105: Budgeting Yourself OUT of Debt and Into a Fantastic Life with Jen Hemphill

105: Budgeting Yourself OUT of Debt and Into a Fantastic Life with Jen Hemphill

Jen Hemphill was born in Colombia and lived there for the first eight years of her life. The economy was really bad, and her earliest memories were of a scary time when her educated father did whatever he had to do to make money.

Her redheaded dad stood out in Colombia, and it wasn’t a safe place for him to be. So, they moved to the U.S. Jen remembers being embarrassed for not having money, knowing her friends had it.

She attended the same college where her mother was a professor. Discounted tuition coupled with scholarships and a bit of parental help allowed her to graduate with no debt. She bought a car, paid it off quickly, and felt very proud of herself for doing so.

Then, she met and married her husband. They took 15 years to pay off his $40,000 in student loan debt. She thought they were doing great, but a deeper look at their finances about 10 years in revealed a huge mess.

Thinking back to her childhood, she realized she needed to make big changes in order to get ahead. Her family went on a budget, cutting out all unnecessary spending to focus on paying off the debt. Jen uses a series of labeled bank accounts to ensure they stick to their budget and now saves for purchases rather than raiding the emergency fund to pay for things.

Jen took what she learned and became an Accredited Financial Counselor, knowing that there are so many others who need to be pointed in the correct direction. She calls herself a Money Confidence Coach, because when you have confidence in your money management skills, you can tackle any problem.


In This Episode We Cover:

  • Jen's money story
  • How she made money to buy things she likes
  • Her position entering and leaving college
  • The reason why she got a discount on college
  • Having a mindset of being an extremely frugal person
  • How long it took to pay off her family's debt
  • The reason why she took a hard look at finances within her marriage
  • Her financial awakening
  • Her upbringing
  • Her Thrift Savings Plan and emergency fund
  • The importance of accepting and understanding individual money stories
  • Having 15 separate bank accounts
  • What her future plans are
  • Money issues that she sees repeatedly in her clients
  • Examples of variable expenses
  • And SO much more!


Links from the Show


Check the full show notes here: https://www.biggerpockets.com/moneyshow105

Learn more about your ad choices. Visit megaphone.fm/adchoices

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Denne episoden er hentet fra en åpen RSS-feed og er ikke publisert av Podme. Den kan derfor inneholde annonser.

Episoder(801)

Best of BiggerPockets Money: Ben Felix on the 4% Rule

Best of BiggerPockets Money: Ben Felix on the 4% Rule

How much can you safely withdraw in early retirement, and is the 4% rule still a good guideline? Ben Felix breaks down portfolio risk, asset allocation, bonds vs. stocks, flexible spending, and the ps...

8 Okt 26min

Is House Hacking Dead in 2026? How to Find Deals That Still Work

Is House Hacking Dead in 2026? How to Find Deals That Still Work

Is house hacking still a good strategy for reaching financial independence in 2026? Scott Trench and Evan Lawler break down a real house-hacking opportunity, looking at mortgage costs, cash flow, mark...

7 Okt 31min

How Much Can You Safely Withdraw in Early Retirement? | Christine Benz

How Much Can You Safely Withdraw in Early Retirement? | Christine Benz

How much do you actually need to retire, and once you get there, how do you turn your portfolio into income without running out of money? In this episode, Christine Benz from Morningstar joins us to t...

6 Okt 46min

J Scott Explains Inflation, Interest Rates & the Economy

J Scott Explains Inflation, Interest Rates & the Economy

What is happening with inflation, interest rates, energy prices, and the economy, and what does it mean for investors? In this episode of the BiggerPockets Money Podcast, Mindy Jensen and Scott Trench...

2 Okt 54min

Want to Reach FI Faster? These Careers Give You the Biggest Advantage

Want to Reach FI Faster? These Careers Give You the Biggest Advantage

What are the best careers for reaching financial independence? In this episode of the BiggerPockets Money Podcast, Mindy Jensen and Evan Lawler explore careers that can accelerate your path to FI. The...

30 Sep 23min

Naseema Went Bankrupt at 25, Became a Single Mom at 30, and Built $1.3M by 45

Naseema Went Bankrupt at 25, Became a Single Mom at 30, and Built $1.3M by 45

How do you go from nearly $1 million in debt to building a $1.3 million net worth? In this BiggerPockets Money episode, hosts Mindy Jensen and Scott Trench sit down with Naseema McElroy to hear how sh...

29 Sep 44min

How She Went From $18K in Debt to Nearly $1 Million in 6 Years

How She Went From $18K in Debt to Nearly $1 Million in 6 Years

How do you go from $18,000 in debt to nearly $1 million in just six years? On the BiggerPockets Money Podcast, Mindy Jensen and Scott Trench sit down with Kate to unpack the money decisions that compl...

25 Sep 51min

Why I’m Baking Lifestyle Inflation Into my Coast FI Plan

Why I’m Baking Lifestyle Inflation Into my Coast FI Plan

Lifestyle inflation can quietly derail your path to financial independence, but does spending more as your income and life change have to be a bad thing? Scott Trench and Evan Lawler break down how sp...

23 Sep 31min

Populært innen Business og økonomi

stopp-verden
dine-penger-pengeradet
rss-penger-polser-og-politikk
e24-podden
rss-borsmorgen-okonominyhetene
rss-skravla-gar
pengepodden-2
rss-pa-konto
livet-pa-veien-med-jan-erik-larssen
rss-orjasater
tid-er-penger-en-podcast-med-peter-warren
utbytte
finansredaksjonen
lederpodden
morgenkaffen-med-finansavisen
liberal-halvtime
rss-impressions-2
rss-markedspuls-2
pengesnakk
okonomiamatorene