I'm curious to know what your biggest financial leap may have been...
Here's my story:
I was 2/3rds the way through grad school, I didn't like the Executive Director at my current position and I was working full time + part time + part time grad school and was a single parent. It was a ragged schedule and it would take me another 2 1/2 years to complete my degree at my current pace but if I quit my job and went full time school, I could complete it in 6 months. I examined my budget, explored health insurance options for myself (child covered by other parent) and put together a plan. I shared this with the people in my life who I really trusted and valued their opinion. I asked them to review my plan and tell me why I shouldn't do it. No one had any objections and even offered me a loan if I needed it. So while it was scary, it was a very calculated risk.
It was very scary for me because I was a single parent who was responsible for my child and had a mortgage to pay. What if I couldn't find another job? What if there was a major medical problem? What if there was a major repair on the house? What if I finished my education but couldn't find a job in my field? Financial security has always represented choices for me. If I'm financial secure, then I can decided which jobs I will take or quit(like leaving the job where I didn't like the director).
It worked out perfect, better than I ever expected.
What financial leaps have you taken? Did they work out? Did you learn something new?
My biggest financial leap
August 1st, 2015 at 06:08 am
August 1st, 2015 at 07:29 am 1438410548
August 1st, 2015 at 12:57 pm 1438430268
I was only able to put down 45% because I had been renting my sister's basement apartment for years and had saved for what seemed like forever. I did not have a sense of entitlement that I should have the perfect home with granite kitchen and 3 bedrooms in my early 20s. I was 36 when I bought this house and the price was $209,900. So I put down about $95,000. In hindsight it was a good buy in a very nice town, just minutes from the center of town. I only wish I didn't get quite so much land becus now, 20 years later, it's getting to be too much upkeep and maintenance, but other than that, I have no regrets.
August 1st, 2015 at 02:46 pm 1438436817
Overall, I think it was a good decision.
August 1st, 2015 at 05:20 pm 1438446011
August 1st, 2015 at 06:29 pm 1438450163
PS, I think I discovered your blog recently after reading about the challenges with your mother. I went back and read all your entries (grin). I think you and I are similar in our frugality and appreciation of security(and choice/options) as strong independent women. Thank you for your response!
Laura, I've never moved for a relationship, but that may change in the future. I'm in a recently new relationship (almost 7 months) that is amazing and while I'm allowing room and time for our relationship to mature, it's better than anything I've ever been in. I hope that's the same for you!
Ceejay, I've appreciated your openness about your finances and life. I don't exactly remember when I started reading about you but it was before your family had your daughters. I've been silently cheering for you selling your condo and settling in to your house. I've always had dreams about co-housing(like you and your friends).
August 1st, 2015 at 07:01 pm 1438452111
That said, I think having kids was our biggest financial leap. We didn't feel any financial pinch *when* we had kids. But I do recognize what a huge financial commitment it is for the long haul. Though it is kind of interesting in that I don't know that we ever would have been so motivated to be so fiscally efficient if we hadn't of had kids. So financially, who knows if we even come out behind in the end? Who knows.
August 1st, 2015 at 07:13 pm 1438452787
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August 2nd, 2015 at 12:49 am 1438472981
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