Episode 012 – 5 Ways to Financial Sanity

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 toMind 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,EveryDollarand track your money


06:50 – Read Dave Ramsey’sThe 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 oniTunes,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.