How we paid off $311,000 in 2 years 8 months! Dave Ramsey Debt Free Scream. Pay off Student Loans
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- Опубликовано: 26 сен 2021
- ☺️If you are wanting to pay off debt, check out my How To Become Debt Free SERIES HERE: • *How To Pay Off Debt -...
We were LIVE on The Dave Ramsey Show to do our Debt Free Scream and to share how we paid off our student loans and became debt free!! (This is a screen recording from the original RUclips LIVE from Ramsey Solutions)
Below are some great resources that helped us!
-The Total Money Makeover by Dave Ramsey
-Financial Peace University by Ramsey Solutions
-Every Dollar Budget app by Ramsey Solutions (works with iPhone & Android)
-Binge listen to the Dave Ramsey Show on the podcast app while you drive, cook, etc and you will learn everything via osmosis
OUR STORY:
😊We are both Doctors of Physical Therapy from Los Angeles and graduated with $361,000 of grad school student loan debt.
😊After one year of getting nowhere and barely making a dent, we got laser focused and attacked our debt with a VENGEANCE using Dave Ramsey's 7 baby steps! We paid $50,000 the first year and most of it sadly went to interest 😖
😊No, we did not inherit any money or refinance or consolidate or borrow or sell anything. Although we did think about selling our blood plasma...😛
😊We each worked a minimum of 2-3 good paying jobs at a time. This included both our steady physical therapy jobs, Erica's soy candle/succulent side business (Barton Burns), & we both taught classes at a University after work or on our days off.
😊For extra change: We picked up cash pay physical therapy gigs, worked overtime, picked up coins off the sidewalks, Anthony repaired cars, etc
😊We sacrificed and spent money on nothing unless carefully budgeted for. All our clothes are discounted from the already discounted rack. Our furniture and appliances we use are free hand me downs. We cut our own hair. We DIY. We watch RUclips videos on minimalism to satisfy our appetite to buy things. We ate boring sandwiches everyday for lunch until it made us nauseous. etc etc.
😊We don’t have credit cards and we live in a one bedroom apartment.
😊We tell our money where to go with an extraordinary Excel budget (Erica is the Excel Queen!)
GOOD TIPS TO REMEMBER:
🔥Know that money handling is 80% behavior and 20% head knowledge
🔥BUDGET! Tell your money where to go instead of wondering where it went. You will save hundreds of dollars each month!
🔥Dave Ramsey quotes, "You can get anywhere if you simply go one step at a time." Don't be discouraged and don't make excuses for yourself. You can do this even if
you have kids, have a lower income, are not married,
live in California, have more debt, etc...
It may take a little longer than you want,
but hundreds of thousands of people do the 7 baby steps and pay off their debt! You are not alone.
🔥You cannot Dave-ish the plan! You gotta make sacrifices and provide boundaries for yourself.
🔥DREAM! 😍 What would your life look like if you didn't owe any money?
============
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Congrats! You guys seem like the type of couple I'd want to be friends with!
Aw! How nice of you to say that! You sound like someone who has a good head on his shoulders!!😉😂 have a great day!
Should I congratulate you already?
I am on pace to pay off $328K in 2 years and 2 months. Will be done by Dec. 2022.
THAT IS AMAZING!!👏🔥Are you doing the Baby Steps?
@@buildyourmoxie not really. I listen to Dave but don’t follow the steps. But very similar. Family of 4, single income. However I do have a few paid off rental properties and that helps a lot. Will be totally debt free after December.
@@buildyourmoxie BTW, I see that you guys are in S. Cal. We are in the Bay Area.
@@jml9550 how did you get the paid off rental properties?
@@kbanghart got these properties over the last 20 years span when they were relatively cheap, ranging from $150-250K, always put at least 30% down, so I was still able to ride through the 2008 fiasco. This is the Bay Area, so these were all positive cash flow then and without mortgages the rental incomes are just pure gravy.
You guys are incredible this is an insane amount of debt in a short time period. That was a ton of focus, discipline, and intentionality on your part. I just did my debt free scream a few weeks back and it was life changing being there. Congratulations again!
Wow congratulations on your accomplishment!!! And I totally agree about being there! It was completely life changing!! I’ve never been so nervous, excited, and happy all at the same time!! 😝 and thank you so much for your kind words! ☺️
@@buildyourmoxie thank you and congratulations again! I hope you guys enjoyed Haddie B's! That hot chicken sandwich tasted so good debt free 💯
Dude it was soooo good! I think the best chicken sandwich I’ve ever had!!
