Hey there! Welcome to the Independent Money newsletter 👋 We’ll be exploring the fascinating lives of our favorite entrepreneurs. We’re taking a closer look at their backgrounds, careers, and financial journeys.

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We sat down with Allie Hall, a nurse who’s opening the conversation about money and how it impacts our lives. She takes us inside her journey of paying off $46k in debt and saving $10k in 18 months.

I am Allie, I currently live in NC and am 34 years old. I work as a pediatric nurse and am the owner/ founder of The Debt Free Nurse LLC, where I specialize in guilt free money management, teaching women their core values and how to change their mindset and relationship around money! My mission is to help women own the hell out of their finances so they can say YES to things they love and no to the things they don’t! I also love working out, spending time with my dogs and reading.

Career

Was there moment where your career majorly changed? 

During covid I was in nurse practitioner school and working night shift part time, I was also married. In 2020 I got divorced and in 2021 I decided that finishing NP school wasn’t for me. I loved being a nurse and wanted to make a bigger impact on the world outside of healthcare. 

What made you want to go from your career as a nurse to start educating people about personal finances on the side?

In 2017 I documented paying down 46K of student loans in an 18 month period. I did it without sacrificing things I loved like travel, food and experiences and got creative with how I could make money as a nurse. I didn’t see anyone else at the time talking about money and debt and had tons of people tell me how much it changed their life so I created a course and started helping people create budgets and debt payoff plans. 

What was the biggest hurdle when you first started creating content and sharing your debt-free journey and what’s one tip you would share for someone looking to start?

In 2017 money was still very taboo and people didn’t understand what I was doing. The biggest lesson I’ve learned is to keep going and be YOU. People follow you for you and your gifts, not because of the information you share. Be authentic :)

Money

What was the moment where you realized you needed to make changes to how you think about your money?

In 2015 I started my first nursing job and moved to NC from California. It was the first time I was on my own and paying for my expenses alone, plus paying back debt. I had 15K of Credit card debt (all which were maxed out) and no savings. I worked overtime as soon as I could, but still felt like I was behind. One day I was sitting at a gas station and knew I couldn't afford the gas I was buying. That was my light bulb moment and I never looked back. 

Do you track your spending/expenses and what do you use? 

Yes! I have my own budget template/ spending tracker and I verify it with rocket money. I am definitely more of a pen and paper type of gal. 

For anyone else who is also wanting to setup a budget check out this template.

Do you handle your own finances or outsource it 

I handle my own business finances (which I hate) and my own personal finances (which I love, go figure). 

What is your current savings and investing portfolio?

I just bought my first house as a single person :) So my savings took a huge hit in the last year, but I have a high interest savings account with my emergency fund, my own personal ROTH IRA and with my company I have a 403b and a roth 403 b. I also started a SEP IRA for my business. 

If you’re also looking to setup a Roth IRA, learn more here.

What's one tip for others struggling with student loans that you weren’t aware of before you started your debt free journey? 

I didn't realize that student loan interest was charged/accrued daily. Making the minimum payment won't help you pay off your debt and it will actually keep growing. If you have plans to pay off your student loans try paying biweekly or making extra payments when you can. 

Is there an area of personal finance that you struggle with the most? Or wish you knew more about, especially in your field as a nurse?

I think mindset is honestly the hardest part. We all have such interesting stories and experiences that shape how we feel about money and interact with it and that causes us to make poor decisions. I also feel as a nurse we are told that we have so much opportunity to make money, but with that many of us purchase things we cant afford because we will just pick up another shift. 

To learn more about Allie Hall and stay connected, you can find her on Instagram, TikTok, or visit her website and take her free how tf do i budget quiz.

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If you want more resources on building wealth as an solopreneur/entrepreneur, check these out:

• The Solo 401k handbook 

• What is a Solo 401k?

• How to Open a Solo 401k

• Common Solo 401k FAQs

• Solo 401k Contribution Calculator