Welcome back to another great episode! We’re ready to help you with another story of encouragement. Today we have another great example of financial freedom. Believe it or not, everyone has the ability to successfully achieve financial freedom.
Today we’re going to be talking to Steven Donovan from EvenStevenMoney.com. He’s going to share his incredible journey about how he accomplished his debt freedom. He not only paid off all of his debt, but he and his wife also paid off the home that they are currently living in!
Gaining Debt
When Steven got out of college he had around $60,000 in student loans. Then he compiled that with a personal loan he had from his parents, a car loan, and some credit card debt. In total, that was over $100,000 of debt that he was up against.
It took him 2 years and 3 months to pay off $46,500 in student loans. He set a goal of 2 years to pay off the student loans and he came close to it when he started tracking it. Having that goal helped him make that progress and accomplish it. So, that proves that making a goal is crucial in helping you work towards paying off debt.
Breaking Point
Steven was working part-time and he was struggling to pay bills and making ends meet. Furthermore, he was in a newly established long-distance relationship. One day he got a letter saying that his student loan payment was going to triple.
He realized then that that price was too much and he needed to make a big change. From there, he decided to move closer to his girlfriend and get a full-time job and start working towards paying down the debt.
Eventually, they married and Steven became firmer in his conviction that he wanted to get things together financially and make sure that he got his debt in order. All of those big changes made him realize that he really wanted to work harder towards his goal of debt freedom.
How To Start Paying Down Debt
Once he decided that he wanted to get the debt paid off, he started really concentrating on all things financial. He read blogs, articles, books, watched YouTube, and consumed as much information about paying down debt as he possibly could.
Moreover, he came up with a budget and started coming up with a plan on how to pay more on his bills than just the minimum payments. His hard work eventually paid off and today he and his wife are living a debt-free lifestyle.
What You Will Learn
- How to get started paying off debt.
- What types of things you should do to stay motivated.
- It’s important to create a budget.
- Creating goals are important.
- How to focus on the end goal.
- How to cut expenses.
- Importance of tracking expenses.
- Which debts to focus on first.
- How to make extra money to pay towards debt.
- What it feels like to pay off debt.
Resources Mentioned
Thanks for Listening!
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Today’s show was sponsored by Crush My Mortgage. If you are ready to accelerate the process of paying off your home mortgage and become truly financially free once and for all then enroll in our brand new online course Crush My Mortgage.
