Debt has become a quiet, accepted part of our lives, but what if we stopped seeing it as normal? We challenge the narrative that debt is an inevitable part of modern life. We dissect how societal pressures, easy access to credit, and a culture of instant gratification lead us down a path of unintentional debt. This isn’t just about the numbers; it’s about the hidden costs of debt—the stress, the limited choices, and the dreams that get put on hold. We hope this is a call to action to shift your mindset and minimize the amount of debt you’re willing to take on.
Liz joins this week’s podcast as we talk about:
– Why the normalization of debt is a dangerous societal trap
– The psychological and societal pressures that lead to debt
– The illusion of affordability created by monthly payments
– The difference between “good” and “bad” debt
– The hidden costs of debt, including stress, anxiety, and missed opportunities
– Practical strategies for de-normalizing debt in your own life
– The importance of an emergency fund as a “debt-prevention shield”
– How to use debt strategically and intentionall, and create a minimal debt mindset
– Debt mantras you can repeat to yourself
Show References:
- Inside Out Money episode #035 – Does anyone actually pay sticker price for college? Expert Dr. Rebecca Sandidge answers that and more.
- Book: Stolen Focus
- Book: The 5 Types of Wealth
- Inside Out Money episode #055 – Our formula for how much to keep in your emergency fund
- Inside Out Money podcast #049 – Is it Deprivation or Discipline? And Will It Improve My Finances?
- Liz Gets Loaded Podcast: Why I might be breaking up with YNAB
- friends on FIRE podcast #027 – Why Tracking Net Worth Matters
- friends on FIRE podcast #060 – Budgeting vs. Tracking Expenses
- friends on FIRE podcast #015 – Expense Tracking Gone Wild
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