Myth: You have to earn a ton of money to pay off debt

Katie Welsh, Chain of Wealth Co-Founder
https://www.chainofwealth.com/

Listen to this episode and hear Katie tell her story about breaking money silence with her boyfriend and discovering she was $200,000 in debt. She is real life proof that you don’t have to earn a ton of money to pay off debt; you just need a plan and a healthy dose of determination. 

Key Take Aways: 

Create a financial plan. Katie was a good saver, but she didn’t understand the value of a holistic financial plan that included balancing her short-term financial needs with her long-term financial goals. Her boyfriend, Denis, showed her how to plan and now she swears by this strategy.
Track your spending. As boring or intimidating as that sounds, Katie learned that being mindful of where your money is going is the key to living a financially responsible life. She discovered that being less wasteful in the kitchen could actually save her tons of money each month.
Take small steps and celebrate milestones. Katie found that thinking about paying off her total debt was overwhelming, so she decided to focus on small goals each month. When she hit a milestone in terms of paying down debt, she celebrated. Doing so reenergized her and helped her take the next small step and now she is almost debt free!

BIO:

Katie Welsh is the co-founder of Chain of Wealth. Originally an elementary school teacher from Tampa, she thought she had her financial life together because she had a stable job, owned a home, and had an emergency fund. But then she moved to Virginia to live with her boyfriend, Denis, and things changed when he asked Katie about all her bills. Together they created a spreadsheet and Katie realized she was $200,000 in debt at 29 years old with no job. Fast forward a year and Katie has paid off over $175,000 of debt and is freelance writing to pay the remaining $25,000 off.

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