1 MILLION IN DEBT

 

HOW THE FIRE MOVEMENT HELPED US FIND HOPE

 

 

3 years ago, we were in 1 MILLION DOLLARS of debt. Not a typo. And we were miserable.

 

 

The burden of all that debt left us feeling hopeless with no way out. We were living paycheck-to-paycheck. And, frankly, it SUCKED!

 

 

Then I stumbled across the FIRE Movement (Financial Independence Retire Early) and it CHANGED OURS LIVES.

 

 

In 3 years we have kicked $650,000 of debt to the curb and eliminated $10,000.00 from our monthly budget.

 

 

If you feel the crushing burden of debt – WE KNOW! We understand what that feels like and we want to help you find a way to leave it behind AND live a joy-filled life.

 

 

TRANSCRIPT OF VIDEO

 

 

Today I wanted to talk a little bit about like who the heck are we and why would we even be someone to talk to about this? So, in today’s video, we’re going to talk about who we are.

 

 

 

We, being myself Wendy and my husband Curtis, and I’m going to share with you how three years ago, we were in a really bad place a hopeless place financially.

 

 1 MILLION IN DEBT AND THE FEELING OF HOPELESSNESS

 

We had $1000000 worth of debt and we really saw no way out of that. We thought that we were going to be carrying our debt to our graves.  So, like I said before we just want to be a place of hope to other parents who want to get out of debt who want to build wealth and who want to leave a legacy for their children.

 

 

 

[Introduction Music]

 

 

 

Well, thank you, everybody. Welcome back to the house to Financial Independence. And if you are new here at Welcome to our house, we are glad you’re here.

 

 

 

Like I said before my name is Wendy and I am one half of the House of FI podcast. The other half is my better half, Curtis and he doesn’t join me on these YouTube videos at this time because it’s football season and it’s Spring ball and it’s just taking over his life.

 

 

 

What I was talking about before was, 3 years ago when we found the Financial Independence Community, we were in about a million dollars worth of debt about.  And, about 3 years before that we had adopted our four boys. We had two biological children already and so our house exploded from 4 to 8 in a really short period of time. In addition, we had also just moved from Arizona to California.

 

 

 

And so here we were in a million dollars worth of debt,  living in one of the highest cost of living cities in the country. I was a lawyer. I was making really good money, but I was miserable!

 

 

 

We had all this debt. We had adopted these children that I just wanted to be with. I wanted to be available to them and frankly, they needed that too.   They deserved that.  BUT, my income is what was carrying our debt and carrying our expenses.

 

FINDING THE FIRE MOVEMENT

FINANCIAL INDEPENDENCE RETIRE EARLY 

 

We saw no way out of that situation and it was at that point, being in a place of desperation that caused me to attempt to look for a way out.  I Googled “laptop lifestyles” in an attempt to find a way to make income online so that I could support my family and be with my kids.

 

 

 

I was the breadwinner. My husband is a teacher and we all know what teachers get paid right? And so, I just had this burden to find a way to make more money and be home with my kids.

 

 

 

That search led to me finding the Mad FIentist online, who is another member of this fire community, and my mind was blown! I couldn’t believe it. I could not believe that there were people out there saving 50% of their income and they were people just like us.

 

 

 

You know, a lot of them didn’t have kids but they were still making normal incomes and able to save 50% of their salaries.

 

 

 

What it was for me was a switch. And, it said to me, if people can do that, then there has to be a way for us to get our spending under control. And so, what that did was that catapulted us into a different mindset about our finances.

 

 

 

And so –  I’m going to try and make this like really, really brief and kind of just more of an overview –

 

 WHAT WE DID TO GET OUT OF DEBT

 

So needless to say, after that deep dive in, after diving into the Financial Independence community, we just slashed our budget. We questioned every expense and, Ill link some other videos that we have that kind of go more in-depth about how we did that and how we got our financial house in order, but we cut our expenses.

 

 

 

We cut our budget by $10,000. I mean that is no joke $10,000 a month! But it was because of that cutting of our expenses and the paying down of our debt that we were able to pay off a good portion of our debt.

