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Financially Balanced

The Lonely Journey of FI

November 22, 2021 By Chad Leave a Comment

My journey to Financial Independence(FI) all began with Dave Ramsey. (He certainly seems to be a segue for many people into the personal finance realm). It's funny because I can't even recall how I stumbled upon his show. I wasn't looking for … Continue Reading about The Lonely Journey of FI

What Does It Mean to Live A Rich Life?

June 2, 2021 By Chad 12 Comments

A little over three and a half years ago my grandma passed away. Without a doubt, she was the strongest and most wise woman I've ever known. Throughout her life she was always very dedicated to her family. Within the last several years before … Continue Reading about What Does It Mean to Live A Rich Life?

What You Should Know Before Starting College

May 21, 2021 By Chad 9 Comments

It's been exactly 20 years since I was walking across that stage to accept a piece of paper that would be the dividing line between not having a care in the world and having to get my shit together quick. I remember it being an exciting time, but … Continue Reading about What You Should Know Before Starting College

Financial Spring Cleaning

May 3, 2021 By Chad Leave a Comment

Spring time is here! Well, it's officially here, but depending on where you live you still may be trying to shake off that left over winter weather. Spring is arguably one of the best times of the year. It brings a sense of renewal in many … Continue Reading about Financial Spring Cleaning

Emergency Funds: Weathering the Storm

July 7, 2017 By Chad 2 Comments

This post may contains affiliate links. Please read my Disclaimer Page. Have you ever heard the phrase "Hope for the best, prepare for the worst?" When it comes to your finances, preparing for the worst can mean the difference between maintaining … Continue Reading about Emergency Funds: Weathering the Storm

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My Road to Financial Freedom

April 11, 2017 By Chad 4 Comments

Welcome to Financially Balanced, a personal finance blog about finding that financial sweet spot between your needs and wants and still doing the one most important thing in life – LIVING.

Beginning My Journey

My journey with personal finance began when I was kid, although I didn’t know it at the time. Growing up with a single parent, money was always tight.

As a child,  I have vivid memories of my mom cutting out coupons and even dragging us to multiple grocery stores in a single week to take advantage of “triple coupon days” or to buy the left over bakery items that were marked half price if you bought them after 8PM.

When it came to buying clothes, the options were TJMaxx, Marshalls, Solo Serve, or any other discount retailer and occasionally we were lucky enough to get something from Maison Blanche or Dillards if there was a good sale happening.

Of course, growing up as a kid in the 90’s, name brand clothes seemed to be a MUST HAVE and we were no exception. Ours just always seemed to be what was left over on the clearance rack.

My mom was always looking to save a penny (literally), and her spending was always well calculated and well balanced. Probably because there wasn’t much to go around in the first place.

The cool part about it all – I never really felt like we went without anything. Sure there were always things we “had” to have because other kids had them, but overall we were content with what we had.  And even though money was always tight, we always had cool stuff to enjoy.

Looking back, I am convinced that these behaviors subconsciously built the foundation upon which I have learned to live a balanced financial life.

Getting A Taste of Personal Finance

Even though I learned some valuable lessons at a young age about living within one’s means, being frugal, and balancing finances, my family was far from educated in the ways of personal finance and that still remains true today.

IRA, 401(k), stocks, bonds, and mutual funds were vocabulary I wouldn’t even come to know until I hit my college years.

One valuable lesson I did learn growing up, however, was saving.

I remember my grandmother stressing the importance of saving money and that my money would earn interest. I remember thinking “you mean someone’s going to give me free money just for saving my money?”

To encourage me to save, she would match dollar-for-dollar any amount that I would put into my savings account. That was the real kicker, and with the thought that I’d be doubling my money, I was sold.

Who knows what the heck became of that little amount of money I was able to save, but the lesson is one that has stuck with me throughout my life and my savings account today is very thankful for it!

Unfortunately, my savings account today doesn’t come with a match. 🙁

Getting Serious About Financial Freedom

After paying off over $105,000 in student loan debt in September 2016, a light bulb went off in my head aside from the massive sigh of relief and excitement of re-gaining an additional $1850 per month that had been previously burning a hole in our budget. (There’s nothing like the feeling of essentially making two mortgage-size payments but only having one house.)

Suddenly the thought of demolishing debt and building wealth not only became somewhat of an obsession, but also something that was actually obtainable.

I immediately began updating my budget spreadsheets and figuring out how we were going to spread out the extra money (I am happy to say all of it is going to savings, retirement, investments, and a 529 for our son).

I also started reading personal finance books and blogs, and listening to Dave Ramsey podcasts like a madman (the debt-free screams on his radio show can be very motivating).

A month after paying off our student loans, I decided that paying interest on a vehicle for no reason was also stupid. So, I paid it off.

Currently we are down to just our mortgage, but with slightly over 1100 square feet and a 16-month old roaming the house,  the walls are slowly caving in. The next step on our journey will be finding a new home with room to expand. More on that to come! 🙂

Paying off our loans not only gave a feeling of accomplishment and success, but along with it came a new found feeling of freedom. Financial freedom. In fact, it was difficult(in a good way) deciding how much of our “extra” money was going to go to savings, retirement, travelling, extra mortgage payments, etc.

The best part was that we were FREE to choose.

Why Financially Balanced?

This blog was born out of our journey through paying off a substantial amount of debt while simultaneously trying to find a balance between saving, planning for retirement, travelling, and trying to enjoy all of the other little things that life brings.

I wanted to create a place to talk about money with other like-minded people, and also teach others how to live a “balanced” financial life by sharing our successes as well as the mistakes we have made along the way.

I also believe that no matter where you are on your journey, there is always something new to learn, a different approach to discover, or an alternate way of looking at things. I look forward to learning new things and hearing stories from your comments on this blog.

I hope you’ll join me on this journey as we dig in to a ton of different life and financial topics and help you to find your own financial balance and path to financial freedom.

Filed Under: General

Reader Interactions

Comments

  1. Courtney @ Your Average Dough says

    April 18, 2017 at 4:55 pm

    Wow, super impressive, Congrats on paying off all that debt! I just started my blog about a little over a month ago and there is so much to learn. I honestly can say i learn more and more each day. It sounds like you have a great story, looking forward to reading more of your posts!

    Reply
    • Chad says

      April 18, 2017 at 8:35 pm

      Thanks Courtney! The good thing is there are some really great resources out there! I look forward to reading more of your posts also!

      Reply
  2. Mustard Seed Money says

    April 12, 2017 at 7:57 pm

    That’s quite the feat how much you paid off on your student debt. I can’t wait to see where the rest of your financial journey goes. Looking forward to reading more!!!

    Reply
    • Chad says

      April 12, 2017 at 8:58 pm

      Thanks, and thanks for visiting! Still trying to get the hang of this blogging thing! I have much to learn. 🙂

      Reply

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