Thank you so much for sharing your story. Not only did it touch me in my heart but I related more since I just completed my Marine Corps reserve. Below is the link and story I posted on MyTotalMoneyMakeover.com. I would be honored if you read it and sent me an email about your thoughts.

-Will

https://www.mytotalmoneymakeover.com/modules/fusetalk3/forum/messageview.cfm?catid=9&threadid=153425&enterthread=y

My name is Will and I am 26 years old. I have lived a very storied life so far. I got my first credit card at the age of 17 with a $250 credit limit and since then, I have never been out of debt. Actually, as I type this journal, I am currently in $647,000 in debt which is broken down by the following:

$50,000 in credit cards
$34,000 in school loans
$23,000 in a car loan
$270,000 mortgage in the condo that I live in
$195,000 mortgage in an “investment” townhouse that is rented out
$75,000 home equity loan on that townhouse

It is Christmas eve of 2008 and when I should be so happy and spending quality time with my family, I am instead feeling miserable and scared of my financial situation. But I am going to start facing my fears starting today AND I WILL NEVER LOSE HOPE. I know with my new goals and my new commitment in my faith with God, I will overcome my crisis.

My parents immigrated to the U.S. from South Korea when I was only a one year old baby. They came with only $500 in their pockets but they quickly grasped the American culture of credit cards and I witnessed them swiping plastic for everything they couldn’t afford. Yet still, they did not spoil me by any means. In fact, I think they really deprived me. I hardly received gifts as a child and I remember always being envious of my friends and the toys and clothes that they owned. What my family did however was they always bought newer, better cars and moved into bigger, nicer houses. See, I think the Korean culture is a bit worse when it comes to money because to us, it seems like “keeping up with the Jonses” is not good enough. We have to “outdo the Jonses.” So long story short, my family today live in this giant half-a-million dollar home with three cars and goes on fancy golf vacations and I know that my mother who does all the finances is struggling and making up for the difference with credit. But of course, they will never show anyone that they are actually struggling but I know this because I recently did some investigating and being truthful, I have been the exact same way.

Before I can say anything to them, I need to fix myself first. When I got my first credit card at 17, I felt this new found power. I felt like it was time to make up for all the things I could not own as a kid. I had to have the trendiest clothes, the nicest cars, dine and drink fancy, pick up the tabs for my friends, go on impulsive vacations, and buy my fiance a $15,000 ring. Even during this time, I was a college dropout, lost $15,000 in a sports gambling addiction (which lasted 6 months) and recently lost $10,000 in stock market investing. Worse, during 2005-2006 I read all the wrong books which motivated me to leverage debt to buy real estate which led me into acquiring two very expensie properties with loans. Now with the recent real estate meltdown my once “get rich quick scheme” is now a fable and I am in a very bad monthly cash flow situation, especially since the tenant to the townhouse I own is starting to default on her rental payments let alone the fact I am completely upside down on my mortgages.

Because of my crisis, I began googling and researching ways of how I can fix my situation which led me to My Total Money Makeover. I ordered the book and frantically read it all in two days and that’s how I ended up writing in this journal. The book struck me in the heart and I felt both disappointed and amazed. Disappointed that I did not read this book before any other and also disappointed because my situation is WORSE than any example in the book! But I was still amazed at how much everything Dave said in the book made sense. And amazed at how he gave me hope that no matter how grave my situation is, I can overcome my crisis. I just need to start now with my baby steps and start getting gazelle-intense.

Despite my situation, I am proud that I have never been late on a payment ever on anything (even if I made up the difference with credit) and I am also a two-time combat veteran with the Marine Corps. Finishing school was once a dream since nobody in my family ever accomplished it and since I have dropped out in the beginning but now I am only two semesters away. I have in fact been unemployed the past two months but thankfully I will be starting a new job the first week of January which will pay me enough just to pay all my minimum payments. My fiance is also a school teacher and she will be helping me as well. In these market conditions, I am just grateful to have a job but at the same time all the savings that I had are nearly depleted.

But as for now, these are my short term goals to begin my escape from debt no matter how long it takes.

0. No more using credit. All credit cards are cut up.
1. Collect my rent money from my tenant or else move really fast to replace her with someone else.
2. Work with lenders and currently working with a counselor to “fix” my townhouse mortgage (reduce interest rate or hopefully be approved of new federal grant reduction of mortgage).
3. Sell all the excess crap I have on ebay.
4. Take on additional income producing duties/jobs.
5. Work out more frequently.
6. Be more aggressive in implementing my business ideas.
7. Help my father with his small fast food store.
8. Live FRUGALLY.
9. Get rid of my $23,000 Nissan Xterra.

Long term:
9. Sell all properties in a 2-3 years when/if real estate market hopefully recovers.
10. Payoff all debt beginning with credit cards and school loans.

I will be committed to maintaining this journal to track my progress. I want to thank my fiance, Dave Ramsey, and everyone else who reads this in advance for your support!

Keep on keepin on Brotha! J

Stumbled on your website while looking for an image of a gazelle chasing a cheetah! Your story is very encouraging, and it is rare to meet people who share our intensity level about credit cards and getting out of debt. We started a professional Christmas caroling group, in part to help facilitate our debt repayment, and also because of Dave Ramsey’s advice to “do something that you love!”. We are enjoying God’s blessings on this journey, and we pray his blessings on your family as well. Keep up the great work!

Paula & Johnny

Initially they were offering a white box which is the equivalent of $16 per square foot. They can do a white box for about $12 a foot, so you are almost always better off if they will give an allowance instead.

I offered $24 per foot and was surprised they took it. This of course made me upset that I didn’t offer $30 or $32. They also accepted my rent offer of $12 per foot, which I should have offered lower on that. I can tell you that you probably need about $50 per foot to do it real nice.

A higher power must have steered me to your website. I’m going into lease negotiations on site also in Nixa. I’m bound and determined not to make too many costly mistakes. I realize that some are inevitable. What I’m currently facing is the realization that the developer’s infill allowance comes nowhere near covering the HVAC/plumbing/electrical/wall-gyp etc necessary to cover the basics of a food service establishment . I’m curious how you negotiated $88000 on your infill allowance. What was the landlord initially offering?
Mark

I appreciate you taking time to read about my story.

I actually talked to several debt management/counseling companies both before and after our restaurant closed. None of them were really able to help much because of the types of people that I owe money. Most are local business and friends of mine. These companies are used to making payment deals and payoff deals with companies that are all to accustomed to bad credit accounts.

I am currently using CCCS on five credit cards. They were able to get me interest rates I couldn’t negotiate myself; 0% on 2 and less than 6% on the other 3. Their counseling is very polite, but really not helpful. That is basically what I found with most of these companies; polite, but not helpful.

Your story is remarkable. Not only are you trying to get out of debt on your own, you are moving along towards that goal and avoiding bankruptcy. This is very impressive. Many people would not be able to do what you are doing? Did you ever consider getting professional help from debt companies?

Good Luck the rest of the way