On the Road to Eliminating Debt
Mom kindly paid for our FPU (Financial Peace University) class online back in February 2017. I did not take it seriously until we got to the retirement chapter and everything changed from there on. I could not fathom the idea of “retiring broke” like 70% of the Americans. My wife and I sat down and went through everything related to our financial goals and ways to pay off our debt. We followed the baby steps which started with $1000 in our savings. We are now on baby step #2. We have been “gazelling” it since then. We sold our cars, established a monthly budget, planned our meals weekly, closed out non-Dave approved investment accounts, got rid our credit cards, and decluttered our house to sell everything we could possibly can. Overall, we accumulated $245,000 of debt in student loans, car loans, and credit cards and had about left $100,000 when we started FPU (in 2017). To date, we have $78K of debt left to pay, mostly student loans. Our income is $65K/year after deductions. As my mom mentioned, I am in the military (Air Force) and currently assigned in Okinawa, Japan. We have no house payment, and have 3 kids ages 4 and under.
FPU University Participant