Chasing Financial "Stability" After $100K+ in Debt and Layoffs | Bigger Pockets Video

Episode #593

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Got debt to pay off? You might relate to Leo, a personal finance journalist who’s focused on financial stability over FIRE—at least for now. With six figures in student loans and credit card debt, Leo found themselves in a tough spot after being laid off with no safety net. Determined never to end up in that position again, they began chipping away at their debt, working toward financial peace of mind instead of a relentless grind to early retirement.

Leo shares why their approach to financial freedom is different. While they don’t want to wait until sixty-five to retire, they’ve crafted a “wealth plan” that balances paying off debt, building a safety net, and creating a better life today.

In this episode, Leo dives deep into budgeting tips, debt repayment strategies, and the unique financial challenges faced by LGBTQ+ individuals. Tired of the all-out grind to FIRE and want “financial stability” instead? Leo has just what you need!

00:00 Intro
03:41 Serious Credit Card Debt
06:26 Feeling Financial Shame?
08:40 Paying Down Six-Figure
10:33 Wealth "Planning"
13:37 Budgeting Their Debt Payoff
15:52 Financial Stability Over Independence
20:06 Does FIRE Change You?
22:10 Best FIRE Advice?
26:23 Connect with Leo!