037 Financial Excellence: Get Rid of Debt After a Setback

08 Dec 037 Financial Excellence: Get Rid of Debt After a Setback


Living In Financial Excellence PodcastEpisode 37: How to start getting out of debt after a setback, Murphy’s Law – when it rains, it pours (when you’re broke you have more emergencies). Dec 8, 2010.

This week we answer a mailbag question about getting out of debt after having a setback in your finances. We also talk about how Murphy’s Law (if it can go wrong, it will go wrong) surfaces at the worst times. Specifically, when you have no money everything starts breaking around you and needing money to fix it.

Show notes:Matt & Janelle Recording the Financial Excellence Podcast

-If you subscribe via iTunes, the rss feed will be changing in January, so you may need to manually re-subscribe to the show at that time. It’s a tech glitch from the way we set up the show. Shouldn’t happen again (thanks for understanding).

– How do you start eliminating debt after a setback? It starts with a written plan and involves the L.I.F.E. Ladder.

– What is your definition of retirement? What is your definition of financial freedom? Financial security? We all seem to have different ideas for each of these terms. We got off topic a bit today and started talking about retirement and these definitions.

– When you are in debt or have a low income, you typically need to slash your lifestyle. We share what we’ve cut out of our lives in the past few years as we transitioned to full-time self employment.

– When you have no money, that’s when everything starts going wrong and you end up needing a lot of money to stay afloat. We talk about the things that started going wrong when we lost our primary source of income and how we overcame the obstacles.

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