We often hear about how debt or the lack of a financial cushion can trap us in a cycle of stress, forcing tough decisions that might dig us deeper into trouble. Often, it’s not because we want to but because our finances leave us no choice. What we don’t talk about enough is the flip side: how being debt-free and having savings can open doors to incredible opportunities in life.
In this special episode, I sit down with Steve Stewart, the talented editor behind this podcast, to dive into his inspiring journey of becoming debt-free and the amazing paths it’s allowed him to pursue. From paying off his mortgage to building a thriving career in podcast editing, Steve shares his story and offers insights on how you can do the same.
We also discuss:
- Sustaining a debt-free life
- Opportunities from financial freedom
- The podcast industry’s playing field
- Audio vs. video podcasting
My friend, Steve Stewart, is the Podcast Editor for some of the biggest indie personal finance podcasts, like the Stacking Benjamins Show and Afford Anything. I’m honored that the MILMO Show is included among his amazing list of clients.
He also created the Podcast Editors Club, now with over 9,000 members, and co-founded the Podcast Editor Academy – which helps individuals build their own podcast services business. If you’re looking for help with your podcast, Steve is there to support you!
Why Living Debt-Free Matters
Debt is more than just a financial burden—it’s a mental weight that can trap you in a cycle of stress and limited choices. Lacey and Steve kicked off the episode by highlighting a truth we don’t talk about enough: living debt-free isn’t just about escaping debt; it’s about gaining the freedom to say “yes” to life’s possibilities. Whether it’s moving to a dream location, starting a business, or simply reducing daily stress, financial freedom creates a foundation for seizing opportunity.
Steve’s journey began with a wake-up call in 2006. Tired of being “average” with money—paying bills on time but still borrowing for a Jeep—he decided to take control. Inspired by Dave Ramsey’s bold advice to ditch credit cards and pay off debt early, Steve and his wife paid off their consumer debt by 2007 and their mortgage by 2015. This wasn’t just about numbers; it was about reclaiming their future.
The Power of Living Debt-Free
Steve’s story is a testament to how living debt-free creates a launchpad for opportunity. Here’s how it played out for him:
A Career Pivot to Podcast Editing
After becoming debt-free, Steve found himself in a position to take risks others couldn’t. In 2015, when personal finance giants Paula Pant and J. Money asked him to edit their new podcast, he said yes—turning a side hustle into a full-time career. Today, he edits for top shows like The Stacking Benjamins Show, Afford Anything, and the MILMO Show, and has built the Podcast Editors Club (with over 9,000 members) and co-founded the Podcast Editor Academy.
“Being debt-free gave me the freedom to jump on opportunities as soon as I saw them,” Steve shared. Without the burden of debt payments, he could afford to experiment, grow, and eventually replace his day job income over three years.
A Dream Move to Colorado
In 2019, Steve and his wife fell in love with Westcliffe, Colorado, during a casual visit. Thanks to years of living debt-free and saving intentionally, they were ready to act when the right house came along in 2024. Despite needing a mortgage without a traditional credit score (more on that later), their financial stability—built on a cash-based lifestyle—made it possible. “All the little steps we took along the way kept us from having to go into debt, which would’ve prevented us from getting this house,” Steve said.
How to Start Living Debt-Free and Unlock Your Opportunities
Ready to take control of your finances and start living debt-free? Steve’s journey offers actionable steps you can apply today:
Step 1: Reject the Debt Norm
Steve’s turning point came when he got “sick and tired of being average” and cut up his credit cards. Challenge the idea that debt—like buy-now-pay-later schemes for a $40 blouse—is normal. As Steve put it, “If I don’t have $40, I shouldn’t be buying this blouse.”
Step 2: Build a Cash Lifestyle
After paying off their Jeep in 2007, Steve and his wife committed to saving for big purchases—like cars and their Colorado home—rather than borrowing. Start small: build an emergency fund, then save for your next goal. This habit kept Steve debt-free and ready for opportunities.
