Dave Ramsey

 

Dave Says - December 15, 2014

I gave my wife $350 for Christmas shopping at Wal-Mart. While she was there with our six-year-old daughter ...

Single Teacher, DEBT FREE!

I have constantly heard how little teachers make compared to other careers. Despite that, teaching has always been my passion and I went to a private Christian liberal arts college for my degree (and the honors program that traveled abroad). I was incredibly blessed financially by my parents, scholarships, and work opportunities, but I still "had to" take out loans for each year.
After graduating with $36,000 in student loan debt, I was blessed to land my dream job! I was putting more than minimum towards my loans, but was also dividing my focus by trying to build an emergency fund, and setting aside money for investing (whenever I had time to figure that out, I thought). I started seriously researching in December 2013, frustrated that I wasn't making as much progress on any of my goals as I wanted. That's when I discovered this program, and it has made all the difference! I have always been the type that just needs a plan explained to me, and when I believe it I plow through it! After a gift from family towards my student loans, and 11 months of gazelle intense, I am debt free (my New Year's Resolution complete) and in a far better financial position than many of my older colleagues!

I just want to encourage all those out there who constantly hear their income is too low or that being single makes it harder: You can do it! It may require some sacrifice, but the reward on the other side is amazing! The peace of mind and freedom to dream about the future that comes from all your debt being gone is incredible, and completely worth all the effort.

Finally Free of Debt and Shame

I have been in and out of debt my whole adult life: Bankrupt at 24, I started over as a single parent and used spending on credit cards to self-medicate my lonliness and guilt. Fast forward ten years to a new marriage, I got out of debt and then suffered an emotional loss that drove me back into the cycle of emotional overspending. I was the quintessential "broke financial professional".

I started listening to Dave 10 years ago, but it wasn't until I could face my emotional demons and stop medicating with overspending that I broke the cycle. The woman in my mirror was my biggest problem and she had to come to the realization that her future financial stability was more important than todays wants.

Last fall I decided that my goal of being debt free was the most important mission that I could focus on. I got serious about my budget and I told my adult child that I could no longer subsidize her life with credit card debt. I cut out frivolous spending and focused on repaying the mountain of credit card debt that I faced.

I was too ashamed to admit to my husband that I had run my credit cards back up to $30,000. A co-worker joined me in Financial Peace University and was my support system. Through hard work and discipline I paid off $29,512.31 between January 1, 2014 and December 1, 2014.

Being free of the shameful secret that I was carrying has brought a liberating feeling of contentment and joy. I am now working on building my 3 month emergency fund and planning for future investments in a Roth IRA. My daughter has been more self-sufficient without my enabling behavior and I am very proud of the progress she has made in the last 12 months. In the next chapter of my life I would like to give back by bringing financial literacy to her generation of kids.
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