Struggling with Debt and Low Wages
Lawrence Delva-Gonzalez and his wife have an inspiring story of financial transformation. Once burdened with $150,000 in debt, the couple now enjoys a net worth of over $1.5 million. Remarkably, they achieved this financial success without holding high-paying jobs or taking on risky investments.
Delva-Gonzalez, 41, faced significant financial challenges early in life. Born in the US but raised in a low-income household in Haiti, he grew up in a community where money was scarce. His grandmother worked multiple side jobs to provide for their family, and this experience shaped Delva-Gonzalez’s approach to money management later in life.
After moving to the US as a teenager, Delva-Gonzalez took out $110,000 in student loans to fund his education at Florida State University, adding to his credit card debt. His first post-graduation job as a financial assistant paid only $27,000 annually, half of which went towards repaying his loans.
A Turning Point: Budgeting and Smart Investments
The turning point for Delva-Gonzalez came in 2012 when he began budgeting and paying closer attention to his spending. He discovered that he and his roommates were spending $2,400 a month on food alone. By incorporating financial discipline into his life and reducing excess spending, he began to take control of his finances.
Adopting principles from the FIRE (Financial Independence, Retire Early) movement, Delva-Gonzalez focused on reducing expenses, investing strategically, and making the most of tax-advantaged retirement accounts. He enrolled in the Public Service Loan Forgiveness program and contributed heavily to his 401(k), 403(b), and 457(b) accounts to lower his adjusted gross income, which in turn reduced his student loan payments.
In addition to paying off debt, Delva-Gonzalez and his wife invested in a rental property near his alma mater, ensuring a steady source of income. Their careful financial planning allowed them to pay down their debts while building wealth.
Merging Finances and Building Wealth Together
When Delva-Gonzalez met his wife Doreen in 2016, they merged their finances and worked together to pay down debts and increase their savings. By 2017, they had achieved a net worth of zero — a significant milestone for a couple who had once been deep in debt.
Over the next few years, the couple continued to budget carefully, max out their retirement accounts, and invest in assets such as their rental property. By 2020, their combined net worth had grown to $250,000, and by January 2023, it had surpassed $800,000.
Despite neither of them holding high-paying jobs — Delva-Gonzalez works as an auditor, and his wife is a community manager — they carefully crafted a financial strategy that focused on consistent savings and wise investments.
Achieving Millionaire Status
In August 2024, Delva-Gonzalez and his wife reached a major financial milestone: a net worth of $1.53 million. Their journey to financial independence was built on smart money management and long-term planning, rather than high-risk investments or significant income increases.
One of the key principles the couple followed was the “financial order of operations,” which includes guidelines such as keeping housing costs under 30% of take-home pay. Delva-Gonzalez also emphasised the importance of resisting lifestyle inflation and avoiding the temptation to keep up with wealthier peers.
Looking Ahead: Financial Freedom and Giving Back
Now, with their financial future secure, Delva-Gonzalez and his wife are looking to the next chapter of their lives. They plan to focus on experiences such as travel and volunteering, particularly in areas where they can help underserved communities. One of Delva-Gonzalez’s personal goals is to support Black entrepreneurs and assist families navigating the childcare system.
Reflecting on their journey, Delva-Gonzalez notes that financial freedom isn’t about earning more money, but about being intentional with the money you have. “It’s the freedom to be yourself without all the excess stuff, without all the noise,” he says.