In today’s world, we are bombarded with advertisements on how we can get things now and yet pay for them later. Well, as the saying goes, you’re either going to pay now and pay later, or play now and pay later.
Becoming debt-free starts with these types of decisions. Tons of people have paid off their mortgage by first having this very line of thought.
We can have all the resources in the world but if we don’t apply them to our lives, our dreams and goals will not become our reality. This podcast is going to give you tools and advice on taking the next step in your debt freedom journey.
In today’s episode of The His & Her Money Show, thirty-year-old Ellie Mondelli shares her story of paying off, not only their consumer debt but they paid off their mortgage debt as well. Ellie’s husband is a police officer and she works in an office.
Ellie started her blog, www.elliemondelli.com, to do monthly updates for how much mortgage principal was paid off, but it grew to her documenting their way to financial independence.
Early Start
Ellie’s journey started when she was 18 years old when her dad co-signed a loan for her. She would pay off a car, be debt-free, buy another car, pay that one off and be debt-free again. When she bought her house it was a $90,000 mortgage and when she got married in April 2016 she and her husband decided to follow Dave Ramsey’s Baby Steps.
Her husband’s debt surmounted the cost of the engagement ring which was about $1000. About four months later, they decided to start living on one of their two incomes. They decided to use their other income strictly for the mortgage principle. They thought it would take two years, but was pleasantly surprised when they smashed the mortgage of $77,135 in 17 months.
Have the discipline to say no to things.
What changed Ellie’s thinking about debt was when she became engaged. It was at that point that she and her husband realized they could live on one income. What really helped was that they had the same mindset when it came to finances, they both want to retire early. Ellie’s husband left the budget updating to Ellie and she made sure that they were staying on track by reviewing the budget on a weekly basis.
Strength In Numbers
This journey brought Ellie and her husband closer together and they now know which strengths each of them plays into. They didn’t have many friends or family that was on the same journey towards debt freedom. However, Ellie found a whole community on Instagram that helped them stay in the right mindset.
[click_to_tweet tweet=”If strangers are supporting you more than your family and friends, you’re probably on the right track.” quote=”If strangers are supporting you more than your family and friends, you’re probably on the right track.” theme=”style1″]
The tools they used was keeping a budget of their expenses and kept within their agreed-upon budget. They lived on one income and had the discipline to say no to things. Ellie took Facebook off her phone to avoid being tempted by her friends and their lifestyle.
When the big day came, it was kind of a let down for Ellie. However, that night, when she was laying in bed, she realized that the roof over her head was theirs and that they did not own anyone anything. Now they can invest their money and make their money work for them by investing in property.
Get in touch with Ellie Mondelli on her website www.elliemondelli.com
What You Will Learn
- How to become debt-free from consumer debt.
- How Ellie and her husband paid off their mortgage.
- Why going on a debt-free journey can bring you closer to your spouse.
- Why having the same mindset sets couples up for success.
- Which tools to use when getting out of debt.
- How to invest in real estate as a wealth-building strategy.
Resources Mentioned
- The Total Money Makeover by Dave Ramsey
- Think and Grow Rich by Napoleon Hill
Thanks For Listening!
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