E73 – Karen from Debt Free Lab

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Karen created Debt Free Lab to share fast, actionable tips that would help real everyday people achieve financial success. She comes from a background of conquering massive financial stress and is now out of debt and financially stable- ready to share her story!

Welcome!

[2:37] You walked away from a marriage with $50K of debt, a 515 credit score and no money. How did you dig yourself out of that?
It was rough
Broke up the challenge into more manageable goals

[4:30] What advice would you give to your younger self?
Start now- too focused on having fun
Didn’t think of the long term

[5:25] Do you have any advice on getting a divorce?
Don’t marry young
Get a good lawyer
Try to think with your head and not your heart

[7:1] What is the struggle like being a single parent while getting out of debt?
Super stressful
Surround yourself with people to listen to you and encourage you

[8:30] What advice do you have for other single moms or dads in the same situation?
Let go of guilt
Don’t fill the void with material stuff

[10:36] What did you learn from that time?
To be patient with myself

[12:24] When did you start budgeting?
About 6(ish) years ago
Was desperate and had to start something

[13:12] Were you apprehensive- did you find it easier or harder than you expected?
Trial and error

[13:20] What method do you use to budget your money now?
Excel spreadsheet
Spending tracker app
Try to have leeway in each category

Sponsor

[15:56] Value Link Round: Want to listen to all these great book recommendations? Check out Audible! www.chainofwealth.com/audible

Value Link Round

[16:44] Why do you think people struggle to reach their dream?
They don’t have a plan- a dream without a plan is a wish

[17:23] What other books or podcasts do you recommend?
Books: Dave Ramsey: Complete guide to money, The life changing magic of tidying up

[18:35] Do you have a favorite quote?
“I am not a product of my circumstances, I am a product of my decisions”

[20:4] Any last advice?
Never give up

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