Chris Peach, of MoneyPeach, joins Think Enriched today.
We discuss:
Chris, first is a firefighter & paramedic, then started looking at his finances & found they were out of money. When they started doing the opposite of what everyone else was doing it started to work! In 2011, they had $52K in debt: credit card debt, auto debt & student loans. "I thought that's how life was: you worked; money came in; you spent it all." They paid off all $52K in 7 months! "When you stop your life, and you re-start it, and you do things so outside of normal, you can do these kinds of things!" "That light that you hear about at the end of the tunnel? It is way brighter than you believe it is!" Student loan debt: refinance to be smart & get a lower interest rate. Why Chris recommends SoFi; they work for the people, not just the bank and interest rates. Debit cards are not the Red-Headed Step Child of the finance world! The thing about car payments? They SUCK. Hear Chris's thoughts on car payments. How old of a car should you buy? Chris believes 4 years is about right. Opportunity cost in deciding on their next car. A lot of us are immature with money: "There is financial illiteracy in this country with money." We just haven't been taught the proper principles in handling finances. "No one ever talks about what happens when you finance your entire life into payments. I tell you what happens, you run out of money at the grocery store." This whole "getting out of debt thing is starting to become cool." Chris will send you the budget. You don't take a road trip without a fuel gage. "Everything we do in life, money interacts in it." Being on a budget is not like being walked on a leash- you create the boundaries that work for you. The one thing Chris would tell you: "Start on a budget." How every police officer & firefighter in the state of Arizona can take the Financial Peace University course for free. His wife is on TV several times a week and she shops wisely: You won't believe how much she pays for clothes now!Resources mentioned in this episode:
MoneyPeach.com Sofi.com The Millionaire Next Door, by Thomas J. Stanley Dave Ramsey The 100 Club of Arizona Think Enriched Virtual Tip JarYou've heard of the Think Enriched Crew, but are you in yet?
You can win 1 of 3 copies to be given away of Gallup Strengths Finder 2.0.
Give the show a RATING & REVIEW. That's it! You are now entered to win 1 of 3 copies being given away (just in time for the holidays.)Don't forget to join me & Steve Stewart on BLAB next week:
BLAB Session: November 18, 7pm, Pacific
Subscribe in iTunes. Or Stitcher Radio.
