How To Get Out of Debt (and Stay Out)

[@MakingMoneyPodcast]

Hello! We’ve put something together for you - a free guide for beginners that shows 80% of what you need to know about personal finance on 2 pages. You can get it here: makingmoney.email/80-guide-video

[@garethgazz9332]

Because of your work history, the behind the scenes info in this is absolute gold, it goes way further than just offering good advice. I've never been in debt outside of my mortgage and a student loan so it's not like it even applies to me, but it's massively interesting hearing how it actually works in the room. That sort of insight makes it so much more useful than a generic 'how to deal with debt' video, because it's contextualised.

[@MakingMoneyPodcast]

Thank you so much Gareth! We really appreciate your comment. We (the team working behind the scenes at MM) also learnt a lot through this episode too, whether it applied to our situation or not.

[@chhitijpahari1011]

Hope you get well soon Damien ❤

[@DamienTalksMoney]

Thank you 🙏🏻

[@MrDown2AT]

💯

[@chrismunt8443]

Good chat & solid advice. I was deep into payday loans myself, had about 10 at one point. Did the same as you. Talked to my creditors and then grafted 12 hours a day, 7 days a week and paid it off. Took about 18 months. Glad that’s behind now. I now have emergency fund, LISA saving for my first house and a stocks and shares ISA. Anyone listening to this or reading my comment. You can do it. Time and hard work.

[@MakingMoneyPodcast]

Thanks for the comment Chris, and congratulations on turning things around 👊

[@carfanatic3499]

I know this video is a year old but it resonated so much with me, i have recently got out of debt after having it for 6 years it was around 20k, all the emotions you were talking about were the same ones i felt as well

[@amyk9813]

Wishing you strength and a speedy recovery. Everyone is behind you ❤

[@MakingMoneyPodcast]

Thanks Amy 🙏🏻

[@minimad8793]

Thanks DAMO for uploading this. Resonates with me as I had an IVA and it does throw your life out of quilter. Now back on track and improving all the time. keep up the good work dude and get better soon mate

[@MakingMoneyPodcast]

No problem at all, and really glad to hear you've made positive steps forward yourself 👊

[@Life_Literacy]

Lush video, this is now my fav of the season. Chilled, open and honest with some humour. You at your best! 👍🏻 stay true fella, and don’t let the muppets get to you ❤

[@MakingMoneyPodcast]

Thank you! MM Team

[@imbarmstrong]

Thing most gauranteed to annoy us is not responding to being chased for a debt or trying to hide. The thing most guaranteed to work in your favour is to just contact us as soon as you have a problem. The less work you make us do and less expense you force us to incur the better it is for you. Humans are going to human. Just being honest with your creditors and honest with yourself about your situation is the best course of action.

[@DamienTalksMoney]

Spot on

[@Riaan3108]

I have the following saying up next to my PC at work: As long as the light at the end of the tunnel, isn't a train then all will be OK. Great episode guys. Keep up the good work.

[@DamienTalksMoney]

Great saying!

[@MrDown2AT]

🤣💯

[@Riaan3108]

@Down2AT-ne3jx I could modify this for you: as long as the car you get in to isn't a ZipCar, you bank manager will be happy 😊

[@audreysutherland4739]

Well done Damien. You overcame a situation that would have floored many. Huge respect for your hard work ethic and being accountable.

[@susanlewis1953]

Really upset about what has happened - get well soon! Stay strong 💪 Thinking of u! Sue

[@MakingMoneyPodcast]

Thanks Sue 🙏

[@joeallen781]

I will watch and rewatch everything more than once... even if the maths doesnt check out on that being feasible. Saying that, think I've realised why my finances are mess 😅 Damo is love, Damo is life.

[@MrDown2AT]

🤣 In Damo we trust

[@sozilla]

I really enjoyed this, it was really interesting to hear what you’ve been through. I really like T being part of the channel

[@MakingMoneyPodcast]

Thanks Tom! We are so happy you are enjoying it. MM Team

[@DamienTalksMoney]

T is a legend I am so happy you enjoy him being there.

[@MrDown2AT]

Much appreciated Tom, this kind of comment motivates me to be better. Very grateful that Damo got me on the podcast!

