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2019 Debt Freedom Plan Update

Family Balance Sheet

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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How our Debt Freedom Plan Prepared Us for the Pandemic

Family Balance Sheet

How Our Debt Freedom Plan Prepared Us for the Pandemic. We’d survived the dip in 2007, carried no credit card debt, and we were contributing to our retirement. Our small business was going well, so we said so long to renting office space and purchased a commercial property in the summer of 2012. Yep, life was good.

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2012 Financial Goals

Family Balance Sheet

We are still working through some numbers and there might be some adjustments in the timelines we have given ourselves, but these are our financial priorities for 2012. Our 2012 Financial Goals. Increase our Monthly Debt Payment. We have set a goal date of July 2015 to pay off all of our debt. Finish Will.

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How I’m Managing our Family Budget during the Pandemic

Family Balance Sheet

We paid off our last non-mortgage debt in September and have since sent that loan’s monthly payment to our mortgage principal. We didn’t have enough cash saved to buy a car without a loan and that wasn’t sitting well with me. Also, about the time everything shut down, my coffee machine decided to as well.

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How We Paid off Six Figures of Debt

Family Balance Sheet

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

Family Balance Sheet

To many, working with a spouse would be too difficult, but our individual strengths and weaknesses complement each other and the arrangement has worked well. However a few years ago, we found ourselves with too much debt and not enough cash. Our business was doing well and it seemed like the right time for us to buy.

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Our Family Finances Update: January 2021

Family Balance Sheet

We found over $1600 in extra cash…and on the other side…well, you should scroll down for the details! I talk a lot about debt freedom and that is still a goal of ours, and our Debt Freedom Plan will be adjusted. And we paid off six figures of business debt before, we will pay off this car loan too.

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