From Debt to Financial Freedom: Veteran’s Inspiring Journey to Erase $87,000 in Debt
By embracing discipline, Nyajuok Tongyik Doluony, a dedicated army veteran and single mom, was able to conquer her debt, a goal she set for herself in 2020. With her determination, she successfully paid off thousands of dollars in debt, ultimately experiencing a sense of liberation and relief.
Prior to seeking financial guidance, Doluony was burdened by a staggering debt of $87,000, including substantial credit card bills and car payments. According to Good Morning America, she was at her wit’s end and felt desperate to address the issue before leaving the army. As she expressed to GMA, “I didn’t want to get out of the army with my debt… I wanted to focus on taking care of myself and my kids.
Doluony’s financial transformation was fueled by the strategies she learned from the class, which included adopting habits such as recognizing the need for change, planning and anticipating weekly and monthly expenses, and seeking additional income streams. One key habit she emphasized was tracking spending patterns, stressing the importance of knowing where every dollar goes. To achieve this, she leveraged Ramsey’s EveryDollar budget app, which allowed her to categorize her expenses into distinct areas, including housing, transportation, and personal spending.
For Doluony, the key to her financial turnaround was a mindset shift. She emphasized that it’s not just about making changes, but about adopting a new perspective. She also shared a strategic approach to tackling her high-interest debt, prioritizing the loan with the highest interest rate and paying the minimum on other debts. Any remaining funds each month would be directed towards the debt with the highest interest rate. In addition, Doluony took advantage of a lump sum of $17,000 from her 60 days of paid leave after leaving the army, using it to make a significant dent in her debt with the highest interest rate.
Doluony’s commitment to financial discipline also involved diversifying her income streams. To achieve this, she took on additional nursing shifts at a hospital, sold items she no longer needed around her home, and even resold gently used items she purchased from Goodwill, eBay, and Facebook Marketplace. She attributed her newfound approach to financial management to a shift in mindset, saying she learned to “change my mind” from focusing on consumption to prioritizing wealth-building.
“Now, with her debt-free status, Doluony is driven to inspire others to achieve financial freedom. She reflected on the sense of relief she felt after paying off her debt, saying it’s a feeling that can be achieved by anyone, regardless of their background or circumstances. Doluony emphasizes the importance of setting a clear plan and sticking to it. She advises others to “state your plan,” and suggests breaking down goals into smaller, manageable steps by planning every week, month, and even meal. By taking control of their finances and making intentional decisions, Doluony believes anyone can achieve fulfillment and live a life that is true to their values.
