So Money with Farnoosh Torabi 1760: How to Crush $50K in Debt *While* Saving For Your Future
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Dec 11, 2024 Jodi Smith, creator of the blog Abundance of Jo and a rising star in personal finance, shares her inspiring journey from $50,000 in debt to financial empowerment. She offers practical strategies for balancing debt repayment with savings, highlighting the emotional aspects of her financial turnaround. Jodi discusses her approach to personal finance education through blogging, negotiation tips, and the importance of compassion in financial discussions. Her insights empower others to take control of their finances and build a brighter financial future.
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Jodi's Debt-Free Journey
- Jodi Smith, inspired by So Money, paid off $50,000 of debt in six years.
- She balanced debt repayment with saving and investing by listening to podcasts and creating a practical plan.
Balancing Debt and Savings
- Save while working, even with debt, and make extra debt payments.
- Service your emergency fund, retirement, and a fun fund alongside debt repayment.
Education for Higher Earnings
- Jodi's biggest step towards earning more was returning to school for her MBA.
- This allowed her to transition to a higher-paying role in retail e-commerce.
