Today is the day. At a certain point this morning my closing will begin and end. The loan will be complete and my bad debt will become good debt. It will all go away with one stroke of a pen. It makes me happy to think about, and a little nervous.
I am nervous because that is my personality. I always assume something could go wrong and for me it often does. The last three closings I did were with a lawyer I knew and who was firmly on my side. This closing is with one I don’t know. Hopefully they’re on my side as well, but they’re probably on the banks side.
This is the start of phase one. It is not the conclusion. It feels like it but it is not. What is important is to act like nothing has changed. To let the money in the bank grow. To not go out and spend what we would have spent on debt before. Let it become savings and investment.
This is where we need to go and what we need to do. This part of the plan starts to untie my money from my mother’s. The reason for that is her income falls short of paying her expenses, and therefore my income needs to help out, but I had debt payments equal to her expenses. Meaning that now her and my income is not enough combined to pay all the bills coming in.
This is only the beginning though. This makes it so that the combined income can handle the bills. The next part is we need to get it so her income can handle her bills and that is where phase two and three come in.
These really aren’t three separate phases. It just so happened that the refinance happened before the new properties got rented or the annuity started its monthly payments. This part of the plan was the third one thought of and the first one done, and oddly enough it is the one that has suffered the most delays.
That is really it for today. By sometime this afternoon I will have cleared my tab and can use this reset to build toward the future.
David Huzzard Writes 