Wasting Money While Paying Off Debt
Season 4
Episode 392
Today, we talk about deb payoff and I will share with you the things I waste my money on. Why? Because this is part of the process if paying off debt.
Direct Download
Stump the Sauce
- From Alan - How do you protect your aquaponics plumbing through deep freezes?
Spring is Coming!
- Setting out the seedling schedule (some start this weekend)
- Seeking 6 blueberry bushes -- anyone?
- Early weed controls need to happen now
- Scooping poop
- Anti chicken defense fencing going up
- Outdoor hydroponics systems setup (and planning for the worm casting juice experiment)
- Also: Pigs or no pigs?
Main topic of the Show: Wasting Money While Paying Off Debt
I have been meaning to share with yall my journey to pay off bad debt - as in revolving debt - which started 4-5 years ago and has been a pretty bumpy road. But the end of my journey is very close at hand and over the years, my needs and wants have changed dramatically.
How I ran into trouble:
- A practice of putting things on low interest cards and paying them off (real estate and home improvements)
- Spending to fill an emotional void or cheer myself up
- A lifestyle of travel for work and not keeping my financial house in order -- upwards of $10k a year would go on my credit cards and no expense reports would be submitted
- An instant gratification mindset
- Am ever-increasing salary
Biggest two: the mental and emotional issues, an expensive paperwork aversion
The antidote:
- Dave Ramsey - emergency fund: with alterations
- Cash/Budget/Failure/Success
- Fits and starts and why
- Sell all the things, unless they do not sell then give them away (getting the house in order)
- Beans and rice, rice and beans did not work: Mental and emotional health and its impact on the process, scarcity mindset, if you feel poor you are poor
- What did work: commitment to paying it off with a schedule and decision to all all "extra" money to the project | much larger emergency fund | bringing down monthly costs | building in a non-poverty mindset with things that don't count as debt payoff
Behold the list