Sunday, February 12, 2012

Update on Breaking the Chains of Debt

I have written before about doing a red paper chain that represents our family debt and how we are trying to break the chains of debt and become debt free. The paper chain may seem silly, but it works great to have a visual image to focus on. I will also admit that it feel really good to tear those links off as we pay down the debt.

The previous post was called "Breaking the chains of debt!" from 7/30/11 if you want to check it out. Here is what our chain looked like then:



I wanted to give you an update on how it's going, but to also give you information on other ideas for your financial futures.

Just a few minutes ago, I updated the chain from our recent mortgage payment and thought about doing the update.



It really does feel good tearing those suckers off. You should try it. Not only will it help you visualize your debt, but it will also give you something tangible to focus on.

Drum roll please, here is what the chain looks like today:



The smaller it gets, the more excited I get! Jason and I have been working very hard these past years to try and accomplish this goal. No, it isn't quick or without some effort, but Yes, Yes, Yes, it is achievable. We don't make six figure salaries (not even combined) and we have the same ups and downs as everyone else, but we keep trudging along, doing what we can, and are almost there. I honestly believe that anyone can do this is if you really want it.

Since we are getting close to our goal, we thought it would be a good to sit down with a financial advisor to help set up our next goal or at least develop a plan. We didn't want to get to our goal of being debt free and say "now what"?  We want to protect our hard work and investment, and be prepared for our future.

We plan on looking at our investments, our insurance, taxes, future care needs, etc. to keep our debt freedom in check and our needs met. We're not well off by any stretch of the imagination, but we still want our peace of mind that comes with being prepared. It's not just the wealthy or those close to retirement who can take advantage of financial and retirement counseling. It's also never too early or late to get some help either, whatever age you are.

I will definitely report back when the last link is torn from the chain and we're officially debt free, or you will probably be able to hear me yelling and screaming if you stick your head out of the window.

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