November 9, 2023 • 14 mins
Are you feeling trapped beneath the weight of debt? We will walk through the emotional rollercoaster that debt often brings, including the worry, guilt, and shame. Join me as we dissect the effects of life's curveballs on our financial health, from personal money mistakes to unpredictable events such as job loss or health crises.
Discover effective strategies to combat debt with our comprehensive guide detailing ten methods to become debt-free. Set reminders for my detailed walkthrough of the guide on Instagram live sessions from November 10th to 15th.
Download guide
Finally, listen to inspiring real-life stories of individuals who've successfully weathered financial storms, offering a beacon of hope. This is a conversation you don't want to miss, as we empower you to break free from the shackles of debt and pave your way towards financial stability!
Let’s Stay Connected!
🌐 Website: thefinancialmoment.com
📸 Instagram: @thefinancialmoment
💼 Money Coaching: Need deeper support? Visit my website to learn how we can help you take control of your finances.
📢 If you enjoyed this episode, please subscribe, rate, and review the podcast! Your support helps us reach more people on their financial journey.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hello everyone.
My name is Carolyn.
Welcome to the Saving for yourFirst Home podcast.
I am the CEO of the FinancialMoment.
We offer money coaching forthose who are ready and willing
to make financial changes intheir lives.
For the most of us, there comesa point in time where we think
to ourselves it would be reallynice to own property, but it
(00:22):
sometimes can feel like a pipedream and not very easily
obtainable.
So I created this podcast togive you all the information and
tools you need to take thesteps forward toward home
ownership.
Take it from me my husband andI started our lives together,
working part-time jobs with ayoung child.
Fast forward, through manyhiccups and failures, we stepped
(00:43):
our feet into our very firsthome.
For us it was a pile of dirt,but eventually our family home
was built on that dirt.
Now we are in the midst ofgrowing our investment property
portfolio.
I created the savings for yourfirst home podcast to give you
easy, actionable tools for youto do the same.
If you have that same gutfeeling that I did and want to
(01:06):
create a life for yourself andyour growing family, but don't
know where to start, you are inthe right place.
Let's do this.
Hello everyone, welcome back tothe podcast.
I'm Carolyn, your money coach.
So in the last three episodeswe've kind of talked a lot about
how one can find themselves infinancial predicament and,
(01:29):
honestly, really nobody isimmune to this stuff.
Right In episode 55, we talkedabout financial turbulence that
can happen after a traumaticlife event, right.
So whether that is a naturaldisaster or a job loss or your
health, or a divorce, or a lossof a loved one, all these things
are kind of beyond your controland so they do have an impact
(01:52):
on your financial situation.
And then we talked about ourown money, mistakes, things that
you know we maybe didn't haveour priorities set straight and
we made decisions probably onthe fly, probably because we
just wanted something and didn'tthink about our future goals,
and it kind of gets us into afinancial mess as well.
(02:12):
And then in episode 54,actually going back now, we
talked about our credit scoreand the importance of protecting
and maintaining your creditscore, and sometimes these
events, whether they're ourfault or not, they can have an
impact on our credit score.
So if we put all this stufftogether now and we're trying to
(02:35):
build a solid financialfoundation, what can we do?
So what I thought we'd talkabout today is how do we manage
our debt, because, with all ofthose scenarios and
circumstances and indicators, itreally means that we have
personal debt.
So, first off, I wanted tomention that I do have a guide
(02:58):
that has 10 strategies on howyou can actually pay off your
debt.
So if you head tothefinancialmomentcom backslash
Debtrap, you can download thisfree guide and actually I am
going to walk through this guideon my IG account.
So, if you are a follower ofthe Financial Moment on
(03:21):
Instagram, I'm going to be goinglive Friday, november the 10th,
through to November the 15th,and we're going to walk through
this guide in detail.
So make sure you download theguide and then join me on
Instagram live.
I will put out a calendar ofwhat times I'm going to be on,
but it's going to be a fun event, so I hope that you guys can
(03:43):
join me there and I may justgive out some prizes if you show
up live.
Okay?
So unfortunately, if we areburdened with debt, it really
can elicit a wide range offeelings and emotions, and this
can be really overwhelming anddistressing and it kind of
prevents us from moving forward.
So I thought let's talk aboutsome of these emotions and
(04:06):
feelings that come with havingthe burden of all this debt.
Now, do you consider yourself awarrior?
If you are, then having addeddebt can really amplify this.
