Right now, there are millions of people experiencing financial devastation for the first time. I have a lot of empathy for them. Having the rug literally pulled from under you is a terrifying, disconcerting, and frightening experience. Added to the fact that this situation came out of the blue in the guise of tiny microbes, many of us feel powerless. With that in mind, I thought I would speak with my friend Jessica Garbarino, she has personal experience with losing it all and finding herself on the other side. I had a ton of fun speaking with her and it’s my hope that you’ll leave this conversation inspired, energized, and knowing that you’ll be ok.
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Listen to the Show
Show Notes
- Jessica gives a brief introduction and I go off topic for a few minutes about the Carolinas. Don’t worry, it’s funny.
- Financial PTSD
- We talk about how there are people out there who’ve never experienced financial hardship who may be experiencing it now.
- We talk about the genesis of the Every Single Dollar blog
- March 2015-the day when she finished paying off $56,000 in debt
- She attends FinCon for the first time that year.
- We talk about being in a financially cataclysmic event
- Jessica shares what happened to her during and after The Great Recession
- Working in the home industry and eventually getting laid off during the second round of layoffs in March.
- We both wonder “What in the hell is going on with March?”
- Have you seen The Big Short movie? It talks about the housing market failure during the Great Recession
- Jessica’s expense break down during that time:
- Car loan
- Credit card debt
- Student loans
- Mortgage
- Making the decision to move to Florida to care for her grandparents. What happened next wasn’t planned for.
- Losing her job and the hard decision she had to make.
- I ask a slightly awkward question that you’re probably wondering about too.
- How much her property finally sold for at the sheriff’s sale: $35,000
- So, how much mail DID Bank of America actually send her? And, what did she end up doing with it?
- Deciding to switch financial gears.
- I ask her what her financial advice is for our current situation. It’s a whole different ball game.
- We talk about the experience of being in debt collection
- I ask Jessica how much she was paying on her monthly mortgage.
- What does the future look like 20 years from now in 2021?
- We share what we want you to leave this conversation with.
- Interesting enough, Jessica wouldn’t change her journey
- How did she pay off the debt? The answer may surprise you with its simplicity.
Resource
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