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how debt can springboard you to wealth

How Debt Can Springboard You to Wealth

how debt can springboard you to wealth

If you have debt, turn it to your advantage. Few people realize that debt can springboard you to wealth. We share an example of this on today’s podcast.

On The BIGG Success Show today, we talk about how to get out of debt.

This show is inspired by a recent report on consumer debt levels by the Federal Reserve Bank of New York. It shows that household debt in the U.S. hit a record high in the first quarter of 2019, up 8% from the previous record reached in the third quarter of 2008.

So if you’re in debt, you’re not alone. But debt can be good or bad. We believe debt is a tool. So today, we show you how to get out of debt and then, how to use debt to your advantage – to turn debt into wealth. Here’s a summary of that discussion…

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Image of Jill Sclesinger and her book cover The Dumb Things Smart People Do With Their Money

Jill Schlesinger on Why Smart People Make Dumb Money Moves

Image of Jill Sclesinger and her book cover The Dumb Things Smart People Do With Their Money

We talk with CBS business analyst Jill Schlesinger about smart people making dumb money moves and how to avoid these traps – if you’re smart enough.

On The BIGG Success Show , we talk with Jill Schlesinger. Jill is an Emmy-nominated and Gracie Award Winning Business Analyst for CBS News, a weekly guest on NPR’s Here and Now, and a Certified Financial Planner. She writes a weekly syndicated column, Jill on Money, and serves as the host of the nationally syndicated radio show and podcast, Jill on Money.

She joins us to talk about her new book, The Dumb Things Smart People Do with Their Money: Thirteen Ways to Right Your Financial Wrongs*. Here’s a summary of that discussion.

What’s wrong with trying to time the market?

Jill says it’s a classic mistake. Market timing requires two perfect decisions. First, you decide when to sell. Perhaps the market is at an all-time high. But how do you figure out when you’re going to get back in? It’s nearly impossible. And very few people can consistently time the market long-term.

She adds that Warren Buffett, in an annual letter a couple years ago, told his heirs to invest 90% of their inheritance in a S&P 500 index fund, put 10% in bonds, and go to sleep at night.

Jill tells us about a time when she tried to time the market. She became an instant celebrity. Then she flamed out in public. Simply click the PLAY button to hear the full story.

How is investing like “defensive driving”?

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7 Ways to Improve Your Financial Health blog post image

7 Ways to Improve Your Financial Health

7 Ways to Improve Your Financial Health blog post image

It’s easy to stress over money. But you will feel less stress if you take action to improve your financial health. We share seven ways.

On The BIGG Success Show, we discuss how to get over stressing about money by taking seven tangible steps to improve your financial health. Here’s a summary of that discussion.

Every day, the headlines carry a stream of negative news about our financial situations. Baby Boomers aren’t ready for retirement. Generation X still hasn’t recovered from the last recession. Millennials are overwhelmed by debt. Generation Z is dismal about the future. On and on it goes.

How can you get past the stress and have a healthy relationship with money? We’ll share seven ways.

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The First Step to Save More Money blog post image

The First Step to Save More Money

The First Step to Save More Money blog post image

If you want to save more money, where do you start? What’s’ the first step? If you’re surprised by the answer, you’re not alone. Most people are. Brought to you by FinancialFreedomTool.com. Plenty of money…for life!

Last time on The BIGG Success Show Podcast, we talked about how a pay raise can cost you. Many people make more, but then spend even more. One reason is because taxes creep in.

Today’s show is a continuation of this topic. If you want to save more money, where do you start? What is the first step? We discuss this on our show today. Most people are surprised by the answer…

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Money Smart Week Guest on BIGG Success David Bach

David Bach on The Latte Factor

Money Smart Week Guest on BIGG Success David Bach

9-time New York Times best-selling author, David Bach, joins us to share the secrets of financial freedom from his new book, The Latte Factor. This show is made possible by FinancialFreedomTool.com.

Today’s show is part of our special podcast series for Money Smart Week – coordinated by the Federal Reserve Bank of Chicago to help individuals and families better manage their personal finances. Learn more at MoneySmartWeek.org.

Today, on The BIGG Success Show, we’re thrilled to talk with David Bach, one of the most trusted authors of our time. He’s written nine consecutive New York Times bestsellers, including two that hit #1.

David joins us today to share the secrets to financial freedom from his new book, The Latte Factor: Why You Don’t Have to Be Rich to Live Rich*. Here’s a summary of our discussion…

Why did you write this book as a parable?

David says he’s wanted to write this parable since 2004. He was on Oprah, talking about The Automatic Millionaire*, his most popular book at that time. It’s about an ordinary couple who achieve total financial freedom at the age of 52, having never earned over $52,000 a year.

It shows, he explains, that you don’t have to be rich to invest. You don’t have to make a lot of money to retire early.

As the book became more and more popular, David realized that one of the best ways to reach people is by telling stories. His favorite books – The Alchemist* by Paulo Coelho and Who Moved My Cheese* by Spencer Johnson – were stories.

He adds: The truth is 98% of the people are never going to buy a financial book. But they’ll buy a story book. So I thought I could reach more people by putting this into a parable. But the story didn’t end there…

David is a BIGG fan of Paulo Coelho, author of The Alchemist. He spent a delightful evening with him back in 2012. As the time to retire neared, Paulo turned to David and said, “What is the book that your soul desires to write, that you have not yet written?”

David replied, “I want to write this book called The Latte Factor, that could inspire tens of millions of young people all over the world to realize that their dreams are closer than they think, that small amounts of money could change everything in their life. I have a son. He’s a teenager. I can’t get them to read my books yet.”

Paulo put his hand on David’s arm and said, “Then David, you must write that book.”

So David wrote The Latte Factor. And his son read it…and immediately acted upon it.

Want to know what George said to give David chills? Then listen to the show. Simply click the PLAY button above.

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