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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This Luxe Hotel Made My First Time In Memphis The Perfect Vacay
Memphis is one of those cities where, when you visit, you instantly feel its soul. The southern metropolitan, nicknamed Bluff City, is located right on the banks of the “mighty” Mississippi River. It is the headquarters for some major companies, such as FedEx and AutoZone, and it is home to St. Jude Hospital and the world-famous Beale Street. Conveniently placed near the action are Hyatt Centric Beale Street and Caption by Hyatt Beale Street. These sister hotels, which are connected, have a lot to offer guests, especially those who are visiting Memphis for the first time, such as myself.
Hyatt Centric Beale Street Memphis
Hyatt Centric Beale Street Memphis rooftop bar Beck & Call
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Sitting along the Mississippi River, both hotels offer breathtaking water views from the rooms, and Hyatt Centric’s rooftop whiskey lounge, Beck & Call, which is the city’s only riverfront rooftop bar, captures expansive views of both the river and the Memphis skyline. Grab a cocktail and take in the beautiful sites Memphis has to offer or enjoy the light show the Hernando de Soto Bridge, aka the “M” Bridge, has every night. On Fridays, guests can unwind and listen to live music.
Hyatt Centric also has CIMAS Lobby Lounge, which provides breakfast bites in the morning and cocktails in the afternoon and evening. CIMAS restaurant has a delectable menu that includes Latin-infused dishes for breakfast and lunch. Other amenities include room service, an outdoor pool with a cabana and poolside dining, a concierge, a fitness center, and more. My room was comfortable and the perfect place to unwind after a full day of exploring the city. I even had a view of the river.
Caption by Hyatt Beale Street Memphis
Caption by Hyatt Beale Street Memphis
Courtesty
While I didn’t stay at Caption by Hyatt Beale Street Memphis, I did frequent its coffee shop/eatery called Talk Shop. Talk Shop is a laidback hangout spot that encourages community among its locals through its events like Blues & Brews and everyday activities like work (for all the remote workers) or meeting a friend for coffee or a cocktail in its beer garden. Its menu is full of variety, having everything from soft pretzels to BBQ pork sandwiches.
Caption by Hyatt Beale Street Memphis is built into the historic Wm. C Ellis & Sons Ironworks and Machine Shop building. Everywhere you look, you are reminded of its history due to the building’s industrial charm. But that doesn’t mean that it isn’t modern. The rooms are colorful and incorporate a lot of iron rods into the design, a nod to the ironworks building.
What is the Difference Between Hyatt Centric Beale Street Memphis and Caption by Hyatt Beale Street Memphis?
Caption by Hyatt Beale Street's Talk Shop and Beer Garden
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If you’re looking for more luxury or traveling with family, then Hyatt Centric might be the better option for you. If simplicity and vibrancy are key, then you may prefer to stay at Hyatt Centric’s sister hotel, Caption by Hyatt. Either way, you can’t lose.
Memphis Attractions
Beale Street sign
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Both hotels are walkable to all the city’s attractions, but of course, I have to start with the iconic Beale Street. Beale Street is where blues orginated and it is one of Memphis’ most popular places for tourists. Walking down Beale Street, you are quickly transported into another world, especially at night. Lights fill the streets as an array of restaurants and bars entice guests with its electrifying music. If you enjoy live music, B.B. King’s Blues Club is the place to go. The restaurant was created by the legendary singer B.B. King, who got his start in blues performing on Beale Street.
BBQ Chicken Nachos at Rendezvous
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As revered as Beale Street is, it's not the only spot in town to find good food and a good vibe. For breakfast, take a quick ride to Sunrise Memphis and take your pick from the mouthwatering biscuits on its menu. If BBQ is your thing, then you are in the right spot. Memphis is known for its BBQ, and Rendezvous is one of the city’s best BBQ joints. The highlight for me is the BBQ chicken nachos, which is a Memphis stable. If you’re looking for fine dining, then Amelia Gene’s is a must. The food is exquisite as it serves food pairings that are unique and full of flavor. I especially love the food presentations of each dish, which adds to the restaurant’s ambiance.
Amelia Gene's
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Other walkable attractions are the National Civil Rights Museum, the Blues Hall of Fame, and the Orpheum Theater. The National Civil Rights Museum is located at the Lorraine Motel, which is where Dr. Martin Luther King Jr. was killed. However, the motel has become a memorial for Dr. King as well as the work that many historical figures have done over the years, specifically during the civil rights movement.
The Blues Hall of Fame is near the National Civil Rights Museum, and it features exhibits dedicated to blues artists and culture. It has over 400 inductees and focuses on the history and achievements of each one. The Orpheum Theater is across the street from the hotels, and it is one of Memphis’ treasured venues. Its opulence is displayed inside and out as it stands at the intersection of Main St. and Beale St. As you walk in, you are greeted by a grand staircase and crystal chandeliers hanging above.
The Orpheum Theater
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Touring the theater, you see its beauty, but like many southern businesses that have been around for generations, you also learn about the segregated history. Walking around to the side of the building, there’s a “colored entrance” that was used during segregation. You can even watch a video from people who grew up during that era as they each reflected on their experiences of going to the theater. Many cited all of the steps that they had to take to get to the balcony, which was the only area Blacks were allowed to sit.
Issac Hayes 24k gold Cadillac in Stax Museum
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If you want to take a ride around the city, then hop on the Memphis Mojo tour. This bus tour stops at many landmarks, including Sun Studios, where Elvis Pressley and other artists recorded music. Or you can explore on foot by visiting all the haunted properities on the Memphis Ghost Tour. But we all know Memphis is known for blues, so I can’t end the story without mentioning Stax Museum.
The museum is named after Stax Records, which was a record label based in Memphis that housed a number of talented musicians like soul singer Otis Redding and Grammy award-winning artist Issac Hayes. What makes this museum exciting is that it showcases a variety of photos, records, costumes, and more from the artists on the label. But the highlight was Issac’s 24k gold Cadillac, which was put on full display.
Memphis is a charming city with a rich history and tons of activities for solo travelers, friend groups, and even families. So why not add it to your travel bucket list? By staying at one of the sister properties, Hyatt Centric Beale Street Memphis and Caption by Hyatt Beale Street Memphis, you will be surrounded by everything you need.
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