010: Delete Debt & Becoming Financially Free with Steve Stewart

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Nearly 80% of households under the age of 35 are carrying debt. Nearly 80%!

That is crazy. You cannot be financially free if you have debt. So, to help us learn how to get out of it, we brought in The Money Plan SOS host, Steve Stewart.

Steve is someone who had a lot of debt himself. He got out of debt and doubled his net worth in a few short years, and now spends a lot of his time sharing his insights and his story so that others can do the same. If you have any debt, Steve’s messages shared in this podcast will help you get out of the hole and headed towards becoming financially free.

In This Podcast, You’ll Learn:

• How to create a debt elimination strategy.
• Why you should “pay attention, not interest.”
• The first step to becoming financially free.
• Why Steve is excited for Gen Y and Millenials.
• How to approach debt.
• How to invest for retirement.
• The difference between 401k, Roth IRA and traditional IRAs.
• And much more!

Definition of Wealth:

• Being able to do the things you want to without having to worry about the money.

Recommended Book:

• The Total Money Makeover by Dave Ramsey – a great book for anyone in debt.
• The Millionaire Next Door by Thomas J. Stanley – the ways that millionaires live would surprise you.

Best Piece of Financial Advice:

• Stay out of debt. “It is easier to swim to paradise with your head above water and not have to have the added weight of debt around your neck.”

Action In Next 7 Days:

• Get out of debt and stay out of debt. Simple enough. Do not strap yourself down with debt.

Connect with Steve:

• MoneyPlanSOS.com
• Money Plan SOS podcast
• Twitter

I love one quote that Steve shares – “The mindset of true wealth gives every dollar a purpose.” If you have a purpose for every dollar, you don’t waste it on the useless, exorbitant items. Whether it be getting out of debt, creating financial freedom, or living your dream lifestyle, every dollar should have a purpose.

Action Items:

• If you have any debt, put all of your focus into paying it off in 2014. Start here. Once out of debt, you can create financial freedom, but not before then.
• If you’re not already, put 15% or more of your income away for retirement using Roth and traditional IRAs, as well as the 401k that Steve discussed. It will pay off big time.

 

 

Note, as with all information provided on YoPro Wealth, all financial advice is for informational purposes only. You should consult your financial professional before taking any action.