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33: So I Once Had Over $55K in Debt… My Personal Money Story

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It can be hard to believe, but sometimes, even people who you might think are "finance experts" have gone into debt. In the not-too-distant past, I personally had about $55k in debt between credit cards, student loans, my car loan, and money owed to my parents.

In today’s episode, you’ll hear my personal money story and how circumstances within my life led me to make these money decisions. You’ll also learn how I crawled my way out of all that debt through perseverance and by practicing some smart financial habits.

It's because of my personal experiences with debt (and bad relationships) that I believe so strongly in helping women to take charge of their personal finances and build their wealth and independence. Don’t be shamed by your personal money story - learn from it and be empowered by it.

In this episode, you’ll learn:

  • 0:00 Why your money story shouldn’t be a source of shame.

  • 03:50 How I bawled my eyes out at a women’s brunch discussing regrets I have had in my life.

  • 08:56 How I started piling on debt using credit cards.

  • 13:30 How I tried to delay paying off debt by transferring my debt from credit card to credit card.

  • 17:04 Why I reached the breaking point in my marriage and decided I needed a change.

  • 19:31 How I consolidated my debt using a personal loan from a credit union.

  • 22:00 How to quickly chip away at debt using the snowball method.

Are you looking for more information on how to build wealth with your business and generate your first $1M? Sign up for my free weekly email series, Millionaire Mondays!

Click here to listen to this week's episode!

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I’m Sarah Young - a CPA, Virtual CFO, and the Owner of Young + Co! I have over a decade of experience in helping entrepreneurs scale their businesses and build wealth at the 6- and 7-figure levels, and I started the Profit + Prosper podcast to help you do the same. Profit + Prosper is a business finance podcast created to help entrepreneurs build their wealth in a way that’s fun and empowering. This is NOT a boring numbers podcast - I will share tactical tips to increase your profit so you can truly prosper in your business and in life. I hope you’ll subscribe so we can Profit + Prosper together!

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