Meghan Cherie McFall

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United States
Blanding, UT
Meghan Cherie McFall

SPARC, connected to Utah SBDC network, is a cutting-edge in the industry that implements business li
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238 N 100 E SPARC Building
Blanding, UT
84511

Website

https://utahsbdc.org/locations/blanding/

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My Story

We all have what I call our day of disgust. We can have this over just about any area of our lives. I have had three that stick out heavily in my mind. One…the day I realized that I was dying because I had let my health get out of control. It wasn’t the heart attack at 28 or the uncontrolled diabetes that woke me up. It was stepping onto a scale for the first time in 2 years and seeing the bright red 327 staring me in the face. A simple number. It seems to me that numbers played a huge role changing my habits.

The other two days all have to do with finances. The first was when I was married. My husband at the time has just spend ten days in ICU trying to decide to live. After then, he was moved into a rehabilitation facility and the expected rehab time was going to be at least 3 months. Before he had even come home from rehab, the first round of medical bills started pouring in. My heart sank as I fought with insurance companies for coverage, realizing we would be lucky to get half of his rehabilitation covered. This would easily cost six-figures. There was no option, because I couldn’t do his rehabilitation and still work. I was dying over the numbers. I sat down to pay our monthly bills and cried as I realized I would have to choose between the house payment and our regular bills. I didn’t know how long it would be until he would be able to return to work. My heart sank over the prospect that I could lose everything I had fought so hard for. That day was a turning point for me. I know that couldn’t change anything right then. However, I wouldn’t be in this position ever again.

The last time I had a day of disgust was when I received my divorce decree. I finally was able to see the damage of the separation of assets and debt. Sadly, in out case there wasn’t much of that. I got it all. All that assets…but all the debt that goes along with them. I felt like my ex-husband walked away like it didn’t happen and I was sucker punched. We had worked hard since my last day of disgust to pay off debt and had made progress. However, the total was still over $300,000. It was time for me to take control of my money and my future. It was time to adult and I had no one else who could affect those numbers but me.

While I was at Utah State University, I learned so many amazing principles on finance. I even did an internship while I was in school with USU Extension and Adrie Roberts. We did finance classes and even did them in Spanish on a Latino enrichment grant. It wasn’t like I didn’t know what I was doing. I had just let life happen to me and not me taking control of it. Life will happen. It is up to you to be prepared.

I have been a follower of Dave Ramsey for years. Many of the things I talk about I learned from his programs. Disclaimer, if it sounds like something he teaches, I probably learned it through his books. I added a few things along the way because my life required them. I believe your financial plan must fit your life, your goals, and your needs. There isn’t a one size fits all approach. You can use an outline but fill in your own plan to create something that works for you and that you will stick to. If you will not work the plan, it is worthless.

Here are the steps I took to get out of debt. I am not going to go into detail on each one because I am going to post at length on each item. Stay tuned for more posts and videos that go into full detail.

1: Baby Emergency Fund: I used $1000.00

2: Get on a Zero-Based Budget: I have used several different types of budgets over the years. The Zero-Based Budget is the most effective from what I have seen in getting out of debt and controlling spending.

3: Set Financial Goals: I do this once a year, but I do it here in the process so I know what I am chasing

4: Stop using credit cards: Or as Dave Ramsey would say, Plastic surgery.

5: Debt Snowball

6: Six-Month Emergency Fund: Some people think 3 months is enough and others say one year. I like 6 months. When I was laid off it took me about 6 months to feel comfortable earning money again. This is why I stick to 6 months.

7: Estate Planning: When I had gotten divorced, I had to have my paperwork done again. However, if you haven’t done this at all, it should be one of the first things you do.

8: Invest 15% of your household income: For me this was hard due to my cost of living. However, I know if I wanted to reach my financial goals I had to make this happen.

9: Pay off your house: I had plans to do this, but when I received my pink slip I chose to sell my home instead. I chose the best financial option. I was also to pay off the rest of my debt and get a nest egg.

10: Build Wealth and retire on my terms: While I am not fully retired, I am still helping people with their finances. I am also always working on a project. I control my time. I pick when I work and what goes in my schedule. I can’t complain about that. I love to talk to a new client who has that same helpless feeling I had about their situation. Showing them how to change it, and that there are options out is the most amazing feeling in the world.

If you have any questions on my journey, or any of these steps please connect with me. I would love to talk things through with you. And remember, you are not alone.

Meghan