171. How She Paid Off Over $32,000 of Debt in 11 Months & Why Single Women Should Buy A House with Latosha Thomas
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It’s an exciting day here on the podcast! You’ve all been asking for more episodes related to money, debt, finances, and credit, so I am excited to bring you the official start of the Brown Vegan Podcast Money Series. With the Money Series, I’ll be bringing in guest experts to focus on all things finances because, as you’ve heard me say, you can’t have wellness without financial wellness.
If you missed my previous solo episodes about my personal credit journey, I shared how I was able to change my credit score from the 400s to the 700s in one year. So many of you reached out sharing similar stories or requesting more on the topic, and I heard you loud and clear! After starting off with a negative money mindset and struggling to stay on top of my debt, I’ve become so passionate about these topics and helping others in this community with financial education including tips and tricks for tackling your own debt.
Latosha Thomas is a money and wealth educator who has a passion for helping women change their money story. Over the last couple of years, she has taken charge of her own finances and has experienced many positive impacts as a result. In 2020, she paid off all of her non-mortgage debt and documented the journey on social media. Since then, she has built a six-month emergency fund, maxed out her annual retirement contributions, expanded her investments, and increased savings. She uses her social media platforms to share tips and experiences related to debt payoff, saving, investing, estate planning and additional wealth topics.
Over the last few years, she has hosted monthly accountability groups to help others accomplish their money goals. In addition, she has been featured as a guest speaker for events hosted by women's organizations. A graduate of Howard University, Latosha knows the importance of using her skills and talents to give back. She believes in educating and inspiring Black women to live an abundant financial life so that they can follow their dreams.
On this episode of the podcast, Latosha joins me for a conversation about her own personal money journey while also sharing useful strategies that you can apply to your own financial management. What I love about this conversation is the recurring theme that “personal finance is personal” and the need for you to find what works for you, not everyone else.
We chat about:
How our upbringings can influence our money mindset and beliefs
The financial impact of our education decisions including student loans and scholarships
How Latosha paid off her debt in one year and what debt payment strategies she used
How to discuss finances in relationships and the importance of finding someone with similar money values
How money is a taboo subject in our society
The dangers of credit cards and also the benefits of strategic credit card usage
How to buy a home as a single person with one income
The realities of owning a home: taxes, maintenance, insurance, and furnishing
3 strategies to pay off your debt: the debt snowball, avalanche, and tsunami methods
Finding what works for YOU to best pay off debt