She's gone from $20,000 in debt to a net worth of $100,000.
Yanely Espinal knows what the power of a financial education — she came from a low-income home with two parents and nine children, and ended up with credit card and student loan debt even after receiving a full scholarship to college.
After the YouTuber paid off her debts, in less than two years, she opened her first Roth IRA and then allocated whatever debt payments she used to make into savings and investing. Three years after that, in March 2018, she had amassed just shy of $50,000. In the last 18 months, she’s doubled her net worth. Part of her inspiration was the goal to eventually have a comfortable retirement.
Still, there are steps anyone can take to get started on the path to financial freedom — and eventually a nest egg like Espinal’s. Here are a few: There are plenty of benchmarks and metrics online to measure how well an individual is doing compared with her peers. Sometimes these guidelines can be useful, as a way to gauge what is average, but sometimes they can be discouraging.
Also see: This new ‘Broke Millennial’ book has secrets for young people who don’t want to think about retirement
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