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Luck. Or, How We're Going To Pay Off Our Last Credit Card By The End Of June.

(Originally published on The $76K Project on 6/9/2018)

I can't quite believe it yet, but it looks like we might be able to eliminate our $9000+ in remaining credit card debt by the end of this month. This is our third and last credit card. Our original plan was to pay it off by mid-autumn. This is turning out to be an unexpectedly auspicious month for us, though, and so we're putting those payoff plans into overdrive.

Here's how our financial stars aligned in June:

(1) Fortysomething received a generous work bonus. The school he works for offers bonuses as a way to supplement low-ish salaries and incentivize teacher retention. We knew he would receive one at the end of spring term, but the amount varies each year, so we had no idea what that would look like. This year happens to be a good year. Every single penny of the bonus will go towards paying off the credit card.

(2) Fortysomething is side hustling like a boss. He was initially planning to relax for most of the summer, but when a former employer offered him a short contract gig, he took it. We're kicking those paychecks to the credit card, too.

(3) We received family help. A family member sent us a monetary gift when they found out about our medical bills. We decided to put it towards our highest-interest debt. This is absolutely a privilege and we fully recognize that. Part of me feels like we're cheating, but at the end of the day, the goal is to be debt free. If someone offers a helping hand, I'm going to take it with gratitude - and promise to pay it forward.

I realize this post screams WE GOT REALLY LUCKY. The fact is, yes, we got really lucky, and it's humbling.

We're lucky that Forty's school values its teachers, wants them to stick around for the long term, and recognizes the need to compensate them appropriately.

We're lucky that Forty has strong, long-term connections with a contract employer who appreciates his skills and is willing to wait until the summer to send work his way.

We're lucky that someone gave us a gift that will give us a leg up out of this debt hole.

But I also want to give us a little credit (so to speak, ha) for doing right by these windfalls. Two years ago, this money would have been in our pockets for all of a hot second before we booked a vacation, bought new gear, and treated ourselves to some fancy food. Trust me, we would have spent it quickly, and little to none of it would have gone towards debt. Our choices now reflect a complete overhaul in mindset.

They say that luck is a combination of preparation and opportunity. In our case, this month is flush with both. The lessons we've learned and the progress we've made over the past year have prepared us to make good decisions at a moment of prime opportunity.

At the same time, yes, this right here is an example of privilege, and I'm not going to deny that. I worry that in posting this, I'm going to come across as smug or spoiled. But I want my blog to be an honest, complete account of our journey, so I'm putting it all out there.

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