Back to the Basics: Debt Hierarchy
episode
DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing
23 min
3 speakers
5 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the main topic discussed in this episode?
Hey, this is Daniel. Thanks for listening to DIY Money. If you haven't already, be sure to give us a five-star review on iTunes so your friends know that they can learn from the show. Now, enjoy the show.
Welcome back, ladies and gentlemen. You're listening to another edition of DIY Money. DIY Money. A. Howard in the house. Happy New Year. Happy New Year to you. We're going to cut through all of the updates, and I want to introduce a few things. First of all, welcome to all new listeners. This typically happens. Just kind of like going to the gym. Went to the gym the other day.
How do Quint and Allie introduce the 'Back to the Basics' debt episode?
Big mistake. Wow. Is it bad? Well, it's just very packed right now. Oh, yeah. So I, you know, wasn't there long, needless to say. So welcome all new listeners that are on a first-of-the-year kick or financial cleanse, if you will. Just a couple of housekeeping odds and ends. We will go back to questions, the traditional format of the show. So if you're just now catching up and going, wow, they used to do questions. Wonder what happened to that.
Now they just yap.
Now they yap. We do a back-to-the-basics episode. every year at the very beginning of the year. I am back! And this year, we are really getting into a lot of the finer points instead of just brushing over them. I think that's due in part because I have genuine concerns about where we are in the world financially. The statistics I continue to see almost daily now, it's a little scary. Debt levels, all-time highs. consumer uh... credit slash delinquencies on the rise considerably from everything from auto to credit card that is very concerning so we're going to make sure that people are on the right path to financial freedom if you will and so we are doing the back to the basics which we will cover uh... in this episode and we have two others we will however get back to your questions so
The format of the show remains the same. If you are interested in sending us an audio question, an audio question, we have never read questions, so don't type a question out. I don't know why all of a sudden people are sending in a written question. It doesn't make any sense to me.
Maybe they're new. They just don't know.
Okay, go back four episodes or six episodes.
What are you people?
Anyways, send us in an audio question. Try to keep it 60 seconds or less. It will, like, a minute five. A little grace there. 250? No. Like recut it. I mean, sorry. It ain't happening. I can't work like this. 60 seconds or less. Also, I get amazing feedback every time we do a junior question. So send in juniors. If you have a young, inspiring mind at home that has asked financial questions, I don't care if it's Bitcoin. You want to talk Bitcoin? Let's talk Bitcoin. Seems to be our more popular episodes.
We actually haven't done much Bitcoin yapping.
Crypto? No.
So what's in it for them, Quint?
$25 Amazon. If we use it on the show, we'll send you a $25 Amazon gift card. Let's just stay on this soapbox a little bit. It might take us 24 hours. Holy cow. I mean, hey, use my question. Where's my gift card? I want my money. Where's my money? Give me the money. Money, money, money. We have a process to do the gift card. So anyways, thanks again for joining us. That's the format of the show.
There's our soapbox.
There's our soapbox. Let's go right into the last of three... Back to basics. You have now been developing a budget, tracking your expenses. You've got your fast cash. You're driving your spouse crazy on this new financial cleanse that you're on. You might even have gotten your three-month emergency fund. Or maybe you are in the step of saying, okay, I'm going to be increasing my margin however which way I need to. Maybe I've cut expenses and I need to still cut more. Or... I need to increase income. I'm going to pick up that side gig or I'm going to start taking extra shifts at work or whatever it might be. Now we're going to start talking about paying down debt. You might think, wait a second, Quinn, isn't that the whole point is to pay off debt?
Shouldn't I have been doing that in step one? No, contraire, mon frere.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:00–0:36
2
How do Quint and Allie introduce the 'Back to the Basics' debt episode?
0:36–11:23
3
Why do the hosts stress budgeting and tracking expenses before paying down debt?
11:23–11:43
4
What emergency fund and 'fast cash' rules do they recommend before attacking loans?
11:43–14:06
5
When should you start paying down debt and why not skip earlier steps?
14:06–23:06