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Old 09-05-2007, 10:42 PM   #1
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Finally!

I spoke with Brooke today on the phone. We both agreed that being apart really sucks eggs, and it does no good for her and the kids to be up in MD, while I'm here in TX.....the house will eventually sell, whether it's occupied or not.

What we decided was to start full timing in the Sovereign, or as Brooke calls her, "Alice". It makes a lot of sense to us on many levels. For one, when we lived in it last summer in AZ, we never fought, not once. We barbecued almost every day. The romance department was open for business quite regularly too!

Second, we have bills, and we've decided that we want to be debt free, or as close to it as possible. Once the house sells, we will have roughly (and I'm overestimating) $2100/mo in bills; this includes BMW, credit cards, our land in CO (which will be free and clear next May), life and car insurance.

We get about $4100, after taxes, in my paycheck per month. The kids each get $765/mo from Sherri's Social Security benefits. This leaves us with $3530/mo to put towards our credit cards (we have two). In eight months, our cards will be paid off. We'll start knocking out the BMW principle after that, and it will be paid off in another eight months.

We figure that in about a year and a half we will be debt free, which will allow us to buy/build the house that we want, not the house that we have to settle on. Of course, us being debt free in that time period is contingent upon the sale of our house in MD ASAP. Anybody wanna buy a townhouse? LOL!

I've been listening a lot to Dave Ramsey on AM talk radio....he's on in the morning here, from 0600-0700. He is a financial advisor, who teaches people how to become debt free, mortgage included. The more I listen, the more sense it makes; Brooke and I want to be able to enjoy our golden years, not worry about how we're going to live. I just wish I had done all of this, when I was 22, not 34.

Brooke and the kids will get here at the beginning of October. I can't wait!

Frederic
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Old 09-05-2007, 11:02 PM   #2
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Hey Frederic.... Congratulations! And best wishes with the new plan. Debt-free existence is possible...and it's better to start toward that now rather than later!

Go for it!
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Old 09-06-2007, 02:53 AM   #3
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I have been a follower of Dave Ramsey's for four years now.
I attended one of his seminars and I have read two of his books.
I am darn close to being debt free now.
It hurts to do what he says to do. Sometimes it is almost unbearable. You just have to keep your eyes on the prize.
Good luck. It sucks but well worth the effort!
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Old 09-06-2007, 05:16 AM   #4
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Quote:
Originally Posted by pattersontoo
It sucks but well worth the effort!
I will agree with that! Good luck with your path towards being together, selling the house and being debt free. We are debt free except the house and it is a really good feeling. I have found myself saying on multiple occasions that it is a very odd feeling to pay for large ticket items (like a vintage Argosy and its vintage tow vehicle) in cash but it is also a great feeling to know you own it outright!

Now we are working on being able to retire at age 51...only 14 more years to go. I believe if you strongly focus on the goal and it can be achieved.

Best of luck with your journey!
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Old 09-06-2007, 05:43 AM   #5
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Frederic, I've been a Dave fan for 10 years and can say that his plan works!!! I'm going to be fifty this year with two girls just out of collage with no student loans. Just recently, I purchased a new truck and Airstream with very minimal debt ( very large down payments). My plan is to live in my Airstream when working away from home, over a year at a time, and use the hotel money as the cash to payoff the note. I should be back to debt free in about a year! And I must say…being debt free make for a very comfortable pillow at night!!! Good luck with your plan It will work!!!
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Old 09-06-2007, 06:32 AM   #6
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HI Frederic,
A question, what are you planning to do with the proceeds from the sal eof the townhouse? Put it in savings to use later when you decide to purchase/build the new home? Don't forget that you will need some cash to get into the new place.
BTW, It's always better to be surrounded by your family whenever you can make that happen. Glad you will be together soon.
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Old 09-06-2007, 06:39 AM   #7
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Frederic,
Whats most refreshing is to hear someone talk about personal finance. I think most of us have been taught over the years that you don't talk about religion and you never talk about personal finance. If more parents would involve their children in the families personal finance and the schools starting teaching financial responsibility at an early age, fewer people would be in over their heads in credit card debt and there wouldn't be the number of foreclosures that there are today.How many people can say that they are debt free? I'll bet few. My hat's off to you. It sounds like a good plan.
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Old 09-06-2007, 08:27 AM   #8
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Howdy Fredric,

Welcome to Texas. One of the things that Dave Ramsey has said is a fact that I can vouch for. He points out the fallacy in the old argument of mortgage interest being a tax savings. If you save $300 on your taxes by paying $2000 in taxes you're still short $1700 than if you had just gone ahead and paid the $300 in taxes. Being in the income tax business for the last 37 years, I know the truth in this argument.

