The Tortoise and the Hare
Posted by jefferson on Feb 18, 2013 in Eliminating Debt | 45 comments
What a long and strange trip it has been, friends.
In January of 2012, we were living paycheck to paycheck, stuck in a cycle where the majority of our paychecks were being eaten by our debt obligations. We were considering visiting a bankruptcy lawyer to see if a vista bankuptcy was our only way out. But we decided to go a different route. By committing to climbing the mountain one rock at a time, the hope was that we could learn about finances and about ourselves in the process. We needed to make sure that we were equipped with the good habits and the knowledge to prevent this from ever happening again.
I checked our balance sheets this morning and our debt obligations have dropped all the way down from $21952 to under $3000. That’s right folks, the finish line is in sight. We didn’t have to do anything crazy to get here, we just had to believe in ourselves and have patience. We have had good days and bad days, and good months and bad months. But whenever we get discouraged, we just leaned on each other a little bit harder, and kept our eyes on the prize.
I look at our journey thus far as being similar to the famous parable of the tortoise and the hare. We spent the better part of our adult lives acting like the “hare”, relying on quick fixes for whenever we faced financial challenges. If we were hit with unexpected car or home repairs, or a large medical bill was dropped on us, we whipped out the credit cards without hesitation. When that wasn’t enough, we took out a 401k loan and entered into a risky zero-percent interest financing situation.
We all know how the story of the tortoise and the hare ends though, don’t we? The quicker approach introduces a suite of other problems, and the slow and steady tortoise wins the raise easily. On our debt reduction mission, we have instead taken a long-term approach, and have avoided many of the pitfalls that gave us trouble in the past. The tortoise’s approach to debt reduction is one that is filled with wisdom.
Michelle wrote last week that we have been spending a lot of our free time lately fixing up our home, playing our own version of ”Love it or List It“. It has been cathartic to see our home slowly transformed into something that we can be proud of. We have poured a lot of blood, sweat, and tears into getting our house to this point, but these were improvements the house needed no matter who ends up living there. It would have been wonderful to have a master bathroom without carpet or a driveway that wasn’t crumbling asphalt years ago, but we took the slow and steady approach and waited until we could afford these improvements before making them.
In about a month, these tortoises will cross the finish line, slow and proud. Here’s to hoping that we are wise enough to never try the fast track again.
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Great work guys, it is always good to see people succeed at improving their financial situation by doing things the right way.
Glen @ Monster Piggy Bank recently posted..Do You Know Your Neighbors? 10 Reasons To Meet Them
Thanks Glen.. It takes patience and having to wait for things isn’t always easy!
Way to go! You are almost there! Its refreshing to hear a story about a family that clawed their way back the hard way. I bet you’ve learned a ton in the process.
We have learned a ton in the process without a doubt.. It has been a serious cash course!
One step at a time! It’s hard to see how you’re going to complete the task when you’re looking at it from the starting line, but after you’re a few months (or years) in, it’s fascinating to realize the progress you’ve made and how quickly time flew by as you were making it.
Just. keep. plugging. along.
WorkSaveLive recently posted..The One Car Family – How We Make it Work
I think we knew all along that were on the right path, Jason… It feels good to see a good plan though..
Congratulations, I’m sure it’s a relief to see the end in sight!
Budget and the Beach recently posted..Budgeters Anonymous
We can see it… It’s right around the corner!!.. So exciting!
The finish line is definitely in sight! Awesome
Michelle recently posted..$823 in Extra Income and Life Updates
Heck yeah, Michelle… It will be here before we know it.
That’s really great news! Congratulations! Have you planned something already to celebrate this mile stone?
I really like reading stories like this one because it’s so motivating. You’ve been working so hard on that!
Shovellicious recently posted..Puzzles
At this point, I think we are planning on celebrating the occasion by buying a new house!
Awesome work guys! It is tempting to cut everything and live on rice and beans to get debt paid off. But, in the end, slow & steady wins the race!
John S @ Frugal Rules recently posted..Taking the Plunge: Why I Love Being Self-Employed
Rice and beans has never been part of the plan John.. We are determined to do this without a vow of poverty.
Good words, especially for where I am at right now. There are 1,000 things we want to do with our home, and have already put a lot of time and effort into DIY (plus, you know, some money…). I’m glad we aren’t going too fast with upgrades, yet, though, because unexpected things happen…such as the plumber coming to clear our main sewer line (this is happening as I type!).
DC @ Young Adult Money recently posted..5 Things I Wish I Had More Time For
Having a house is expensive, DC… And the ongoing costs can really destroy a budget.. Even moreso if you are trying to improve and increase the value of your home
Congratulations! It is so exciting to see that you are almost at the finish line. What will you do with that extra money once it no longer has to service debt?
Melissa recently posted..My Weekly Goals for February 17, 2013 and an Update on Last Week’s Goals
Finally start to save!.. And hopefully to take a good vacation
The story of the tortoise and the hare really applies to so many (almost all) situations in life. Its something we learn young, but don’t appreciate the application till we’ve seen and lived through the journey ourselves. Especially when it comes to saving money, as well as losing weight, “slow and steady wins the race” is the idea that only the smart and hard-working can grasp. You must be so glad now that you didn’t end up filing for bankruptcy.
