In the current economic climate, a person may have to make choices he or she never would have dreamed of in the past. That is the case with our home and our decision, against our up bringing, and at risk to our very high credit scores, to let it go back to the bank.
And we are not alone. Our experience in this matter seems to be a more common happening than we are led to believe. Not a day goes by that someone doesn't regale me with their own tales of loss and surrender. I am not sure if is to make me feel better about our choices or to make them feel better about theirs, but I'm guessing a little of both.
But we are fine. We built this house as an investment. We had no intention of staying here long term. Don't get me wrong, we have enjoyed it. We packed a lot of life into the 3 years we where here. It was kind of like living at a resort for three years...even if it was a resort where we were the maid service and the grounds keepers as well as the guests. But now it is worth $600K less that we owed on it and a $1M less than it was appraised for in 2007. It was a financial decision, pure and simple, and was made without much hesitation or debate. Or as they say, "business is business."
We are cool with it. Yes, we really are. I know this may sound strange to some of you but we are actually really excited about moving from a 6300 sq ft lake house to a 1900 sq ft townhouse. Keeping a house up that is this size, just for the two of us, is massively time consuming. And if time is money, it is costing us hundreds of thousands of dollars in potential business. And we have come to discover that the more stuff you have the less time you will have to enjoy it.
I'm not gonna lie to you, there has been some emotion that comes into play, some brief second guessing as to the decision to let our house go back to the bank after we tried and failed to sell it. But that quickly gave way to the reality of how sore our feet, knees and back were after toting box after box, table after table, sofa after sofa from one residence to the next; up and down three sets of stairs here and another there. (Thank goodness for Monavie!!) I wonder if we can put our gym membership on hold until after the move because we are getting PLENTY of cardio in this process.) My second guessing has given way to my sense of self preservation.
There was a moment however, when I actually fought the idea and the whole process of letting go of a lot of our accumulated material possessions...that is until my wife pointed out that resistance was futile and then we had to pack, load, unload and unpack all of the previously mentioned items. I am now a materialistic convert...LESS is the new MORE.
It was at that point that I decided that I have WAY to much useless crap for me to use in the remainder of my life and that I should shower my friends and family with these "gifts". I can just see Christmas 2010, our unsuspecting family members opening the presents from under the tree, and flashing a brief if not confused forced smile and exclaim, "Thanks Marshall, I always wanted used random yard tools, black light bulbs and a dot matrix printer....you shouldn't have...no REALLY you shouldn't have". Or when they look in their stockings only to find "Spuds McKenzie" or "Charlotte Hornets" paraphernalia that I collected God knows when.
I honestly believe that a little madness creeps in as you sort through your belongings and unwittingly and for no reason what so ever, justify why you need to keep the 5 boxes of used Sports Illustrated with the false illusion you will ever find the time to sort through them, and organize them into anything that resembles "organized" and that someone else would ever buy your collection.
I am beginning to feel a little like Gollum, in the Lord of the Rings and his unhealthy desire for "my precious". If anyone sees me squatting down by the lake, snatching up, beating on a rock and tearing into a still live and thrashing fish of some kind, feel free to give me a good shake or smack on the head and get me back to reality, OK?....It's Moving Madness...I'm just saying.
But could I interest you in a box of random "koozies"?
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Marshall, this is a great 'first' blog. I enjoyed reading it and am sure many will enjoy it and gain some peace with where they are in life financially. I agree that 'less is more'. I sold my Escalade recently and just have not had any desire to purchase a new car - and I have owned a new Cadillac almost every 2-3 years since I was 25. I am having more fun investing in the stock market 9and yes, I said fun - my account is up almost 25% this month!). Keep drinking the Monavie and blogging - I look forward to the ones in the fall when the Vikings begin their season...
ReplyDeleteMike,
ReplyDeleteThanks for the kind words. The choices we made to move to this townhome has EVERYTHING to do with Monavie.
