128: Pay Off Debt Fast With These Smart Money Moves From Whitney Hansen

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 8 June 2020

⏱️ 85 minutes

🔗️ Recording | iTunes | RSS

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Summary

Whitney Hanson is one of six children. Growing up she watched her father start a business, watched it fail, and watched him turn destructive, eventually leaving her mother to raise six kids on her own - all while making $7.25 an hour. Whitney has seen the ugly side of money - and what can happen when you have none - and decided she wanted no part of it. Money equals options, and she wanted as many options as she could get! She began to research how to build wealth, because she did not want to perpetuate the cycle of poverty. She knew she wanted to go to college, but also knew she’d have to find a way to pay for it. Rather than taking out tons of student loans, Whitney went through a 3-month cosmetology program starting the day after she graduated high school, and used the money she made as a nail technician to pay for college. Because she values financial stability over everything else, she bought a house when she turned 19 - and house hacked by renting two rooms to friends to help with the mortgage. Upon graduating college, she realized she had taken out $30,000 in student loans that now had to be paid back. Rather than allow it to rule her life, she cut out everything and worked a second job in order to knock out her debt - in 10 months! Whitney knew she had figured out how to lead a healthy financial life - and was eager to help others solve their own financial struggles. She started a coaching program to help financially empower people, and help them navigate the beginning stages of their financial journey. Whitney’s story is 100% repeatable for anyone listening. She came from nothing, and made it on her own. In This Episode We Cover: Whitney's journey with money Difference between a want and a need Her personal financial situation during highschool What her job is while she's studying college The reason why she bought a house at 19 years old Whitney's tips for students Talking about scholarships On her adulting moment Her ways on how she paid off her debt Her journey in creating a business during her MBA program Talking about her cashflow Biggest challenges that people are facing who she talk with about finances And SO much more! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Money Podcast 64 with Zach Gautier BiggerPockets Money Podcast 80 with Rich and Regular BiggerPockets Money Podcast 112 with Natalie Kolodij BiggerPockets Money Podcast 111 with A Purple Mom Personal Capital XY Planning Network The Money Nerds Podcast 13 with Mindy Jensen The Money Nerds Podcast 37 with Mindy Jensen Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Scott and I often record episodes in advance to make sure our schedules never get too full to release a new episode every week.
0:06.0	We plan to bring you stories of debt pay down earlier in the year.
0:09.0	In fact, they were scheduled to start airing on March 16th, but when the U.S. effectively shut down on March 13th,
0:15.0	we decided to put them on hold to cover the next big thing. Then unemployment reached such
0:19.4	staggering numbers that we really felt these stories should be shelved indefinitely.
0:23.0	But when I went back to listen to them again,
0:26.0	I realized these are really great stories.
0:28.0	While the world has changed,
0:30.0	there are still lessons that you can learn
0:32.0	from each one of our guests.
0:34.0	The show today features Whitney Hanson's debt pay down story.
0:37.5	But as you listen, please keep in mind that it was recorded in February in a very different time. We hope you find as much value in Whitney's story as we did.
0:46.5	Welcome to the Bigger Pocket's Money Podcast show number 128, where we interview
0:51.0	Whitney Hanson from the Money Nards Podcast and hear her story of how she paid
0:55.1	off $30,000 in debt in 10 months and hacked her way to an MBA that cost her a total of
1:01.4	$472.
1:04.3	I prioritize financial security more than anything.
1:08.1	Like that was my number one thing
1:09.7	is I have to be able to take care of myself.
1:11.7	I don't want to be in a crappy situation.
1:13.8	And so at that time, that was my driver.
1:15.9	And to me, the ultimate financial security,
	...

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