Hello. My name is Latisha. I am in the middle of an uncomfortable life and career transition while paying off my debt. While uncomfortable, I embrace it with much patience (patience is my superpower/edge in life) because I know that I am exactly where I need to be. I’m being positioned for debt-freedom and my wildest entrepreneurial dreams. I’m poised while I work and wait. Can you relate?
Goodbye Broke (GBB) is a personal finance blog whose mission is to educate and motivate people to pursue debt freedom by showing them the success stories of others who have done it or who are currently in the process of making huge strides. It’s where we kiss our debt goodbye and exit Brokeonia to enter the land of financial freedom.
GBB is motivated by my experiencing and witnesses the fallout of chronic money mismanagement and lack of financial literacy, first, in my own life and, in general, within my own family and by extension–the black community. I’m motivated and eager to create and model a new normal of saving, giving, investing, spending, and living.
THE VISION/THE MESSAGE
First, when I heard Dave Ramsey say, “the your biggest wealth building tool is your income,” it was an “aha” moment for me. This blog will echo this message and all that relates to increasing and keeping more of your hard earned income.
Next, I envision GBB being a milestone to the power of prayer and my faith in Jesus Christ as it has been through the practice of prayer that I’ve gained the audacity to believe I will eliminate my massive debt burden within the next 12-36 months (from 2017).
I envision GBB as a trusted go-to resource for the debt-free community to receive credible personal finance information as well as compelling stories that move people to take action on debt freedom–which accelerates wealth building.
Credibility and accuracy in information are my pet peeves. I am a research, source vetting hound dog. I will be writing more on my concerns and theories around the marketing trends in the coaching and course industry. But rest assured, you will find NO nonsense here. None of that entertaining, fast talking, up-selling, over-promise while under-deliver sales pitches here. In other words, I’m confident many will resonate with my GBB principles, money point of view, and the featured success stories.
GBB begins, first, with my story. As of May 28, 2017, I lament a whopping $86, 063.15 debt burden (Update: 12.08.18–$76,9183.15). I’ve been carrying this debt load as baggage for over a decade (cue Erykah Badu’s Bag Lady–I done hurt my back ). Update: As of 12.08.18, approximately 95% of that debt are two consolidated student loans dating back from between 1990 to 2002 (one unsubsidized and thank God no defaults).
To add insult to injury, I don’t even have a degree. I got so committed to debt freedom (in 2006) that I refused to re-enroll in school until I could pay for it cash (or scholarship). And now, returning to traditional college is no longer a priority at this point.
For seeing how poor thinking, propagandized, and ill-equipped for real world problem solving many college graduates are when they leave school (even with advanced degrees), I now question its value–since self-educating and creating my own opportunities are serving me better. Consequently, I no longer regret NOT graduating.
Anyhoo. From 2006 to date, I have been downsizing my life (to the point of minimalism) so as to position myself for debt freedom. Although along the way, murphy’s law, anxiety, and lack of sufficient savings resulted in me backsliding back into debt more times than I’m comfortable admitting.
In 2012, I renewed my commitment to debt freedom only to find myself constantly just treading water. But now, I’m really sick and tired and here stands GBB to make sure I succeed this time.
It is said, insanity is doing something over and over expecting different results. Well, I’m no longer practicing insanity. GBB is my new and different strategy. I’ve mad drastic changes in my lifestyle to ensure I expedite my debt freedom journey so I can start keeping more of my biggest wealth building tool–my income.
I’m ashamed that I am unable to give a solid accounting of all the thousands of dollars I let slip through my hands in my adult life. I have no sufficient explanation as to how I let such an initially modest amount of debt snowball into this massive Swiss Alp of a mountain.
If I had to sum it up, I would say sheer financial ignorance, apathy, anxious purchases, emotional deficits, and lack of career clarity–are to blame.
As to my career hopping, I’m a very late bloomer to realizing what I, actually, do well–and consequently, what I should have been pursuing as a career entering college or early adulthood. I will speak later on how I realized a lack of parental guidance in this area–was a contributor. But God’s Providence saw my wanderings and keep me in the “ball-park” of where my strengths would eventually become recognizable to me. God is dope and fundamental like that! Lack of parenting may contribute to our deficits and ignorance but it’s never an excuse for the curious and ambitious individual.
THE GOODBYE BROKE PRINCIPLES & RICH IN SPIRIT
Many people, seasoned in age, may feel all hope is lost over ever living debt free. Some people are so in debt, they don’t even feel such is possible. So, they have succumbed to settle and adjust to living life around serving their debts (e.g. living paycheck to paycheck and making payments). Some feel they’ve blown it–especially if you have a debt burden as large or larger than mine.
But I’m here and very excited to help change that trajectory of thought. Starting with having discussions around the 6 GBB principles I’m practicing and my “Rich in Spirit” principles.
My 6 Goodbye Broke Principles
- Keep more of your income.
- Live at or below your means.
- Take action to eliminate your debt.
- Think like an investor about student loans and avoid them.
- Tell your money what to do each month–i.e. budget (per Dave Ramsey).
- Start saving–begin with an emergency fund.
- Start investing–soundly.
My Rich in Spirit Principles
- Practice praying. Pray your way out of debt.
- Practice giving. Give your way out of debt.
Finally, you should know that I’m a former commercial real estate salesperson ($6M multifamily transactions closed) turned enthusiastic freelance digital professional. In addition, 5 years bookkeeping and over 10 years of executive assisting experience (to healthcare and finance professionals), I also co-founded a natural hair start-up (2012-2013) called The Textured Hair Institute. These rich business experiences in addition to general research will inform my personal finance content writing here at GBB.