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From Bankrupt to Building Wealth Within 3 Years – A Personal Account
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Welcome to My Personal Finance Journey! If you are new here, please read the “About” or “First-Time Visitor” pages to find out more about us. If you would like to receive free updates on articles like this by email, then sign up here or you can subscribe to the RSS feed. Also, check us out on Twitter or Facebook. Thanks for visiting! Keep on learning!
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The following post is by MPFJ staff writer Kristina. Kristina has over a decade of experience working in personal finance at a bank branch. She helps people plan their financial lives from college to retirement. You can follow her on Twitter @TKBlogs.
I was enjoying my life by filling it with luxurious vacations and expensive electronics. In 2007, I moved into a luxury apartment building that came fully equipped with underground parking, a fully equipped gym and an indoor pool. I bought a brand new car because that’s what I thought a 27 year old young professional with a six figure income should do. In 2008, I found myself with a car payment and an expensive downtown apartment. I was spending thousands of dollars on my daily living expenses and I thought that I was happy…but then the market crashed.
From Six Figures to Almost Bankrupt
Rebuilding Wealth One Step at a Time
How about you all? Has the economy from 2008 until now caused any drastic changes to your personal finances?
Share your experiences by commenting below!
***Photo courtesy of http://www.flickr.com/photos/59937401@N07/5929474535/
About the Author Jacob A Irwin
Hi folks! My name is Jacob. I am the owner and operator of My Personal Finance Journey. I started this blog in January of 2010 and have enjoyed the journey ever since. Since finishing up graduate school in Virginia in 2014, I have been working in biopharmaceutical development in Colorado. You can read more about me and this site here. Please contact me if you have any questions!
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@Sam – Thank you for your comments. After the market crashed I took a break from personal finance to figure out what I really wanted to do in life. I have been working in banking for so long that I didn't even know there was any other option for me. I am now working back at a retail banking branch, but my focus is on writing. I went back to school to study journalism and my first book titled “A Better You” should be finished by the end of the year.
I guess that I should thank the market crash because it gave me the motivation to find a career that truly makes me happy.
My recent post I support The Montreal Children’s Hospital
Tahnya,
Fantastic post! Impressed you were making so much so young too. What are you up to now?
2009 rocked my world. I lost 30% of my net worth in a nanosecond, and I was SUPER diversified. Not enough though! Without 2009, I wouldn't have started my site. Without my site, I wouldn't have quit the corporate world 3 years later and wrote my book on how to profitably quit your job w/ a severance.
The motivation of 2009 was incredible!
Sam
My recent post The Main Reasons To Borrow Money Through Peer-To-Peer (P2P) Lending
You definitely learned your lesson the hard way. I think so many people out there understand and agree that saving is important, but there's a mentality that it can wait for later, especially when you're young. The reality is that the best time to save is when you're young, as those habits will carry with you, you'll have more opportunity and time to save, and it'll cushion you from the job loss you described and other financial calamities that are always waiting just around the corner. Thanks for sharing your story, including your 'comeback'
My recent post 5 Things Republicans Need To Do To Get Back In The Game
I heard about stories like this from friends. I remember telling them to take it easy with the spending and they would all give me crazy looks like the were never going to run out of money. I would say save and live a little less. When many of them lost there jobs they couldn't continue with the lifestyle the had created. I am glad to at least hear you are rebounding. My wife and I had a tough time but we started paying down debts and saving more. We live a lot under what we could be it helps out alot.
My recent post Contrographic from PointBlankSEO
@Thomas S. Moore – Thank you very much for your comment. I think that budgeting and saving are the keys to being financially successful.
@Money Beagle – Oh yes I definitely learned my lesson the hard way, but oddly enough I don't regret it because I learned from my mistakes.
Thanks for reading
It has changed our habits in that we're more intentional savers now. We were living pretty disciplined before hand and have become more so now. That said, that discipline came from my own experience of hitting rock bottom and am so thankful for the lessons I learned through it.