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Getting rid of six-figure debt is no easy feat but Takiia Anderson, the voice behind The Frugal Biddy, is proof that it can be done. After graduating from law school, Takiia had accrued more than $150,000 of debt. As the single mother of a 2-year-old little girl making only $34,000 a year, she knew that something had to change.
Takiia went on to save over $500,000 and pay for her daughter’s college education at the prestigious Spelman College. She shares all of her tips, tricks, and personal finance advice on her blog, The Frugal Bitty.
In this episode we discuss:
- The overall steps Takiia took to go from debt to having a large savings today
- The things that she gave up to pay off her student loan debt
- Her decision to save for her daughter’s college costs while still being in debt
- Takiia’s plan for investing when she first opened her daughter’s college saving account
- Why she stopped investing in retirement to save for her daughter’s college education
- The money lessons that she taught her daughter
- Passing on generational wealth and not generational debt
Other related blog posts/links mentioned in this episode:
Single Mom Masterminds 700,000 Swing From Debt to Savings
Frugal Biddy- Pass on Generational Wealth Not Generational Debt
Fugal Biddy- Mental Health Savings Plan
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Very proud of you!!
Very inspiring story. I too work for the federal govt and have 10 more yrs til retire and am in the same boat as Takiia was. Though I am debt free (except mortgage, thanks Dave Ramsey), this podcast pushed me to start plowing away savings because ai need to have a huge cash cushion between my retirement age and the start of my govt pension.
So glad you enjoyed it! And yes, thinking ahead is key so that you can be prepared to enjoy your life once you hit that retirement age
Great story. Very inspiring.Are annuities any good? She stated that she is investing in annuities. Most Financial advisers state that aren’t good investments.
My financial advisor has me on an annuity and it gives me a great investment. I’m not certain what financial advisor is against it but I’ve known my person for 10 years. I get a guaranteed $48,000 annually in my annuity for the next 10 years.
I had to go through and look up the annuity my financial advisor put me in. I trust her and the financial decisions she has suggested. I wouldn’t have been able to pay for a good deal of my daughter’s college education.
So, I am putting this explanation of fixed deferred annuities. I didn’t know enough about them to explain why this particular annuity is a good choice for me but it is.