Apr 16 2024 33 mins 2
Devine got tired of being tired. That’s when he decided to take the financial reigns and start preparing for an early retirement at 45 or 50 years old. His cousin encouraged him to get into computer engineering, which is a great career. But when he started out, although he was making good money, he had student loans, then he added auto loans, then some credit card debt as well. On the bright side, he was putting some money in his 401k right away. When he got married, she had some credit card debt as well. She was on board with changing mindsets and focusing on getting out of debt, but she didn’t want things to get too extreme. They are still loving their life while attacking their debt. They also touch on the idea of having net worth be part of your emergency plan. Devine started with the debt snowball method, but he switched to debt avalanche pretty quickly. His mindset had changed. Devine got a huge promotion/raise at work, so along with their hard work that went into paying the first half ($40k), they can pay the other half off soon now! There are a lot of lessons there. Devine doesn’t just focus on growing income. He budgets his expenses as well. Then, the conversation transitions to the future, which involves more beefing up their emergency fund and investing for cash flow through boring businesses or real estate. Devine also does freelance writing as a side hustle. In the meantime, he's going to keep paying down his debt and sharing his journey.
If you liked this episode, you’ll also like episode 45 about student loans, 126 crying over debt to $1 million next worth, or 147 $51k in debt to house hacking.
About Devine:
Devine Beathea is a systems engineer living in Arizona. He decided to get his life together about two years ago at age 30. That means paying off debt and getting in control of his spending. So far, Devine has paid off $40k of debt and he is set to pay off another $40k this year. He writes about Finance, Fitness, and Fatherhood because he wants to show how millennial dads can invest in themselves and their families.
Connect with Devine:
https://www.instagram.com/thewealthbuildingdad/
Medium: Devine Beathea
https://twitter.com/DevineBeathea
https://thewealthbuildingdad.com/
Connect with Lauren:
https://twitter.com/AdultingIsEasy
https://www.instagram.com/@adultingiseasyreal
https://www.housemoneymedia.com/
