Moving Overseas Helped Me Pay Off Over $200K In American Debt
I moved abroad. And never in a million years did I think that would be a possibility for me.
I started working at age 14. Not because I wanted to, but because I had to. There were lots of single-parent homes in my neighborhood, and my family was no exception. We knew all too well about food stamps or having the lights cut off because there just wasn't enough money to go around. So, from a young age, I knew that if I wanted certain things in life I was going to have to work for them, so I did.
Struggling Is Not Living
The same was true for college. I knew that if I wanted a good education, I'd be forced to take out loans, so I did. What I was left with, besides a few degrees, was a mountain of debt that only grew as I attempted to have the American Dream, own my own home, and break the cycle of poverty. Pretty soon, all I did was work to live. Just about every cent I had went towards paying off debt or towards some living expense. And to be honest, I didn't really live modestly.
I drove a new car. I bought clothes I didn't need. I had a brand new flat screen TV and a well-furnished condo that I had just purchased, despite being in debt. I hadn't yet learned that although you could buy property with little to no money down that it wasn't a great idea. These were the things I thought were essential or that I had to have to be happy. These were the things I didn't have growing up so I thought they were necessary to tell everyone I had arrived. But really, the thing I loved to do most and that made me the happiest, travel, was either put on the backburner or scaled back dramatically.
Eat, sleep, work, pay bills became my routine. And I was barely getting by or scratching the surface of my debt.
It didn't take long for that to get old. I've always been a big believer in the idea that doing the same thing over and over again and expecting different results is insanity, so I decided to do something different. I decided to find a job that, at the very least, allowed me to live abroad, experience a new culture and another part of the world. But there was a hiccup. I also needed it to pay me enough to keep making payments on my substantial debt at home in the United States.
Moving Forward And Moving On
Believe it or not, getting the courage to leave was the hardest part. I was 28, and while many of my friends were starting to get married and settle down, I was trying to do the opposite. Most people couldn't fathom why I would leave a great job or a cute car and condo for the unknown. But deep down I knew that I couldn't keep slaving away, putting my dream of seeing the world on the backburner, or trying to fit into someone else's definition of success.
Once I had my mind set on leaving, things began to open up for me.
I had taught before, so I decided to renew my license and teach abroad. I found a hiring agency where I was able to create a profile and have access to a large database of schools abroad that were hiring. The hiring agency also had a job fair that I attended and within the course of a weekend, I had four job offers on two continents. The offers came with benefits that I figured were too good to be true: free housing, healthcare, a travel allowance, a tax-free salary, three months off per year. Were they serious? Well there was only one way to find out. Hey, if it's that bad I'll just come home, right? So, I followed my heart and took the opportunity that resonated most with me and never looked back.
Now, as I reflect on that decision seven years later, I couldn't be happier with the outcome.
What started as a two-year contract to work in the Philippines turned into three. From there, I moved to Singapore, where I've been ever since. I met my fiancé and started a life here that I'm beyond grateful for.
Freedom Means A Life Without Debt
During this time, I've paid off roughly $290,000 worth of debt. As it turns out, the benefits I thought were too good to be true were what I had hoped and then some. Suddenly, I had way more disposable income. Without the nagging costs of a car, rent, or United States taxes, I was able to put so much more money towards my debt. Each paycheck, I was able to breathe easier and now looked forward to paying bills. I started a budget and limited my spending significantly.
Each paycheck, I took as much money as I could and put it towards my debt with the highest interest first.
Once that was paid, I moved to the next highest interest rate. I also tracked every dollar coming in and every dollar going out. Knowing exactly how I was spending money curbed the spending alone. Around that time, I also started reading more on personal finance. When I lived in the United States, I received a 401k that was selected for me, but abroad I was forced to manage my retirement by myself. Keeping my long-term financial goals in mind and constantly striving to understand growing my wealth helped me to see what was really important and what wasn't. I traveled at my leisure but kept other unnecessary expenses, such as eating out or getting my nails done, to a minimum.
I also found it tremendously helpful to share my goals. I started blogging and decided to share my lofty financial goals. Even though it was embarrassing to reveal how much debt I had accumulated, it was freeing to put it down in writing and actually acknowledge it. It was also motivating to see the overall balance fall. What started as smaller payments quickly snowballed into bigger payments. Whereas before I was paying tons of money in interest alone, I was now seeing the principal decrease dramatically.
I had an extra spring in my step every time I made an extra payment. I've also always been very goal-oriented and competitive, so now that I had set and shared my goal, there was no way I was going to fail.
As of February, I am completely debt-free. And I'm proud to say that I've done it all while also visiting 34 new countries in the process, for a grand total of 41. Student loans are a thing of the past, I own my property in the United States free and clear, and I've not only started to save for retirement now that the debt is gone, but I've also learned how to successfully navigate the stock market as a result of the people I've met along this journey. It's been a whole mindset change really.
I pay closer attention to where my money goes and although I do treat myself at times, I don't need “things" anymore to feel fulfilled. Instead, I put much more value into the experiences I've had and the people I've shared those experiences with.
xoNecole is always looking for new voices and empowering stories to add to our platform. If you have an interesting story or personal essay that you'd love to share, we'd love to hear from you. Contact us at submissions@xonecole.com.
Featured image courtesy of Maya McCoy
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Maya McCoy is a Los Angeles native turned expat. She has been living and working in Asia for the past 7 years and traveling every spare moment she gets. In addition to blogging about travel, she also uses her blog as a platform to teach others that travel is possible no matter your circumstances. Check out her blog for tips on travel, personal finance, and becoming an expat.
