The Hard Truth About Being Debt Free

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• The Ramsey Show (Highlights):

[babe]

I became debt free yesterday and it still hasn’t sunk in really. I paid almost half of my debt in one big chunk and it seemed so surreal. I didn’t have lots of debts anyway but that 10k of student loan debt was just nagging me. it was kind of weird at seeing that much money leaving my account. But hey I am debt free. Luckily I finished baby step 3a and now I am working on 3b.

[FernandoOrtegaJimenez]

Simple logic explanations and great job with the win! It was indeed a complete beginners guide. Thanks a lot! ☺☺☺

[daniellebatista]

The emotional catch up point is so important. Even now that I'm still in baby step 2 and paying things off, there is a small amount of guilt I have for being able to be in that position or even just because I can't use my money anymore to help out my family members because we are so gazelle intense. Great point of learning to manage that!

[TableForOne]

I can totally relate to her feelings. My mortgage is the only debt I have and it’s about 70% of my monthly expenses. I currently live in California and will be moving in a couple years to a cheaper state where my mortgage will reduce down to more than 50%….the goal is 0%, but we shall see. But yes, it feels great to be debt free from the other things and still be able to save/enjoy life.

[paulweinberger]

Great interview. And congrats Marissa. You are on your way!

[BackroadMoney]

Congratulations Marissa!!! So happy for you!

[electricelectric]

I like this format for answering viewer questions!

[judithdahle]

Apply the loan payments to fund your next big wish/need..enjoy “spending” (toward goals) without frittering it away on little things...spending that benefits you. Congrats. You have worked hard.

[sergeypalkin]

Thanks for sharing. I’ve had some questions, and what after paying off debt. Now there is an answer. Thanks 👍

[katz]

Rachel, I like your compassionate & nurturing approach to interacting with people.

[kimp]

True. It is hard to let yourself spend after being gazelle mode for long. About to complete BS3, but I also need a car, since mine just passed away, but I was looking forward to celebrating BS3 so much!

[nmc]

Congratulations Marissa !! 😀🙏👑💜 Good job.

[ruthkinney]

Thank you Rachel!!! I am in the final month! I have a bunch of stuff planned already, and a rough timeline. But I have had these questions swimming around in my mind. I have been learning the bountiful mindset for a few years, but actually living it is going to be Different!

[inalaska]

You can set little budgets for coffee ect too. I would set aside X on a gift card for the month for coffee and then at the end of the card I am like "so we are done till next month " sometimes small items can get lost otherwiss

[KittiesandMilk]

This is awesome! I wish dave's show did questions like this! Way to innovate and make the channel your own Rachel 🥳

[PhanglyPhish]

I deeply relate to adding things I already did to the check list 😅

[batirtzeurkiaga]

This is what's gonna change the 🌍🌎🌏🌎🌏🌎🌏. Kudos to her from another teacher.

[vroyen]

I think seeing it visually in a budget you can see your next goals.

[dipsomaniac]

Once you are debt free and your emergency fund is set... the best way to handle your money is to automate your investments. Have 15% of your pay automatically put into your 401K and Roth IRA. Also, max out your Health Savings account if you have one where you work. You will save immediately on taxes. What you have remaining goes to your kids college fund if you have children and home payoff and living expenses. If there is anymore money this what you can spend without it feeling shame or excessive because you already have taken care of the priorities FIRST. This is better than getting paid and blowing money on things you want first than trying to save what’s remaining. Just automate your investments first. Cover your living expenses then spend.

[allenmorgan]

Ive never had enough debt to feel weighted down buy it but Ive never really owned anything either.