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Pursuing Meaningful Work Episode 142 – Biggest Obstacles to Getting Out of Debt
Gregg Pechmann is our co-host on this podcast episode.
Our topic is the biggest obstacles to getting out of debt.
Gregg has a new book, Upside Down, How We Survived Seven Short Sales. It describes the short sales process in the real estate industry and how we bounced back from 7 short sales in the past.
The first step is the mindset of wanting to be debt-free, less than 5% of people save in this country. They put credit and debt up there with oxygen, and water. We’re called to be better stewards of money.
The second step is change your behavior.
The third step is to take action. Take the budget that God has given us.
You have to be intense and very motivated to pay off the debt. Are you willing to do the hard work to accomplish this?
Having funds in the bank is more important than the debt. Make sure you have 6-12 months of emergency funds set up.
Don’t lose hope. Be willing to pay the price to become debt-free.
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4 Responses to “142 Pursuing Meaningful Work – Biggest Obstacles to Getting Out of Debt”
Had a great time doing the show Brent….keep fighting the good fight!
Great interview.
I really agree with Gregg that the most important thing is to decide to get out of debt. Once you make up your mind that you want to get out of debt, it's much easier to get radical about changing your lifestyle in order to get those debts paid down. When you keep your eye on the prize (no debt means MORE freedom!), it gets pretty easy to pour your focus and resources into eradicating those debts.
Gregg – always good to have you on the show! Looking forward to having you again next month.
Jenny – I agree…it's got to be a fundamental shift in one's thinking to get out of debt. Appreciate your comments on the blog!!