Ahhh, but there is only one of you and there were two of us adding to the debt. LOL! So I had help, not to mention that 99% of that was taking care of dmil. Rose who is proud to say as of today’s payment on that bill it is now UNDER $17,000 and other than the two mortgages that is her absolute highest bill (which it is double any of the others) in OK . My worst was a card with a $33,000 limit that was maxed out. In fact, I think running into that credit limit was the catalyst that made me realize I needed to do things differently.

One of the things that shocked us

in the FPU class a year ago, was that we found out we were only at the middle of the pack for the amount of debt owed by the members of the class. We already felt at the time that our overall debt load then was suffocating – approx $35K. But that was chump change compared to some of the other members of the class. I was particularly mortified to learn that farming families in general have been snowed into the belief that it’s OK to finance massive amounts (hundreds of thousands) for the sake of herd improvements, building improvements, equipment improvements, etc, and that debt burden will just magically go away as we succeed at this fabulously profitable farming industry (I trust you can all hear my bitter laughter at that one). Yes, money can be made farming, but not when you start off hundreds of thousands of dollars in debt. And folks wonder why young people don’t want to get into the profession.

Our own comfort level about debt has definitely dropped over time, which is as it should be. We’re down to about $25K at the moment, with my sole credit card still representing the bulk of that amount at $15K, +/-. We have a smaller debt at $5K and our tax bill also around $5K. We’re paying off the tail end of our first snowball debt within the next two months, and then that amount will go towards those three bills. It’s possible we’ll pay them off within 2013, but it’ll be a real push to do so. One of my planning tasks these last few weeks, and extending into the winter months, is to calculate what changes we’d need to make on the farm to bring in a higher amount so we can pay that off faster, without incurring more debt to do so. Farmers buying with cash is the rarity, but I’m glad to finally be in that club. It’s the right place to be. I just feel for the folks who still think their answers will come from chasing a good credit score, and keeping a ‘healthy’ amount of debt. Alas, DR has yet to reach them…..

Location Detroit
Organization Bank
Position – 1 Manager Product Development – Credit Cards
Position – 2 Manager Product Development – Online Payday Loans for Bad Credit
Job Description – 1 Develop and updating product programs for credit cards.

Ensuring that the Credit Cards Portfolio and Process are well controlled.

Conduct Risk training module on credit cards.

Monitor the operating environment for factors impacting the cards portfolio.

Job Description – 2 Develop and updating product programs for credit cards.

Monitor the operating environment for factors impacting the running finance and personal loan installment portfolio.

Ensure that the running finance processes are well controlled.

Making adjustment and policies to improve portfolio of risk management.

Education MBA
Salary Excellent compensation package will be offered according to market standards.

 

Interested candidate send your resume PM!

Spending money like drunken sailors

I think we have finally started to spend money like we “should” based on our income. We have been buying upgrades to flights, staying in nice hotels and here is the best one, buying art work.
I think we have now spent about $60K this year. Definitely on pace to spend more than we normally do. The last 3-4 years we have spent about $80K-$85K a year. We have taken a few more trips this year than normal and we are going to Europe in September which most of has been paid for already. I will have to skip a savings transfer in the middle of August to pay for most of this stuff. My wife has about 4-5 more years of working and then we will be on my salary for a few years until I retire. Hopefully we will be on a real budget once we retire so we can get through the first few years until we can get money from our Pensions and SS and IRAs.

Going well thanks to Edward, we had some major expenses this year

nse year this year.
An accident in January left us needing to replace dh’s car.
A trip to Tennessee to see our son walk with his graduating class.
$500 graduation gift to beef up our son’s baby efund
Full replacement of the roof on the house
Second course of shingles on the garage
Refinanced the house to a 15 year at 3.09%
$1200 worth of car repairs so my car would pass inspection
Last week I had to finally give in and purchase new glasses.
We aside the money for the hotel and ferry for our mini vacation to Nantucket at the end of September.
This week we replaced my dinosaur of a phone with a new tracfone smartphone and I bought myself a Samsung Tab 4
The E-Fund did get tapped for about $750 to complete the roof and the full 1200 for my car repair. We have managed to rebuild the E-fund back to full. The sinking funds is still low at $700.