How This Woman Paid Off Over $90,000 Worth Of Debt Without Drastically Changing Her Lifestyle
With 2024 around the corner, a lot of us are starting to think about future goals. What new ideas do I want to bring to life, or what am I currently working on that needs improvement? I’ll be transparent in saying that improving my finances has been an ongoing challenge. I mean, sure, I’m generally stable. But “stable” isn’t enough to invest how I’d like or significantly save as desired. And while it’s not everyone’s favorite subject to bring to the dinner table, I realize a lot of my peers are facing the same problem. Especially in this economy, chile.
That’s why I was super excited to speak with personal finance coach, author, and certified financial instructor Rachael Hanible, a 36-year old Philly-native who has paid off over $92,000 in debt, saved a year's worth of her income, and sports a credit score of 846. In this conversation with xoNecole, she shared her finance journey, along with a few helpful tips for the girlies trying to make money moves (cues, Cardi B).
First, I have to say paying off over $90,000 worth of debt is amazing. Can you tell me a little bit about that journey? How did you cultivate it, and when was the moment you knew you wanted to change your situation?
It was a mixture of a few things. There was some student loan debt there. Plus, I had a car note and credit card debt. I grew up poor, but I never felt like that was God’s plan for my life. I always said I was a millionaire-in-training and spoke about the things I’d do when I’m wealthy. And I woke up one day with an idea of being debt-free, even though I didn’t know anyone who was. I was in school working at a convenience store, making $8/hr. when I had the bright idea. But after I finished college, I revisited the thought, and that’s when the plan started.
"I grew up poor, but I never felt like that was God’s plan for my life. I always said I was a millionaire-in-training and spoke about the things I’d do when I’m wealthy. And I woke up one day with an idea of being debt-free, even though I didn’t know anyone who was."
So many of us want to do that but struggle to make it a reality. What was your process?
I got a job doing accounting after my college job. One day, I just calculated all of my debt and discovered how much was being added to my student loan daily. In my mind, I just wanted to cut down the days that I owed that money, and I applied the same principle to my car note. I started with an extra $5 to my student loans and an extra $20 to my car note. And I was consistent with that idea as I continued to find and grow more income. Now I’m almost 13 years in with no car payment and 11 years with no student loan debt.
Did you always have a good relationship with money?
No (laughs). I went to school for business law, and one of my first assignments was to get a subscription to Wall Street Journal, but I held on to it after the assignment. I started to read about investing, ROTH IRAs, and more. They were mentioning words I never heard before, and that started my journey to learning more.
Just curious, what was your biggest splurge before you got here?
Probably shoes. I have over 100 pairs of shoes (laughs).
You gotta treat yourself sometimes, right?
Girl, not that much (laughs).
Photo courtesy of Rachael Hanible
Well, did you ever work any crazy jobs to get by?
Nothing too crazy because I’ve always been big on integrity over income. But I used to teach Excel classes in my apartment. People from churches would send their registration list, I’d reach out, and they’d come to my little one-bedroom and learn.
It’s giving hustler more than crazy, but I can appreciate the full-circleness of it all. Because, today, how much do you save monthly?
Right now, my major goal is to pay off my 30-year mortgage in eight years, and I have one more year to go. So I’d say I’m averaging about $3K a month toward saving or putting toward my home loans.
That’s incredible. But I’m curious – it’s hard enough to shift your finances the way you did. What triggered you to transform this skill into a business?
For years, I was helping people, and that continued to grow. People actually told me I should start charging – so I did.
You offer a lot more, though, right? Talk to me about your multiple streams.
Yes, it started with that one thing: talking and helping people. But when you solve one problem, people will send you bigger problems. So, it developed into classes for kids. Those sessions start at age three and go all the way to college-aged. Also, I’m an author and teach about real estate, budgeting, and credit.
What’s been your biggest business challenge so far?
Even though it's a sexy subject now, no one wanted to talk about this years ago. In the beginning, people didn’t wanna hear from a Black woman with no kids and no husband about financial literacy. For whatever reason, people felt like those things didn’t make me relatable. Like, of course, she can do this if she doesn’t have kids. It was difficult; that was something I really had to fight through.
