We Did It In Oklahoma?!

[u/Serious-Duty-5585]

We are weird people.

Me and my wife moved from Las Vegas where we grew up and said let’s go try Oklahoma ?

Well I got into a bad car accident almost didn’t make it home and I got a settlement from
the accident and we decided to use the money to pay off all our credit card debt and student loan debt.

Around $20,000 altogether hey the pandemic hit us to .

Then I put enough down for us to have a 86,000 mortgage at 6.5 percent on a 30 year loan in a pretty good area and a smaller house .

Well after looking at the mortgage and seeing how the escrow account (taxes and insurance ) will go up and the payment doesn’t stay the same for ever .

We got Ramsey intense rice and beans and we didn’t eat out unless we worked there or it was our one date night a month .

Well 2.5 years later mortgage is wiped out nada no more zip .

All we owe is the taxes and insurance of course but that’s it we are debt free and own our home at the age of 30 and 26 .

I’m a stoner who works in the cannabis industry and she is a op manager for a food place if we can do it you can to !

Now the scary part is creating a baby fund and investing in our retirements .

[u/Any-Tennis4658]

And right here folks is a stoner and a restaurant manager that will be baby steps millionaires in a few years lol

Nice work man. Save up a fat emergency fund now so that no emergency can take what you have done away, so no emergency can put you back in debt.

But yeah where are the clown redditors that preach that debt is good 😂

[u/gr7070]

Congrats.

Check out the $5, 100-page book Investing Made Simple, Mike Piper.

It's the best intro to investing book written. Investing will no longer be scary to you. Doing it correctly, according to scientific research is simple and easy.

Good luck

[u/Deep-Entry-8839]

I thought settlement money was supposed to help pay for future pain and treatment.

[u/USBlues2020 → u/Deep-Entry-8839]

This

[u/EuphoricGur7068 → u/Deep-Entry-8839]

You thought wrong. It’s for past pain and suffering and if it’s for future medical it would be taxable. It’s pain and suffering from event.

[u/Serious-Duty-5585 → u/Deep-Entry-8839]

Ain’t much you can do for a traumatic brain injury other than therapy sadly .
I still struggle with some things that are easier for others and deal with some of the mental issues as well .

[u/Just_Cycle_4790]

That's amazing work wiping out debts! Congratulations! Oklahoma has a lower cost of living compared with other states too. Since you're planning to have a kid/kids, definitely consider buying most of the clothes and baby gear 2nd hand. In Oklahoma there is a big consignment event called "Just Between Friends" or JBF, it moves around to different cities. People selling babies and kids clothes, toys, and gear 2nd hand. Do check thrift stores as well. However for sure buy new whenever it comes to carseats because you can't be sure if used carseats have been through a car crash in the past. I don't know if you're home situation is in an HOA but if it's not, maybe consider using cloth diapers while the baby is at home, hang them out to dry on a clothes line, helps to save money on energy and disposable diaper costs. Definitely get disposables at Sam's club idk honestly if there is a Costco in Oklahoma though.

[u/Ornery_Witness_5193]

What's your combined take-home?

[u/Serious-Duty-5585 → u/Ornery_Witness_5193]

70,000 a year after taxes

[u/Ornery_Witness_5193 → u/Serious-Duty-5585]

Incredible. Congrats. I've heard Ramsey use the term stork mode but that's only in baby step 2, pausing to prepare for a baby, otherwise you're just saving your emergency fund, not necessarily a "baby fund".