Are you interested in learning how to go from debt to wealth? Believe it or not, there are different levels of being debt-free. There’s the usual consumer debt freedom, paying off those pesky student loans, credit card, and the like. Then there’s going a bit deeper and paying off the mortgage.
But have you ever heard about people working hard to reach the next level of financial freedom? Do you realize that there is an entire movement of people who invest their money to work for them so that they can retire as early as they like? Stay tuned if you want to learn more about that.
In today’s episode of The His & Her Money Show, Julien and Kiersten Saunders from Rich and Regular talk to us about becoming rich and regular too. Their philosophy came about because of this idea that rich people are often thought about as removed from everyday life, living in their mansions and driving those fancy cars.
But what if regular, humble people, that drive regulars cars, live in regular homes can also be rich and know how to stay rich? Furthermore, Julien and Kiersten share wisdom on how to manage money, family, and love.
The Paradigm Shift
The mental aspect that helped Julien to become rich was first to realize, at a very young age, that he can become whatever he puts his mind to. Kiersten realized that money can be used as a positive tool for change and when she repositioned her way of thinking about money, things started to change.
The way Julien and Kiersten remain unified and stay on the same page is by being honest with themselves first, communicating clearly, using facts and not feelings, and allowing their partner to be heard. Julien explained that his view on financial independence is when your cost or consumption on an annual basis is covered by passive income. This can be achieved by planting small seeds in investments, letting them grow, while keeping your costs really low.
Kiersten’s first step was to start a diary of her spending habits. She then started paying off her consumer debt, especially her credit cards with interest rates well above 30%, using the snowball method. Then she went on a Cash Only Diet using the envelope system after she cut up the credit cards. And lastly, she moved out of her fancy apartment to cut down on her rent.
Making Sound Sacrificial Decisions
Their investments include paying off their mortgage and a rental property that they earn money from. The $200,000 debt that they paid off were credit card debt, tax debt, car notes, student loans, and mortgage debt. Their next steps are to invest in index funds, some bonds mix, other franchising investment opportunities as well as emerging markets and global opportunities that they are researching at the moment.
Julien and Kiersten say the freedom that they gained, by pulling in their belts, go to many different levels of their lives. Julien, for example, could change to a job where he felt less stressed and be able to put his family first. They both agree that it did not happen overnight but that it really is worth it. So, our challenge to you is: which next step can you take to become debt-free and reach F.I.R.E?
Get in touch with Julien and Kiersten on their website https://richandregular.com
What You Will Learn
- How to go from debt to wealth.
- How to navigate your way through the different phases of debt freedom.
- Methods to become rich and STAY RICH.
- Secrets to managing money, family, and love.
- How to get on the same page with your partner regarding finances.
- What is the real meaning of F.I.R.E: Financial Independence Retire Early.
- How to make a written agreement with yourself regarding your finances.
- How to figure out what your emotional reasons are behind your financial decisions.
- What house hacking is.
Resources Mentioned
- The Wealth Choice: Success Secrets of Black Millionaires by Dennis Kimbro
Thanks For Listening!
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Today’s show was sponsored by Teach Me How To Budget. If you are ready to gain freedom in your finances once and for all then enroll in our brand new personal finance course Teach Me How To Budget.
