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This is not something you hear every day 
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“Selling our home was the best financial decision we have ever made.”
Wendy and her family were “living the American” dream...
But there was a problem...
They were broke.
(Thread)
“Selling our home was the best financial decision we have ever made.”
Wendy and her family were “living the American” dream...
But there was a problem...
They were broke.
(Thread)
Wendy says they had “all the debt”:
– Mortgage.
– Car loans
– Credit-card debt
– Revolving debt
– Tax bills
They decided there were two ways to change their money situation...
– Mortgage.
– Car loans
– Credit-card debt
– Revolving debt
– Tax bills
They decided there were two ways to change their money situation...
– Cut expenses, and work their way out of the mess https://abs.twimg.com/emoji/v2/... draggable="false" alt="😅" title="Smiling face with open mouth and cold sweat" aria-label="Emoji: Smiling face with open mouth and cold sweat">
– Liquidate the only asset they had access to: our homehttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🤯" title="Exploding head" aria-label="Emoji: Exploding head">
After agonizing over the decision for weeks...
They decided they wanted to change their future...
Drastically.
So they sold their home.
– Liquidate the only asset they had access to: our home
After agonizing over the decision for weeks...
They decided they wanted to change their future...
Drastically.
So they sold their home.
They decided to rent.
Soon they found a nice home in their current neighborhood.
They were able to rent for $1100 less than their mortgage.
Soon they found a nice home in their current neighborhood.
They were able to rent for $1100 less than their mortgage.
Selling their home allowed Wendy and her family to:
– Pay off all of their consumer debt = $1600/month savings
– Rent a home for cheaper = $1100/month savings
– Begin real-estate investing = $1000/month income
These savings added up to $44,000 per year!https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤯" title="Exploding head" aria-label="Emoji: Exploding head">https://abs.twimg.com/emoji/v2/... draggable="false" alt="🙌" title="Raising hands" aria-label="Emoji: Raising hands">https://abs.twimg.com/emoji/v2/... draggable="false" alt="💰" title="Money bag" aria-label="Emoji: Money bag">
– Pay off all of their consumer debt = $1600/month savings
– Rent a home for cheaper = $1100/month savings
– Begin real-estate investing = $1000/month income
These savings added up to $44,000 per year!
Just 365 days ago — they had almost $1,000,000 in debt.
Through this one unconventional move:
– They’ve gotten rid of almost $700,000 of that debt.
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Through this one unconventional move:
– They’ve gotten rid of almost $700,000 of that debt.
Wendy’s story reminds us that:
Housing is the biggest expense for most of us.
Decreasing that expense can give huge opportunities to change your future!
Housing is the biggest expense for most of us.
Decreasing that expense can give huge opportunities to change your future!
I’ve found this true in my own story:
My wife and I rented for the first 3.5 years of our marriage.
We researched aggressively to find an inexpensive option.
We found a place that was ~$400/month less than average.
https://abs.twimg.com/emoji/v2/... draggable="false" alt="💰" title="Money bag" aria-label="Emoji: Money bag">$400/month = $16,000+ savings in 3.5 years!! https://abs.twimg.com/emoji/v2/... draggable="false" alt="💰" title="Money bag" aria-label="Emoji: Money bag">
My wife and I rented for the first 3.5 years of our marriage.
We researched aggressively to find an inexpensive option.
We found a place that was ~$400/month less than average.
If you could decrease your housing expenses and save $100 a month, or even $400 a month...
What would that mean for your future?!
What would that mean for your future?!
Thanks for sharing your story @houseoffi1 @getrichslowly
For the full story, see this article: https://www.getrichslowly.org/selling-our-home/">https://www.getrichslowly.org/selling-o...
For the full story, see this article: https://www.getrichslowly.org/selling-our-home/">https://www.getrichslowly.org/selling-o...
If you found this helpful, I regularly tweet about how to save more and grow wealth!
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