Today we’re going over home buying tips so you can snag a great deal on your dream house! What You Need to Know About Buying a House This summer is wrapping up, but things are about to get busier for us. My mom was recently offered a job in the area and so she’s asked […]
pay off debt
Frustrated with your credit card, car payments, and student loans? Learn how you two can come together to dump your debt faster and retire early!
How You Can Retire Early
The good news is that the skills you use to get out of debt are transferable. Instead of sending in those extra payments to your credit cards and student loans, you can direct to savings and investments.
In this episode, we talk about:
- how they managed to pay off $52,000 in debt in 18 months
- the system they used to keep one another in the loop with money
- planning and following through financial independence
Hope you enjoy!
Resources to Dump Debt and Retire Early
If you’re looking to get ahead with your finances as a family, here are more resources to check out!
- Retire Early By Rethinking Your Priorities
- Financial Independence Through Big Wins
- Setting Up Your Retirement with the Right Tools
- The Shockingly Simple Math Behind Early Retirement
Jumpstart Your Marriage and Money Course
Want to give your marriage and bank account a boost? Pick up Jumpstart Your Marriage and Money course.
Jumpstart focuses on the big wins including earning more. Get LIFETIME access to a four-week course design to help you:
- Stop fighting about money and create a budget that you BOTH LOVE
- Automate your money
- Pay off your debt faster
You can get lifetime access here!
Feeling trapped by your student loans? Kevin shares his story, strategies, and tactics on how he paid off $87,000 in less than three years!
[smart_track_player url=”http://traffic.libsyn.com/couplemoney/Paying_Off_87k_of_Student_Loans_in_Less_Than_3_Years_with_Financial_Panther.mp3″ social=”true” social_twitter=”true” social_facebook=”true” social_gplus=”true” ]
Dumping the Student Loans
Depending on where you are on your financial journey, you may be dealing with student loans.
Right now 40 million Americans hold student loans. One report had estimated that the class of 2015 on average had graduated with over $35,000 in loans.
And for many it’s a burden.
Kevin, creator of Financial Panther, comes on the podcast to talk about his experience with paying off $87,000 in student loans in less than 3 years!
In this episode we’ll get into:
- what motivated him to pay them off ASAP
- how Kevin managed to dump his debt
- how your phone can help you earn cash
Hope you enjoy!
If you want to get the ins and outs of repaying your student loan, please check out my interview with Jay Fleischman. He’s an attorney who specializes with student loans and bankruptcy. Jay is very knowledgeable and passionate about helping his clients.
Resources to Pay Off Student Loans Faster
If you’re ready to dump your student loan debt, here are some resources to check out:
- Breakdown Of How I Paid Off $87,000 Of Student Loans In 2.5 Years
- The Only Secret To Paying Off Debt Is To Be A Weirdo
- SoFi – They are offering $100 bonus right now if you refinance your student loan!
Refinancing Your Loans Quickly & Easily
Refinancing your student loans could save you thousands of dollars!
They offer competitive and low rates (as low as 2.36%!) plus they’re offering a $100 bonus now!
Thank You to Our Partners
Support for this podcast comes from partners like Personal Capital. Easy to set up & easy to use. You can have all your investments, income, and expenses all pulled into one place.
Did I mention it’s free? Why don’t you give Personal Capital a try today?
Support for this podcast also comes from Divvy Investments. If you’re looking for an easy way to help keep your portfolio on target for retirement without having to link your accounts to yet another service, check out Divvy.
Listeners can get a 10% discount; use the coupon code, “Couplemoney”.
New Year, New You Financial Summit
We’ve been talking about goals and how you two can reach them.
I’ve teamed up with some of my buddies on something that can help you two have an EPIC year. We’re hosting the New Year, New You Summit. It’s a huge week-long event that you can catch from home. It’s going to be happening January 9-13, 2017.
How would you like to hear from others who have done big things like pay off six figures of debt, retired early, or became a one income family to have more time for the kids?
And the best part? You can watch the summit that week for FREE! You just have to register and we’ll save you a spot. Register for FREE here!
Don’t forget to invite friends and loved ones who you feel could also use this! There will also be over free resources and prizes. I want you to have the best year ever, so please sign up today!
Toni Husbands from Debt Free Divas gives your the tips and free tools you can use the power of community to get rid of your debt faster.
