started a Roth account while contributing to my 401k at work. Also, I was able to save up and bought a house with 18% down-payment on a 15 year loan in 2012.
My husband:
College Debt: $75,000k plus interest
Car Loan: $16,000 plus interest
Salary ranges: $50k-60k
Over $90k in debt at graduation! Debt paid off in 6 years.
Private colleges are expensive! After going through Financial Peace University my senior year of college, I lived as a college student my first year in the real world. I lived very minimal and didn't buy any large items. I'm a natural saver so that helped. I remember telling my friend Naomi that I hoped my future husband would be financially wise and not have more than $20k in debt. If for some reason he had more than I wanted to see evidence that paying it off was important.
Fast forward a few years as my husband and I start dating and had the money talk... He informed me that he had $40k in debt. ouch. That was double what I hoped for, however, that was half of what it started it at. He had been paying off close to $10k a year. He didn't go through the class but had read the Total Money Makeover by Dave Ramsey. As part of our pre-marital counseling they encouraged us to talk about finances and get on the same page. We did. We talked about how I wanted to be a stay at home mom which means living on one paycheck.
Our Goal was:
Be out of debt (not counting the mortgage) before kids.
Surprise, Surprise...
We came back from the honeymoon. I wasn't feeling good. I'm pregnant! Crunch time if we wanted to pay off $40k in 9 months. Isn't it funny whenever you have a goal you tend to have some kind of hurdle.
Results: Accomplished Goal!
We did it. It was close but Josh and I both received a great bonus that year plus received a tax refund and applied it all to his loan. We lived off just my salary that was now in the $40k range. His salary went to the loans. This was so huge as we had no idea Josiah would spend the first week in the NICU but we were able to pay the bill between using HSA and savings.
We were debt free besides the mortgage
in 8 months of marriage.
in 8 months of marriage.
Just in time to introduce our son to the world.
I've always loved traveling and we've been able to do so much traveling since we don't have a car loan or a credit card payment.
My dream would be to help you also be debt free.
Our next thought - no mortgage by age 40. This will be interesting to see if we can do since most likely we won't be in the same house but right now we are on track even after our first move.
Do you want to be debt free? Did you know it's possible? Did you add our total numbers? My husband and I together had over $100,000 in debt not counting the house.
It is possible to be debt free.
You can be debt free.
I'm willing to help.
Dave Ramsey steps:
1. Save $1000 emergency fund
2. Pay off all debt not including mortgage.
3. Save up 3-6 month expenses
4. Save 15% for retirement
5. Pay off mortgage
6. Save for kids college.
7. Build wealth and give generously.
*4-6 can be done simultaneously
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