It Can Be Achieved… Financially Free That Is

by David Ning · 12 comments

David,

I love your blog and I’d just like to share with you that my husband and I just retired. 30 years ago when we were in our 20s, we bought our first house and made it (our) number one priority to pay off our mortgage. 10 years later, with one more mortgage payment to go, we refinanced and bought a vacation home. We paid that off a few years later, and have owned the house free and clear ever since.

My husband and I only make around the median income, but ever since then we started living off one salary and saving the other. There were many times when we wanted to use our money that was saved up but we toughed it out and lived within our means.

Now at the ages of 54 and 52, my husband and I are totally debt free, own our home and a vacation home outright and can retire. We did this because we had our goal of being financially free all along. Without it, we would never be able to keep ourselves from taping into our savings when times got tough. We are so happy now that we have reached our goal that I want to share this with everyone. I hope that can help.

Sincerely,
MoneyNing Reader

Whether you are in your 50s with no retirement savings or in your 20s and need some financial advice, we’ve got you covered over here at MoneyNing.com.

The good news is that you can always improve your financial situation and it’s never too late to get started. With some adjustments, you can reduce your debt, appreciate the simplicity of frugal living and create a retirement plan for a better future.

Financial freedom is possible, and we are here to help you get there.

Have a prosperous year!

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  • Robert says:

    I think it is a great accomplishment that these two were able to do together. Temptation to waste money is all around us. And now because they saved their money and paid off their home they can retire comfortably.

  • It’s amazing how people never get into details how much they make or how much did the house cost…it’s pretty much ..We bought a house in our 20s and retired. No mention of layoffs or major medical bills

    They seem to have a steady income for 30 years how nice!

  • Jeff Crews says:

    This letter should be shown to all recent college graduates. 1. It gives hope that, even in this economy, financial freedom can be accomplished. 2. It gives great insight/ideas on how one can obtain financial freedom.

  • jack foley says:

    congrats , congrats, well done

    Earn – Save – Invest – thats the law

    when u add in frugaility and more income – you retire earlier..

    well done

  • Jean says:

    That is a great letter and a good example of how disciplined planning and execution of one’s finances can end up in a rewarding pot of gold, or in this case, financial freedom during one’s golden years of retirement.

    -Jean

  • Danny says:

    Yeah. And then you get divorced and then what? Somebody’s going to be bending over to accept the Probing Thruster of Justice right up the bum, that’s what.

  • Mark @ TheLocoMono says:

    That’s something I never thought of, two income earners but living off one income.

    What a novel approach but certainly a wise one.

  • That’s fantastic. The family home and holiday house full paid off. It’s amazing that they saved the second income. Most people splurge the second income as soon as it comes in because it is seen as “extra”.

    • Michelle says:

      They didn’t say if they had children….braces, cars, their cells, etc. I have a similar mindset and goals but kids can take a chunk out of the budget. 🙂

  • Greg the Niche Blog Dude says:

    WOW, what a cool letter you received from a reader. Delayed Gratification will definitely get you to your goal.

    But what about those that want to smell the roses along the way. Any hope for us? The answer is to create additional income streams….

    😀
    Greg

  • There is a simple formula that relates savings rate to the number of years one needs to work. At 50% it’s 15-20 years. For the usual recommended 15% savings rate, it’s 30-40 years. Since many people want to work that long, 15% is number that is usually given by financial planners, but it does not need to be that way.

  • LiteDeals says:

    I have a habit of reading old magazines – it is amazing to see how thrift became the new fashion in such a short time. People were still talking about spending over 100k on remodeling projects 1 year ago…

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