The Hard Truth About Being Debt Free
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- Опубликовано: 17 окт 2024
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I became debt free yesterday and it still hasn’t sunk in really. I paid almost half of my debt in one big chunk and it seemed so surreal. I didn’t have lots of debts anyway but that 10k of student loan debt was just nagging me. it was kind of weird at seeing that much money leaving my account. But hey I am debt free. Luckily I finished baby step 3a and now I am working on 3b.
So awesome!! Congrats!
Janae Ervin thank you 🙏
What is baby step 3a/3b? Thank you.
@@birdsaloud7590 normally step 3 of the Dave Ramsey Baby steps is to save 3-6 months of expenses as an emergency fund. Since I don’t have a house yet I am saving for a down payment and that is Baby step 3b. And then you can start with the other baby steps. baby step 4 is to invest 15% of your income, baby step 5 saving for kids college and baby step 6 would be paying off your house early. Lastly baby step 7 is to live and give like no one else.
@@babe8917 thank you very much!
Simple logic explanations and great job with the win! It was indeed a complete beginners guide. Thanks a lot! ☺☺☺
Hello from Latvia. This channel is so helpful for me. Does she offer mentorship tutorials?
I'm enjoying working under a platform that brings good returns every week without stress all in cryptocurrency,
The emotional catch up point is so important. Even now that I'm still in baby step 2 and paying things off, there is a small amount of guilt I have for being able to be in that position or even just because I can't use my money anymore to help out my family members because we are so gazelle intense. Great point of learning to manage that!
I can totally relate to her feelings. My mortgage is the only debt I have and it’s about 70% of my monthly expenses. I currently live in California and will be moving in a couple years to a cheaper state where my mortgage will reduce down to more than 50%….the goal is 0%, but we shall see. But yes, it feels great to be debt free from the other things and still be able to save/enjoy life.
Rachel, I like your compassionate & nurturing approach to interacting with people.
I like this format for answering viewer questions!
Congratulations Marissa!!! So happy for you!
This is what's gonna change the 🌍🌎🌏🌎🌏🌎🌏. Kudos to her from another teacher.
Apply the loan payments to fund your next big wish/need..enjoy “spending” (toward goals) without frittering it away on little things...spending that benefits you. Congrats. You have worked hard.
Great interview. And congrats Marissa. You are on your way!
True. It is hard to let yourself spend after being gazelle mode for sooooo long. About to complete BS3, but I also need a car, since mine just passed away, but I was looking forward to celebrating BS3 so much!
I think seeing it visually in a budget you can see your next goals.
You can set little budgets for coffee ect too. I would set aside X on a gift card for the month for coffee and then at the end of the card I am like "so we are done till next month " sometimes small items can get lost otherwiss
Once you are debt free and your emergency fund is set... the best way to handle your money is to automate your investments. Have 15% of your pay automatically put into your 401K and Roth IRA. Also, max out your Health Savings account if you have one where you work. You will save immediately on taxes. What you have remaining goes to your kids college fund if you have children and home payoff and living expenses. If there is anymore money this what you can spend without it feeling shame or excessive because you already have taken care of the priorities FIRST. This is better than getting paid and blowing money on things you want first than trying to save what’s remaining. Just automate your investments first. Cover your living expenses then spend.
Thank you Rachel!!! I am in the final month! I have a bunch of stuff planned already, and a rough timeline. But I have had these questions swimming around in my mind. I have been learning the bountiful mindset for a few years, but actually living it is going to be Different!
Way to go Ruth! I'm sure that's the culmination of lots of hard work and dedication, and I'm sure when you finally see that 0 debt number it'll be amazing! Take the time to appreciate the dedication you've put in, and best of luck finishing that final stretch! It's so exciting seeing people make such great progress. Woo hoo! 😊
Thank you Moneybee! Update: it happened sooner than I thought! I got to make the final payment today!! I was unprepared for the flood, and kinds of, emotions that washed over me today. I'm glad I did it at home! I was everything from elated, to a hot mess!
This is awesome! I wish dave's show did questions like this! Way to innovate and make the channel your own Rachel 🥳
With no job infinite free time and only 27 comments on this video she couldn’t be bothered like your comment or reply back to you. Not to go off but is kid has had everything handed to her
I deeply relate to adding things I already did to the check list 😅
Congratulations Marissa !! 😀🙏👑💜 Good job.
You have to be resilient!
Thanks for sharing. I’ve had some questions, and what after paying off debt. Now there is an answer. Thanks 👍
Congratulations Marissa!❤️
Congratulations!!!!!
Ive never had enough debt to feel weighted down buy it but Ive never really owned anything either.
Thank you
Even though It's hard...i Actually like this because it can work for everyone. Unlike these "get wealthy" videos..... there's a fear that it may be false or may not work for you
I do not know what it is like being debt-free!
Will you soon
Rachel’s side part is moving more to the middle.
Only rachel would have a separate budget line for starbucks. 🤦♀️
Lol. I have one for the dollar tree. I was 💵💵💵💵💵, and had to reign it in. 😂
"Thanks to technology" you can also buy bitcoin
Why are all elementary school female teachers so big? I couldn't watch once they started talking about that viris nonsense.
She could save 2-3k a month if she lost weight! Food budget is probably crazy
Lol, you had to go there! 😂
What an unkind and unnecessary comment!
But very true!
Harsh reality, you ain’t lying 🤓
Thank you!!
You can set little budgets for coffee ect too. I would set aside X on a gift card for the month for coffee and then at the end of the card I am like "so we are done till next month " sometimes small items can get lost otherwiss
I do that too for coffee an eating out. It keeps me on a budget and once the gift card is done..the eating out stops.