Sometimes, beginning your debt-free journey requires making some financial mistakes.
Danielle Martin, a single, recently graduated college student, had to get herself about 39k in student loans, car loans, and credit card debt before she finally shifted her mindset and took steps towards paying off her debt.
Although she left college with 13k in student loan debt, about six months out of college, she not only moved out of her parents’ house and into an apartment, sending half of her paycheck to rent, but also decided to buy a car, taking out another 23k in loans.
She had more than doubled her debt within her first month of moving into an apartment, and rather than saving up and paying it off, she continued to spend her money on shopping. It wasn’t until both her debit card and credit card had been declined that she finally realized she needed to make some lifestyle changes.
Almost immediately, Danielle moved back home to help her with her debt freedom process. She minimized her expenses entirely, happy to make sacrifices as long-term investments in her future.
Within 8 months, she had paid off the rest of her 32k of debt, and attributes her constant motivation towards her supportive mother, maximizing every minute of her day, and celebrations of even the smallest wins.
Now that her debt is paid off, Danielle is launching her own coaching program to help millennials tackle their debt early on in adulthood.
She is allowing herself little splurges as a celebration of paying off her debt – however, as always, Danielle is still working towards larger goals of saving up her emergency fund and, in the future, buying her very own home.
Danielle’s journey is a perfect example of how humility, sacrifice, and a dedicated mindset can overcome some of your greatest obstacles and eventually lead you to a life of debt freedom.
What You Will Learn
- Shifting your mindset to take steps towards eliminating debt
- Staying motivated by celebrating every win
- Making sacrifices early to invest in your future
Resources Mentioned
- The Total Money Makeover by Dave Ramsey
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