137. How Nurse Naseema McElroy Paid Off $1M in Debt Without Deprivation
episode
Becoming The Wealthy You | How to Save Money, Stop Overspending, Get Out of Debt, Budgeting & Personal Finance for Women
24 min
2 speakers
4 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the main topic discussed in this episode?
You are listening to the Becoming the Wealthy You podcast with Jermaine Foley.
If you're a woman who makes good money in your career or business, but you're not building wealth like you want to, then you're in the right place. In this podcast, you'll learn how to stop overspending, break free from the cycle of debt, save lots of cash and become the wealthy woman you were born to be. Let's dive in. Well, hello everyone. Welcome back to the podcast. Nesima McElroy Nasima is a mother, a labor and delivery nurse. And although she made six figures in the past, she struggled with money. Sounds familiar, right? Sounds like my story. Finally realizing she couldn't out earn her financial ignorance, she knew she had to make some changes. By shifting her mindset around money, being consistent and intentional, she paid off over, listen to this, you guys, $1 million in debt and grew a six figure net worth
in just three years.
What was Nurse Naseema McElroy's breaking point that made her fix her finances?
And she did all of this without living a deprived life. And so Nasima, welcome to the show. I am so excited to talk to you today.
Yes, yes. And we do have the same people. We have similar stories. So I hope people get a lot out of this because I think we both can speak into those audiences in a way that a lot of people can't.
Absolutely, because experience is the best teacher. So we're not talking theory or giving hypothesis. We are talking about real life stuff, trials and tribulations that we've overcome. And I think that is just so valuable. Okay, so let's just start from the beginning. What was your breaking point? When did you finally decide like, okay, I can't keep living like this? Where you were just like, I need to change. What happened? Tell us.
You know, it's very interesting because... For everybody else, it looked like I was doing really good. I was at the point where I had just bought this brand new house, five bedrooms, five baths for me and my daughter. You know, I had a really, really good job. I had been there for a long time, had a luxury car, like all the things that I call Instagram popping, right? But inside, I just felt like so broke. And then I just was like, man, like it's really me and my daughter. And if anything were to happen to me, what? I didn't have anything for my daughter. And so I was just like, things have to change. I have to figure out this money thing. And it had been something that had been playing in the back of my mind for a long time, but I was like, I always put it off.
I was in school full time and then I had a baby and then I was just like, enough is enough. But I thought that the whole money thing was about like, learning to invest like you're on wall street like you're on trading places and you're on the floor and you're like holding the little cards and like you have to learn at that level and i was just like you know well now that i have time like i've gotten master's degrees i know how to learn things i know how to invest my time in something now that i have time i'm out of school you know things are kind of stabilizing i have time to devote to learn about my finances
And then that was the turning point, huh?
Yeah, that was it.
Yeah. Yeah. So as I shared earlier, you had a great income. You were earning six figures. What do you think kept you financially stuck even though you had that great income?
I did not have intentionality around my money. I did not know where my money was going. I really did not know month to month, like really honestly, how much I was bringing in. I mean, I knew like, you know, when you get your W-2s, I'm always like, oh, this is how much I made. But there wasn't that intentionality behind it. And so honestly, I don't know how I spent my money. I know that I was paying a lot of money in student loans. I knew that my house costs a lot of money. But other than that, like I really did not know. like dollar for dollar on like where everything was going.
Yeah. And it's so crazy because when that is the case, it just disappears and you just wonder like, where in the world did it all go? And it's always a wake up call during tax season when you see those W-2s and you're like, where?
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:01–1:47
2
What was Nurse Naseema McElroy's breaking point that made her fix her finances?
1:47–17:23
3
Why did earning six figures not translate to wealth for Naseema?
17:23–22:22
4
How did lifestyle inflation and lack of intentionality drive Naseema's debt accumulation?
22:22–24:00
Speakers
2 identifiedMore from Becoming The Wealthy You | How to Save Money, Stop Overspending, Get Out of Debt, Budgeting & Personal Finance for Women
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