Ugh, that's ridiculous. Did you have a person or tribe to confide in? Who do you talk to?
Yes, I talk to my mom. She’s a pastor. Then there’s my big sister, who is a mixture of the church and the streets and, of course, my best friend. She’s all the way left (laughs). I come to them for business and relationships. They are all fair and give me encouragement.
From working with diverse clientele, have you picked up on any popular unhealthy spending habits?
The habits are connected to the mindset. The mindset controls your access. Unfortunately, a lot of us don’t feel like freedom, luxury, or wealth is for us. Whether we have $5 or $5,000. I think once we shift that mindset, we’ll be able to hold on to it more.
"The habits are connected to the mindset. The mindset controls your access. Unfortunately, a lot of us don’t feel like freedom, luxury, or wealth is for us. Whether we have $5 or $5,000. I think once we shift that mindset, we’ll be able to hold on to it more."
How would you define wealth?
I define wealth as freedom and options. There are people waking up to do things they don’t want to do because they need the money and people going to sleep not doing what they want because they don’t have the money. Wealth is being able to make decisions when and how you want.
Okay, it’s time for you to teach us your ways. What investments do you currently have? Can you give us exact names?
Sure, I have a traditional 401k, Roth IRA, brokerage account, and a high-yield savings account. And every month, money goes into everything I just mentioned.
When it comes to investing, I’ve heard conflicting advice. Some people say you should start making investments as soon as you have consistent money coming in, and others suggest waiting and building more first. What’s your perspective?
I think we should have an emergency fund, especially now. You need something you can access quickly. For my clients, I always suggest setting a freedom number in case something happens. And then, after that, we do an even split of investing and saving. Inflation isn’t going anywhere, so we have to make our money grow.
"Inflation isn't going anywhere, so we have to make our money grow."
Photo courtesy of Rachael Hanible
And when it comes to budgeting, how detailed do we need to be?
Very. There are so many of us that work so hard for our money and don’t know where it’s going. Small things can go a long way. A lot of us are throwing small amounts of money away every day; that can add up, especially if you’re living paycheck-to-paycheck or have big goals.
What needs to be included on that budget? Can you share a must-have?
Build for fun in your budget now and freedom for the future. You need a healthy balance for it to be successful and realistic.
Do you have a money mantra that you swear by?
I still say I'm a millionaire-in-training. Now I have all my kids in class saying that. And I end all my classes by reminding people that even though they now have the knowledge and inspiration, only they can make the decision to change.
What’s been your biggest lesson through this process?
God takes care of the people who take care of His people. When I first started, I didn’t have the jazzy marketing and photo shoots, but people could tell my heart was connected to this. And I think that’s why, after ten years, I’m still getting new clients, contracts, and etc. There’s so much content about how to make your business grow, but the most important thing is to care and be passionate about what you’re doing.
What advice would you give to aspiring entrepreneurs?
Do something that you would do for free. People say you’ll never work a day in your life if you’re doing what you love. That’s not true. There’s gonna be some piece of your purpose that you’re not gonna like. But if you’d do it for free, that will tell you everything about longevity and if you’re doing it from your heart.
Things you’re gonna learn: taking the stairs is essential. If you try and take the fast lane, you’re gonna get to some levels you’re not prepared for. So, do it for free first and take the stairs.
Finally, what is your ultimate saving goal?
I don’t want any debt. Also, being able to make sure my mom is comfortable – she’s had some health challenges. I want to be able to do what I love without worrying about bills, and I want to be able to serve the people and not count pennies in the process.
I think it’s safe to say she’s well on her way.
To learn more about Rachael, connect with her on social media at @peptalks_ and visit her website at rachaelhanible.com.
Let’s make things inbox official! Sign up for the xoNecole newsletter for daily love, wellness, career, and exclusive content delivered straight to your inbox.
Feature image courtesy of Rachael Hanible
Kirby Carroll grew up in VA but now calls Atlanta, GA home. She has a passion for creating content and helping brands grow through storytelling and public relations. When not immersed in work, you can find her sipping a mimosa at brunch or bingeing a new TV drama on Netflix. Keep up with her on social media at @askKirbyCarroll.
