Our 101 Financial story began in March of 2013. Within the first 6 months of having our first 101-guided class, we were able to pay off all of our consumer debt and our student debt, which totaled a little over $20,000.
As we prepared for our first 101 class, we ordered our credit reports and our FICO credit score. Those reports revealed that Brandon’s credit score was 589. His credit score needed some attention. Our vigilance, determination, and excitement allowed us to be focused! Within the first 8 months of being on our 101 Financial System, his FICO score shot up to a perfect 850!
Next up was our goal to eliminate our mortgage! In November of 2013, we had a balance of around $90,000 with a pay-off projection, according to the bank’s schedule, of 20 years.
In December of 2016, we were able to pay-off our conventional mortgage. Initially, we set a goal to pay off our mortgage within a year and a half, however, life happened and in between the three year time-frame, we took a California family vacation and enjoyed Disneyland, Sea World, and Universal Studios and created some wonderful childhood memories with our kiddos.
Even though we took time out for vacations, we are so ecstatic that we were still able to pay off our conventional mortgage in a little over 3 years! For our family, December 2016 definitely marks the calendar for one of the best New Year’s resolution goals accomplished!
We didn’t have to drastically change our lifestyle. We didn’t have to go get second jobs. We didn’t even have to eat pork n beans or ramen noodles every day. We just learned how to use the income we were making in a more efficient and smarter way by simply utilizing the tools and knowledge from the 101 Financial Educational System.
What I love is that 101 Financial has empowered us and provided all the tools and knowledge needed to create a plan, mark attainable goals, customized as our own financial footprint.
We were living paycheck to paycheck, with low credit scores, following “pay yourself first” and “save for a rainy day” advice, all while maintaining accumulated debt and being more concerned about managing monthly payments rather than not having debt at all. A lot of our habits mimicked the habits we were accustomed to by default – it is what we learned from the examples of our parents or from the latest trending financial advice.
101 Financial has been an incredible journey for our family – one that will continue to perpetuate throughout generations to come as we are able to pass this knowledge on to our children and they will pass it on to their children. Our children will not make the same mistakes we made. They will not be burdened by debt. Our children will have the knowledge to be financially aware and stable, allowing them to make sound financial decisions when they leave our home as young adults!