Our Debt Free Family

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How to Prepare for Big Life Changes

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prepare for big life changes

Any time there are big changes in our lives, the financial planning aspect of things gives me a bit of anxiety. I begin to think about every penny we will need to make the new shift in our lives go off without a hitch and, guess what? Things almost never go to plan. Not exactly anyway. So, we have had to put some thought into how to prepare for big life changes headed our way.

Huge Changes Coming Our Way

In a few weeks’ time, I hope to be able to share some positive news with you all on the blog. There are some HUGE changes coming our way. They are also changes that will involve some financial planning and saving on our part. As you know, we recently moved into a new home. On top of that, we’ve been going through even more changes that will impact our family in a big way.

Thankfully, my husband recently got a new job. He is able to work from home with me now and his income will greatly assist with these changes. We are aiming to get a substantial amount of money saved and then looking to double up on our debt payments. Hopefully, within the year, we will have our car 100% paid for (that is the goal anyway).

Since we have started planning for this big change coming up in our lives, it got me thinking about how others prepare for big life changes. Of course, there is nothing that works for everyone but there are several common ideas and things most people do when they are prepping for something big.

How to Prepare for Big Life Changes

Depending on what kind of change you are preparing for, the steps to get there will look different. If you are preparing to buy your first home, you will be making some financial sacrifices and also spending a great deal to get ready for that. If the changes you are making are more personal in nature, like quitting cigarettes or getting sober, your steps will look different. However, each of these tips seems to be applicable across the board.

  1. Surround yourself with supportive people. When you are going through something life-changing, you need to build a solid support system. Find people with who you feel comfortable talking about your upcoming changes with who you can rely to be supportive when you need them. In some cases, this may mean financial support or simply emotional support to get through the big change.
  2. Express your feelings often. One big mistake people make when they are going through a big transition in life is not expressing themselves clearly. When you aren’t able to make your own emotions and thoughts known, it becomes difficult to shake them. For instance, if you feel like you have hit a wall with your financial goals and feel stuck, express that frustration to someone you trust. Getting those feelings out will help you tremendously.
  3. Know why you are making the changes you are making. For each small goal you have, know why you are making those changes and how it contributes to the bigger picture. Knowing the “why” behind each move you make can help motivate you.
  4. Be realistic with expectations. Many people hit walls or stop seeing progress because they aren’t realistic with the goals they set. If you are facing a huge life change like we are, it is important that you are down-to-earth with what to expect of yourself and others. Change does not happen overnight.
  5. Allow for difficulty. Nothing ever goes according to plan, not exactly anyway. Make concessions for difficulties that may befall you along the way and don’t let them hold you back. Simply alter your plans to adjust for the bump in the road and move on.
  6. Practice self-care. No matter what, you need to continue to take care of yourself. Practice self-care in whatever way is most rewarding for you (just make sure it doesn’t hinder your progress). For some people, this may be taking time out of the day to unplug and read a book – that is my personal favorite. Others may need to work out or unplug and take a nice bath. Think about how you practice self-care and schedule time for those things while you are going through big changes. This will help you stay on track and keep you sane.

When it comes to how to prepare for big life changes there is no “how-to” guide. You need to find what works best for you mentally, emotionally, physically, and go with that. It may not look the same as what worked for your friends or family, but if it works for you, that is all that matters.

Readers, how have you gone about preparing for big life changes? What was key for you?

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Important Things to Know about Personal Loans

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Unless you’re up to living dangerously and getting unpleasant surprises, knowledge is something mandatory before taking out a loan. Whether we’re talking about payday loans, installment loans or personal loans, the same rule applies. It could save you from a lot of trouble, as you can avoid taking out a loan if the risks are too high.

That being said, if you were eager to learn more about personal loans, you’ve come to the right place. We collected some information in order to tell you what you should know regarding personal loans. Without further ado, let’s get to it!

  1. They Come in Two Types

Personal loans can be secured or unsecured. The secured ones are backed by collateral, like an asset or a savings account. If you’re not able to repay it, then the lender has the right to claim your asset as payment for the loan.

