How to Pay a 52k Debt in 18 Months with a Household Income of 72K - Episode 9

Welcome to another episode of Income Hacker! There is always someone out there willing to help us get through money issues. That can be your cousin, a co-worker, or even an old friend that has developed saving skills over the years. That’s right, some of us are good at spending money, and some others are good at saving it. Don’t panic! Thanks to connectivity and technology, there are now different alternatives to pay off your debts, have insurance for your family, or even start investing in a property to create a heritage for your beloved ones.

Deacon Hayes is the guy you have been looking for. He is a writer, inspiring advocate, and entrepreneur looking to give advice through his writing and other resources like YouTube videos and his podcast, the Well Kept Wallet. But things weren’t so smooth for Deacon at the beginning. Learn how Deacon and his wife joined forces and came up with a financial gameplan to pay a 52K debt in 18 months with their regular income.

Deacon is a contributor to US News, World Report, Clack Howard and Investopedia, to name a few. After hacking the debt payment with his wife, Hayes discovered early retirement can be a dream come true, and wrote a book about it. In this episode, you’ll hear all about Deacon’s story, his habits to succeed and other tricks and tips to leave your debt at zero and getting your game on! 

“Once you take the first step, the momentum starts to build” Deacon H.

Podcast Summary: 

• 06:25 - Why putting together a financial gameplay might help you to pay your debt off.
• 06:21- How to tackle fear when you are facing a financial situation through financial clarity.
• 09:30 - Asserting mutual goals with your partner might be a great way to engage in financial discussions without turning them into a fight.
• 13:15 - Deacon’s thoughts on limited budgeting, sacrificing short for long term goals and how that will help you go through tough times.
• 19:30 - Personal capital as a budgeting tool and resource for someone trying to follow this lifestyle.
• 20:45 - The wonder of yard sales and amazon barcodes. Exploring your skillsets. Side hustles and ways to increase the margin, for investing or paying your debt.
• 25:10 - Deacon’s first Income Hack, buying 2b pencils in bulk for exam day students and making a big profit out of it.  
• 26:56 - Deacon’s income hacker mind shift: Going from credit card to cash in order to afford stuff instead of asking someone else and how that changed his perspective.
• 30:00 - How turning attention to Deacon’s side project and making it his prime one was his biggest income hacker success. 
• 31:00 - Keeping track of your goals as Deacon’s main advice.
• 32:20 - Deacon’s perspective on Airbnb and how to monetize your unused properties.
• 35:00 - Tricks and tips for crowdfunding real-estate.
• 38:11 - Setting up a partnership with your kids in order to maintain a legacy through blood, sweat, and tears.
• 41:55 - Deacon’s motivation: Helping others not going through similar mistakes than he did. 

Connect with Deacon

Subscribe to Deacon’s YouTube channel

Episode Resources

The One Thing: The Surprisingly Simple Truth Behind Extraordinary Results by Gary Keller

The Millionaire Next Door by Thomas J Stanley and William D Danko

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