Right, because if you feelunsure about the amount of money
that you have and the amount ofmoney that you need, it really
can amplify the sense of worryand anxiety and you're gonna
(04:29):
start to feel uneasy about yourown personal financial situation
.
Right, it brings on fear of notbeing able to meet your
financial obligations, or maybethere's even a fear of the
consequences of not being ableto meet those obligations.
Now, I'm not proud of thissituation, but it did happen to
my husband and I many years ago.
Money was pretty tight at thetime and we found ourselves
(04:53):
really just kind of getting by,right, so paying what we could
and holding off on the thingsthat we couldn't.
And I remember the feeling ofthe phone ringing.
Something as simple as just thetelephone ringing really threw
me and provided a lot of anxiety, because I knew on the other
end of that phone, with somecompany calling me to tell me my
(05:17):
payment was late or they'retrying to collect or something,
and it was very stressful atthat time because we didn't know
where that money was gonna comefrom and how we were going to
get out of that particularsituation, and just hearing the
phone ring really brought onthat anxiety and stress.
Now we all know what stress doesto us.
(05:37):
It can cause and manifest intoour physical wellbeing Not being
able to sleep and the headachesand the body aches.
It really can tell a coutole onhow you are physically, and
when you're in a position likethat as a parent, it even
amplifies it even more becauseyou don't want your kids to feel
(05:58):
the stress that you'reexperiencing and so you have to
put on this front and try andensure that your kids are
provided for.
But in the meantime you'reholding onto all of that stress
inside and, like I've mentionedin the past, it really does lead
to guilt, right, the guiltyfeeling of actually accumulating
(06:20):
this debt.
How did you get here?
You know those are thequestions that a lot of people
say is how did I even get here?
And sometimes it isn't ourfault and we shouldn't blame
ourselves, but human naturealways comes back to telling us
that.
You know what.
It's a result of your poorfinancial decisions.
It's the result of youroverspending and the constant
(06:43):
blame and the guilt that youfeel really weighs on your
shoulders.
And with that guilt can comeshame right.
They don't want other people toknow that this is happening in
their personal financialsituation.
I sometimes compare financialwellness to physical wellness,
(07:04):
and there's a lot of close ties,I think, between the two.
If a person is overweightphysically, you can see from the
outside that they're overweight.
But if you notice that theywill likely not eat in excess
amount in public or with friends, you know, maybe order the
(07:24):
salad or they'll be moreconservative with what they're
eating when they're out withtheir friends, but behind closed
doors, through the drive-thrus,that is when they are consuming
the additional calorie becauseno one's going to see them.
And the similar thing canhappen with our finances,
because it's so emotionally tied.
(07:45):
If you're feeling down, you maygo shopping.
If you're feeling happy, youcelebrate with going out.
It's very tied to our emotionsand so going into debt becomes
something that is hidden.
Nobody knows that you can'tafford really to go out for that
dinner, right?
You're just putting out on acredit card and you're just
(08:06):
moving on.
When you get home and the billsare coming and the calls may be
coming, that is the time whenyou actually realize that that
choice was not the best one.
But nobody outside understandsor knows what you're going
through, and so this is wherethe shame comes in, because
they're embarrassed about yourfinancial situation and it
(08:26):
really can lead to a reluctanceto seek for help and discuss
your problems with other people.
So I am so thankful for thoseof you that tune into this
podcast and are trying toimprove their financial
situation by learning andimproving your knowledge.
So remember to download thatguide, thefinancialmomentcom
(08:52):
backslash debt trap, because Iwant you guys to have all the
resources to be equipped to beable to break through this debt
trap and live a life free ofthat stress and the anxiety and
the burden that comes along withdebt.
So I just wanted to share acouple of case studies, I guess,
(09:14):
or examples of people realpeople and the experiences that
they've gone through to reachfinancial stability.
One of the persons that I'vetalked to in the past they were
a single mother and really had ahard time because they
experienced layoffs, theyencountered all these unexpected
(09:37):
financial challenges that camewith that, and they were
concerned about how they weregoing to not only provide for
their kids and their future, buther own ability to retire
because she had all thisaccumulated credit card debt,
and on top of all of that, shealso had an aging mother and had
(09:57):
concerns because her motherdidn't have the finances to
honestly take care of herself asshe got older, and so that
financial burden was laid on heras well.
I think we call that thesandwich generation, when you
are caring for young childrenand aging parents both at the
same time.