Concurrently, unsecured loans are not backed by collateral, and the lender decides if you qualify based on the financial history. In case you don’t qualify, or you seek a lower interest rate, some lenders can also give you the secured loan option.

  1. They Can Save You from the Debt Void

One way many people use personal loans is for debt consolidation. You may get a lower interest rate, and you also have an organizational advantage of only having one bill to pay monthly. Basically, it gathers all the bills into one, so you don’t have to stress with multiple payments.

  1. Banks Are Not the Only Way to Go

You can indeed obtain a personal loan from a bank, and that’s probably the first place coming to your mind regardless. However, the bank is not the only place where personal loans are offered, as there are other ways to obtain one.

For instance, online lenders, consumer finance companies, credit unions, and peer-to-peer lenders can also offer you a personal loan.

  1. It Can Impact Your Credit Score

During the application process, the lender will pull your credit as a part of the application process. Consequently, your credit score will slightly decrease. Whether it will increase afterward or not depends on you and how you pay off the loan.

  1. Personal Loans Are Not Long-Term Solutions

Although a mortgage is paid off over decades, personal loans are another story. They are usually paid off in seven years or less. In a way, this could be a good thing, because you won’t get to borrow money for longer than you need. Conversely, it also means that if you are trying to borrow a huge amount of money, the payments may be too high for you to keep up with if you take this type of loan.

Knowledge is power and having the proper information upon applying for a personal loan can be a life-saver. Not only that you’ll know the multiple ways in which it can help you, but you will also be aware of the disadvantages and you can avoid them.

Dealing With Holiday Hiccups And Budgeting For Christmas

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<p>December is next week! How crazy is that? It seems like 2018 flew by and, while we've made a lot of progress this year, we are looking forward to a much better year in 2019 financially.</p>::Pexels

December is next week! How crazy is that? It seems like 2018 flew by and, while we’ve made a lot of progress this year, we are looking forward to a much better year in 2019 financially.

First, we have to push through the hustle-and-bustle of the holiday season. We have a lot of plans coming up that will likely require some strict budgeting on our parts. Both of us love giving gifts. This year, we will be finding ways to do that without spending much cash so we can continue focusing on our personal goals.

A Hiccup in Our Holiday Plans

Just a month ago we were optimistic about being able to spend some money on Christmas. My other half had a new job and we were slowly starting to dig ourselves out of debt. However, the new job didn’t pan out the way we’d hoped and he has found himself temporarily unemployed again.

He almost immediately landed another gig that starts the first week of December. So, we won’t be down and out for long, but it will hinder our ability to do everything we’d planned on for Christmas. This year the folks that live out of town won’t be receiving big packages. Family and friends that live closer will be receiving handmade gifts and personal moments instead of anything too costly.

Budgeting for Christmas

Normally we budget around $1,000 total for our families and friends for Christmas. This year, we are scaling that WAY down. Instead of sending and giving gifts, we are planning to make quite a few of our items.

First, our godchildren are coming over the second Saturday in December to bake and do crafts. This will serve as their Christmas gift (and they’ll get to leave with something cool that THEY made). The entire day will only cost us about $20.

For family and friends that are local, we are planning to make goodie boxes. You can grab cookie tins for $1 each at the Dollar Store this time of year. Then we are going to make everything else from scratch. When all is said and done, it should cost around $5 per person.

Folks that live further away will be receiving a Christmas photo and card. We have some cards leftover from last year that we will use and potentially buy a few extra if needed. The photos will be printed at mass and cost less than $10 total.

I also grabbed some yarn at Michael’s on Black Friday (10 skeins for $20). I plan to make some hats and scarves for family and friends both near and far.

At first, we were a bit stressed and bummed out when we started budgeting for Christmas. What we realized was that this will probably be one of the most fulfilling Christmas seasons of all. Not only will we be furthering our overall goal of being more financially secure, but we will also be able to hand make gifts that will be appreciated by our friends and families.

Readers, how are you handling budgeting for the holidays? Are you making any gifts?

