283. Crushing $185K in Debt on One Income

The Debt Free Dad Podcast

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Introduction

Have you ever heard stories of people paying off thousands in debt and thought, "Could I really do that?" For a long time, I felt like I would always be stuck in debt with no way out. But today, I’m excited to share how I paid off more than $185,000 in debt while living on a single income over the past six years.

I’ve been on my debt-free journey since July 2018, and since then, I’ve paid off over $186,394 in student loans, car loans, medical bills, and credit card debt—all while on a single income.

My Financial Beginnings

It has been a challenging and rewarding journey, and I’m grateful Brad encouraged us to track our progress. Without that, I may have given up early on. When I first started, I was making about $13 an hour and barely scraping by. I maxed out credit cards to keep up appearances, showing a carefree life on social media while secretly dealing with panic attacks over my financial situation.

Finding Help and Community

The turning point came when I reached out to Brad, an old high school friend who was also on a debt-free journey. Instead of feeling judged, I found understanding, which made all the difference. I joined Roots, an accountability group filled with people facing similar struggles, and it became the safe space I needed to have open conversations, share ideas, and find solutions.

Five Keys to My Success

Here are the five key steps that helped me turn my financial situation around:

Know Your Numbers: You can’t fix what you don’t see. I listed all my debts from smallest to largest and faced the total amount. I also started tracking my income and expenses to find areas where I could make changes.

Put in the Work: Be ready to work hard, even if it’s not perfect. Changing spending habits took time, especially with my ADHD. But sticking to my budget, even when it wasn’t easy, was key.

Get Support and Know You’re Not Alone: Finding Roots was crucial for me. It was the first time I felt like I could succeed. I had to let go of old habits and be open to new strategies.

Take Risks and Have Faith: Sometimes you need to borrow belief from those around you until you find it in yourself. Whether it was applying for a new job or picking up side hustles, I took steps that felt risky but ultimately led to freedom.

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Connect With Brad

Website- https://www.debtfreedad.com
Facebook - https://www.facebook.com/thedebtfreedad
Private Facebook Group - https://www.facebook.com/groups/lifewithoutpayments
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TikTok - https://www.tiktok.com/@debt_free_dad
YouTube - https://www.youtube.com/@bradnelson-debtfreedad2751/featured
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1. Overcoming Debt (00:00:00)

2. Navigating the Path to Financial Freedom (00:09:22)