What I have learned by interviewing people who are Debt Free

For the past six months now I have had the pleasure of being able to interview debt free individuals and couples on the Debt Free Living Podcast. So far I have released about 20 episodes and it amazes me how unique each story is regarding how they got debt free.  It also is interesting to me to see what each person’s “Why” is. Some got their finances together in order to travel more, some do it to quit a job they hate and do something they love, and for others it was to stay at home with their children. But as unique as all these stories are, they also share one thing. They started to pay off their debt when they started to pay attention and take control of their money.

Their debt did not get paid off by making more money. They did not get an inheritance to get debt free. They did not hire some company to manage their debt for them. THEY DID IT THEMSELVES! They had to decide to find out where their money was going each month. They had to decide to stop overspending wherever they were overspending. They had to decide that using debt as a “tool” was not the way to prosper financially and they had to care enough about their finances to pay down their credit cards.

So if you are still in debt and want to get out but do not know where to start, I would suggest looking at yourself first. Yes, it would be nice if some long-lost relative left you an inheritance or if you got a job quadrupling your salary. But that is unlikely to happen, so you need to look inward and figure out what you need to change in your life for you to reach your goal of becoming debt free. Maybe it is caring enough to develop a budget to control your spending. Maybe it is figuring out how much debt you really have and developing a way to pay $500 a month extra on it. Or perhaps it is making the decision to develop a game plan together with your spouse and get on the same page instead of having one of you saddled with the money responsibilities. Whatever it is, you have to decide to change! Change is hard, but it is worth it. By identifying areas where you need to change you are taking a step in the right direction towards getting to where you want to be financially.

So what about you? What changes happened to you when you started to pay attention and take control of your finances? I would love to hear it and if you would be interested in sharing your story for the Debt Free Living Podcast please email me at JWFinancialCoaching@gmail.com

7 thoughts on “What I have learned by interviewing people who are Debt Free

    • The problem with that TB is what if that inheritance never comes to fruition? I would rather do it on my own and that way I have a 100% guarantee that I will get debt free! Then when that inheritance comes it will money in the bank. :)

  1. Jacinta on

    “They started to pay off their debt when they started to pay attention and take control of their money.”

    I guess this is the money management tip that we all need in order to be debt-free. I find it ironic that we start to take note of what we are spending when we want to allocate money for something important.

    • That’s a great point Jacinta, knowing where our money is going becomes very important when you have a goal to reach.

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  3. I am one of your interviews that actually got thisclose to complete debt freedom including the mortgage, but now we’re buying a second home. BUT, we will be using the rental income from our current house to pay off that last $26,000 and then will put it all towards the new mortgage too. We do it to get closer to financial independence.

    • Hey Crystal good to hear from you! What I loved most about your story was how taking control of your finances led you to having success in other areas of your life, including your career. I’m also excited to hear about your new house. You’ll have to be on a second time when you pay off your house. :)

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