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Meet the Newest Addition to Our Debt Free Family

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<p>As you know, towards the end of August we were counting the minutes until our baby arrived. Thankfully, our little one, Dahlia, arrived on August 31, 2021. She is a beautiful, healthy baby girl and she has completely changed our world.</p>::Pexels

As you know, towards the end of August we were counting the minutes until our baby arrived. Thankfully, our little one, Dahlia, arrived on August 31, 2021. She is a beautiful, healthy baby girl and she has completely changed our world.

Meet Dahlia

Let us formally introduce you to Dahlia. She was born 7 lbs. 14 oz. at 8:54 p.m. on August 31. From the moment we met her, she amazed us both.

<p>Let us formally introduce you to Dahlia. She was born 7 lbs. 14 oz. at 8:54 p.m. on August 31. From the moment we met her, she amazed us both.</p>::Pexels

Of course, there have been plenty of ups and downs. Labor was not easy. I was technically in labor a little over 32 hours and in the hospital four days. Breastfeeding was extremely difficult and caused me a great deal of anxiety. We’ve had to address the cost of formula, find a formula that sits well with her, pacifier or no pacifier, swing or no swing, and the list of decisions and concerns goes on. But, from what I understand, that’s parenthood. We are just along for the ride!

Right now, she is a little over two months old and sleeps really well. Both of us are adjusting to our new lives as parents who work from home. Kids change your life in so many amazing ways. Of course, I went through the life-changing experience of giving birth, but we have also brought a life into this world who is so special to us both. Neither of us knew we could love anyone as much as we love our little girl. As we look to what’s next for us, she is at the center of every decision, every move we are making.

What This Means For Our Debt Free Journey

Preparing for Dahlia’s arrival was our main focus throughout 2021. We’ve been stocking up on things, saving money, and paying for medical care to get her here safely. All of our prep work paid off well. We have been prepared for just about everything that has been thrown our way since she arrived. As far as our debt freedom journey goes, it is still slow moving. However, our journey has a whole new meaning now.

Now, our debt-free journey is about providing a more financially stable environment for our child, something we both lacked growing up. It gives us a new sense of purpose and more urgency behind paying down and paying off our debts. At the beginning of the year, we will be shifting our focus to paying off large sums on our car loan. After that, we will focus the efforts on student loans and small debts. That is our plan for now. The sooner we are debt-free the sooner we are able to look at buying a home and building the life we picture for our family.

To me, this is the magic of the debt-free community. Everyone has their reasons behind their journey. Some people want to be financially free, others want to avoid hardship (because they’ve been there), and people like us want to build a positive, health environment for their families.

What is the reason you decided to pursue debt freedom? 

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The Real Tea No One is Spilling: The Grind Culture is Toxic

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<p>Money makes the world go round, or so the saying goes. Recent years have fully embraced the contractor and independently employed individuals. In fact, hustling or grinding has become the norm. People leave their nine-to-five and head to work on their side hustle. In some special cases,  people may even turn their hustle into a full-time gig. What I haven't heard many people talking about is how the grind culture can be extremely toxic.</p>::Pexels

Money makes the world go round, or so the saying goes. Recent years have fully embraced the contractor and independently employed individuals. In fact, hustling or grinding has become the norm. People leave their nine-to-five and head to work on their side hustle. In some special cases,  people may even turn their hustle into a full-time gig. What I haven’t heard many people talking about is how the grind culture can be extremely toxic.

Unpopular Opinions

There is a recent trend on TikTok where people have been sharing a few unpopular opinions they have. In the world of personal finance Toks, this has been interesting. Just about everyone has a different opinion about how money should be managed, how you should invest, and what size down payment you should have. However, at the same time, no one was really talking about my elephant in the room: hustle culture. So, of course, I added a TikTok of my own.

@districtmediafinance##fyp ##foryou ##foryoupage ##finance ##personalfinance ##budgeting ##startariot♬ original sound – Alien


In the personal finance world on social media everyone is talking about how you can earn extra money. More money is always a good thing, right? Well, for me, B.I.G. said it best, “Mo money, mo problems.” Of course, you can earn some extra cash to pay off some debt (I’ve done it) or even fund a vacation, but it shouldn’t be a lifestyle. You’ll work yourself to the bone and the other things in your life will become less important than making an extra buck. Your relationships will suffer, your health may suffer, and all you’ll have is a padded savings account.

