Some of us have debt, whether it’s student loan or regular debt. A lot of times, debt is seen as a bad thing when, in fact, debt is neither good nor bad. Michele McFie and her son, John McFie, tackle the subject of debt and share a powerful concept that can help you get out of debt. They break down the 10/20/70 Rule, the money mindset, the distinction between saving and investing, and the different methods for getting rid of debt such as the snowball, avalanche, and the tsunami method. They also touch on the four steps to creating sustainable wealth. Michele is the matriarch of a family of eight money-minded folks. One of her greatest gifts is organizing the chaos and complex subjects and making it simple so that everyone can understand. John is called the “Numbers Guy.” At age 14, he started developing spreadsheet models and software systems to help his dad share financial concepts with clients. Together, their family runs Life Benefits, LLC, providing financial solutions for clients who want to avoid the stock market roller-coaster.
In this episode you’ll learn:
- The difference between good debt and bad debt (15:30)
- The distinction between saving and investing (17:09)
- What the money mindset is (21:42)
- What the 10/20/70 Rule is (24:49)
- The snowball, avalanche, and tsunami methods for crushing debt (28:58)
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