In this episode Jeff talks about the following topics:
- The baby boom generation was the first generation in our country that had access to credit cards and other forms of consumer credit. That began a period of people buying what they wanted, when they wanted. Much different from their parents.
- Debt is the enemy to long term financial success. For every Dollar you spend on debt today, reduces your future savings by $10 (based on 30 years at 8% interest).
- Most of us learned from our parents that debt was ok. Television shows show us the high end lifestyle, keeping up with the Jones’ is the way. As Dave Ramsey often says “Why keep up with the Jones’, They are broke”
- Although you are not responsible that the education system didn’t train you to be better financially, for you to reach your eventual Freedom Day, you will need to get control and reduce debt. It can be done if you focus on it.
- Tell the story of Andrew.
- EXERCISE: Know your enemy. Spend a day writing down all your debts. Make sure you have everything. This is a good activity to do with your spouse.
