What was the tipping point that made you want to start taking control of your money situation?

For me, I remember I was about 3 or 4 years out of college and I had all this student loan debt, plus credit card debt. I had just got engaged. That was the turning point where I really went from just paying the minimum every month and getting by to spending less, making more financial sacrifices, and doing everything I could to get out of debt.

What about you all? What was your wake up call? Would love to hear some stories and inspire each other!

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It was shortly after my divorce and I was in an awful place - Cancer, unemployed and unable to continue my self-employment business due to illness, suddenly a single parent of 2 young kids, had to move from my house, etc etc etc.
I completed surgery and treatment and found a job I loved. I realized that although I had very little money, I was in complete control of it! That was empowering. Every small success made me think I could conquer another. I wouldn’t want to go through all that again, but I am very happy where I am now.

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I used to work at a tech company where tons of people got laid off. Including my friends that I worked with for a couple years. The company stock was at a $1/share and I realized my income can vanish at any moment in time. This is still true to this day. We can get fired at any time and we can go from some OK income to 0. It’s a real dangling sword of Damocles, financially existential threat we face…24/7.

When I had that realization I realized I had to take care of my money – namely have so much of it + so much side income that it wouldn’t matter if I got fired.

Ironically, I quit the company and the company stock went up to $100+/share. Go figure, right?

https://goodmoneygoodlife.com

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For me it was living paycheck to paycheck and being stuck in jobs that went no where. I knew I needed more (an emergency fund, more income), but I had to wade through a very tough economy well before the 2008 crisis. It worked and today I am much better off for it.

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I’ve always been interested in finances, specifically being financially healthy. I just never got a good education on any of it. My (3rd) wake up call came after COVID totally wrecked my life (I didn’t even get COVID! Just got laid off, took a pay cut, can’t find a higher paying job, etc.)

I’m behind on some bills & loans at the moment & every day is a kick in the butt to take control. Seeing the total amount of what I owe makes my skin crawl. I’d do anything to be free from debt. I saw a quote somewhere that said basically “rock bottom is an enlightening place.” I think that’s very true. I’m starting this month taking a good hard look at my money habits & making a plan to end the cycle. I don’t want a 4th wake up call!

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when my husband passed i was only working part time and he had always taught me how to save, thank good i was able to save something every week, and i am doing ok, never have to ask my children for help, even though they try, i am doing well

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After paying too much to rent an apartment. I realized a mortgage on a house would be cheaper month-to-month, plus any money I put into a house, I’ll be adding equity. But that required me to get my savings in gear to be able to afford a down payment and all the other fees related to closing on a house. Funny thing is right after we closed on the house, we learned we had our first baby on the way, so we definitely needed the extra space anyway!

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A divorce and learning the hard way that I had absolutely no credit in my name only. I was fine on my own financially at the time, but I had a lot of bumps establishing my own credit, even creating an account at the electric company. No matter how good your finances are, if you have no track record of responsible credit use, it’s a pain to start out on your own.

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I had to finance a used car at 18% interest back in 2010 because I’d destroyed my credit in college. Rather than trying to fix my credit, I thought I could live without credit. But when my old Corolla died at close to 220K miles, I had to buy another car. I drove a lot for work, so going carless wasn’t an option.

I was a used car salesperson’s dream. They knew I had to drive a car off the lot that day and they could charge me exorbitant interest rates and fees since my credit was so terrible.

I only had about $1,500 saved and that all went to the down payment. It was a terrible feeling to know that once the down payment cleared, I’d have less than $100 to my name, especially since I’d seen how quickly life could implode. My dad and brother had both recently died. We were coming out of the Great Recession, and my mom and sister were both out of work. My mom was on the verge of losing her home. I knew I had no one to turn to in the event of an emergency — and that if another crisis were to strike someone I loved, there was no way I’d be able to help out.

It was a really chaotic period of my life, but that car loan gave me something to focus on. I wasn’t going to pay a cent of interest that I didn’t have to, so I started putting every cent I had into paying extra on my car payment. My car payment was $199, but every month, I made sure to pay more. Some months that was really hard — like when I needed some expensive dental work I’d put off. I was tempted to just make the $199 payment, but I still made myself kick in an extra 11 bucks to make a $210 payment. But by cutting my expenses to the bone, most months I was able to pay a couple hundred dollars extra.

I paid off the car in 20 months, instead of 60 months. Then I started saving the $400 or so I’d been spending each month on the car payment and built a small emergency fund. Because I’d established a positive credit history, I was also able to qualify for a credit card again with a $300 limit.

I guess the big takeaway is that when everything feels out of control, try finding just one thing you can control. Focus on one goal. When I had to buy the car, I had debt, no emergency fund, nothing saved for retirement, no money saved for other goals. If I’d tried to get control over my debt, my savings, my retirement, etc., all at once, I’m sure I would have failed. But by having one thing to focus on, I was slowly able to take control.

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When I saw how much my income was at the end of the year, but wondered where all my money went. I kept spending on material things when I was stressed out. I should’ve been saving and investing.

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will my son just said the same thing he is now looking into buying a home i say good luck to all, it would be cheaper and in the end its yours

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will congratulations on the house and the baby boy god bless

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Being unemployed and too sick to work, losing my house and having to move in with my parents with my two children. Having to put things back at the dollar store because I couldn’t afford it. I had to figure out how to get out of a terrible situation. I’m learning and looking towards a bright future.

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way to go positive attune makes it work good luck you got this

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