The Stacking Benjamins Show
How Do You Explain Good Money Habits to Newbies?
Dec 8, 2023
Bernadette Joy, Founder of Crush Your Money Goals, joins the roundtable to discuss retirement plans, safe withdrawal rates, and understanding financial terms. Len Penzo shares his journey to becoming a millionaire and the importance of celebrating accomplishments. The dangers of blindly following advanced financial advice are highlighted, stressing the need to understand retirement withdrawal rates. The chapter also covers basic and advanced financial tips, a trivia competition, and advice on building good money habits. A casual conversation includes jokes about financial terms and a discussion on customized money habits.
01:08:02
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Quick takeaways
- Having at least one month's worth of expenses saved in an emergency fund before paying off debt is crucial to avoid derailment and stay motivated.
- Increasing income through side hustles or second jobs can significantly expedite the debt repayment journey.
Deep dives
Building an Emergency Fund as the First Step in Paying Off Debt
Before starting to pay off debt, it is important to have at least one month's worth of expenses saved in an emergency fund. This provides a safety net in case unexpected expenses arise during the debt repayment process. Having this contingency fund helps to prevent derailment and keeps motivation high.
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