Find your Elton John
If getting your money in order is on your list of New Year’s resolutions, here are some things you should commit to: Reason – Find your Elton John – being debt free makes all the difference.
Find your Elton John and find financial freedom
For Melissa Thomas: having the money to attend as many Elton John concerts as possible – and get front row seats! – gave her the motivation to pay off the $43,000 debt.
Melissa and her husband were stuck in the “we can afford to pay” mentality, buying new cars and a house on credit to keep up with Mr. and Mr. Jones. After her sons were born, she automatically became a stay-at-home mom, quitting her retail job because daycare cost more than she earned. The problem was that the family didn’t change their lifestyle despite switching from two to one income.
Listen to Finding Your Elton John on Queer Money™:
In December 2009, Melissa was shopping for Christmas presents online with the help of her friends Visa, Mastercard and Discover when a voice inside her said, “You’re doing this wrong.” It occurred to Melissa that her sons knew a lot about Santa Claus, but very little about the true meaning of Christmas. On January 1, 2010, Melissa and her husband enrolled at Financial Peace University and by 2013 they were debt free.
Now Melissa is a money coach, speaker and author through her company Melissa the Coach. Continue today Queer money™ she shares her journey from $43,000 in the red to debt-free Elton John groupie. Melissa explains her efforts to teach her sons the importance of experiences over things and how their lives have changed since debt is no longer an issue. She talks about the process of cutting out six months’ worth of expenses and how her family went about eliminating extras until they were financially secure.
Topics covered in Finding Your Elton John
Melissa’s financial rock bottom
- Living paycheck to paycheck even though you make good money
- In December 2009, I realized that the meaning of Christmas was being lost
How Melissa’s family racked up $43,000 in debt
- “We can afford the payment” mentality (e.g.: new vehicles, house)
- Became a housewife after the birth of her sons
- Haven’t changed my lifestyle after switching from two incomes to one
What motivated Melissa to make a change
- Recharge Christmas gifts for boys online
- The voice said, “You’re doing this wrong.”
- Sons learn to value things more than experiences
The importance of finding your Elton John to get out of debt
- Means seeing Elton John motivates Melissa
How finding your Elton John can change your life
- Less stress, no arguments about money
- Allows children to pursue their interests
- Can give back to the church and community
- Option for a husband to change jobs
Melissa’s take on saving six months’ income
- Eliminate unnecessary expenses (e.g. Netflix)
- Set aside the “stripped down version” of the budget
The development of Melissa’s coaching business
- Born out of a passion for helping people
- Private coaching, workshops and lectures
- She published her first book in August