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How we got where we are

September 7th, 2009 at 06:17 pm

Student Loans make up the majority of our debt. Looking back we could of made much wiser decisions regarding how much be borrowed for school. My husband and I got married when we were 18 and headed to college together when we were 20. They offered us loans so we said yes! Did we need to borrow that much? Absolutely not. Financial education for our younger generations is so key not only to their personal financial success but the financial success of our country. Student loans make higher education possible for millions of Americans but it should require a little more financial education along with it. Possibly a budgeting class required before loans are accepted. I know entrance counseling is required but it's not much of a program.

We have also definitely made our mistakes in the car buying department. We paid off one car a year early last year but then decided we needed a new van. We could of had our van paid off but now instead we owe close to $34000 on it. When we bought it I felt like we had earned it. We make pretty good money now and deserved to own a nice car. I do love the car but looking back wish we would have waited.

In life we are always learning both personally and financially. Our quest to become debt free has come about because I am getting ready to finish my Master's degree in Financial Planning and I feel need to "practice what I preach" How can I as a planner expect clients and others to listen to my advice to become financially free if I haven't obtained it myself. I also want to set an example for our kids. Kids have no problem learning how to spend but it takes a continuous effort to teach them the importance to save. My prayer is that my kids will grow up financially smarter than I was at a young age.

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