The H-Bomb is ours!
Well, we've finally done it. My wife dropped the very last of our car payments off at the bank the other day. As of now, our 2005 Hyundai Tucson, the car I affectionately call "The H-Bomb" is ours. That last payment was a doozy, covering probably a couple years of monthly payments but, boy howdy, does it feel good to have it done. Now, all we have to do is wait for the title. And, from now on, NO MORE CAR PAYMENTS! At least not if we can help it.
As for the debt situation, all we have left is the house. That puts us through the first 3 steps of Dave Ramsey's Baby Steps to financial peace:
 | $1,000 to start an Emergency Fund |
| Pay off all debt using the Debt Snowball |
| 3 to 6 months of expenses in savings |
 | Invest 15% of household income into Roth IRAs and pre-tax retirement |
| College funding for children |
| Pay off home early |
| Build wealth and give! |
| Invest in mutual funds and real estate |
We got steps 2 and 3 out of order but, hey, works for us. Step 4 should be cleared once we get to our annual opportunity to adjust our 401(k) account.
I have to admit, though, that I'm disappointed not to find "Purchase Ferrari 308 GTS" on the list. These are just guidelines, right?
1 comment:
Excellent job, Brett! You guys are doing great- and ahead of us. We did steps 1 & 3, and are working on 2 (student loans), but have not been as aggressive as we could, saving for a house down payment instead... As you said, we do what works. Perhaps we could get #4 knocked out during open enrollment as well? We'll have to talk about that one.
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