Eliminate Payments. Interview with Chris Peach

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Chris Peach, of MoneyPeach, joins Think Enriched today.

Chris Peach
Chris Peach

We discuss:

  •  Chris, first is a firefighter & paramedic, then started looking at his finances & found they were out of money.
  • When they started doing the opposite of what everyone else was doing it started to work!
  • In 2011, they had $52K in debt: credit card debt, auto debt & student loans.
  • “I thought that’s how life was: you worked; money came in; you spent it all.”
  • They paid off all $52K in 7 months!
  • “When you stop your life, and you re-start it, and you do things so outside of normal, you can do these kinds of things!”
  • “That light that you hear about at the end of the tunnel?  It is way brighter than you believe it is!”
  • Student loan debt: refinance to be smart & get a lower interest rate.
  •  Why Chris recommends SoFi; they work for the people, not just the bank and interest rates.
  • Debit cards are not the Red-Headed Step Child of the finance world!
  • The thing about car payments?  They SUCK. Hear Chris’s thoughts on car payments.
  • How old of a car should you buy?  Chris believes 4 years is about right.
  • Opportunity cost in deciding on their next car.
  • A lot of us are immature with money: “There is financial illiteracy in this country with money.”   We just haven’t been taught the proper principles in handling finances.
  •  “No one ever talks about what happens when you finance your entire life into payments.  I tell you what happens, you run out of money at the grocery store.”
  • This whole “getting out of debt thing is starting to become cool.”
  • Chris will send you the budget.  You don’t take a road trip without a fuel gage.
  • “Everything we do in life, money interacts in it.”
  • Being on a budget is not like being walked on a leash- you create the boundaries that work for you.
  •  The one thing Chris would tell you:  “Start on a budget.”
  • How every police officer & firefighter in the state of Arizona can take the Financial Peace University course for free.
  • His wife is on TV several times a week and she shops wisely:  You won’t believe how much she pays for clothes now!

Resources mentioned in this episode:

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