Money Lessons Learned from Getting Out of Debt Twice
Most people are afraid to talk about money.
If I had to guess the reason I'd say it is because they are truly embarrassed about where they are financially. They would rather flaunt flashy cars or homes the debt they owe a bank actually owns then discuss the deeper going ons of their savings for retirement or their net worth.
“But Caleb, what does this have to do with creativity, using cameras, and making videos?”
Everything.
You can't do your work, make your art, or run your business if you can’t get your money right.
I think money shouldn't be something you're ashamed of or hide from, no matter where you are at financially. There will always be someone further in debt or with a larger net worth than you.
And instead of hiding where you’re at, coming face to face to your reality of not being where you wish you were with money might be the wake up call you need.
So as my wife and I just hit a financial milestone we're proud of, I wanted to record a podcast episode about my financial journey from getting out of debt two different times in completely different ways. The first time by being frugal and cheap, the second by building businesses to help me earn more (while spending to live the life I want to live).
I also discuss what I'm calling the "money ladder". It describes the stages of getting out of debt and saving for the future that you should work your way up, one rung at a time.
If money has been something you’ve been afraid to deal with yourself or talk about with the people close to you, I hope this episode will help to feel more comfortable being open and honest about it so you can work toward financially healthy.
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Chapters / Timestamps
- 00:00 - Why We're Talking About Money
- 03:34 - Balance Sheet Rich vs Income Statement Rich
- 05:52 - My Debt Story
- 18:12 - Climbing the Financial Ladder