My wonderful in-laws, serious here no pun, live in San Angelo. So we go up there several times a year. We stay at Spring Creek Marina on the lake. I'd like to know where y'all are planning to stay when your family arrives. [Be sure to warn them about the summer weather.] We've tried the KOA, but found it drab and dusty. The State Park is a bit too far from my in-laws place so we haven't stayed there.

We'll be in San Angelo sometime in October. I'd enjoy the opportunity to meet you if you're around.

________Tom
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Old 09-06-2007, 11:39 AM   #9
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Tom,

I'm already here, staying at the Goodfellow Rec Camp, right by Spring Creek.

Dudebb,

What killed me was that I refi'd the house in January, thinking I was going to retire in MD. I'll be making about $2000-3000 on the sale of the house, which will go into a CD.

Jack,

Sorry I couldn't drop by to say goodbye....I got swamped with Army stuff. I'm not worried about talking about my finances.....sharing my bank account and credit card info? That's another story.

Frederic
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Old 09-06-2007, 11:46 AM   #10
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Amen!

Quote:
Originally Posted by craftsman
Frederic,
Whats most refreshing is to hear someone talk about personal finance. I think most of us have been taught over the years that you don't talk about religion and you never talk about personal finance. If more parents would involve their children in the families personal finance and the schools starting teaching financial responsibility at an early age, fewer people would be in over their heads in credit card debt and there wouldn't be the number of foreclosures that there are today.How many people can say that they are debt free? I'll bet few. My hat's off to you. It sounds like a good plan.
Children will learn to walk and talk with little help, but everything beyond that is TAUGHT. There are NO classes in financial management taught to children when they are young and impressionable, so make sure yours get the basic lesson that EVERYTHING has to be paid for, and it costs more when you use a credit card.

Paula
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Old 09-06-2007, 12:16 PM   #11
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I'm only 16 mortgage payments away from being debt free - I can't wait!! I try to fix things myself - bought all my cars with cash and have fixed them along the way and each is dependable enough to drive back and forth across this country several times. Probably not the smartest/easiest way but it has worked for me.
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Old 09-06-2007, 03:01 PM   #12
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Quote:
Originally Posted by StingrayL82
Tom,

I'm already here, staying at the Goodfellow Rec Camp, right by Spring Creek.

Frederic
Fredric,

I know just where you're at, nice park.

So, are you at the language school? We know a CMS in the Air Force that is a linguist. If they can hide him long enough he'll retire in a few years. Right now he's stationed at an Army base near Baltimore. Sorry, I can't remember the name.

I'll let you know when we come up. I'll buy you a beer.

________Tom
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Old 09-06-2007, 03:38 PM   #13
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Frederic, I applaud you. I too agree the personal finance is open for discussion. Sorry I didn't get to see you before you left. How's the Sovereign holding up? Good luck on your new adventure's. I would love to fulltime but the wife says never.... and I think she means it.
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Old 09-06-2007, 04:14 PM   #14
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Tom,

I'll take you up on that beer! I'm on the analysis portion of the course, although I am a linguist. The park is real nice, no cable tv, but nice (I can read books, and I share a wireless connection with my neighbor).

Jack,

The Sovereign has had its share of problems, since the refurbishing....I'm not even going to call it a restoration, because it wasn't. The more experience I get with these rigs, the more upset I get because there were shortcuts taken and it's starting to show up now.

I was initially very content with the work that South Jersey RV did but, like some other Airstream "restoration" shops, they expect you to get on your knees and love the work they did, and woe unto you if you complain. Let's never mind that I spent about $25,000 on the work done....Would I recommend them to anyone now? No, just like I wouldn't recommend other Airstream "experts".

Hind sight is 20/20, and I should have taken my rig to Colin's place. I was very impressed with him, after meeting him at the CBR last year. You can tell that he takes great pride in his work, and it shows on Rob and Zoe's blog.

Oh well, live and learn. The next time I will do the work myself, because I'm going to have a shop built. Once we're debt free, we're going to buy land and have a house, barn, workshop and rv garage.

Frederic
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