Being in debt can cause mental stress, physical stress and marital stress.
Michael Lacy and his wife Taylor were under marital stress when their debt caused them more problems than they were prepared for. After some honest discussions and hardcore planning, they managed to pay off all their debt and come out stronger as a couple.
Americans are currently carrying $1.5 trillion worth of student loan debt. That number reflects a monumental financial burden and a serious emotional one too. Many people find themselves battling poor sleep and anxiety while feeling trapped by their debt. Fortunately, some people have conquered their debt, offering hope for the rest of us.
Today, Andy chats with Okeoma Moronu, a corporate finance attorney who also is the host of The Happy Lawyer Project and the author of the new book series called Money Monsters. She and her husband were once buried under a massive mountain of student loan, and they’ve successfully found their way out.
We’ll explore how they accumulated their debt, strategies they used to combat debt, and advice she has for other families carrying debt. Here’s her story of how her family paid off over $300,000 in student loans.
So you’re ready to pay off your mortgage?! Congratulations!
There are some important hoops you have to jump through to make this momentous occasion official. After all that hard work in paying your monster loan, let’s make sure you cross all your “T’s” and dot your “I’s”.
There’s a moment in people’s lives when they decide it’s time to become debt-free. For me and my wife, Nicole, it was when we learned we were going to be parents. For some, it’s when they get married, and for others, it’s just when they simply get fed up with owing people money.
Today, I’ve invited a couple who recently eliminated debt from their lives once and for all. Ryan and Regan Whitlock recently paid off $40,000 of debt in 8 short months. We’re going to find out their motivation for crushing this debt, so others can find their moment and their reason for becoming debt-free.
On our Mortgage Freedom series today we’re going to introduce someone who paid off their mortgage through house hacking. What is house hacking you might ask? Well, we’re going to learn more about that today.
Steven Donovan is our guest today. Steven is a money coach and his financial advice and his inspirational story have been featured in GO Banking Rates, Bigger Pockets, and Rockstar Finance.
Our first question of the month comes in from Daniel from Texas who wrote to me on my Facebook Page:
My wife and I have been married for 3 years. We are currently trying to pay down approximately $103,000 of debt. We initially started with $190,000 of debt when we got married. So we are progressing.
What’s the best approach to talking about debt and tackling it together?
We’ve taken the Dave Ramsey course and are currently doing the Debt Snowball, but at times we get into little arguments on our approach on how to tackle this debt. Any advice on how to handle that?
And what did you guys do to stay gazelle intense while on your debt-free journey? We are starting to get pressure from family about having kids and she feels like we are stagnant in our lives due to this debt.
On our Mortgage Freedom series today, we’re going to interview someone who eliminated their mortgage on a single middle-class income in less than 8 years.
Jessi Fearon is a wife, mother to three little ones and during their nap time, she’s a financial coach. Her inspiring story of complete debt freedom has been featured in The Huffington Post, Nerd Wallet and BuzzFeed. When Jessi’s not crushing her debt and motivating others to do the same, she’s singing Garth Brooks songs and spending time with her family.
What would it feel like to never make a mortgage payment ever again?
For our Mortgage Freedom series, we’re interviewing Colin Murphy who eliminated his mortgage in less than five years. Colin is a father, a husband, and a Chicago native. He’s going to let us peek inside and see how he made this monumental feat happen.
For the young couples and parents that are reading this, I think it’s safe to say that a whole bunch of you are looking for a little more freedom and fun in your lives. And I truly believe that when you become debt free, you will experience that freedom. You’ll also experience a reduction of stress like you never have before.
I know that me just spouting off words and phrases like “debt freedom” or “stress reduction” may not motivate you to jump out of you seat and start crushing debt. But perhaps if we get a little more specific together, it may just do the trick.
Here are 7 dreams that can come true when you’re debt free: