Making a Plan: How to Live Debt Free and Transform Your Future with Mayra Alejandra García

The Power of the Ask

This episode of the Power of the Ask podcast features Mayra Alejandra García, certified Financial Coach and founder of Debt Free Latina, a website dedicated to empowering and motivating families to gain control of their money, bid farewell to debt, and watch their net worth soar. Mayra shares her inspiring journey from being $21,000 in debt to becoming financially free in just 17 months and her passion for working to help other families find the same freedom.

Growing up in a bicultural, bilingual household in East LA helped shape Mayra’s outlook on finances. She learned from her father the critical difference between offering a hand up and a hand out and emphasizes the importance of helping family without enabling dependency.

What she didn’t learn was how to talk about money and to plan and budget for spending. That, Mayra notes, was the hardest lesson. When she found herself stressed about significant debt in 2010, she didn’t know where to start. So she grabbed the tools she had – a piece of paper and pen – and wrote every debt out. In the next 17 months, using Mayra’s rudimentary budget, the family paid off its debt and was able to move from a small apartment to a new home. Since then, her family has remained debt free. In 2017, she followed her heart to become a certified financial coach, offering her own cash flow plan sheet, one-on-one coaching and financial literacy resources on her website, DebtFreeLatina.com.

The website was a passion project for Mayra. When she couldn’t find the resources she needed online, she decided to create them herself, starting a blog about budgeting, empowering and motivating families to become debt-free and build wealth.

“I know the struggle,” she shares. “I know that people may feel lost in that position, and that's where I love to help. My debt-free lifestyle enables me to focus my passion on helping other families.”

But it’s not just about a budget. Mayra concludes by explaining that it all comes down to having a written plan with a goal and specific ways to reach it. Start with small steps, she shares, like saving or cutting out impulse buying. While she says it will take hard work and time, the financial freedom is worth the effort.

About Mayra Alejandra García:

Mayra Alejandra García was born and grew up in East Los Angeles, CA. She moved to Laveen, AZ, a Phoenix suburb, with her husband and two children and started living the American dream, including getting into debt. By 2010, her family had credit card debt, student loans, two car loans and a house they couldn’t afford. Mayra got serious and developed a budget and strategic plan. They sold their house and moved into a small apartment, and within 17 months they had paid everything off. They were then able to purchase their current home with a 20% down payment and a 15-year mortgage. With hard work and by following a budget, Mayra transformed her life from significant debt to financial expertise. Living debt-free has increased their net worth and given them financial independence. In 2017, Mayra was able to leave her career in media and train as a certified financial coach. She’s been teaching determined individuals and families how to organize their finances and become debt free with practical strategies ever since.

Important Links:
Savvy Ladies
Precious Williams' LinkedIn
Lisa Zeiderman's LinkedIn
Mayra Alejandra García LinkedIn

章节

1. Making a Plan: How to Live Debt Free and Transform Your Future with Mayra Alejandra García (00:00:00)

2. Introduction and Welcome (00:00:29)

3. Mayra Garcia's Financial Journey (00:01:46)

4. Cultural Influences on Financial Views (00:02:13)

5. The Importance of Not Enabling (00:03:20)

6. Challenges and Overcoming Them (00:05:47)

7. The Start of Debt Free Latina (00:07:02)

8. Common Financial Myths (00:11:48)

9. The Emotional Journey of Becoming Debt-Free (00:15:12)

10. Benefits of Debt-Free Living: Travel Era (00:16:23)

11. The Power of the Ask (00:20:14)