040 Getting Out of Debt the Affluence Way
Today, we talk about getting out of debt the Affluent Way. Here's the thing, debt not only slows us down on our journey of getting financial independence, but it also adds tons of pressure and unnecessary stress to our lives.
In this episode, we'll make a difference between a destructive and productive debt, the use and misuse of credit cards, the impact of social media on our shopping decisions, and we’ll also discuss emotional debt. I’ll share my take on Dave Ramsey's snowball and avalanche method to eliminate debt and much more.
What You Will Learn In This Episode:
- Why entrepreneurs deal with debt differently from everybody else
- Why we need to avoid playing the payment game
- What destructive debt is and how does differentiates from productive debt
- What it means that all debt costs and why it’s never a good idea to sell future to buy present
- What the ‘screw it spending’ is and how to avoid it
- The differences between Dave Ramsey's debt elimination method and the Affluent way to eliminate debt
The main difference between wage earners and entrepreneurs is that wage earners can increase their income through salary raises, whereas entrepreneurs can affect both their income and manage their expenses.
Affluent entrepreneurs face debt on two fronts - they work on reducing it, and at the same time they focus on their wealth creation. This twofold approach might slow them down a bit on their debt reduction journey, but will accelerate their investing game, getting them closer to financial independence.
If you find this episode inspiring, take a screenshot of you listening on your device, post it to your Instagram Stories and tag me @melabraham9. Thank you!
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