424: How This Teacher Squashed $20K in Credit Card Debt and Hit Coast FI by 32

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 26 June 2023

⏱️ 63 minutes

🔗️ Recording | iTunes | RSS

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Summary

Coast FI by 32 after racking up $20K in credit card debt only a few years earlier!? However unlikely this turn of events might seem, the truth is that any money story can be turned on its head with a little financial know-how and good money habits. And today’s guest is living proof! Having accumulated $20K in credit card debt by the time she graduated from college, Yanely Espinal wasn’t exactly on the straight and narrow path toward financial freedom. But after reading Suze Orman’s Women & Money, Yanely was inspired to take control of her finances. Within 18 months, she had not only wiped out her debt entirely but also catapulted herself toward financial independence—a goal she would achieve before her 32nd birthday. Yanely has since made it her life mission to champion the financial literacy movement and push for financial education requirements in all states by 2030. Whether you’re at a crossroads in your financial journey, waist-deep in consumer debt, or well on your way to FIRE, there’s something for everyone to take away from Yanely’s story. In this episode, she shares her game plan to getting out of debt, achieving coast FI, and the keys to improving financial literacy in schools. As always, our trusted hosts Mindy and Scott join the conversation to help demystify several money topics—from overcoming generational poverty to creating multiple income streams and more! In This Episode We Cover The dangers of high-interest credit card debt (and how to get rid of it!) How to achieve coast FI as soon as possible and retire comfortably Breaking the cycle of generational poverty in the United States The THREE keys to improving financial literacy in schools What YOU can do to help propel the financial education movement forward And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Money Moment From $50K in Debt to Financially Free in 2 Years w/ Lots of Ups & Downs Compound Interest Calculator Grab Your Copy of “Women & Money” by Suze Orman Grab Your Copy of Yanely’s Latest Book, “Mind Your Money” Track Your State’s Movement for Financial Education with the NGPF Bill Tracker MissBeHelpful Website Click here to check the full show notes: https://www.biggerpockets.com/blog/money-424 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the bigger pockets money pod Casper. We interview Yaneli Espinal
0:04.9	Miss be helpful and talk about the mission to teach financial literacy to our youth
0:10.2	Hello, hello, hello. My name is Mindy Jensen and with me as always is my financial education proponent co-host
0:15.7	Scott Trent great to be here Mindy love talking about financing personal finance. I love talking about personal finance
0:22.6	Scott and I are here to make financial independence less scary
0:26.3	Less just for somebody else to introduce you to every money story because we truly believe financial freedom is
0:32.3	attainable for everyone no matter when or where you're starting
0:35.8	That's right whether you want to retire early and travel the world go on to make big-time investments in assets like real estate
0:40.4	Start your own business or help speed along the introduction of legislation that will teach financial literacy to high schoolers in your area
0:49.1	We'll help you reach your financial goals and get money out of the way so you can launch yourself towards your dreams
0:53.4	Scott today is a fantastic episode. We have an absolute
0:59.6	Fireball of a guest Yaneli Espinal is so excited about financial literacy and so excited about bringing that to our
1:09.3	High school students across America
1:11.6	This is her mission in life and the whole reason it is her mission in life is because she grew up not knowing what she was doing with money
1:19.8	Does that sound familiar Scott to have we ever talked to anybody who didn't know what they were doing about money
1:26.1	Only I think everybody ever on the show so this is absolutely necessary and I'm so excited to bring her in today
1:33.5	Yeah, I think that there's a lot of people who didn't know what they're doing with money and
1:38.5	Not a lot of people who are making a bigger dent and solving that problem than in LA
1:43.8	So I think it's a pleasure to hear from her today
1:45.7	And I think it'd be very impressed with the work that she's doing in the mission she's on absolutely
1:50.2	Before we bring her in we have a new segment on our show called the money moment
1:54.2	Where we share a money hack tip or trick to help you on your financial journey
	...

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