That is amazing. A couple of years ago, I was tired of the payments of cars, credit cards etc. I saw Dave's book with baby steps, I read it and without hubby knowing; I got us out of debt in 1 year. Doing the baby steps really helped and cutting out a lot of things was super easy.
You guys are totally rocking this, I love all your enthusiasm
Haha thanks so much!!! 😃
Congrats guys! We'll hopefully be on that stage next year in June. It's inspiring seeing other people make it and share their stories!
Omg! That is so exciting!!!!! You totally got this!! 🤩🙌🔥🌶️ keep me posted!! I want to see your story!!
Congrats Erica - you guys are an inspiration! ☺️
Thank you so much ☺️🥰
whaa! I've been watching your vids because of Japan trips and now I learned that you did the baby steps! same here! wow! congrats! and I wish you all the best!
😍omg Dave Ramsey and Japan!!! Did we just become friends!! Haha.
CONGRATULATIONS!!
So awesome 👏 👏👏👏
Aw thank you so much! 🥹
CONGRATULATIONS you two!!!!
🥹thank you so much!!!
This is awesome guys! The kind of sacrifices one has to make is not even funny. Kudos to you guys. Love ur excitement Erica!!!
Totally agree!! And the reward after all that sacrifice was so worth it!! 🤩
And thanks!! You are too kind 😄. I get excited easily. You could give me another flavor of Greek yogurt, and I would be excited 😁. Although this day was one of my favorite days of my entire life!
INDEED! WELL DESERVED. I have paid student loans myself, 2 EMIs in a month just to get it off my back quickly, and I'm debt free today(not house debt free) and I feel so good!
@@ameybhawkar4480 WOW! 🔥👏Congratulations!!! I am so happy for you! What an accomplishment!
Well done. Kudos on this milestone!
Thank you so much!!!
Whoa! These people knocked this out quick! Glad they realized their debt plan early!
Thank you so much! 😆 we were glad too! Some of our classmates are still trekkin along and have another 30 years to go 🥶☠️
Love this video! So encouraged by this story! 😉
Hehe! I am encouraged by your story too!! Hey! Are we married?! 🤭😳❤️
Congrats, great inspiration!
Thank you so much!! 😃☺️😊
That’s insane especially living in Los Angeles! Sheesh! I’m so impressed! That’s awesome though :)
Aw thank you so much!! Living in LA is pretty rough a lot of times 🥴. If it weren’t for family and our church here, we would probably be somewhere else more affordable😅
Way to "just do the thing"! Great job.
Haha!! Thanks!! ☺️
You guys are the cutest couple ever!! My absolute favs!
Haha awww thanks Kira!!!
Great job Erica and Anthony!
Thanks so much Michelle! =D
Using my entire income it would take me 9 years to pay all that. Well done! Congratulations 🥰
Thank you so much!! 🥰🙏
@@HydrateYoSelf become an electrician or hvac guy and make 100k without any student loans in the midwest where the cost of living is half of California
True. Cost of living ain’t like California though. Been living in the Bay Area for over 30 years.
@@nsant but don't make as much
@@nsant ✔️👌
This is so awesome!!
Thank you!! 😃
Incredible! 🥂 cheers to you both and well done! Wishing you all the best! ❤️
Thank you so much!! 🥰
Good job guys 👏🏻👏🏻
Thanks so much!!
The best skill I ever learned was budgeting. I have been able to make life changes because of it.
Budgeting is such a great weapon!! Underrated and powerful 😄. So glad you got it!!!
That is so fun to hear. I would have liked to hear if they continued with their not spending even afterwards.
Hi Lorrie!! Hehe I think we will eventually make a follow up video! 😛
Erica you are adorable thank you both for such an inspiring story 💗
Aw thanks Nats!! 🥰 I’m happy to hear it was inspiring! 🤩☺️ Have a good day 🙃
I am not undermining what this couple have achieved. However, it is not that hard. With that combined income, it is the mindset if they want to do this or not. They are not stupid like most of us Americans who make good money, but also spend like crazy.
this is inspirational
Thanks Beks!! 😍🥰
Love your story.
😃thank you so much!! Hehe
Wow, that is amazing, well done to them.