(10:18):
Now wouldn't you agree that sheshould reach out for help?
But all those things that wetalked about prevented her from
really seeking the help that sheneeded, and years went by.
Years went by.
I stress more than anythingthat you don't have to live
(10:38):
under the burden of debt.
Now, I'm not saying that I canjust wave a magic wand and it
all goes away all the problems,all the stress, all the anxiety,
but anything can be done if youtake baby steps.
So one foot in front of theother will get us to the other
side.
Now, another person that Italked to was in kind of a
(10:59):
different situation.
They were self-employed andfound themselves, you know,
doing fairly well in theirbusiness, and what happened was
one of their clients that theywere working with on this
project decided that theyweren't going to pay her invoice
.
And as you're going through aproject or if you're
(11:23):
self-employed, you know you arebanking on the money that you're
going to receive from theoutcome of that project.
It has to feed the business and, obviously, your own salary,
and there's a lot of thingsriding on clients' payment.
And what happened?
Because this was quite thelarge project, it really set her
back because I guess she justassumed that the money was
(11:46):
coming and so then items andthings were purchased on credit
and debt started to piling upbecause she just assumed that
the payout was coming andunfortunately it never came.
And so again, this is kind of asituation where it's not really
her fault, right, she didprovide the service, she had a
(12:06):
contract and the business justdidn't hold up their end of it.
And the one thing that resonatedwith me when I was speaking to
her is that she just couldn'tfind the resources to be able to
figure out this situation.
And you're so deep in itbecause you're angry about the
client, you're angry that you'rein this situation and even if
(12:28):
you knew the theories that goalong with how to actually get
out of debt, actually executingthem and moving forward is very
hard, because you just can't seethe end of the line, you can't
see what the red path is, and so, again, this is where reaching
out and asking for help andhaving someone that can verify
(12:51):
clarity and verify how to stepby step plan is so important,
because you just can't see itbeyond the clouds.
So I share these examples justto show you that we're all real
people with different scenarios,different circumstances that
have led us into this debt trap.
So what are the next steps?
(13:12):
What can we do?
Because we don't wanna live alife like this.
We don't want to live a lifewith debt being a burden on our
shoulders.
Well, I'm going to talk aboutall of that, number one through
the guide and number two on IGLive over the next few days.
So I hope you're gonna join meand make sure to tell me whether
(13:33):
or not you listen to thepodcast.
I love meeting the listenersand so I'm excited about what
the next few days hold for allof us.
So your homework for now is todownload the guide at
thefinancialmomentcombackslashdebtrap and make the
first step of moving outside ofthe burden that debt can cause.
(13:56):
Take care, guys.
Thank you for listening.
We are committed to helping youplace your very first steps
into your new home.
See you next time.
Hello everyone.
My name is Carolyn.
Welcome to the Saving for yourFirst Home podcast.
I am the CEO of the FinancialMoment.
We offer money coaching forthose who are ready and willing
to make financial changes intheir lives.
For the most of us, there comesa point in time where we think
to ourselves it would be reallynice to own property, but it
(00:22):
sometimes can feel like a pipedream and not very easily
obtainable.
So I created this podcast togive you all the information and
tools you need to take thesteps forward toward home
ownership.
Take it from me my husband andI started our lives together,
working part-time jobs with ayoung child.
Fast forward, through manyhiccups and failures, we stepped
(00:43):
our feet into our very firsthome.
For us it was a pile of dirt,but eventually our family home
was built on that dirt.
Now we are in the midst ofgrowing our investment property
portfolio.
I created the savings for yourfirst home podcast to give you
easy, actionable tools for youto do the same.
If you have that same gutfeeling that I did and want to
(01:06):
create a life for yourself andyour growing family, but don't
know where to start, you are inthe right place.
Let's do this.
Hello everyone, welcome back tothe podcast.
I'm Carolyn, your money coach.
So in the last three episodeswe've kind of talked a lot about
how one can find themselves infinancial predicament and,
(01:29):
honestly, really nobody isimmune to this stuff.
Right In episode 55, we talkedabout financial turbulence that
can happen after a traumaticlife event, right.
So whether that is a naturaldisaster or a job loss or your
health, or a divorce, or a lossof a loved one, all these things
are kind of beyond your controland so they do have an impact
(01:52):
on your financial situation.
