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Hey Coin Countin Community! I have another debt-free story to share with you!
Today, I’m sharing Anne’s story of how she paid off her six-figure debt within a 2-year span.
Before I get started, I just want to say that being debt-free is a choice. Some individuals may choose this lifestyle and others may not.
There are naysayers are EVERYWHERE! They can’t believe that people actually adhere to budgets, meal prep, put in overtime hours and even pick up side hustles in an effort to become debt-free. If you’re one of those naysayers or internet trollers who take pride in tearing down the hard work of others, you can exit stage left right now. I don’t have the time nor do I have the patience for it. DEUCES!!!
Personally, I don’t know many people in my immediate circle who are debt-free. So, I take pride in connecting with ordinary people on social media who have the same goals and aspirations as myself. Although I may not physically know them, the connection that we share is enough! I’m sure they rooting for me just as I am rooting for them.
Anne’s journey is hers, just like my journey is mine and your journey is yours. We may take different routes to become debt-free, however, at the end of the day, we’ve achieved the same goal!
Today, I will be sharing Anne’s amazing story of how she became debt-free. Her payoff progress, in my opinion, shows me what being gazelle intense looks like! To date, Anne has paid $417,882.47 in 24 months.
Thank you Anne for sharing your story! For those of you who are interested in learning more about Anne and her journey out of debt, follow her on Instagram @annenguyen49
Tell me a little about yourself.
I started dental school in Utah back in 2013, met my husband in 2014. We got married in 2016 and I graduated in May 2017 with a degree I love and a debt I still can’t believe I took out!
What did your debt consist of and how much did you (or do you) owe?
I was $417,000 in debt! This amount includes 20k from Undergrad and roughly $350k-ish from dental school. The remaining amounts were the interest that capitalized once I graduated plus the accrued interests during the payment period.
At what point did you realize you wanted to be debt-free?
When we almost fainted looking at the interests of my student loans capitalized and became the principle the week after my graduation.
How did you make additional money to clear your debt?
My husband added another part-time job. He also started a graduate program, and since he had been in the army for a long time, his tuition and housing were paid for, and the housing stipend helped us with our mortgage and freed up extra money that way as well. I get paid a base salary and a bonus monthly from work, so as I gained more experience and become faster and better at my job, the bonus also increased.
What was the most difficult challenge you faced in eliminating your debt?
Living on a strict budget definitely! This required a lot of planning and self-control. We had to really teach ourselves to only spend money on the things we need, not want, and man, that did not come naturally at all. We also had to be extra creative when it comes to fun activities.
Now that you’ve reached this goal, what’s next for you?
Oh man, so many things to do when you finally get to start at 0 😂. We are working on catching up on our retirements, giving my husband a car update that he desperately needs, adjusts our budget to include home improvement projects and vacation funds, increase our groceries budget and paying extra towards our mortgage, and get ready for a baby!
Is there anything else, you’d like to share with those who are seeking to become debt-free?
I really hope my story doesn’t make too many people mad or discouraged. After reading some of comments on Dave Ramsey’s IG page, I got scared. I know our story is not very relatable to a lot of people… But at the same time, I think there is a lack of representation for people who have massive debt from their education and then successfully paid it off before the usual 25 years, so I really hope that my story can show everyone, and especially those people who are in these situations, that it is possible and motivate them to try getting rid of their student loan debts sooner as well. Live like you have nothing, and make as much as you possibly can, is the fastest way to get on that debt-free train!!