Personal Financial Update, September 2020

Personal Financial Update June 2020

My debt continues to be swept away

It’s been a few months since I’ve done a personal update. I do have some big financial news to report. We’ll get to that in a bit. It’s hard to believe that summer is over. Today is actually the first day of fall. The nights are getting chilly, and the leaves on the trees are starting to turn. The house is decorated for fall, our garden is about done producing, and the pool was just closed for the season. Here is a brief financial update as the seasons change.

Wealth Building

It’s been a wild ride these past six months or so. Huge swings in the market have had my portfolio whipsawing up and down. If you have investments, you understand what I’m talking about. Through it all I am continuing to hold my own, however. I’ve been steadily saving and investing monthly as always. Long-term I’m confident that it will pay off.

Debt

Here is the exciting news.

DebtLast UpdateCurrent UpdateChange
Line of Credit$1,546.45$0.00($1,546.45)
Truck Loan$13,667.87$0.00($13,667.87)
Student Loans$33,983.42$0.00($33,983.42)
Mortgage$181,343.41$179,767.70($1,575.71)
    
Total$230,541.15$179,767.70($50,773.45)

 

You might have noticed that everything is paid off except my mortgage. Over $50,000 in debt gone! I couldn’t be more excited. Talk about a huge weight being lifted off my shoulders. How did I do it? I came into some money, so I decided to just put it all toward my debt. It was a great decision, and I feel free.

Income

My income has gone up lately, as I’ve been doing more side work. I also gave myself a “raise” of sorts by paying off everything. I have an extra $900 a month in my pocket. It definitely is life changing.

Changes for Next Update

I’m not sure where I’m going from here. I do know that I am done with debt. Forever. Period. After I buy a few things for the house and do a few home improvement projects I’m probably going to do some combination of paying off the mortgage faster, saving more, and investing more. I’m still trying to figure all of that out. All that I know for sure is that I feel great, and I feel free. Until next time!

Read Also:

First 7 Things to Do After Becoming Debt Free

Living a Debt Free Retirement

Eliminate the Debt and Live Your Life

4 Steps to Minimize Debt

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