345: Divorced and $250K in Debt to Financially Free in 10 Years

We know financial freedom is possible for those in their 20s and 30s, just starting their careers, without children and serious financial obligations. But what about those getting started on their journey in their 40s and 50s? What about the stories of those who’ve had lifelong debt, went through a financially destructive divorce, or didn’t know early retirement was an option?

Monica Scudieri, author of Grab Your Slice of Financial Independence, wasn’t financially free until recently. For the past decade, she’s been working hard to pay off a quarter of a million dollars in debt, get her investments in line, and rebuild a life that was financially set back thanks to divorce. While she sounds like a veteran money expert, Monica wasn’t always this frugal. She remembers spending 90% of her paycheck as soon as she got paid, and her ex-husband did very much the same.

After her divorce, Monica was left with an astonishing amount of debt, very few assets, and close to no cash. She worked hard for the next decade digging herself out of debt, building up a cash-flowing rental property portfolio, and financially optimizing her life in every way she could. Now, she’s financially free, coaching others on how they can do the same!

In This Episode We Cover

Financial red flags to look out for when dating (and what to do if you spot them)

Budgeting, tracking your expenses, and the smarter way to ensure you’re not overspending 

Having the “money conversation” with your partner or spouse before it’s too late

Downsizing and ignoring lifestyle creep even if your partner can’t

Building a small rental property portfolio and the huge benefits of investing early

Side hustles and doing whatever you can to get out of consumer debt

Why the Honda Civic remains the FIRE movement’s vehicle of choice

And So Much More!

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Click here to check the full show notes: https://www.biggerpockets.com/blog/money-345

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