Ep. 028 | Debt

[@erakkovaatainen148]

I never had any debt, thanks to Finland. Free school, help if someone is unemployed, affordable health care. Work situations here are usually stable if you get one. I literally have no debt. Cheap rent, under 450 a month including internet, water, heat, electricity and cable tv. In Finland most banks are now advertising save as you buy. Basically that means every time you use your Debit card, at least €1 is going automatically to your savings. That's not only good to think about how much you spend, but also will teach you savings. I basically spend little, thanks The Minimalists.

[@injapan33]

Loved this one. I'm following the Baby Steps (Dave Ramsey) and for the first time in my adult life (I'm 49), I'm getting my financial life sorted out. I had never realized how much debt was killing me slowly. I encourage everyone to work towards being debt-free!

[@christinawhite396]

I love Dave Ramsey! Working on the baby steps as well.

[@jettdexter6719]

instaBlaster...

[@kristinstrehle548]

Loving all of the Dave Ramsey references. I've recently started the baby steps but have massive student loan debt, so I have a ways to go. I enjoyed this podcast and can't wait to listen to more!

[@tanyad.4290]

Great podcast. I've enjoyed them all. You referenced Dave Ramsey. What a fantastic resource in paying down debt, avoiding loans, investing, types of insurance, student loan crisis, etc. Love his podcast & his book The Total Money Makeover!

[@juliannemcintyre1152]

I loved this podcast! I shared it with my husband (who isn’t a minimalist) and we’re now on the same page regarding our financial situation

[@In_time]

When I went to my bank to close out my credit cards, I spoke to THEE most chill banker I’d ever met. She hinted that she kind of hated her job, said she had kids my age I reminded her of, admired my desire for financial freedom and clean credit and told me what she tells her own kids: that if you really wanna stick it to the bank, keep your cards open...AND NEVER *EVER* USE THEM. She said to close an account actually dings your credit. Keeping it open shows you still have a pulse but will-power great enough to make a bank branch manager weep😂 She said freeze the card. Lock it in a safe. Do whatever you have to but you keep those bad boys open and let em “grow roots” Idk, maybe it was just a clever ploy but her general attitude towards corporate as a whole won me over in thinking she hated “the banking powers that be”. Still, I did like she said: Kept the cards. Never use them. And my score is the most beautiful it’s ever been. They even recently increased my limit on one, those punks🤡

[@berbiologist13]

in time I’m about to do this after my next paycheck. I will be debt free!! 😌🙏🏼

[@Chukijay]

“If you need a loan, you can’t afford it.” “Even if you have to borrow a dollar, you can afford a dollar a day.”

[@phyliciajoykloes]

Yep. Another great video to get inspired from. I am about to pay off my debt from one of the two family members! I am beyond excited.

[@ruthannamarteifio9069]

As usual, great info! You guys hit so many nails on the head!! :) However, the thing about 'merging' households and taking on each others debt is wrong----- Each party is still a whole person, and should have their own finances. Is good to have a household account, and each person should have their own account, also----

[@ladyg19312]

omg, finances in the states suck. I'm listening to this podcast just to understand more about it. I'm so glad that here school is Free (for university you pay but not as much as in the us). we also don't have all those credit cards. if you don't want student debt come studying in Italy. ( sorry for my english)

[@mrdjsubz]

Let me fix your comment: University in Italy is paid for by all the involuntary taxes taken from productive people who work in Italy.

[@zinab2blessa]

+PeteNinjaFocus I also live in a place where uni is almost free. We don't look at it the way you do. I personally don't mind paying higher taxes to get all these services and so that my kids one day, and my family members won't have to take up a loan in order to go to university.

[@ladyg19312]

+zinab2blessa i agree, also for health, where I live you don't have to pay doctors

[@zinab2blessa]

ladyg19312 omg yes. The health part is the number one priority for me too. There is nothing more comforting than knowing that if you or your loved ones get sick, you will be ok and taken care of.

[@mrdjsubz]

ok, personally, you may not, but they are tons of people (there and in america) that are forced to pay these taxes for people's kids to go get degrees in dance therapy and other things that will yield no benefit to society. I didn't have to take up a loan for college because my parents invested, and live quite frugally. I am working to do the same for when I have kids. Be responsible for your own life, I don't understand how you are ok having strangers who had money forcibly taken from them in taxes pay for your schooling.

