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A question

December 29th, 2016 at 08:00 pm

A question to ponder:

Financially, are you in a better place than you were 365 days ago?

My answer is NO!

365 days ago, we were completely debt free including the house. Now we have a $100K HELOC debt that we used to purchase the investment property.

I don't regret the decision to buy the house(s) next to our house. This house generates about $500 worth of income and will eventually generate double that amount.

So for 2017, our goal is to continue saving like crazy and pay down the HELOC as much as we can. Aiming for $15K-$20K.

12 Responses to “A question”

  1. veronak Says:

    For me no, I'll be working on debt for 2017. I'm actually considering a part-time gig

  2. CB in the City Says:

    I haven't done the final numbers yet, but I think I am little bit better off.

  3. Debt-free by Thir-ty Says:

    Financially, no Frown But in every other aspect, heck yeah!

  4. pjmama Says:

    I'm probably about the same income-wise. Maybe a bit worse off, but with much higher expenses :/ Looking forward to moving to an area that's a bit more reasonable.

  5. crazyliblady Says:

    Yes, I think I am significantly better than I was 365 days ago. I had wanted to pay cc#1 off completely, I have paid off $1400. I actually paid off a lot more than that, but late August, I think, we had a gas fireplace insert installed. The first half of the cost was $1500, which we charged to cc#1. I have that almost paid off and when I do, they will charge us the second part of $1800. We will likely get a tax refund of around $1000, so I will get it paid off pretty quickly. The really great thing is that the gas fireplace insert does an excellent job keeping the main floor of our house warm, and is much more energy efficient than the furnace. Other folks I have talked to said this makes a significant difference in the gas bill overall. I am anxious for that. I am sorry for your financial woes, njdebbie, but the investment property will truly be an asset when you have it paid off.

  6. PatientSaver Says:

    In 2016 I lost my job and received an inheritance. So I would say that yes, I'm in a better place looking strictly at net worth, but the pressure's on to start earning income again.

  7. My English Castle Says:

    Hmm. We have more in retirement and college savings accounts, but other than that, we're in a holding pattern.

  8. frugaltexan75 Says:

    It's hard to say. At the beginning of 2016 I had no debt - now I have a $111k mortgage, plus DH's student loans. I'm making the same - no raises - but what's taken from my paycheck has gone up.

  9. ceejay74 Says:

    Are you not better off with the investment property? I'd say look at net worth and steady income, not just amount of debt, before you make that call.

  10. frugaltexan75 Says:

    Ceejay - you're probably right. The resale value of the house would be more than the mortgage.

  11. ceejay74 Says:

    FT--ha! I was responding to NJDebbie, but now I realize it also applied to your comment. Big Grin

  12. frugaltexan75 Says:

    Ha! Too funny Smile

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