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TIPPING POINT
Okay, so first off, I hate to admit, but I’m drowning in debt, $124K plus worth, $111K plus of it in credit card, student, and car loans; and a $13K personal loan from my Mom 🙁
It was a sobering moment after I downloaded the CreditKarma app as it showed me just exactly how deep we were.
The first reaction was RAGE, then despair set in.
I had to take it all in and spent the day just taking stock of our situation.
The next day, I had a better perspective.
I realized that I was very irresponsible with money, despite the fact I had been in financial classes, accounting classes, get rich quick classes, heck I have an MBA and really excelled in my finance courses.
I knew everything there is to know about finance and money, except applying it to my situation.
STEP 1
I had to STOP and finally ADMIT, REALIZE, ACCEPT that I’ve blown it.
After the self-realization and acceptance kicked in….
STEP 2
Was to get my family on the same page.
I sat my wife and daughter down, as we went through this same picture above and figured out what our income was as a family (we’re a single income home) versus how much we spent.
We quickly realized we were just living above and beyond our means.
STEP 3
As we all pondered our financial situation as a family, Step 3 was to PRAY.
Yes, folks, plain and simple. The first thing we defaulted to was to ask God for help since this is going to be a supernatural feat.
We simply realized the fight was too big for us, God has to step in and take over.
FINAL STEP
Then we had to start and get a financial PLAN going.
With all that as a background, this blog is dedicated to our family’s journey to being debt free. Our hope is that one day soon, the picture above would be a bunch of zeros in our favor.
As our family journeys to get there, we hope it inspires you as well to realize that being in debt is not a good place to be in but there’s hope.
Peace and Blessings to you All.
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