ItGirl 100 Honors Black Women Who Create Culture & Put On For Their Cities
As they say, create the change you want to see in this world, besties. That’s why xoNecole linked up with Hyundai for the inaugural ItGirl 100 List, a celebration of 100 Genzennial women who aren’t afraid to pull up their own seats to the table. Across regions and industries, these women embody the essence of discovering self-value through purpose, honey! They're fierce, they’re ultra-creative, and we know they make their cities proud.
VIEW THE FULL ITGIRL 100 LIST HERE.
Don’t forget to also check out the ItGirl Directory, featuring 50 Black-woman-owned marketing and branding agencies, photographers and videographers, publicists, and more.
THE ITGIRL MEMO
I. An ItGirl puts on for her city and masters her self-worth through purpose.
II. An ItGirl celebrates all the things that make her unique.
III. An ItGirl empowers others to become the best versions of themselves.
IV. An ItGirl leads by example, inspiring others through her actions and integrity.
V. An ItGirl paves the way for authenticity and diversity in all aspects of life.
VI. An ItGirl uses the power of her voice to advocate for positive change in the world.
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The Champion's Path: How Cari Champion Is Redefining Roles For Black Women In Media
Cari Champion has had many dream jobs. All of them have helped inform what she does and does not want for herself moving forward. “I get more and more curious. My dreams evolve. My desires change,” she said. “And I feel sorry for people who can’t experience that because it’s a beautiful feeling, it’s a beautiful challenge, and it makes you everything that you are.”
When we speak in late April, the journalist and media personality is preparing for a visit to Atlanta for The Black Effect Podcast Festival. The trip would allow her to spend time in a city that she said taught her a lot about herself and working in the media industry.
Champion was still early in her career when she worked for Atlanta’s CBS affiliate news station, where she was fired, reinstated, and subsequently quit after being accused of accidentally cursing on air in 2008. (“I didn’t. They knew I didn’t. I said ‘mothersucka,’” she said of the hot mic incident.) Still, the Los Angeles native insists she only has the fondest memories of her time in the southern city.
“I grew up in West LA, then moved to Pasadena, and those kinds of familial, tight-knit Black groups just didn’t exist. LA is spread out in a lot of ways,” she said. “To me, Atlanta ultimately built this woman that I am today and [is] why I speak so comfortably for us and for Black people. I had to have that entire experience.”
"To me, Atlanta ultimately built this woman that I am today and [is] why I speak so comfortably for us and for Black people."
It’s been 16 years since Champion moved from Atlanta and her career, as well as her desire to center Black voices in her work, has soared. After working as an anchor and court-side reporter for The Tennis Channel, she spent nearly a decade working as a host and anchor on ESPN for shows such as First Take and SportsCenter.
By the time she began hosting Cari & Jemele: Stick to Sports, on Vice TV with Jemele Hill in 2020, Champion had increasingly become determined to shun the notion that only sports reporters and athletes could credibly discuss sports. The Vice show featured guests such as LeBron James and Magic Johnson, but also Pulitzer Prize-winning journalist Nikole Hannah-Jones and Sen. Cory Booker.
At a time when America was reckoning with its racial history, Champion solidified herself as a trailblazer for Black women in sports media, as well as a crucial voice for cultural commentary. Today, she regularly appears on CNN discussing sports, culture, and politics.
Champion is now hosting the fourth season of the podcast Naked with Cari Champion on The Black Effect Podcast Festival, which is a partnership between iHeartMedia and Charlamagne Tha God, a media personality and a friend. “We kind of grew up together in this game. And when we first started figuring out or getting attention on a different type of level than we were used to, we learned a lot together,” she said of Charlamagne. “He put this network together for people who are beginning [and] people who are old-heads in the business. He wanted to make sure that all of us had a voice.”
It’s been an adjustment for a traditional TV reporter to transition into podcasting, but Champion said she’s found the medium to be a “much more freeing world.” When she’s speaking to guests such as talk show host Tamron Hall, singer Muni Long, or retired athlete Sanya Richards-Ross, she can “get lost in a conversation” and embrace a more casual environment than the structure of a cable TV show would allow.
Behind the scenes, Champion’s still doing her part to make sure there continues to be a pipeline of Black and brown women in journalism and beyond, too.
In 2018, she launched the nonprofit Brown Girls Dream and enlisted her celebrity friends to help mentor young women in a way that she felt she was never able to receive in the early years of her own career. “When I was at ESPN, I used to get all these emails from different Black and brown girls in the business. They wanted to talk to me about how they could [have the opportunity to] do the same thing [as me],” Champion said. “It fills my heart to see somebody actually get an opportunity to talk to somebody who can guide them through their career.”
Current Brown Girls Dream mentors include journalists Jemele Hill and Nichelle Turner, marketing executive Bozoma Saint John, and more. “These women are just the dopest ever and they take time out to give back to brown girls,” Champion said. “It’s special.”
When she reflects on representation in sports media roles, the Naked host said she’s inspired by the women of color she sees on television today. “I think women of color are doing great. It’s become more and more common to be on air and be Black girl magic,” she said.
“I think that the next level for us, in terms of Black and brown women in this business succeeding, is having true power over what our words are and what the content is,” she added. “Because, when push comes to shove and we want to really tell a story, we sometimes have to acquiesce, and we can't tell the story the way we want to. The next level is that we actually do have editorial control.”
"I think that the next level for us, in terms of Black and brown women in this business succeeding, is having true power over what our words are and what the content is."
Ultimately, Champion is still dreaming and looking to make an impact. She said she wants to eventually launch her own Black news network. “I would love to have a huge platform that focused on the stories that I think Black and brown women care about,” Champion said. “There are so many stories that are being missed.”
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Featured image Emma McIntyre / Staff/Getty Images