Most people don’t often think about getting rid of their debt as soon as they get out of college. Student loans are fast becoming the norm, but just because everyone has them, that doesn’t mean you have to keep them!
The thing is if your goal is to destroy your debt before it completely takes over, that often means living frugally. This might not sound like the most glamorous lifestyle, but if you can achieve financial freedom as soon as possible, it’s worth it in the end!
On today’s episode of The His & Her Money Show, Lily from The Frugal Gene is coming in to tell us all about her debt-free journey. Lily is a blogger, full-time Airbnb host, and an incredible resource for learning about how to start your own debt-free journey.
She and her husband are also on the path to creating generational wealth, and we can’t wait for you to hear all about it. At one point, Lily was splurging on a pizza from Costco; now she and her husband are putting away $100-150,000 a year in savings and living completely free of debt!
Graduating from college, Lily realized she had about $20,000 in Stafford Loans debt. She was also having a hard time finding a full-time job. Soon she was back to living in her parents’ basement in San Francisco, working two part-time jobs to pay off her debt as soon as possible.
Lily originally set her goal at 6 months, and she worked hard, saved, and really didn’t do much outside of the house – but 8 months later, her efforts paid off and her debt was gone!
You could be broke for the rest of your life, or you could do better!
After getting married, Lily and her husband continue to budget and save. Investing in real estate has also been a huge factor in generating wealth. Her husband, an engineer, is making good money and Lily’s full-time Airbnb side hustle is definitely turning a profit, but they don’t live lavishly.
In fact, this super-smart money couple is living on an outstanding 10-15% of their income – their biggest expense is just food! Currently, they have three listings in total. And now they’re even considering turning one of their Airbnb properties into a full-term rental! We hope you can walk away with some great tips on how to manage your money wisely and reach your goals!
Find out more about Lily and living frugally at TheFrugalGene.com!
What You Will Learn
- How Lily strategizes as an Airbnb host to generate more income
- How your mindset affects your results when you’re on your debt-free journey
- Tips and tricks for building wealth
- The importance of saving
- Practical advice for real estate investment
Resources Mentioned
- Ibotta
- Robinhood
- If You Can: How Millennials Can Get Rich Slowly by William J. Bernstein
- The Millionaire Next Door by Thomas J. Stanley
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.