Why Grind Culture Has Become Toxic

In today’s climate, if you only work one full-time job it’s almost unheard of. Almost everyone has a side hustle, part-time gig, or way they are making money on the side. This is due, in part, to rising prices and people’s need to make ends meet. A lot of it has to do with the toxic hustle culture that has infiltrated social media and other communication platforms.

Now, grind culture hasn’t always been toxic. People have been “making a little money on the side” for ages. You take work where you can find it. Today, people are working to excess though. Many are working over 40 hours every week and then feel pressure to be working on a special project or additional job on top of that. If you don’t have a hustle you’re almost seen as lazy or dumb.

After all, who wouldn’t want extra money?

You should work extra hard now so you don’t have to later!

Ultimately, this just leads to a bunch of overworked people walking through life as zombies. Possibly worse, it could lead to a culture where the main focus of our interactions with each other is financial.

Final Thoughts

Have your side hustle but have your family too. Don’t let your jobs or means to make money overshadow the life you are building or take away from time spent with your family. Carve out time to enjoy your loved ones and the cash you’re making. Hustle hard, live life even more.

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How We Financially Prepare for the Holiday Season

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<p>The holidays are swiftly approaching. It's hard to believe we will be celebrating our first Thanksgiving with our little one next week! For many people, this is a stressful time of year. Most of us have more social engagements than usual. On top of that, we are spending more money than we normally do, possibly traveling, and probably not eating the best. Many people find themselves biting their nails over the cost of presents and celebrations. Here is how our family tries to prepare for the holiday season.</p>::Pexels

The holidays are swiftly approaching. It’s hard to believe we will be celebrating our first Thanksgiving with our little one next week! For many people, this is a stressful time of year. Most of us have more social engagements than usual. On top of that, we are spending more money than we normally do, possibly traveling, and probably not eating the best. Many people find themselves biting their nails over the cost of presents and celebrations. Here is how our family tries to prepare for the holiday season.

Confession: I’m Buddy the Elf

If you’ve seen the Will Ferrell movie Elf, you know Buddy. I am him, he is me. Christmas time is one of my favorite times of year (I’m also a huge fan of Halloween). I simply love the season of giving, family time, baking, colder weather, traditions. It is important to me to be able to spread my cheer each year. However, it is also extremely important we stay within our budget each year. Only a cotton-headed ninny muggins would go into debt buying presents, right?

While we certainly don’t plan to put any gifts on credit this year, many Americans do. In fact, more than 21% of Americans say they will go into debt buying Christmas gifts. About 29% of shoppers say they’ll go into debt but they pay it all off in full with their tax returns. In general, people are willing to go about $1,400 in debt just to celebrate the holidays. For our family, wracking up debt on gifts just simply isn’t in the cards and it shouldn’t ever be, honestly.

Establishing New Traditions

Because Christmas is such an important time of year for me, we want to establish family traditions. One thing we are going to try to do is work in a lot of low-cost or free activities into our holiday traditions. For instance, there is a giant village about an hour from our home that has an amazing Christmas lights display. We will likely pack some food, hot chocolate, and get in the car to see the lights each year. This is little cost to us and a great tradition.

We will also be doing low-cost crafts.  This is something I always did with my godchildren before. Each year, we plan a night where all our parent friends can get together with their kids and do some type of holiday craft. I also usually bake cookies for them to decorate. The entire event typically costs less than $50 and is so much fun. It is also a great tradition to keep (kind of like a Friendsgiving of sorts). We’ve also been considering doing things like volunteering and family secret Santa when our little one is a little older too.

Another thing I’ve seen online this year is people hitting the dollar store for their decor. This is great way to switch up themes and color schemes from year to year at a low cost. I’ve seen some folks on TikTok decorate their tree for less than $35. That’s pretty amazing! So, in essence, we are looking to keep costs as low as possible by establishing some low-cost traditions and focus on the reason for the season.

