FI With 5 Kids and Debt-Free in Just Over a Decade!

Sep 24, 2024

Emily, a world-traveling mom of five, and Joel, who secured financial independence in just over a decade, share their inspiring journey from $150,000 in student loan debt to financial freedom. They discuss the power of the "debt snowball" method and maintaining a family lifestyle without sacrificing travel. The duo emphasizes the importance of low spending, side hustles, and setting a target financial number. Their story proves that with dedication and smart budgeting, achieving FIRE is possible—even for large families!

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ANECDOTE

Overcoming Huge Student Debt

Joel and Emily started with $150,000 in student loan debt after graduate school.
They followed Dave Ramsey's debt snowball plan to pay it off fully in under three years.

ADVICE

Pay Off Debt Using Snowball

Use the debt snowball method by paying off the smallest monthly debt first for motivation.
Apply all extra funds to the next debt to keep momentum and speed payoff.

INSIGHT

Know Your Financial Independence Number

Knowing your annual spending precisely is key to defining your Financial Independence number.
Budgeting and discipline around spending helps reach financial freedom faster.

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