Comments on: Talking about money http://gentlewhisper.com/blog/2006/03/16/talking-about-money/ Life is random, so is my blog. Fri, 21 Nov 2008 14:40:36 +0000 http://wordpress.org/?v=2.6.3 By: Rich Tatum http://gentlewhisper.com/blog/2006/03/16/talking-about-money/#comment-2081 Rich Tatum Sun, 19 Mar 2006 04:04:09 +0000 http://gentlewhisper.com/blog/2006/03/16/talking-about-money/#comment-2081 Amy, and Joel, what an amazing story. I hope and pray you gain and maintain the discipline to erase your indebtedness. God will provide. After my wife and I married, we tallied our combined debts and it was a pittance compared to yours, something like $36,000. But we wanted to have kids in about three years, and we wanted to raise them with mommy at home instead of at work. But we knew it would be so much harder to do in debt. So, we started by taking out a $1000 signature loan at our credit union to pay off the lowest debts first. Simultaneously, we signed over a percentage of each of our paychecks to automatically pay down the signature loan every time we got paid. And we continued making minimum payments on all our debts except the highest interest debts. On those we always paid as much as $50 extra. Then, every time we paid off our signature loan, we borrowed another $1,000 and wiped some more cards and debtors off the map. And we stopped using credit for daily expenses. Interestingly, this hardly changed our lifestyle because we only spent what we had. Having less didn't seem to mean enjoying life less. We just did different things. Instead of theaters, we rented DVDs. Instead of buying books we went to the library. Instead of eating at nice restaurants, we went to the Waffle House. Three years later, the week before our first child arrived, my wife excitedly came to me with the news that we were officially completely debt free. Wow. What a spine-tingling announcement! And what a way for Jennifer to quit her job and take care of her baby. God has been good. Since then, we've maintained manageable debt, such as when we bought a house. We owe a lot for a house, but we also consider our house an investment and we were careful to buy the best location in the neighborhood (we're adjacent to a park and a pond ... we have no streets in front of our house--just nature, and our resale value has already gone up dramatically). Now, if we can just <i>save</i> our money! Regards Rich <a href="http://tatumweb.com/blog/">BlogRodent</a> Amy, and Joel, what an amazing story. I hope and pray you gain and maintain the discipline to erase your indebtedness. God will provide.

After my wife and I married, we tallied our combined debts and it was a pittance compared to yours, something like $36,000. But we wanted to have kids in about three years, and we wanted to raise them with mommy at home instead of at work. But we knew it would be so much harder to do in debt. So, we started by taking out a $1000 signature loan at our credit union to pay off the lowest debts first. Simultaneously, we signed over a percentage of each of our paychecks to automatically pay down the signature loan every time we got paid. And we continued making minimum payments on all our debts except the highest interest debts. On those we always paid as much as $50 extra. Then, every time we paid off our signature loan, we borrowed another $1,000 and wiped some more cards and debtors off the map.

And we stopped using credit for daily expenses.

Interestingly, this hardly changed our lifestyle because we only spent what we had. Having less didn’t seem to mean enjoying life less. We just did different things. Instead of theaters, we rented DVDs. Instead of buying books we went to the library. Instead of eating at nice restaurants, we went to the Waffle House.

Three years later, the week before our first child arrived, my wife excitedly came to me with the news that we were officially completely debt free.

Wow. What a spine-tingling announcement! And what a way for Jennifer to quit her job and take care of her baby. God has been good.

Since then, we’ve maintained manageable debt, such as when we bought a house. We owe a lot for a house, but we also consider our house an investment and we were careful to buy the best location in the neighborhood (we’re adjacent to a park and a pond … we have no streets in front of our house–just nature, and our resale value has already gone up dramatically).

Now, if we can just save our money!

Regards

Rich
BlogRodent

]]> By: Debbie http://gentlewhisper.com/blog/2006/03/16/talking-about-money/#comment-2076 Debbie Fri, 17 Mar 2006 20:25:14 +0000 http://gentlewhisper.com/blog/2006/03/16/talking-about-money/#comment-2076 I am just so proud of you guys. You have a great attitude. We have some debt as well, and I think Joel's comment about adding it up is a good one. In your mind you can think I owe a little here and a little there, but if you add it up, it is one pretty big number staring back at you. So many people think they have no debt, but have a house and a car payment. If you used someone else's money to buy something, you are in debt. Here's to all of us who are going to join you in getting out and staying out! I am just so proud of you guys. You have a great attitude. We have some debt as well, and I think Joel’s comment about adding it up is a good one. In your mind you can think I owe a little here and a little there, but if you add it up, it is one pretty big number staring back at you. So many people think they have no debt, but have a house and a car payment. If you used someone else’s money to buy something, you are in debt. Here’s to all of us who are going to join you in getting out and staying out!

