Debt Free by 23
I am really excited about this latest podcast episode, because my blog friend and show listener, Taylor Milam, is sharing her story not only about how she paid off all of her student loan debt within 7 months of graduating but all of the decisions she made along the way to make sure that she didn’t have a large amount to pay down.
As a financial planner, I always hate seeing how student loan debt prohibits my clients from achieving important life goals; and usually by the time they meet with me it’s too late. The best way to control your student loan debt is to have a plan in place while you are in school to not only minimize what you borrow but pay it off as quickly as possible. Taylor’s story and drive are an inspiration and I hope you enjoy it!
What are we drinking?
Taylor — Peach Bellini
Shannon — Champs (Champagne)
- Taylor is 23 and completely debt free after paying off $14,000 in 7 months!
- Growing up, she watched her parents pay off her father’s student loan debt and knew she didn’t want to be in that situation.
- Taylor’s first two years of college were paid for and then her father cut her off completely.
- To pay for her last two years of college, she transferred from a private school to UCLA and worked three part-time jobs.
- Her three jobs were working at a UCLA call center, freelance writing, and a work-study job at a museum on campus.
- Shannon says lifestyle inflation is a big problem for a lot of people.
- Taylor was very honest with her family and friends about her goal to pay off debt so she didn’t have as much of a problem maintaining her relationships without spending a lot of money.
- Taylor sold her car and started commuting to work via bike.
- She initially thought it would take 15 months to pay off her debt.
- Taylor found Mr. Money Mustache’s blog and it helped her during the time she was paying off her debt.
- Taylor’s next steps include adding to her emergency fund, investing more, and creating a wedding fund.
- If you want to find Taylor, you can follow her blog The Freedom from Money
Random Three Questions
- What are your favorite resources for financial literacy?
- Besides being debt free, what are other bucket-list items you have for yourself?
- If you won a million dollars, what would you do with it?