EP01 Money Stories: Trish Answers - How Far Would You Go to Pay Off Debt?
The Jesse Mecham Show
YNAB
4.7 • 1.1K Ratings
🗓️ 31 December 2020
⏱️ 27 minutes
🧾️ Download transcript
Summary
YNAB is bringing back the Debt Stories... but this time we're calling it "Money Stories." In this series, Jesse interviews YNAB users about their incredible stories using YNAB to pay off debt, plan for life, build their savings, and more.
In this episode, Jesse interviews 34-year old nurse Trish. Though very hard working and driven to succeed, Trish found herself in $50,000 of debt despite working multiple jobs. Her unusual work arrangement meant that she went long periods of time between paychecks -- sometimes receiving multiple paychecks at once, months apart -- during which time she began relying on credit cards to ensure she had enough money to cover emergencies and unexpected expenses.
The credit card balance continued to climb, however, and, when combined with her car note and student loans, the monthly payments began eating up a large portion of her cashflow. Fed up, Trish decided to make some changes.
Focusing her energy and work ethic on her money, Trish decided to make drastic moves to pay down her debt for good. She began by selling nearly everything she could in her flat on Facebook, netting nearly $3,000. In addition to her two or three regular jobs (besides nursing, she teaches at a university and works as a technician for a pottery studio), she took small jobs whenever she could: transcribing, dog walking, etc. It was an intense experience, and she knew she could not sustain it long term, but harnessing her energy in these bursts jumpstarted her savings.
Are you ready to take the challenge? https://www.youneedabudget.com/34dayreset/
Transcript
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| 0:00.0 | Hello, I'm Jesse. I'm the founder and CEO of Wienab. You may be sitting there wanting your finances to be a little bit different. |
| 0:08.6 | Maybe you want the savings account to be a little bit bigger or the credit card balance to be a little bit smaller. Maybe you're wanting to be a little bit bigger or the credit card balance to be a little bit smaller. |
| 0:14.6 | Maybe you're wanting to have more to show for the money that you make or you're just wanting to |
| 0:19.3 | kind of retool those spending habits that maybe have gotten a little bit out of control. I do |
| 0:24.4 | understand that. I understand what it's like to want to make a change and you just |
| 0:28.9 | can't get traction. Well, join me. We're going to do a little boot camp for your bank account. You're going to adopt |
| 0:39.6 | three behaviors for the next 34 days that will begin to radically change the |
| 0:46.9 | mindset you have about money. Start to flex some new or maybe just tired |
| 0:51.1 | muscles. Either way, for 34 days without exception, you will track every single |
| 0:58.7 | penny that you spend. Number two, you will only spend money on things that are absolute essentials, which should make |
| 1:06.7 | number one easier, and number three, do not, under any circumstances, eat out. |
| 1:13.0 | Some people lament that. |
| 1:14.7 | I think it's going to be a lot easier than you think out of the gate. |
| 1:18.5 | Without exception, you will do those three things. |
| 1:22.0 | Based on what we've learned, after 34 days you should have at least $1,000 in your bank account |
| 1:28.1 | that wouldn't have been there otherwise. |
| 1:30.1 | And you can then take that money and apply it to the change you're looking for. |
| 1:34.0 | So, join us for this 34-day reset. |
| 1:38.0 | Let's go. Hello, why never's ever's my name is Jesse Meekham and this is a very special |
| 1:47.2 | podcast episode today. I want to bring you another debt story. I spoke with Trish |
| 1:52.1 | and all story I spoke with Trish and I'll leave most of you just in suspense here but I just |
| 1:57.4 | got to say this as I talk with Trish we figure out just how crazy one can go in order to pay off a large massive life-changing |
... |
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