What do you do when you find yourself in a hole? Stop digging! In today’s Mommy Millionaire Minute, Cayla talks all about bad debt. For many of us, debt is something we don’t want to look at or think about because it is seen as such a bad thing. But what if we changed our mindset and viewed bad debt as feedback? It’s there to teach us something, so bless it, thank it, and move forward to getting rid of it.
Let’s play the game of how much money you can save and invest. The point of this episode is the goal of getting out of bad debt as quickly as possible so you can start thinking like the rich. It is achievable and it is something we all can do, but you have to start now.
You will learn:
[1:57] - You have to get out of bad debt to start investing.
[3:40] - In order to get to financial freedom, you have to pinpoint where you are right now.
[5:02] - Cayla lists some things to ask yourself. Have you done any of these things?
[6:33] - Changing your habits is crucial and you are in control of changing them.
[7:38] - Pay yourself first.
[8:20] - Cut back on extra spending.
[9:33] - Shopping and spending is an addiction for many people.
[11:36] - We need to bless our debt and view it as feedback or a lesson.
[13:10] - There are debt consolidation companies but you have to be careful.
[13:44] - Start paying cash if you don’t have discipline.
[15:33] - As you build up your portfolio, you have to be conscious of your spending.
[16:42] - Start taking these things into your own hands to generate more income and get rid of bad debt as quickly as possible.