What To Do Once You're Debt Free (5 THINGS TO FOCUS ON!)

Once you become debt-free, the sky's the limit. Here are 5 financial goals to set next, so that you can keep the momentum going! Make sure to keep setting new goals and maintaining good money habits. Otherwise, it's easy to end up BACK in debt! And we definitely don't want that :) So watch this video for ideas on how to make a plan for your money once you're debt-free.

***ATTENTION: I have a new Instagram and TikTok handle @itsrosehan ***
That's my official account, and I will NEVER message you about investment schemes, so please be careful and block & report any scammers posing as me.

TIMESTAMPS
00:01:25 - #1 Reward yourself (within your budget)
00:02:18 - #2 Keep some credit cards open for your credit score
00:04:05 - #3 Build full-sized emergency fund
00:06:00 - #4 Invest for EARLY retirement!
00:11:03 - #5 Save for a big purchase (house, etc.)

__________

***THINGS MENTIONED IN THIS VIDEO! 👀***

💫 EARLY RETIREMENT CALCULATOR
💫 Quit Like A Millionaire (detailed, entertaining, motivating how-to book on early retirement for millennials)

__________

***BOOKS I RECOMMEND 📚***

I Will Teach You to Be Rich (hilarious how-to book on personal finance for millennials)

The Little Book of Common Sense Investing (Jack Bogle's classic advice on index funds)

InvestED (step-by-step, millennial-friendly advice on how to pick stocks like Warren Buffett)

Unshakeable (this book = courage. blast ALL the fears & misconceptions you have about investing)

Rich Dad Poor Dad (#1 selling personal finance book of all time... need I say more?)

Think and Grow Rich (the ultimate book on money mindset and wealth consciousness)

________

***MY FAVORITE MONEY TOOLS 🖤***

YNAB (I literally can't live without this budgeting app, so obsessed)

Wise (like Venmo but for international currencies - I use this app a LOT for my life in Mexico)

Ledger Nano S (crypto storage hardware wallet, because "Not Your Keys, Not Your Crypto"!):

__________

DISCLAIMERS & DISCLOSURES ❤

This content is for education and entertainment purposes only. Rose does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.

__________

SAY HI ON SOCIAL! 👋🏼

[HatTrickHOV]

In short:
1. Become debt free.
2. Purchase the cutest puppy imaginable 👌🏾

[DanishGhaziCPA]

When I paid off my balance of over 40k in debt, I took those payments and rolled them into my investment strategy. 5 years later, the fruits of that labor are starting to pay off!

[klarn]

One of the best feelings ever was paying off my student loan and being debt free. Now trying to educate myself on investing. Honestly it’s something I should’ve done long ago.

[dr.dimaob]

1- Reward yourself.
2- Keep a few of credit cards open.
3- Build emergency funds. 3-8 months.
4- Invest for your early retirement.
5- Save for a big purchase.

[laystonbadham]

Another step: don't let lifestyle creep happen!!

[walkerb]

I’ve been totally debt free (house included) for 15 years. Plus, I’m fortunate to earn $300, 000 to $500, 000 annually. I’ve avoided “lifestyle creep” and live a very under the radar lifestyle. Now at age 51, the craziness of the world has almost no impact on me, other than the inconvenience of not being able to travel like I want or eat in many of my favorite restaurants. So stay focused on a debt free life folks....the juice is worth the squeeze!

[Rk-m]

Congratulations Rose! I am 35 and 0 debt all my life so far. Car paid, house paid and no student load

[rosamendez]

I actually paid off my student loan in Feb 2020 which was my new year resolution. I am now trying to save money to buy my new home which is my 2021 year resolution...lol... I would love it if you could show us the steps that you are making to save money for the coop that you want to buy for your parents Rose!!! 😊 I am actually using Zillow as well to get an idea of how the market is looking specially with COVID but any help on how to be focused would be great!!

[FinancewithArjun]

Achievement unlocked, congratulations! Becoming debt free at such a young age is commendable

[D.dot.]

Just paid off final debt yesterday. Definitely feels good.

[ramiro]

Last year I closed a credit card that I had for 10+ years and didn’t realize it would negatively affect my credit. My wife and I are in our early 30’s and are about to be debt free completely on July 19th 🙌🏼.

[kristyshen]

Thank you for recommending our book, Rose! Really glad it was helpful and so cool that you read it in 1 day. Wow. You rock!

[Nicloves]

Love your videos! Thanks so much for sharing all your tips. Its so nice to see another woman interested in finances. You are so sweet for wanting to buy your parents a condo. It's probably going to happen a lot sooner than you think and I'm genuinely so excited and happy for you! ❤️

[milliealbert]

After a successful investment you have nothing to worry about, whether the rise and fall of economy or anything won't affect you, make your future brighter, by making good investment. This will surely make you debt free in the future

[MoMo-]

Remember: when keeping your oldest credit card/s open for credit age, it's important to use it, even for one purchase, every 2 to 3 months. Otherwise, the bank can and will shut it without warning.
Some banks close if there's no purchase in over a year, and some of there's no purchase in 6 months or so. So use every now and then (and remember to pay it off)

[financiallift]

The hardest part for people that get out of debt is they are so used to debt they get back into it. It's like yo yo dieting but with finance

[marcopervo]

Credit cards are also a back-up in case your debit card gets locked out. I have three different zero balance credit cards to cover any scenario that arises. A one year emergency fund will take so much stress away and encourage investment and saving.

[johnnyb]

I'm happy to announce that I paid off my final credit card yesterday October 15, 2020. Yaaaayyy!! I can breathe now!! Now I can really contribute more to my 401k and Roth IRA.. I'm now also buying more stocks from my brokerage account.. What also helped get out of debt faster, was learning how to trade options during the pandemic.. I didn't realize how much money I was spending before the pandemic. I made myself a decision and committment to make some small changes first then set new goals each month. Most importantly, I wrote my goals down and looked at it everyday to remain focused..

[GreenLightUSA]

Omg nooona! this channel completely exploded! I remember subbing when we were at like 60k! I can’t wait to see videos of your new

[KhmerMinnesnowta]

After we have our financial freedom, this is what we've done: Downsizing everything from home and auto. Buying everything from food & gas on one credit card with rewards miles or cash back. Make sure to pay it off each month without any interest charges. There are no taxes on capital gains from selling our home if its gain is less than ($500, 000 If you're married, or $250, 000 single). No matter how much we make, we'll never have enough. Life is too short to last long. Enjoy your early retirement while we're young & healthy!