Getting Out of Consumer Debt | Popcorn Finance

Fire Drill

Have you ever had to deal with consumer debt? How did you pay it off? Chris from Popcorn Finance one day realised he had way too much consumer debt. He tells us how he moved back in with his parents, stuck to debit cards and established a strict budget to get rid of it all. You'll love how inspiring and interesting his story is. We also chat about... How he got into debt How he got a raise His FI strategy His failed side-hustles Enjoy this chat with Chris, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Chris' blog: Popcorn Finance The Podcast Movement Journey to Launch episode: How to take Mini Retirements and Enjoy Life Now Mad Fientist FI spreadsheet Mr Money Mustache FI spreadsheet ChooseFI Episode: The Millionaire Educator FireDrill Episode: Religious Obligations and Financial Independence with Shawn from Camp Mustache Paychecks and Balances podcast Rich and Regular Chris on Instagram, Facebook, Twitter Personal Capital - get $20 for signing up Key takeaways from our chat with Chris 1 - Consumer debt can come out of nowhere Chris explains how he racked up so much consumer debt without even realising it. After paying for his wedding and simply not keeping track of his credit card, he ended up $26,000 in debt. It wasn't until he took a good look at it that he decided to get rid of it: by moving in with his parents and keeping on a strict budget. 2 - Not all side-hustles work out Chris tried a number of side-hustles, including an amazon and ebay business. He was trying all kinds of stuff to earn a side-income, but soon realised his efforts were better put into trying to increase his salary. This worked out for the best and he got a higher paying job. Sometimes a side-hustle isn't the best option... 3 - It's good to have a plan once you reach FIRE Chris is working towards Financial Independence: he has a big emergency fund, and is very cash heavy. What he would like to do once he retires early is to focus on the podcast, be more politically active and travel. What is your plan once you reach FI? Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.