How One Man Turned It All Around

Posted by 10 August, 2008
I had the priviledge of exchanging messages with a gentleman who was kind enough to share his story about how he turned his financial situation around. I think it’s one that people should hear especially since he has come so far in such a small amount of time. It’s amazing what the human mind can accomplish! Here is a short excerpt about his past financial situation and how it’s changed in the past 5 months:

I am neither debt free, nor am I independently wealthy… but here is what has changed in the past 5 months:

I was borrowing upwards of $500 per paycheck from the bank (paycheck advance, costing $50 per incident), had my automobile repossessed and had to fight to get it back last October, and had cell phones, electricity and gas shut off on me several times over the past few years. Then I screwed up one month, and lost almost $2000 in banking errors. Not to mention nearly $30k in debt.

Since then… I’ve listened to and read Dave Ramsey’s materials, and used his advice. I have a $1000 emergency fund, have paid off close to $7000 in debt (in 5 months!), and just spent about $2000 on a Florida vacation, with CASH.

I’ll have the car paid off (I hope) by the end of the year (an additional $6k or so), and plan to be completely debt-free by the end of 2010. Not bad, considering where I’ve come from.

Dave Ramsey doesn’t have anything magical… no quick schemes, and even self-acknowledges that he won’t give you any advice that your grandmother wouldn’t have given. But he offers simple steps, designed to be easy concepts, and explains them so that you can do them and feel good about them… not feel like you are wrapped in a straightjacket. And, he advises on both debt-management, investments, and wealth-building.

Lee was like so many others out there, barely scraping by day to day – and sometimes not at all. But he managed to turn his financial woes into successes by implementing a well thought out plan. I think everyone can learn something from his story and strategies, and I hope to hear about and share how he progresses in the future. Thanks for sharing, Lee!
This article was recently featured in the Carnival of Personal Finance. Go Check it out!


Don't miss the next article, add our RSS feed
If you enjoyed this article, please Stumble it!
Follow me on twitter

Categories : Personal Finance,Success Story Tags :

August 25, 2008

Makes you wonder if it’s just having a plan that makes the difference. It’s easy to squander our energy and resources (and money!), but maybe with a plan, we’re able to line it all up and push everything in the same direction, and get ahead sooner.

Posted by MoneyEnergy
Leave a comment