Shannon shares her journey from postpartum depression and anxiety about their debt to starting their journey of paying off $500,000 in just 3 years!
About Shannon:
Our family has over half a million dollars of debt! My husband and I are doctors living the lie that “all doctors have debt”, and the only way to succeed is to take out loans. After finishing up our residency we had 360K of student loan debt, and instead of cleaning it up we financed cars, took out another 200K to open a practice, and even more for working capital and business start up costs. Before long we were drowning! Basically all of 2018 we struggled to even pay our rent and buy groceries...even though we had a six figure income! All of our money went to payments and keeping our business open. Because of the financial stress I suffered heavily from depression and anxiety for the majority of 2018. We started FPU in January 2019 and spent almost 7 months cleaning up our mess. Selling cars, moving, and cutting our expenses like crazy! We are now making huge monthly debt payments, but it took a lot to get here.
You can follow Shannon here:
http://www.instagram.com/thefrugalfootdoc
http://www.twitter.com/frugalfootdoc
http://www.facebook.com/thefreckledfootdoc
http://www.pinterest.com/thefreckledfootdoc
Website (Go Grab Her FREE Budget Planner!)
https://thefrugalfootdoc.com/
Resources mentioned in this episode:
(affiliate link)The Slight Edge by Jeff Olson (https://amzn.to/36Xt6GB)
Debt Snowball Starter Pack: https://www.budgetsmadeeasy.com/debt-bundle/
Full Transcript:
Welcome to the money mindset podcast
and where you will find the inspiration and motivation you need to manage your money better so you can stress less and live the life you want. This is Ashley with budgets made easy and the money mindset podcast. And I am so excited to share with you today the journey of Channon. She is a frugal foot doctor, uh, that she is telling her story about going from depression and anxiety about the massive amount of student loan debt. You know, medical school is super expensive plus business stat of starting a practice and so she has about $500,000 in debt, but she has now has a plan and is planning on paying off that debt in three years. So she's going to share with you some of the changes that they have already made, how they are living intentional, not letting the doctor lifestyle creep up on them as they start to make some money.
Um, but you know, they are still being super frugal and being very intentional about paying off this massive amount of student loan debt and business debt. So just keep in mind that even though they may have, um, doctor income, you still have to be intentional cause they have doctor amounts of debt too, which is you know, a crazy amount of debt but they are going to be able to be debt free in a relatively short amount of time and then they can really start living the life that they love and the life that they want and really enjoy the doctor income. Right? I mean that's what we want to do is we want to enjoy our income and so she is sharing her journey. She's in the beginning of her journey and I cannot wait to talk to her again when she's debt free and I'll take you all, uh, whenever she gets to that point.
So I want to jump right into her interview, but first, don't forget to go get your free debt snowballs starter pack so that you can start this journey as well. So good. A budget's made easy.com/debt-bundle and of course I'll link to it in the show notes as well. But here is Shannon's interview. This is Ashley with the money mindset podcast and budget's made easy. And today we are talking to Shannon and Shannon is going to tell us about her journey to paying off almost half a million dollars worth of debt and some frugal living tips along the way. Welcome Shannon. Hi. Thank you for having me. I'm so happy you are here. Now. I really want to dive into, you know, how much debt you have and what you're doing to, you know, tackle that. But first can you just kinda tell us a little bit about yourself?
Yes. Um, I'm Shannon. I'm actually a podiatrist, which is a foot doctor in Texas. Um, my husband and I practice together, um, which has a lot of different challenges. Um, one of them being that, um, we came out of school with already about $360,000 of student loans and thought it would be a great idea too. Take out more debt to start our own practice. So that put us well over half a million dollars of debt, um, right out of the Gates, um, out of residency in school and everything. And, um, it's been very stressful trying to figure out how to run a business, um, how to budget, which is something that in seven years of marriage we never once talked about. Um, so just, just in the last year when we started this whole debt free journey was pretty much the first time we ever even talked about money in that entire time, which seems crazy.
Even going through the, the financing of the practice and all that stuff, we just figured like