My Financial Story

I have put a lot of thought into this blog, wanting to share some, but not everything. My debt story is unlike any others.

Most people who have a “debt story” talk about how they needed money, so they borrowed it. They racked up credit card bills without worrying about tomorrow. They needed that new 2015 car, so they bought it on a loan from the dealer. I am not saying that any of these are better or worse than what I did, but at 20 years old, I am 26k in debt.

One word.

College.

I know, student loans are a “good debt” and it is okay to have a student loan payment every month because it builds credit.

I hate that concept. I hate the idea of paying almost 2x as much for the education that I received because I waited to pay for it until I graduated. That being said, I am extremely fortunate in my resources that have allowed me to start working to fix this problem of mine.

With that money, I got to experience living in the dorms. I got to meet my roommate, who I love very dearly. I got to take the money and go to South Africa, which I absolutely wouldn’t have traded that experience for anything. I got a lot of things that I am so glad that I got to experience. I also didn’t have to work long hard hours during college, which allowed me to do a lot better in adjusting to college classes than I would have if I was working full time.

For Christmas last year, my parents bought me the Dave Ramsey Financial Peace class on CD so I could listen to it as I commuted from Ashland to Lincoln every day for work. My parents have done a lot for me in the last 20 years, most of which I can never thank them enough for, but I have to say that this is probably one of the very very best things that they could have ever done for me. I will be forever grateful.

If you haven’t been as lucky  as I have and haven’t taken the class. I am here to fill you in all of the details and instructions that I took away from his class, but I also recommend taking the class. If you are married, I recommend taking the class together!

Dave Ramsey’s Class helped me set these goals:

1 year from now:

• I want to have my student loans mostly paid off (within a few thousand)
• I want to have enough money built up in my savings that if something happens to my car, I will be able to replace it with no worries.
• Make a decent profit off my blog, because every penny that I earn from this will go towards my house. I would LOVE to say that my blog paid for my house! Or at least most of it!

5 years from now:

• All student loans will be paid off.
• I will be working on buying my first house 100% in cash.
• I will have graduated college completely debt free with a bachelor’s in Psychology.

10 years from now:

• I will still have no loans.
• I will donate at least $1000 dollars to a cause that is near and dear to my heart (to be decided)
• I will be remodeling and saving up so I can someday buy another house that is an upgrade from my “starter” home, and I can buy that completely in cash.

I know what you are thinking. This girl is CRAZZZY!

I prefer the terms ambitious and stubborn. (I get that from my mom)

While I am very aware that I was possibly born in the wrong generation, I hate the idea of paying for a $50,000 dollar house for 30 years, but the interest added onto that house is figured out to be almost 2-3 times what your house is even worth by the time all is said and done.

What could you do with an extra 100k over 30 years?

If you could by a meal for 3 dollars, would you want to pay 6, or even 9 for the exact same meal?

I hope everyone continues to encourage me on my endeavors with my student loans and wishes me luck.

As I continue to tell my story, I my blog will continue to share my story with those who chose to follow. I hope that I can encourage people to not pay for something almost 3 times.  Please, share my story with those that you think need it the most or just someone who would enjoy the entire blog.

Also, how cool would it be to be 60 years old, living in a 100k+ house and telling your grandkids that never once have you had a mortgage! (My ultimate goal in life at this point.)

Thanks for reading and be sure to stop by every Monday morning for the latest blog post!