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ARTIST 2 ARTIST: HOW I PAID OFF MY DEBT… BY TAKING ON MORE DEBT

R2RLots of artists have lots of debt. But tons of those artists are managing to pay it back, all while living this crazy variable life.

I recently put out a call for artist debt stories and got this email that I just had to share.

Meet Charlotte. She’s a Canadian opera/musical theatre singer based in Toronto. This is her debt story…


“It’s an unconventional debt repayment story – I paid off all of my debt by taking on more debt – but it’s worked out beautifully and given me more stability and peace of mind than I ever thought was possible while still pursuing a full-time performing career.

The short version is this: four years ago, I was freelancing and working part-time at a law office – and I felt like I was drowning in dept. In 2008, I graduated from Western with $26,000.00 in student loans. By 2011, my student line was still sitting at $18,000.00 – due largely to the constant strain on my income from continuing to re-invest in my developement i.e. summer program tuitions, lessons, coachings, travel expenses, audition expenses, etc. I also still owed my parents $4,000.00 and my credit card was maxed at $1000.00. Eeek.

So I bought a house.

With ZERO financial backing from any outside source (not even a mortgage co-signer), at 25 years old, with an annual average income of $24,000.00 gross – I bought a rental property.

In four short years, my rental income has paid off the following: my student line, my parents, and all of my consumer debt – not to mention it also pays my mortgage and all operating expenses (property tax, house insurance, utilities, maintenance and updates, etc.)

I wasn’t simple by any means – it took a LOT of creativity and hard work – but really anybody could do it.”

– Charlotte


I was super fired up by her awesome solution to her debt problem… I also had a ton of questions.

READ FULL ARTICLE HERE

 


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