We’ve talked about getting rid of your debt on the podcast, but instead of talking about debt snowballs or avalanches, we’re looking at communities today.
[smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/CM_034_Dump_Debt_Faster_Through_the_Power_of_Community.mp3″ ]
Toni Husbands, author of The Great Debt Dump: Running Toward Financial Freedom with the Power of Community, will be sharing her advice on building the support net you need to succeed.
Besides knowing the stats and the studies about getting out of debt with a supportive network, she has the personal experience. If her voice sounds familiar it’s because Toni was on podcast before in episode 6 when she shared her family’s story of dumping six figures of debt.
She’s been busy on Debt Free Divas helping others to better position themselves to build their wealth.
In this episode Toni gets into how tapping into a community can help you pay off debt faster. For those who don’t already have one to support them, she has tips and free tools you can use to get started one.
Resources Mentioned In This Episode
If you want to learn more about Debt Free Divas or how to build a support network, here are some helpful links to check out.
Take care and have a wonderful week!
Last show’s topic was getting rid of your car loan faster. For some couples it’s a huge debt that eats up a big chunk of their monthly budget.
As stressful as it can be, there’s another situation that can make car loans even more taxing -when you owe more than what the car is worth.
Upside down car loans are worse because they are loans on a depreciating asset. Your will continue to lose value even as you make your payments.
[smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/How_to_Sell_or_Refinance_an_Upside-down_Car_Loan.mp3″ ]
Options With an Upside Down Car Loan
When you’re trying to get out of a car loan (upside down or not), you have to have all your numbers in front of you.
It comes done to either selling your car or refinancing it to better terms. We’ll go over some tips to help you just that in today’s show.
This is a long shot because you have to account for the difference between what you owe and what the car is worth. Here are a few ideas to help fill the gap.
- Sell some stuff
- Get a temp job
- Use your tax refund
- Get a line of credit
If you’re able to gather up that money, call up or visit your bank or credit union. Speak with someone at your local branch and see if you can work out a refinance.
Sell the car
If at all possible, my advice would be to sell the car. If your budget is already stretched, removing this debt as fast as possible can be a huge relief.
The problem of course that what you sell the car for will most likely be less than what you owe. So what do you do with the difference?
Before you put the car on the market, talk it over with your current loan provider and explain to them that you’d rather owe them a few grand then the five figure debt you’re in.
Selling the car means that you have to be able to transfer the title so either they can work with you and get an arrangement made or you may have to go to your local credit union or bank and take out a personal loan to cover the difference.
So what if you have things in place, just how do you sell your car for the most you can?
- Know Your Car and Buyer – Go ahead and picture who would be the most likely person to buy your car. When you put the word out you want to make sure highlight the features that matter most to them.
- Tailor Your Ad – Do you have a Honda Accord? Make sure to emphasize it’s reliability and how easy it is to maintain. Got a convertible you need to get rid of? Talk up how much fun it is and how fast it can go.
- Clean Your Car – You’d be surprised at how some people mess up their chances of getting buyers by not cleaning up their cars. When we were selling our old one, I had several people compliment the care I took. People associate clean cars with well maintained cars. Remember how clean it was at the dealership? That’s your goal – remove junk, vacuum, and detail it if necessary.
- Make your Pictures Pop – All the words in the world will only get so far. Entice potential buyers by taking great pictures of your car. While it doesn’t have to be a perfect sunny day, do make sure the sun is out and your car is looking shiny and new.
- Price Your Car Competitively – Yes, it would be absolutely perfect if you can sell the car for what you owe, but it’s likely not going to happen. Instead you’re better off putting it out there for a competitive price and having someone snag it sooner rather than later. Kelly Blue Book or Edmunds can help you get a quick assessment of what to offer.
- Advertise – Use websites like Craigslist, Autotrader, and Cars.com to get the word out. Let all of your friends know on Facebook or Twitter that you’re selling your car. They may someone who would love to buy it. Don’t forget to put a For Sale sign up on your car. It still works.
- Sell it – The last part is one you have to be most careful with. Make sure you follow the terms of your current loan provider and state DMV.
If you have any other suggestions for digging out from an upside down car loan, please send them in. Leave a comment below or tweet me @CMoneyPod.
