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Episode 012 – 5 Ways to Financial Sanity
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Summary:
In this episode, Joseph gives us 5 ways to financial sanity. Our everyday lives are riddled with expenses—some planned, some not. So, it’s no surprise that one can easily find oneself in a hole of debt without much recollection of how one ended up there. This needs to change. The average American has $18K in debt, and living in a state of financial strain can directly affect our state of mind. Listen as Joseph encourages us to take control and responsibility over our finances and offers some practical tips and advice that will help us work toward living a debt-free life.
Time Stamped Show Notes:
- 00:01 – Introduction to Mind Your Mind Podcast
- 00:26 – Today’s topic: 5 Ways to Financial Sanity
- 00:57 – Difficulties in finances lead us to depression and anxiety
- 01:32 – The average American has $18K in debt
- 01:53 – A $10K debt can double your chance for divorce
- 02:12 – This segment is in response to Chris’s question – send your question or comment to Mind Your Mind
? 02:36 – Joe, I can’t seem to get on top of my finances. Perhaps this is the wrong place to ask for help, but can you give me some tips?
? 02:44 – This is actually the right place to get help
- 02:52 – Getting out of debt is 80% behavior and 20% knowledge—you know what you need to be doing, but your habits keep you down
- 03:40 – Speak to a financial adviser
- 04:08 – Joe’s favorite quote regarding money: “A budget is telling your money where to go instead of wondering where it went” – Dave Ramsey
- 04:32 – #1: Take responsibility
? 05:27 – Change your mindset in thinking that this is outside of your control and that you’re a “slave” to your debt
- 05:51 – #2: Get on a budget
? 06:32 – Get Dave Ramsey’s app, EveryDollar and track your money
? 06:50 – Read Dave Ramsey’s The Total Money Makeover
? 07:23 – Financial Peace University
- 07:36 – #3: Start a Debt Snowball
? 07:56 – Write down all the debt that you have, listing them in smallest to largest order. Pay off the smallest debt first and then knock the rest down in order
- 08:34 – #4: Reach out for accountability or help
- 09:26 – #5: Celebrate your successes and set clear goals
? 09:33 – As you start getting out of debt, you’re going to love the freedom that living debt-free gives you
- 10:14 – Live with freedom; debt holds us down, but it does NOT have to
- 10:28 – When you make that commitment to work on getting debt-free, amazing things can happen for your life
- 10:45 – Thank you for listening!
- 11:08 – Please leave us a review on iTunes, share us with a friend, and let us know if you’ve made a change for the better with your finances after tuning in!
- 11:14 – End of this week’s podcast!
3 Key Points:
- Life happens and it’s very normal to get stuck in debt, BUT it’s your choice to STAY there.
- Living debt-free can give you a new sense of freedom over your life and finances.
- Get accountability if you need some extra help and guidance – don’t be afraid to reach out to others for support.
Resources Mentioned:
- EveryDollar – Dave Ramsey’s money tracker app.
- The Total Money Makeover – Book that Joseph recommends to read.
- Financial Peace University – Dave Ramsey’s course that Joseph recommends to enroll to.
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