And then we talked about ourown money, mistakes, things that
you know we maybe didn't haveour priorities set straight and
we made decisions probably onthe fly, probably because we
just wanted something and didn'tthink about our future goals,
and it kind of gets us into afinancial mess as well.
(02:12):
And then in episode 54,actually going back now, we
talked about our credit scoreand the importance of protecting
and maintaining your creditscore, and sometimes these
events, whether they're ourfault or not, they can have an
impact on our credit score.
So if we put all this stufftogether now and we're trying to
(02:35):
build a solid financialfoundation, what can we do?
So what I thought we'd talkabout today is how do we manage
our debt, because, with all ofthose scenarios and
circumstances and indicators, itreally means that we have
personal debt.
So, first off, I wanted tomention that I do have a guide
(02:58):
that has 10 strategies on howyou can actually pay off your
debt.
So if you head tothefinancialmomentcom backslash
Debtrap, you can download thisfree guide and actually I am
going to walk through this guideon my IG account.
So, if you are a follower ofthe Financial Moment on
(03:21):
Instagram, I'm going to be goinglive Friday, november the 10th,
through to November the 15th,and we're going to walk through
this guide in detail.
So make sure you download theguide and then join me on
Instagram live.
I will put out a calendar ofwhat times I'm going to be on,
but it's going to be a fun event, so I hope that you guys can
(03:43):
join me there and I may justgive out some prizes if you show
up live.
Okay?
So unfortunately, if we areburdened with debt, it really
can elicit a wide range offeelings and emotions, and this
can be really overwhelming anddistressing and it kind of
prevents us from moving forward.
So I thought let's talk aboutsome of these emotions and
(04:06):
feelings that come with havingthe burden of all this debt.
Now, do you consider yourself awarrior?
If you are, then having addeddebt can really amplify this.
Right, because if you feelunsure about the amount of money
that you have and the amount ofmoney that you need, it really
can amplify the sense of worryand anxiety and you're gonna
(04:29):
start to feel uneasy about yourown personal financial situation
.
Right, it brings on fear of notbeing able to meet your
financial obligations, or maybethere's even a fear of the
consequences of not being ableto meet those obligations.
Now, I'm not proud of thissituation, but it did happen to
my husband and I many years ago.
Money was pretty tight at thetime and we found ourselves
(04:53):
really just kind of getting by,right, so paying what we could
and holding off on the thingsthat we couldn't.
And I remember the feeling ofthe phone ringing.
Something as simple as just thetelephone ringing really threw
me and provided a lot of anxiety, because I knew on the other
end of that phone, with somecompany calling me to tell me my
(05:17):
payment was late or they'retrying to collect or something,
and it was very stressful atthat time because we didn't know
where that money was gonna comefrom and how we were going to
get out of that particularsituation, and just hearing the
phone ring really brought onthat anxiety and stress.
Now we all know what stress doesto us.
(05:37):
It can cause and manifest intoour physical wellbeing Not being
able to sleep and the headachesand the body aches.
It really can tell a coutole onhow you are physically, and
when you're in a position likethat as a parent, it even
amplifies it even more becauseyou don't want your kids to feel
(05:58):
the stress that you'reexperiencing and so you have to
put on this front and try andensure that your kids are
provided for.
But in the meantime you'reholding onto all of that stress
inside and, like I've mentionedin the past, it really does lead
to guilt, right, the guiltyfeeling of actually accumulating
(06:20):
this debt.
How did you get here?
You know those are thequestions that a lot of people
say is how did I even get here?
And sometimes it isn't ourfault and we shouldn't blame
ourselves, but human naturealways comes back to telling us
that.
You know what.
It's a result of your poorfinancial decisions.
It's the result of youroverspending and the constant
(06:43):
blame and the guilt that youfeel really weighs on your
shoulders.
And with that guilt can comeshame right.
They don't want other people toknow that this is happening in
their personal financialsituation.
I sometimes compare financialwellness to physical wellness,
(07:04):
and there's a lot of close ties,I think, between the two.
If a person is overweightphysically, you can see from the
outside that they're overweight.
But if you notice that theywill likely not eat in excess
amount in public or with friends, you know, maybe order the
(07:24):
salad or they'll be moreconservative with what they're
eating when they're out withtheir friends, but behind closed
doors, through the drive-thrus,that is when they are consuming
the additional calorie becauseno one's going to see them.
And the similar thing canhappen with our finances,
because it's so emotionally tied.
(07:45):
If you're feeling down, you maygo shopping.
