Eliminating debt isn’t easy. It doesn’t matter if you’re single, a family unit, or a couple – it’ll always have its challenges. Especially as newlyweds, tackling your finances might not be a challenge you want to take on right away. But the sooner the better!
Forming a united front against your debt isn’t just a learning experience and a lot of hard work and sacrifices. Sure, it can be a test of marriage, but it’s also taking the first big step towards financial freedom and starting to build the life you want together.
On today’s episode of The His & Her Money Show, Michael Lacy is coming in to tell us all about his debt freedom journey, and how he and his wife Taylor smashed $61,000 of debt in just 16 months!
Michael is the founder of Winning To Wealth, where he’s a financial coach dedicated to offering clarity and practical advice for others who are struggling to achieve their financial dreams. He’s a wealth of information and you’re sure to learn something today!
Unlike so many Americans, Michael and Taylor didn’t have student loans or a mortgage to contend with — but they WERE swimming in credit card debt and car loans. Michael’s father gave him plenty of financial advice from a young age, but once his credit card usage got started, it spiraled. By the time they got married, he and Taylor had a whopping $61,000 of debt between them.
There was no end in sight until they ended up rained in on their honeymoon, which turned out to be a blessing in disguise. With nothing else to do, they started setting their goals for the future, tallied up their debt, and decided that it was time to finally take control of their finances.
I think the biggest life lesson is having a plan for your life.
Once they were both on board, they got straight to working on budgeting and setting their financial priorities. It wasn’t all easy — there were some hiccups along the way, and sometimes the process started to weigh on their marriage, but 16 months later, Michael and Taylor were enjoying their newly found debt freedom on a cruise! How will YOU celebrate yours?
What You Will Learn
- The importance of accountability
- The 4 modern financial essentials
- Getting started and keeping up your momentum on your debt freedom journey
- Getting motivated to eliminate your debt.
- How newlyweds Michael and Lacy achieved debt freedom.
Resources Mentioned
- EveryDollar App
- The Richest Man In Babylon by George S. Clason
- Retire Inspired by Chris Hogan
- Simple Wealth Inevitable Wealth by Nich Murray
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.
