Boundless excitement and happiness are there when you finally win your fight against debt. The circumstances and challenges are different from one person to another, but with patience, determination, and focus, you will get where you want to be. We’re so excited to present our guests who won the battle to gain financial freedom. We can’t wait to share their story and sacrifices along with their journey to debt freedom.
On today’s episode of The His & Her Money Show, we’ve got Jerome and Sonya Scott, a couple who paid off $58,000 of debt in just 18 months. That included credit card debts, personal loans, bank loans, and car loans — paid off in a short period of time. Their financial story will surely give you inspiration and motivation to take action and change your mindset.
Jerome did most of the budgeting for the family by himself for a long time. The time came when he became overwhelmed because of the family debt, but his wife didn’t know about the extent of it. He kept her in the dark to feel safe, secure, and worry-free. He tried to figure out how to get out from under the debt and decided to finally share it with Sonya. Of course, she was shocked when she found despite that he asked for forgiveness.
They both decided that if they were going to stick it out, they would have to devise a plan and save money every month. The couple was really passionate about getting out of debt and very willing to do what they had to, even sharing the situation with their children to whom they explained their financial condition. They scheduled a weekly meeting to talk about their new budgeting.
They paid off their debts in just 18 months. They were so excited that they surprised their kids with a family trip to Chicago as a reward for all their sacrifices and patience. Now, they’re dreaming more with more focus on planning their future. They live a more comfortable life and are able to bless other people as well.
What You Will Learn
- How the Scott’s paid off $58,000 of debt in just 18 months.
- The awakening moment that allowed them to take control of debt.
- The obstacles they had to overcome on their journey.
- How they managed their budgeting.
- How they stayed focused on their goal of debt freedom.
- What was this MBA all about?
- How they passed their MBA on to their kids as well.
- Comparison between a life with debt and one with debt freedom.
- Words of encouragement to become debt-free.
Resources Mentioned
- Focus by Margie Fleurant
- Intentional Living by John C. Maxwell
- Total Money Makeover by Dave Ramsey
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.
