I was honored to have Steve Stewart join the show, especially as we celebrated our 50th episode. Steve is passionate about helping people become financially free. Here are a few of the show highlights:
- We don’t have to love doing finances to become great at them.
- The definition of debt can be narrowed down to any money that is owed to someone else. Examples include student loans, credit cards, line of credit, car loans, etc.
- Debt is instant gratification for things we want now.
How do we get out of debt?
- Every single loan has a actual pay off debt, although most of us have a hard time seeing it. The only thing to do is to stop borrowing more money to make this come to fruition. By default, we all have a debt free date, however it takes us to say “today is the day I stop borrowing money.” and then stop borrowing money.
- Seeing past tomorrow is the hardest part, especially when we are talking about 5, 10, or 30 year loans. As humans, we love instant gratification. When we concentrate on our goals and keep going is when we will find success.
What is the biggest change in folks throughout their finance journeys?
- The first change in most people is having hope. Having folks pay off their first debt, it is empowering. The key is to keep going as it will cause them to win.
What are the first steps in paying off debt?
1. The first and easiest step is to make the choice to stop borrowing money.
2. Create a spending plan, stick to it.
3. Set aside a $1,000 emergency fund.
4. Use every extra dollar to chip off your debt or cash flow any emergencies.
There are so many emotions tied in with personal finances that we don’t realize it. Having the hope to know that it is possible to get our finances in order is so important as finances can seem hopeless to many. The key again relates to making that decision to start, then to start doing it, and then not giving up.
Steve’s new finance video series is coming out in January 2014.
I want to thank you for taking time out to listen or read this week. I hope that if you know of someone who is struggling with finances that you let them know there is HOPE for everyone.
Thank you for joining in this week. I appreciate you taking the time to join us each week and would love if you could share our blog and shows with others. Catch our show (The Iron Jen Show) on iTunes and Stitcher.
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