It’s time again for some more tips for continuing on your journey to financial freedom. Paying off debt is a big part of finances and that’s the step we’re heading towards in this episode.
Today we’ll be talking to Steve Shumpert. Amazingly, he paid off $75K in debt in just 15 months! He’s going to share his story with us today and tell us more about how he did it and how you can do it too!
The Wake-Up Call
Everyone thinks that they are good at managing their debt. So, they keep on getting more and more things on credit. However, just because you have good credit doesn’t mean you should keep getting more credit accounts because that can lead to you having credit but not actually having money in hand.
For Steve, this was the case, without noticing it, he begins living paycheck to paycheck. Then he received a devastating call and finds out that he’s been laid off. Adding to the devastation was the fact that he had no money saved. From there, Steve realized quickly how much debt he’s actually in. After he came to this realization he sought out information on how to get out of debt.
Avoiding The Same Pattern
Fortunately, Steve found another job afterward. He was aware of the fact that it’s easy to just fall back into the same pattern of using up his credit cards and not actually paying off his debt. However, Steve made a decision that he never wanted to be in that same situation again.
The best way to avoid the pattern is to come up with a game plan and a budget to tackle your debt head-on. Don’t get frustrated and stick to the plan. It isn’t going to be an easy journey but it will be a journey that you’ll be happy that you started once it is over.
Debt Free Mindset
It can be very hard to shift your thinking about wanting to be debt free. In order to keep your mindset towards a debt-free goal, you should keep your focus towards those things. Change the things you watch, the people you hang out with and even what you’re looking at on social media if you have to. Look at things that keep you in the mindset of that goal of being debt free.
By changing your consumption based lifestyle on things that aren’t all about buying things, you’ll keep your mind focused on throwing all the money you can at your debt. Another great thing to help keep you in that mindset would be to read finance books or listen to debt free podcasts. This will help change your perspective on your financial goals and keep you in that debt free mindset.
WHAT YOU WILL LEARN IN THIS EPISODE
- Why you should budget
- What your mindset should be
- How to stay in that mindset
- How to keep yourself accountable
- Benefits of cutting expenses
- How to handle roadblocks on your journey
- How to respond to friends criticism
Resources Mentioned
- Steve Shumpert on Instagram
- Steve Shumpert on Facebook
- Email Steve Shumpert at Shumperfinancial@gmail.com