How Do You Prepare for the Holiday Season?

As always, personal finance is personal. If you are someone who takes out a loan every year and it works for you, keep doing what works for you. If you’re like me and start the countdown for Christmas on December 26, saving and planning throughout the year, that’s okay too. You are doing what works best for you and your family.

At the end of the day, it really isn’t about the amount of money you spend. Focus on spending quality time with your family this season. Those are the memories they’ll keep forever anyway. Happy Holidays!

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How to Be Frugal With a Newborn

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<p>There is no doubt that having a baby absolutely changes your life. It is a challenge to adjust to such a huge change and maintain progress on financial goals, let alone stay on budget. Needless to say, our monthly budget has been looking rather neglected and ignored recently. This has led us to look for ways to be frugal with a newborn and make the most of our money.</p>::Pexels

There is no doubt that having a baby absolutely changes your life. It is a challenge to adjust to such a huge change and maintain progress on financial goals, let alone stay on budget. Needless to say, our monthly budget has been looking rather neglected and ignored recently. This has led us to look for ways to be frugal with a newborn and make the most of our money.

Is It Possible to Be Frugal With a Newborn?

The biggest cost for our family since having a baby has been food. Sometimes you are just too exhausted to cook. So, we wind up ordering food or hitting the drive thru so that I can continue working or tend to a crying child. It’s understandable and we’ve tried to not be too hard on ourselves for it. But it is money wasted and that will always bother me.

That being said, it is possible to be frugal with a newborn. You simply need to find where your problems areas are and focus on improving there to be successful at it. Here’s how…

How to Be Frugal With a Newborn

There are a few steps you need to take to being able to be frugal with a newborn. Frugality is more than just looking for the best deal or pinching pennies. You have to consider long-term wear items and contributing financial factors.

  1. As I just mentioned, you need to be able to identify what your problem areas are. For us, we overspend on easy food. Think about how you can resolve the issue. For example, our family sticks to our grocery budget better if we meal prep and plan. It takes a little additional time but it will save us hundreds per month. Similarly, when our newborn starts eating different foods, we will make her meals as well to help save money.
  2. Invest in quality items. Like I said, frugality isn’t all about pinching pennies. If you are going to use an item every single day or with your children in the future, spend a little extra money. It will keep you from having to buy it again. You may even be able to resell it once you’re done using it.
  3. Hit the consignment shops. Buying secondhand clothing and other items is a great way to be frugal with a newborn and kids in general. They outgrow their clothes and toys so fast, so why spend a ton of money on those things? Not to mention, some stores will allow you to sell your child’s items for a store credit or cash.
  4. Don’t stress experiences now. Until they are older, you shouldn’t spend too much money on experiences for your child. Of course, you want to have those memories but they won’t remember much. As a newborn, they won’t remember anything. Save your money and put it aside for creating memories when they’re a bit older.

These are just a few things we’ve discussed that will help us be more frugal with our newborn and stay on track. What are some of the ways you have saved money with children?

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Our First Thanksgiving

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<p>My last personal update had a ton of good news and it seems like that isn't going to stop any time soon. In fact, we have some even better news!</p>::Pexels

My last personal update had a ton of good news and it seems like that isn’t going to stop any time soon. In fact, we have some even better news!

Debt Payoff Progress

We paid a total of $391 on our credit cards this month (the first payment in a while). It felt so good to be getting back on top of each of our payments. We’re also happily saving up our $1,000 emergency fund. Once that is in place, we will have quite a bit more cash to snowball our debt. We are half way to our savings goal currently.

On top of that, we have a family first…

Our First Thanksgiving

My other half and I have had two Thanksgivings together (this will be our third). However, we haven’t ever hosted Thanksgiving. Our first holiday together, we visited with his family in Tennessee, and last year we stayed home and had a meal with just the two of us. This year we will be hosting our family!

This is huge for a few reasons.