 

 

 

And then the final thing that we did was sold our house. We sold our house and paid off the rest of our consumer debt. Got rid of the mortgage that was associated with that house.   And we cut our debt by $650,000 in addition to cutting our expenses by $10,000.

 

 

 

We did that by doing a lot of different things, by budgeting, by cutting our expenses, by living very frugally and not sacrificing our life. We have six children and we by no means wanted to ever make them feel like we couldn’t have fun or we couldn’t do things together. We still wanted to live a joy-filled life.

 

 

 

So that’s us in a very, very, very short period of time. We started with a million dollars worth of debt and got rid of $650,000 of it.

 

 WE WANT TO HELP OTHER PEOPLE GET OUT OF DEBT

TO FIND HOPE

 

What our desire is to help other moms and dads who are maybe in that same place of hopelessness and they don’t see a way out.

 

 

 

We are set to retire at age 55, which is now six years away, and were going to do that by different means.

 

 

 

We’re going to be investing a good portion. We are investing a good portion of our incomes, almost 30% into index funds, and then the other thing that we’re doing is investing in real estate investing to get positive cash flow.   By those two things together, we will be able to support ourselves at age 55 and if we choose not to, we will not have to work. That’s the goal.

 

 

 

Our boys will still be in school then and we can simply focus on them.

 

 

 

I have since been able to retire my law practice as well, which is awesome.

 

 

 

And so, I just feel like I’m rambling right now probably am…

 

 

 

But anyway, I just wanted to let you know a little bit about who we are what we were about who we want to help and that’s the purpose of these videos.

 

 

 

We simply want to help other moms and dads achieve Financial Independence, even when it feels like there’s just no way to do it.

 

 

 

Because we’ve been there. We know that we know what that feels like.

 

 

 

All right guys will thank you for joining us, and if you like this video, please subscribe and ring that bell so that you can get notified when we have new videos come out.

 

 

 

We typically have them out twice a week – so stick around and get those notifications, so you get our next video. Take care. Bye.

 

 

 

 

DO YOU NEED HELP

 

GETTING YOUR FINANCIAL HOUSE IN ORDER?

 

 

 

We have created a 130 page bound workbook and journal.

 

 

 

This workbook will take you step-by-step to get your financial house in order.

 

 

 

You will determine what you are spending your money on, where you can find savings, how to pay off debt quickly and save more money.

 

 

 

If you want to get a firm financial foundation to start your real estate investing journey, this workbook was created with you in mind.

 

 

 

These are the same strategies we used to get rid of over $650,000.00 and debt, reduce our monthly budget by thousands and buy 4 investment properties that cash flow over $1,000.00 a month!

 

 

 

YOUR MONEY 101 WORKBOOK

 

 

 

Another really great tool we have to get you started is the FREE 7 Step Money Foundations e-mail course.

 

We created both of these resources with you in mind.

 

 

 

PIN ME! FIND ME ON PINTEREST

 

 

ADDITIONAL RESOURCES TO STAY ON BUDGET?  KEEP READING…..

DISCLOSURE: Some of the links below may be affiliate links; which is no additional cost to you. Meaning if you click the link and/or make a purchase, I may receive compensation.

 

WAYS WE STAY ON BUDGET

Personal Capital We use Personal Capital to keep track of our Net Worth, Debt Pay-off and Our Retirement Account Balances.  It’s a good place for us to map our progress and see where we need to make adjustments.

M1 FINANCE

What we like about M1 is that they allow the purchase of Fractional Shares and a high yield checking account.  It’s a great way to start investing when you only have small amounts to begin with.
M1 Finance

FRESH BOOKS

As a small business owner, I need to keep track of my expenses.  Fresh books is an easy way to do that – so come tax time, I’m super prepared and have all my information ready to pass on to my accountant.

CONNECT WITH US

HAVE YOU JOINED OUR PRIVATE FACEBOOK GROUP YET?  Connect with us and each other.  Our group is full of other parents on the same journey.  We built our group to share and support one another and grow our House of FI family!