[@withwilk7473]

The back against the wall analogy is also useful when you're "successful". It's easier to create wealth when you're poor than to keep wealth when you're no longer poor. Create a false sense of urgency, a goal worth reaching. Sometimes that backfires and you never have enough and you keep grinding for more, but often it helps you get to where you want to be.

[@Bedtimechums]

Really appreciate your honesty here. I'm just getting out of the same sort of debt - mine as a result of challenges to my business, my wife's illness and a new child. I have huge sympathy for anyone in this situation, it hangs over your life like a cloud, with a fatal lightning bolt always threatening to strike. If you're in that situation, take control of it and, step by step, you can make it out. For the first time in eight years, I'm no longer scared - it's an incredible feeling.

[@ezrolith85]

Amazing video. Very good advice and tremendously helpful. I know someone in this exact situation and this is a real lifeline for them.

[@MakingMoneyPodcast]

Thanks Peter, glad you enjoyed it.

[@goldengoose7492]

My two favourite people on KZbin. Amazing episode! Hope you recover soon Damien ❤

[@MrDown2AT]

GG, hows it going buddy?! Much appreciated, Damo is healing like Wolverine!

[@goldengoose7492]

@@MrDown2AT only just saw this comment crypto bro. I’m doing well thanks hope your good too? That doesn’t surprise me one bit he’s a beast! T have you heard about the black rock bitcoin etf application? Looking forward to seeing what happens now the big boys are involved 🤔

[@PresentingReality]

Great video as always. You make a great team. Debt is an issue for a lot of people.

[@MakingMoneyPodcast]

Thanks Shazin, much appreciated.

[@MrDown2AT]

Cheers Shazin!

[@chrisyates2591]

This was such a moving and informative programme. You both really need to know what you are trying to do is so important to building the new inspired Britain. Much love to you both. Keep going. I'm 71 and your content gives me energy. Thank you both.

[@MakingMoneyPodcast]

Thank you! That is so great to hear, we really appreciate it.

[@clarenceishmael9615]

Superb! ❤️

[@MakingMoneyPodcast]

Thanks 🤗

[@Willump97]

This is super interesting, after uni I got a job at a hedge fund, and racked up about £30k debt too, I even had adverse credit that followed me for years! I didn't have a kid or the same outgoings so I was able to tackle it relatively simply, but that was the catalyst for me to work like a dog and progress through my career in my 20's. I've always found it ironic, being in debt while handling so much money on a day to day at work. Really nice to hear someone else was in the same situation. I've also come out of it much better the other side and I think it has shaped my relationship with money (for better and worse).

[@MakingMoneyPodcast]

It's so important we talk about our experiences with money, the good and the bad. Thanks for sharing your story with us!

[@NikhilVijayan]

Much love Damien, hope you feel better soon ❤

[@ross46x]

Great podcast, really helpful

[@MakingMoneyPodcast]

Thanks Ross! We're so glad it's useful.

[@jonathanfoskett1961]

I recon it's worth noting that these days overdraft interest rates tend to start at 40% rather than being the low interest overdrafts there were back in the day. SO worth paying them off before most credit card debt. Also they charge you interest from the moment you spend that money rather than a credit card that bills you the following month so even for temporary cash flow issues they are an awful option. I think that they feel like a safer option as it's just part of your current account but they are predatory! Love the podcast fellas. Keep up the good work.

[@pmumentor]

Ha! I love that “gardening” story. Is it the same one I know about. A place I’ve been? I won’t also name it.

[@geeman6274]

Great, fun, candid pod as usual! Thanks very much, keep up the good work and get well soon! ❤

[@MakingMoneyPodcast]

Thanks so much! 😊

[@johnjones6890]

Feel better soon Damo

[@lisamarshall3641]

Great channel and great content, you both come across so natural in the podcast. Speedy recovery and keep positive 😊

[@DamienTalksMoney]

Thank you!

[@Brown969]

Your going through a process thats really painful, and we already like who you are ❤

[@DamienTalksMoney]

Thank you

[@ToolReviewsofToolsIUse]

You guys are brilliant. Such a good dynamic between you both.

