Chris Peach, of MoneyPeach, joins Think Enriched today.
- 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:
- The Millionaire Next Door, by Thomas J. Stanley
- Dave Ramsey
- The 100 Club of Arizona
- Think Enriched Virtual Tip Jar
You’ve heard of the Think Enriched Crew, but are you in yet?
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Don’t forget to join me & Steve Stewart on BLAB next week:
BLAB Session: November 18, 7pm, Pacific