Introducing…Father!

Welcome to our blog! It is very nice to meet you. I am the “responsible” adult in the Father Daughter Finance blog. I am a 50 something person who can best be described as a civil servant. I am a married father of 2 struggling to get back on solid financial ground. I am close to retirement and realized a short time ago that I am not very well set up for retirement.

Does that mean that I put my head in the sand and give up? Of course not! It means that it is never too late to start building wealth. It does however mean that I need to control our family spending and invest wisely in our future.

I have had a rocky financial past to say the least. This is surprising because both of my parents always paid cash for everything and the only debt they incurred was a mortgage payment which was paid off early. I was given my first credit card when I left home for college and advised it was for “emergencies” only. What college student doesn’t see that four pack of taco’s and see it as an emergency? So began a life of living on other people’s money and struggling to make those minimum payments. A friend of mine once said, “God created credit so poor people could have shit!” I bought into that philosophy and boy did we have some good shit!

In 2011 the spending had to end because we were severely broke. We had two new cars, a boat and more credit card debt than we could handle. We filed for Chapter 13 bankruptcy. We lost most of our assets and began the painful process of rebuilding our lives. I am proud to say that we made it through successfully and lived completely debt free from 2016 through 2019. We learned to pay cash for needs and to not even look at the wants in our lives.

Recently we have had a few medical emergencies, expensive medical testing on our daughter, a VERY expensive surgery on our son from a mountain bike crash, multiple surgeries on mom to correct an ankle abnormality. We were overcome due to the lack of an emergency fund and paid with credit. Big mistake!

We were also put into a position where we had new drivers and no vehicles for them to drive so we shared for six months trying to make the most of a bad situation. After the six months yours truly did the worst possible thing and went our and bought a brand new truck. When did pickup trucks become so expensive?

After buying the truck, I realized that we are out of control and started listening to the guru’s of personal finance on the radio. I realize that a change is needed to get back to being debt free and provide a decent retirement for myself and my wife and hopefully leave a nest egg for the kids.

I am fortunate that both of my children have a solid head start because we certainly didn’t plan well as parents. Both of my children are going to college for free due to extremely hard work in the classroom and finding scholarships.

Well that is my somber story but I am fortunate that I make good money and have a solid support system. We have set a hard budget and have a plan in place to become completely debt free within three years, sooner if I sell the truck.

The purpose of this blog is to show two completely different views on money management and how to hopefully steer around the land mines in the road and build a better future. Happy reading!

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