Yep, it’s a big announcement!!! Nope, we aren’t having a baby. I know I had to get the hopes up of at least half of you with the BIG ANNOUNCEMENT title. 🙂
Background info leading up to the announcement:
Well, Brett and I are big Dave Ramsey people. Those of you that spend any amount of time with us usually know that. I don’t think we’re over the top or anything, but I would say that I’ve never met anyone as dedicated to getting out of debt as we are. Brett is ALWAYS looking at and revising our budget. It comes up in conversation almost every day. We don’t own any credit cards and usually pay for anything we buy in cash. We have sold I-don’t-know-how-many cars since we’ve been married. Brett works side jobs whenever we can and I have my own Tastefully Simple business. I don’t want for anyone to start feeling sorry for us, so I should note that we don’t lack for anything. God has blessed us richly and we are incredibly thankful for that. Back to the Dave Ramseyness: The only debt we have left are mortgages (three to be exact) and student loans. Freed-Hardeman undergrad (Brett) and Union University graduate school (me) are not cheap ways to get an education, but they were great schools for us to go to. So anyway, we are on track to have the student loans paid off in close to three years. That just isn’t soon enough for Brett. So he has introduced a particular plan to me several times and yesterday I semi-bought into it. Want to hear it? It may just knock your socks off….
Well, we just recently (like 3 months ago) moved into a beautiful home in a great neighborhood in Jackson. This is our grow-into-and-stay-forever home. It was a foreclosure so we got a REALLY, REALLY good deal on it. We fixed it up, and I am absolutely in love with it! I’m also in love with Brett, and he has a way of talking me into things. Not just talking me into it, but making me believe it’s a good idea. So call us crazy, but we listed our grow-into-and-stay-forever-beautiful-home on Craigslist. We, yes I said we (I told you he could talk me into anything), would like to find a home in the $90,000-$100,000 range to move into. We really like the location of our first home (now a rental), so we think we could find a home in that area around there. We actually toured a really cute, charming little house in that area today. At a little over $100,000, I think it’s a little overpriced, but it’s certainly cute. It has a wonderful outdoor entertaining area! So, I guess you’re wondering how this all would fit into our plan. Well, if we sold our house at it’s appraisal value (as listed on Craigslist), we would walk away with a good chunk of cash to either save or pay a HUGE chunk of the student loans off with. At that rate, with the money we’d be saving on a mortgage, taxes, and utilities we could pay off our student loans in 12-15 months. Brett says we could just find a house comparable to what we live in now and move again. My plan, probably the smarter of the two, includes staying in the house 2-3 years and saving a TON of cash for a very sizeable down payment on a house. Some of you might would argue that we wouldn’t get as good of an interest rate at that point, but I told you Brett thinks about this stuff constantly. He has studied trends in interest rates and said he doesn’t expect it to go up very high. He could be wrong, I guess, but that may just be a risk we’re willing to take. Whatever house we live in during the “saving stage” would then become a rental. That area is perfect for rentals!
So if you know anyone looking for a nice house at a great buy…maybe you could send them our way? 🙂 We’d appreciate it. Also, if you live in the Skyline Drive area and have a home for sale, we might be interested in seeing it!
What do you think of our plan? Think we’re crazy??? I don’t think I’d blame you. Just remember, while the rest of you are trying to figure out how to pay for your kids’ college, we’ll be retired millionaires! 🙂