Afford Anything Ask Paula: “I Ran Out of Gas with 85 Cents in My Bank Account”
Sep 3, 2024
A gripping personal story unfolds as Joe Saul-Sehy recounts his harrowing past with debt, including running out of gas with just 85 cents in his bank account. The conversation dives into the importance of dedicating oneself to financial accountability and navigating the complexities of debt management. Listeners gain insights on sustainable financial habits and choosing the right financial advisors. With a blend of personal reflections and practical strategies, the discussion highlights the emotional struggles and transformative victories in personal finance.
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Early Debt
- Joe Saul-Sehy's lack of financial literacy in college led him to acquire an American Express card and accumulate debt.
- He used the card to pay for a meal with friends and bought a Duran Duran-esque sweater, leading to a bill he couldn't pay.
Income vs. Spending
- Joe realized that simply earning more money wouldn't solve his debt problem, as spending would also increase.
- He needed to disconnect his self-worth from his paycheck and set a budget based on desired lifestyle.
The Breaking Point
- Joe's financial troubles worsened due to mismanagement of his business income and taxes, causing him to avoid filing tax returns altogether.
- The situation escalated until he ran out of gas with only 85 cents, prompting a much-needed change.
