In episode 305 (linked below), we talked about how car debt is some of the most crippling debt to be in, but also some of the easiest to get out of. However, we noted that it’s emotionally difficult for people to unwind their car debt for one big reason: it’s a public decision. The act of selling a vehicle and downgrading is visible to everyone around us, which is tough. In today’s episode, we dive deeper into a reality we must all face. When we choose to make (or not make) financial decisions because of what people might think, we’re prioritizing our image over our family. We’re choosing status at the expense of our family’s livelihood. When we view it through that lens, it could (and should!) enable us to make different and better decisions.
Referenced episode:
305 - You Don't Have to Buy That Car: A Rant on Not Letting Car Decisions Ruin Our Financial Lives: https://pod.fo/e/21ee6c
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