Tell us a little big about yourself
I’m a business coach and have a web show where I have interviewed over 175 millionaires. All the interviews are free on my site, which is called Eventual Millionaire.
How did you acquire $70,000 in debt? What did that debt consist of?
I had a loan for a Honda Civic $19,300, a student loan on which I owed $3,400, a second student loan of $22,780, and a home equity loan totaling $24,560.
What did it feel like to have that much debt?
Constricting. I couldn’t make the choices I wanted to (like quitting my job!) because I had too many bills to pay.
How long did it take you to pay it all off?
What resources did you use to help you through this process?
Books! The Internet didn’t have a lot of stories or podcasts way back when (8 years ago) and so I read a lot of Dave Ramsey and Suze Orman. I also listened to the Dave Ramsey show every day for added encouragement.
Did you face any challenges along the way?
A TON! We had to make the decision to sell the brand new car. It only had about 1,000 miles on it. Plus I got pregnant within the 16 months – so I had to do it all – work extra, pay off debt, etc. while I was pregnant!
How did this affect your marriage?
It brought us closer together – once we got past our differences in the beginning!
What were you doing for a living while you were paying off the debt?
I was a project manager for a video on demand company. My husband at the time was a professional juggler.
How did it feel once you paid it all off?
AMAZING! I was able to quit my job just a few months after the debt was gone.
What practical tips do you have for people looking to pay off their debt?
Keep with it. I like seeing it like a game. I would go to the grocery store and see how little we could spend. When you think of it like a game you have a lot more fun. 🙂 Also, enjoy the journey, even when you are paying off the debt!
What steps are you taking now to stay out of debt or to build wealth?
I pay cash for cars and don’t take loans. And I’ve been growing a successful business so I’ve made more than I ever did before in corporate AND I have the freedom I want and the passion for what I do! I couldn’t have imagined it any better 🙂
To learn more about Jaime, and to learn from millionaires about how to become a millionaire, you can head over to Jaime’s site, Eventual Millionaire.
Note: This is part of a series called “Debt Success Stories” which features people who were able to pay off a significant amount of debt. If you have a Debt Success Story I would love to hear about it. Please visit the contact page to let me know the details.
Refinance Your Student Loans or Credit Card Debt
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