We made it!

It’s been quite the roller coaster few weeks on our end of the world. I hope to have a couple other announcements in the very near future to add to the excitement, but we are finally at a spot where we can announce this one:



Now let’s make sure that one thing is perfectly clear: This doesn’t include the house, but we finally got rid of all our other debts. It’s been a truly wild road.

We started on the path of seriously attacking our debt 7.5 years ago, and a lot has happened in that span of time:

  • Three more kids
  • Two job changes
  • One house sale/move
  • One layoff
  • Lots and lots of disasters and crises

When we first started, there wasn’t a year that passed without us having a $5,000 emergency of some kind every single year, but with all but one exception, we managed to pay cash for every single one of them. Because it’s worth noting, we managed to pay off ~$100,000 of debt and emergencies counting everything. That’s an average of $13,333 of debt payments a year.

The nerd in me requires that I figure out the painful stat, so here goes: Had we been able to invest that money at a simple 5% interest rate compounded annually, yeah… We’d have $197,804 today. Sigh… I’m deeply grateful to be out of debt. This is a moment we’ve anticipated and worked towards for years now. The beast debt (house) is still out there, but it’s surprising how fast momentum builds. It’s hard to know for sure how long that’s going to take, but at our current rate we should be done in ten years.

It’s such a long time away, but when we’re done…. I told Courtney once that if we could take the sum total of our debt payments (including the extra), and if we were debt free, we could literally afford a week-long cruise once a month. It’d be a fairly cheap cruise, but still…. You put it in terms like that, and you start seeing just how debt impacts your life.

Get out of debt. It’s worth it. Man…. I just realized that I don’t have to make a student loan payment next month… How cool is that?

This entry was posted in Money Management, On the Home Front. Bookmark the permalink.

5 Responses to We made it!

  1. Anonymous says:


  2. angela52689 says:

    Wow. That’s pretty powerful to show what you could have had if your money was compounding instead of being used to pay debts. Dang. And huge congrats!!!

  3. Emily Scott says:

    Great news! You have worked hard for it and now you get the reward of no more payments hanging over you.

  4. Woo hoo!!! Congratulations! 😀

  5. antdun says:

    Congratulations man, that’s huge!

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