In our series “Splitting the Difference,” we delve into the financial experiences of couples navigating life’s challenges and triumphs. Joe and Mina Coleman’s journey is one of resilience and partnership as they tackled debt and charted a unique course together.
Starting with Meager Resources
Joe and Mina Coleman’s financial journey began modestly, with just $45 in savings, symbolized by a jar of coins Joe had accumulated during his college years. Their relationship blossomed in Montauk, New York, in 2001, amidst Mina’s overseas studies from Bulgaria and Joe’s work on a commercial fishing boat.
Embracing Shared Finances
From the outset, the Colemans opted to merge their finances, pooling all income and resources into joint accounts. With varying income streams, they navigated challenges together, accumulating debt for property purchases, education, and other investments.
Conquering Debt through Strategic Investments
Despite facing significant debt burdens, the couple’s prudent investments and commitment to shared financial goals propelled them forward. Notably, they paid off a substantial $350,000 debt after selling a property acquired through family assistance, allowing them to embark on a boat-living adventure with their children.
Adapting to Changing Circumstances
Throughout their journey, the Colemans demonstrated flexibility and resourcefulness, adapting their lifestyle to minimize costs while pursuing their dreams. From living on a boat and homeschooling their children to taking on odd jobs, they embraced creative solutions to sustain their lifestyle.
Looking Ahead with Optimism
Presently, Joe and Mina are forging new paths, exploring freelance work and entrepreneurial ventures. Despite earning less than before, they remain optimistic about the future, envisioning a Bulgarian brewery venture and continued property appreciation.
A Unified Approach to Finances
Above all, the Colemans exemplify a steadfast commitment to each other, facing financial challenges and successes as a united front. Their shared ethos—”If we go down, we go down together”—underscores their unwavering partnership in both triumph and adversity.
As Joe and Mina Coleman navigate their financial journey, their story serves as a testament to the power of resilience, collaboration, and shared vision in building a prosperous future together.