For Us, By Us: How HBCU Alumni Are Building Legacies Through Entrepreneurship
Homecoming season is here, and alumni are returning to the yard to celebrate with their friends and family at the historically Black colleges and universities (HBCUs) that have changed their lives forever.
No matter where their life journeys have taken them, for HBCU students from near and far, returning to where it all started can invoke feelings of nostalgia, appreciation for the past, and inspiration for the future.
The seeds for these entrepreneurs were planted during their time as students at schools like Spelman, North Carolina A&T, and more, which is why xoNecole caught up with Look Good Live Well’s Ariane Turner, HBCU Buzz’s Luke Lawal and Morehouse Senior Director of Marketing and Comms and Press Secretary Jasmine Gurley to highlight the role their HBCU roots play in their work as entrepreneurs, the legacy they aim to leave behind through the work that they do, and more as a part of Hyundai’s Best In Class initiative.
On Honoring HBCU Roots To Create Something That Is For Us, By Us
Ariane Turner
Courtesy
When Ariane Turner launched Look Good, Live Well, she created it with Black and brown people in mind, especially those with sensitive skin more prone to dryness and skin conditions like acne and eczema.
The Florida A&M University graduate launched her business to create something that addressed topical skin care needs and was intentional about its approach without negative terminology.
Turner shared that it is important to steer clear of language often adopted by more prominent brands, such as “banishing breakouts” or “correcting the skin,” because, in reality, Turner says there is nothing wrong with the way that our skin and bodies react to various life changes.
“I think what I have taken with me regarding my HBCU experience and translated to my entrepreneurial experience is the importance of not just networking,” Turner, the founder and CEO of Look Good, Live Well, tellls xoNecole.
“We hear that in business all the time, your network is your net worth, but family, there’s a thing at FAMU that we call FAMU-lee instead of family, and it’s very much a thing. What that taught me is the importance of not just making relationships and not just making that connection, but truly working on deepening them, and so being intentional about connecting with people initially, but staying connected and building and deepening those relationships, and that has served me tremendously in business, whether it’s being able to reach back to other classmates who I went to school with, or just networking in general.”
She adds, “I don’t come from a business background. As soon as I finished school, I continued with my entrepreneurial journey, and so there’s a lot of that traditional business act and the networking, those soft skills that I just don’t have, but I will say that just understanding how to leverage and network community and to build intentional relationships is something that has taken me far and I definitely got those roots while attending FAMU.”
On Solving A Very Specific Need For The Community
Luke Lawal Jr.
Courtesy
When Luke Lawal Jr. launched HBCU Buzz, his main focus was to represent his community, using the platform to lift as they climbed by creating an outlet dedicated to celebrating the achievements and positive news affecting the 107 historically HBCUs nationwide.
By spotlighting the wonderful things that come from the HBCU community and coupling it with what he learned during his time at Bowie State University, Lawal used that knowledge to propel himself as an entrepreneur while also providing his people with accurate representation across the internet.
“The specific problem in 2011 when I started HBCU Buzz was more so around the fact that mainstream media always depict HBCUs as negative,” Lawal says. “You would only see HBCUs in the mainstream media when someone died, or the university president or someone was stepping down. It was always bad news, but they never shed light on all the wonderful things from our community."
So, I started HBCU Buzz to ensure the world saw the good things that come from our space. And they knew that HBCUs grew some of the brightest people in the world, and just trying to figure out ways to make sure our platform was a pedestal for all the students that come through our institutions.”
“The biggest goal is to continue to solve problems, continue to create brands that solve the problems of our communities, and make sure that our products, our brands, our companies, and institutions are of value and they’re helping our community,” he continues. “That they’re solving problems that propel our space forward.”
On How Being An HBCU Alum Impacts The Way One Shows Up In The World
Jasmine Gurley
Courtesy
Jasmine Gurley is a proud North Carolina Agricultural and Technical State University alum. She is even more delighted with her current role, which enables her to give back to current HBCU students as the Senior Director of Brand Marketing and Communications and official press secretary at Morehouse College.
