213: Getting Out of 50k of Debt in Two Years

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Nobody likes being in debt, yet many of us struggle with it most of our lives. Unfortunately, debt has a way of piling up faster than many realize. For example, most students don’t take their student loans seriously until they hit unmanageable figures. If you’re wrestling with student loans, mortgages, car loans, or credit cards, it can feel like there’s no way to dig yourself out. But it’s possible. People have done it, but it all starts with crafting your own get-out-of-debt plan. Add in some fundamental changes to your lifestyle, and you’ll get out of debt faster than most people do.

Nonetheless, the thing to note here is that turning around your financial situation doesn’t happen without a great deal of work. It requires thorough planning, commitment, and strong self-discipline. You can do it. Your future self is counting on you.

How Ja’Net Got Into Debt – 03:54

If you’re like most people, you’ve probably been thousands and thousands of dollars in debt at some point in your life. And while getting into debt is rarely a good thing, for some of us, getting into debt was a necessary step through life. For example, as first-gens, most of our debt comes from student loans, which means some of us never could go through college without all those burdensome student loans. However, if you look at the other side, some of us never needed those student loans. We just lacked discipline and wanted to compensate for the things we lacked growing up.

For Ja’Net, hers was a special case. She graduated college debt-free, lived a life most of us would die for, and then the fairy tale stopped when she got fired. After eight years, her employers just didn’t want her anymore. And at that time, she was already $50,000 in debt with no job and a one-year-old baby at home.  

How Ja’Net Got Out of Debt – 06:51

Getting out of debt is not easy. In fact, most people who successfully got out of debt admit that it’s probably one of the hardest things they had to do in their life. The commitment, dedication, and sacrifice required is something most people struggle with. However, you’ll actually be happier without debt at the end of the day. 

If you’re in debt, here’s the first thing you should do. According to Ja’Net, paying off debt requires a great deal of sacrifice and determination. If you want to start and maintain the momentum in your debt payoff, you have to continually remind yourself why you want to get out of debt. There’s nothing more powerful than your ‘why’. Most people struggle in their debt repayment journey because they lack a strong ‘why’. The first step is to answer some common questions like, how will paying off your debt benefit your life? What will you do when you’re debt-free that you can’t do now? And what are you willing to sacrifice to achieve your goals?

Ja’Net had to sacrifice two whole years before she finally got out of debt. Two years of never eating out; two years of no vacations; two years of no gifts during the holidays of birthdays; two years of dedication that gave birth to financial discipline like you’ve never seen before. 

Living a Debt-Free Life – 13:43

If you’ve ever thought about living a debt-free life, you’re not alone. Most of us don’t like the unnecessary anxiety that comes with an ever-increasing debt baggage. If you don’t have a good enough reason to get out of debt or an idea of how it feels to be debt-free, Ja’Net is the perfect example of that. Not only can she do whatever she wants with her money, but now she can start planning for retirement or save for her kid’s college without worrying about anything at all.

Ja’Net reveals that her dream of a debt-free life involved lots of traveling. And when she finally got out of debt, she could do exactly that. For example, she celebrated her mother’s 70 birthday by taking her on a trip to France and London before the pandemic.

Living a debt-free life might seem impossible, but many people succeed in living their entire lives without any debt. However, don’t be fooled. It won’t be easy, but if it’s something you truly want, don’t let naysayers talk you out of it. The thing to note here is that there are countless methods out there for consumers looking to live debt-free, pay back debt, or avoid it all together. The most important thing is to select a system that works for you. You alone know what you want, and you alone know what your weaknesses are, so choose accordingly.

Ja’Net Adams is an international speaker, author, and the CEO of EMACK Consulting, but when she was in college she let money rule her life.  She graduated from South Carolina State University with a Bachelor of Science in Marketing.  A short time after graduation she found herself in nearly $50,000 of debt! She dug out of the debt in two years by following the principles that she now speaks about to audiences all around the world as a professional motivational speaker.  She speaks around the world to various corporations, universities, and high schools about Financial Literacy. Click here to connect with Ja’Net on LinkedIn.