Debt Pay Off Strategies for Financial Freedom
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Episode Brief Description
Having personal debt can be a major barrier to achieving financial freedom. In this episode, we walk you through a simple 7 step process to pay off your debt.
Key Insights & Timestamps
- [00:51] – Welcome
- [07:14] – Take a look at the things that have gotten you into debt
- [14:49] – Changing your mindset about money
- [15:24] – “When you’re in debt, you are kinda like ignorance is bliss. If I dont look at my debt, it’s not there.” – Tom
- [15:24] – Getting clear on your numbers
- [16:32] – Talking about your goals and staying accountable
- [20:40] – Create a debt payoff timeline and list out the changes you will make to get there
- [22:37] – “A lot of us are in denial about our lifestyle.” – Ariana
- [25:50] – Do your research! Sometimes paying off your smallest debt first can actually get you ahead of the game faster
- [30:58] – Create a solid plan and explore other methods to help reach financial freedome – this may be taking advantage of 0% blanace transfer credit cards, or paying small debt first so that you are able to put extra on bigger debts
- [40:47] – Create check in points, have money meetings and set milestones. Once you have reached a milestone, don’t forget to celebrate!
- [46:10] – Homework
- [47:32] – Toms Bookshelf
- Figure out your debt big picture.
- Sit down and really think about what got you into debt in the first place. realizing those habits are a key factor in changing them.
The Total Money Makeover
- What got you into debt? What changes in habits or mindset do you need to change your financial situation?
- Setting goals and creating a timeline can help get you back on track and out of debt for good.
- Setting sytems that will keep you on the right track, paying off debt and allowing for the next step of financial freedom.