Step 3: Navigate Life Without a Credit Score
A common myth is that you need a credit score. Steve debunked this, sharing how he qualified for a mortgage using an alternative credit score from eCredable, which tracks payments for utilities and bills. “You don’t need a credit score unless you’re borrowing money,” he explained. For renting, travel, or online purchases, a debit card works just fine.
Step 4: Plan for the Long Game
Steve’s success didn’t happen overnight. It took years of intentional saving and patience—like waiting five years for the right Colorado home. “Fifteen years down the road, it’s not gonna be scary,” he encouraged. Start now, and your “new norm” will be financial freedom.
Overcoming Obstacles to Living Debt-Free
What about the naysayers? Steve tackled common objections head-on:
- “You need credit cards for fraud protection.” False. Steve uses a debit card for everything—travel, online shopping, you name it—with no issues.
- “What about a credit score for big purchases?” Even without a traditional FICO score, Steve secured a “scary size” mortgage as a self-employed person with no W-2 income. Tools like Experian’s Credit Boost or eCredable can bridge the gap.
His advice? Focus on proving stability—pay bills on time, save consistently—and lenders will see you’re a safe bet.
Seizing Opportunity
For Steve, living debt-free wasn’t just about paying off loans—it was about building a life where he could say yes to what mattered most. Whether it’s editing podcasts for friends like Lacey, moving to a mountain view in Colorado, or mentoring others through the Podcast Editor Academy, his financial freedom made it all possible.
“It’s not just about being ready for emergencies—it’s about going after the fun stuff.” Imagine saying yes to a ski trip, a new career, or a passion project because you’re not tethered to debt payments. That’s the real power of living debt-free.
Start Your Debt-Free Journey Today
Steve’s story proves that living debt-free is more than a financial goal—it’s a gateway to seizing opportunity. Ready to take the first step? Here’s how:
- Assess Your Debt: List everything you owe and make a plan to tackle it, starting with the smallest balance (like Steve did with his Jeep).
- Cut the Cards: Ditch credit cards and switch to cash or debit to break the borrowing habit.
- Save Intentionally: Build an emergency fund, then target your next big opportunity—whether it’s a home, a business, or a dream trip.
Resources From Living Debt-Free and Seizing Opportunity
- Steve Stewart
- Podcast Editor Academy
- Podcast Editors Club
- eCredable
- Experian Boost
- Text Expander
- Tipped by Barbara Sloan
Episode 327 Timestamps
00:28 Welcome to the MIMO Show
00:37 The Importance of Being Debt-Free
01:06 Steve Stewart: Becoming Debt-Free
01:29 Sustaining a Debt-Free Life
02:32 Steve’s Debt-Free Journey
02:59 Challenges and Benefits of a Debt-Free Lifestyle
06:32 Navigating Financial Norms and Credit Scores
09:30 Alternative Credit Scores and Mortgage Challenges
16:36 The Value of Financial Goals and Planning
20:00 Steve’s Move to Colorado
24:11 From Debt-Free to Podcast Editing
33:29 Finding the Right Clients
33:51 Starting a Podcast Editing Career
34:54 Maintaining Client Relationships
36:34 Exploring Podcast Roles
37:18 Tools and Tips for Podcasting
38:41 The Future of Podcasting
39:10 Understanding Podcast Roles
47:31 Game Time and Personal Insights
52:02 The Importance of Video in Podcasting
MILMO Show Sponsor
Support for the MILMO Show is provided by Navy Federal Credit Union. It’s the holiday season or, as I like to call it, the spending Super Bowl. Expenses add up quickly this time of year. If you’re spending with Navy Federal’s NEW cashRewards Plus card, you’ll earn unlimited 2% cash back on every purchase. When you spend $2,000, you’ll receive 200 dollars cash back and a Walmart Plus annual membership. You can learn more at navyfederal.org.
Got Money Questions?
If you have questions about money or entrepreneurship, please fill out this form, and Lacey will answer them on the show and send you a free MILMO t-shirt!
