Ep 102 | Redefining Your Debt Relationship and Taking Control For Retirement
episode
Wealthy After 40: Retirement Planning and Budgeting for Gen X
19 min
2 speakers
3 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
How can reframing your relationship with debt change your retirement outlook?
If you've been struggling with thoughts that you'll never get rid of debt and made statements that there's no way out, today's episode will support you in thinking about debt differently and how to begin breaking free. The solution? A new relationship. So stick around to learn how to make that happen.
Music
welcome to wealthy after 40 where i help you turn retirement uncertainty into a clear actionable plan if you're thinking about retirement but feel unsure whether it's even possible i understand the gap between where you are now and where you want to be can feel overwhelming but it doesn't have to Hi, I'm Daylene Higgins, founder of Elevate Finances and your personal financial coach. Having retired at the age of 50 and have enjoyed over two years of retirement bliss, I'm here to help you create your retirement dream and make it a reality. No more wondering, no more guessing, just taking action and building a future for yourself. Join me each week as I guide you through essential topics such as budgeting, cash flow, lifestyle planning, debt and savings, insurance, Medicare, and Social Security.
Together we'll build a strategy to help you achieve the retirement you've always desired. It's time to shift from uncertain to unstoppable and make your retirement dreams a reality.
Music
Welcome to the episode, Debt is Not Your Identity, but you do need to be in control of the relationship. Debt is such an important subject and an important matter for us to better understand who we are with debt, how we get into debt, how we use debt, whatever way you want to look at it, I was on a Reddit forum and an individual asked how they were supposed to buy a car in retirement. Well, how do you buy a car now? Things don't change as we head into retirement. The manner of the way we get paid is the slight change. There's a lot of thoughts and beliefs that retirement is completely different, but It is time freedom. It is time freedom, hopefully financial freedom. And so that question kind of threw me off.
I was thinking about it and also thinking through my recent clients and realized that debt can be something that we can take all on and we can consume it as our identity. And right there in doing that, taking on that role, feeling like there is no way out really limits us in the power of being able to be the one in charge. And that is crucial with debt. So client B of mine, she was experiencing the slow creep of debt. She had a budget and And she says, no matter what I do, no matter how much spending control I give on myself, I'm still seeing my debt slowly climb. Does that sound familiar? Do you feel like you're in a similar situation? Or maybe you're like my other client, Kay, who had experienced a major life event and through the years after that event made certain choices about
and incurred a certain level of debt for the greater good. I'll explain about more of that in just a minute. But she's feeling the pressure of all of her debt today, and she wants it gone. I think most of us do, but that is where she's sitting. Those are probably two of the most common situations, and there is one more, which I will describe in just a little bit. But really, the goal is for debt is to create a positive relationship with debt you want to be in control at every step and that every step makes sense you know debt is such an interesting beast and it can become that beast if you let it get out of control that's why it's so important for you to stay in control But debt, usually we get the reward immediately and then we have all of the work to do.
And that misalignment from what we're normally used to, even with working, we work and then we get paid. We work and then we get paid. But debt is the reverse. And right there, creates such a different euphoria for us that it's very important that we spend time with debt and that we not take on its identity once we are in that. Once the reward and that initial sense of, oh my gosh, this is great, is gone, now the hard work has to go forward. All right, let's back up to client B.
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Chapters
3 chaptersSpeakers
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