This next debt free blogger is an inspiration, and quite frankly, I like her style. She is something that doesn’t seem to go together these days; young and financially savvy. Something else that I find interesting is how she embraced minimalism to combat her prior spending habits. My wife and I have felt the liberating feeling that comes with getting rid of our crap, and recently made great money doing it. I am definitely a believer that less is actually better!
The other thing I like about FB is her nomadic side. I am very interested in what some would call being location independent. Combine the freedom of eliminating debt with the freedom to be able to work and travel without limitation, and you have a pretty adventurous life to look forward to. My wife and I have thrown around the idea of moving to Europe for a year, to see a little more of what the world has to offer than just what we know here in the USA.
I love America, and will definitely return, but that’s not to say we won’t head somewhere else later on when the time is right again. We’ve been considering it ever since Adam Baker from Man Vs Debt headed off to Australia, New Zealand, and Thailand before coming back to the states.
Fabulously Broke has a great debt free story.
Fabulously Broke (FB) is a twenty-something year old consultant who got out of $60,000 of debt in 18 months. She blogs at Fabulously Broke in the City, which is a lifestyle blog with a hint of money talk, and at The Everyday Minimalist which is all about living with less, but only with the best.
In her spare time when she isn’t blogging, sleeping or eating, she’s thinking about it.
Have a great weekend! 🙂
The Enemy of Debt Questionnaire – Fabulously Broke
How much debt did you have and how long did it take you to pay it off?
I had $60,000 and I paid it off in 18 months.
How does becoming debt free actually feel? Does it feel better than you imagined it would?
It was actually very anti-climatic to be debt free. I just transitioned, and I didn’t feel the rush I thought I would. I guess it was because I knew I’d be debt free, so it didn’t seem like a surprise, you know?
It wasn’t until I was debt free for a while that I now really feel the pride when I go through my networth and write down $0 for all my debts.
When I make money, I save it, and it doesn’t disappear from my bank account into some black hole of debt, but stays in my bank account and actually earns interest even if it’s only at 1.2%. It’s fabulous.
What were some of the struggles that you had to deal with along the way? Was there ever a time where you almost gave up?
Yes. Plenty of temptations to shop and just give up. Every time I went out with friends or went shopping with them, I’d feel the pang of wanting to spend more than I should. I ended up getting rid of my TV and trying to not go out as a result, which helped cut down on my temptations a lot.
Still, I was on the internet a lot, and reading blogs… you get jealous and envious of what people are doing with their lives, and you can’t help but compare yourself to others your age.
What would you consider to be the most important key to becoming debt free? What helped you the most?
Other than making money?
Blogging. It sounds so corny but it helped me stay focused and motivated to have such an amazing group of role models, and when I’d blog about each little debt payment, I’d be even more motivated to keep going.
It seems a lot of people have bought into the idea that debt is essential in order to prosper, what do you have to say to those people?
Different strokes for different folks and I do agree with the sentiment that debt, if used wisely could be essential in order to prosper, but I am definitely of the type who never wants to pay another interest payment again. I will avoid it as much as possible, even so-called ‘good debt’ like student loans or mortgages.
Any kind of debt to me, is modern financial slavery and total financial independence means a lot to me.
Owing is not owning.
What was the biggest sacrifice you would say you made in order to become debt free? What about you changed the most?
Giving up impulsive shopping. It felt like a huge sacrifice at that time (and sounds so stupid now), but it hurt.
I love shopping, so it was painful at first until I found minimalism and took a lot of heart in learning how to simplify and slow down my life.
I realized I didn’t need as much as I thought to be as happy and as fulfilled. I was happier without my stuff. More free… and that was the second motivation for me to continue to stay debt free and build my net worth.
I still love shopping, but now I am a lot more critical about what I buy and why I want to buy it.
I only buy and own what I want and need.
Did your friends and family give you a hard time about your new mission to eliminate the debt from your life? If so how did you deal with it? Do you think you inspired others by your journey?
People who heard were pretty supportive for the most part, but it was really the blogging community that inspired me along the way.
I didn’t really broadcast it to anyone, and I didn’t bring it up unless I really trusted the person.
It was only after I was out of debt that I quietly mentioned it to my mother, but no one else in my family because I didn’t want to be hit up for money and favours.
I think they think I’m still in debt or they don’t really know what my financial situation is, and I’d rather keep it that way. They definitely know how much I make, but they don’t know how much I’ve saved so far.
What is next for you? What financial goals do you plan to accomplish?
Well my goal in 2009 was to hit $100k net worth, but it was a bad year for everyone, especially freelancers like myself.
But in August 2010, I reached my goal at $112k net worth, and I guess my next step is $250k. I’m not really hung up on the numbers but I have nothing else to use as a benchmark, and I do plan on spending some money traveling and so on… so my net worth might dip in the times when I am off contract.
I don’t want to buy a home, and would rather rent, as my lifestyle is very mobile and modern nomad-ish.
I am not interested in buying a new car (I love my 1998 vehicle!). I guess my next financial goal is to just save more money and get financially prepared to leave this country and move and start in a new city.
Debt Free News From A Debt Free Reader Series
Debt Free News: The Kick Off – yours truly
Debt Free News From A Debt Free Reader #1 – Kelsalynn
Debt Free News From A Debt Free Reader #2 – Nick
Debt Free News From A Debt Free Reader #3 – Paul
Debt Free News From A Debt Free Reader #4 – Peter
Debt Free News From A Debt Free Reader #5 – J Money
Debt Free News From A Debt Free Reader #6 – Dustin
Debt Free News From A Debt Free Reader #7 – Fabian
Debt Free News From A Debt Free Reader #8 – Don
Debt Free News From A Debt Free Rreader #9 – Deacon Bradley
Debt Free News From A Debt Free Reader #10 – Golda
Debt Free News From A Debt Free Reader #11 – Clair Schwan
Debt Free News From A Debt Free Reader #12 – Jackie Beck
Debt Free News From A Debt Free Reader #13 – Steven Williams
Debt Free News From A Debt Free Reader #14 – Fabulously Broke
More to come…but only if I get some new submissions! 😀