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9 months after winning $10,000

September 6th, 2012 at 05:01 pm

Back at the end of December 2011 I won $10,000 from Dave Ramsey. It was a very exciting time for myself and my wife. I had never won anything before. You always hear stories of lottery winners that are broke a few years after winning millions of dollars. Now I know $10,000 is a far cry from millions but it can have the same effect if you are not careful with your money. When I found out that I won I knew exactly what I was going to do with the money. We had about $4,000 left in debt to pay off. And the very day that check showed up in the mail that is exactly what I did.

Now 9 months later we are still debt free and have emergency money in the bank.

This money could of very easily gotten away from us and gotten spent on any number of stupid things. But instead we had a plan that we stuck to.

Posted in Debt Free | 8 Comments »

8 Responses to “9 months after winning $10,000”

  1. creditcardfree Says:
    September 6th, 2012 at 05:04 pm 1346951079
    1346951079

    Congrats on doing the right thing with your winnings! It will pay dividends down the road I expect in many ways. Smile

  2. Swimgirl Says:
    September 6th, 2012 at 05:18 pm 1346951890
    1346951890

    Awesome! $10,000 is a chunk of change!

  3. snafu Says:
    September 6th, 2012 at 06:27 pm 1346956051
    1346956051

    Good on you to be debt free and stick to the plan. It's important to have an Emergency Fund based on fixed expenses and employment stability but not necessarily 100% in a saving a/c given the extremely low interest rates at this time. I'm wondering if you've managed to grow the sum remaining. Now that sums are no longer going to pay off debt, how are you growing those monies since that is the next step in the process.

  4. ltj2010 Says:
    September 6th, 2012 at 07:03 pm 1346958230
    1346958230

    Currently we are just saving in a savings account, but we are also learning about investing and will get into that soon.

  5. rachel021406 Says:
    September 6th, 2012 at 07:54 pm 1346961270
    1346961270

    Awesome. So glad it worked out for you!

  6. MonkeyMama Says:
    September 6th, 2012 at 08:51 pm 1346964702
    1346964702

    Low interest rates do not negate the reason that money is saved in a cash/savings account. The purpose is not growth - it is savings for a rainy day, and for liquidity. In this economy, most have lost sight of this financial basic.

    That is awesome that you have done well with the winnings!

  7. TexasDisneyGirl Says:
    September 7th, 2012 at 02:12 am 1346983926
    1346983926

    Good for you!

  8. Jerry Says:
    September 10th, 2012 at 01:57 pm 1347285474
    1347285474

    Congratulations on the ten grand, and even MORE congratulations that it didn't lead you to go bat-poop-nuts with the money (like I think most people would). Out of debt with a well-stocked EF is the best insurance for a solid financial foundation, IMHO. Continued good luck to you!
    Jerry

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