We set goals for ourselves, and wanted to have the opportunity to pursue that career and industry with gusto. The time and money it was taking to maintain that large home was counter productive to all of our goals. So we purposely selected where we moved to with building our business in mind.
Time is our MOST valuble commodity, and to spend it cutting grass, pulling weeds, raking sand is a poor way to invest it.
Our dream is for freedom, this is the logical step towards our dream.
Thanks again for your kind words, and you need to show me that investment thing....
Marshall
Great blog Marshall! I know exactly how you feel having done the same thing last year. However try sorting and parting with your things while you are 8 months pregnant! Very emotional! But you know, 2009 was a dark year for us but saved by the birth our beautiful baby boy. At times we regretted the decision but just kept plugging along hoping and wishing things would turn around. Then 2010 rolled in and its like the heavens opened up and the sun shines on us again! We are so excited about moving into the new rental home, small and humble but exactly what we need to repair our credit and set us up for financial success in the future. Our new landlords, I truly believe are angels sent from heaven. We told them our story and not only did they not turn us away, but they wanted to help us by giving us a chance and even waiving the $350 pet fee for us. :) What I am trying to say in all this rambling is there will be days where you miss your Man Cave or looking out your window to see the lake in your back yard, but eventually, a silver lining will appear in your new place and situation. Its like everything just all of the sudden makes sense and you can finally breath again. Our credit of course is going to take some repair but who cares when you have the love of your spouse and friends to support you? When it comes down to it, that's all that matters anyway :) Good luck in the new place, I will have to come over with Kris soon and check it out! Love you guys!
ReplyDeleteSarah B
Marshall,I must concur. I purchased a lovely home all by myself almost 10 years ago. I was so proud. The house my ex told me I'd never have. I refinanced twice, to consolidate some CC debt and to make some improvements. I've made some major improvements and used an equity line of credit to do so, just months before the bottom fell out. Now I find myself unemployed and on unemployment for the first time in my life. My mortgage keeps going up due to the fact that State Farm is my insurance company and is taking a 35% hike across the board to stay in FL. I seriously am considering not making the next mtg payment, and I am current. But how much more do I pour into a place that is going to pull me down? I am in decision mode. I could try to modify at the cost of $3000, and I have too much to go the bankruptcy route...what to do . . . I am torn, and it's emotional yes, and I keep reminding myself....it's just stuff. My MLM investment is my light at the end of the tunnel as well. I am in my 2nd month of full time, but it would be man months before it would support the mtg and all the other bills needed to maintain this place.
ReplyDeleteI keep wondering, where is my bailout? I played by the rules and some new home buyer is given an incentive to snatch up at a steal, what I invested blood, sweat and tears to acquire. How is that even fair?
I am seeking a more simplified life - maybe your courage will be the determining factor for me. Stay tuned..... Debbie O
Hey Debbie,
ReplyDeleteI feel for you girl. We had the advantage of not intending to stay in our home long term anyway, so while it was stressful, it was less emotional than one would think.
The way the banks are set up is wacky, they wont work with you until you are behind, then they put you through the ringer getting them paperwork and documentation...almost like a stall tactic.
The decisions you are facing are hard ones. We feel very relieved and optimistic about the decisions we made. It was and is very liberating to be free from that situation.
Your MLM is THE industry to be in.
Do not doubt that for one second. Not only does it give you hope for your future, but you can give hope to others as well.
I belive over $80Billion in sales is generated in the direct sales/ networking/ MLM industry.
Our company has grown 5300% in the past 5 years hitting $1Billion in sales twice as fast as Microsoft did it, and 3 times as fast as Home Depot.
So keep on sharing your products and opportunity with others and it will happen for you.
As far as your house goes, it is just stuff, and you can get better and different stuff later on.
My advice is to not go completely broke, don't spend ALL your cash trying to keep it. Focus on what you are building for your future.
Let me know if you need anything.
Marshall