Our podcast's getting out of debt starter pack, featuring episodes from Optimal Finance Daily.
Do you know how much debt you're carrying?
Dealing with debt can be crippling, or it can be empowering once you're aware of mistakes to avoid.
According to financial experts in an article put together by Shift Processing, 80% of Americans are in debt. This debt includes consumer debt with the average debt being $38K, not including mortgage related debt.
While debt might be mainstream, it doesn't mean you need to be carrying it for the rest of your life. These episodes will help you to worry less by learning about how to get out of debt. You can live more freely and lightly as a result.
Eliminating Debt Starter Pack: Podcast Episodes
Here are a selection of episodes covering the topic of getting out of debt by some of the world's best personal finance bloggers.
Feel free to select the episode which resonates the most with you, or check them all out to gather the tips you'd most like to apply in your own life!
1. Jordann on How to Stay Motivated With Repayment
How do you stay motivated with a big weight on your shoulders?
Jordann shares how she was initially losing motivation due to progress being slow at first. Learn about the things she did which helped shift her mindset, including staying focused on the main reason that she wanted to be debt free.
2. Dawn Starks on Fixing Your Debt
Wouldn't it be nice if you could wave a magic wand and get your debt to vanish in a second? Without that option, your next best bet is to stop relying on credit cards for your expenses (versus using your credit card wisely and responsibly). As Dawn says, it's like digging yourself further into a hole when you can't get free from your credit card usage.
3. Andrea Joy on Dealing with This In A Healthy Way
Negative thoughts may not seep in overnight, but there's a danger of them turning into negative self-talk 24/7 whether it's to do with your money or something else. Having a positive mindset helps you stay focused as it equips you to handle daily stress in a way that's more constructive.
In this episode, Andrea explains how key concepts like sacrifice and consistency are important things to make your debt reduction and elimination plans work. This is how your goal of financial freedom can become a reality.
4. Sierra Black on Creating A Financial Debt Payoff Plan
You may already be familiar with the “debt snowball” concept, where your debt reduction plan happens through consistency. But what if you have multiple loans — which do you tackle first? And what do you focus on once this amount has been cleared? Sierra discusses.
5. Jen Hayes on How One Millennial Couple Saves $25,000 Per Year
Jen and her husband are working on paying off over $100K of student loans in three years. They share ways in which they have saved $25K yearly. Listen and learn how you can reduce your spending, too!
6. Michelle Schroeder-Gardner on Things You May Feel
What are some of the emotions you've felt while paying off loans? Michelle gives a rundown on some feelings you might be experiencing (tiredness, boredom, making comparisons to others) and concludes with why paying it all of is worth the effort.
7. Harry Stout on Whether There's a Good Type of Debt
What is good debt? Harry mentions how it should be used to purchase carefully thought out expensive items like a home or a car needed to commute to work. This stands in contrast to borrowing where people buy things to maintain a lifestyle that is out of their means. Harry also shares tips on how to use credit cards wisely.
8. Philip Taylor on How to Pay Off Debt
In this episode, Philip shares helpful strategies on how to clear your debt.
9. Douglas Keller on 5 Simple Ways To Be Debt-Free
Ways to reduce how much you spend are not always complicated. Douglas shares a few ways to cut costs around your home and daily living expenses.
10. Ramit Sethi on How to Calculate Your Debt to Asset Ratio
Debt to ratio represents the debt you owe versus the amount of assets you own. Ramit shares a good ratio to aim for in terms of debt to income for individuals if you don't own a business.
Where Do I Go From Here?
We hope you've enjoyed this debt reduction starter pack.
Let us know which episode or tips were your favorite from this list, and what your life will be like when you've achieved your goals on this front.
Editor's Note: We have six shows in our podcast network to optimize your life in multiple areas (health, personal finance, and more).
To learn more, visit our “start here” page or click on each logo below to learn more about each show!