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May 22, 2017

How to Crush $52,000 in Debt in 7 Months – with Chris Peach

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It seems the more we earn, the more we spend. There is always something new to buy, a service we want or an upgrade that is an absolute must-have. We see our neighbor's new boat. Now, something inside of us “needs” that new boat too! And even if our income isn't enough to buy it, well that doesn't stop most of us. We'll just borrow, put it on credit and go into massive debt trying to maintain a lifestyle that we simply can't afford. 

What if you broke free from this rat race of life? What would your life be like if you started spending less than you earned? How about if you were able to completely eliminate debt from your life?

Today, I invited someone on the show that has personally felt the claustrophobia that comes with too much spending and too much debt. They have also felt the sheer relief that comes with finally controlling their spending and completely eliminating debt from their life.

Chris Peach
Chris Peach from Money Peach

Chris Peach is a full-time firefighter, husband and father of two. In 2011, Chris and his wife Andrea found themselves with $52,000 worth of consumer debt and not a dime to their name. They had been spending on credit like it was going out of style and they were stuck. After an embarrassing public moment at the grocery store, this couple was jolted into action to fix this major debt problem they had created.

After 7 months, a few side jobs and some diligent cash flow planning, Chris and Andrea became debt free. They also became determined to never get into debt again. They starting making cash only purchases and monthly budgeting became standard in the Peach household. Chris also became inspired to help others crush debt, live on a budget and take control of their finances. He now has a blog, a podcast, a YouTube channel and he serves as a financial coach as well.

What are we covering today?

On the show today, Chris and I chat about:

  • How he and his wife got into debt
  • How they got themselves out of it
  • What he’s doing now to help people win with money

If you’re interested in getting out of debt and learning the benefits of smart money management, you are going to enjoy this interview. Trust me, your family will thank you for listening today!

Show Resources

FREE Audiobook from Audible: Receive a free audiobook with your 30-day trial of Audible. You’ll be supporting this show!

How to Start a Budget: Chris Peach's FREE budget spreadsheet and guide to starting a budget.

$52k Debt Destruction Story:  Chris Peach's story.

Dave Ramsey's The Total Money Makeover:  Both Chris and I agree this book is an excellent guide for living on a budget and eliminating debt from your life.

Thanks for Listening!

If you enjoyed this episode, here are some excellent ways to help out the Marriage, Kids and Money Podcast:

I truly appreciate the support everyone!

Carpe Diem Quote

 “Victory is always possible for the person who refuses to stop fighting.” -Napoleon Hill


Do you have any debt in your life that you can't wait to get rid of?


Andy Hill

Andy Hill is the award-winning writer, speaker and podcaster behind Marriage, Kids and Money - a platform dedicated to helping young families build wealth and thrive. Andy's advice and personal finance experience has been featured in major media outlets like Business Insider, MarketWatch, Kiplinger’s Personal Finance and NBC News. Trusted as a personal finance influencer and corporate financial wellness speaker by global brands like JLL, Andy’s message of family financial empowerment has resonated with listeners, readers and viewers across the world. When he's not "talking money", Andy enjoys wrestling with his two kids, singing karaoke with his wife and watching Marvel movies.

4 Comments

  • Fantastic interview-I love how they owned up to their debt and did everything they could to pay it off as soon as possible without making excuses or feeling sorry for themselves. I think one of the biggest takeaways from their debt story is that during the journey, it’s not just getting rid of the debt, but the lessons learned along the way that set them up for a remaining lifetime of better money decisions that far outweigh the value of getting rid of the debt.

    Reply
    • Thank you so much Kathryn! And now they are helping others to be successful as well. I love having conversations with families that are truly winning. It is so inspiring!

      Reply
  • Great post! We definitely felt the same pinch in 2016 when we moved across the country and went from $110k household income to $0 for 2 months. We realized how poorly we’d been managing our finances and decided to make the change. We set up our budget to live on one income, and now that our household income is back to $120k, we’re crushing our debt by about $5,000 / month. Thanks for sharing!

    Reply
    • Crush that debt Ryan! Nice work. It is always fun to hear how people clobber their debt and set themselves up for a better future. Congrats!!

      Reply

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About MK&M

Every Monday, The Marriage, Kids and Money Podcast provides you with actionable advice to help you win with money.

We’ve interviewed over 200 millionaire entrepreneurs, award-winning authors and personal finance experts all with the goal of saving you money, making you money and protecting your family’s future.

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