Thank you so much!! 😃
Congrats 👏🏾 👏🏾 👏🏾 👏🏾
Thank you!!! 🥰
Congratulation for both of you :)
Thanks michael!! 🤗😃
Have you ever felt like you’re unable to feel anything? You know exactly what this feeling is if you’ve been through it. The feeling of a meaningless life is unexplainable.
A meaningless life may not look bad. In fact, there’s likely nothing obviously wrong. You may be living in your dream house with the love of your life. Your well-paid job in the company that you dreamt of is doing great, too. However, you feel like a part of your heart and soul are missing.
Aw that sound so sad. My heart breaks for people going through that. I am blessed to not be in that situation as I have found my meaning in life and my purpose on this earth ☹️
congrats!
Thank you so much! 🥹
So cool!!!
Thank you James! 🤩
OMG I see what you did there with the sly 13 going on 30 reference.....I think it went over Dave Ramsey's head...🤣😂🤣😂
Hahaha!!! So true!!! 😂😂😂
Congratulations
Thank you!!
Chris Hogan was a major personality asset. The lineup now is still deficient.
awww I miss Chris Hogan!!
Super awesome !!!
Thanks!! :)
@@buildyourmoxie I paid off $11,000 cc and bought a home cash for $23k after listening to Dave.
Such a help
@@PInk77W1 Wow! 🤩What an accomplishment! Proud of you! ❤ Keep up the great work 😎
The way groceries are headed, it'll soon be just as much to eat at home - especially if you suck at cooking and end up wasting some.
That's amazing! Good job you two! Time to start a family. :P On a side note, I feel so bad for Americans... If these two successful, type-A folks struggled to this extent, I CANNOT FATHOM how much other people struggle who are not as militant/motivated and who did not complete professional programs that lead to specific higher paying jobs right away. :/ I'm a Canadian-trained Occupational Therapist and paid $27000 in total for my undergrad + grad school education, equivocating to $20000 (USD). My loans were from the government: 50% provincial and 50% federal. I paid off my interest-accruing provincial loan in 1.5 years mostly using retention tax rebates, whereas I'm still making minimal payments ($47/month) towards my federal loan as it is interest-free. Canada!
=D WOW!!!!! that is incredible!!! Just another thing to love about Canada! 🤩
And it's scary the amount of student loan debt there is in the US and taking into account a lot of people's backgrounds, jobs, motivation levels, and financial literacy backgrounds! 😭
And also, hello my fellow therapist colleague! 🙋🏻♀️Thank you for what you do 💕
It’s easy to pay that amount off when you make that amount in salary..yes, simple math tells you they were pretty strict in other living situations but still, if you have that much coming in you can sacrifice for a couple years and be done with it
Exactly. If you have a big hole to fill, get a bigger shovel. Some people have craters and trying to fill it up using a spoon. 😬We knew we couldn’t do it as fast as we wanted with our original shovel ($115k) so we sped up the process and got more jobs. It was worth it to rip off the bandaid and get it over with! Now we are not bogged down by our student loans! 😃 It really is simple math and then add determination 😁
You can do anything for a limited amount of time! Just make a realistic plan, stick to it, and don’t give up! ☺️
congrats.
Thank you so much!! :)
Your guys provide great advice and valuable information
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Thanks so much! 🥰
We are consumer debt-free. We just have $80k left towards are mortgage to tackle..
That is amazing!!!! 🤩🙌💯congrats!!
Congratulations! What baby step are you on now?
Thank you so much!! We are almost done with baby step 3b (save for house down payment)! 🤩
@@buildyourmoxie ouch. At the current house market and interest rate, especially some nice part of LA area. Best wishes.
So....an old video re-relased or is Hogan back? That would be awesome, if this were true!
Hi!!! This is a screen recording I did of the original 3 hour show from September 2020 since it was easier to just give people a direct link to our scream instead of telling them which minute/second to scroll to. 😃 I wish Hogan were back though!! :(
@@buildyourmoxie really happy for you guys!
Wish my marriage was as strong
😀Our marriage got stronger once we found a dream we could accomplish together (for us: retire early, have no financial stress, and be generous). And then once we were on the same page with our finances, it was a game changer for our marriage and we got a lot closer ❤️. You got this!! ☺️🥰
They act like paying this amount off is hard when you’re a doctor. Jeesh they are making big money. That would be easy making the money they make.
How did you pay it off? By having a combined income in excess of 100k a year and not spending money on anything other than absolute necessities.
