Debt Free

Have you paid off your debt? Managed to save for your dream home? Had an awesome investment pan out? Share your personal finance success stories here.

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Debt Free

Postby Satellite » Tue Feb 28, 2012 3:21 pm

A little over 12 years ago (Sep 1999) I was lured to the USA with promises of dreams and opportunity. I had been working international in a couple of different countries for an American company and they wanted me to move to the US and work in the home office. It seemed like a good idea at the time as it afforded me the opportunity to get off the road. So I moved my family (wife and two children then aged 8 & 9) to the Seattle area.

It was really hard starting over in a country that is not very friendly at all to “outsiders” and where the establishment will stick it to you just because they can. With unfavorable exchange rates at the time we ended up depleting what savings we had just trying to set up a new home in a new country. Credit in any form was extremely difficult to get. In fact it was easier for a student with zero income to get a credit card than it was for me, simply because I did not have any credit history in the US. I had to resort to tactics like taking $5,000 of our hard earned savings and putting it into a secured credit card. The only place I could get vehicle financing was with Chrysler on a 3 year lease for a Jeep that cost me $560 per month. The stories go on but I won’t bore you with the details.

With hard work and perseverance life slowly started to turn around for us. I even had a 401K and was saving for retirement but, then in October 2001 the proverbial fan got very dirty. By December 2, 2001, a Sunday and the day the company I worked for declared bankruptcy, we had lost nearly everything. I say nearly everything because we still had our debt in the form of a $267,000 mortgage at 7.95% and of course the vehicle lease. We could not lose the debt could we? Anyhow, that company was Enron…

Today, 11 years later my house is fully paid for, my cars (X4) are all paid for, I have zero debt, 10 months cash in my emergency fund, a healthy retirement plan and a credit score of 802.

If there is one thing that I have learned through this experience it is this…

Cash is King! And that does not mean having the cash on hand but rather the ability to maximize and manage cash flow.

Northern light
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Re: Debt Free

Postby Northern light » Sat Jun 16, 2012 3:14 pm

Congratulation! Excellent performance! Thnk you for sharing.

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Re: Debt Free

Postby Eagle » Sun Jun 17, 2012 3:15 am

This is a very good, inspiring story. Just goes to show what a little (or a lot?) determination will do. Thanks for sharring.
~ Eagle

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Re: Debt Free

Postby alfredsky » Mon Jul 02, 2012 10:52 pm

Hardship, perseverance and determination lead you to success. Well, congratulations! Through all the things you’ve face, you still experience such success.

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Re: Debt Free

Postby DebtGrad64 » Tue Jul 10, 2012 5:08 pm

Thank you for sharing! Inspirational. Gives me hope.

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Re: Debt Free

Postby partgypsy1 » Fri Sep 14, 2012 12:06 pm

Congratulations! I will be psyched when I no longer have mortgage debt (in another 14 years). Nothing like that kind of peace of mind.
And I agree about cash flow, as someone said 0 + 0 still = 0.

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Re: Debt Free

Postby dougmccoy » Mon Apr 29, 2013 10:07 am

congrats satellite! very inspiring!
The ReCreation King!

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Re: Debt Free

Postby RCranesNZ » Sat Jun 08, 2013 5:31 am

Truly motivational....Cheers!

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Re: Debt Free

Postby AntonIvanov » Sat Jun 08, 2013 11:44 am

Awesome! Now make sure you keep making smart financial decisions from now on :)
Dreams Cash True - Achieving the Dream of Financial Freedom

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