In the pilot episode of Debt Heads, revealing the truth about our finances leads to connections with strangers and catharsis with family relations.Follow Debt Heads on Instagram, TikTok, Substack, Patreon and YouTube. Credits: Writing/Editing/Production: Jamie Feldman & Rachel Webster Theme Song: "Pay For That Money," Written and Performed by The Defibulators, PigCow Publishing (ASCAP)Original Score: Ali HelnweinFact Checker: Serena Chow Audio Mix: Jeff Seelye ★ Support this podcast on Patreon ★
Chapter 1: What are the common financial struggles people face?
This episode of Deadheads contains colorful language. If you have kids in the room, you might want to turn the volume up. Okay, let the fun begin. Okay, so... Restaurants? Alcohol? Health insurance? Holy shit! Oh my god. This number is giving me a lot of anxiety.
What's the damage?
I made $7,892 and I somehow spent $10,869 in one month in June. So how many months do you think you've done that? I don't know. How many months are in 33 years? This is the conversation that changed my life. It's the first time I revealed a deep, dark secret to my best friend. It was a conversation 10 years in the making, and it started like most things start in my life, on a walk.
Where are we heading? Do you want to go to the library? I would love to go to the library. I have a few books to pick up. Okay.
My friend Rachel and I walk all over Brooklyn.
Usually our destination's a park or a library.
Or a grocery store.
I love a grocery store. We love a grocery store.
This is a path we've walked, I would say, maybe a hundred times before.
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Chapter 2: How does debt affect mental health?
But most importantly, to start questioning why and how.
America became a country full of debt heads.
You wussies. You unbelievable little children people.
Unbelievable. When I started to seek out personal finance guidance, this was the first voice I heard. Dave Ramsey, one of the most recognizable and best-selling authors in the space.
You work all the time when you're broke. It's what you do. It's how you not be broke anymore.
And his take on financial advice is steeped in the theory that every individual is solely responsible for their financial well-being.
You little wussy. You go to work. It's a theory that says we are in total control of our successes and failures. And it pays little credence to the environmental, structural, or collective factors at play.
That's how you fix this. You don't go out to eat. And you don't go on vacation. You're broke.
And while I find Dave Ramsey's tone particularly off-putting, his take on advice is pretty popular. He sells a lot of books and has a lot of listeners on his podcast.
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Chapter 3: Why do so many people keep their debt a secret?
Till this day, first thing I do is pay my rent because I never ever want to consider the fact that I won't have a place to live.
My mom sees her apartment as the place where she grew into the person and mother she wanted to be. And that person learned that financial freedom is not about doing everything on your own. It's about connecting and leaning on your community.
Are you inspired by Jamie? Yes. Totally. Totally, totally, totally. Yep. Do you feel like she's educated you? Yes. Totally.
Although for me, it takes me a while to get into that budgeting thing. I've been saying it since you started talking about it. I'm a big procrastinator when it comes to doing certain things. Tell me you want to go to TJ Maxx. I have my shoes on. I'm going.
Right? So maybe my mom didn't pass along the most practical financial wisdom. I didn't learn about credit cards or 401ks. But why do we consider that to be the only valuable financial advice based on one set of financial values? And is that advice even working?
After I sifted through the gaggle of trolls under the TikTok bridge, I found that their voices, while loud and angry, were nothing compared to the many people who saw themselves in what I had to say.
Within a few months, there were tens of thousands of people following Jamie's journey. She even started to get news coverage.
Jamie Feldman was once $20,000 in debt. I have $13,000 of credit card debt currently.
And for Jamie Feldman, that's actually an improvement. That's why this week we're chatting with Jamie Feldman.
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