First, I am happy we have the ability to host our family this year. We aren’t scraping by so badly we can’t spare $40 for a meal. This has given me some additional optimism about our current financial situation.

Second, it is absolutely a big deal to have the family here, in our home, and cook for them and have quality time. We’ve not had the entire crew here before.

Lastly, we have a budget and we’ve managed to stick to it! Here’s how…

Thanksgiving Budget

Like I said, we’ve managed to keep the entire meal under $40. Everything costed $36.89 to be exact. It hasn’t added any additional cost either!

We scoped out the different sales on turkeys and picked a 15-lb bird up for $4.10. The promotion required you to purchase $35 in groceries to get the $0.27 per pound price, so we just purchased our week’s worth of groceries and got the turkey at a decent price.

Everything else, we’ve picked up at Aldi. Because I had some marked down meat stored away, the “extra” cost of the Thanksgiving fixings was offset by having backup meals at home already. So, we didn’t go over our $50/week grocery budget when we got everything else either.

So, essentially, Thanksgiving isn’t going to cost us any extra this year! We are looking forward to a nice Thanksgiving with family in OUR home (without even altering our budget). How awesome is that?!

Readers, what do you have planned for Thanksgiving this year? 

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What Are Tribal Installment Loans?

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<p>Occasionally, we take a look at different types of predatory lending to avoid on the blog. In the past, I've discussed guaranteed loans and payday loans. While these types of lending can wreck your finances, I think it is important to talk about because many of us looking to pay off debt also have bad credit, which makes us susceptible to predatory lenders.</p>::Pexels

Occasionally, we take a look at different types of predatory lending to avoid on the blog. In the past, I’ve discussed guaranteed loans and payday loans. While these types of lending can wreck your finances, I think it is important to talk about because many of us looking to pay off debt also have bad credit, which makes us susceptible to predatory lenders.

If you’re looking for a bad credit loan to help you get through a hard time, you may stumble across tribal installment loans. Here’s what you need to know about this type of lending and alternatives to consider.

What Are Tribal Installment Loans?

Tribal installment loans are alternatives to payday loans. The difference is that tribal loans are only available through Native American tribes in the United States. Most tribal lenders are represented by the Native American Financial Services Association (NAFSA). This allows tribes to offer online loans.

Surprisingly, many of programs within the Native American community are paid for with these types of loans, including health care, housing, and youth programs. These types of loans are available to individuals within the tribe as well as non-tribal borrowers. In states where payday lending is illegal, tribal lenders are able to lend borrowers money.

Tribal lenders can lend money to tribal and non-tribal borrowers, and they can even lend money to customers in states where payday lending is normally illegal. While many are legitimate and fair lenders, keep in mind that because they are a sovereign instrumentality, they cannot be sued.

Do They Require Good Credit?

Most tribal lenders do not require good credit. In many cases, they simply require verification that you make $1,000 or more every month after taxes. You won’t be able to get more than $2,500 most of the time though and many lenders will only provide loan terms up to six months.

Should You Get a Tribal Loan?

As mentioned above, most tribal lenders offer loans with ridiculously high APRs. If you plan on getting a tribal installment loan, you should have an aggressive repayment plan. Otherwise, you may wind up paying thousands of dollars in interest and additional fees.

Like with any type of loan or debt you take out, you should always read the fine print. Be sure you are aware of all of the loan terms. Many tribal loans have strict repayment terms.

Tribal Loan Controversy

Most Indian tribes have the resources to be able to fund their own lending business. Many of them are also members of the Online Lenders Alliance (OLA). This typically provides some kind of confidence with borrowers, however, some tribes have been known to practice irresponsible lending to increase profits.

It is also worth noting that some tribal lenders partner with third parties. If that is the case, both the tribe and the third party will collect a portion of the interest charges. In some cases, this increases the interest you pay.

Another thing that is important to keep in mind that because tribal lenders are sovereign they cannot be sued in the event there is some wrongdoing. Additionally, some tribal lenders have been known to charge up to 795 percent APR.

