Karen created Debt Free Lab to share fast, actionable tips that would help real everyday people achieve financial success. She comes from a background of conquering massive financial stress and is now out of debt and financially stable- ready to share her story!
Welcome!
[3:6] You walked away from a marriage with $50K of debt, a 515 credit score and no money. How did you dig yourself out of that?
It was rough
Broke up the challenge into more manageable goals
[4:59] What advice would you give to your younger self?
Start now- too focused on having fun
Didn’t think of the long term
[5:54] Do you have any advice on getting a divorce?
Don’t marry young
Get a good lawyer
Try to think with your head and not your heart
[7:30] What is the struggle like being a single parent while getting out of debt?
Super stressful
Surround yourself with people to listen to you and encourage you
[8:59] What advice do you have for other single moms or dads in the same situation?
Let go of guilt
Don’t fill the void with material stuff
[11:5] What did you learn from that time?
To be patient with myself
[12:53] When did you start budgeting?
About 6(ish) years ago
Was desperate and had to start something
[13:41] Were you apprehensive- did you find it easier or harder than you expected?
Trial and error
[13:49] What method do you use to budget your money now?
Excel spreadsheet
Spending tracker app
Try to have leeway in each category
Sponsor
[16:25] Value Link Round: Want to listen to all these great book recommendations? Check out Audible! www.chainofwealth.com/audible
Value Link Round
[17:13] Why do you think people struggle to reach their dream?
They don’t have a plan- a dream without a plan is a wish
[17:52] What other books or podcasts do you recommend?
Books: Dave Ramsey: Complete guide to money, The life changing magic of tidying up
[19:4] Do you have a favorite quote?
“I am not a product of my circumstances, I am a product of my decisions”
[20:33] Any last advice?
Never give up
