Slowing Down and Getting Sloppy

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Jester
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Slowing Down and Getting Sloppy

Post by Jester » Mon Nov 27, 2017 4:00 pm

When I met my wife in 2011 I didn't have a dollar to my name. The good news was I had zero debt. A little over a year later we were married and I instantly gained $30,000 in student loans. We had two girls and we were living in a nowhere town (Garden City MO) living from paycheck to paycheck. Due to school zoning and legal obligations we had to move to Pleasant Hill in 2013. It was a quick decision where I had to build credit quick and we were unable to sell the Garden City house. We were able to find people to rent out the house but it was maintaining a mortgage with no profit. That Christmas of 2013 we got Dave Ramsey's Financial Peace University. We started it but dropped off when we were supposed to make a budget.

Fast forward to May of 2016. 2 girls, 2 boys. We are now at $19,000 in debt. I can't remember why but we had dusted off Dave's FPU looked at each other and agreed we wanted to be good stewards of God's money. We had become financial debtors to the world and we wanted to use our income to further advance the kingdom of God. So we prayed and asked that if that's what he wanted us to do we would be debt free. We finally made a budget. The impossible began with two big tests right out of the gate. Both tests included $500 bank mistakes in our favor that the banks didn't catch (two separate incidents!). Both times were hard to return the money. We did see amazing progress in paying way over on bills. So much progress that my wife estimated that we would be debt free by the time we got our 2017 tax return! We celebrated knowing that mathematically it was a for sure thing. That was a few days before crap hit the fan.

In December 2016 (another boy born) I got a call from our 4 year, 5 star, renters. Sadly his grandfather had just passed away, the good news was he inherited his grandfathers completely paid off home. It was hard not to be happy for him. He never had a late payment and kept the house up for 4 years. It was hard not to be mad at him. Him and his wife expressed that they were thinking of buying the house. It was two weeks before Christmas, in the worst season to sell a home, we were three months away from being debt free when that $93,000 was added to the $8,000 we had left and all hopes of being debt free by tax season vanished. We got a contract that fell through only to reveal we were not going to sell the home without renovations.

In January 2017 we took the house off the market. A pipe had burst on the second floor totaling the ceiling and the carpet below. By the time tax season came we used the final "get out of debt" money to pay for the mortgage, renovations, damage the insurance didn't cover. In March the house was back on the market. It was a hard struggle because we both wanted the house back on the market but I knew we were going to have to rent it out. When we both gave up hope it was the end of April when I got the call. We accepted the offer and sold the house at the end of May with only $3000 "profit". We had been paying bills the whole time including an extra mortgage. The $3000 paid off the rest of our debt!!

We had a plan to get out of debt and God had a greater and better plan than we could even imagine. We were out of debt in one year but God didn't stop there. When we bought that house in 2012 the market was crashed and we picked it up for next to nothing. In a week and a half we sold the house for almost double. We were able to place 20% down on the home, fill the emergency account, pay off next years vacation and purchase a new van in full.

Now, I don't know if it is because steps 4,5, and 6 (invest, college savings, pay off home) are long term and not so instant as paying off debt or if now we have gotten lazy and are doing it wrong. I feel like getting out of debt was fun, risky, life threatening and exciting and now am I supposed to be in high alert still? As you can see its been a crazy 5 years and a very crazy/stressful 2017. I didn't know if this should go in testimonies, prayer requests or fellowship but be in prayer that we remember that God is sovereign and he definitely put us here. Pray that we remember that. Pray that we remember to do what we said we would.
I smoke a cigar because the body is a temple and the temple needs incense. -Michael Knowles

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When chaos manifests itself, what makes you think that anyone tame will be good for anything? -Jordan B. Peterson

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Re: Slowing Down and Getting Sloppy

Post by hugodrax » Mon Nov 27, 2017 4:07 pm

That's a powerful testimony, sir. You've had my prayers since you got here, but I'll add this knowledge to the list.

May God grant us all the grace of perseverance, especially final perseverance.
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Re: Slowing Down and Getting Sloppy

Post by infidel » Mon Nov 27, 2017 4:51 pm

Jester wrote:
Mon Nov 27, 2017 4:00 pm
Now, I don't know if it is because steps 4,5, and 6 (invest, college savings, pay off home) are long term and not so instant as paying off debt or if now we have gotten lazy and are doing it wrong. I feel like getting out of debt was fun, risky, life threatening and exciting and now am I supposed to be in high alert still? As you can see its been a crazy 5 years and a very crazy/stressful 2017. I didn't know if this should go in testimonies, prayer requests or fellowship but be in prayer that we remember that God is sovereign and he definitely put us here. Pray that we remember that. Pray that we remember to do what we said we would.
Well done :clap: You don't have to be gazelle intense anymore, just rational and patient.

I wish I was in your shoes. I'm a couple years out at least, assuming I can stoke the fire under the Mrs. She's content with the slow burn. I suppose we'll keep cruising along until something catastrophic forces our hand.

One way to make it exciting again might be to treat the mortgage as a step 2 debt once you have retirement and college funded. To be free of a mortgage payment would be super sweet. I could cash flow my kids through college if I was rid of mine.
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Re: Slowing Down and Getting Sloppy

Post by sweetandsour » Mon Nov 27, 2017 7:47 pm

I don't entirely follow your story, but I get the message, and you have my congrats and best wishes.