If you're feeling happy, youcelebrate with going out.
It's very tied to our emotionsand so going into debt becomes
something that is hidden.
Nobody knows that you can'tafford really to go out for that
dinner, right?
You're just putting out on acredit card and you're just
(08:06):
moving on.
When you get home and the billsare coming and the calls may be
coming, that is the time whenyou actually realize that that
choice was not the best one.
But nobody outside understandsor knows what you're going
through, and so this is wherethe shame comes in, because
they're embarrassed about yourfinancial situation and it
(08:26):
really can lead to a reluctanceto seek for help and discuss
your problems with other people.
So I am so thankful for thoseof you that tune into this
podcast and are trying toimprove their financial
situation by learning andimproving your knowledge.
So remember to download thatguide, thefinancialmomentcom
(08:52):
backslash debt trap, because Iwant you guys to have all the
resources to be equipped to beable to break through this debt
trap and live a life free ofthat stress and the anxiety and
the burden that comes along withdebt.
So I just wanted to share acouple of case studies, I guess,
(09:14):
or examples of people realpeople and the experiences that
they've gone through to reachfinancial stability.
One of the persons that I'vetalked to in the past they were
a single mother and really had ahard time because they
experienced layoffs, theyencountered all these unexpected
(09:37):
financial challenges that camewith that, and they were
concerned about how they weregoing to not only provide for
their kids and their future, buther own ability to retire
because she had all thisaccumulated credit card debt,
and on top of all of that, shealso had an aging mother and had
(09:57):
concerns because her motherdidn't have the finances to
honestly take care of herself asshe got older, and so that
financial burden was laid on heras well.
I think we call that thesandwich generation, when you
are caring for young childrenand aging parents both at the
same time.
(10:18):
Now wouldn't you agree that sheshould reach out for help?
But all those things that wetalked about prevented her from
really seeking the help that sheneeded, and years went by.
Years went by.
I stress more than anythingthat you don't have to live
(10:38):
under the burden of debt.
Now, I'm not saying that I canjust wave a magic wand and it
all goes away all the problems,all the stress, all the anxiety,
but anything can be done if youtake baby steps.
So one foot in front of theother will get us to the other
side.
Now, another person that Italked to was in kind of a
(10:59):
different situation.
They were self-employed andfound themselves, you know,
doing fairly well in theirbusiness, and what happened was
one of their clients that theywere working with on this
project decided that theyweren't going to pay her invoice
.
And as you're going through aproject or if you're
(11:23):
self-employed, you know you arebanking on the money that you're
going to receive from theoutcome of that project.
It has to feed the business and, obviously, your own salary,
and there's a lot of thingsriding on clients' payment.
And what happened?
Because this was quite thelarge project, it really set her
back because I guess she justassumed that the money was
(11:46):
coming and so then items andthings were purchased on credit
and debt started to piling upbecause she just assumed that
the payout was coming andunfortunately it never came.
And so again, this is kind of asituation where it's not really
her fault, right, she didprovide the service, she had a
(12:06):
contract and the business justdidn't hold up their end of it.
And the one thing that resonatedwith me when I was speaking to
her is that she just couldn'tfind the resources to be able to
figure out this situation.
And you're so deep in itbecause you're angry about the
client, you're angry that you'rein this situation and even if
(12:28):
you knew the theories that goalong with how to actually get
out of debt, actually executingthem and moving forward is very
hard, because you just can't seethe end of the line, you can't
see what the red path is, and so, again, this is where reaching
out and asking for help andhaving someone that can verify
(12:51):
clarity and verify how to stepby step plan is so important,
because you just can't see itbeyond the clouds.
So I share these examples justto show you that we're all real
people with different scenarios,different circumstances that
have led us into this debt trap.
So what are the next steps?
(13:12):
What can we do?
Because we don't wanna live alife like this.
We don't want to live a lifewith debt being a burden on our
shoulders.
Well, I'm going to talk aboutall of that, number one through
the guide and number two on IGLive over the next few days.
So I hope you're gonna join meand make sure to tell me whether
(13:33):
or not you listen to thepodcast.
I love meeting the listenersand so I'm excited about what
the next few days hold for allof us.
So your homework for now is todownload the guide at
thefinancialmomentcombackslashdebtrap and make the
first step of moving outside ofthe burden that debt can cause.
(13:56):
Take care, guys.
Thank you for listening.
We are committed to helping youplace your very first steps
into your new home.
See you next time.
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