On Track to Retire a Millionaire After Living Paycheck to Paycheck

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 18 October 2024

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

Just a short while back, Marisa Mae was caught in the paycheck-to-paycheck trap, her credit cards stretched to their limits with no emergency savings to speak of, all while wrestling with constant financial stress. Today, she’s on a clear path to retire as a millionaire. Her secret? Mastering the art of debt repayment without succumbing to severe frugality. Marisa managed to eliminate five-figure consumer debt, not by cutting out her cherished coffee runs, but by smart financial planning. Isn’t that supposed to be a big FIRE faux pas? Marisa’s turning point came at rock bottom—stranded without a place to stay or a dollar to her name. But instead of going back to restrictive budgeting and punishing herself for her overspending, she built a financial plan that worked specifically for her. Now, Marisa is ready to show others that achieving financial freedom, eradicating debt, and even starting to invest can all happen WITHOUT cutting everything enjoyable out of your life. If you’re battling to escape bad debt, Marisa’s approach could liberate you faster than you think—even if you struggle to find financial balance. In This Episode We Cover How Marisa went from a financial “mess” to being on track to become a millionaire in retirement The spending hack that allows you to treat yourself WITHOUT going over budget Why you CAN invest while paying off debt (and the right way to do it) Why taking on good debt to grow your business/side hustle isn’t a bad thing The “slow” path to becoming debt-free that is MUCH more successful than the beans and rice diet And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: [email protected] Email Scott: [email protected] BiggerPockets Money Facebook Group Financial Badassery Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Get Your Personal Finances in Check with “Set for Life” Find an Investor-Friendly Agent in Your Area How to Pay Off Credit Card Debt FAST ($30K+ in 1 Year!) (00:00) Intro (01:05) Paycheck-to-Paycheck and Worth $0 (04:29) Enough is Enough (07:20) Paying Off Debt While Still Spending (10:21) Investing While in Debt!? (14:41) Finally Debt-Free? (16:58) Managing Her Money (21:38) Best Tip for FIRE (24:08) Connect with Marisa! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-572 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hello, hello, hello, and host on the BiggerPockets Money
0:15.8	YouTube channel that features stories of people who are either on their way to or have actually
0:22.3	reached financial independence. on their financial
0:24.2	financial independence. Today we're featuring Marissa May
0:26.8	and her financial journey. Not long ago,
0:29.6	Marissa was living paycheck to paycheck
0:32.0	with maxed out credit cards, no emergency fund, and constant
0:35.9	financial anxiety.
0:37.3	Now she's on track to retire a millionaire after learning how to pay off debt the right way and that fixing your finances does not have to be an agonizing
0:46.9	flog like most financial influencers would have you believe.
0:50.8	We'll dive into how she got on the right track in today's episode.
0:54.7	Before we get into the show, we want to thank our sponsor. This episode is brought to you by
0:59.8	Connect Invest. Real Estate Invest, Real Estate Invest simplified, and within your reach. Now back to the show.
1:05.4	Marissa, I am so excited to talk to you today.
1:08.0	Hello, I'm excited to you. Thanks for having me.
1:10.4	So let's jump into your financial history as an adult. In a nutshell, what did your financial life look like before you hit your breaking point?
1:21.0	I mean, that hot mess, I feel like is a great descriptor.
1:25.4	I would rack up my card-a-card, not really know how,
1:29.0	just like day-to-day spending, just living my life, right? It's not like I was frivolously going and
1:34.8	buying Chanel bags every weekend. Somehow rack it all up then hit that
1:40.2	enough as enough moment, have to pay it all down, like hyper restrictive budget
1:45.3	and pay it all off or hit a tax return and use that to pay it down.
	...

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