Here's an article that I wrote that I unsucessfully pitched to a finance magazine. Normally I would've persisted and tried other magazines, but I'm taking online classes at the moment and only have so much mental bandwidth as they say. But I miss this blog! so here's a nice freebie for you today, no subscription necessary :)
The Podcast Playlist that Helped Me Beat Debt, by The Finance Phobe
One ordinary, groggy
Monday in my cubicle, I was jolted by my friend's cheery Instagram post: Monday,
favorite day of the week. Wow, I thought with a mix of admiration and
jealousy, how do you get a life like that?
I wanted time freedom, tired
of working full-time just to pay bills. My dream was to turn my favorite side
hustle into my main source of income and support myself with a flexible
schedule. A
cash cushion would help me through the transition. But sadly I was a statistic,
part of the 40% of Americans without the cash to cover a $400 emergency
expense. What could I do?
I
knew all the tips and tricks to save money but couldn't make them stick. Why
was I constantly going in and out of debt and struggling to save?
I
searched financial independence in my podcast app and started to listen.
Here are the 4 steps that helped me make over my money mindset.
Step One: Take a look in the mirror
Mind
Money Balance With Financial Therapist Lindsay Bryan-Podvin, Episode 08: Understand
the Four Money Archetypes
This peppy, approachable episode is a good introduction before doing a deep dive. It explores four underlying core beliefs that can influence our spending habits and overall relationship with money.
(To learn more: Afford Anything with Paula Pant, Episode 127: Four Unhealthy Attitudes Towards Money -- with Dr. Brad Klontz, Financial Therapist)
Step Two: Learn about cause and effect
Radical Personal Finance with Joshua Sheats, Episode 372: The Power of Cause and Effect
This episode asks the hard self-exam questions, for example, am I in debt due to a health event or chronic overspending? Am I not earning enough because of my skill level? Is my personality holding me back at work? I made notes in a T-chart when I listened to this episode, with eye-opening results.
Step Three: Discover my style
Choose FI by The Unstuck Network (hosted by Jonathan Mendonsa and Brad Barrett), Episode 134R: Quit Like a Millionaire | Kristy Shen and Bryce Leung
Kristy’s story of her climb out of deep poverty suggests financial independence is for anyone. Curious, I got Kristy and Bryce’s book from the library. It revealed the root of my struggle was trying to apply advice geared towards Optimizers, or savers, when I have the mindset of someone who’d rather side hustle than save her way to financial health.
Step Four: Chart my path
Afford Anything with Paula Pant, Episode 215: The Seven Stages of Financial Independence, with Joshua Sheats
By clearly defining the steps to financial independence, this episode helped me focus on the basics without being distracted by advice meant for the financially advanced. Taking one step at a time, I could happily build my emergency fund without being intimidated by stock tips and crypto clickbait (note to self, maybe skip that at any stage!)
