Chain of Wealth - Debt, Investing, Entrepreneurship, Wealth & More
Business:Investing
Simone was able to speed up her debt payoff by doing this one thing
Visit www.chainofwealth.com to grow your wealth
Simone Dennis is the creator of the blog Slim Fit Wallet. Her story of paying off $80,000 in debt is truly inspirational. A neighbor to us over in Maryland, Simone is passionate about helping other people get out of debt and showing them how to start living on a budget.
Welcome!
[3:45] $80,000 in debt- how long did it take you to pay off?
· Aug 2017: 100% debt free
· Had student loans, car loans and medical loan
[5:24] What did you do to pay it down? What strategy did you use?
· Had a car accident wakeup call
· Researched how to get finances in order
· Started saving
· Used the Dave Ramsey Approach
[9:44] If you could go back in time, what do you wish you could tell your younger self?
· Hardest part was taking the first step
· Don’t worry about tough changes
[12:4] You have a post on your blog about having an emergency fund. How much do you think someone should keep in their emergency fund? What constitutes an emergency?
· Emergency fund: a reserve for unexpected crisis
· Build to have about 3-6 of living expenses
[13:23] Help us- give us the scoop on why 401k’s are so important.
· Retirement planning is so important
· Have enough money of living worry- free
· Reap the benefits of compound interest
· Let compound interest be your friend
[14:16] We all know about the Dave Ramsey snowball vs. avalanche- how do you think people need to decide on which way to go?
· Snowball: Based on interest rates
· Last 20 months: paid off $60 of debt
· Builds momentum
[17:13] Value Link
[17:23] Why do you think people struggle to achieve their dreams?
· Sometimes we set too many goals all at one time
· Hard to keep focus
[18:31] What other books/ podcasts do you recommend?
· Podcast: Debt free screams, Side hustle Pro, Business Boutique
[19:11] Do you have a favorite quote?
“It’s never too late to be who you might’ve been”
[20:1] Any last advice?
· Believe- you can do anything you set your mind to
Create your
podcast in
minutes
It is Free