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Apr 15, 2009    |       22 comments

Beginning My Blogging Away Debt Journey

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My name is Rebekah and I guess I should tell you a little about myself right? I am 27 years old and have been married to my fabulous husband for four years. We live in sunny San Diego California where we purchased our first home over a year ago – on an interest only loan. We lived in blissful ignorance of our snowballing debt problem until I wrote yet another check to a credit card and realized our payment wasn’t even making a dent in the fast accumulating balance. If we continued to spend, we would hit all our credit limits in less than 6 months. This terrified me… especially since it only took us four years to get here.

Before my husband and I married, his wise grandfather sat us down to share what he thought was the most important marital advice we would get, “Always live below your means and never, NEVER buy anything on credit. Save a little each month and pay cash for everything.” As young 20 something know-it-all’s, we married and immediately financed two cars, purchased a home even though he begged us to wait, and continued to use our credit cards. My biggest regret is the fact that I ignored the true wisdom of a man whose sole goal was to help me. I couldn’t be sorrier.

My husband and I started to attend a financial counseling course and felt that, for once, we may have a debt free future. Unfortunately, a week after starting the course, the company I worked for closed and our world took a tailspin. Suddenly those bills we could easily pay in the past looked unreasonably daunting. On top of everything, three large corporations in San Diego conducted major cuts and flooded the market with job seekers.

In searching with intense fervor for jobs in the past, a deep sense of defeat hung over my head and I couldn’t help but feel that I was a failure when I wasn’t able to land them. BUT, there is a light at the end of the tunnel! We buckled our budget, worked odd jobs and long hours, and we not only paid our car payments and credit cards…we paid our mortgage payment too! Even when I am without a job, somehow we’re surviving!

I know what it’s like to feel overwhelmed. I know what it’s like to cry every single day. I know what it’s like to cringe at the sound of a mail carrier bringing another load of bills. I know what it’s like to feel as though I will never break free from the heavy thumb of debt but…

I know I can do it.

Apr 6, 2009    |       5 comments

Q&A Opportunity With Junior Achievement

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I was contacted not too long ago by Junior Achievement. They were wondering if I would like to do an interview with them on here. I’ve done interviews in the past, but I never felt like I asked the right questions. So I wrote them back asking if I could ask you for your questions to have them answer (like what I did with the authors of “On My Own Two Feet). They are happy to do a Q&A with you!

First of all, I should let you know more about Junior Achievement. From their site:

JA Worldwide is the world’s largest organization dedicated to educating students about workforce readiness, entrepreneurship and financial literacy through experiential, hands-on programs.

I realize now, more than ever, how important it is for children to learn life skills related to money. I try to fit in some personal finance tidbits when I can with our son and we are trying to be good financial role models. Sometimes it’s tough. With the economy the way it is right now, kids are feeling some of the stress.

Junior Achievement sent me some facts to share:

  • 14 percent of U.S. teens 15-17 years-old report the need to contribute financially to the family budget.
  • One-third of all teens report less job availability.
  • 53 percent of teens surveyed say they’re choosing activities that cost less money.
  • More than 50 percent say they talk about the economy with their friends.
  • 18 percent of 15 -17 year olds polled said they have lost a job due the economy.
  • Nearly three-in-ten teens (29 percent) said that the economy is causing them anxiety.
  • More than three-quarters (77 percent) of the teens polled say that their parents are talking about the economy more than they used to.
  • Nearly half (49 percent) said their parents had discussed family finances with them as a result of the economy.
  • 15 percent of teens said they have reduced extracurricular activities as a result of the economy.

With that, I’d like to open up the floor to you for asking Junior Achievement any of your “kids & money” questions. Just leave your question as a comment below. I’ll keep the comments open until Tuesday (04-07-09) at 11:59pm and then I will send them over for them to answer. Depending on the response – they might not be able to answer them all.

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