Financial Update October 2017 – Financial Freedom and Debt Payoff Reports

hey guys it’s Tasha and Joseph from one
big happy and it’s time for another financial update this is where we’re
going to share our progress since last month on all of our financial goals so
this is our second financial update we switched up the format last month which
was our first financial update which we will link in the description box here
here and never remember which side it’s on but basically when we first started
these we were just doing debt updates and that didn’t really reflect how we
look at personal finance because we believe in taking a balanced approach to
personal finance and we have multiple financial goals that we’re working on at
the same time so a financial update helps us kind of keep you posted on how
we’re doing on all of those things and not just one goal back in March we set
a major goal to take care of two debts so one was some windows that we had we
spent 14,000 to replace all of our windows and the other was $15,000 in
credit card debt and so this is really our progress on paying off those as well
as our savings yeah and we’ll drop a link in the description box to all of
our previous updates if you want to check those out so let’s take a look at
the numbers so let’s take a look at those debts our car loan in August was
twelve thousand three hundred dollars we made the one payment so that’s down to
twelve thousand dollars now our A/C loan was seven thousand six hundred dollars
and now it’s down to seven thousand three hundred dollars the great news is
our credit card had twenty seven hundred dollars on it and now it is down to zero
because we paid it off we also had a 401k loan was twelve thousand eight
hundred dollars in August it’s twelve thousand seven hundred dollars which
means our total debt was thirty-five thousand four hundred and it’s all the
way down to 32,000 and our total debt paid off since last month was three
thousand four hundred dollars for a running pay off
since we started back in march of $32,000 so we are super excited about
that and if you include our mortgage in our total debt payoff because we don’t
our mortgage numbers aren’t on there but if you include our mortgage then we’ve
paid off a total of 42 thousand dollars worth of debt this year alone so that’s
pretty awesome right each mortgage payment is about a thousand dollars and so towards principal yeah right
so that’s building a minimum of twelve
thousand dollars equity every year so that’s pretty darn good I think all right
so let’s look at the asset side of things as for our assets we report three
main things our investments and savings our house in our cars
we don’t really report our kids college fund because that’s really their money
for the future now we’re going to look at the current value of the assets less
any loans that we have on it so that means our home has our mortgage so we’re
going to deduct what we owe and just give you the net equity same thing for
one of our cars it has a note that we still owe some on so we’re gonna reduce
that and just the part that is our equity kind of what we really have in it
okay so let’s take a look at the numbers so our house the current value is six
hundred and fifteen thousand when you subtract the mortgage and A/C loan and
the 401k loan because the 401k loan we used as a down payment on our house then
the net equity will be $64,000 then for our first car that doesn’t have a car
payment on it it’s just the total about Kelley Blue Book value of the car which
is nine thousand five hundred dollars and then our second car the value of it
is sixteen thousand but we have to subtract the loan that we owe on it so
the net equity is three thousand nine hundred our investments and savings
total two hundred and thirty one thousand dollars so our grand total net
equity is three hundred eight thousand four hundred dollars and I think we did
a fantastic job so far this year I mean we’ve made a lot of progress yeah
I’m really excited to do a like 2017 in review video but
obviously we can’t do that till January but it’s just we do these videos so that
you can see it’s like you make tiny progress over time but it can add up to
huge wins over the course of the year and personal finance is kind of like
that right it’s a marathon not a sprint so let’s see what did we have
oh so we have Singapore coming up in November so we’re switching obviously
we’ve paid off the two things we wanted to pay off this year so we’re done with
debt payoff mode so now we’re switching more to savings because we don’t want to
use our credit cards and take out more debt to go to Singapore we want to use
cash for it and I think we’re definitely gonna be able to do that hopefully with
some room to spare yeah and then after we get back from Singapore then it’s
Christmas right and Christmas is like super expensive it’s my favorite holiday
so I’m really excited but we’re gonna be doing Christmas on a budget and we’re
gonna be doing videos about that like how to budget for the holidays and oh
right how to save for the holidays those kinds of things yeah so this that’s it
for this financial update we hope you guys enjoy if you have any questions be
sure to drop us a comment down below and also thumbs up and subscribe for more
videos like this see you guys next time thanks bye

21 thoughts on “Financial Update October 2017 – Financial Freedom and Debt Payoff Reports

  • The smart thing to do is to use credit cards like cash, putting the cash to pay them off to the side immediately. This is the wise way you reap the cash back bonuses and points, not to mention improving you credit ratings in the process, which could be leveraged for investing. ๐Ÿ‘Awesome video. Thanks!!!

  • Two questions. 1. So usually I hear that people who borrow for new car end up having negative equity on it, because the car drops so much in value, while you are still owing the full price. How did you avoid that? 2. When you say you are going to cash flow the trip, does that mean no credit card so no reward points? Or paying off CC right after?

  • Love seeing your progress. You guys have encouraged me to not feel bad bout going on a trip while in debt. I want to plan a big trip for summer 2019. 2018 I plan on buying a modest town home for me and the kids while still in debt.

  • Way to go on the huge debt you have paid down so far.ย  That is great.ย  I really like how you are still planning for fun too. I hope you get to go to France too. That is one of my favorite places.

  • Having just retired (how fast did that come?) I really applaud your balanced view of finance, paying into my pension when I was absolutely broke has paid off now. Time passes so VERY quickly…………………….

  • Congrats on your achieving your financial goals:-).. I think it's so wonderful for you all to share your progress w/others. I've stated before that we mastered financial security in the beginning of our 12 yr marriage. It's been absolutely amazing to save without ever reverting back to being debt entangled again. #True freedom.

  • I love how intelligent and sensible you two are. You both think things through, follow through with your plans, and reach your goals. Thank you for being transparent and I love the advice you give! God Bless ๐Ÿค—

  • Your car and house isn't an asset unless it's bring money into your pockets. It's an asset to the bank because they recieve a monthly cashflow (your mortgage) from you.

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