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Archive for March, 2021

Reboot. Destination: Financial Stability and Freedom

March 25th, 2021 at 03:25 am

It is official. We closed the contract on the previous primary residence. It was not without anxiety and chaos, but nothing really to retell as it all worked out in the end (as of 9:00 AM CST this morning).  

We are now currently mortgage free, paying cash for our townhome in September 2020.

We also own our rental property outright, and that yield $1,650 monthly passive income.

We deposited the equity check into our savings account today and will move it to Vanguard when the funds are available. I have upped the 401K contribution to 11% for SO.  We actually banked all of the stimulus payment 3 and managed to maintain a $10K EF.  I was in a car accident on Thursday with normal whip lash as a result, and State Farm offered me $2,100 and I accepted.  

I can breathe a huge sigh of relief.  We actually managed to accomplish what we had hoped for and it all should be much simpler and straighforward now.  Life and finances included.

Closing Date. Survived Paycheck to Paycheck Living.

March 21st, 2021 at 05:04 pm

We are set to close on the sale of our previous primary residence this Wednesday.  We are signing the papers and giving them to our attorney today, so no need for us to show up.

We have settled nicely into our new townhome that we downsized to. We did a major declutter and purge and pared down our possessions.  We have made some changes to the family room in the basement which is now a man cave where our 18 and 16 years olds sleep (still need some functional furniture, and can now finally afford it).

I have reworked the budget and without this mortgage monkey off of our backs, we will be able to save 50% of SO's takehome pay.  I'm subbing part-time, so anything I make is extraneous.  

Reminder: we liquidated all of our assets, borrowed our children's money and paid cash for the townhome.  We are paying everyone back in full with additional "appreciation funds" for them to spend or save.

I had perseverated about funding a trip to Miami earlier in the month, but SO ended up with an unexpected bonus that funded the trip.  My older daughter just signed with a modeling agency in Cape Town, South Africa, and I'll be able to afford to visit her.  My younger daughter has opted to finish her second semester remotely, so she and her sister will be driving to California to spend April to June at the condo. I found one-way air there for $23 from Chicago to LAX. So I'm joining them.  

Just so thankful that we're finally on the brink of a brighter money future!

Waiting Impatiently

March 9th, 2021 at 09:18 pm

We are waiting on the closing date for the sale of the previous primary residence.  It cannot get here fast enough.  I'm expecting within two weeks.  I'm anxious to start a budget for April -- the first time without the mortgage monkey on our backs sucking our funds and energy.  

The SO is in Miami with my daughters.  The older one had a shoot yesterday and is meeting with agencies today.  Tomorrow they are going to Disney World.  SO's bonus funded this trip. So win-win on the money front.

I've taken older son back to college after his Spring Break and it is just me and the youngest.  Boy, I have realized that I much prefer a full house than an empty one!  But I'm enjoying the unseasonably warm Midwest sunshine and doing a massive purge and declutter.  Going to be doing a second run to Goodwill today.  Less stuff is definitely better, and I'm past the point where "this stuff cost me money and let me try to sell it and get some back."  

Looking forward to smoother sailing and a budget reboot and some actual savings goals!