345: Divorced and $250K in Debt to Financially Free in 10 Years
BiggerPockets Money Podcast
BiggerPockets
4.6 • 2.9K Ratings
🗓️ 17 October 2022
⏱️ 57 minutes
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Summary
We know financial freedom is possible for those in their 20s and 30s, just starting their careers, without children and serious financial obligations. But what about those getting started on their journey in their 40s and 50s? What about the stories of those who’ve had lifelong debt, went through a financially destructive divorce, or didn’t know early retirement was an option?
Monica Scudieri, author of Grab Your Slice of Financial Independence, wasn’t financially free until recently. For the past decade, she’s been working hard to pay off a quarter of a million dollars in debt, get her investments in line, and rebuild a life that was financially set back thanks to divorce. While she sounds like a veteran money expert, Monica wasn’t always this frugal. She remembers spending 90% of her paycheck as soon as she got paid, and her ex-husband did very much the same.
After her divorce, Monica was left with an astonishing amount of debt, very few assets, and close to no cash. She worked hard for the next decade digging herself out of debt, building up a cash-flowing rental property portfolio, and financially optimizing her life in every way she could. Now, she’s financially free, coaching others on how they can do the same!
In This Episode We Cover
Financial red flags to look out for when dating (and what to do if you spot them)
Budgeting, tracking your expenses, and the smarter way to ensure you’re not overspending
Having the “money conversation” with your partner or spouse before it’s too late
Downsizing and ignoring lifestyle creep even if your partner can’t
Building a small rental property portfolio and the huge benefits of investing early
Side hustles and doing whatever you can to get out of consumer debt
Why the Honda Civic remains the FIRE movement’s vehicle of choice
And So Much More!
Links from the Show
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Check Out Mindy’s 2022 Live Spending Tracker and Budget
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Transcript
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| 0:00.0 | Welcome to the Bigger Pockets Money podcast show number 345 live in Kat 2022 |
| 0:06.4 | where we interview Monica Spudieri from grabyourslice.com and talk about going from six |
| 0:12.1 | figures that as a single parent to financial independence in just 10 short years. |
| 0:17.1 | Hello, hello, hello, my name is Nidia Johnson and joining me today is the Military Guide |
| 0:22.0 | Doug Horton from militaryfinancialindependence.com. Doug, thanks for joining me today. |
| 0:27.5 | Hi, Nidia, this is always fun to find out. This is always fun as always lovely to see you, Doug. |
| 0:33.0 | Doug and I are here to make financial independence less scary, less just for somebody else. |
| 0:38.3 | To introduce you to every money story because we truly believe financial freedom is a |
| 0:42.4 | thing for everyone, no matter when or where you're starting. Whether you want to retire early |
| 0:46.5 | and travel the world, or want to make big time investment in the assets like real estate, |
| 0:51.2 | or start your own business, we'll help you reach your financial goals and get money out of the way. |
| 0:56.6 | So you can launch yourself towards your dreams and freedom. And freedom. Oh, I love that little |
| 1:02.7 | addition, Doug. Doug is joining me today because Scott is not at Sincon. He's off. Gal |
| 1:10.5 | Advancing should we call him lazy? He's just. He's the unlaziest person I know. |
| 1:15.6 | Right. Scott is wonderful. I am the president of his fan club. I am just talking smack. |
| 1:21.8 | Doug is stepping into Doug's to Scott's shoes. Because Doug knows Monica and Monica has recently |
| 1:31.1 | written a book called Grab Your Slice of Financial Independence, where she tells her story of |
| 1:38.8 | being in six figure debt as a single parent all the way to financial independence in 10 short |
| 1:45.1 | years. And I have to tell you if a single parent in six figure debt can become financial |
| 1:51.1 | independent in 10 years. You can't do. I don't care what your situation is. You can become |
| 1:55.9 | financially independent too. So Monica's goody area. Welcome to the bigger pockets of money. |
| 2:00.4 | Thank you very much. It's a pleasure to be here. Thank you. Okay, before we get to the show, |
... |
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