The Finish Line Podcast Q&A: What If I Have Too Much Debt to Set a Finish Line? (Ep. 15)
One of the most significant barriers people face when considering setting a financial finish line is debt. Whether it's student loans or large credit card balances, debt can prove to be both a financial and emotional barrier to the freedom and purpose that come with setting a finish line. In this episode, we'll break down the different types of debt and how to think about each one. We'll also give some real examples, including some from our own lives, to show how a financial finish line can actually get you out of debt much faster than you would otherwise. Listen to the full episode to hear more!
QUOTES TO REMEMBER- "Set a finish line as if the debt was already paid off, and then as you start to work towards that finish line, any margin above that finish line you can use to quickly pay down those debts so that they're no longer a barrier to giving."
- "We started to find a little more of a balance between the three things that excess can go to, and that's debt, giving, and retirement."
- "The process of getting rid of it is all in order to free us up to give more freely, it was about the freedom to be able to give without hesitation."
- "We set a finish line, but what if we set a temporary lower line, which you could call a 'soft finish line', so that we could pay off that debt faster?"
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