Debt Free by 40-Garnishment

by Giovanni Hale

Growing older comes with certain wisdom you learn, over a few years of royally messing things up in your financial health.  Finally today I share with you my short but true story about garnishment. 

While serving on active duty I purchased a 1996 Dodge Ram XLT that I fell in love with from the moment I saw it.  That love affair continued for many years until finally after loosing employment and finally running out of savings I was forced to surrender the truck back to the lender.  Many months passed and I changed employers but the payment for the truck still needed to be made (to the tune of $4974). 

Starting my “Debt Free by 40” journey starts on September 8, 2013 but I received notice today that my paycheck is being garnished 25% for the next 12 months until the loan is paid off. 

So should I be upset at the creditor for going through legal channels to get the money back?  or should I place blame on someone or something else for the lack of money?  No the blame is sorely and bitterly with me.  Now I have to pay for my lack of responsiblity (despite the reason) 

So my question to other “Debt Free By 40” (DFB40’S) is how do you live on 75% of your take home pay?

40 Year Old Goal-Should You Be Debt Free by 40

My birthday is rapidly approaching and over the past few months I have been considering how to realign my 5 year goal to meet what I see in my mind.  It is true that the mind will seek to achieve any goal you place in front of it.  Closing the gap between high debt and being debt free (accept for my house) by age 40 is going to be a tall order to for me to complete.  I have decided despite the fear and anxiety of changing my poor finacial fitness, that the time to focus on the plan is near. 

I have few followers on this page at the moment so my writing will most likely fall on deaf ears, but if I can help one person get out of the darkness of debt on a “real working salary” without putting everything I own up for sale, then I feel I have given back to the world.

This will be a journey, so I will need some tools to get the large task done.  I have to learn new skills and with that I will be painfully disclosing about my current life and this blog will help me not only chronical my actions and keep track of my thoughts it MAY offer a beacon of light for those who may have given up digging out of debt due to not making $50K per year.