Welcome to the first post about my personal finances, aka my money diary. Now before we dive into my personal finances; I thought it would only be right if I share you with you my money story. How I got to where I am now, 27 years old and in over $200,000 worth of debt.
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My first job was a courtesy clerk at Albertsons. This was my first experience with money and boy was it fun. All the money I made during that time was spent on clothes, food, and fun. Unlike most high school seniors, the urge to save money for college was not something I had to experience. At the time I already signed my athletic scholarships. From my understanding, I would not need money because my tuition, food, and housing were paid for. HAHA!
When I actually got to college that was when I wished I saved all that money. I quickly learned that 100% scholarship did not really mean 100%. This was when I first started to learn to hustle. I would give rides to other athletes for a fee or let rent out my car for the day for a fee. Looking back that was a terrible idea. First, it was my dad’s car. Second, anything could have happened while folks were driving it.
First Credit Card
I manage to escape undergraduate school without pulling out a credit card. It was not until I got accepted into law school that I applied for my first credit card. In actuality, I think I panic when I pulled out this credit card. Law school was the first time I had to pull out student loans. I had been used to starting college with my books waiting for me at my locker. I did not understand that most professors did not expect you to get your textbooks until refund checks had been issued.
So with that credit card, I paid for my law school textbooks. Now, life would have been fine had I just stopped there, but of course, I did not. As my credit limit kept raising, I kept spending.
2016 – the year of debt.
In 2016 I accumulated over $15,000 of new debt, excluding my student loans. I took out a bar loan to pay for my bar course and application. Maybe the only smart thing I did was only taking out exactly what I needed to pay for my bar course, applications, and bills. Unfortunately, I underestimate how long it would take me to find a job.
When I finally landed a job I was out of money. I had no savings and the job was not paying for relocation. With my discover card maxed out, I applied for another one to pay for moving expenses and other things I did not need. In addition, I opened up a mattress firm account and a room’s to go account. All the things I now wish I did not do because I already want to replace all the furniture I brought.
reality check.
After receiving my first paycheck the reality of exactly what I did hit me hard. I had racked up so much debt and monthly bills that it felt like I was going to be living paycheck to paycheck as a licensed attorney.
In May of 2017, I made the decision to pay off all my debts. However, I did not get serious about this debt journey really until December of 2017. I was not quite sure how I was going to accomplish paying off $200,000 worth of debt, but I knew it was going to be done.
With this journey, I open up my money diary to my readers. My money diary is a way to hold me accountable and share with you my money lows and highs. Read more about my plan to paying off debt at this here.
Good luck on your debt journey! We all have to start somewhere! I’ve been using Dave Ramsey’s payoff method for over a year and by February of 2018, I’ll have nothing left but my student loans. He truly knows his stuff.
Love the slogan! Best of luck on your journey!
Thank you!!