How He Went From -$63k To +$700k Net Worth!

"Everything popular is wrong" - Oscar Wilde - The Importance Of Being Earnest

"Many a false step was made by standing still." - Fortune Cookie

Personal finance is deeply personal. Getting out of debt is hard. Changing money behaviors can seem impossible at first. 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 Michael Murphy!

Introduce yourself, Michael.

Hello everyone, I'm Michael Murphy. Originally from Iowa, living in Charlotte, NC.  I'm married with no kids, but am licensed to foster. I'm a believer in Christ, have a BS in engineering and an MBA. I'm also a sales professional, financial coach who is debt free and owns 2 investment properties. My current net worth near $700k.

Give me a little bit of background about your financial situation and your decision to "tackle it". Tell me about how much debt you've paid off so far and in how much time. What is your debt made up of?

I started my debt snowball in 2015 and got out of $63k of debt in y years which was mostly student loans. I also paid off a motorcycle and a bed. But, no more debt!

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.

What was "the moment" you decided, "enough is enough" and what actions did you take or resources did you use to get the process started?

For me it really came to a head when I figured out I couldn’t pay my MBA tuition in cash. I felt terrible borrowing more money and so for me, the "switch flipped and I decided to get completely out of debt at that moment.

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.

What was your "why"? What kept you going when you wanted to quit? How did you stay motivated?

For me it's really all about achieving financial independence. I really just want to make sure I'm constantly creating options for myself and my family.

Describe your "belief system" about money and (if/how) has it changed? Maybe even talk about how you were brought up to think about money and how that changed as you progressed through the process.

Growing up we didn’t really talk about money in my family, probably because we were broke. I was always mindful of money because of that.

I’ve been mostly careful with money in my adult life but have done some dumb things I thought were smart at the time. So it's been a learning curve for that was informed by some of my earlier life experiences as well as from my own mistakes I've had to recover from.

What have been the biggest/toughest sacrifices you've made in your personal finance/debt-elimination process?

Thought I’d always have a motorcycle. But I realized I didn’t really care that much about having one as I went through the debt-elimination process. I found it more comforting to have the $10-12k in the bank, so I sold it. We were actually already debt free when I did that.

I also stopped going on vacations. That was tough for a while. I really  missed my annual snowboard trips, but it was so worth it in the end.

Describe how it feels or how it feels to be "on your way" to debt-freedom. 

We're debt free except for the mortgage. And believe me, I hate the mortgage. It’s an odd struggle, but we'll definitely pay it off early. 

It feels amazing to be on our way to total debt freedom and then to financial independence. We just have to stick to our plan and stay disciplined.

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.

Here's the free downloadable/printable PDF.

What are some pieces of advice you would give to someone who's ready to get serious about tackling their finances?

1. Learn how to build a spending plan monthly.

2. Build your plan and follow it.

3. Learn how to disengage from the thoughts and opinions of others. It’s your plan and your goals that matter most. Go after them unashamedly.

Where can we find you (website, social media, etc.)?

Insta @murphyonmoney

Murphyonmoney.com

Financialcoachingrdu.com

Call To Action

Now that you've heard Michael'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:

1. Download our free PDF guide that goes along with this series: “Debt-Elimination Quick-Start Guide”. This has a very comprehensive and dedicated video on establishing your “why”.
2. Head over to YouTube and start with the “Day 0” video. You can totally binge-watch the whole series if you want. That “first pass” will give you an idea of where you are and what it’s going to take for you to get to the next level with your own personal situation. And again, starting with your “why” is the absolute most important step.

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.

What To Do After That

After you complete the "quick start", maybe you'll be ready to take a closer look at a "framework" to continue your own "journey to debt freedom". So, I want to offer you another completely free resource that will help you map out your money with even more confidence.

Ready to get total control over your money? Introducing My FREE 8 Steps To Erase Debt Guide

These are the steps I personally followed to obliterate $43,000+ of debt in 2.5 years. 

Maybe your number is bigger, maybe it’s smaller. Either way the principles are the same and I want you to have them.

1. Stop All Retirement Investing (Until Step 4)
2. Build A Budget
3. Starter Emergency Fund of $1000
4. Eliminate Debts Smallest To Largest (a.k.a The Debt Snowball)
5. Full Emergency Fund of 3-6+ Months’ Expenses
6. Invest A Minimum of 15% Income Into Retirement Accounts (and increase savings rate to 50%+ if possible)
7. College Funding (if applicable)
8. Pay Off The Home Mortgage
9. Build Wealth, Serve, Be Ridiculously Generous And Go FI (Financial Independence)!

I’ve created a simple, easy to follow “8 Steps To Erase Debt” guide that you can use as your foundation as you navigate the absolute annihilation of your debt forever. 

Here are some additional options to help you accomplish your personal finance goals:

1. Check out our YouTube Channel for "how to" video guides.
2. Join our Zero Debt Tribe Community on Facebook, a group of friendly, like-minded personal finance enthusiasts, budgeting nerds, debt-eliminators and “FI-ers” who are there to help each other succeed? Click here to request to join for support and encouragement!
3. Our library of Free Products & Printables.

What do you need help with the most right now?

And finally, I want to encourage you and challenge you to get started in this process. You can do this by downloading this blogpost as your guide. The downloadable pdf contains all the printable forms and instructions you need to get this process started.

So, I’d LOVE to hear from you. The biggest compliment you can give me as your coach is to share your progress and your takeaways in the comments below.

I wish you nothing but great success in your personal finance endeavors and please let me know how I can help you accomplish your goals.

To your freedom,

Brad

Your Virtual Money Coach

[email protected]

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