[@EamonCoyle]

You just mentioned working doing deliveries while planning out your channel and I don't think even you realised how powerful that could be as an influence on people. Consider the number of people in that position today, doing a job requiring no brain power and offering no real progression, they are capable of using that time to think about and consider themselves and their futures rather than beating themselves up about not doing better. You are the perfect example of it Damian !!

[@MakingMoneyPodcast]

Cheers Eamon 🤝

[@EamonCoyle]

@@MakingMoneyPodcast I hadn't seem what had happened to Damien when I watched that, hope he's staying strong !! Very pissed off, so if anyone does happen to have a horrible comment please copy me in, I will be happy to visit them in person to discuss their hate.

[@MrDown2AT]

@@EamonCoyle Damo is healing up and feeling the love from everyone! Yeah I remember Damo doing deliveries, he's one of the realest people I know.

[@daveharling3273]

Hi Damien, hope you're feeling a bit better. Couple of things I'd love to see on future videos on either of your channels: - Explanation of how exchange rates can impact investments in US stocks. - Is gold a good investment? - Explanation of bonds, bond etfs, and how/when to incorporate them into your portfolio. - Crypto for beginners. Is it worth starting to invest in? - Interviews with landlords. Benefits and problems of being a landlord. - interview with beard meets food on being a youtuber and how to make a career out of KZbin. - interview with playing ftse podcast on how to find good value stocks.

[@tamsinwood2]

Get well soon. New sub.

[@MakingMoneyPodcast]

Thanks Tamsin! Welcome on board :)

[@MrDown2AT]

Welcome to the Making Money family!

[@TraderJono]

Great video lads it's great to hear the story from debt to investing and the way you did it 🙏❤ I first saw Damo from his incident video and now I'm finding loads of value!!

[@MakingMoneyPodcast]

Welcome to Making Money Jono! Really glad you are finding it useful.

[@richardmunday2608]

17:25 pretty sure this is not correct about credit cards and they pay off the highest interest first.

[@MakingMoneyPodcast]

Hi Richard. You are right that not all credit card companies pay off lowest interest first, but some have chosen to pay off highest interest first. Different cards will have different T&Cs so it's always important to check those.

[@DamienTalksMoney]

Ts parking tickets 🤣

[@Brown969]

Those Zipcars come in handy 😂 You guys are a great combo.

[@waveyswanswann8107]

Ahahaha 🤣🤣

[@MrDown2AT]

Worst thing is I actually got a parking ticket in a zipcar in May! They charged me £80 on my zipcar account, and I'm not paying it out of principle so my zipcar days may be over 😳

[@rossmacintosh5652]

@@MrDown2AT I don't understand what "principle" makes you think you shouldn't pay. You incurred the parking ticket - pay it. Not paying could end up lowering your credit score and that could cost you far more if you negotiate a mortgage rate or get a loan.

[@Flat-Five]

@@rossmacintosh5652 I think he means he doesn’t want to pay the zipcar fee for getting a parking fine which I guess is probably on top of the actual fine itself.

[@123sumom]

Amazing value thanks

[@robertpearce7795]

I almost got an IVA once. Glad I didn't though, because it turns out that it's very difficult to get a job in finance if you've had one - It would've totally screwed my career!

[@DamienTalksMoney]

Yeah mate insolvency really is no joke! Glad you got out of your debt situation

[@s.shep123]

Enjoying the Pods while walking the dogs. Cheers lads

[@MakingMoneyPodcast]

Thanks Stan!

[@Hope-is-not-a-strategy]

Such good advice here. Get well soon Damien. What happened you on the weekend is horrible. Hope you are doing ok.

[@Willsmith-q2v]

Brilliant video lads

[@billykotsos4642]

Insane story

[@maltesetony9030]

Love the fact that Damien got out of debt by getting a job in debt-management, advising others how to get out of debt. You couldn't make it!

[@abdulrahman31350]

This is so interesting. I was such a pisshead and so careless with my money during and after uni. Now i have a stocks and shares isa worth 59k

[@Kalarandir]

Listening to Damien it makes you wonder why "they" want you in debt?

[@noelhanna6432]

Boycott credit cards. Dave Ramsey's advice.