Today I have a huge treat for you guys. I’m so thankful that LaTisha Styles has decided to drop some knowledge off to Young Yet Wise. Who is this wonderful woman, and how did she eliminate 22,000 of credit card debt?! Quick bio: LaTisha Styles is a motivational speaker, millennial money expert, and spokesperson specializing in simple finance for millennials. As a millennial, LaTisha knows that millennials ARE financially literate and she started Young Finances to help empower her generation. Since starting Young Finances, LaTisha has paid off over 30,000 dollars of consumer debt, invested for retirement, and started a profitable business. LaTisha has been featured in The Economist, quoted in Forbes, and mentioned in US News as a top personal finance expert to follow on Twitter. “When I made that first swipe I don’t think I knew how much it would affect my life. Living with credit card debt that I could not afford cost me a lot of stress, worry, and unnecessary cash. Yes, it was expensive to be in debt. At one point I had a 24% interest rate on a credit card with a large balance.” Latisha Styles
LaTisha: I have an issue with very restrictive plans. I know my personality. If a diet promises six pack abs but requires that I never eat macaroni and cheese again, I know it’s not for me. Similarly, I knew that if I restricted my budget to the point where I hated working for money, I would break my payment schedule. Some people can handle a very strict budget, but I cannot. I also understand the power of compounding interest. I did not want to miss out on the time to allow my money to grow. So instead of putting 100% of my extra money towards debt payoff, I split it in half and put half towards investing. I also started a side hustle and used that money to help with travel expenses.