• Debt - Episode 012

  • Jul 17 2024
  • Length: 22 mins
  • Podcast

Debt - Episode 012

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  • Summary

  • Mastering Financial Health: Avoiding and Managing Debt


    In this episode of 15 Minute Mentorship, host Russ Broomell shares personal experiences and expert advice on managing and avoiding debt. He discusses the importance of living debt-free, making responsible financial choices, and creating effective budget plans.


    Russ provides practical tips for paying off debt quickly and emphasizes the value of an emergency fund. He also explores the modern-day implications of taking on debt for education, homes, and other big expenses, encouraging listeners to make informed, responsible decisions and to seek financial guidance when necessary.


    00:00 Introduction to 15 Minute Mentorship

    00:35 Personal Story: Struggles with Debt

    01:29 The Reality of Debt in America

    02:10 Advice for Staying Debt-Free

    03:08 Creating a Budget

    04:07 Building an Emergency Fund

    04:41 Calculating Your Financial Margin

    05:18 Making Sacrifices to Stay Debt-Free

    06:57 Responsible Debt Management

    07:22 Planning for Education Expenses

    09:04 Planning for Home Ownership

    11:26 Paying Off Debt Quickly

    14:35 Mindset Shift: Owning Your Debt

    16:15 Seeking Help and Community Support

    17:10 Debunking the Myth: Debt as a Part of Life

    19:00 Conclusion and Final Thoughts
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