YOU NAILED IT! 😃 We were originally on a path to pay it off in 10 or so years but the interest just killed us ☠
Wow thats almost $10K a month on top of normal monthly expenses...though as they said they started with $115K take home pay so thats $9,583 right there.
😝we cut back on everything we could. Trying to make it on $3500ish a month or so in Los Angeles. (Had life insurance and other sinking funds etc and tithing each month for church still. Thankfully no car payments!) Then got some extra jobs so towards the last few months we paid a lot more more where in the beginning it was more like $6-7k a month! 🥰
@@buildyourmoxie that is so awesome! I always love to hear these stories :)
@@benjaminwolf9801 aww I’m glad!! 🥰 thank you for watching!!
I started to say they had to make good money..my hubby and I only draw $28,000 a year and there’s no way we could ever pay that kinda money off..we’d feel like millionaire if we made $115,000 yearly and we’d sure as heck not ever let ourselves get in debt $311,000
How do you survive on $28,000 a year??? That's gotta be less than minimum wage
@@reesercliff no house or vehicle payments..I shop sales for groceries and buy cheap clothes when needed..don’t do a lot of vacas thought I do like to shop on Amazon which I need to curtail..hubby and I are both on SA and that’s the only thing we get..make too much for any kind of government aid but we do well enough so it’s not really needed
SS
You say you’d never let yourself get into that kind of debt if you made that income but the fact of the matter is that this couple is making so much income because of their debt which was primarily student loans. I’m not saying you can’t make good money without a degree of some kind or that you can’t find a way to get through college cheaper but the fact of the matter is more times than not, that initial investment of education does pay much bigger when it comes to your income the rest of your life and that adds up.
@@jackieyoung3359 we’ve never made that kind of money and learned to live on a budget and no we didn’t go to college..we went to Vocational school to learn a trade so we’d have no college debt I’m not saying I wouldn’t spend more money if I had it..we all would but we are retired and living on SS now and we enjoy life by trying to stay out of debt and trying to pay cash for what we need and some of what we want..we by no means live an extravagant lifestyle..glad these folks got rid of debt and hopefully will not find themselves in that kind of debt again
doctors making 180k combine🤔 currently making 305k working 14/14 rotation as a drilling consultant with a high school deploma 😂. even when i started in 2003 i was making 80k and 180 about 10 years ago .all that school for not a lot of money
Tell me about it! I try to make an effort and talk to high schoolers and college students and let them know what they are getting themselves into (if they ask)! 😰
That is so awesome about your job! 🔥😎
So? Lol. These comments... "I make 700 million a month"... 🤣🤣
“high school dEPlOmA”. good for you. lots of money while barely literate. you’re still punching someone’s clock
I know Physical therapists in debt and they get paid well but have families, and that makes it harder to work other jobs etc. One though is doing the Ramsey plan, maybe Ramsey lite, he does have a cc I think, but the principles of not paying for things with card to carry it, are gone.
👌
🙃
This is wonderful but that 311k brings just brings them to 0!!!! Can you imagine if that 311 was an investment portfolio . Then it would be more like 400k in their account instead of 0. Edit - Since DR sat on the shelf for 4 years, their investment account would be more like 600k instead of zero. This couple is starting at zero after 7 years of working. They sure look healthy and fit though.....
😭😭😭we definitely learned the hard way! It sucked to have compound interest working against us! We were not working during 3 years of school school but wished we had been so we didn’t take out all those loans. 😓 We worked 4 years and then got it to zero (but only 32 months were intentional). A lot of our schoolmates are on the 40 year plan and I think their student loans by the end would have doubled due to all the interest😱. But now we have compound interest working for us and are feeling more financially free than ever😍😁
@@buildyourmoxie My comment was towards people who accumulate debt and not towards your monster work ethic and personal responsibility getting out of debt. You have a happy ending as young healthy adults with nice shovels and no debt now. Well done and an inspiration to those in your shoes. Again my comment was to those who think debt is ok especially if it is low interest. They never seem to calculate net worth:) or loss of compound interest:) All the best!!
@@clarifyingquestions that makes total sense! 🥰thanks so much!!
Cool I’m gonna go refinance my cars and house and put it all in the market lol not I got 49000$ to go and my house is paid off I’m quitting my job same day gonna work for myself
Yeah sure. But they also saved a lot of interest and paying off loans means they can stack up saving/invest. It is just 3 years, they are relatively young and income potential is nothing but up. Just doing their thing and if they decide to have children, they will need more discipline.
