Deanna, blogger at msfiology.com, shares her journey from drug and alcohol addiction to recovery, paying off six-figures of personal debt, and getting started on her path toward financial independence. She also wrote an article for ChooseFI detailing her journey.
- Deanna started looking for security in drugs and alcohol in her teens, becoming a high-functioning addict for more than a decade.
- After getting sober, Deanna spent time discovering how and why she fell into these patterns.
- How did Deanna’s early interactions with her parents impact her choices as teen?
- If pursuing FI means sacrificing time with your children today, think hard about it.
- What caused Deanna to walk away from drugs, alcohol and an abusive relationship?
- Although she was able to live a double life and fool many people, a handful of people in Deanna’s life saw her actions and confronted her.
- When Deanna got sober in 2010 she had six-figures of personal debt, though she took about four years to work on her recovery before fully addressing her finances.
- Deanna started chipping away on her debt following principles of Dave Ramsey’s “debt snowball” concept, and budget help from a person at her church.
- Deanna’s house went into foreclosure after she was unable to pay for some significant repairs, which damaged her credit, but after paying all her debt a few years later her credit is back to excellent.
- How did Deanna drive down life costs when she started paying off debt on a $40k salary?
- Deanna moved back into her parents’ house for two years to pay off her debt.
- The method behind Dave Ramsey’s “debt snowball” is to list all your debts from smallest to largest regardless of interest rate, then begin to pay them smallest to largest.
- Related Article: Debt Snowball Vs Debt Avalanche: Does It Really Matter?
- Paying off debts always starts with writing it all down and making a plan.
- Debt free since Jan. 2018, what is Deanna doing with her paycheck now?
- Deanna is starting late on her FI journey, but she is on track to reach FI in 14 years.
Links mentioned in the show:
Essentialism – Greg McKeown