MY STUDENT LOANS ARE PAID OFF!

Can you believe it?! I did it!! It feels surreal. It feels great.

Total borrowed: $68,545.
Total paid back: $113,019.24

I started repayment December of 2009. I made my last payment November of 2016.

Thank you, sweet sweet baby Jesus that I am FINALLY DEBT FREE!

Almost Out of Debt: The Fear

Sounds backwards, right? But fear is oh so present. Here are 3 examples:

• Fear that I am 1 week away from completing a journey I have been on for years and something could go wrong. Something catastrophic could happen and trip me up mere moments before crossing the heavily anticipated finish line adding possible years to the debt fight.

• Fear that I will be debt free then end back up in it down the road. Although I have taken the necessary behavioral steps to ensure this doesn’t happen, you never know what could shift.

• Fear that even if I do not end up back in debt, I will not win with money in the long run because I will misplace money along the way. Not choose the right options in stocks, a Roth IRA, investments, etc.

These may seem a little silly, and I haven’t put much thought into those 3 things over the years; however, now that I am about to step into the bright light at the end of my dark tunnel, these are my present fears. I’ll keep you posted as always, but for now, I’m simply keeping it real J

A bite of food to chew on:

“If you live in fear of the future because of what happened in your past, you’ll end up losing what you have in the present.”

I Spoke at My Alma Mater!

One of my close friends has been such a great cheerleader for me during my debt pay-off process. She encourages me and lets me pick her brain a little bit on how her and her husband run some of their household budget. She works at a well known bank and was appointed to take charge in their ‘Women in Wealth’ initiative. She felt a great starting place to get the message out would be at the college level. SO, since we were both Phi Mus at Belmont University (she was our chapter’s president), she decided to start there by speaking to the current Phi Mu Theta chapter, and invited me to speak alongside of her.

 

It was great to be back on campus talking about all things finance and student loan related to those who are quite literally in the exact same place I was a cool 7 years ago. I hope my story resonated with them, and if anything, I can be a resource to someone who might feel a bit like she is starting to drown here in a couple of months after graduation. I know from memory, and from reading back on this very blog, that I was completely lost and had no one to turn to for guidance. It might have taken me 7 years to get back to these girls, but at least I am here now and can be a lighthouse for this wave of Belmont graduates to find their way back to shore.

 

I snapped this photo of the renovated music business building entrance as I'd like to think I AT LEAST paid for the gold that now lines the stair railings OR the glitter that now covers every inch of the floor :)

About.com/The Balance Hosted Me in NYC!

How'd she do it? Grab a cup of coffee and join us for a Facebook
Live chat with college debt success story, Jessica Elberfeld
 moderated by Jean Chatzky!

I just got back from having an amazing time in NYC! The folks at About.com reached out to me in hopes of having me participate in a Facebook Live Session at their NYC office in the middle of Times Square. The interview was to aid in the launch of their new financial site, The Balance, where the financial editor of The TODAY Show, Jean Chatzky, would be moderating. How could I say no to that, right?!

My friend Scarlett went to the interview with me, and everyone there was so kind towards both of us. Security checked her in as my 'representation' so she got a real kick out of that :) I wasn't sure what to expect as the live conversation was set up to be pretty candid. But whenever you live this debt stuff day in and day out for many years, you can talk to it just fine; I didn't get too nervous about not knowing what questions were going to come my way.

Before we started the live interview, we were all standing around chatting and introducing ourselves. I have to say, being in a room with like-minded people who were there to applaud my debt pay-off accomplishments instead of question them, was very surreal. These people study money. They live and breathe it. Their studio (which was in the same building as Good Morning America!) felt like the ultimate safe-zone to completely nerd out in with zero judgement. I am telling you, it is rare to find a person, let alone a group of people, that can talk about finances for hours on end without falling asleep mid sentence.

In summary, the trip was awesome and the interview went well! Here is the live video if you want to give it a watch:

Here are some pictures from the trip!

Me & Jean!

Hanging out on Wall Street

The BULL!

Night out in Times Square!

Plane fun - I heart NY!

I was in The Wall Street Journal!

Does It Pay to Start at Community College? Maybe

"Does It Pay to Start at Community College? Maybe"

A reporter reached out to me back in June about interviewing for a piece she was writing on transfer students for the Wall Street Journal. Of course I agreed, and I am glad I did! Although the interview process was quite lengthy, the portion of my story in the whole piece is quite small. I am in no way complaining about that though; it's just an FYI!

Late last night my mom wondered if my article made it to the actual printed Wall Street Journal. I hadn't even thought about that and wondered myself, so I emailed the reporter, and sure enough! The article I was in, as well as my picture, was printed in the wealth management section of every Wall Street Journal nationwide. So naturally, I drove to Nashville's Barnes and Nobel as well as a Starbucks and picked up the few remaining papers for my family :)

That was a very cool feeling and a very humbling day. Big thank you to Jillian Berman for reaching out to me!

Click here to view the article!

Spotlighted on IonTuition!

Thank you to the sweet people over at IonTuition for featuring me on their Q&A Spotlight Series!

It is amazing to see a site/blog dedicated to all things finance and helping people win with money by using other people's journeys as an example!

You can click here to read my interview with them :)

I was Featured on Business Insider!

The interview I had with Business Insider ended up being a story that was posted in three separate articles on three different days as opposed to what I thought would have just been one. The reporter, Libby Kane, was awesome to work with, and I loved her tone of writing.

 

My parents, family, friends, and co-workers have expressed how proud they are about all of this, and that means the world to me; their opinions matter most.

