Author Topic: I'm debt free! (Very Long!)  (Read 4109 times)

vieja

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I'm debt free! (Very Long!)
« on: May 30, 2013, 11:08:11 AM »
Arebelspy suggested I start this thread.  Anyone who has questions-feel free to ask.

Dh and I sold our house last night and are using the proceeds to pay off our restaurant next week leaving us 100% debt free at the ages of 42 and 44.

A little back ground.  Dh is an immigrant with a 6th grade education.  I was born in the US and have several years of college but no degree.  Frankly I just couldn't commit myself to doing the same thing for 30 years and never followed through on the education.  We've both spent a large amount of time working in restaurants and well, its what we know.

Married almost 15 years.  We started saving for the future instantly with dh having a dream of owning his own restaurant one day.  Ds was born 1 1/2 years later.  We decided to move to a small town from the city knowing that we couldn't afford to care for him the way we wanted to in the city.

We made $15, 000 that first year in the middle of no where.  No government bennies like food stamps.  We lived off what we made and protected our savings.

My father is a life long business man.  He buys and sells real estate, owned a small grocery store, storage units etc.  He decided dh was a good man and set out to help us get our hands on a business.  We had $28, 000 in cash but we only 30 yrs old and no real credit.  We spent our 20s partying like there was no tomorrow.

Long story short-dad had what we lacked.  Dh new back of the house, I knew front of the house and dad had the credit and general management skills.  The three of us had potential together. 


We bought my dad out about 14 months into things-he had health issues that were forcing him to slow down.  Dh and I work 60 hour weeks.  I do the paper work and run the front.  Dh keeps the food costs down and runs the kitchen.  We both know enough about what the other does that we can fill in when and if its needed.

2 1/2 years ago we found a buyer for our house and sold it on a land contract.  10% down and 15 months later the buyer filed bankruptcy and gave the house back.  We had remodeled a portion of the restaurant turning it into a 800 sqr. foot living area complete with kitchen and laundry room.  The restaurant had always paid the utilities on the whole building and continues to do so.  The hange actually lowered the taxes and insurance remains about the same as it always has.

We live fairly simply.  We've gotten things like cable and a basic cell phone over the years as income has allowed.  Last year we took a week off for our first vacation in 11 years.  Moving into the building with our business allowed us to go down to one car.  We buy what we need and indulgences are few and far between.

I'm also a couponer-have been since ds was born-long before the new crazies.  If its a good price and my family uses it, I buy in bulk.  To the degree that I once bought a years worth of toilet paper for 1 cent a roll.  Ds has grown up knowing its stupid to waste money.  Money is power-use it wisely for the things you really want and need.  Don't buy it just because every other idiot around you finds it necessary for social status.

Selling the house outright yesterday (It was paid off in full) gave us the additional funds to pay off this building leaving us 100% debt free and doubling our income.  What that means is sinking in slowly for both of us.  We've dreamed for years of getting to this point.

So that is my story.  If something doesn't make sense-just ask.

All our money has gone into debt payment all these years.  Now I have to figure out the best way to handle the money I'm going to suddenly have.  I'm sure I am going to have a ton of questions.  Hoe you'll all be patient with me.
« Last Edit: May 30, 2013, 05:55:39 PM by vieja »

Another Reader

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Re: I'm debt free! (Very Long!)
« Reply #1 on: May 30, 2013, 01:14:41 PM »
What a great story!  This is what the US is all about - starting with nothing, working hard, and creating a successful business!  Where else can you immigrate with a sixth grade education and end up where you guys are?  Congratulations on what you have accomplished!

Self-employed-swami

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Re: I'm debt free! (Very Long!)
« Reply #2 on: May 30, 2013, 01:33:17 PM »
Congratulations on all your hard work!

It's a great feeling to have more money, than you can and do spend :)

PantsOnFire

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Re: I'm debt free! (Very Long!)
« Reply #3 on: May 30, 2013, 01:39:39 PM »
Dang, that's an awesome story!  (And not really too long, by my standards.)  Congrats on building real wealth the right way, without falling into all those convenient debt traps. 

vieja

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Re: I'm debt free! (Very Long!)
« Reply #4 on: May 31, 2013, 12:12:51 PM »
The paperwork is ready, the check has cleared the bank, the accountant is putting together the final figures and tonight we pay off the restaurant.

I vow to never ever EVER have debt again.  No more house payments, car payments, credit card debt or outstanding IOUs.

I know this statement is a bit dramatic but hey, I'm moved to tears over this accomplishment.

Thanks for letting me share.

aj_yooper

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Re: I'm debt free! (Very Long!)
« Reply #5 on: June 23, 2013, 02:04:22 PM »
Awesome story! You have remarkable skills.

totoro

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Re: I'm debt free! (Very Long!)
« Reply #6 on: June 23, 2013, 03:44:00 PM »
Great story - congratulations!

 

Wow, a phone plan for fifteen bucks!