Welcome back to part three and the final series about my debt and freedom journey back in 2011, Till debt separates us – Breath again.
Since August 2022, it has been a roller coaster journey. I have finally come to terms with and accepted her death. Grief has a way of shutting down the creative part of the brain hence the delay in finalizing this series. Acknowledging that the one I truly loved has passed on and is never returning has freed me. That’s another story for another day.
Today I am closing the chapter of my series Till debt separates us titled Breathe again. This is a journey to my financial freedom, a vast feeling of relief from not owing anyone financially. Refresh your mind and read part one and part two of this series again, so we are on the same page.
In 2012 after clearing my $11k debt and increasing my income ratio to my expenses in one year, I went on a trip to Zimbabwe and stayed for six weeks. It had been ten years since I visited home. Fast forward, I returned home to Canada, determined to pay off the rest of my debt, i.e., my car loan. Whenever I looked at the car, I regretted buying my Chrystler Sebring on credit. When you buy a $25k car on credit at any interest rate, you will pay a lot more than the principal amount by the time you pay off your loan.
As a newly married woman was committed to clearing off all my car debt. Told myself
“You did it before, and you can do it again. But this time, something happened unexpectedly.
One early morning was driving on the highway going to work. It was dark, and the roads were so slippery. I was running late, and in my rush to arrive at work on time, I decided to overtake a big truck. The next thing, I was sliding off the road, and my car crashed. I am grateful to God that I was not hurt, but my car was a total write-off. To cut a long story short, my car insurance company paid me approximately $12k. I am trying to remember the exact figure.
Here is the cool part, my first option was to use the insurance money to buy another car and incur more debt. Instead of doing that, I decided to pay off my loan and significantly decreased my loan figure. At that moment, I decided it was better to use public transport than drowning in debt. I was ready and prepared to brave the crispy, harsh cold weather of Alberta than owe money and pay those ridiculous interest charges, among the other expenses of having a car.
After paying the $12k to the loan, I still owed about $6k. I am doing my happy dance now as I remember the feeling I had when I was debt free within six months, and debt was not strangling me anymore, and I could breathe again.
I travelled on public transport for a while and was so happy. Not owing money is a great feeling, and I bought my next car at an auction at a very reasonable price. Since then, my motto has been to live within my means and generate more income to enjoy the things I love.
Stay tuned for my next article NZF the Moneymaker. You can check out the videos and see why I am so excited about this strategy. You can use this strategy to increase your income in your current business. This strategy is for business owners and aspiring business owners.
You can watch part 1 and part 2 of the NZF strategy: https://youtu.be/clzgNJAH988
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Watch out for my next article NZF the moneymaker. Have a great day.