Waking up completely debt free is truly a rewarding experience. I love being able to check my credit report… not score… and see nothing but zeros. Moreover, I love not worrying if this week is one where I get paid.
It all started approximately 4 months ago as I was watching videos on YouTube. After several years I was finally coming to an end in paying off my student loan debt. While browsing videos of other who finally paid off their student loan debt, I happen to come across the video titled “Student Loan Slaves” on the Lonnell Young channel.
After watching one video I could help but watch others like “Upside Down on a Cell Phone”, “Outside the Debt Matrix”, “401k loan”, and many others. The videos on this channel made me seriously consider calling the US Department of Education and paying one lump sum of 6K over the phone, rather than waiting. I thought about it… watched a few more of Lonnell’s videos… thought about it a little more… watched a few more videos, and then I finally just made the phone call.
After 3 weeks had passed it was over. The $50k+ of student loan debt that I had been paying for 9 years was finally over. I almost didn’t know how to react. After I adjusted the amount that I was normally paying each month in the Excel file that I use to manage my finances, I thought something was wrong. I can’t possibly have this much extra in just three more months I kept telling myself. But it was true… a bit over $500 dollars that I had been forwarding was now going to be mine each month.
Instantly, the first thing that came to mind was… AHHHHH now what can I go buy to reward myself. I’ve been driving my baby, Pearl, a 2001 BMW 325i, for almost 20 years. Now I can go out and spend that extra money on a new truck, donate a small portion to a local church, or spend some money on a family member.
However, then I heard Lonnell’s voice in the back of my head, “but is my math right… are you financially free”. I then sat back and realized that I was now financially free of any and all debt with an 800+ credit score. I’ve never been reckless with my finances, but my student loan was a liability that I should have paid off years ago.