“It was a formative experience where I really was able to come into my own and say yes to all the opportunities that were presented to me, and because of that, it’s been able to open the doors later in life too,” says Gurley of her experience at North Carolina A&T. “One thing I love about many HBCUs is that we are required to learn way more about African American history than you do in your typical K through 12 or even at the higher ed level."
She adds, “It allowed us to have a better understanding of where we came from, and so for me, because I’m a storyteller, I’m a history person, I’m very sensitive to life in general, being able to listen to the stories and the trials that our ancestors overcame, put the battery pack in my back to say, ‘Oh nothing can stop me. Absolutely nothing can stop me. I know where I came from, so I can overcome something and try anything. And I have an obligation to be my ancestors’ wildest dreams. Simultaneously, I also have a responsibility to help others realize that greatness.
Gurley does not take her position at an HBCU, now as a leader, lightly.
“People think I’m joking when I say I’m living the dream, but I really am,” she notes. “So I wake up every day and know that the work that I do matters, no matter how hard it might be, how frustrating it may be, and challenging it. I know the ripple effect of my work, my team, and what this institution does also matter. The trajectory of Black male experiences, community, history, and then just American advancement just in general.”
On the other hand, through her business, Sankofa Public Relations, Gurley is also on a mission to uplift brands in their quest to help their respective communities. Since its inception in 2017, Sankofa PR has been on a mission to “reach back and reclaim local, national, and global communities by helping those actively working to move” various areas of the world, focusing on pushing things forward for the better.
“Through Sankofa, we’ve worked with all different types of organizational brands and individuals in several different industries, but I would think of them as mission-based,” says Gurley.
“So with that, it’s an opportunity to help people who are trying to do good in the world, and they are passionate about what they’re doing. They just need help with marketing issues, storytelling, and branding, and that’s when my expertise can come into play. Help them get to that moment where they can tell their story through me or another platform, and that’s been super fulfilling.”
Join us in celebrating HBCU excellence! Check out our Best In Class hub for inspiring stories, empowering resources, and everything you need to embrace the HBCU experience.
Feature image courtesy
Success Cities: Black Women Share The Places Where They Thrive
Several organizations and new sites release lists of the “best places for millennials," the “best places for young professionals,” or the "best cities for Black women." The lists offer options for many who are either seeking better opportunities or need that reminder that where they are is actually where it’s at. These lists also always prompt popular and frequent debates online about why a city is (or isn’t) what everyone popularly says it is.
It’s always good to be able to say that you’ve found a city where you can thrive in your career (and in your life overall), whether it’s because of the opportunities for jobs, places to visit and eat, nightlife, traditions, and culture, or family-friendly elements.
For me, this city is Negril, located in the Westmoreland parish of Jamaica. I fell in love with it seven years ago as someone who was only ever familiar with Kingston and its neighboring parishes. While I’ve lived and worked in major cities, including Washington, D.C., and Brooklyn, New York, my latest transition has set my sights on digital nomad island life.
Not only is Negril more than a tourist spot now, with a growing community of young professionals, millennial expats, and entrepreneurs, it has a nice mixture of cultures and people, affordable housing options, a range of restaurants and leisure experiences, entrepreneurship niches, and real estate investment opportunities. It’s slow enough to have a calming effect but not quite a snooze retirement spot where you're not right at the cusp of an adventure. And even better, it's not too far from a more bustling city (with nightlife, more restaurants, and even more entrepreneurs, professionals, and expats), Montego, Bay.
Negril is like a second home for me, as I visit often, keep major connections there, and find it ideal for my writing and editing career. I can connect more with my Caribbean culture and nature and embrace a peaceful, less hectic existence while there.
I caught up with a few more fabulous and successful women professionals to talk about the cities where they’ve found success, happiness, balance, and longevity and why they chose to stick around:
Nicole Blake-Baxter, Managing Director and Founder, The Blake Agency
Metro Atlanta Area, (Johns Creek, Ga.)
IG: @theblakeagency_
“I relocated to Atlanta about 10 years ago from Brooklyn, NY. I initially launched my media and marketing agency in New York City several years prior but rebranded and made a strategic shift to a full-service PR firm when I moved to Georgia."
