Debt Archives - Page 3 of 38 - Making Sense Of Cents

10 Statistics About The Money Habits Of The Average American

April 30, 2018 BY Michelle Schroeder-Gardner - 38 Comments

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10 Statistics About The Money Habits Of The Average American As a personal finance expert, I always come across spending statistics that surprise me, make me sad, and some that make me worried.

The statistics in this blog post are about people’s average money habits, and they may surprise you. But, I want you to be aware of them so that you can be better than “normal.”

Maybe you will find them so shocking that you will think twice before you buy something, or they may even cause you to drastically change how you spend money.

I do also want to mention that even if you are doing better than the average person, there is always room for improvement.

You should always strive to do your best as sometimes “average” is not good enough for you to live a financially successful life. Keep in mind that the average person is not the greatest with money, and many are wrecked with stress and hardship due to their unfortunate financial situation. [Read more…]

How We Paid Off $100,000 in Debt in 40 Months: Marriage and the Military

April 20, 2018 BY Michelle Schroeder-Gardner - 11 Comments

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Hello! Today, I have a great debt payoff story from Nolan Martin. Nolan is a military officer who successfully paid off $100,000 in debt in just 40 months. Below is his story.

We were incredibly anxious to get our lives started together. Fresh out of college and new to the military life, I convinced my wife, Erin, to marry me. Like most new couples, we both entered the relationship with plenty of debt on both sides. I was fortunate enough to receive a “career starter” loan of $35,000.

Erin represented the “normal” in America with over $40,000 in student loans. Then of course came the things you have to buy in a new marriage: the car, the house, and the puppies. On February 1^st, 2012, we had accumulated over $100,000 in debt.

The reality didn’t really hit us until we looked at the bank account after getting our first house. When you see the summary page of your accounts and it says, “You Owe $297,000,” it is enough to make you realize that you have to make some significant changes.

It was on this day, that Erin and I realized we wanted to live a debt free life and were willing to make the sacrifices it would take to be successful. [Read more…]

I Thought I Was Too Good For Community College

April 16, 2018 BY Michelle Schroeder-Gardner - 73 Comments

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4 reasons you should go to community college first Whether you are about to head to college (no matter what your age may be), if you have a child who is about to attend college, or if you know someone who is about to experience this, then this article is for you.

When I was around 17, I applied to several different colleges, but one mistake I made was that I didn't even give community college a thought.

Unfortunately, there is a stigma attached to going to community college, like thinking it is for those that can’t get into a “regular” college, for those that don’t have enough money, or for those that have no other options. When, in fact, these are all far from the truth.

And, sadly, I bought into these myths and thought I was too good for community college.

The stigma about going to community college is absolutely ridiculous. [Read more…]

How I Paid Off Over $42,000 in Student Loans in 34 Months (Earning $36,000 Per Year)

April 6, 2018 BY Michelle Schroeder-Gardner - 29 Comments

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Today, I have a great debt payoff story from Val Breit. She paid off $42,000 in student loans in 34 months, while earning $36,000 per year. Below is her story. Enjoy!

How I Paid Off Over $42,000 in Student Loans in 34 Months (Earning $36,000 Per Year) I burst into tears.

For the first time, I was selecting my own student loan lender to help pay for my graduate school tuition.

After seeing the chart that explained the $50,000 I projected to borrow for college would actually cost me nearly $100,000 to repay, I cried. Hard.

I knew I was not going to earn very much as a school counselor, so I felt like this was a death sentence. I was going to be paying off this student debt forever.

After this harsh reality slapped me across the face, I got my act together and decided I was going to do whatever I could to avoid paying that horrifying $100,000 amount.

After 6.5 years, I graduated with a 4.0, a master’s degree in school counseling, and over $42,000 in debt. After consolidating, my loan servicer put me on the standard 20-year repayment plan, but I knew there was no way I was going to be paying for my college education that long. [Read more…]

One Year Later: My Extraordinary Interview Series Roundup

April 4, 2018 BY Michelle Schroeder-Gardner - 18 Comments

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One Year Later: My Extraordinary Interview Series Roundup One year ago, I launched a new series here on Making Sense of Cents where I interview people who are doing extraordinary things with their lives.

I started this new series because I wanted to show you all real stories about financial successes, and I wanted you to get to know the people leading these extraordinary lives.

I figured this would not only be great motivation, but it would also show everyone the different things that are possible. Plus, interviewing these amazing people is a great way to learn from them as they share their secrets to success with us.

Here's a quick snapshot of the people I interviewed this year:

How This 28 Year Old Retired With $2.25 Million
This Successful Entrepreneur Went From Welfare To Earning Millions – Interview With Kimra Luna
From Rags To Riches- How Tina Immigrated To America With Nothing And Now Has A Net Worth Of $2,000,000
How This Couple Does Van Life With A Baby (and a dog!)
How This Successful Family Of Four Makes Travel Blogging Work For Them
How This Family Moved To The “Hood” And Paid Off $120,000 In Debt
How This Couple Bought An $11,500 RV, Traveled To All 50 States, And Built A Thriving Business
How This Couple Paid Off $204,971.31 In Debt
How We Paid Off $195,000 In Debt In 18 Months!
How This 29 Year Old Is Building A Real Estate Empire
How Elizabeth Reached Financial Independence By 32 And Moved To A Homestead

[Read more…]

7 Ways My Relationship With Money Has Changed

April 2, 2018 BY Michelle Schroeder-Gardner - 46 Comments

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7 Ways My Relationship With Money Has Changed It's crazy to think about how much my life and my relationship with money has changed in just a short amount of time.

I still remember, quite vividly, struggling with money and living paycheck to paycheck. I remember thinking about how $25 could completely break me, crying over dropping food because I was so stressed out and every dollar mattered, and more.

And, it wasn't just that I didn't properly manage my money, I also had an unhealthy relationship with money.

I still have a lot more room to grow, but I do think that my relationship with money has greatly improved over the years. And, it can only get better from here.

It's not just because I’m earning more now than I used to. I've learned a lot about myself over the years, and I've also learned more about money, which has helped empower me. [Read more…]

Your Financial Freedom Checklist

March 21, 2018 BY Michelle Schroeder-Gardner - 18 Comments

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Financial freedom.

Financial freedom. Everyone wants to reach it but not everyone puts in the effort to make that a reality. Well, today, I want that to change. Money isn't everything, but to improve your life, it can make things easier if you are smart about it. Everyone wants to reach it, but not everyone puts the same amount of effort in making it a reality.

Well, today, I want that to change. Money isn't everything, but to improve your life, it can make things easier if you are smart about it. And, having a financially secure future is one of the smartest ways to use your money.

Here’s exactly what I mean when I use the term financial freedom:

Financial freedom is when you are able to live life without constantly worrying about money. It's when you feel comfortable enough to follow your passion, instead of thinking about the income you are bringing in. It allows you to not stress about an unexpected expense because you have an emergency fund.

Financial freedom isn't about how much money you make. It's about how much you save, your financial habits, your financial goals, and more.

Depending on your situation and what you want out of life, you may be able to think of some things to add to that list.

So, whether you have a financial goal for this year, if you're creating a five year plan, or whatever your goal may be, here is a financial freedom checklist so that you can start improving your financial life. As you knock each one off of the list, you'll get closer and closer to financial freedom! [Read more…]

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