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.