Struggling with your finances isn’t a lonely pursuit. There are many people all over the nation who share the same battle.
Consumer debt has reached a staggering $2.4 trillion in total. Want to pay it down? If you’re among the nearly 60% of Americans with less than $1,000 in your savings account, the future might look bleak.
You might feel like you’re on the losing side when you fight with your finances. It impacts so much of what you can do.
From renting an apartment to purchasing new clothes for a job interview to even the simple act of putting food on the table, having little to no debt and a decent chunk of savings can go a long way towards upgrading your life.
We’re going to shine a light at the end of your tunnel by sharing a few inspirational stories to show you that you can get your finances back on track. When you read these four financial success stories, you’re sure to get the motivation you need to put your money where you mouth is and take back control of your life!
From Food Stamps To Financial Freedom
Want to start a business but you don’t know where to start? How can you sell something if you don’t have a product?
These are questions that mom and multi-millionaire Kimra Luna found an answer for.
Yes, we spoiled the story a little bit; she did end up making millions. But she started from the bottom, feeding her family on food stamps.
No Product? No Problem!
Kimra was in her 20s and getting government assistance and food stamps to care for herself, her two children, and her husband. She had always wanted to be an entrepreneur, but her previous efforts had fallen flat.
She read up on online marketing tips and tricks like Facebook ads and and live blogging. From there, she started offering free webinars to other aspiring entrepreneurs that went over all that she had learned in the biz.
Without an actual physical product, she was able to sell her knowledge. From there, her online webinar business grew and now she pulls in millions of dollars a year!
The main takeaway: when you hit a wall, don’t give up. Find what works and keep going!
Pare Down Your Payments
Jill Bong and her husband were paying up to $3,000 a month in their high payment loan home in Colorado. They felt that was too much and looked for ways to slash their budget when it came to housing.
They did a little research, trying to find a new place to live that met their requirements: mild winters, manageable summers, and a good environment for growing crops.
That’s right — besides, looking for a place to live, they wanted to create a homestead. That meant growing their own food and composting.
The Sweet Spot
The sweet spot was a space in Oregon. They purchased 50 acres of land that had pastures, forests, and ponds.
The best part? They could pay it off in about five years at $1,000 per month. That’s a steep drop from what they were paying in Colorado!
Now they grow their own food, generate their own energy, and reinvest in their home. While they don’t make as much as before, they still save more because their expenses are less.
The main takeaway: look for what you can slash. It doesn’t have to be as drastic as moving to another state; you might find an apartment you can rent for less or cut your cable bill.
Headband Hustle
Chelsey and Brett Carrington had a familiar problem: student loan debt. Although she was working as a nurse, he had a series of $10 an hour jobs that barely allowed them to touch their debt.
As he was searching for a way to start paying down these loans, he noticed his sister buying from popular online sites like Etsy.
Looking at the handmade wares there, he got the idea to start making and selling headbands.
Business Boom
He made headbands for $1 and sold them for $2, reinvesting his profit back into his business. Soon, he was reaching out to friends and family for help and working 12 hour days.
He eventually was able to start purchasing wholesale goods and partnered with Amazon to sell them. Now he’s paid off his debt and built a growing business as well.
The main takeaway: if you’re strapped for cash, see if you can scare up a side hustle. You never know — it might just be the next big idea!
Get a Budgeting Buddy
This next story is short but sweet. It shows that anyone can get their budget back on track as long as they’re willing to put in the time.
Terry Carter is now a CEO of his own company, the Travertine Spa Collection. But when he was starting out, he was working side jobs and crashing on his friends’ couch.
Turning to his friends was a great idea. He and his best friend set budgeting goals for themselves and then agreed to hold each other accountable.
Pick Over Every Penny
Having a budgeting buddy meant that for every big expense, he had to explain to his friend why he wanted to spend the money. Once you’re forced to legitimize each expense, you start to think “Do I really need all this?”.
After cutting down on frivolous expenses, he was able to put the down payment on his own place. From there, the financial freedom he gained allowed him to build his business.
The main takeaway: save your receipts and go through all of your frivolous expenses. Identify your impulse purchases and think about if you really need to spend money on something.
Inspirational Stories and More!
These financial success stories prove that no matter what your money situation is, you can find a way to bounce back. It takes some hard work a few sacrifices, but financial freedom is worth it.
Looking for more inspirational stories to get your life back on track? We’ve got tons of self-improvement tips and tricks to help you live your best life. Check back every day and start taking control of every aspect of your life today!