When I Turned A Corner Financially In My Life

by Hank Coleman

Wall Street and turning a financial cornerMost of us in this generation can remember where we were when we first heard about the terrorist attacks of September 11th, 2001. It is just like how our parents and grandparents can remember key events in history such as the Kennedy assassination, when the Berlin Wall fell, or when the Challenger blew up. There is another key moment in everyone’s life also. That is when you realize that you have turned a financial corner in your life. It is the point when you no longer lose sleep at night about how you are going to pay an extraordinarily high electric bill or wonder where you going to find the money for the car repairs you need all of a sudden now that your car’s transmission went out. Some people may not even be at that point of their lives yet, but they will remember it fondly when they do.

Paying Off The Last Credit Card

The moment when I knew that I had turned a corner in my life financially occurred four years ago. I graduated college with about $30,000 in credit card debt. Looking back, I cannot even tell you what I charged on my wallet full of credit cards. I had a good time though and had a mountain of debt on graduation day to show for it. My wife and I ended up living paycheck to paycheck for a year or two. And, then I finally wised up. My life really changed after reading Dave Ramsey’s book “The Total Money Makeover”. I buckled down and paid off every last cent of the debt. It was not easy, and it was not fast. But, I worked my debt snow ball just like Dave Ramsey preaches in his book and on his radio show. The peace of mind from being debt free is incredible. I cannot even begin to explain it. Things that would make me lose sleep at night like large car repair bills now do not even make me think twice. Now, that we have this weight lifted off of our shoulders, I have noticed that our financial lives have changed. We now save more, have an emergency fund, and max out our Roth IRAs.

You Will Never Go Back There Again

For most people, if you have struggled with money problems and conquered them, you have vowed never to return to that place again. That is why I say that it is like turning a corner. You leave one part of your life behind and enter a new one. There are a few defining moments in life such as September 11th. And, everything can be defined as happening before that point in time and as happening after it. The same is true in life, and the same is true in your individual life. There are moments in your lives where you change, where life changes. Your life is never the same again. If you think hard enough about those instances, you will know exactly what I mean.

What have been defining financial moments in your life? When have you turned the corner and never looked back? Have you had a defining moment that wasn’t positive? Leave a comment below. I’d love to hear about other people’s experiences.

(photo credit: Shutterstock)

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