Her Origins: "I was born in Kingston, Jamaica. I lived between the United States and Jamaica during my childhood and permanently moved to New York as a teen."
Why Atlanta? “My move to Atlanta was out of necessity; I needed a lifestyle change and felt I had outgrown the hustle and bustle of New York City. There’s a saying that ‘Discomfort is a catalyst for growth.’ In a short time, I went from trying to climb the corporate ladder to launching a business and becoming a mother. I was struggling to navigate motherhood and entrepreneurship, and that discomfort pushed me to seek out a new environment.”
“Relocating to Atlanta was the best decision for me personally and professionally. It provides a healthy balance of everything I need to raise happy and well-rounded children and grow a successful business. Although moving to a new city with no close friends or relatives can be unnerving, it made me more disciplined in my approach to entrepreneurship.”
What She Loves Most About Her City:Family-friendly environment, lower cost of living, business opportunities. “Many of our new business leads are tech founders and travel brands that want to work with an agency in the southern region.”
Jasmine Dary, Founder, Twisted Corks
Nashville, TN
IG @TwistedCorks
“Nashville is a big, but small-feel city. It’s the perfect place to be if you want to keep Southern roots without losing the big-town opportunities. It’s constantly growing, which I find to be exciting. There’s always something new happening here for the first time, and being part of this city’s early adopters for cool concepts and experiences is one of my favorite self-proclaimed roles. There’s also a unique and tight-knit entrepreneur community here. In addition to exciting career opportunities, I knew that I’d eventually want to thrive in entrepreneurship.”
Her Origins: “I was born and raised in Chattanooga, Tenn., and made my way to Murfreesboro after college until naturally progressing to Nashville to pursue career and business opportunities.”
Why Nashville? “I first moved to Nashville in 2012 to make a major career shift from higher education to corporate marketing in wine and spirits. Coming from a much smaller college town, I instantly fell in love with the city! This job became the catalyst for so many future opportunities and interests including starting my own company, Twisted Corks.
"I was thrown in the mix for some of the city’s biggest events and worked alongside some of the world’s largest spirits brands. This corporate experience plus genuine passion granted me credibility with even my earliest business clients.”
What She Loves Most About Her City:Family-friendly, community, events (like the Nashville Black Chamber happy hour), Programs (like the Nashville Entrepreneur Center’s Preflight program for new startups.) “I’m thriving here, but I’m definitely not doing it alone.”
Christen Rochon, National Account Executive, NBCUniversal
Detroit, Michigan
IG @CandidlyChristen
“Detroit is more than just a place to work—it’s a place where innovation, resilience, and culture are embedded in the fabric of daily life. What makes Detroit especially unique is its long-standing history as an industrial powerhouse, balanced with a fresh momentum in tech, arts, and small business development. In my career in marketing and media, I’ve come to see Detroit as an evolving ecosystem where diverse industries intersect, creating rich opportunities for growth and impact.”
Her Origins: “I’m a born-and-raised Detroiter, however, my career in broadcast and digital media has taken me to Charlotte, N.C., New York City, and Chicago.”
Why Detroit? “Detroiters know how to rebuild and innovate, and this grit translates into the professional landscape here. The city's thriving entrepreneurial scene fosters collaboration, and its well-connected business community continually encourages professionals to think creatively and work cross-functionally.”
“It’s a place where you can see firsthand how your work makes a difference, from witnessing the revitalizing neighborhoods to supporting the next generation of innovators. The opportunities for mentorship and giving back here are endless; I’ve been privileged to contribute through roles that support education, community engagement, and innovation—efforts that are deeply connected to Detroit’s story of transformation.
What She Loves Most About Her City: Vibrant seasons, close-knit communities, rich history, opportunities for growth, culture of entrepreneurial grit and service. “Detroit offers the potential for financial success and legacy building. As the eldest of 10, family is incredibly important to me, and returning to Detroit allowed me not only to be close to family but also be in a space to establish my own. Being part of Detroit’s evolution is exciting.”
Let’s make things inbox official! Sign up for the xoNecole newsletter for love, wellness, career, and exclusive content delivered straight to your inbox.
Featured image by ljubaphoto/Getty Images