Debt sucks! The payments can cripple your ability to buy a home, travel, or even pay for the basics like rent and groceries. If you want to dig out of that giant pile of debt, start with this list of major to-dos, including creating a debt snowball payoff plan. Resources Mentioned My Debt, How I’m Paying It, and the Snowball Effect Unbury.us Transcription Eric Rosenberg: Ladies and gentlemen, boys and girls, children of all ages, welcome back to the Personal Profitability Podcast. As always I am your host, Eric Rosenberg. Welcome back to episode number 32. And as always the show notes can be found at the name of the episode. So you go to personalprofitability.com/episode32. It’ll be how you find this one or any other episode – just /the word episode spelled out and then the two numbers or three numbers once we hit a hundred, which we’re a little ways off from. So first I want to say sorry for missing our last scheduled episode. I’ve never missed a scheduled episode before going on the first and third Thursdays of every month. But this last month has been absolutely crazy. As I have shared in a previous episode, I quit my job, I moved. I’m actually recording this in my new living room here in Ventura, California. You can call this Personal Profitability HQ and Studios, all-in-one. One thing from moving, for me, less expensive state to a more expensive state, is I live in a smaller place. So the living room is my office. I actually got a cool working space, too, which is pretty cool. We’ll talk about that in a future episode. Today I wanted to talk about something that I came across. I emailed the entire email list. If you’re not on the email list definitely get on there. Go to personalprofitability.com. It’s right on the front and center of the homepage, very easy to sign up or personalprofitability.com/email. You get straight to a signup form. I sent out an email to the list and gave away a whole bunch of books. Right before I moved I had a stack of personal finance books that weighed about 20lbs. and decided I’m gonna give it to two lucky winners and only people on the email list are eligible to sign up for that. So they signed up and the only thing they had to do to enter was answer a couple of quick questions on a survey. And the number one problem that everybody who is on the email list has is how can they get out of debt. And I think that’s a really, really common problem these days. I’ve talked to a lot of friends and other finance bloggers about their debt situations and it seems that everyone is with the same struggles. Student loan debt is going out of control. There’s I think 1.3 trillion, with a T, dollars in outstanding student loans right now. The average graduate is getting out of undergrad with $35,000 in student loans. I was lucky to, I worked really hard and got a full ride scholarship to undergrad thanks to the Boy Scouts of America. So shout out to the Denver Area Council and the John Madden Scholarship Fund there. So I got out of undergrad debt free but then when I went to my $90,000 MBA program, I did not get out of that debt free. I had about $40,000 in students loans when I finished. I busted my butt in my whole life so I’ve never had any credit card debt. I’ve never to this day, ever paid a cent in credit card interest but I have had a couple of mortgages, I had a car loan once and plus this $40,000 in student loans. I paid off my car loan in less than half the time that it was scheduled.
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