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Ep 011: Money Mastery: Part 1 of 2: How to get out of debt and be financially secure

Do you struggle with money? Do you have consumer debt that's weighing you down, like credit cards, student loans, car payments, etc? In this 2-part series, we are going to be talking about how to become a master of your money.

In today's episode (part 1), I'm going to teach you how to play DEFENSE with your money: How to get out of debt, and save a pile of cash so that you can have more financial peace and contentment. In 2 weeks, we're going to be releasing part 2 of this series, how to play OFFENSE - where I'll teach you how, when and where to invest your money to set you and your family up for financial success in the future.

Don't forget to check the links below for extra info on how to level up!

TIMESTAMPS:

  • 4:35: Shocking statistics on our mindset around money
  • 8:10: Why is financial literacy so important?
  • 15:30: Financial Disclaimer
  • 16:05: The 2 biggest levers you can pull for your finances
  • 18:00: Doing a financial audit/assessment
  • 24:00: Move #1: Choose Your Battle: Make a list of your expenses
  • 26:00: Move #2: : Identify Your Enemy: Total all your debts
  • 27:00: Move #3: Draft your battle plan: Decide the order in which order to pay your debts
  • 29:40: Move #4a: Defend Home Base: Save a small emergency fund (1k-3k)
  • 31:20: Move #4b: Expand your armory: Increase your income to pay down debt faster
  • 33:10: Move #5: Take Back Your Land: Start paying off your consumer debt
  • 39:50: Move #6: Fortify Your Walls: Save an emergency fund of 3-6 month’s expenses

Mitchell's Favorite Finance Books:

  • The Psychology of Money - Morgan Housel
  • The Total Money Makeover - Dave Ramsey
  • The Millionaire Next Door - Thomas Stanley
  • I Will Teach You To Be Rich - Ramit Sethi
  • Money: Master The Game - Tony Robbins
  • Rich Dad Poor Dad - Robert Kiyosaki

LINKS:

1) Free Marriage Course: Remodel Your Marriage: https://www.dadnationco.com/remodel

2) Website: https://www.dadnationco.com/

3) Instagram: https://www.instagram.com/dadnationco/

4) PDF of Show Notes: https://drive.google.com/file/d/1qGnyvQZ1ei-EXiPBVoRCWwQs9re8qOze/view?usp=sharing

5) 27 Side Hustle Ideas: https://www.ramseysolutions.com/saving/side-hustle-ideas

DISCLAIMER: I am not a licensed financial advisor, and anything you read and learn in this podcast is not financial ‘advice’, it’s simply my opinion. While I am sharing my personal  knowledge and experience, I will not be held liable for the results of any financial decisions made after hearing this podcast.