Navigating the Waters to Financial Peace
I’m Dawnette Palmore, and I would be honored to share with you what I have learned and experienced and to help you to achieve your financial goals.
I come from a single parent, lower class family, passed back and forth, never learning anything about how to handle money. I met my husband in 1996, began our family in 1998, and agreed that I would stay home. Neither of us had any kind of plan except that as the Sonny and Cher song goes, “They say our love won’t pay the rent, before it’s earned our money’s all been spent.” As time went on we earned more money but still had no savings or retirement plan.
By this time, we had been running a very successful appraisals business for about 15 years that I had always done the accounting for as I homeschooled our children. I didn’t want my kids to have the same life as I did. No parks, no amusement parks, no vacations, no real experiences out in the world, not having clothes or not being able to play sports, no stability. I wanted to give them everything I never had. So, the more we made the more we spent. We would rack up credit cards and then pay them off.
I did reach out to seek some financial knowledge, without even know what I was really looking for. I just knew that there had to be a better way. About 10 years ago I came across a cash envelope system and was doing really good but it became harder to do with irregular income. So I stopped. I went right back to my old habits. In the back of my head I knew we still needed to do something different, but I just didn’t know what it was or even how to begin to do it. We were already so far behind, I felt so overwhelmed. I thought, could we ever catch up?
I began searching for something again, knowing that the clock was ticking and that I needed to get serious. That’s when I came across a system called The Baby Steps in 2014 by Dave Ramsey. I fell in love with not only the step-by-step process that made me say, “I can do this, it is not too late” but the simplicity of it as well. I began teaching these principals to our Youth Group, my kids, dragging my husband to conferences and then to the people at church. I absolutely loved seeing people’s faces light up when they knew they could do it, too. That lead me to become a Financial Coach, creating Proverbs Financial Coaching in 2015 and begin this great journey I am on now helping others to gain control of their money.
This could not have been a perfect time to start a brand new business. I had no idea what the Lord had in store for us the following year. We were paying off debt, saving and living on a plan, which was going to become crucial for us in 2016. At the beginning of 2015, my husband took a management position. We really didn’t understand why he did it because he had been telling them no for the previous two years. He said it is good money and we could pay off the debt faster. A few months after that we paid off one of the vehicles (which was also a blessing in disguise because that $715 payment would have been unbearable in the next six months).
Then it started happening…every month our business began to dwindle down until it was barely paying the bills. It became so hard and the loss of income took a hard hit on us. But if it had not been for being able to write my budget down every single month, doing the cash envelopes and sticking to it, it would have been a very different story. We cash flow life now and it is great. I have a ton of peace knowing that we have a plan and we know how we are getting there.
Our kids have also learned so much as well and what it means to live below your means, to save up and pay cash for things and how amazing it feels when you handle your money God’s way. I am so very proud of each one of them and all their accomplishments this far. Our oldest daughter finished high school at 16 and received her AA at 18 debt-free. She works full time, does her cash flow planning and is returning to school in the fall. Our two youngest both work as well and are cash flowing college. They know that work equals money and money equals options. It brings me such peace and joy knowing that they are going to be okay in this world.
I have seen what these principles do when they are applied–they have helped not only in my life but in others’ lives as well. What better reward is there then to bring hope and understanding into someone else’s life!
Money makes a good servant, but a terrible master.