You know you've got some older footage when George isn't a personality in them.
Haha yes!!! 😜We got the OG kamel before he switched over! This was Sept 2020! and Anthony O’Neal and Hogan were still there too! And Christy wright! How times have changed 😁
3 Jobs! That is what you have to do when you don't have government-subsidised college. I felt sad watching this.
I’m new on this how did you do this?
I am on pace to off $328K in 2 years and 2 months, last payment is December of this year. Now you need to have a crazy mindset and don’t even care what others think, except your spouse. Budget sometimes like going out to eat twice a month, cut down all unnecessary subscriptions. Forget about vacation, forget about your family/friends/neighbor’s new Tesla. Don’t compare yourself with anyone except the future you. Money is the easy part, determination/discipline are the hard part.
Basically none of these people tell the full story, they always have some big asset they can pay off but hardly ever mention it.
@@jml9550 that is incredible. Nice work. I agree, be crazy about your goals and absolutely OBSESSED.
@@Nmdresser thanks. I decided to pay off the last payment before the Thanksgiving holidays. Absolutely great feeling to be 100% debt free.
That is amazing!! You freakin crushed it!! 😱😱😱🙌🔥🤩
There's no way you pay off 311000 In that time frame unless you're making at least 6 figures. So my question is how to you get so far in debt making that money in the first place
When we went to our doctorate programs (we just graduated from undergrad), we pulled out loans for it and weren’t working simultaneously while in school. 🙂 Then we got jobs after we graduated to pay back the loans fast 😝
Why not just work like this for ten years and you have a million dollars in your account
You mean work extra extra to make lots of money? 😀
If that was the case and we worked a lot, for sure we would get burnt out. 😅 We chose to work crazy hard for a short while so later (now) can live more freely and enjoy living debt free. :) To be honest, we still each work 2 jobs right now because we enjoy it but once we have a baby, we will cut back more 😀. Also we now use compound interest to work for us with investing so then we can have a million dollars in a few years from that! 🤓
@@buildyourmoxie great plan! You jave to balance work and home life too mcuh of either is not the best money comes and goes your family amd relationships with loved ones is forever ❤ we are mostly debt free our student loan is paid off 60k all our cars our only one left is our house 🤦🏻♂️ awesome story! Congrats!
@@ewayjeng1 ooo well said!!! Balancing act!
And great work!!! 🔥🔥🔥🙌🙌🙌
Step one: marry an Asian-American. :)
you know most asian women are groomed to find a white man to marry and attempt to breed out the asian. Lots of self hate and white idolatry in the asian-american community
$311,000 in LA is the equivalent of $50 everywhere else.
"Only making $115,000" 🙄 there's how they were able to get out of it
This scream thing seems cult-like 🧐
haha I like thinking of it like a fun club after reaching a huge goal!! A long time ago, a lady on the Dave Ramsey show screamed "I'm Debt Free!" when calling in and everyone loved it so much that it became a tradition 🥰. Being able to do our Debt Free Scream was a huge dream for us as we've heard others do it for years and were always inspired!!
She looks like Zuckerberg's wife!
So 115k yr 1… 180k final yr…so 8 months in the middle was let’s say run rate of 180k… so 135k. Total of 430k… minus taxes in CA generously at 120k?..minus 311k paid back… must’ve been some significant capital gains in there otherwise they lived in CA on virtually nothing. I’m happy for the nice couple but the math doesn’t seem feasible.
😀$115-180k take home pay (after tax) :) and then we cut down expenses to around $3-4k a month :). The last year we were paying more than $10-15k each month. I’ll do another video in the future though on how we broke it down 😀. It was truly simple math. Decrease outflow and increase inflow.
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Hannah bobanna fee fie fo fanna Hannah! 😜
Don't give God credit for things you did yourself. At least that's how I roll. It takes away from your own determination and hard work as God didn't really do anything.
Disagree
He strengthens us. In Him we live and move and have our being. God loved us and sent His Son. See the Book of John.
@@lindaanderson1016 ❤
The couple I aspire to become one with my better half
awwww that is so nice of you to say 🙈🤗💕
wmaf cancer
5:27 Summary: live frugally + increase income (like they’re working 6 jobs) 🙄🙄🙄🙄 = no short cut 🫤