Getting out of debt is hard, I mean it can be REALLY hard. It takes conviction, a strong "why", a plan, a budget and LOTS of encouragement. And as a coach, I've seen that one of the best ways for our students to stay motivated is to hear other people's stories, listen to their struggles and live vicariously through their wins.
This is the whole reason I started this "Journey To Debt-Freedom" series. I wanted to curate a reservoir of personal stories that will help you "find your own story" and keep marching forward toward your personal finance goals and ultimately to debt-freedom and beyond.
Along those lines, if you have a "debt-free" or "on-my-way-to debt-free" story, I'd love to share yours with our audience. It's always such a gift to our subscribers and fans to hear your particular story AND will help you, especially if you have a a blog/platform/YouTube channel you want to promote (although that's not at all necessary).
Next up in our "Journey To Debt-Freedom" series, meet Financial Coach Jess!
I'm in St. Louis, MO, I've been married for 6 years. I quit my job in 2017 and started Financial Coach Jess. My husband and i really enjoy camping, hiking, packrafting, rock climbing, everything outside!
My debt free story is really 2 parts.
Part 1 was in college when i decided to graduate debt free by earning scholarships, working on campus, working off campus, and living in a house with 7 other girls that was built in the 1800s.
Part 2 is when Ethan and i decided to pay off our house early. It was the beginning of 2019 when the business really started taking off and we thought "this is maybe possible." We paid off 13,600 in 2019. In 2020 we paid off 40,000 and we are paying the rest off which is about 100,000 this year by October!
Looking for a way to get started on your own debt-free journey? Check out my:
“Debt-Elimination Quick-Start Guide”. This free resource will have ALL the tools, forms and printables you’ll need while moving through this 30 day challenge.
In 2019 we really started thinking about the future and what we wanted our lives to look like.
We dreamed about both of us being full time entrepreneurs, being able to travel for months at a time, homeschooling our kids around the world, and we just thought "what is the first step toward all of that?" and the answer was to lower our risk so that we could take some calculated risks with investing in real estate in the future.
The best way to lower our risk and what really fit into our long term goal was to not have a mortgage payment. We started tracking our payments and raising our income!
Looking for a ways to live more frugally and address your debt? Check out my: 100 Frugal Ways To Save Money And Get Out Of Debt.
Talking together about the life that we want with our family and following other families that have what we want already!
This was definitely a huge part of the process. No one pays off 6 figure debt in a few years by penny pinching and being frugal. We really had to transition out of that mindset that had worked for me in college and grow into a new investment focused mindset.
For example, instead of being frugal and hoarding the money we made to pay off debt, I invested thousands of dollars in programs and courses to help me grow my business because that was our greatest source of income. Increasing our income from 3k a month to 10k+ a month will ALWAYS out pace frugal living.
Nothing crazy in terms of sacrifices, we traveled a lot in 2019 and are traveling a lot this year as well since it keeps us focused on our why.
Honestly, starting youtube was the catalyst that has made one of the biggest impacts on the business. We live pretty lean on the things that don't matter much to us now so we live on 2k a month (without our mortgage payment) and that pretty well covers everything without a ton of extra spending which is ok with us.
After the house is paid off we will increase it, but for awhile we had a meal service, we don't cut back on our health at all so we order a lot of supplements and quality, organic food. We buy non toxic everything for the house so we don't skimp on anything in the day to day but but also just don't buy junk and stuff we don't need. Instead we focus on our income. That's been the greatest strategy for us so far.
We've been debt free in the traditional sense since most people don't include a mortgage anyway.
However, we will be mortgage free in a few months and it feels amazing! It will be strange taking out our next loan on the future investment property but it will be business debt and the tenets will be paying the debt so it will still be cash flow positive.
This “$1000 In 30 Days Challenge and Resource Pack” is designed to help you find, cut and/or earn $1000 inside of 30 days so that you can: pay off debt with it, save it or invest it.
One of the best things that you can do is bring other people in! Don't try to keep it a secret and do it alone. When it gets hard you need those other supporters or mentors to be able to see things in you that you can't see yourself.
When you can't believe in yourself, those people will still believe in you. It's also just good practice to surround yourself with other like minded people who have similar goals. I would also say something that sets a part our journey from others' is that we didn't focus on the expenses. We focused on our income.
Once your expenses are pretty fixed and under control, there's not much else you can do there. There's only so far that you can reduce your expenses, HOWEVER there's NO limit to how much you can make!
There's a lot of mindset work that has to happen, but this was the biggest thing by far that empowered us to chase our goals.
Now that you've heard Jess's story, maybe you're ready to take a closer look at a "framework" to start your own "journey to debt freedom". And, if you’ve hung out on this platform for any length of time, you’ll know I’m all about helping you to take action. And here are two very easy next steps to keep you moving in the right direction:
I want for you to capitalize on any and all emotional momentum you’ve gotten from this piece of content by committing two just getting started by completing those two actions I mentioned above. If you’ve done that, congratulations, you’ve started! Now just follow the breadcrumbs and please let me know what’s helpful and what you might need more detail around.
Now, if this decision process is something you struggle with and you constantly feel isolated about, I’ve got some great news for you and it’s free.
Our private Facebook group, ZeroDebtTribe. It’s a group of like minded people that are all somewhere along this P2P/debt-elimination/on their way to FI continuum. So click the image above and apply to join us. :)
1. Subscribe to our YouTube channel and click the notifications bell to make sure you get our new videos every week.
2. Download one of our free personal finance guides. You’ll learn some of the exact strategies I teach my private coaching students on how to organize and optimize their finances, obliterate debt and move on to financial independence by starting and growing online businesses.
3. If you’re looking for a community of motivated and like-minded people, go ahead and get on the waitlist to join our private financial coaching community. We only open it for new students a couple of times a year, so make sure to get on the waitlist.
4. If you need some help right now because you’ve got a burning issue, you need a problem solved, you want to talk through a complex situation, click on the button below.
All that said, let's keep on building your financial acumen and make this your best year yet!
Thanks so much for reading and we’ll see you in the next video post!