We have different reasons why we chose to have debt but we also have many different ways to escape from its grasp. Many choose to stay with their financial struggles, while others struggle to get free from this burden.
Deciding, planning, taking the first step, and motivating yourself to keep moving towards your goals is not easy to do. We have different lifestyles and necessities to consider, most especially the amount of income we bring in.
In this episode of The His and Her Money Show, we interview Marques and Shyra, a couple who destroyed $110,000 of debt to include a mortgage, student loans, and credit cards in just 2.5 years!
Marques and Shyra are a typical couple who started a new stage of life in debt. They thought life was about having bills and minimum payments to pay, that is until they had their first child. It was then that they realized that they didn’t want this kind of life anymore.
They needed to educate themselves financially, bring in more money for the family, and ultimately achieve financial freedom. The couple listened to various money gurus to serve as inspiration. They set their goals and plans.
Shyra decided to apply for a job although pregnant at that time, while Marques used his God-given talent in music to earn extra income. They agreed to target Shyra’s income towards their debt and Marques’ earnings for the basic needs of their lifestyle.
They celebrated each time they made a payment to motivate themselves. Even though they have different personalities, they don’t forget to communicate about their goals to make sure they’re on the same track. As Shyra said, “Communication is a difficult thing but we try to be respectful to each other.”
Finally, the time for the last payment came and it was special. They were very excited that day. After two and a half years, they’re now a debt-free couple, able to send their son to private school, while starting a college fund for their kids, saving more for retirement, enjoying more things, and grabbing more opportunities.
Marques and Shyra have a fantastic podcast called Black, Married, and Debt Free. Be sure to subscribe to their channel and check out their videos.
What You Will Learn
- What made them decide to get out of debt?
- How did they keep their communication open while hustling hard to knock out the debt?
- What other strategies did they use to eliminate debt other than side jobs?
- What obstacles did they meet and how did they overcome them?
- How did their debt journey affect their marriage?
- What are the biggest lessons learned throughout this journey?
- Words of encouragement for other couples.
Resources Mentioned
- Teach Me How to Budget Online Course
- Rich Dad Poor Dad by Robert Kiyosaki
- The Automatic Millionaire by David Bach
- The Wealth Choice 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.
