I am a Christian, a husband, a father and a teacher living in Altoona, Iowa. This blog will will focus on setting goals. I will post my goals, give updates on my progress and share strategies to help meet your goals. I will use 5 strands of wellness in creating my goals (spiritual, financial, intellectual, relational, and physical) as my starting point. You can follow me on twitter @MrJoshuaBrown.
Wednesday, August 29, 2012
We're Debt Free!!!!!!
After many bad decisions that led to credit card debt, car loans and mountainous student loans, we finally were able to work our way out of consumer debt through hard work and sacrifice. We followed most of Dave Ramsey's principles, striving for Financial Peace. I also listened to several financial podcasts that helped give me other perspectives and kept me focused including:
Our family completed Dave Ramsey's baby step #2 when my student loans were complete paid off on Monday, August 27th. We completed this step by using the snowball method. We lined up all of our debts from smallest to largest and paid the minimum payment on all of our debts but the smallest one. We attacked the smallest one with gazelle intensity and once that was paid off we took the money we were paying on the first loan and added it to the minimum balance on the second. We continued to do this until we finally are able to call the Dave Ramsey show and yell, "We're Debt Free!" as a family, which we plan on doing soon.
The next step for our family is to build up our full emergency fund. While we are excited about how far we have been able to get on our financial journey we are looking forward to the day that we don't owe any money to a bank and are able to be even more generous with God's money.