[@izzievans]

I have to disagree with the views on UK student debt. My UK student debt is on 1.5% interest, my repayments are set by the Student Loans Company and are taken directly out of my pay. If I earn less, I pay less, if i earn below a certain threshold, I pay nothing, and if i don't pay it off within 25 years of graduation it gets wiped. My repayments are so small, I really do not notice the difference in my take home pay, and I am still on track to clear my debt years before the 25 year cut off point. My student loan has not prevented me from getting a Mortgage or having a good standard of living. Obviously no debt is better than having a debt under these terms, so its is not "the only logical way to go to university", but to say that its the same as US student debt is also wrong. I have colleagues from the USA that are crippled by their student debt and it keeps them up at night, I have not heard the same story from any of my UK educated colleagues. Just my opinion, you can agree or disagree.

[@danbryanfitness]

I agree, I love the minimalist but I think they got this a but wrong. Besides the reason we go to University is to get a better job which can pay better money. If we couldn't get a student loan then there would be hardly anyone going to university and it would simple become a caste system

[@jamesmccluskey9175]

Im46 years old & never had debt

[@bramirez2392]

I love most of the info you guys have shared, but do either of you have children? The woman talking about becoming a stay at home mother and the advice you give her is get a job? What more important job is there in the world than raising the next generation of human beings?! Because seriously the world is sorely lacking in compassionate thoughtful people. While I totally agree that having debt especially with children is harder than without have you factored in the cost of childcare itself? Transportation? What about losing time at work for doctors appointments or a sick child? For some families a strict budget, some sacrifices and a lot of patience will lead them to a debt free life. Maybe you guys should consider branching out and getting the insights of a mother...because we are a huge fan base!

[@crimsonsatira]

Bianca Caswell It's her own damn fault. She shouldn't have had the ducking kid. She should have aborted it.

[@ZenDragoonYT]

As a kid who had a stay at home mom. I wish she worked. My dad had to work full time construction and he grew to resent me and her. My mother become complacent even when her kids were grown and never had any aspirations. It was all around a sad poverished life. My top advice. Dont have kids if you cant afford it.

[@Haze1434]

"Should I hold on to credit cards for a rainy day?" ... No, you should have savings for a rainy day. And if you can't afford to put any money aside, whatsoever, you seriously need to re-think your life choices.

[@ratoneJR]

Stick to what you do best...minimalism.

[@MichelleWritesSings]

How is this not about minimalism?

[@ratoneJR]

Please don't get me wrong, these guys have helped me...a lot. Look for financial advice who from someone who has a LONG HISTORY of good spending habits. A LONG HISTORY. Someone who has recently discovered that "It is not how much you make, it is how you spend", might not have the mindset to stay focused. Frugality and restraint with spending seem to be an integral part of some peoples personality. Seek those people out. They are naturally focused and might be the best sources of inspiration. Give yourself the best chance. Stay focused. Good luck.

[@ZenDragoonYT]

I thought this is beautiful. Everyone had a right to speak on finance.

[@dkbegue]

I am finishing paying off my last credit card then will finish my 6-12 months of savings I have done a budget and cut so much out of unnecessary expenses and meal plan. I do allow occasional friends dinner out. Laser focus on being debt free.

[@eboyer97]

I like the idea of having a joint checking account, but I definitely disagree with sharing a savings account. I know I'm being pessimistic, but if you ever get divorced, you have the messy battle of splitting finances. At least if you each have your own savings, then all you have to do is split the checking account in half or whatever percentage you both decide on, and nobody is in financial peril. That way, you don't argue over money. You have your joint budget and you can both use that money intelligently, yet freely, and you have your own security blankets.

[@cullly28]

went on to betterment but I live in ireland so it won't let me invest....just a local broker is my option I'm guessing?

[@thehealthjunkie8996]

Thanks goodness I don't live in the states, living in London means I can just get public transport pretty much 24hrs a day. I am however aiming to work more hours to pay off debt and reduce all spending to a minimum. So just paying for food and travel. The odd coffee once a week.

[@thehealthjunkie8996]

Interesting podcast..when are you guys coming to London to speak?

[@TheRoomNote]

Peoria represent!

[@Aydarfromrussia]

somebody send me a thousand dollars