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2019 Debt Freedom Plan Update

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Our Debt Freedom Plan has been a long winding road. The journey started in 2012 when we bought an office building for our business and then found ourselves with a lot of debt and not enough cash flow. From what we learned in the course, we wrote our Debt Freedom Plan. We were trying to be responsible. 2018 Update.

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Meet Krista & Jon Who Paid Off $36,000 | Debt Free Stories

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Welcome to Debt Free Stories! They paid off $36,000 in debt and cash flowed graduate school. How much debt did you pay off? What kind of debt was it? After graduating with our bachelor’s degrees Jon and I had about $36,000 in debt between us. What inspired you to get debt free? They blog at 2 Copper Coins.

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How I’m Managing our Family Budget during the Pandemic

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Pre-coronavirus, I considered having 3 months of expenses saved in cash to be sufficient. Every night my first prayer is that this virus starts to mitigate, the curve flattens to a manageable level for our health care system, and lives are saved. Emergency Savings = Last Resort. Post-coronavirus, not so much!

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Our 2019 Financial Goal

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Save $10k in a savings account, specifically earmarked for medical expenses. It was an easy process and I know that we could have saved money by doing it online, but I trust that everything is properly complete. That’s the amount of our medical bills we need to pay before our bills are covered by the members’ shares.

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Our Family Finances Update: January 2021

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Yep, I found a $20 bill last year on the beach! This money will go towards paying the actual medical bills from the injury. We had very little saved for a new-to-us car and we would have had to take out a loan to cover most of it, and that made me uneasy about purchasing the car. Found Money in January: $1681.

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How We Paid off Six Figures of Debt

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It was so big that I cried for two days straight– we paid off six figures in non-mortgage debts. How we got to six figures of non-mortgage debt: In the summer of 2012, we found an opportunity to purchase an office building for our small business. After the first year, the new business debt weighed on me.

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A Goal Without a Plan is Just a Wish

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However a few years ago, we found ourselves with too much debt and not enough cash. When a building in our town went into foreclosure in 2012, we considered the opportunity to own. Within a year after settlement, we found ourselves with a lot of debt, not enough cash flow, and very little set aside for emergencies.

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