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StitcherWhen paying off debt, it feels like a forever process of trying to decrease its amount, but when you look back, time just flew by like a wind! Jen shares her story of paying off her debt of $78,000 in just 2 years. Together with Jill, they celebrate and talk about the mindset shifts Jen needed to work on to pay off debt.
Expand your thinking of what's possible.
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- Our Roth IRA’s! Thanks to the 6-week Roth IRA challenge that you thought was for you but was actually for me, I did max out our 2023 Roth IRA’s. Funny thing though, I almost contributed to my traditional IRA because it was listed first and it took me a second to catch it. Just another way my old 401k rollover is making things confusing.
If you’re confused about where to rollover your old 401k or any workplace retirement plan, then you should use Capitalize.
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How Jen ended up in debt
The other extra debt prevented Jen from paying off her student loans with higher interest. If you’re in debt in one place, it snowballs to debt in other places and compounds on itself that makes it harder to pay off the first debt.
The exact moment Jen realized how much debt she had and that she needed to do something about it
Jen’s husband, Travis, tried to get her deeper YES on what it is that makes other things easier to say NO to because the YES is deeper. Also, the realization that you don’t have to put your life on pause to pay off debt.
Staying motivated to pay everything off
Having accountability and changing the community that surrounds you creates a huge impact. When Jen stopped dwelling on what the journey was taking from her and started focusing on how she can give back, everything changed. You needed a deeper why and purpose to find motivation and stay in this mindset.
Life after getting out of debt
Jen could now go on vacations, have bought a house and not heavily worry about emergency expenses such as a medical bill–things she would have never known were possible. More is possible and you don’t have to be incredibly rich to achieve it; anything is possible.
Anything we would be willing to take on debt to have/buy
Jen will take on debt for an asset. In fact, she just bought a second property for additional income! Jill sees the worth in considering taking a loan for renovations as she doesn’t want to prolong her savings/investing plans.
Bill of The Week
Thank you Becca from AK for sharing your bill about your rock eating dog Rufus; so sorry for the large bill, but celebrating with you that you had the money to pay for it!
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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Perfect blend of practical and mindset!
I’ve listened to almost the entire backlog and there’s a fantastic mix of practical tips and strategies along with mindset questions to help you get to the root of your decisions and the kind of life you want. They’re friendly and fun to listen to!
Thanks for listening. If you enjoyed this show, please take a minute to leave a rating and review, it helps potential new listeners know what our show is all about!
And don’t forget to share your favorite quote from the episode by using the hashtag #FrugalFriendsNote. 😉
