This might not be they path for everyone to get out of debt, their action taken are a bit extreme but I the principles in this debt success story you can’t deny. To each its own and whatever it takes for you to reach your financial goals. This is a great story check it out.
We Never Lost Sight of Getting Out of Debt
By Taggart in TX
I didn’t even know what a cubic zirconium ring was. It sounded like a large, fancy-shaped, expensive diamond, and my fiancé wanted one (gulp). What a relief when I found out it was only the fraction of the cost of a real diamond. After our marriage, we both worked through college to graduate with no debt. While I worked on my Master’s degree and after we had our first child, she transitioned her career to stay-at-home mom. We ran a small business to help pay the bills. She shopped at thrift stores and garage sales for furniture, clothing, books and toys.
After graduation, it was her idea to buy our first house not a mansion but something we could afford. We put together a plan to curb our spending and pay it off in seven years. Even though more children and two relocations delayed that goal, we never lost sight of getting completely out of debt.
Over the years, we have scrimped. We have never had cable or satellite TV. We have never had a car loan. More than 80% of our children’s clothes have been bought at thrift stores or garage sales. Almost all of our furniture has been purchased at thrift stores or yard sales or made by hand (usually by my wife), with the exception of a kitchen table made at a handicapped workshop and a mattress for the master bedroom. More than 75% of our Christmas comes from garage sales where she continues to shop all year, searching for deals. We bought the old Nintendo. We have never paid interest on a credit card.
Even though we have scrimped, we have spent and continue to spend wisely. We enjoyed many fun and memorable family vacations after my wife shops and plans every detail. We go on one-on-one dates every Saturday night. We have always had two cars to drive. Our children have pets, are involved in school activities, and play sports. We have always tithed on our gross income to our church. We give to family, friends, charities and politics. Last August, we sold all our stock right before the recession and paid off our house. We took the kids to the bank with us for a family photo as we processed the last wire transfer. That field trip will be a lesson in their lives, as will the celebration trip to Disney World!
Fifteen years after I first encountered a cubic zirconium, we have five wonderful children, a $500k home on 3.5 beautiful acres, two used cars, a house with used furnishings, a six-month emergency fund, a good job for me and no debt. Recently our family van broke down, and I was tempted to buy something expensive, but my wife stood her ground, and we bought another used car with cash. Even though we might now be able to afford it, my wife still doesn’t want a real diamond. And to tell you the truth, her ring represents more to me than all the diamonds in the world.
Source: Daveramsey.com
