Leveraging your income to reduce debt- my debt free journey
So here it goes…
Throw it back to my 18th birthday. I head to my credit union shortly after and apply for my first credit card. The credit limit was $500. I thought I was rich. Not fully understanding what a credit card even was- I head down to Circuit City. When they still had brick and mortar stores open. I spend about $350-$400 of my $500 limit in one day. I bought a brand new 5-cd changer stereo system. I wanted one sooo bad, and what better way than with my credit card? I mean having one means I have money now right? I had no idea what a credit score meant. Credit utilization? What is that? I just knew I had a plastic card that added 500 extra dollars to my pocket.
By the time I reached my undergraduate years, I was introduced to student loans. For what ever reason, I didn’t associate loans and credit cards to money that had been borrowed. If I am being honest, when I took out student loans, I didn’t look at the interest rates in its entirety. I did however, understand that subsidized loans were better than unsubsidized ones. Ignorantly yet blissfully living through my adult years with no real understanding on how to handle money.
I grew up in a household where my mother hustled. Easily juggling 2-3 jobs at a time. Never revealing how hard she was working to make ends meet. She hustled so that I could do better. So I could do better. We didn’t talk about money. But she illustrated work ethic that was out of this world. Became a homeowner. She did what she needed to do with the tools that she had.
But am I doing better? My bills are paid. But does that mean I am doing better?
This is the very reality that I decided to finally confront once and for all. I’ve talked about it multiple times but I haven’t put in the work to get there. Wealth building isn’t solely about how much money you make, but how much money you keep.
I want to be out of debt. I want the money that I bring in to work for me. I want to retire early. I want financial independence.
Understanding your desires. Your wants. And your why’s are the first steps to action.
What would you do right now if you didn’t have to trade time for money?
I still need money. The bills are still very much there. I don’t have it all together. But I do everything in my power not to miss out on the “once in a lifetimes.” Intentionality has become one of my best friends.
So I can’t afford it all. But I can’t put a price on 𝐭𝐢𝐦𝐞.
That’s my why. That’s why I’ve embarked on this debt-free journey.
I began travel nursing October 2018. I’ve done well financially but I can certainly do better. I have began tracking my expenses again. And stopped allowing my temporary feeling of comfortability to defer my goal. I’ve placed a timeline on my goal of debt freedom: September 2020. I will check in every 2nd and 4th Tuesday of each month. Sharing my triumphs and challenges. My goal? I hope that someone reading this will embark on their own journey of debt-freedom. If you’re already debt-free- feel free to share!
Starting debt as of August 2019: $ 82,841.17
Prefer audio books like I do? Click here
Disclaimer: Vintage Traveling Nurse is a participant in the Amazon Services, LLC Associates Program, an affiliate advertising program. It is designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com and its partners. All recommendations of products and services listed in each blog post are my own.