Flipping, Flopping, Renting and Selling

Archive for the ‘Fab After 50’ Category

Back at Again

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It has been months and months since I last posted anything on this page.  Over the last several days, I have thought about how I have neglected this blog and what I am really trying to accomplish from sharing my thoughts.  Thinking about all of this took me back to the why:

The WHY is at the age of 49, I started my life anew.  I divorced after 29 years and 11 months of marriage.  This was hard, very hard.  However, it was something I needed to do.  I have often said, people under the age of 20 really have no clue what they want with their lives and it is far too young to make a commitment to someone for the rest of your life.  Now I know some of you are going to say I know so and so and they got married when they were in their teens and they are very happy.  For those rare gems, I say congratulations.

I made this very hard decision just a month shy of my 49th birthday.  The day before my 49th birthday, I started my new single life.  Over the next year, the realities of what was occurring set in.  The first is for the first year or so after I left, I paid the expenses for both homes.  I did this not only because I was able, but because I felt an obligation.  During this year, my youngest son got married and there were of course expenses.  Also, during this time I racked up credit card and other stupid debt.

When the divorce was finalized, it was necessary to split what assets were accumulated during this marriage.  Because I did have a better job situation, he ended up with 60% of the assets.  This does not make me unhappy, nor do I bear any grudges.  The reality was though, when I took inventory after all of the dust had settled, I somehow had gotten myself in almost $40,000 debt — without a house payment.  I really was starting from scratch — and I needed to do something about it NOW!!

The good news though is from all of this, I realized I needed to make some changes in my spending and savings habits.  I had to learn how to be disciplined with my money and get back on track. After all, by this time I had turned the BIG 50 and I didn’t have so many working years ahead of me any more to right this ship.  Luckily, someone very dear to me recommended I read Dave Ramsey’s book “Total Money Makeover”.

I knew to pay off this small mountain of debt I needed to make some drastic changes. The first thing I did was take a true inventory of my income and expenses.  I wrote everything down. I also tracked everything I spent for several weeks to truly see where my money was going. I then did the first honest budget I had done in years. Some of my previous posts talk about the zero-based budget. I plan over the next several weeks to do a new series of posts about budgeting and discuss how I was able to pay off this debt and the successes in my life since.

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