It is Jen’s one year debt free-iversary so it’s only fitting that we celebrate, and talk about what life looks like after becoming debt-free! From credit card bills to student loans to car payments; debt comes in many shapes and sizes and paying it off is a lofty and noble goal, but requires hard work and laser focus. In this episode Jen talks about what it’s like to lift your head up from accomplishing this singular goal, and the difficulties in finding a new rhythm while identifying and naming new (and often diverse) financial goals. Even if you are still in your debt pay-off journey, you don’t want to miss this episode!
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- Gazelles: We hoped to have Dave Ramsey sponsor us, but we couldn’t pass up the opportunity to that the Gazelles offered.
- What the Internet has to say
- This article from Good Moneying talks about prioritizing financial goals once you have achieved debt freedom. They give an incredible, and simple, chart to assist in naming and prioritizing goals. The author recommends creating large categories of ’emergency’, ‘liability’, ‘desire’, ‘responsibility’ and writing individual goals within each category, followed by numbering each item in order of importance. This is a great exercise for anyone wondering where to begin with setting new financial goals.
- This article from Financial Panther discusses a new concept coined ‘barista FIRE’ and explains this notion of ‘financial independence, retire early’ from a little bit different of a perspective. The article argues that people may be able to attain FIRE at a faster rate if they continued to hold low paying but enjoyable jobs after a large sum of money was saved. These jobs could add a buffer to the amount of money needed each year and provide a more attainable financially independent situation, although not be completely ‘retired’. An idea worth considering!
BILL OF THE WEEK – If you want to submit your bill of the week visit frugalfriendspodcast.com/bill to record your voicemail right to the website!
- Thanks Amia! A paid bill is the best bill!
Personal & Community
- Tell us what life looks like for you after becoming debt free (or what your debt free journey is looking like) by joining our facebook at: https://www.facebook.com/groups/frugalfriendspodcast/search/?query=debt
- We look forward to hearing from you!