In the U.S today, it is not a surprise to find so many people having plunged themselves into near-irrecoverable debts, due to their numerous expenses. However, this is not to mean that such people are doomed financially. You will be surprised at just how far some entrepreneurs have come to claim a rank among millionaires, after starting out in debt. Sounds impossible? Well here are 3 inspiring stories of people overcoming debt to become millionaires.
1. Jaime Tardy
By the time she was 23, Jaimie and her husband found themselves with a $ 70, 000 debt on their shoulders. Despite her 6 figure salary working as an engineer, the reality of debt hit her real hard. However, Tardy and her husband resolved to make a turnaround. Their first option was to stick to a strict budget and kick out any unnecessary expenses. She also worked extra hours to increase her income. Within a year, she was already out of debt. Today, she runs one of the most successful blogs in America, the eventual millionaire, which rakes in millions of dollars a year. As a business coach, she now dines with the rich, thanks to her aggressive investments and witty savings plans.
Excited to fit in the society, FrugalTrader went straight for all the luxuries we all clamor for in our 20s. By the time he realized it, he and his newly-wedded wife were already drowning in debts! Mind you, it was a whopping $186, 000 debt tag to their name. But Frugal Trader didn’t despair, instead, the 27-year-old resolved to reinvent himself and his wife and save his family the shame of languishing in debts.
By 2010, he had settled his house and car loan. Soon, the college one followed, and by 2014, way ahead of his projections, he had clocked a million dollar in assets. His secret lies in stock market investments, savings, discipline in budgeting. Many would think that all the millionaires were merely lucky to be born into a filthy wealthy family. But, FrugalTrader story defies such argument. It gives you the real picture that what you need to rise and sit among the best at the top is simply hard work, persistence, and of course consistency towards your goal.
3. David Weliver
By the time he was graduating, David Weliver found himself deep in debts amounting to $80,000. Like many students today, progressive credit card abuse saw him quickly fall into this debt burden. What he did not know was that this was a really expensive option of sorting his recurrent expenses. It would have saved him a lot had he been aware of the less costly online loans.
His determination to climb out of this financial hole saw him secure a second job while at the same time running a personal blog. Eventually, it also started paying off by attracting advertising revenue. Moreover, he decided to cut back his expenses by moving into a cheaper apartment. In this way, he says he could set aside more for investments. Today, his persistence and hard work have elevated him from rags to riches.