Being 100% debt free might seem like a pipe dream to many of us, a faraway hope at best. But is it actually possible?
Making the decision, staying the course, and rubbing shoulders with people that are aiming for the same goal is very important on your journey. And by being debt-free, frees you up to leave the financial legacy that you desire to leave.
On today’s episode of The His & Her Money Show, Brian and Cara join to discuss their journey to debt freedom. This young couple is debt-free including their house. They have been married for 11 years and they have two children, a five and a three-year-old.
Their consumer debt (student loans, credit cards, car loans) that they paid off was about $50,000 and using an inheritance from their grandparents they were able to also pay off their home mortgage.
Pivot Point
The reason why they changed direction to become debt-free was that they realized they were just going more and more into debt and it didn’t make sense. The Dave Ramsey principles that they heard in church helped them to begin their turnaround. Cara was raised in a home where they lived paycheck to paycheck and she told Brian that they should change their family tree.
As soon as they starting paying off one of their loans, they realized it was changing their lives and it got them excited to pay off the other ones too.
Cara is the free spirit, where Brian is a bit more conservative with money matters. At times he told Cara that there was no money for this or that. However, the way Cara handled it was going to Jesus.
New Perspectives
They witnessed to their family about their finances by their example of being good stewards. When their close family members said hurtful things, they would take it with a grain of salt. Moreover, Brian and Cara realized it was the enemy that wanted to steal their freedom and joy.
They used a budget, the envelope system from the Financial Peace University course, listened to podcasts from Dave Ramsey and the Legacy Journey course by Dave Ramsey to become debt-free. They also surrounded themselves with like-minded people for encouragement and support.
Ways that they saved money was to cook at home with groceries they bought with coupons. Their budget helped them to evaluate where they were spending their money and showed them areas where they could save. Brian upped his skills for better positions in his career path.
Overcoming Obstacles
Some of the struggles they went through was a year after they were married, Cara’s parents and her two sisters had to move in with them because of unforeseen financial circumstances which added to their expenses.
They moved out. After that Cara sold her car to her sister and they were with one car for a year. Furthermore, Cara and Brian struggled with the decision to get to finance a car because to them that was a no-no, but they paid it off in about 6 months.
When they received their inheritance, they honored their grandfather by paying their tithe, paying off their house and putting some money away for their children’s college fund.
They are creating a legacy for their children and grandchildren by giving them tools to use by finding wisdom in the Bible. For instance, reading Proverbs, and living by the principles found in the Word. By being patient, sacrificing certain things, they are now free to give back and be the givers they want to be.
Get in touch with Brian and Cara on their Youtube channel: youtube.com/TheLeightyLife
WHAT YOU WILL LEARN IN THIS EPISODE
- Why the first step in the journey to financial freedom is the hardest
- What to do with the poisonous words from neigh sayers
- Which tools can help you on your journey
- How to ignore the enemy and pursue your dreams
- What to do when the struggles come along on your journey
- How debt causes you to spend more money
- How to leave a legacy for your future generations
RESOURCES
- Cara’s “House Hunters” playlist on YouTube
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 financial free once and for all then enroll in our brand new online course Crush My Mortgage.
