We were incredibly anxious to get our lives started together. Fresh out of college and new to the military life, I convinced my wife, Erin, to marry me. Like most new couples, we both entered the relationship with plenty of debt on both sides. I was fortunate enough to receive a “career starter” loan of $35,000.
Erin represented the “normal” in America with over $40,000 in student loans. Then of course came the things you have to buy in a new marriage: the car, the house, and the puppies. On February 1st, 2012, we had accumulated over $100,000 in debt.
The reality didn’t really hit us until we looked at the bank account after getting our first house. When you see the summary page of your accounts and it says, “You Owe $297,000,” it is enough to make you realize that you have to make some significant changes.
It was on this day, that Erin and I realized we wanted to live a debt free life and were willing to make the sacrifices it would take to be successful. [Read more…]