How Joel Paid Off $50,000 of Debt $5 at a Time

Debt comes in many shapes and forms, from credit cards for grocery shopping, to paying for a series of repairs for a broken car, it all seems fine until we see the monthly bill. Often we think that once we enter the rabbit hole, it’s nearly impossible to get out. But is there a way out of debt?

On this episode of The His & Her Money Show, we have Joel Young inspiring us with a motivational story about his incredible journey to a Debt Free Lifestyle. Joel’s debt ran up to $50,000 and included car payments, credit card debt and medical bills as well for surgeries. However, once they turned their life around, and paid off $50,000 in 18 months!

Joel was pastoring a local church with his wife and after preaching on the topic of money, he began to realize that they need to practice what they preached. At first credit cards seemed to be a life saver, using cards to buy groceries, paying for car repairs which led to a new car, as well as moving from state-to-state and eventually, it started adding up and led to more questionable decisions.

Joel and his wife started off their marriage without debt and handled money quite well, but as we know life hits us hard. And it was a sudden change which was relevant to a shock, coming from a glamorous lifestyle to a mediocre one in an instant, resulting in the entire family to cut their lifestyle down, which was a huge change from a great life to a mediocre lifestyle.

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Not only was it hard, but it was difficult to pay off a debt that managed your annual salary. Joel knew he couldn’t do this alone, and his wife helped to guide him, which included a monthly budget, spreading the control to both partners. This guidance helped Joel to recognize his talents and skills, and combined with multiple platforms to engage with, led to an odd job, and another, then two more, then five more, until 18 months passed, and debt was eliminated.

After Joel’s debt, he currently is a husband and father to three young boys and runs a business called Jump-Start Video, for animation, voice acting, etc. as well as a YouTube Channel. Joel can definitely sympathize and understand what leads to a life of debt, and Joel demonstrates how faith, family and an eye for the nearest opportunity, can definitely turn your life around.

What You Will Learn In This Episode

  • Not how to cut your income, but how to INCREASE it.
  • If you can do better, why not do it!
  • How Joel started with one job to pay a bill, to discovering more opportunities to pay off everything.
  • No training, no investment, monthly income.
  • How Joel used everyday items we take for granted in order to find success.
  • Understanding that you can’t be generous if you’re broke
  • Why being debt-free is better

Resources Mentioned In This Episode

Thank You For Listening!

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