This story is part of CNBC Make It’s Millennial Money series, which examines how people earn, spend and save money.
On paper, Naseema McElroy had all the indicators of financial success. In 2015, she made over $200,000 as a labor and delivery nurse, owned a Lexus SUV, and had just bought a brand new home in the San Francisco Bay Area.
But McElroy was in debt. In addition to her approximately $580,000 mortgage, she had approximately $185,000 in student loans, $70,000 in debt from a previously purchased condo, and $22,000 in 403(b) retirement account loans used to purchase her new home, according to documents reviewed by CNBC Make It.
Now 44 and a single mother of three, she says that between living expenses, debt repayments and daily bills, “I felt like I was living paycheck to paycheck.” She even had to borrow about $3,500 from her sister just to install blinds in her new home.
“I thought, ‘I’m making too much money to survive this economic instability,'” McElroy says.
That April, she said, she was on a mission to deal with debt and “get on top of” her finances. From 2015 to 2017, McElroy paid off nearly $1 million in debt he had accumulated over the years through a combination of additional balance payments, budgeting and selling his home, according to his records.
From 2015 to 2017, Naseema McElroy paid off nearly $1 million in debt.
Tristan Pelletier | CNBC Make It
The experience made her look more intentionally at her money, and McElroy said she now works three jobs in hopes of tightening her budget, saving “aggressively” and creating a more flexible lifestyle.
“My relationship with money has changed dramatically,” she says. “I felt so free.”
In 2025, McElroy was earning just over $251,000 between her two jobs as a night shift and labor and delivery nurse and her personal finance business, which she started as an Instagram account and blog to document her debt-paying journey.
Pay off $1 million in debt within 3 years
McElroy said in 2015, although she was meeting the minimum debt payments, she “didn’t feel good” about her money. She said she had no savings and had a one-year-old daughter at the time, so it suddenly became urgent to rebuild the household finances.
“I was a single mom, so I was like, ‘If something happens to me, what’s going to happen to her?'” she says. “I wasn’t tracking my spending…I had no idea where my money was going.”
McElroy said she started making additional payments on her debt, starting with the smallest amount and working her way up to the largest amount, using a strategy called the debt snowball. At the same time, she continued to pay off the minimum payments on her remaining debts and diligently budgeted her money so every ounce of her income was accounted for.
In 2015, McElroy married after paying off $208,669 in debt, while taking over some of her husband’s debts. In 2016, she paid off an additional $77,977 in debt.
Because of her high income, she says she didn’t have to make any major lifestyle changes. She still took herself and her family on trips to Disneyland and Great Wolf Lodge, but she says those choices have become more intentional.
“I was able to use my budget to provide a lifestyle of freedom rather than a lifestyle of poverty,” McElroy says. “I gave money work, and money did more work for me.”
In May 2017, McElroy filed for divorce, leaving her with a $15,000 divorce settlement owed to her ex-husband. She also owed $29,000 to the IRS to cover higher-than-expected taxes due to the separation.
But by November 2017, when she sold her home, she says she was able to pay off her remaining debt, including her mortgage and student loans, and was debt-free.
The following debts were repaid by McElroy from April 2015 to November 2017:
Breakdown of Naseema McElroy’s debt repayments by category.
Christina Locopo | CNBC Make It
Save aggressively and invest in your children
But “paying off that debt was kind of anti-climactic,” McElroy said. “It was like a stepping stone” to start saving money.
McElroy said she began putting funds that would have been used to pay down debt into tax-advantaged retirement accounts, including employer-sponsored 403(b) and 457(b) deferred compensation plans. These accounts are similar to 401(k) plans typically available to nonprofit organizations and government employees.
Additionally, she says she funds traditional individual retirement accounts and uses a high-income strategy called a “backdoor Roth IRA” to convert contributions into an after-tax Roth IRA.
In addition to saving for her own retirement, Naseema McElroy says she saves for her children in various investment accounts.
Tristan Pelletier | CNBC Make It
She saves additional funds for her children through a 529 savings account dedicated to education and a custodial brokerage account for each child because she can reach the maximum contribution limit in her account. McElroy also contributes to a Roth IRA for each of her children, as they earn income when they appear on her social media.
“I invest a lot in my kids,” McElroy says. “I teach my kids that investing always comes before spending, so they understand that saving for the future is a priority.”
Build your business in the moment
In addition to her nursing work and financial wellness brand, McElroy makes extra money by leasing a Honda minivan in Touro for about $50 a day and by renting out rooms in her home to staff nurses for about $1,000 to $1,200 a month. In December, she brought in $625 from Touro and $120 from the room she rents.
Let’s see how McElroy spent his money in December 2025.
Naseema McElroy Expenses for December 2025.
Christina Locopo | CNBC Make It
Although McElroy is used to managing household finances, she says she follows a strict budget and diligently saves money to avoid overspending.
She chooses to live in a less expensive area about an hour away from work to keep her $3,500 monthly mortgage payment to less than 30% of her income, and she works part-time as a nurse to help pay for her three children, ages 2, 7, and 11.
In 2025, her personal finance brand, Financially Intentional, brought in $46,000 but no profits. She said she is currently investing heavily in software, product development and personal business education, hoping to use her company to normalize and amplify conversations about money.
“Traditionally, finance has been a very masculine, old-fashioned, bland place where many people feel excluded,” McElroy says. “For me, my business has had such a huge impact on so many different levels that it’s almost no challenge to put money into it.”
Naseema McElroy said she also works part-time as a labor and delivery nurse to pay for child care for her three children.
Tristan Pelletier | CNBC Make It
McElroy believes that not only is her business profitable, but that the investments she has made so far will allow her to earn as much or more than her nursing income next year.
However, she says she has no plans to quit her nursing career anytime soon because the job is so rewarding. In fact, she says she hopes the increased income will give her the flexibility to work less and spend more time with her daughters.
“The goal is not just to retire from work and live on the beach,” McElroy said. “What’s really important is that you get to do what you want to do and have the opportunity to spend your time doing things that are important to you.”
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