October 2012 Archives

Don and Marlene took their plan by the horns and decided to find every way they could to accelerate their debt-free date with 9 Year Mortgage.  The first thing we did was transfer some credit card balances to 0% accounts.  This allowed us to improve their plan performance by 3 months while simultaneously lowering their plan payment by $150/month.

Now we have done 2 more coaching lessons and they are very excited.  Don hadn’t been able to contribute the full amount into his 401(k) that his employer would match. Money was simply too tight. He was putting in 3% and they would match 3%. We found out that if he put in another 3% they would match half of it. That’s a 50% return on investment. He needed to get that extra 3%, but he hadn’t been able to afford it. On Don’s salary, the matching 1.5% per year was about $1000 that he was leaving on the table.

By reducing the plan payment $150 and by them finding another $100/month of savings through evaluation of their spending habits, we got things to where they could afford to contribute the full 6% towards retirement.  In fact, they even have found enough to start up an emergency savings account, which they never previously had.  It was mostly a matter of priorities and discipline, and being smart about their money.

These simple steps have transformed their outlook on spending and paying off debt. They have analyzed what their retirement will be like in 7 years (they are both in their early 50s) and they feel very confident and thankful to 9 Year Mortgage for the improvements they have accomplished so far in their financial lives.

Now we are looking at a mortgage refinance to make the plan run even faster. Enrolling with 9 Year Mortgage was the catalyst to make all these changes and get them moving forward. They are very happy.

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Two of our recent clients live in the Midwest.  They enrolled in June 2012.

The biggest thing they got out of the plan is that they now believe it’s going to be possible for them to retire.  Before this, they felt like a door that was going back and forth on its hinges and never getting anywhere.

The wife was so depressed about the fact that they never seemed to get anywhere that she was moping around the house.  Now that she sees light at the end of the tunnel, she has felt a burst of energy.  She canned over 300 quarts of vegetables and fruit in the past 60 days.

Both the spouses have taken the challenge to put a $10 bill into a Tupperware container in the kitchen each week.  That’s $20/week between the 2 of them, or $1000 per year.

Each month they watch it build up, and when it gets to $100, they treat themselves for a little inexpensive date, and then put the remainder into the bank for emergency savings.  They never had such an account before.

What is dawning on them is that they can control their money, and have it work for them, and not the other way around.  It’s not the $10/week that each one saves, but the fact that they are doing something proactive and dominating their spending.

They believe it’s possible.  They are united in their hopes and they are enthusiastic.  They are working together as a team which is something they did not do very well before they met us.  Their goal is to beat the debt-free date by a year, and they are 110% committed to the program.

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John and Suzie wanted to gain control over their money.  They knew that on paper it was possible, but they never seemed to make it come true.

They sat down and realized that they had refinanced their home three times since they bought it in 1996.

Sixteen years after making their first home purchase, they had a bigger mortgage than ever, and still 27 years to go in order to pay it off.

Now they were even considering doing a 4th refinance, and starting over again. At this point they wondered if they would ever get out of debt.

Upon serious reflection, the $38,000 in additional mortgage debt on their house represented the amount they had overspent in the last 16 years.

That was about $200/month, every month, for nearly 200 months. It was a bad habit, but they finally admitted that weren’t able to control it.

So, they reached out to Nine Year Mortgage and found the solution they needed.

The two things that they have told us they now enjoy in their financial lives are the following:

1) “Now we have a path that is guaranteed.  We know we can beat this debt, and we refuse to ruin the program by overspending.”

2) “Now we work together on our money.  Before Nine Year Mortgage, we realize that we were operating as 2 separate individuals, and not working together.  Money is such a huge enemy–a threat to our emotional and family well being, that we have to stand shoulder to shoulder and defend ourselves against it on a daily basis.”

Thanks to Nine Year Mortgage, these 2 blessings are coming true.  They tell us over and over “If it wasn’t for this, we’d still be on the same path.”

Yes, it was always POSSIBLE, but it would never have ACTUALLY HAPPENED without help.  Nine Year Mortgage is the help they needed.

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