How I became debt free (including paying off my student loan)?



A wise person once told me: 'Any area in life that you do not master, will master you.' How do you know when you don't master something? Just look at your life and see if there is any area you're not happy with.


When I want to improve something in my life, I start researching people that have success in that area. I read their books, listen to their podcasts, watch YouTube videos and documentaries. I immerse myself in it, question things that I learn and take away what's applicable to my life. I test it out by implementing what they teach and observe what does and doesn't work. This is exactly how I started changing my financial situation.

I finished my university degree with a $10.000 debt ( I thought that wasn't too bad). I then started working. But instead of paying off my debt, I accumulated more. Four years later I had a debt of nearly $20.000. For some people, this may not seem like a huge amount of debt, but for me this was massive. It felt like a weight on my shoulders, caused anxiety and kept me awake at night. I knew something needed to change. I won't go into detail on how I accumulated all this debt, that's not the point. The question is: How have I been able to become debt free and pay off my student loan?

**Just to be clear, I am not giving any financial advice here, I am no expert. I am simply explaining the things that I have learned, implemented and that have worked for me.**

I started by doing research on wealth creation. The first book I picked up was called 'The Barefoot Investor' by Scott Pape. I enjoyed reading this book as it provided me with new insights on how to manage my personal finances.

The second thing I learned was that money problems are mindset problems. This was a huge eye-opener. By attending events from Michael Johnson aka, The Mojo Master in Australia, I focussed on my mindset around money and began to see it for what it is: coins and paper. I had attached all kids of emotions to money. I judged it as being destructive in our society and that mostly greedy, egoic people pursued wealth. Boy were these beliefs holding me back from accumulating any money. I worked on changing my attachments to money and started educating myself further.

I recently picked up the book 'Rich Dad, Poor Dad' by Robert T. Kiyosaki. A few chapters in and it has already blown my mind! In this book Robert talks about having two dads (his biological dad who is highly educated but poor & his best friend's dad who is rich) with very different beliefs around money and the way they use it. Our society is based around money and I believe it is important to understand how it works. I highly recommend reading this book for anyone interested in wealth creation and for those wanting to break free from the 'rat race'.

My Financial Structure

Having gained some knowledge around managing my personal finances and changing my mindset, I decided to implement a simple financial structure: I have one account where all the money that I earn flows into. I then divide it into several (saving) accounts that don't have cards attached to them. Each account has it's own purpose and when I need to access that money, I transfer it into the one account that I have a debit card for. See below:

1. Debit card account (money comes in and out)

7. Separate accounts (in order of importance and without a debit card):

  • Savings

  • Personal Pay (I pay myself an allowance that I can spend on anything I want)

  • Tax

  • Food & Household

  • Travel

  • Loans

  • Bills


Each account has it's own percentage. So when the money comes in, I simply do the calculations and place the right amount of money into each account. I make sure I save at least 10% of income and pay myself first. When I get to the 'bills' account and notice that I may not have enough money to pay all my bills, it means one of two things: I am either living above my means or have to create more income.

Over time I have been able to make sure I don't live above my means and have increased my income. I watched each account grow and started paying off my loans. In the meantime, I happily spent my 'personal pay' and 'travel money' without any guilt as I knew I was saving and paying of my debts at the same time. This resulted in paying off all my loans, including my student debt last week. What a great feeling!

Why do I want to create wealth?

I believe it's important to have a reason why you want to create wealth. Creating wealth for the purpose of creating wealth will not make you happy. You'll just keep chasing more money in the hope it will fulfil you. This is rarely the case.

One of the reasons I focus on creating wealth is to work towards my mission of helping people create the life of their dreams. I love seeing people live up to their potential. By accumulating more wealth, I know I will be able to do this on a grander scale. Think about why you want to create wealth in your life?


There is so much more to learn about wealth creation, but I hope this article is useful to anyone who'd like to start making a change in their own financial situation. We don't get taught anything about this is in school and our parents often don't know either. It's up to us to do the research, change our mindset, know why we want to create wealth and implement a strategy.


Love, Morrin x

Bio: Morrin O’Shea has an interest in the connection between body, mind and spirit. She has a background in occupational therapy and is an integrative nutrition health & mindset coach. Her aim is to empower woman by embracing their true selves and consciously creating the life they want. She is also the founder of Wholism.


Follow Morrin on:

W: www.wholismlife.com

IG: @wholismlife

FB: @wholismlife

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