- Guest Phil Danley joins us to how he and his wife paid off their debt, including the mortgage
- What led Phil and his wife to dump debt and be done with it forever
- The difference between knowing what to do and actually doing it
- Life after debt and what Phil did that he could only do if we was debt free
- Quote of the lesson from Helen Hayes
Quite often when we hear debt free stories we assume that it is all fun and games and whenever you start to pay off your debt that it will automatically.
However that rarely happens.
A lot times it takes people a few tries before they are done with debt for good.
Today’s guest on the show had a similar path.
Phil Danley from consumerdebtcoach.com joins us to share how he and his wife paid off $28,000 in consumer debt then paid off their house just two years later.
But this wasn’t their first time in trying to get their finances under control. In the 90’s and 00’s they went through debt management and even a bankruptcy.
But what got them serious in 2010 to knock it out for good? Good old fashioned anger. They got tired of their debt, created a budget and compromised on their spending so they would have enough money each month to pay towards their debt.
It was a little slow at first but once they paid off their first debt, they gained momentum and were able to pay off their consumer debt in about 28 months. In working together and compromising with his spouse it helped their marriage as it felt more like they were partners in paying off their debt.
They then decided to stay focused and pay off their house just two years later.
Phil says that there is a big difference in knowing what to do and actually doing it. His keys to getting out of debt are
- Get an emergency fund
- Determine what monthly expenses you want to dump and which to keep
- Do a monthly budget
- Tithe your income
What have they been able to do know that they don’t owe anything to anyone? They’ve been able to max out their 401(K) contribution. But even more important Phil has been able to step back a bit at his work and has become a certified life coach.
To learn more about Phil please visit his blog at consumerdebtcoach.com
Today's quote of the lesson is brought to you by Podbean.
“The expert at anything was once a beginner.”
― Helen Hayes
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