E22: How We Paid Off Over $400k in Student Loan Debt
September 25, 2019
Facing a mountain of debt can be scary. There is a way through it.
How We Paid Off Over $400k in Student Loan Debt
- Got married and combined finances, debt, everything
- That much debt is scary
- Staying motivated
- Pictured the outcome in vivid detail
- Investing in retirement
- Going on vacations
- Buying a new home
- Eating out more
- Working less
- Operational tactics
- Put all debts into a spreadsheet and did debt snowball
- Put the list on our fridge
- Crossed off each one as we paid it off and gave ourselves a reward (ice cream, dinner out, purchase of something we wanted, new grill, vacation, etc.)
- Did the math on how long it would take so we had a date to look forward to
- Income
- Looked for ways to bring in more money
- Side businesses
- Being open to possibilities
- Remembering that once debt is gone, more flexibility is created
- Income is key when you have a lot of debt… get creative, make money right now (you can always change business/career later)
- Every time we got a chunk of money in, we were excited to throw it at the debt
Intro/outtro music credit: eccentric - I Can Show You [Argofox Release] by Argofox