In the mid 2000s, things were good for the Miles family. But when the recession hit and Chris' investment advisory business faltered, the couple started hemorrhaging cash.
They were spending thousands more a month than Chris's small business was taking in. The couple lost nearly everything, including a Mercedes and their home, which the bank foreclosed on in 2009, a week after their fourth child was born.
Now that the family has gotten their spending in check, Chris says they have learned the importance of emergency savings and not relying on their home as a possible source of quick money.
"The biggest lesson we learned was to not be overly optimistic, arrogant and foolish with our money," Chris Miles said.
