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Looking back at 2012 was sickening for me

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  • Looking back at 2012 was sickening for me

    I was looking at my financial spreadsheet and found the debt tab I had started years ago. It was hidden way at the end of all my tabs and not normally in view. 2012 was remarkable in that we were carrying our largest debt load:

    $30,000 Credit Cards (we paid this down from $104,000)
    $123,000 Auto Loans (4 cars and a horse trailer)
    $24,600 401k Loan (no idea why I had this, but it was a dumb time)

    $177,600 Total Consumer Debt (monthly payments were around $3,000 with monthly interest probably $1400 of that)

    $470,000 mortgage on a house that was worth $400,000

    -$100,000 Net Worth

    Yikes!

    We've come a long way from there.

  • #2
    Corn man, how did you get the credit card debt paid off? A lot of people in that situation would have just filed for bankruptcy.
    james.c.hendrickson@gmail.com
    202.468.6043

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    • #3
      Originally posted by james.hendrickson View Post
      Corn man, how did you get the credit card debt paid off? A lot of people in that situation would have just filed for bankruptcy.
      Income was $388k / year. 2013 was almost as bad but then I found this site and everything changed. Had it all paid off by the end of 2014 and been saving like crazy ever since.

      I'm sure everyone thought we were rich, but we weren't. Made a lot, spent even more.

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      • #4
        How powerful to look back now and see where you were then, just 7 years ago. You've made incredible progress.
        Steve

        * Despite the high cost of living, it remains very popular.
        * Why should I pay for my daughter's education when she already knows everything?
        * There are no shortcuts to anywhere worth going.

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        • #5
          Great job and great progress since 2012
          Brian

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          • #6
            Great job paying off the debt. We were just starting to see the end of the tunnel in 2012. I found a list of debt from 3/7/12 and we owed 21,616.07 on the credit cards. We had already paid off the IRS and the personal loans from family by then and didn't have a car loan. Not sure about our mortgage, but it probably would have been about $360,000.

            It was interesting to see the 401k info from 2012. I could only access my husband's current plan, but we were contributing $523.34 per month in 2012 and had $14,700 in the account. Now we contribute $1952 per month. I kept raising it a little here and there after we paid off the debt and never noticed the money missing from our paychecks. Imagine not noticing $1,400 missing from your paycheck!
            Last edited by msomnipotent; 05-02-2019, 07:09 AM.

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            • #7
              This thread made me curious so I pulled out my spreadsheet from 12/31/12.

              Financial assets: $578,177
              Debt (house and car): $62,585
              Net: $507,977

              As of 4/19/19, the last date I updated our spreadsheet:

              Financial assets: $1,163,347
              Debt (house): $7,619
              Net: $1,155,728

              So our worth has increased by a bit more than double in about 6.5 years. Not bad at all. If we can double again in the next 6.5 I'd be very happy with that though I doubt the stock market will cooperate with that.
              Steve

              * Despite the high cost of living, it remains very popular.
              * Why should I pay for my daughter's education when she already knows everything?
              * There are no shortcuts to anywhere worth going.

              Comment


              • #8
                The value of our house is hard to judge as it is different. But without the value of the house in the assets (it is at least $150K) or assets and liabilities are about equal. 5 years ago it was a lot more lopsided towards liabilities. As I have mentioned in other posts, I have more set aside in retirement fund than ever before. The liabilities are going down as quickly as I can make them! There are some great stories here and thanks for the inspiration! Like DisneySteve I would love it if my investments would double in another 6.5 years, I would be incredibly happy. Especially as that will be close to the time that I have to start making mandatory withdrawals from those accounts. I sure don't feel like I am that close to 70!
                Gailete
                http://www.MoonwishesSewingandCrafts.com

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