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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.
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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.
This article is sponsored by Hulu.
UnPrisonedhas returned for its highly anticipated second season, delving deeper into the complex dynamics of the Alexander family.
The series premiere comes a year after its debut season garnered rave reviews from fans and critics and earned record-breaking ratings for Hulu's Onyx Collective brand. UnPrisoned's success can be attributed to its raw, relatable themes and comedic appeal.
Inspired by creator Tracy McMillan's life, the show follows Paige (Kerry Washington), a therapist and single mother whose life takes an unexpected turn when her father, Edwin (Delroy Lindo) --who was released from prison-- moves in with her and her teenage son, Finn (Faly Rakotohavana).
Throughout UnPrisoned's first season, viewers witnessed how Edwin's incarceration deeply affected Paige's life and relationships. In the series, Paige unpacks her trauma through interactions with her inner child and her online followers. Meanwhile, Edwin is overcoming specific struggles with his own past that led to his life of crime, including a dysfunctional upbringing and his mother's arrest. As the Alexanders attempt to reconcile, new challenges arise.
This new season promises to further explore their unconventional family dynamic. Here are several compelling reasons why season two of UnPrisoned should be on everyone's watchlist.
The Alexander Family Life Is Still In Shambles
UnPrisoned's second season resumes where the series left off, with Paige grappling with the fallout from her troubled therapy practice and Edwin navigating life independently after moving out. Meanwhile, Finn faces his own challenges. The teenager is battling anxiety and seeking information about his father—a topic Paige avoids discussing.
The Alexander Family Are Attending Therapy To Resolve Their Underlying Issues
Amid the chaos in their lives, the Alexander family decides to mend their bond by confronting their past traumas. They seek professional help and attend therapy sessions with a “family radical healing coach,” played by John Stamos, a new cast member. This collective effort aims to unravel the complexities of their shared history and strengthen their relationships.
The process of unraveling each character's internal conflicts and their potential impact on future relationships may clash with Paige's textbook therapy approach. While Paige is used to being in the therapist's seat in both career and family, this forces her into the unfamiliar role of a patient during therapy sessions. This shift would compel her to look in the mirror and try a radically different approach.
The Alexander Family Learned A Big Lesson During A Therapy Session
In therapy, the Alexanders are tasked with addressing their individual traumas to salvage their remaining relationships. One of the family therapist’s eccentric suggestions was an exercise involving a family wrestling match. During this session, Paige faces tough questions about her refusal to share information about Finn's father.
While it's unclear whether this scene is reality or fantasy, the image of the family duking it out in the ring certainly makes for hilarious yet compelling television.
Paige Tries Dating Again Following Failed Relationships
Amid her life's chaos, Paige decides to step back into the dating field. However, her many attempts have left her with mixed results. The dating apps have turned out to be a fail, and an outing with her ex Mal (Marque Richardson), who is also her father's parole officer, doesn’t go quite as expected after he brings an unexpected guest – his new girlfriend.
The situation takes an awkward turn when Mal's new partner learns why the former couple split, partly due to Paige's self-sabotage.
UnPrisoned Is A Perfect Balance Of Comedy And Drama
As a dramedy, UnPrisoned takes a comedic approach to its heavy subjects. The show takes us on a ride with Paige's dating misadventures and navigating a friendship with her ex.
Other lighthearted moments include Edwin's attempts at CPR based on online videos and, of course, the antics of the Alexander family's unconventional new healing coach.
The second season of UnPrisoned is now available on Hulu.
UnPrisoned | Season 2 Trailer | Hulu
Feature image courtesy
Blair Underwood Initially Turned Down 'Sex And The City' Because 'It Was About How Samantha Was Fascinated By Dating A Black Man’
Actor and heartthrob Blair Underwood is opening up about why he turned down Sex and the City the first time he was offered a role. Many fans of the HBO series may recall Blair's time on the show in which his character was dating Miranda (Cynthia Nixon). However, he was previously offered another role where his character would date Samantha (Kim Cattrall).
During his interview with AV Club, the Set It Off star revealed that he was uncomfortable with the initial offer due to the character's fascination with him being a Black man.
“I actually did say ‘no’ the first time,” he said. “The first time they had offered the role, to be honest with you, it was about how Samantha was fascinated by dating a Black man and wanted to know if, uh, all of the rumors were true about our anatomy! And I said, ‘Listen, I’m honored, thank you, but I just don’t want to play a character based on race, on curiosity about a Black man.'”
But that didn't stop them from reaching out again. This time he was offered to play Dr. Robert Leeds, the love interest to Miranda and he decided to go for it. "So they were nice enough to call about a year later, and I said, 'Well, is it gonna be about race?' And they said, 'No, no, no, we’re not even gonna mention race!' And I think it really did only come up maybe once," he recalled.
"It did five episodes, and I think Samantha mentioned it once, saying something about 'a Black doctor' that Miranda was dating. And that’s really been a consistent thing in my career: not wanting to be boxed as 'the Black guy.'
"I’ve had that conversation with many producers along the way, and they were so great. They said, 'No, he’s just a doctor who Miranda meets in the elevator, and they have a nice little fling.' And it was amazing."
Blair has had a wide-ranging career playing everything from a lawyer on L.A. Law to playing Madame CJ Walker's husband on Self Made: Inspired by the Life of Madame CJ Walker. And during his interview, he revealed another role that he initially turned down, Set It Off. The movie, which is considered a classic in Black culture, stars Queen Latifah, Jada Pinkett Smith, Vivica A. Fox, and Kimberly Elise. Blair's character, Keith, played a banker and love interest to Jada's character, Stony.
He explained why he said no at first and eventually accepted the offer. "I had initially said “no” to that. Because I was playing this historic, iconic African-American historical figure in Jackie Robinson, and the time, y’know, there was Boyz N The Hood, and Menace II Society was out there, and I’d finished playing this noble Negro… [Laughs]," he said.
"And I’m reading the script, and there’s a scene where Jada Pinkett’s character—Jada Pinkett-Smith now—was going to sell her body so she could make some money to send her brother to college. And I remember, honestly, I threw the script across the room. I was, like, “I don’t want to do this. I want to do something uplifting for the Black culture and Black characters, and I don’t know if I want to see this.”
After a conversation with the movie's director F. Gary Gray and the actor's manager encouraging him to finish reading the script, Blair had a change of heart. What he first thought about the movie turned out to be totally different.
"So I finished the script, and I saw that the character they were asking me to play was really the love story in the midst of all of this turmoil of all of these characters, the four ladies: Queen Latifah, Vivica Fox, Kimberly Elise, and Jada," he explained.
"It was so well-written, it was such a great platform for them. And to be able to play the love story and the storyline that gave Jada’s character a leg up and a way out of this world, something to hope for, to wish for, someone to love her… I said, 'You know what? I’d like to be a part of that.'
"And I’m so glad I did, because that film resonates to this day. People all the time come up to me and say that they love that movie. So I’m glad that I did it."