Thanks for joining me on another episode of the Couple Money Podcast!
If you’ve been following us since the beginning you’ve probably picked up on a recurring theme – couples who have to improve their marriage and money situations by reevaluating and changing how they talk to one another.
Getting a budget ready or getting out of debt, investing for retirement definitely involves running the number.
You can’t get around that. But it means that as a couple we find a way to work together.
With commitment from both, you two can be an unstoppable team.
Travis Pizel and his wife discovered this as they began a long journey and got rid of $109k of debt together.
Digging Out of Debt
If you are having a really difficult time keeping up with your payments and debt and outside help is needed, please listen to all the segments on this show.
In today’s episode we’ll cover:
- What is debt management and consolidation and figuring out if it;s an option for your family’s situation.
- Travis Pizel, from Enemy of Debt, is on the show and opens up about his family accumulated $109,000 in debt. Reaching a point they were unable to pay all of their monthly bill he had to admit to his wife how much in the hole they were in. Hear how they came up with a solution that drastically changed their finances and their marriage. (As a bonus, their daughter gives her perspective on getting out of debt as a family.)
- Finally if you and your family are swamped with debt, we’ll go over some possible solutions to help you get back on track.
[smart_track_player url=”http://media.blubrry.com/couplemoney/traffic.libsyn.com/couplemoney/CM_008_Admitting_to_Your_Spouse_That_Youre_In_Debt.mp3″ ]
I want the two of you to find the option for your family to become debt free. Hope you enjoy!
- Subscribe on iTunes: Simply click on this link and you’ll be taken to Couple Money’s page where you can subscribe.
- Subscribe on Stitcher: Please click here so you can catch all episodes.
If you enjoyed the podcast, could you please take a second to share this with your friend or leave a rating and review? You’ll be getting the word out on the show and helping other couples build their marriage and net worth.
Resources to Pay Off Debt Faster
Want to knock out your debt faster? Here are some apps, sites, and other handy tools to help you reach your quicker!
- Best Budget and Money Apps: Personal Capital, Tiller, Mint
- Jumpstart Your Marriage and Your Money
- Total Money Makeover
- Free Debt Snowball Template
- Trim: With Trim, you can cancel subscriptions and negotiate your bills.
- Billshark: They contact your service providers and negotiate the best price on your behalf.
- Paribus: Bought something and a week later the price drops? Paribus can get you back the difference.
Debt Consolidation and Management
There are so many scammy companies out there making bold claims that they can turn around anyone’s finances.
To help you make an informed decision, I’m going to explain the basics of debt consolidation.
At the heart of it, debt consolidation combining all of your high interest debts into one with a much lower rate. The idea is that you’ll be able to finally get out of debt by sticking to the plan.
There are companies out there with programs to get you out of debt using consolidation, settling with your creditors, or negotiating a lower interest rate so you can actually pay off your loan.
You send them your monthly payments that includes a fee so they handle this for you. Think of it as a third-party payment system.
Be aware that companies charge you a fee for this service and they can vary lender to lender, so make sure you shop around and completely understand them before you consider signing up.
Depending on your situation, you may be able to negotiate a better interest rate yourself, so don’t be so quick to give up control unless you know the company would do a better job.
If you feel like this could be a good option for your family, here are some tips to protect yourself:
- Beware of aggressive counselors. To use these companies, you’re giving up some control, so think long and hard before signing up. If they keep pushing you to make a decision immediately or get upset that you want to shop around, drop them.
- You can weed out some possible scammers by checking and seeing the companies you’re thinking about are registered with The Association of Independent Consumer Credit Counseling Agencies or The National Foundation of Credit Counseling.
- Have them send over the terms in writing. Don’t go by promises made over the phone. Make sure you understand everything and run the numbers yourself. This is a commitment that you want to be sure about.
Finally whether or not you go with a debt management company, you and family still have to make sure that you fix the root of the problem and not just the symptom. Changing your financial habits is the only way you’ll stay out of debt.
Catch Me Next Week for #RetireeNextDoor
I want to mention that next Tuesday, November 18 from 2pm-3pm ET, I’ll be an expert panelist on @moneytipssocial #RetireeNextDoor Tweetcast.
Get answers to your retirement questions from more than 2 dozen of the top voices in personal finance.