Take Charge of Your Money

Dealing with debt

January 31, 2022 Brendan Dale Season 1 Episode 3
Take Charge of Your Money
Dealing with debt
Show Notes Chapter Markers

Take Charge Of Your Money podcast with Brendan Dale
Episode 3 - 31 January 2022


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In this episode I'm chatting to Mr Money Rehab - you can find him on Twitter at @MoneyRehab_

Mr Money Rehab is a customer experience practitioner in the financial industry and a financial coach on the side. He has a great perspective on debt in that it's not all bad. In fact, the economy wouldn't grow if we didn't have debt, and debt is just a tool. It's really how we use it that becomes detrimental to our future, or perhaps it helps us.
 
The most interesting section is the part on how to get out of debt where the first, and most important step is to admit that you have a problem! After that you can work on your budget and then look at three commonly used strategies for paying off debt. 

  • The snowball method,
  • the avalanche method,
  • and a fun one, the tornado.

(These are described in more detail in this post - How to pay off debt faster)

Main topics discussed:
00:00 Podcast into and thanks to my sponsor
01:08 Introduction to Mr Money Rehab
02:49 The debt system
05:59 The slippery slope
08:00 There are benefits though
08:40 We need good cash flow
09:19 How to fix your debt problems
16:08 Be intentional with your money

Useful resources and reading
What is cash flow, and why it matters
How to pay off debt faster - 3 useful methods to use
My own debt story

How to pay off debt - my 8-step guide

Where's your money disappeared?
You're not the only one! lol
Read: Help! Where's my money disappeared?

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Introduction to Mr Money Rehab
The debt system
The slippery slope
There are benefits though
We need good cash flow
How to fix your debt problems
Be intentional with your money