How Paying Off Debt Gives You Freedom with Kumiko Love (2024)

FAQs

How old is Kumiko Love? ›

Kumiko Love wasn't always good with money. But as the 33-year-old mother embarked on a career as a financial counselor, she learned valuable information that she has shared with millions of followers on her blog, "The Budget Mom."

Being debt-free is a financial milestone we often hear about people striving for. Without debt, you can focus on building more savings, investing those extra funds and just simply having more peace of mind about your finances.

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The less money you're paying in interest fees, the more money you'll have to put towards your savings goals such as retirement, college tuition, a down payment, or a dream vacation. Whatever your financial objectives, reducing your overall debt can go a long way toward helping you achieve them.

Yes, 97% of people with debt say they would be happier without it. People with debt are more likely to suffer depression or anxiety.

Only about 30 percent of U.S. adults manage to live a debt free lifestyle. But even if it's a tough thing to achieve, it's still doable. If you've been wondering how to become debt free, start by following these simple steps.

- As a single mom, Kumiko Love paid off nearly $80,000 of debt in less than a year. Now, she's made a successful career of helping others do the same. Love is known as “The Budget Mom” to her millions of social media followers. She's a Spokane local who operates a warehouse in Spokane Valley.

After Aunt Yukie passes away, Kumiko inherits her home, settles back in Okinawa, and becomes a dance teacher for children. While she had many marriage proposals, she never married or had children.

As Daniel wanted her to follow her dreams and be happy more than he wanted her to be with him, he reluctantly convinced Kumiko to stay in Japan and pursue her dancing career.

“Shark Tank” investor Kevin O'Leary has said the ideal age to be debt-free is 45, especially if you want to retire by age 60. Being debt-free — including paying off your mortgage — by your mid-40s puts you on the early path toward success, O'Leary argued.

For homebuyers with a $40,000 annual income (a $3,333 monthly income), traditional guidelines of a 36% debt-to-income ratio give a maximum house payment of $1,200 ($3,333 * . 36). Each example has the same amount for taxes ($2,500), insurance ($1,000), and APR (6%) for a 30-year loan term.

How to pay off 30 000 in debt in one year? ›

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

$5,000 in credit card debt can be quite costly in the long run. That's especially the case if you only make minimum payments each month. However, you don't have to accept decades of credit card debt. There are a few things you can do to pay your debt off faster - potentially saving thousands of dollars in the process.

The average debt an American owes is $104,215 across mortgage loans, home equity lines of credit, auto loans, credit card debt, student loan debt, and other debts like personal loans. Data from Experian breaks down the average debt a consumer holds based on type, age, credit score, and state.

Without any debts to worry about, your monthly expenses will drop, freeing up your personal cash flow and allowing you to focus on savings and daily living expenses. Few people understand just how free you can feel when you're no longer beholden to a slew of banks and lenders.

So, when you hear about people who have absolutely no debt, live on less than they make, and have a stash of cash for emergencies, you might think they're . . . weird. But living a debt-free life isn't only for a special group of people. It's something anyone can do with hard work and some special characteristics.

It might appear impossible, but many consumers succeed in living their entire lives without any debt. People of a variety of ages and income levels have made this choice.