Alternatives to Tribal Installment Loans

When it boils down to it, tribal loans are still high-interest loan options that will not help you further your debt freedom journey. Instead of pulling out a tribal installment loan, consider one of these alternatives.

  • Local resources: If you are having some type of short-term financial issue, look for local resources. The food bank can assist with groceries. You may also have a community program that helps pay utilities or even help you get back on your feet.
  • Payment extensions: Instead of pulling out a loan to cover your current payments, consider making a payment arrangement. This can free up some immediate cash.
  • Side gigs: Maybe consider getting a part-time job or side gig to help with the extra cash you need. Increasing your cash flow is one of the best ways to solve your financial troubles without going into debt.
  • Sell a few things: You can flip things on the Facebook Marketplace by cleaning out the closest at home. There are probably a number of things you don’t use lying around. Consider selling them for the extra cash you need.
  • Trim your budget: See if there are any of your expenses you can trim or cut completely. Look at your subscriptions and memberships, ways to cut your utilities, among other things that may save you some money.
  • Borrow from family: Before borrowing, if you are comfortable doing so, ask a friend or family member for help. Most of the time, family members and friends aren’t aware of your financial situation because it isn’t something that is talked about. Explaining your situation and asking for help could prevent you from going into debt.

Before taking out any type of loan, be sure to do your research and make sure it is the right financial decision. Nine times out of 10, taking out a loan won’t further your debt freedom journey. It will only hinder it. Consider your alternatives, interest rates, and other factors before going all in.

Readers, have you heard of tribal installment loans before? Have you ever considered getting one?

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Michelle Phan’s Net Worth

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Michelle Phan's net worth
Monitoring your net worth is something that you do when you are trying to build wealth. More recently, many people have begun to build wealth online by creating their own YouTube channel. Michelle Phan is one of them. Because she has become more and more popular, people are wondering, what is Michelle Phan’s net worth?

Who is Michelle Phan?

Like other YouTubers, Phan was able to start her own video series, land some lucrative deals and really build a nest egg for herself. Before delving into her finances, it may be good to know who Michelle Phan is. Of course, she is a Youtube celebrity. She has made her fortune on Youtube through posting makeup tutorial videos. She also has a pretty interesting story and career so far.

She was born in Boston on April 11, 1987. During her adolescence she and her family moved to Tampa where she still resides today. Phan always loved trying out different makeup and different techniques so, in 2005, when she had the chance to start posting makeup tutorial videos, she jumped at the chance.

Phan began reviewing makeup tutorials on her blog and then switched to Youtube. By 2012 her makeup tutorials had gone viral, thanks to a Buzzfeed article and she got her claim to fame. Two years late her channel was listed on the “New Media Rockstars‘” Top 100 Channels at number 48. Since her launch, Phan has managed 8.8 million subscribers and more than 1 billion views.

In addition to her extremely successful Youtube channel Phan has also landed a number of profitable deals, including deals with L’Oreal and Lancome. These deals are what have truly contributed to her overall wealth. So, what is Michelle Phan‘s net worth now and how has she gotten there?

What is Michelle Phan’s Net Worth?

Michelle Phan's net worth If you’re looking to grow your net worth like Michelle Phan, it isn’t easy. Phan worked extremely hard to get to her net worth of $50 million. She began blogging in 2005 and, in the past 12 years, had gained quite a following but it didn’t happen overnight.

As stated above, she had to work hard to get that number of followers. Once she did she was able to really start capitalizing on Youtube’s advertising model. Most Youtubers with similar follow counts make six figures or more in a year. Her Youtube income isn’t the only cash she has coming in though.

Of course she is also reaping the benefits of the makeup deals mentioned above with L’Oreal and Lancome. She’s also partnered with other Youtube channels to launch original material and has even launched her own book. Youtube was simply this celeb’s starting place.

If you’ve got a knack for something you may consider launching a Youtube channel of your own. It seems there are a lot of people benefiting from Youtube’s advertising model. Michelle Phan was able to grow a following and accrue millions of dollars. Maybe you could do the same.

Do you have a celebrity you’d like us to cover? Let us know!

Photos: Glamour and Pinterest

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