Michael Lacy started his marriage with $61,000 in consumer debt and shares how he and his wife created a debt-free lifestyle while winning to wealth.
Debt-Free Lifestyle
What is it like to be debt-free? Nothing can keep us from our financial goals like consumer debt. The idea of having what you want now and paying for it later with interest binds you in a way that prevents you from putting money aside for that next vacation or towards your retirement investing.
The average American has over $45,000 in debt and lives paycheck-to-paycheck. There’s no rule that says we need to be normal.
That was the decision the Lacys made on their honeymoon. They learned how to become wealthy by learning how to become debt-free. This episode explores how Michael and Taylor went about the following steps:
- Stating their values
- Creating their goals - financially and otherwise
- Implemented a plan to pay off all their $61,000 of consumer debt in 16 months
- Saved six months’ of expenses to prevent a backslide from using credit again
- Invest for financial security
They now live a debt-free lifestyle, only leveraging credit cards for something called “travel hacking”. More than half of their income goes into investments making their money work for them.
About Michael Lacy
Michael and his wife, Taylor, are just your everyday millennial couple raising their daughter, Alison, deep in the heart of Texas.
While on their honeymoon, Michael had the stark realization they were starting their marriage with over $61,000 in consumer debt. They were broke and on a path for worse. It’s commonly said that most arguments in marriage are about money. Well, Michael and Taylor had a money fight on their honeymoon!
They worked together, and made a decision to become debt-free, and paid off that debt in debt in only 16 months!
The Lacys created Winning To Wealth in 2018 to help thousands of couples just like themselves to save more money, pay off their debt, and get started investing. It’s all about teaching you how to become wealthy and live a debt-free lifestyle.
Resources and Links
Go to Michael’s website, WinningToWealth.com, and download a free copy of “Winning to Wealth” which includes tips on how to get out of debt, save more money, and start investing for your financial future.
Listen to these past episodes:
- BtR 237 - Try These Tips to Master Money Issues in Marriage During a Pandemic with Dan Hinz
- BtR 211 - How to Adult with Money Featuring Dan Hinz
- BtR 224 - Interview with House of FI host, Wendy Mays, How a Lawyer Momma
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