Whats Next

03/22/19 • 12 min

Chain of Wealth - Debt, Investing, Entrepreneurship, Wealth & More

Katie has successfully paid off her student loan! Like other people's success story about being debt-free, it does not stop there. You need to continue your plan and making that plan means figuring out how much money you have to work with and deciding how to spend it.

Welcome!

[4:45] After being debt-free, what's next for me?
● You can celebrate but no need to spend a lot!
● Shopping-spree after completely paying off your loan is not a good idea.
[8:42] Katie's plan after the wedding is paid
● Maxing out IRAs
● Making sure to have enough money on emergency fund
● Maxing out savings
● Keep expenses cheap
[10:16] What are dividends?
● Payout for companies shareholders
● Returns from stock investments

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Welcome!

Previous Episode

Student Loan is Gone!

Today’s episode is a bit different because we have a special occasion to celebrate. Katie’s student loan has been paid off! Yes, you heard it right! Listen about her journey and on what she’s really been trying to achieve.

Welcome!

[1:25] Let’s get to know Katie and her story
● She is 30 years old now, teaches elementary and has always taught public school until she moved to Virginia
● She was a typical college student in her 20’s, took a student loan and thought she’d be paying it for the rest of her life
● Moved to Virginia in June 2017, has known Denis for over a year at that time

[6:35] How much did Katie have and owe back then?
● Denis calculated everything and figured that Katie owed almost $200K
● Katie was in so much debt not because of spending much on anything, but on not-so-great decisions with her car and student loans
● Denis created a plan for Katie which started with selling her house, and was sold at 20% more
● She got a Honda which costed more than a high-end BMW, and monthly repayment was $663 for 7 years

[12:30] How did you tackle your student loan?
● Katie was teaching at a Title 1 school, where loan forgiveness was offered
● Loan forgiveness application took 6 months; was eligible for $5K
● Started freelancing and their podcast channel was mainly born out of this debt journey

[17:30] What exactly did you do?
● Denis gave one condition for Katie to prioritize paying off her debts
● All her salary was spent on paying her debt, and avoided shopping
● Kept re-adjusting her goals, instead of quitting when not hitting them
● She was earning $2400, but was short for $700-$800 on her monthly repayments
● Did some side hustles like private tutoring, freelance editing, etc.

Next Episode

Lily Nwora of Dresses and Dumbbells

Lily Nwora is a personal trainer and founder of Dresses & Dumbbells have been featured on multiple news, media, and print outlets. Lily paid off $70,000 over 3 years and knocked out $40,000 in 2018 alone!

Welcome!

[:] Tell us a bit about yourself

Registered dietician and personal trainer and acquired some debt
Mainly student loans

[:] What financial hurdles are you most proud that you have overcome?

Lifestyle creep was hard when she started making money and wanted a big apartment
You’re (almost) always going to have some living above you so if it’s in an apartment building or basement, it doesn’t make much difference.

[:] What link do you see between physical fitness and financial fitness?

Consistency
Having a set plan
Setting a deadline
Putting in place a plan that you’ll actually stick to!

[:] What was you plan to pay off debt?

Lily didn’t make a plan and was enraged when she discovered how little went to her principal payments
Started listening to Dave Ramsey and started paying off extra each month (over 3 times!)

[:] Give us a 60 second elevator pitch about your workouts.