]]> By: Heather http://gentlewhisper.com/blog/2006/03/16/talking-about-money/#comment-2075 Heather Fri, 17 Mar 2006 13:37:29 +0000 http://gentlewhisper.com/blog/2006/03/16/talking-about-money/#comment-2075 I've found that blogging about something is the best way to take action. Another friend of mind has done a "Blogging to Black" series where she writes about how they're working toward moving out of debt. I hope all goes well for you. You're an inspiration to many people. I’ve found that blogging about something is the best way to take action. Another friend of mind has done a “Blogging to Black” series where she writes about how they’re working toward moving out of debt.

I hope all goes well for you. You’re an inspiration to many people.

]]> By: Patti http://gentlewhisper.com/blog/2006/03/16/talking-about-money/#comment-2074 Patti Fri, 17 Mar 2006 06:25:49 +0000 http://gentlewhisper.com/blog/2006/03/16/talking-about-money/#comment-2074 Amy, don't be embarrassed. So many people have gotten in over their heads while chasing the American Dream. You should be proud, not of your debt, but of the strength with which you are facing it. I pray that someone, somewhere will read Joel's blog and be inspired to face their debt with that kind of strength. Amy, don’t be embarrassed. So many people have gotten in over their heads while chasing the American Dream. You should be proud, not of your debt, but of the strength with which you are facing it. I pray that someone, somewhere will read Joel’s blog and be inspired to face their debt with that kind of strength.

]]> By: Hillery http://gentlewhisper.com/blog/2006/03/16/talking-about-money/#comment-2072 Hillery Fri, 17 Mar 2006 04:52:39 +0000 http://gentlewhisper.com/blog/2006/03/16/talking-about-money/#comment-2072 You guys are so gutsy, I envy you. Only a couple of people know that Joey and I got in over our heads over the last year. My family has NO clue, for many reasons. Joey's family doesn't know either. Mainly just Amy and one other friend. And anyone who might read this. It still turns my stomach to think about it or talk about it. We too are biting the bullet and paying as much as possible towards debt. It is hard that our family doesn't know, because they wonder why we don't do things that they think we can afford. Gotta go, baby crying. You guys are so gutsy, I envy you. Only a couple of people know that Joey and I got in over our heads over the last year. My family has NO clue, for many reasons. Joey’s family doesn’t know either. Mainly just Amy and one other friend. And anyone who might read this. It still turns my stomach to think about it or talk about it. We too are biting the bullet and paying as much as possible towards debt. It is hard that our family doesn’t know, because they wonder why we don’t do things that they think we can afford.

Gotta go, baby crying.

]]> By: Amy http://gentlewhisper.com/blog/2006/03/16/talking-about-money/#comment-2070 Amy Fri, 17 Mar 2006 03:41:27 +0000 http://gentlewhisper.com/blog/2006/03/16/talking-about-money/#comment-2070 Rhonda! I've been thinking about you all day. Thanks for coming to the site. Rhonda! I’ve been thinking about you all day. Thanks for coming to the site.

]]> By: Rhonda Martinez http://gentlewhisper.com/blog/2006/03/16/talking-about-money/#comment-2069 Rhonda Martinez Fri, 17 Mar 2006 03:21:19 +0000 http://gentlewhisper.com/blog/2006/03/16/talking-about-money/#comment-2069 Amy, I just checked out your website and Joel's blog. I am moved to tears to see how God is working in your lives. He answers prayer, but often the process is painful. Dave Ramsey changed our view on finances. We paid 20K in debt in 3 months. We paid another 3k in the last few, after I quit my job! I started working again because there is only so much ramen noodles one can eat! Rhonda Amy, I just checked out your website and Joel’s blog. I am moved to tears to see how God is working in your lives. He answers prayer, but often the process is painful.
Dave Ramsey changed our view on finances. We paid 20K in debt in 3 months. We paid another 3k in the last few, after I quit my job! I started working again because there is only so much ramen noodles one can eat!
Rhonda

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