In this episode, we update listeners on how the sale of our home has added $2800.00 back into our budget and payoff all our consumer debt.
The decision to sell the house was difficult but after much thought and running the numbers, it was the one decision that could super-charge our progress and help us achieve our long term financial goals.
With the proceeds from the sale, we paid off all of our consumer debt. This included our cars and all of our credit accounts. The only debt that remains is our student loan debt.
Added back into our budget: $1700.00
The other big decision that came from selling the house was the decision to rent instead of purchasing another home. Not only would we be paying $790.00 less in rent, but we would also save on energy costs since the rental has solar and a whole house fan.
Added back into our budget: $1110.00
What remains in a fairly good chunk in our savings account.
For this next phase of our journey, we are focusing on two things:
1. Purchasing investment properties that cash flow, and
2. Increasing Wendy’s income.
WHAT WE HAVE ACCOMPLISHED IN TWO YEARS
In the two years since discovering the FIRE (Financial Independence Retire Early) community, we have eliminated $10,000.00 from our monthly budget.
This has not only helped us increase our savings rate and pay off debt, but it has also allowed me to quit my law practice and be home with my kids.
Giving them the best of us and being able to leave them a legacy is what matters the most.
We are so grateful to this community for giving us hope.
If we can help you on your journey to become Financially Independent, we have several resources to help you.
Our no-nonsense workbook, Shut-Up and Budget
WE HAVE A NEW WORKBOOK!
This workbook is based upon out 7-Step Money Foundations course and can be used as a companion to the course, or on its own.
It is a NO NONSENSE designed to take you step-by-step through your finances and build a solid money foundation so that you can reach your money goals.
WE NEED YOUR HELP!
Plutus People Choice Award is still taking nominations!
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!