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Episode 71. How To Tackle 6 Figure Debt On A Single Income | Nika Booth, Debt Free Gonna Be

Episode 71 is about how Nika Booth is tackling her six-figure debt. She shares her debt story, payoff methods, and what’s helped her remain motivated.

How To Tackle 6 Figure Debt On A Single Income

All of February, we are exclusively featuring Black creators in the personal finance and entrepreneurship space. Because there is a wealth of knowledge here, we are also delivering two episodes every week for the entire month!

We are excited to present our first guest in this series in this bonus episode. In episode 71, we hear from Nika Booth, of Debt Free Gonna Be.

Nika is a single woman on a journey to slay her 6 figure debt. After suffering from depression she got serious about getting out of debt. Nika started documenting her debt free journey on Instagram as Debt Free Gonnabe and is now a personal finance community and coaching business, helping thousands of people to take control of their finances, get out of debt, and live the life they deserve. You can follow Nika’s debt payoff journey on Instagram at DebtFreeGonnaBe, and check out her blog at DebtFreeGonnaBe.com.

In Episode 71, Nika talks about:

  • Going into credit card debt in order to keep up with a lifestyle—it is so easy to swipe that credit card, especially when we have grown up not having easy access to cash. But when we have friends or partners who outpace our lifestyle, AND when we are avoidant with our money…this can lead to a recipe for [credit card] disaster
  • Deferring your student loans—rather than shaming your past self, know that this isn’t the kind of decision any 18 year old should be making. Many of us tend to wait to pay it off because we are just avoiding it, not really realizing the gravity of our decision a couple years back.
  • Hitting a motivation standstill—Nika had just gotten done paying off five figures in credit card debt, when she was hit with another $20k+ debt from late taxes
  • Debt Snowball method—Nika used this debt payoff method to start her journey. Hear why she chose this method and what she’s using now, a couple years into her journey
  • Investing while paying off debt—this is a controversial topic among the personal finance community, whether to invest or not to invest while paying off debt. Nika ultimately decided that she did want to start investing as she continued on in her debt payoff journey. Her reason? Hint: net-worth, net-worth, net-worth

This episode with Nika will inspire you! She lays it bare and shares all the highs and lows of her journey, including the reality that this isn’t her first attempt at the journey! Personal finance IG creators will make you believe the debt payoff journey you’re seeing was “the one”—while for some, it might be, Nika shares that this has been an effort that’s taken multiple attempts.

Listen on your favorite streaming platforms!

This episode is sponsored by my new digital course, The Ultimate Side Hustle Starter Kit!

After 7 years of teaching myself how to build online side hustles that earn income passively, my food blog earns over $60,000 a year, passively! Since then, I’ve grown my side hustles, and now have a network of 10 side hustles that earn over $100,000 a year! This is in addition to my 9-5 income.  And guess what? YOU CAN DO THIS TOO!

IF YOU’RE HERE, IT’S BECAUSE YOU ARE TIRED OF BUILDING SOMEONE’S DREAM INSTEAD OF YOUR OWN. MAYBE YOU HAVE COME TO THE REALIZATION THAT:

  • You are not meant to be stuck at soul-sucking jobs that you hate.
  • You are meant to use your gifts and skills and share them with the world.
  • You are meant to actually enjoy, love, and be totally obsessed with your work. That is living your best life.
  • Life’s too freaking short to not be doing what sets your soul on fire. You deserve to live your best and most delicious life and that includes having a badass biz that brings you joy.

So…are you ready for more in your life? Join the Ultimate Side Hustler Starter Kit, our next cohort opens March 8th!

Partners mentioned in this episode: 

M1 Finance –  investing, borrowing, and cash management in one easy-to-use platform. Build a portfolio of stocks and ETFs for free!

BetterHelp – Professional Support When You Need It, At The Fraction Of The Cost Of In-Person Therapy. Get 10% off your first month!

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