345. From Debt to Control: Mastering Money Management Skills

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In this episode, Brad Nelson, founder of Debt-Free Dad, tackles the common belief that some people are just 'bad with money.' Brad explains that being good with money is not an innate trait but a learned skill. He shares insights on overcoming financial mistakes, changing your mindset, and adopting better money management practices. Tune in to discover how to break free from living paycheck to paycheck, reduce financial stress, build savings, and pay off debt. Brad also discusses the importance of consistency, simple systems, and the right tools for achieving financial freedom. 

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Episode Transcript

Brad Nelson (00:00):
I'm just not good with money.
Now, if you've ever said thator even thought it, this episode
is gonna be for you, becausehere's the truth being good with
money it isn't something thatyou're born with, it's a skill.
And if no one ever taught youhow to manage money, that's not
really your fault, but stayingstuck, that is your fault.
Now, today, I'm gonna help youbreak down why this belief is
holding so many people back andhow to finally flip the script

(00:23):
in your life.
Hey guys, welcome to today'sshow.
I'm Brad Nelson, founder ofDebt-Free Dad.
I paid off about $45,000 indebt.
I've been debt-free now formore than 12 years.
I've also helped thousands ofother people save and pay off
tens of millions of dollars withthe work that we do here at
Debt-Free Dad.
Now, guys, after listening tothis episode, if you're ready to

(00:46):
take things to the next level,you're ready to break free from
living paycheck to paycheck,reduce stress, build savings and
finally pay off your debt forgood.
But again, maybe you're justnot sure where to get started.
Right, we've created someawesome free resources here at
Deferredad to help you getstarted, and I'll be sharing
some details about those lateron in today's episode.
So, like I said in theintroduction, I'm just not good
with money, right?
And again, maybe you've saidthat after overdrafting your

(01:09):
account or making a big mistake,or after looking at your credit
card balance and wondering howthe heck did that get so high?
Or maybe you've just believedso long that you're bad with
money.
It just feels like it's a fact,right.
But here's the truth.
That belief it's total garbage.
Being good with money isn't apersonality trait.

(01:29):
It's not something that you'reborn with, it's not part of your
DNA.
It's really a skill and likeany skill like think about
cooking, riding a bike, liftingweights those skills can be
learned, practiced and improved,and so can your finances.
So if you've ever thought I'mjust not good with money, what
you probably meant was well, noone ever taught me how to manage

(01:50):
money the right way, or I'vejust made some big mistakes and
I feel ashamed about it, or evenI've tried to fix it before and
nothing ever worked.
Nothing stuck.
So I've kind of just thrown inthe towel and given up and look,
I totally get that.
I've kind of just thrown in thetowel and given up and look, I
totally get that.
I've been there.
But let me tell you somethingyou might need to hear today.
You are not broken.

(02:10):
You are not bad with money.
You just haven't had the righttools or the support to get real
progress with your finances.
The people you think are goodwith money they're not financial
geniuses.
They're not naturallydisciplined or gifted.
They're human, just like all ofus right.
They just know where theirmoney is going.

(02:31):
They are intentional withunderstanding where every dollar
is being spent and wherethey're saving it and what their
goals are.
They have a simple system thatthey stick to right.
They stay disciplined andconsistent and when life gets
messy because it always doesthey just reset and they get
back on track.
Nobody gets this perfect.

(02:52):
That's it right.
They're not perfect.
They mess up too.
The difference is they don'tlet that one mistake become a
major meltdown.
Right, and that's where mostpeople screw up.
It's not that they don't knowwhat to do, it's just that they
don't do it consistently.
So if you've been carryingaround this identity that says
I'm just bad with money, I wantyou to flip the script after

(03:16):
today's episode.
Instead of saying I'm not goodwith money, start saying I'm
learning how to manage my moneybetter, starting right now,
starting today, and then you saythat every day, that small
shift in identity.
That's where real change beginsto happen.
And again, I want you to makethis really clear you don't need

(03:38):
to be great at math Heck, I'mnot even great at math and I run
a company that helps people getout of debt.
You don't need to obsess overspreadsheet, budget forms and
all that.
You don't need to be perfect.
You just need to get reallyclear on what's going on with
your money.
You need to take one small stepat a time.
Give yourself permission tolearn and make mistakes, because

(04:00):
they're going to happen andthat's okay.
You can become someone who'sconfident and in control with
your money, no matter whereyou're starting from or how much
debt you have.
So, again, instead of thinkingthat you're bad with money,
instead be proactive.
Remember, you're working onthis, it's work in progress and
every day you work on it, you'regoing to get better.

(04:21):
All right, guys.
Now if you're ready to breakfree from living paycheck to
paycheck, you want to reducestress, you want to build
savings and finally pay off yourdebt for good.
But again, maybe you're notsure where to start.
Don't worry, we've got youcovered.
Simplify my Money is sent to youeach and every Sunday to your
email.
Now, simplify my Money is astep-by-step roadmap to better

(04:42):
financial control.
You're also going to learneasy-to-follow strategies to
manage your money moreeffectively.
You're going to get stress-freemoney decisions, because this
newsletter is going to help yousimplify your financial life
with proven tips that actuallywork, and you're going to gain
the tools and confidence totackle your financial goals
head-on.
All you got to do is sign upfor Simplify my Money by

(05:03):
clicking the link at the top ofthe show notes.
Hey guys, thanks for joining uson today's episode.
We appreciate you and we willsee you guys on the next show.