Financial Foundations 3: Let’s Talk About Debt
Notes de l’épisode
Visit https://herfirst100k.com/ffpod to join our 5 Day Debt Challenge and find any resources mentioned in the show!
Getting out of debt is shockingly simple. The math is easy. Showing up every single month is the hard part. In episode three of Financial Foundations, sponsored by State Farm, we're tackling debt, with zero shame. I'll explain where debt sits on your financial priority list, teach you the rule of 7% (which you'll use for the rest of your life), and break down why credit card debt feels like drowning. Then I'll walk you through my four-step debt payoff plan, tell you about the time my car loan company made me mail $50 to a PO box in Iowa, and share what to check before you sign for any new debt.
Missed the rest of the series? Catch-up from the beginning:
Financial Foundations #1: Your Money Blueprint: https://herfirst100k.com/financial-feminist-show-notes/money-blueprint/
Financial Foundations 2: Budgeting with Intention: https://herfirst100k.com/financial-feminist-show-notes/budgeting-with-intention/
00:00 Intro
01:03 Getting out of debt is shockingly simple
01:48 Having debt doesn't make you a bad person
03:24 Where debt sits on your priority list
04:32 The rule of 7%
05:49 The math is easy, consistency is hard
06:33 Principal vs. interest
07:05 Why credit card debt feels like drowning
08:03 Consolidating with a personal loan
08:48 Step 1: List every debt
09:56 Step 2: Add up your monthly payments
10:09 Step 3: Find extra money in your budget
11:28 Step 4: Pay the highest interest rate first
12:31 My car loan and the PO box in Iowa
14:50 Is there such a thing as good debt?
17:11 Systemic problems vs. personal responsibility
17:52 Read the terms before you sign
18:21 Shop your loan
19:17 Join the free 5-day debt challenge
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