Most people can only imagine buying a house in cash like it’s cheap. But very few get to that idea or dream, even though it is possible with the right kind of commitment and money management.
In this episode of The His & Her Money Show, Phil Riser, the founder of Young Adult Survival Guide, talked about how he was able to pay off his student loans. Phil paid off a grand total of $38,000 in twelve months. It may seem impossible, but it is a reality. This resulted in Phil earning $48,000 a year and a condo bought with cash!
The total debt was accumulated from student loans entirely and he was lucky enough to avoid the credit card trap. However, he needed to indulge in loans to get by. Phil was blessed with an incredible mother who supported him with $100 a month, but this alone did not seem enough, which lead to his mother sitting down with him and communicating about budget finances.
This advice led to cutbacks, managing, and minding his money, but most importantly, it came down to a game plan. If Phil needed to pay off $30,000 in 12 months, he had to work hard and get himself a $48,000 job which left him with $500 a month. With the car issue sorted out, Phil moved in with his father, living in his dad’s basement for a year without paying rent.
If you want something bad enough, you’ll find a way.
Budgeting did not stop after the final loan payment and Phil decided to keep moving forward. Loans down, now it was time to buy a house with cash. Since the work finally paid off, Phil could start supporting his father monthly and finally had a house with the mortgage already paid off.
To stick to his budget financing, and to stay on the true path, Phil followed five crucial steps:
- Set a goal – whatever it is, set a smart goal so you can do X Y, or Z
- Be different – do your own thing
- Create a budget – the number one life hack – weekly, monthly, etc.
- Daily creed – control your day and where it is going
- Why – why do you want to be debt-free; remind yourself every day
After his debt-free journey, Phil is going to save $20,000 as well as take an epic road trip with his dog, ie., doing what he loves. Looking forward to getting married in the near future. Phil currently is the owner of YoungAdultSurvivalGuide.com.
What You Will Learn
- How Phil was able to pay off his student loans and buy a house in pure cash.
- How to budget financing can not only save money but place you in a better position.
- How reading the right materials can guide you to a life of budgeting right.
- Why you need to remind yourself not only to save money but to have a happy and fulfilling life.
Resources Mentioned
- The Automatic Millionaire – Dave Ramsey
- Rich Dad Poor Dad – Robert Kiyosaki
- How to Win Friends and Influence People – Dale Carnegie
- Phil’s 5-Step Survival Guide
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.
