Chatter #345 - Debt Free Dad: Why We Get Into Debt - Debunking Myths and Saving Money

Debt Free Dad is a website dedicated to helping individuals and families eliminate debt and achieve financial freedom. It offers a variety of resources including a Debt Freedom Planner, educational courses, and the "Roots" membership program, which provides step-by-step guidance, support, and accountability for managing finances. The site also features success stories, a podcast, and practical tips on budgeting, saving, and paying off debt. The goal is to reduce financial stress and improve financial well-being for its users.

Brad, shares valuable insights on budgeting, debt reduction strategies, and financial planning. The conversation delves into shedding light on societal norms around debt, the impact of social pressures on spending habits, and the importance of setting clear financial goals.

Key takeaways:

1. Debt as a societal norm: Brad opens up about how debt has become normalized and heavily marketed, making it seem abnormal not to have debt. He emphasizes the role of parental influence and societal pressures in shaping individuals' financial habits.

2. Mortgage approval without credit score: Brad discusses how some individuals have successfully secured mortgages without a credit score through lenders using manual underwriting, showcasing alternative ways to establish creditworthiness.

3. Car payments and mortgages: Brad highlights the negative impact of high car payments on mortgage approvals, emphasizing the need to make intentional decisions regarding finances and prioritize saving over impulsive spending.

00:00 Debt has become a societal norm.
06:47 Mortgage obtained without traditional credit score system.
08:20 Concerns about financial advice and debt management.
14:28 Eating out and instant purchases impact finances.
18:32 Change mindset and tools to improve finances.
21:16 Social pressure from peers drives lifestyle choices.
23:09 Don't regret starting to manage money early.
27:45 Take responsibility for financial success, not blame.
30:07 Thanks for listening and subscribing, see you!

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[coffeedonutsandhomer]

My FICO credit score has gone DOWN as I have started paying off debt and closing credit cards. On a side comment: I would like to see you and Houston Wade do a show now that GameStop is heating up again. Options contracts are playing a huge part.

[johnpatterson]

My brother why is gme looking primed and your not doing a show about it? Come on bro lol