10 Things That Helped Us become Debt Free


Welcome to learn hustle grow. I’m Rob and I’m Reshawn on if you are interested in all things money real estate and travel. This is the place for you In this video we’re going to talk about ten things that helped us become debt-free We’ve been asked by friends and family in life. What are the factors that helped? You become debt-free Without a mortgage real estate investors before the age of 50 Number one joining our finances being transparent when it comes to money helps build trust And also we have a shared checking and savings account number two Tracking our spending we use online banking tools as well as a budget spreadsheet in Order to help us understand where our money goes our monthly cost of living expenses and where we need to make changes We review our finances together once a month and we discuss all household purchases over $100 number three establish savings accounts for specific goals Such as an emergency fund investment accounts and a travel account Number four establish individual allowances or blow money these are funds to be used for those things that do not necessarily benefit the household some examples might be electronics spa days games or purses we agreed on a flat amount per pay period some of us have 24 pay periods a year while others may have 26 This is the discussion you want to have to ensure that the allowance is fair number five Automating our savings and giving retirement savings were set to automatic withdrawals College savings were going directly to a 529 fund tithes are set up to go out automatically and charitable donations done via payroll deduction Number six housing neither of us are native Texans, but we both recognize the value of a lower cost of living Texas is one of nine states with no state income tax in 2013 we purchased a 2,600 square foot 4 bedroom 3 bathroom home for $300,000 we live in the suburbs we could afford to live in a more hip area, but we chose not to purchasing a home under 3,000 square feet also reduces the cost of repairs and utilities such as One hot water heater one a/c unit and lower cost of insurance Number seven our kids attended public schools our high property taxes paid for a quality public schools in our area Number 8 understanding credit good credit allowed us to get the best rates on our mortgages car loans and insurance When we use credit cards, we pay the balance in full every month to avoid interest payments we also take advantage of credit card reward programs and Loyalty programs to cover the cost of hotels rental cars and flights whenever possible Number 9 driving paid for cars we purchase used cars and we have not had a card note in eight years According to the balance calm the average car payment in 2017 was four hundred and seventy nine dollars a month 5748 a year or forty-five thousand nine hundred and eighty four dollars over eight years Number 10 set big goals and small milestones We created a plan to pay off our debt early We add the total bed and then broke it down to an annual and monthly payment for example, three hundred thousand dollars over ten years is thirty thousand dollars a year or twenty five hundred dollars a month Essentially it all comes down to choices communication and planning We understand that all our choices may not work for everyone But we hope that we have shared one or two things will help you along your journey Until next time this is Lauren hustle grow

3 thoughts on “10 Things That Helped Us become Debt Free

  1. I'm glad you mentioned quality public schools. I learned that one of the things that your property value is based on is the rating of the school district.

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