Wall Street roadkill – No longer
5. maj 2009
It is easy to feel run over by the recession, to be Wall Street road kill.
The truth is, that what I did was more like stepping out in front of a semi truck on the highway of Personal Finance.
Since my wife and I bought our home 10 years ago, we have gotten deeper and deeper into debt.
We liked new cars and when it was time to get a new one, we paid of the car loan by refinancing our home, which grew in value all the time.
The increasing debt necesitated a high income, which we were able to take in with well paid jobs doing independant consulting an borrowing still more money to pay off old debt. Juggling 5 credit cards also helped out, but it was a constant job in itself.
When the economy turned sour in 2008, that was the time we decided to leave our home country of Denmark and move to California, to start up business!
We could not have chosen a worse time and once again the credit cards were abused. Slowly but surely our options shrank, and finally the bank called it quits. One morning all our credit cards had been cancelled.
Fortunately the process of moving to a different country had brought my wife and I even closer together, and we had no trouble agreeing that our days of living on borrowed money was over.
For a long time we had been reading litterature about financial freedom, and the economic downturn, global as well as micro, will be the kick off that gets us started on the road to financial freedom.
Our financial future will be based on the three principles of
- No debt
- Simple Living
- Passive income
We have a long road ahead and I will share it on this blog with you.
What are your thoughts about this topic?