Lesson #111-How to Pay Off $120K of debt in two years with Guest Monica Louie
Today we continue with our series of guest interviews by welcoming Monica Louie from OurDebtFreeFamily.com to the show. Monica is a fellow financial coach and today she shares how her and her husband paid off $120,000 dollars in exactly two years.
They always wanted to become debt free, but something really clicked when Monica heard a story of how another couple had become 100% debt free including their home. After Monica heard that story she felt like her family could do the same thing.
When hearing the Louie’s story, what stuck out to me was the extreme sacrifice they made to reach their goal. Not only did they downsize from the home they bought right when they got married, but they also sold a car, a motorcycle, and lived away from each other for a while to earn extra money.
Also listing out all of their debt and sticking to a budget each month went a long way towards keeping them motivated to pay off their debt.
Today the only debt they have is the one on their home and their goal is to pay that off by the time they are 40. Monica says that having a common goal and being on the same page with her husband has greatly impacted their marriage.
"If you want something bad enough, then you iwll do whatever it takes to make it happen" ~ Monica Louie
For more information on Monica please check out the following
This lesson’s quote is brought to you by Audible.com.
“You'll only truly sacrifice when you passionately believe in the outcome” – Dave Ramsey
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