Ludwig Rosiclair understood great sacrifices would be required to cut down his debt of $230,000.
MarketWatch reports a large portion of Rosiclair’s debt can be attributed to student loans from earning a doctorate in pharmacy from the University of Connecticut.
In addition, cruising around in his Audi S4 cost him a hefty car note.
He was already facing six figures in student debt and his monthly car note piled another $740 per month.
His extraneous spending habits while dining out with friends and splurging on shoes and clothes also stretched his pockets further.
“Blowing through everything I had,” Rosiclair said, according to MarketWatch.
Rosiclair was doing everything in his power in hopes of decreasing his debt, but he saw no difference.
“That was kind of the moment where I said, I’m never going to feel like this again,” Rosiclair told MarketWatch.
We have all heard the phrase “Insanity is doing the same thing over and over and expecting different results.”
Rosiclair applied this and started making changes that led to him becoming debt free in less than six years.
“That was honestly the most incredible feeling I have ever felt in my life,” he said, according to MarketWatch. “Like a full high for days.”
Rosiclair accomplished this by selling his car and purchasing a 2011 Acura TSX. He also picked up a side hustle with photography, relied more on home-cooked meals, and cut down on his shopping habits. He even moved to a cheaper apartment, which slashed $550 from his usual budget for rent.
“I did everything possible to minimize spending and throw everything at my debt,” he explained to MarketWatch.
As he was tackling his debts, Dave Ramsey’s debt snowball method introduced him to the idea of paying down his bills from smallest to largest.
Now, being debt free, Rosiclair was able to switch career paths. He now works as a pharmacist at a medical marijuana dispensary.
He has opted to move to a more costly apartment, but he is still keeping his budgeting habits close to his sleeve.