91: Debt is NOT a Death Sentence with Melanie Lockert of Dear Debt | Bigger Pockets Podcast
Melanie Lockert joins us today to share her story of student loan debt and her subsequent inability to find a job when she graduated into one of the worst job markets America had ever seen, and her spiral into depression and shame over her debt.
Melanie is not alone - as of 2018, more than 44.2 MILLION borrowers owe more than $1.5 TRILLION! (link link
September is National Suicide Prevention month - and Melanie hosts a Suicide Prevention Blog Tour every year due to the sheer number of people who find her blog when they search "I want to kill myself because of debt".
Melanie advocates sitting down and figuring out exactly how much your debt is costing you per day, which was both a big source of shame as well as a HUGE motivator for her to pay it off. She also shares her journey out of debt - and out of depression through therapy.
Melanie also shares resources for people feeling overwhelmed. Find counseling options at www.openpathcollective.org, talk to someone through text by texting HOME to 741741, which is the Crisis Text line or call the National Suicide Prevention Hotline at 1-800-273-8255.
In This Episode We Cover:
Melanie's journey with money
Experiencing mental health issues because of debt
Start blogging and wrote break-up letters to debt
How she paid off her debt
Her main side hustle
How much it costs her to pay her student loan debts
The reason why debt is depressing
The biggest mistake people are making
Her advice to anyone who has the same path with her
Five stages of grief that are similar to paying off debt
On living in denial
Steps to prepare your mindset and addressing the underlying issues
Therapy hack
What keep her motivated
Talking about the first person who reach out to her
How she personally managed to pay off her student loans
On making more money
What her life look like after she paid off her student loan debt
And SO much more!
Links from the Show
Craigslist
TaskRabbit
FinCon
Mint
Open Path Collective
Crisis Text Line - Text HOME to 741741
Suicidal Hotline - 1-800-273-8255
Suicide Prevention
National Foundation for Credit Counseling
Annual Credit Report
Side Hustle Nation
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