It is said that in order to begin the new chapter in your life you have to settle the things in the past. But how could you quickly do it if it is something heavy like a debt? Most people can’t escape the false reality that debt is part of living and thriving. Others seem abundant in material things but behind those are the huge amounts of debts.
It is better if you could find a partner or a coach that could guide you in terms of solving the financial difficulty. You have to embrace the reality that what you owe is what you paid off. And paying off an obligation does not happen in just a blink of an eye but gradually. You have to think, plan, decide and execute in order to obtain this goal.
On this episode of The His & Her Money Show, we have Kevin and Erin Jones, a couple who struggled and sacrificed important things just to pay off their $107,000 debt within 33.
The accumulated this massive amount of debt prior to their marriage from the $93,000 combined student loan, car debts of $14,000 and from Kevin’s credit card debt of $10,000.
Later, Kevin realized that true happiness is not from material things that pushed him to use his credit card. So the couple made up a decision to take charged the responsibility and eliminate this barrier in life. Erin is a very optimistic and financially responsible person so then influenced and encouraged Kevin that they could manage to do it. They controlled and tracked their expenses, sacrificed some necessary things and set aside a percentage of salary for debt. All these made them motivated to achieve their goal of financial freedom.
And finally, after almost 3 years of struggles, they were glad and happy that they decided to pay off their debt because they can now pursue their goals like to set aside something for an emergency fund, down payment for housing and enjoy things without worrying and sacrificing some things for the debt.
What You Will Learn In This Episode
- What made them decide to pay off their debt.
- How they helped themselves psychologically and stayed motivated.
- How they felt when they made their final debt payment.
- The biggest lessons that Kevin and Erin learned along the way.
- Their advice for those who have struggled with getting out of debt.
Resources Mentioned In This Episode
- Better Than Before – by Gretchen Rubin
- Debt Free Living – by Anna Newell Jones
- The Automatic Millionaire – by David Bach
- The Millionaire Next Door – by Thomas J. Stanley
- Millionaire Teacher – by Andrew Hallam
Thank You For Listening!
Thanks for tuning into us on The His & Her Money Show. If you have any comments or questions about today’s episode, please let us know your thoughts in the comment section below. If you’ve enjoyed this episode, please share it using the social media buttons you see at the bottom of the post.
Also, please leave an honest review for The His & Her Money Show on iTunes! Ratings and reviews are extremely helpful and greatly appreciated! They do matter in the rankings of the show, and we do read each and every one of them.