We arrived
home earlier this week from my retirement trip. The last few days have been dedicated
to unpacking, doing a month’s worth of laundry and getting over the jetlag. I would
consider the trip a success. My days start the same way they have for as long
as I can remember. A cup of coffee or three, some scrolling on my phone and
listening to the local news. After being out of work mode for almost seven
weeks, I no longer reach for my laptop and headset. And it feels comfortable. My
mind now shifts to my list of projects, writing, and everyday odds and sods. Phase two is underway.
Last week I
wrote about purchasing our home and learning some important lessons. But there
were still plenty more lessons to learn. Every time you think you have figured
something out, life will inadvertently get in the way. For us, it was a growing
family and the associated needs. Two kids going through the school system.
Sports, drama club and other extracurricular activities. These were our
priorities. We wanted to provide every opportunity. Two jobs and conflicting
events in opposite directions, often requiring two vehicles. All the normal
things that make up a very fulfilling life. And all of them came with a cost.
Fortunately, by this time in our lives, we were better prepared to manage these
needs. I don’t suggest for a minute that we solved all our financial problems
and were living in our own little utopia. Far from it. Like everyone else, we
still had our struggles. I think, however, this banking experience taught us to
be more responsible in our decisions and fortunately the lesson stuck with us.
Yes, we would need to borrow again to replace vehicles, appliances, and so on.
But now, borrowing responsibly was far less stressful because of the E word. We
were building equity in our home, so we had that illusive collateral that
lenders like to see.
This would
not be the only time we would consolidate our debt into our mortgage payment.
With interest rates still on the down swing, it made good financial sense to do
this. Credit card debt creeps up on all of us. Car repairs, Christmas,
vacations and on and on. During this time, my wife made a critical decision to
secure our future. She went back to school. Her first year of university was
completed part time. For the final three years of her degree, she became a
full-time student. This required commitment from the entire family and the kids
were rockstars. It also required significant student loans. This was an expense
we were happy to take on because we knew that to get ahead, one of us would
require a higher level of education. This decision paid off in spades, but not
overnight. It was a long-term investment.
I think my
proudest accomplishment at this point of our lives was being able to facilitate
a family vacation. It had been a goal for a long time, and the kids were
getting older. If it was going to happen, it had to happen soon. We asked the
kids where they would like to go. As expected, and without hesitation, the
answer was Disneyworld. We scrimped and saved for almost three years, all the
while planning our trip. My wife is destined to be a travel agent in her next
life. She researched every option, looked for the best deals and put together
an amazing package for us. Every detail was documented. To me, and I think my
family would agree, it was a huge success. Honestly, I’m still not sure how we
were able to pull it off, but with a lot of dedication and tenacity, we did it.
We made memories to last a lifetime.
University
and high school graduations followed in the coming months and years. With my
wife wrapping up her university education and our oldest soon to begin his,
being able to utilize the equity we had built and capitalize on the
ever-decreasing interest rates kept us from becoming financially overburdened.
We were living our lives and enjoying new experiences. With the help of our
personal bankers, we were managing our debt responsibly. Life was good.
It wouldn’t
be long before we entered a new era of our lives. The kids were well on their
way and did not need us as much. Our focus was changing. It was time for some
personal growth. I hope you can join me next week for more of our story.
