I actually started this project in June of 2008 with 69.23% of BAD-DEBT-to-income-ratio.
What made me start this project: I woke up and said, “this is my money! Why do I not have control of it?” Seriously, this is what happened. I have aspirations and dreams to travel the world. Have my kids travel with me & learn about the cultural life. I can’t do it with the situation I caused myself. I have a 13 year old son who is going to need college money, a car, prom, etc… I don’t have that money! But, yet I make a good, decent wage and I live like I am in poverty. One of the thousands of American’s caught in this messy financial debt structure! I vow to do it no more. I have to set an expample for my family’s generations to come, right? They learn from experience. So, here I am! Here me roar!
Poverty. I came from poverty – lived the welfare system & in-and-out of foster homes. I’ve had my serious battles. So NO, I am not a privileged soul. I worked hard from the bottom up & look where I’m at now. Exhausting.
What made that percentage change so quickly between June and July? I was fortunate enough to be promoted with a 10% increase in pay. Yeah me!
What does this mean financially? An extra $200, bi-weekly to pay down that horrendous debt! I started with the Kohl’s store card. From a balance of $777.00 to $577.00. We are going to knock this small one out first and then hit the Large Wells Fargo CC. By knocking out the small card, we can apply the once Kohl’s payment to the Wells Fargo CC, plus the regular monthly WF payment, plus also the $200 biweekly payment. This will hypothetically allow us to pay it off in roughly 17 months. 1 1/2 years of tight financial bondage because we wanted something materialistic that will expire, I am sure, sooner than we pay it off. The item(s) will loose its luster and sheen by then.
Watch me. Follow me. Offer me advice. Let’s see if we can clean up my mess, your mess. I AM STARTING THE ADVENTURE WITH THE WORLD TO WATCH. I need the support and a way to track my route.
I promise to you that I will tell the truth. This is a REAL case.
Read the sidebars of this site. Offers ways to calculate your ‘mess’.
I use Motley Fool’s website for advice & forums.
I started with the Debt to Income Ratio worksheet to start my adventure.
Welcome to my Financial world!