My Financial Crossroads

by Ryan Yates

financial crossroadsThere comes a time in life that decisions must be made and forward momentum needs to be generated. That time for me is now.

Last year I paid down a ton of debt and I kept getting the same question. “What are you going to do when you are done paying down debt?” I wasn’t quite sure at the time, but over the past few months my wife and I have figured it out.

We’ve been together for almost 11 years and have had one dream that we both share. To have a large house that we can raise our kids in. That’s it. We’ve never wished for toys, expensive vacations, cool cars, vacation homes, or anything else. We just want to have a nice home with a lot of space to raise a large family. We are expecting child number 3 in June and will try for number four in the future. Four is our magic number, and having 4 kids requires space.

Returning to the debt question. Paying down the debt last year has allowed us to investigate housing options that we didn’t think existed for us. Since we paid off our second mortgage and have little debt to our name we were able to qualify for a additional home loan. Yes, that means I would have 2 houses under my name. There is a company I wrote about over a year ago that works with builders to rent a person’s house so they can move up into a different one. In our case a much larger and nicer home. They guarantee the lease of your house for up to 6 years and you have the option to opt out every year. The amount they are going to give us makes it a no brainer.

The long and short of it is that we have signed the purchase agreement and will close on the new house in July, about a month after my new son enters our wonderful world.

This means that I will be adding a ton of debt to my total debt load but nothing to my “bad” debt load. I’m not sure how you will all feel about continuing to read this blog since I am the “get out of debt by working your ass off” blogger. Please leave a comment or email me if you are still interested in having me write for you. I will use this post to measure the results. If nobody is interested anymore, I will probably move on to other adventures.

p.s. The baby and the house are the reasons you haven’t seen much from me.

p.s.s. Paying down debt can open up other doors that you thought were closed. I’m chasing my dream, and I can’t wipe the smile off my face.

p.s.s.s. Thank you in advance.

Photo by IcE MaN Photography

{ 22 comments }

Money Beagle January 21, 2011 at

I think your posts are great and the fact that you’ve worked hard to get out of debt should give you a leading voice to those who are looking to get out of debt. You don’t have to be in debt to be able to speak about it and teach others about it.

Good luck on everything with the house!

Penny Frugalista January 21, 2011 at

Congrats on Baby No. 3 & the new house! I’ve always enjoyed reading your posts, but like Money Beagle said, you don’t have to be in debt to write about it. Or you can use this blog to talk about your personal finance experiences in general — perhaps outline just how you’re going to juggle two mortgages/homes, adjusting your finances for your new little one, and so on. I’d still read!

Robert Muir January 21, 2011 at

You’ll stay in my RSS feed as long as you have something to say. You’re an excellent writer and I think you won’t run out of topics any time soon.

The next step would be to max out your retirement account options and then to focus on reducing your mortgages. Imagine if the second house was paid off and the rent was pure income!

Cathie January 21, 2011 at

Are you kidding? You’re a success story and a great encouragement. Please don’t stop writing. Congratulations on baby #3!

Little House January 21, 2011 at

Congratulations on the baby and the house! I think your ongoing story will be really interesting and inspiring. Being a huge house plan fan (love them all) I’d love to hear if you are picking out your own floor plan, choosing from a set of them, what you’re looking for in a house, etc. Please keep writing!

Jackie January 21, 2011 at

Definitely keep going if you’ll continue to enjoy writing. I know we’ll continue to enjoy reading!

krantcents January 21, 2011 at

Congratulations! Now you are entering the next stage of your life. Keep working on getting rid of the debt. Good luck.

Donna January 21, 2011 at

I really enjoy your posts. I would be very interested to follow your journey as you experience life and your insights as that happens.

Beating Broke January 21, 2011 at

I would be disappointed if you didn’t continue on here. The point of paying off all that debt is so that you can live how you want to live. If you do that by getting the larger house, and having a few more kids, then more power to you!

Michele January 21, 2011 at

I really hope you keep writing…your posts have been really inspirational and I’m interested to continue to follow how the new home/expanding family (and all that goes with that) goes, how you deal with all of it financially, etc. Thank you for the time you’ve taken to share your journey with the rest of us out here so far.

Jenny January 21, 2011 at

Congratulations on the baby and the house! What a feeling it must be to fulfill your dreams!

Jenna January 21, 2011 at

Congrats on the baby and the new house! We are always looking for writers at Adaptu. Please check us out and let me know if you are interested.

Matt Wegner January 21, 2011 at

Nothing wrong with writing about life AFTER debt. That’s pretty much where I’m heading with my blog. Still will write about what it takes to get out of debt, but then offer hope about the fun you can have once you’re there. Maybe you could start coaching too…

Ryan January 21, 2011 at

Congrats on baby number 3, Jeff! And keep rocking it out as long as your heart is in it. 🙂

retirebyforty January 21, 2011 at

Congratulation! Keep writing! I want to find out more about your good debt moves.

Chelsea January 22, 2011 at

Congratulations! I hope that you continue blogging!

Mark January 22, 2011 at

You are moving on to a bigger stage in your life but that does not mean we do not pay attention. As you can see from the commentaries here so far, everyone knows you can rock it out.

Who knows? You might find yourself going back to delivering pizza oooonnnnncccceee in a blue moon to cover some unforeseen expenses or occupy the empty nest syndrome when that day comes. I have followed you for years but never really commented often so today I thought I would.

Jeffrey Kosola January 22, 2011 at

Thank you all for taking the time to leave a comment. I guess my train of thought was different from everyone else, so you guys win 🙂 I will keep up the fight and bring you all the juice details (ok, I’m not Mr. Hilton). I will write about our thought process and why the hell are choosing to have the two houses. I will show you how easy it was with my current budget to figure out if it was possible to begin with, I took 2 minutes to figure out.

I’m back to delivering pizzas one night a week, and I’ve averaged $21 per hour each night since returning. If you are looking for easy extra money, pizza pizza pizza.

Thanks again everyone DeliverAwayDebt will continue.

Jeff @ sustainable life blog January 22, 2011 at

Jeff –
This is great news. I think that you’re doing what people should do when they reduce debt – chase dreams. Now that you’ve got focused on what you really want out of life, you were able to leverage your sacrifice to get it!
Congrats on the new home, the family addition and other life changes!

Leslie January 22, 2011 at

I just discovered your blog two weekends ago during a rare two day snow in the deep south. I actually spent a good portion of my snow day sipping coffee and reading way, way back on your blog. I’d hate it if you stopped now! Best wishes for your new bundle and your new home!

Budgeting in the Fun Stuff January 25, 2011 at

I’m with everyone else, keep this going! From my perspective, you’re still working your butt off for your dreams and debt freedom will come along some day too, lol. 🙂

Congrats on your whole family and your new home!

Anna Cearley January 29, 2011 at

This is really exciting news! Your story is an excellent example to us all of the rewards of financial sacrifices and working those extra hours. Congratulations, and look forward to reading more updates from you.

{ 2 trackbacks }

Previous post:

Next post: