#2 How We Paid Off $45,000 in 17 Months!

This is my story of how I paid off $45,000 in just 17 months while working as a detective.

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Today I want to talk about paying off debt because it gives you so much freedom. You're able to do the things that you want, save for the things that you want when you're money isn't going to things that you've already paid for already bought, you know it's, it's stuck in the past, you're still paying for the past. Let's start paying for the future and saving for the future and that is possible when you are debt free. All right, so my journey starts back in 2012 we'll start there. I'll try and you know, make this quick, but I want to give you just kind of the overall picture. So in November of 2012 we bought our dream house. We sold our starter home. That just really didn't work well for our family and bought our dream home.
10 acres, uh, had a big shot for my husband. Uh, those, you either don't know him, he's a big car guy does. Um, he works in racing, like cars are his thing. I always have been. So this as a 40 by 60 shot, 10 acres would it, you know, we're, we're out in the country but close enough to uh, grocery shores and stuff like where it's just really convenient and it's just works very well for our family. Well, shortly after we bought our dream home, actually like two months later, um, we found out that I was pregnant with our second child. Our first child was only 18 months, somewhere in there. Whenever we bought our house, well, our new house, the property, everything was great. But the house, the layout didn't work. It had, it was basically a small two bedroom with a separate in law suite that had a small bedroom, a living room, kitchen, bathroom, all that.
But it was only accessible through the garage or outside. So this was not going to work for two kids because our second bedroom and the main house was like, it's so small, it's barely big enough for an office. Like you can barely fit a twin size bed in there. So two cribs were not gonna work like in, there's three doors because there's a door to a bathroom, the main door and the closet door and there's like no room in there. So what we decided to do was to enclose the screened in porch and connect the in-law's suite to the main house. I would add a bedroom at a place space and then make it flow where we can get to the whole house without having to go outside, you know, would work better for do's little kids. Right. So we were trying to where options, figure out how the heck we were going to pay for this.
So we got a couple estimates and it was going to be like $25,000 to do this. And that is with the roof already being there and the foundation aren't even being there. We're literally just in closing the screened in Porch area and you know, finishing touches and it was still $25,000 okay. So we're weighing our options. We just bought this house, there's no equity in the house. And my husband started talking to people that he work with that we thought, you know, were financially savvy. You know, they seem to know what the heck they were talking about with money and things like that. They told us to do a 401k loan. A, it's a low interest rate. You're really paying yourself back and you know, if you lose your job, you know you've got other options and your income will be lower. So it really won't be that big of a deal.
Well I hope you can see where this is going. So we finished the renovation, the money is spent and gone. We have our second child, newborn. I returned back to work in January of 2014 I come home like the first week of January, just are the new year. Literally just went back to work. I was a detective at the time, and I walk in the door and my husband's already home, which was kind of odd because he doesn't get home before me. And I can tell by the look on his face, something is not right. But he is a jokester. And he, even after being together almost 20 years at right now, I still can't tell when he's joking sometimes. So I was like, okay, what's going on? And he says, I lost my job today. And I thought he was kidding. I'm like, you're joking. You know, you did not.
He's like, no, for real. I lost my job. And I could tell that he was being serious. And so after, you know, I panicked and freaked out and cried and all that stuff. You know, I looked through our savings, um, talked to...