Obstacles in life are inevitable. Whenever you do something worthwhile, there are going to be things that you need to overcome. But it’s how you handle these obstacles that will determine your success.
Do you just give up or do you soldier through them? No matter what you’re up against. No matter what you think you can’t do. Regardless of how high you think the odds are stacked up against you, YOU CAN WIN!
On today’s episode of The His & Her Money Show, Tyrone and Lachandra tell us about their story. They share how they overcame the obstacles that were placed in their path to get to debt freedom.
Lachandra is a registered nurse. Tyrone is a high school teacher and football coach in Texas. Together they started a mentoring program at the high school where Tyrone works. They empower kids and give them a hand up, not a hand out by preparing them to be college and future ready.
Six-Figure Mountain
They owed a whopping $160.000 in consumer debt and amazingly got out from underneath it in 3 years! This all happened after they relocated, causing them to sell their home.
Their financial advisor advised them to pay off some of their debt with the money they got from selling their home. This advice woke them up and they did some research regarding personal finance.
Their starting line was when they started dreaming together. This made them realize they could do so much more if they were not in debt. They decided to buckle down, get on a plan, and be intentional about becoming debt-free.
How The Strategized
They started using the debt snowball method. This is when you list your debt from smallest to largest and then you start paying off the smallest debt. Once the smallest debt is paid off, you transfer that amount of money to the next debt payment. After every debt is paid off, you celebrate your win. You carry on doing this until the payments start to snowball and it gains momentum until all the debt is paid off.
Tyrone and Lachandra decided to be disciplined with their finances and that meant that they had to say no at certain times when a family asked them for money. This was not easy, but they stuck to their guns because they were focused on their goal of debt freedom. They also helped their family regarding financial literacy by helping them to make a budget.
The practical things they did, started with selling everything they could (except the dog). Additionally, they cut their cable bill, did some research on how to save on the electricity bill, and implemented it. Furthermore, they paid less for their insurance on cars by doing some research.
Tyrone even stopped paying the trash bill and threw away their trash at the school he was employed at for two years. Also, Lachandra took an extra job for 5 months so that they could become debt-free.
The Motivation
The legacy they leave to their children was paramount for them on their debt-free journey. They included the children in the budget meetings. When they paid their last installment, they celebrated it by making a video with their 3 kids and putting it on Twitter.
Tyrone and Lachandra believe that no matter where you come from, no matter what your background if you have a goal and you are disciplined, you can accomplish it. Find a way that works for you and do it!
What You Will Learn
- Why talking about your finances with your spouse is a good thing
- Working together as a team will help your relationship
- How to be intentional with your goals
- What is the snowball method?
- Practical steps towards debt freedom
- Include the kids in the journey
- How to get and stay disciplined
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.
