Will I Ever Reach Financial Freedom? ($30K in Credit Card Debt)
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- Опубликовано: 9 июл 2024
- Kate has over $30,000 in credit card debt, so will she ever reach financial freedom? After her husband was laid off during the pandemic, Kate’s household family debt snowballed. With the rising cost of living and high childcare costs, Kate and her husband were forced to rely on credit cards to get by. Now, with higher-paying jobs than before, they’re on track to being debt-free, but how long will it take?
Kate has had to dramatically cut costs in her life, taking out almost any extra expenses and throwing whatever she can at the debt. But that’s not all that’s on her mind. Kate is also trying to save and invest simultaneously but is struggling to contribute to her slowly growing accounts. Will she ever be debt-free, and if so, can she finally find financial independence? Today, we’re going to find out!
Have you paid off a large amount of credit card debt? If so, what was your strategy to become debt-free? Let us know in the comments below!
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Connect with Kate:
Email: katehindman13@gmail.com
TikTok: @leftistmommy or / leftistmommy
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00:00 Will I Ever Be Debt-Free?
00:41 What Financial Freedom REALLY Means
02:37 Steps to Paying Off Debt
04:23 Starting to Save and Invest
05:46 The Breaking Point
07:54 DONE with New Debt
11:27 Cutting Costs In a BIG Way
14:58 What I WISH I Knew
17:31 Connect with Kate!
If your efforts for saving, investing, and paying off debt are scattered, your results will be scattered also. When ur starting out, putting ALL your focus on one thing can see huge results. I paid off all my debt- including my house when I became focused on that one thing. Good luck with/ your strategy- I hope it works for you!
Paying off the credit debt is a guaranteed 16-25% savings rate. If you are struggling with saving and floating above water right now, i would focus on the debt before saving for the young kids. Getting that credit debt out of the way is investing in their future. The interest you are paying now is going to have compounding afftects in the future
Definitely more relatable to have someone starting off on their journey, this is what it looks like. A few imperfect steps here or there, but a healthy amount of self-forgiveness and the desire to keep learning.
Refreshing to see someone starting out and talking about struggles of it. Fine line between being inspired and feeling inadequate when always seing people go from 0 to 100 rentals in 2 weeks. Fyi love the channel
I disagree with her not following a plan. That focus is what will help her pay off debt way quicker. Guaranteed return on your credit cards over all the investing past whatever match you get from employer.
The answer is no. She has no solid plan and is justifying everything that she doesn't want to do.
PAY OFF THE DEBT!!!! She’s trying to play games. She’s too worried about judging herself and not afraid of debt. She’ll always be in debt this way.
I wonder what the minimum payment is for 30,000 of cc debt?
Usually 2% of the balance but debt consolidation loans could be more.
She needs Dave Ramsey!
This should be called smaller pockets. Dont follow this guests plan.
Stay in Cali with a name like leftistmommy