Debt Pay Off Strategies for Financial Freedom - Tom & Ariana Sylvester

Debt Pay Off Strategies for Financial Freedom

May 7, 2018 | Podcast

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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.

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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

Your Homework

Ariana’s Homework

  • Figure out your debt big picture.

Tom’s Homework

  • 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.

Tom’s Bookshelf

The Total Money Makeover

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Key Insights

  • 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.

Free Guides For You

Plan With Purpose - The Ultimate Guide to DEfining & Building Your Ideal Life

Invest In Yourself - When, How & How Much to Spend to Grow