Last Updated on February 21, 2020

Last year, I started new series on the blog where I interview people who are completely debt-free. As I immerse myself into this debt-free journey, I get inspired by reading the success stories of those who have become debt free! These stories drives my motivation to keep going as tackle my outstanding debt.

Today, I have an inspiring story to share with you. Meet Maia and Henry. To date, they have paid off $107K of debt in three and a half years. I love this couple because their transparent about everything. They have no problem sharing how they incurred their debt. The way they break everything down, makes you feel like you’re sitting in a living room and having candid conversation with them. Their back story led me to follow them; they’re relatable.

I hope their story inspires you to stop competing with others and start your OWN debt free journey!

Tell me about yourself?

We (Henry & Maia) are passionate about financial freedom. We didn’t always live this way. Initially, we were very much caught up in the whole keeping up with the Joneses mentality. Together we made a little over $100k/year. Henry was a paramedic and I am a Pathologists’ assistant (a specialized physician assistant). We had the big house, motorcycle, nice cars and all that jazz but we were living paycheck to paycheck. The truth is that it was easy to access all of these material things because we both had good credit. The problem is that, the debt was spiraling out of control and we didn’t even have an emergency fund in place.

That all changed after we read the Total Money Makeover by Dave Ramsey. We went totally beast mode and paid everything off in a matter of 3.5 years. We were so excited that we decided to start our debt free series Debtbunked. Debtbunked was designed to teach other people the steps to getting out of debt; but unlike reading a book, we were there to hold people accountable. We would host weekly lessons and the students had direct access to us for personal questions. But charging people to get out of debt just didn’t feel right to us anymore. So we decided to take a different approach and we started posting videos on our youtube channel relativelyrichlife with the exact same information. We just started a couple of months ago, so we are still uploading videos. It’s really exciting to share this info with others.

How much debt did you have and how much did it consist of?

We had $104k in debt which consisted of student loans, car loans and credit card debt. Additionally, we also had a $300k mortgage on a house that was underwater. For those that haven’t heard of that term, it means we owed more than what the house was worth. That was due to the housing bubble of 2007. We bought the house at the wrong time. We decided to move in with Maia’s parents and this helped us to get out of debt much faster than we initially anticipated.

During that time, we rented out our house and used the cash flow to pay off our debt even faster. When we first created our debt-free timeline, it was going to take 7 years from start to finish. By moving in with family and renting out our home, we were able to cut that timeline in half. Many people say that there is no way that they could move in with family, but it really boils down to how motivated you are. Like we said, we were in beast mode and we really wanted to pay off our debts.

What factors led you to become debt-free?

We were both getting really burned out at work. We also worked opposing shifts which made it difficult for us to make plans together. Maia’s hours were constantly changing and she was on call frequently which she didn’t like. She was getting the urge to cut back at work but with the amount of debt we had, that wasn’t really an option. We also wanted to teach our children about fiscal responsibility. Passing down generational wealth is very important to us.

In order to have more flexibility, we took on some pretty extreme measures to get out of debt. We got rid of our $600 SUV payment and bought a certified used camry for $8k. That alone wiped out over $30k in debt. We also drastically reduced our spending by allotting $50/month for our allowance. We only used cash for all of our remaining expenses.

What sacrifices did you make to become debt-free and why was it hard to give them up?

During our journey, it was really tough in the beginning.There was always something going and we often found ourselves saying no. Invitations to parties, vacations, shopping you name it. Something going on and we had to learn how to say no, this took some time to get used to because it was not what we were accustomed to. To be honest, it is just easier to tell people that you are on a debt free journey so that they understand that you are trying to achieve a goal. Having said that, there are ways to still have fun and not live in a cave during this process. It just involves a little creativity. It’s important to incorporate things you love to do into your budget as well. Otherwise it will not be sustainable.

Yes. We started an importing business and sold products on Amazon. Henry also got his real estate license. Not only did he use his license for clients, he was able to make additional money by performing Broker Price Opinions. He also would occasionally drive lyft.

What advice would you give to someone who is currently in debt and doubtful that they can pay it off?

My advice would be to write down your goals and create a vision board. It can be difficult to work towards a goal when you don’t know your why. Also it may be discouraging if your debt is overwhelming in comparison to your income. That is why side hustles are so important. Think of those things in your life that you are really good at and figure out ways to monetize them. If you can’t think of ways to make money off of your talents and skills, then google it. My other piece of advice would be to stick with your 9-5 and use it to your advantage.Stash money like a madman and build your empire.

Now that you’re debt free and you have financial freedom, what are your future goals?

I will continue to work part-time so that we can continue building our real estate portfolio as well as our retirement accounts. Once we achieve that magic number, I will leave my job so that we can travel full-time. We may eventually relocate abroad just to try something new.

Tell us where we can find you on social media to learn more about your journey?

You can find us on Instagram. Our Instagram handle is @relativelyrichlife

We also have a YouTube Channel that features our Debt Free Series. Click here to visit our channel.

Interested in more debt-free success stories?

Great interview, right? Maia & Henry have definitely put things into perspective for me. It’s my goal that their interview encouraged you to start your own debt free journey or perhaps keep yours going!  Be sure to check out the other debt free stories by clicking here.