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BiggerPockets Money Podcast

143: How to Pay Off $160k in Debt in 3 Years While Making $90k

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.62.9K Ratings

🗓️ 21 September 2020

⏱️ 78 minutes

🧾️ Download transcript

Summary

Shannon Gauthier discovered the debt she and her husband had gotten themselves into when a debt collector caller her at work and she started asking questions. Shocked to discover $30,000 in unpaid debts, she quickly found herself a single mom as her husband left. She tried to pay them off as best she could, but found herself somedays deciding whether to buy a gallon of milk or a gallon of gas to get to work. Fast forward a year, and she met a new man who brought significant debt with him to the relationship - to the tune of $60,000! Each of their divorces added more debt to their pile and at the height their debt totaled $160,000. Their income trailed this debt at $65,000 and they knew they'd have to do everything in their power to knock out this debt. They moved in with his parents to pay lower rent and have someone to watch the kids while they worked. They couponed and did free things with the kids to be able to throw every single dollar they could at their debt. This approach paid off, because by the end of the year, they will be completely debt free and be able to start saving and investing and working toward financial freedom. If you're in debt and see no way out, this episode will show you there IS a way to paying down your debt, that it isn't always easy, pretty or fun, but it CAN be done. Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Dave Ramsey Pinterest BiggerPockets Money Podcast 130 Mindy's email Check the full show notes here: https://www.biggerpockets.com/moneyshow143 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Welcome to the BiggerPuckus Money Podcast, show number 143, where we interview Shannon Gothier and hear

0:06.7

her story of massive debt pay down.

0:09.9

Not realizing that it was important, I guess, is the strangest thing, but you don't know what you don't know.

0:13.7

And your experiences are what they are, but not being able to have those many conversations and

0:19.3

focus on things

0:25.0

are fine is never gonna be okay ever.

0:28.5

And that would probably be the one thing

0:29.8

that I tell everybody is you need to,

0:31.8

if you're not even, if you're not paying the bills, you need to if you're not even if you're not paying the

0:33.3

bills and you need to look at the statements you need to see what's being spends and

0:37.6

actually have some control and some say so over that.

0:40.0

Hello hello hello my name is Mindy Jensen and with me as always is my effervescent co-host

0:45.1

Scott French.

0:46.1

Thank you as always for the bubbly introduction, Mindy.

0:50.9

Scott and I are here to make financial independence less scary, less just for somebody else,

0:56.6

and show you that by following the proven steps, you can put yourself on the road to early financial

1:00.8

freedom and get money out of the way so you can lead your best life.

1:04.8

That's right. Whether you want to retire early and travel the world, go on to make big time investments

1:08.2

and assets like real estate, or simply pay down your debt. It will help you build a position capable of launching yourself towards those dreams. Scott I am so excited to bring Shannon's story to our listeners today because she has a story with some

1:35.4

challenges in there. She had quite a bit of debt I believe at one point it was

1:39.8

hovering around a160,000

1:43.8

while she and her boyfriend were making between

...

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