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!
[4:14] $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
[5:53] 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
[10:13] 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
[12:33] 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
[13:52] 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
[14:45] 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
Sponsor
[17:42] Sponsor
Value Link Round
[17:52] Why do you think people struggle to achieve their dreams?
· Sometimes we set too many goals all at one time
· Hard to keep focus
[19:0] What other books/ podcasts do you recommend?
· Podcast: Debt free screams, Side hustle Pro, Business Boutique
[19:40] Do you have a favorite quote?
“It’s never too late to be who you might’ve been”
[20:30] Any last advice?
· Believe- you can do anything you set your mind to
