Recently I launched a new interview series that highlights people doing extraordinary things with their lives. Our first guest was JP Livingston, who retired at 28 with a net worth of over $2,000,000. Today’s interview features Sami and Dallas, who began their debt-free journey in January 2016 and, as of July 28, 2017, became completely debt free.
In this interview you’ll learn:
- How they got into debt.
- Why they chose to pay it all off.
- How they cleared their debt in just 18 months.
- Why they prioritized debt repayment over investing at that time.
- Practical tips for paying off debt quickly.
- What makes their story different from other debt-free journeys.
- Their next financial goal and what comes after becoming debt free.
And more.
After learning their story, I knew they would be a great fit for the interview series. Paying off such a large amount of debt in a short time is inspiring and full of practical lessons.
Related content:
- How This Couple Paid off $204,971.31 in Debt
- How My Wife and I Paid Off $62,000 in Debt in 7 Months
- How We Paid Off Almost $10,000 in 10 Weeks
- How I Paid Off $40,000 In Student Loans in 7 Months
I asked readers to submit questions for Sami and Dallas. Below are those reader-submitted questions along with some of mine. If you’d like to contribute questions for future interviews, follow the series on social media to participate.
Tell us your story. Who are you and your spouse, and what was your debt?
My husband, Dallas, and I just celebrated our third anniversary in August. We’re both under 35 and live in Northern Colorado. We have two furry companions and are DINKs (double income, no kids). I work as an accountant for a construction company and run a personal finance blog, Eat Pray Budget. Dallas is a general manager for a local business and hosts a motorcycle-focused radio show. We work hard, love adventure, and try to have fun along the way.
During our first year of marriage we often said things like, “we make too much money to be this far in debt.” With an accounting degree and an MBA, I assumed I had financial matters figured out — I was wrong.
When we began our focused repayment effort we had nearly $187,000 in debt: roughly $80,000 in student loans (my accounting degree and MBA), $6,600 in credit card debt, $17,000 in an auto loan, and $83,000 on a mortgage. By July, after 18 months of aggressive repayment, we had paid off about $195,000 total — the higher number reflects additional interest that accrued during the period, roughly $8,000. When we made that final payment, we were exhilarated to say, “We’re debt free!”
Why did you decide to pay off all your debt?
We were tired of the rat race and the stress that debt created. We wanted the freedom to travel and live with less financial worry. Looking back, we were essentially living paycheck to paycheck due to poor money habits. I assumed I’d be paying student loans into my 50s — that was the norm I accepted. Then my husband asked a simple question: “Why can’t we pay them off early?” That question changed everything. We made a plan and committed to taking control of our money. The result has been liberating.
How did you repay so much debt so quickly?
We were intentional with every dollar. We adopted a zero-based budget each month and continue to use it. Budgeting isn’t limiting; it’s a plan that lets you buy what matters as long as it’s accounted for. We drastically reduced expenses—grocery overspending, dining out, and impulse shopping were cut back—and redirected those savings to debt. At one point we lived on 47% of our income and applied over 53% toward debt. Even small savings mattered: if we spent $4.96 less on groceries, we’d apply that $4.96 to debt.
We also sold items we no longer needed. Start small—purses, clothes, household items—and work up to bigger sales. I sold a nonworking motorcycle for about $2,000. Ultimately, we sold a condo I had bought at 19; although it was a solid investment, selling it made sense to accelerate debt repayment. The condo sale generated nearly $46,000, which we applied to student loans. It was bittersweet to part with an investment, but it helped us reach our goal faster and we plan to rebuild investments later.
People often say you should invest instead of paying off debt. How do you respond?
We understand the argument that investing could yield higher returns than the interest on debt. But owning something free and clear — a car or home without a lien — brings a kind of security an investment can’t buy. We didn’t want the panic that comes with owing money. For us it came down to opportunity cost. Carrying nearly $186,000 in debt meant high monthly minimums (about $1,600). Eliminating that obligation lets us redirect the same dollars into investing later without the stress of debt. Over 18 months we paid roughly $8,000 in interest — about a 4% effective cost — and that cost was worth the relief and freedom we gained.
What’s the best way to start paying off all debt?
Start by budgeting like your life depends on it. Treat your money like a project that needs a plan. Cut up credit cards if they tempt you to borrow, and build a small emergency fund ($500–$1,000) to avoid sliding back into debt. Then throw every extra dollar at your debt—literally every cent. Get angry at the debt and use that motivation to slay it quickly. Sell things you don’t need, have a garage sale, use online marketplaces, or start a side hustle. Every extra source of cash speeds your progress.
What’s your next financial goal?
We’re building an emergency fund equal to at least six months of expenses — actually a bit more, to give us a stronger cushion. We want to be prepared if one of our incomes is lost. We’re also saving for a house down payment, aiming for 10–20% down and a 15-year mortgage. We plan to keep the mortgage payment below 25% of take-home pay so we can pay it off quickly and keep financial flexibility.
Did you ever “splurge” during your payoff? Were there months with no extra payments?
Yes—paying off debt required sacrifices, but we made strategic decisions to enjoy life too. We chose to rent rather than buy during our repayment period and limited investment into side businesses so we could focus on debt. However, we kept certain passions alive. Motorcycling is central to Dallas’s life, so we debated selling his bike to accelerate repayment but decided to keep it since we could still pay it off within the year. We also took a cross-country motorcycle trip to support veterans through Run for the Wall. That trip required skipping a month of extra payments, but the experience was worth the temporary delay. Those choices helped maintain balance and motivation.
What did you do that few others do? What sets your story apart?
Many of our tactics—budgeting, cutting expenses, selling belongings—are common among people who tackle debt aggressively. One decision that stands out is our commitment to continue giving while paying off debt. We maintained a practice of giving at least 10% of our income because giving is core to our values. Even when it felt difficult, giving helped us stay focused on what matters and kept us motivated. We believe financial success should lead to greater generosity, and sticking to that principle made our journey both meaningful and sustainable.
How much debt do you have? Are you trying to pay it off?