After racking up almost $65,000 in student loan debt from college, I knew I had to pay it off in order to make tremendous progress in my financial life and besides, it kept weighing down on me.

I developed a nag to learn about personal finance after the Great Recession of 2007 to 2009. The effects it had on individuals and families were devastating and it became apparent for me to take control of my financial independence. Fast forward to the 2020 Covid-19 pandemic, the knowledge I’ve gained about personal finance is precisely the reason why my family and I have been able to live comfortably during these tough times. 

Some of the not so smart things I have done with money: While in college I borrowed $5,000 from my student loan which was intended to pay for tuition, instead I attempted to buy a motorcycle which turned out to be a scam. I lost the $5,000 via an online scam.

Another mistake I made was in an effort to start investing in 2014, I came across an insurance sales agent who sold me an Index Universal Life (IUL) insurance product. Being naïve and not educated about money made me not question much.

He told me to invest as much money as possible for my future. I was clueless about investing and money in general.  I took that to heart and invested $4000 which I later learned that any whole life or universal life or index universal life are all horrible products.

I got term life insurance and quickly cancelled the product and lost everything after a year. Dropping this IUL was intentional because my knowledge for personal finance was growing. 

I paid off my student loan and credit card debts in 2015. Saved up and bought a house in 2016 and I currently don’t carry any consumer debts such as credit cards, car loans, student loans, payments on anything except my mortgage. My goal is to pay off my mortgage, become 100% debt-free, financially independent, give more, and enjoy life.

Don is a trained Ramsey Solutions Master Financial Coach.