Our Story

Our financial story.

I have to admit, I've never excelled at managing money. I represented the typical American who spent every paycheck on living expenses and miscellaneous purchases. The concept of having a positive net worth was completely foreign to me. Luckily, I pursued a career in STEM and consistently earned a decent income. I worked full-time while attending college, which allowed me to avoid substantial student loan debt, yet I found myself broke at the end of each month. I followed the same pattern as everyone else, purchasing cars, furniture, toys, houses, etc., on credit and simply covering the monthly installments. My thoughts always revolved around, "Can I manage the monthly payment without going into the red this month?" I habitually thought saving, investing, and planning for future needs were discussions better suited for later.

Fast forward to late 2013, I found myself laid off from my good STEM job, with no safety net. I had never been anxious about job security since I always managed to find employment easily. However, this time nothing materialized, and as months passed and debts mounted, it became overwhelming. During this period, I foolishly decided to switch careers and began exploring financial services, starting with life insurance. I obtained my license and began scheduling appointments, etc. I arranged a meeting with a young couple to discuss whole and term life insurance. Naturally, as an insurance salesperson, I emphasized whole life insurance because of the higher commissions. After presenting my pitch, they courteously declined my offer and requested that I leave. I was in shock! I had just spent over an hour with them delivering an excellent sales presentation, and their only response was a polite no???!! I stood up and, while exiting, inquired what specifically they disliked about my offer, and their reply was something like, "Dave Ramsey despises whole life insurance."

To be honest, I didn't know who Dave Ramsey was, but realized if I was going to sell a product that he opposed, I needed to understand him and his philosophy better. Thus, I read the "Total Money Makeover," and around two hours into it, my perspective on money underwent a transformation. From that point onward, all my views and understandings about money changed. During this time, I actively sought regular employment and eventually accepted a STEM position with the state. Before my layoff, our household income stood at approximately $135,000, but after accepting the new job, our income dropped to $90,000. After working on our first budget, we discovered we had a financial SURPLUS. The exhilarating realization that we could end up with extra money each month, even after facing a $45,000 pay cut, was liberating; however, it was also disheartening to acknowledge that we had once earned $45,000 more and had nothing noteworthy to show for it. Regardless, we rolled up our sleeves and got to work.

In January 2014, we embarked on our debt-free journey inspired by Dave Ramsey. We utilized the snowball method, redeemed some rewards points for quick wins, and within weeks, managed to eliminate several debts. The snowball effect meant we were paying off around $1000 per month. By May 2015, we were nearly debt-free, only needing to complete payments on her car loan, though we decided to pivot our focus to saving for a property instead. In November 2016, we purchased a property and immediately returned attention to paying off the car. By March 2017, we were completely free of debt except for the house.

Today, we are thriving financially. We manage our daily expenses according to our budget, we invest regularly, and we are well on our path to achieving financial independence. The most significant change has occurred in how our household views money. We are making strides to alter our family’s financial legacy, ensuring our children learn valuable money management skills that will serve them well in the future. The worst thing we can do for our kids is to become a financial burden to them in their later years; conversely, the best thing we can do is equip them with the knowledge we now know should have been imparted to us all along.

Over the past three years, I have developed a passion for personal finance and started reading extensively on the topic, including various financial blogs. Blogs like Mr. Money Mustache, Financial Samurai, Mad Fientist, JL Collins, and Get Rich Slowly have all provided fantastic insights into achieving financial success, independence, and freedom. This has opened my eyes to a whole new realm of personal finance. Like many, I was taught to secure a good job, work hard, save money, and retire by 65; that was the conventional route people took. I assumed financial independence was only attainable for the wealthy, not the average person. These voices have illuminated my path, and Dave Ramsey was merely the foundation that led me to deeper understanding.

Fast forward several years, my eldest son just graduated without any debt, obtaining a degree in Finance, and he has enough saved to pursue his master’s degree. This field continues to captivate me, and I believe we have a significant story to share. With valuable advice from our associates at Holdfast Financial, we established Wise Roots Financial, aiming to enhance financial literacy among the lower and middle class. In fact, even some high earners could likely benefit from our assistance.