What if you could pursue your passion and also get rid of credit card debt? Brendan Bierman, 27 year-old engineer in Austin, did both. Four months after attending Best Money Class Ever, he paid off his credit card ($2,283) and the rest of his car loan ($5,972) all while doing something he loved: playing soccer.
How exactly did he pay off $8,255 in four months?
“I have a burning passion to be financially secure… being in debt is not cool. I wanted to be the guy that was a rock-star with money,” said Brendan.
Brendan latched on to the concept of being debt-free after attending the infamous Dave Ramsey’s course, and then he enrolled in Best Money Class Ever last October to get more one-on-one help, “I found it extremely valuable. Dave wasn’t going to email me… but Carly for sure will! I needed that kick in the butt. The same reason people get personal trainers, it isn’t rocket science to run, but just are you going to do it?”
I challenged Brendan, and all of my students, to pay off debt (excluding a mortgage), within 36 months or less.
“The deadline was extremely helpful. It helped me learn about not just financial goals, but goals period,” said Brendan.
With the deadline in mind, it was only a matter of figuring out how to make it happen. I told him to look at how and where he spends his time already. I asked, ‘What do you love doing? What is something that you are passionate about?’
Brendan grew up playing soccer and loved the sport. He found himself constantly at the gym, so I told him, this is already a part of your schedule, now just find a way to make money doing it.
“I emailed the next day after the class and two hours later was hired as a soccer trainer for kids. And boom I received additional income…you said jump and I said how high,” said Brendan.
Brendan continued his full-time job at Flextronics working from 8-3 p.m. and then worked 3:30 until the late evenings training kids, “It was tough… but it was fun, I love soccer, I am so passionate about it, so that made it bearable,” said Brendan.
His hard work paid off.
He immediately brought in an additional $2,000 per month that he used to pay towards debt. Brendan no longer has credit card debt or a car payment to worry about, “Too often so many people say they don’t have the time or the money… well you can have the time or the money if you just managed it.”
Brendan’s story is a sharp contrast to the overall debt trends, as Yahoo Finance recently reported that 11.3% of student loans in 2014 went delinquent (which is double the rate that is was 10 years ago!).
I asked Brendan how it feels to make such clear progress and he said, “It feels awesome, I knew it was going to happen eventually, but I didn’t know I had the power to make it happen so quickly.”
It is official. He’s an A + student. Congrats Brendan!