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DH's Car Progress & Good vs Bad Debt

February 2nd, 2011 at 09:42 pm

I am working on paying off our only debt which is my DH's second car...his hobby Porsche. Yesterday I just got two more Ebay sales which totaled $1,459.33. Once the funds are transfered from Paypal to our checking account in 2-3 days, I will pay his car loan down to $5,129.83. These large Ebay sales are really chipping away at the loan but my largest pieces are gone now. Even if everything else sells, I will only make about $2,000 more which won't pay off the car.

That Porsche sounded so great intially, but now that it's parked safely in our garage I am kind of sorry we bought it (although don't tell DH that). I REALIZE THAT I HATE DEBT...at least debt that doesn't bring in income. Rich Dad would say that debt which brings in income is good debt. I guess that means debt for rental houses is good because it's debt that can end up paying for you to live. Of course, to make that work you have to go S-L-O-W-L-Y and make wise decisions.

For most of our 28 year marriage, other than paying off our own houses well, much of our money went for trinkets...fancy, shimmering nothings that looked attractive at the time, but ended up just frittering away our income (such as all the David Yurman jewlery I bought before Christmas which I am now selling). Although we didn't really debt all that much, purchasing all the stuff I had to have at the time wasted thousands of dollars.

Although looking back the money I wasted upsets me, it does me no good to beat myself up for past mistakes. I can only do the best I can to learn and improve one day at a time. Thanks to DA, writing down my numbers and this blog, I have now had one very good month + two days which is more than I had yesterday. Thanks God!

1 Responses to “DH's Car Progress & Good vs Bad Debt”

  1. FrugalTexan75 Says:

    Recognizing where you need to make changes is half the battle - the rest is actually making the changes. Way to go!

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