OBH Financial Freedom and Debt Payoff Update September 2017

hey guys it’s Joseph and Tasha from one
big happy welcome to the September 2017 financial update where we share the
progress we’ve been making towards our financial goals you know what they are
wealth building being rich paying off debt a little bit more about the debt less
about the richness but we’ll get there all right so before we get into the
numbers let’s talk about why we are now calling these videos financial updates
instead of debt what were we calling them like debt? Debt updates
debt updates because for us if you if you’ve been watching our channel you
realize you realized by now that for us it’s not all about debt it’s about a
long-term wealth building strategy so it really doesn’t make sense for us to just
provide updates on one side of that equation which is debt and not on our
primary focus which is our savings so in these updates now we are going to
include both debt and saving so you can see both sides now this month is our
first holistic financial update and it’s been a while since we’ve given you any
updates at all so we had our debt update back in June
and so we’ve made a lot of progress since then so let’s look at the numbers
let’s take a look at the debt numbers so back in June we owed $13,000 on our car
$8,100 on our a/c $7,500 on our credit card 1301
$13,100 on our 401k loan for a total debt load of $41,700 now let’s see how things turned out this month the
August numbers our car is down to twelve thousand three hundred dollars the a/c
loan is down to seven thousand six hundred dollars our credit card is down
to two thousand one hundred dollars our 401k loan is
twelve thousand eight hundred dollars for a total debt of thirty-five thousand
four hundred dollars which means we paid off six thousand three hundred dollars
worth of debt since our last debt update so our running pay off totals yes
so our running pay off total since we started the debt payoff which was in
April is twenty eight thousand dollars now of course this doesn’t include the
amount of principal that we’ve paid on our mortgage so that would bump the
number up but we’re not including that so let’s talk about our assets the other
half of the financial update we’re going to include our house our cars and our
savings and investments we’re going to subtract the loans that we owe on the
cars and the home of course it’s really only one of the cars but that will give us
the net value or net equity that we have in the one car and the house yeah so when
we do a report on the our assets that it’s going to be using their current
value so that means over time depreciating assets like our cars
meaning assets that go down in value over time you’ll see the cars will be
worth less and less over time but in theory hopefully our house will be worth
more and more over time and then of course our investments in savings those
are the ones where were really expecting the values to climb over time so not
necessarily from month-to-month because or even every year investing you yeah it’s kind of volatile
all right so let’s see how those numbers shake out on the asset side so item
number one we have our house that has a current value of six hundred and fifteen
thousand dollars if you subtract the mortgage the A/C alone and the 401k loan
because we use that money as a down payment on the house then our net equity
in the house is sixty three thousand dollars our first car the Dodge Journey
it’s worth $9,500 it’s paid off so that just moved on over
our second car which is my Honda Fit is worth $16,000 but it still has what was
that twelve thousand three hundred dollars that we owe on it so the net
equity in the Honda Fit is three thousand six hundred dollars for
investments and savings two hundred twenty four thousand dollars so grand
total all of our assets combined equals three hundred thousand dollars in assets
so that was our September update looking forward we are moving into the holiday
season and we have our Singapore trip coming up so it’s really gonna be tight
well we’re gonna hit it hard yeah yeah over these next three months to make
sure we pay off the credit card which was our financial goal for this year to
pay off the credit card and then cash flow our trip to Singapore while still
having enough left over to have a nice Christmas
all for cash and we’re going to do it but it’s gonna be tough yeah so we’re
doing an uber frugal no spend September perhaps also October and November we’ll
see how it goes and see how quickly we’ll hit our the the numbers that we
need to hit for paying off our credit card and then saving for the Singapore
trip so I’m sure we’ll be sharing tips on some of the things the tactics that
we’re using to make sure that we stick to our budget perfectly and then also
minimize our spending even on our normal budget categories like groceries and
things like that yeah so I hope you enjoyed our financial update and we’ll
have monthly updates from now on we’ll be regular this time because it’s gonna
be exciting to see how it all goes yeah these next three months are big alright guys talk to you later bye

34 thoughts on “OBH Financial Freedom and Debt Payoff Update September 2017

  • whoo hoo, you're a quarter millionaire ;-). well actually more than that so even more awesome. i'm new to your channel, began watching your videos either yesterday or the day before. love your transparency and willingness to share your journey.

  • You all are doing great.  I am so excited for you all to be taking a trip too. I love your balanced approach!!!

  • I saw one of your videos a few days ago. I had been binging on Dave Ramsey videos, so when I got to yours, I was skeptical. After watching more of your videos and having a few days to think about everything, I'm a subscriber! Lol!! I really enjoy your videos, I'm learning from both you guys and Dave. Tasha, your story is so inspiring and I'm so happy to see how far you've come. Warms my heart!

  • I have respect for Dave Ramsey even though I have never been in debt myself haha. But I can see that you do not fit the profile of people who need his help and hand holding. You are both earning, with stable and high paying jobs and you have financial understanding and responsibility. I think even Dave could agree with your plan but he cannot admit that out aloud because his followers, people who are actually irresponsible financially only need one teeny tiny excuse to go back to old habits.

    Btw, love all your number crunching videos!

  • Is there a reason you did not include your student loans in your debt load? They still work against your net worth even if they will be forgiven at some point and you are still responsible for them until that point so it should be part of the debt.

  • Wooohoooo. I like the financial updates instead of debt updates. Gives a better big picture. Good luck on no spendtember

  • Does your student loans have interest, even if they are forgiven? A counselor of mines told me that student loans even in a forgiveness program get interest.

  • Hi guys, you mentioned in a comment in a previous video that your student loans will be forgiven in under 5 years. Could you provide a link with information about that? I'm carrying some heavy student loans and am interested in learning about the loan forgiveness program you mentioned. Thanks!

  • I like this series, it seems to keep y'all accountable for your spending and paying off debt. Having that pressure of people knowing and asking how you're doing must really help. More people should do this lol.

  • Have I missed something? You can go on a trip to Singapore, you have two nice, newer cars, you live in a fairly expensive home and yet you are trying to not pay off your student loans? I am sure I will receive a bunch of hate replies because of what I am saying – but really maybe I missed something. I just don't know who you think is going to cover the debt. I paid my loans, why do you all seem to not think you should pay yours? You agreed to pay the money back – although I will agree that tuition is crazy expensive, you did agree to repay. I just don't see where you all think it's ok to not repay even if the government says they'll forgive them. Seriously, would like to hear more about this from you and your viewpoint. I am not trying to be a jerk just frustrated. Thanks.

  • Hello! I Truly enjoy your video. I've learn a lot about setting my own pace about money. But I do have a question ? I notice that you don't talk about your Credit / Credit Score while pay off plan. please keep making more video.Thank you

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