My wife and I were relegated to the fact that we would have a mortgage well into retirement, but our interest rate is only 3.5 percent, and tax deductible. The new tax reform apparently will take this and many other traditional itemized deductions away, so we will have to review everything.

Anyway, a great testimony to you and your family. Congrats again!
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As he staggered down the stairs.

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Re: Slowing Down and Getting Sloppy

Post by FredS » Mon Nov 27, 2017 7:59 pm

Jester wrote:
Mon Nov 27, 2017 4:00 pm
. . .Now, I don't know if it is because steps 4,5, and 6 (invest, college savings, pay off home) are long term and not so instant as paying off debt or if now we have gotten lazy and are doing it wrong. I feel like getting out of debt was fun, risky, life threatening and exciting and now am I supposed to be in high alert still? As you can see its been a crazy 5 years and a very crazy/stressful 2017. I didn't know if this should go in testimonies, prayer requests or fellowship but be in prayer that we remember that God is sovereign and he definitely put us here. Pray that we remember that. Pray that we remember to do what we said we would.
Great story Jester, and well done.

You want to feel at risk and excited about money again? Join a local church that's supporting ministries in your town, state, country, and world. Then commit 15% of your income to support said ministries. If you don't know of any churches like that, I can hook you up with one in Lee's Summit.
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Re: Slowing Down and Getting Sloppy

Post by Del » Mon Nov 27, 2017 9:55 pm

There will always be ups and downs with any financial plan.

The important thing is to have a plan... with proper priorities in place.

Much easier to roll with the punches than if you have no plan.... because the punches are coming, no matter what.

My financial planning spreadsheet says that we will be free of non-productive debt in five years. I will be 62 years old then.... all the math is different when you get older.

I am very happy for you, Jester! I was 40 years old before I realized that my family's financial situation was disordered. But I didn't have Dave Ramsey then, so I didn't place a high priority on eliminating debt.

I learned a lot from Robert Kyosaki's Rich Dad/Poor Dad and Cashflow Quadrant. That helped me a lot, and got me started in real estate investing. (I'm still a middle-class investor, but I know it and I own it. I don't want to be a multi-millionaire and the problems that come with it.)

I love what Dave Ramsey is doing for young families, helping them to get started with a firm financial foundation. His step-wise approach is effective.

Still, I highly recommend the Kyosaki books for anyone who wants to understand finances. It is not a step-wise plan to get out of debt and achieve financial independence, but it is wisdom that will help one to achieve any financial goal that you set for yourself. [Kyosaki is not an Evangelical Christian... but he does encourage us to mind the spiritual dimension in everything we do, including our finances.]
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Re: Slowing Down and Getting Sloppy

Post by tuttle » Tue Nov 28, 2017 8:38 am

I thought this thread was going to be about the Chiefs' offense.
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Re: Slowing Down and Getting Sloppy

Post by Jester » Tue Nov 28, 2017 9:13 am

tuttle wrote:
Tue Nov 28, 2017 8:38 am
I thought this thread was going to be about the Chiefs' offense.
+1
I smoke a cigar because the body is a temple and the temple needs incense. -Michael Knowles

Pumpkin Ale is more American than apple pie! -Tuttle

When chaos manifests itself, what makes you think that anyone tame will be good for anything? -Jordan B. Peterson

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Re: Slowing Down and Getting Sloppy

Post by hugodrax » Tue Nov 28, 2017 9:22 am

Jester wrote:
Tue Nov 28, 2017 9:13 am
tuttle wrote:
Tue Nov 28, 2017 8:38 am
I thought this thread was going to be about the Chiefs' offense.
+1
Gad, your both schmucks. Your poor mama.
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Re: Slowing Down and Getting Sloppy

Post by gaining_age » Tue Nov 28, 2017 9:32 am

We have a budgeting thread-- and this is a great read just the same.

A zero sum budget is an amazing thing (I'll testify).

It does get "boring" but that's a good thing. Just keep at it-- you've got new goals and you'll make progress on them. Start reviewing your "net worth" and you'll see where you've been and where you're going.
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Re: Slowing Down and Getting Sloppy

Post by tuttle » Tue Nov 28, 2017 9:40 am

hugodrax wrote:
Tue Nov 28, 2017 9:22 am
Jester wrote:
Tue Nov 28, 2017 9:13 am
tuttle wrote:
Tue Nov 28, 2017 8:38 am
I thought this thread was going to be about the Chiefs' offense.
+1
Gad, your both schmucks. Your poor mama.
*you're

...or better yet, "you both are schmucks" or "both of you are schmucks"
"You're my kind of stupid" -Mal Reynolds

"Better to die cheerfully with the aid of a little tobacco, than to live disagreeably and remorseful without." -CS Lewis

The Reformation Drinking Song

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hugodrax
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Re: Slowing Down and Getting Sloppy

Post by hugodrax » Tue Nov 28, 2017 10:01 am

tuttle wrote:
Tue Nov 28, 2017 9:40 am
hugodrax wrote:
Tue Nov 28, 2017 9:22 am
Jester wrote:
Tue Nov 28, 2017 9:13 am
tuttle wrote:
Tue Nov 28, 2017 8:38 am
I thought this thread was going to be about the Chiefs' offense.
+1
Gad, your both schmucks. Your poor mama.
*you're

...or better yet, "you both are schmucks" or "both of you are schmucks"
I've insulted the schmucks.
Etiam mihi opinio anserem perirent.

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