Kelly@Financial-Lessons recently posted..Reasons You Need Good Credit Besides Loans
Very impressive figures – it’s stories like these that are so encouraging and motivating. I look forward to reading the post when you two “cross” the line – great job!
anna recently posted..Revolutions Around the Sun
Awesome work. It’s always nice to see when a bleak situation ends up turning around, and the perspective you get when you now have the opportunity to look back at those dark days.
Michael @ So You Think You Can Save recently posted..Research Purchases With Product Reviews
Congrats to you guys! We are where you guys were a year ago. It’s such a huge encouragement to see that by continuing on with patience and hard work that we will reach our goals eventually. Thanks for sharing all of your experiences via blog, too. It’s been a tremendous help to many, I’m sure!
Laurie @ The Frugal Farmer recently posted..Beauty on the Cheap
That’s fantastic news! Your hard work has paid off and soon – freedom! And even better, you guys are in the right place to not repeat old mistakes. I like you hare and tortoise analogy and may use it on my clients. We’re always in a rush – to get in or out of debt. But going slow and carefully is truly what wins the race (which is generally only with yourself)
Shannon @ The Heavy Purse recently posted..Children and Money: Don’t Turn It into a Taboo Topic
Many congrats on your super progress! I cannot wait to have a similar feeling, even large dent in my debt will make me feel great!
Edgar @ Degrees and Debt recently posted..Infographic: Credit Report 101
I remember how I felt when my debt was down to that last $3K. Congratulations on your hard work and making your home one you love.
Kay Lynn recently posted..Menu Plan Monday: February 18-24
That’s so awesome that you are so close to paying of your debt and close to your goal! Good job guys!
I feel like the end of my debt is so far away. $19,800 to go and I am trying very hard to pay if off in 24 months.
It is a huge challenge for me and some days I pull my head, arms and legs inside my shell and just stop trying to reach the finish line.
You must feel so much lighter now that you can see your finsh line.
Jane Savers @ The Money Puzzle recently posted..Who Is Responsible For Our Debt Problems?
Wow, you guys are incredible! How exciting to be in the home stretch now and great lesson on how the slow and steady method always wins the race.
Shannon-ReadyForZero recently posted..10 Mental Barriers to Paying Off Debt: Thinking Debt is Not a Problem
That is very exciting. I think you guys have done an outstanding job of focusing on the long term goal and dealing with setbacks. Don’t you feel like there is not limit to what you might be able to achieve now? Getting out of debt gives you that ability to see what else might be possible.
Kim@Eyesonthedollar recently posted..Does Being Rude Get You Further in Life?
That is a huge accomplishment that should not be taken lightly. This is one of those milestones that you just want to jump up and down about. Your next one will be your biggest, when you pull up your balance sheet and see that it is $0!
Grayson @ Debt RoundUp recently posted..Getting Out and Staying Out Of Credit Card Debt
Great job! You guys are doing so well. I love it!
Once you’re done with the debt, you’ll be able to start saving some serious money.
Joe recently posted..TAKING STOCK: THE BASICS OF BUYING
That’s awesome to hear! It’s only a matter of time until you two will be in the profit margin per se.
Absolutely fantastic news, don’t stop there start investing and watch your net worth boom!
Chris@The Credit Cat recently posted..Where to start investing your money!?
Slow and steady wins the race…congratulations on your debt success….
Awesome! Great job, guys! Tortoises celebrate better than hares anyway! Why? Because they don’t have to drive, they carry their home on their back. (geeky joke)
William Cowie recently posted..The Economy: Where Are We? Q4/2012
Amazing! Congrats to both of you–it’s so inspiring to read stories like this where people are real about their struggles AND what they’ve done/learned to turn things around. Kudos!
The Happy Homeowner recently posted..Are You a Slave to Money?
Great post!!
Your story will be encouraging to many in similar situations.
Congratulations! You guys are amazing and have been working so hard. Soon all of that hard work will pay off! Well done.
KK @ Student Debt Survivor recently posted..Required Reading at Work!?!?
My mother talks about the Tortoise and the Hare all the time. I can’t wait to read your post on how it feels to cross the finish line on repaying your debts.
Congratulations on your progress! It must be such a relief that you’re so close and you did it one step at a time.
Little House recently posted..Paying Down Debt with Windfalls and Good Fortune
Way to go guys!! I can’t wait to see the finish line, which for us is 4-5 years away still unless our finances change for the better. Can’t wait to celebrate when you get there!
Catherine recently posted..Photo Post: Living The Life In Halifax, NS
That is so great for you guys.You came this far through faith and perseverance and everything is going to turn around for you. Thank God.
Rynessa@financialfreedomnewsletter.net recently posted..Pros and Cons of Investing in Mutual Funds
I’d really like to start chanting right now (Speech! Speech! Speech!) because I’m SO excited for you guys!! It’s amazing. I feel like my own finish line is in sight, even though I still have big chunk of debt left, but we’re just in such a different place than we were before. It’s cool to think where we’ll be in a few years when we catch up at a FinCon or some other conference and remember how this all started…
American Debt Project recently posted..2-for-1 Loans, Payday Loans and the Wail of the Sirens in the Distance…
That is one good looking tortoise. lol That is great news to hear that you are recovering well. Just keep the faith and keep pushing. You can do it.
KC @ genxfinance recently posted..How to Spend Your Tax Refund Wisely
Great job on your debt success! Your story will encourage and guide people through their struggles with debt. Once you are in it, it is very hard to get out, so congrats!
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