 

What I didn't see coming were the mean comments on the article as well as on all of the social media sites (other than my own, of course.) It was truly entertaining for a minute, then I quit reading them. People were some kind of tore up over my budget. They had an opinion on just about every category, and didn't hold back in the slightest on expressing said opinions. I never responded to a single person on any of the articles or on the social media posts because you simply can't argue with someone on a faceless platform; it is a true waste of time and energy.

What I would ask that you keep in mind is this - the budget you see in these articles is just one month out of my year. My budget changes a little from month to month; not only in expenses, but in income, too. I am a sales rep as well as a server so the money coming in is different every single month due to fluctuating commissions and tips. As far as expenses go, there are indeed times when I will budget to go see a big ticket act in concert, and there are times where I will budget for an item I've had my eye on at a store. Not every category will stay the same month to month. To quote some Dave Ramsey here:
"A good money plan is dynamic and changes as your life does. Do a review of your budget each month and make adjustments."

My intention for this post is not to spotlight the negativity, but I do want to address some topics that were in question for those who really are trying to build a budget and get their finances in order. That being said, this blog is my house where I say what I want; allow me to sit atop my roof for a moment and clear some things up:

 

Rent:

Wow. People really lost their cool over this one; there had to have been a couple hundred comments on this topic alone. I have 2 roommates. I live approximately 10-15 minutes from downtown Nashville. I live in a condo owned by one of my roommates. She has owned it for almost 1 year. It is not, and I quote, "a cardboard box," "a storage unit," "a closet," "a dog house" or "a shed." And we do not "live like hermits." The townhouse was built a mere 5 years ago so it's modern, and we have more than enough space. Other cities I cannot speak to, but rent like mine is indeed attainable in Nashville. We lived in Brentwood (known for being an expensive part of town) for the last 5 years before moving to this condo, and we were paying just about the same then as we are now. I lucked out 6 years ago by finding a roommate I enjoy living with; she has great taste, is a built in friend, and is trustworthy. 

 

My advise? Find one (preferably two) like-minded people to live with and then search for a house/townhouse/condo in the outskirts - try to stay away from living inside of the downtown areas, and avoid apartments as well as high-rise condos.  

 

Best stranger danger comment goes to: 

"$450 rent? Is she camping?" (I actually did hit the like button on that one)

 

Medical:

I have heath insurance. It comes out of my check and is not factored into my budget. The $100 in medical is there for instances like physical therapy and co-pays.

 

Best stranger danger comment goes to:

"$0 spent on medical. She is supposed to buy Obamacare. We have ourselves a liar and another phony story"

 

Groceries:

$150 is doable. It helps that I am a pretty basic, kindergarten eater; however, you can very much so purchase vegetables and healthy food on this budget. I buy store brand a lot of times. I purchase things on sale. I am by no means an extreme couponer, but I do indeed use them if I have one for an item I purchase on the regular. I also work part time at a, wait for it, RESTAURANT! I get a free meal with every shift.

 

My advise? Get out of the expensive grocery stores. Places like Publix and Whole Foods provide a great experience and all, but there is nothing wrong with a good Kroger or Trader Joe's.

 

Best stranger danger comment goes to:

"For $150/month, I assume she eats paper?"

 

401k

Not contributing up to the 6% match right now was hard for a lot of people to agree with; and I absolutely understand their reasoning. Rest assured, this will go up to 6% in order to get my current match percentage, but not until November when I am debt free. I already have an IRA from my previous company's 401k match that I rolled over. I was not following the Dave Ramsey theory for some of my 4 year employment there so I contributed a lot to that account. I also still have stocks from that same company which I have not touched.

 

Retirement contributions when in debt is a topic where Dave Ramsey and Suze Orman have a big difference of opinion. Although I took advise to from both as it stated in the article, in regards to this particular area, I chose Dave Ramsey's approach. 

 

Best stranger danger comment goes to:

"If she actually paid attention to Suze Orman she'd know this. That's like her #1 tip to everybody."

 

Here is a spot on, positive reply to all of the above...

 

"She's probably more focused on the Dave Ramsey plan, which has you stop 401k contributions temporarily until you pay off all debt and save up 6 months of emergency fund. It can make sense that you focus on one thing before going to the next. That way she frees up all that debt money, when that's all freed up he urges to put 15% of your money (not including matches) into retirement each month. Yeah she is missing out on some company match right now, but she'll be putting 15% (if following his plan) away each month, which is MORE than most Americans stash away."

 

Overall winner of the stranger danger comments (It's a tie):

"Alcohol for home: $10 budgeted $21.93 spent. Priorities (3 of the crying laughing emojis)"

Agreed, and cheers to you, sir!

 

"Holy cow...we found a responsible millennial. Clone her quick before she gets a tattoo and starts taking pictures of her food."

 

I read the book Start by Jon Acuff earlier this year, and I wrote down this one quote in my notes even though it didn't pertain to me at the time. I thought that some of my friends might need to hear this one day as there have been times when someone will say a hateful thing about his or her's music when uploaded online for the masses. It helped me before it ever got a chance to help them:

 

"When someone leaves a hateful comment on your blog or tweets about you, that is the equivalent of someone driving by your house and yelling, “I hate your yard! Your heart must be horrible too!” You’d never listen to that person in real life. Don’t listen online."

For every negative comment (I spared you all of the vulgar ones), there was a positive one right behind it, so believe me, those are the ones I will take to heart. Bottom line, what I am doing is working; that is what matters. Thanks to everyone for all of the kind words and for reaching out with your own stories. I wish you all the best of luck in your personal finance journeys!

 

Click to view the first article on Business Insider: "Here's the budget of a 29-year-old who's almost done paying over $100,000 of student loans"

 

Click to view the second article on Business Insider: "A 29-year-old who's paid over $100,00 of student loans gives her two best pieces of debt-repayment advice"

 

Click to view the third article on Business Insider: "How a 29-year-old who's paid over $100,000 created her monthly budget"