It's Labor Day Weekend, one of my favorite holidays of the year. It's also one of reflection when it comes to my personal finance story.
I was recently interviewed for a personal finances podcast and was asked about my personal finance story. Honestly when people ask me that, I tend to struggle to think back of when the ball really started rolling when it relates to my personal finances.
Then I think back to August 31st 2014. I was renting an apartment in Newark, NJ. I had just recently separated from my 1st wife (although at time, New Jersey had no legal separation laws). My lease was over and moved back with my parents in The Bronx, NY.
I had hit to reset button to my life. I was now newly single (legally still married), credit score around 550 and my checking account in the red. I remember opening a Credit Karma account and began fixing my personal credit. Yes I know in a 2025 world some people frown upon Credit Karma, but in 2014, it worked for me.
Sometimes with credit, you have to let time pass and things on your credit report start to fall of. As a result, your credit score starts to go up. That was exactly my case as 2015 came. Luckily when I moved back home, my parents didn't charge me rent, however I did help with utility payments, groceries and things for the house. I canceled my mom's cable service and opened it back in my name. Maybe it was the priviledge of being an only child that they didn't charge me rent.
By not charging me rent, it helped me start saving money, actually having money saved in my bank account and being able to pay down some of my student loan debt. I was also going through a custody battle with my estranged wife, a custody battle I won. Now I was able to use my money to buy the things my kids needed as well.
Long story short, Labor Day Weekend of 2014 started the ball rolling in my financial journey and was able to take the steps I needed to take to improve my personal finances.
FUN LABOR DAY FACT: I met both of my wives on Labor Day Weekend. (No I'm not looking for a 3rd, lol) The holiday is also bitter sweet.
Enjoy your Labor Day Weekend!
Bas Moreno
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