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StitcherPaying off debt is one thing, but achieving your dream career alongside it is truly inspiring! In this episode, Jen and Jill are joined by Katelyn who shares her debt-free journey in 18 months through hard work, multiple jobs, and strategic budgeting, all while obtaining two master’s degrees and pursuing a doctorate for FREE.
The only way out is through.
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- Vanity! I am vain. I am petty. I am proud of that, and one thing that brings us the most joy in life is podcast reviews. For my entire life I’ve wanted to hit 1,000 reviews on Apple podcasts and now that we are less than 60 reviews away I am going to bribe you with $100 to leave a review. Leave a rating and review on Apple podcasts, screenshot it before you submit, hit submit, then send us the screenshot and you’ll be entered into a drawing for a $100 gift card. You have until July 31st to do this and we’ll wait a week so all the reviews can populate then select a winner. Vanity is unbecoming but when you’ve become who you want to be what’s a little unraveling?
Small Progress is Still a Progress
Katelyn, a human resource worker, has been married for 13 years and has three kids. When she and her husband saw how much debt they had accumulated, she knew they needed to put an end to it and start planning strategically to pay it off.
Katelyn and her husband paid off their debts by dedicating themselves to generating more income. Rather than a large sum of money or selling assets, they concentrated on increasing their income, budgeting, and making tiny, consistent payments.
Dreaming Beyond Debt
Katelyn had around $100,000 in debt, which consisted of 8 credit card debts, 2 personal loans, 2 car loans, 20 student loans, 3 medical bills, 2 cellphones, and a 401k loan, all of which she had been paying off for 18 months! Despite this, her story emphasized that debt should not stop you from accomplishing your dreams.
By becoming more informed, asking the right questions, starting small, being consistent, and not being complacent about education and finances, she was able to pay off her debt and found herself in scholarships and grants that covered her master’s degrees and allowed her to pursue a doctorate for free.
Asking Goes a Long Way
We don’t know what we don’t know, and that’s okay! For Katelyn, when we’re unsure how to stay informed, the best approach is to ask for help and resources. Because seeking guidance and support, especially during the debt payoff journey, is essential. She emphasized tips such as conducting research, thinking independently, consulting multiple sources, and applying these insights to our needs to maximize our journey.
✨Update on Katelyn
Good news! They are still debt-free, but now they are focused on saving for retirement, college funds for their three teens, and paying down their mortgage. Katelyn recently completed her doctorate without paying a cent for it! Meanwhile, it’s her husband’s turn to finish his degree in Criminal Justice, and once again, for free. They regularly go on vacations, and soon they will enjoy a short Disney trip followed by a big trip to Universal in September!
One of Katelyn’s advice was to ask for help. Who gave you the biggest support on your debt-free journey? Give a shoutout!
For Jen, Travis is her biggest support system—he is her cheerleader and initial motivator, helping her envision a future life. For Jill, it was Eric’s parents who offered to pay off their loans and provided them with a private loan at a flat, fixed interest rate, which was a significant help in reducing their years in debt!
Bill of The Week
Thank you Katelyn for sharing your journey on being a graduate student and doctorate for FREE!
Thanks so Much for Listening!
Thanks so much for listening. We love love love reading your kind reviews and we especially loved this one from:
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Friends who are frugal together, stay together!
What a great show! So nice to learn new tips and tricks and consider things previously not considered. Budgeting is hard, thanks for making it fun every Friday!
If you want to check out our monthly challenge community head to frugalfriendspodcast.com/club to see what challenge we have coming up next.
Keep leaving us reviews on iTunes or Stitcher, and sending the screenshot to reviews@frugalfriendspodcast.com. And don’t forget to share your favorite quote from the episode by using the hashtag #FrugalFriendsNote. 😉
