Recovering From Financial Loss
Retirement is not the end of life but just the opposite, a new beginning. We had both worked hard all our lives and when retirement came we rejoiced, bought a fancy car, remodeled our home, ate at the best restaurants, purchased a motor home, traveled, and we did whatever we wanted to do. We were nowhere near living frugal. Until out of the shadows our carefree lifestyle caught up with us. We were no longer earning money nor were we saving for the future. We had spent a good part of our retirement nest egg within a few short years plus we racked up a hefty amount of debts. Our new beginning now felt like the end of life.
Financial depression is one of the most stressful situations a person of any age can find themselves in. Acting in this state of mind we mortgaged our home, something I had sworn that I would never do. This was our second mistake! Sure we paid off some debts with the mortgage money but now we had a bigger debt to pay off, the mortgage. Doesn’t sound very frugal, does it?
After much debating, rolling over a million and one ideals on earning extra money, and a lot of praying we knew we had to become frugal and still remain living good. We sold the motor home, barely breaking even but getting rid of the debt. To be truthful we sold a lot of things, things we had acquired over the years but didn’t actually need just another “I want”. Next we traded the car and began our journey down the road to recovery from financial loss. A road that has led us to becoming almost debt free by working through our plan of actions noted within frugallivinggood.com.