Debt Freedom Resources:
- Total Money Make Over Book (debt freedom plan)
- Track and increase your debt, assets, and liabilities with Personal Capital
- Get out of Debt Now (free eBook on dumping debt)
- Pay off Debt App
Rachel Gause is a mom, (soon to be retired) marine and financial coach who paid off over $180K in debt on ONE income. She’s a huge fan of Dave Ramsey’s debt pay off method and credits his system for helping her reach debt-freedom.
No time to listen to the interview above? Check out the show highlights:
- Rachel started acquiring credit card debt at the age of 19 and has an early memory of her family having a car repossessed. She made a commitment to herself to be an adult that would not go through financial turmoil.
- Even though she had a lot of debt, she “managed” it well. This led her to believe that she could always take on more debt with no problem.
- Rachel says that credit cards cause you to lose focus on the wealth you could be building instead of paying interest.
Related: Debt Snowball Calculator
- Rachel paid off over $180K on ONE INCOME (while supporting a family and obtaining her finance degree!)
- To get started, Rachel spent every dollar on paper on purpose, using the envelope system and the methods outlined in Dave Ramsey’s Total Money Makeover.
- In July of 2006, she realized that she was 10 years away from retirement and had just too much debt.
Related: Total Money Makeover
- She began to keep a journal to track her money (her debt was only $29K at this time.)
- Rachel was always trading cars up and adding to her debt.
- In June of 2010, she was introduced to the military edition of Dave Ramsey’s Total Money Makeover
- Rachel went back to school to obtain a finance degree in order to understand as much as she could about money. She also took Dave Ramsey’s Financial Peace University 2 times and then became a facilitator of the course.
- Rachel’s enthusiasm and visionary spirit was instilled in her kids as well. They were inspired to stick with the plan and not complain about the period of austerity they had to go through to pay down the debt. Her kids are showing signs of entrepreneurship strengths and money savvy even at young ages.
- Rachel says your income is your single most powerful tool for building wealth. If you apply the principles like budgeting and using the debt snowball method from Dave Ramsey’s Total Money Makeover, you will accomplish the goals you aspire to.
- Connect with Rachel Personal Financial Change – Rachel Gause
Favorite Principle of Increase
- Give- You can give to others in the form of money and so much more. You can give your time, talent or even a listening ear. It will come back to you in ways you could have never imagined!
How to Start Your Own Debt Free Journey
Our family clawed out of over $120K in debt. Find out the systems and strategies both Rachel and I used to pay off massive amount of debt to become debt free. Enter your information below:
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