Ep.18 Financial health/ is your debt a secret red flag in your life?

Hey there,

We all know this topic yet it’s the most uncomfortable thing to talk about.

DEBT

Can be so crippling and depressing.

Can destroy lives.

Can destroy families.

Can poison relationships.

Some people know how to handle it right away and some people are trying to run away from it their whole live, without success.

In todays episode David Lee and I will be shining some light onto this ugly little beast.

When you have the right guide with you on board you can boil this debt monster right down to its original size and handle it more gracefully 😀

with love

Aurora

If you love what you learned, be sure to hit that follow button so you never miss a future episode, and make sure to leave a review to help me reach more listeners just like you looking to follow their inner truth. 

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Transcript
Unknown:

Hello, and welcome to the Borealis experience. I’m so

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happy to be spending some time with you today. And today we’ll

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be talking about

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your financial health.

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Enjoy this interview.

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I announced it on Facebook the other day that I want to talk

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about financial health, I feel financial health is something

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that gets neglected, all too often when it comes to mental

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health and our overall well being. So I met David a couple

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weeks ago, and he shared with me that he just became a financial

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coach. So I don’t believe in coincidences. I think the

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universe brought him to us. Today, he will share with us a

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little bit what inspired him to become a financial coach, and

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maybe a little bit of his experiences with his own

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finances without going too much into detail. What I learned when

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I moved to North America here is that people are inclined to

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spend way more money than they own. It’s always the huge truck,

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the huge mortgage, the holidays, everything paid with credit

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card. And yeah, not really thought of how are we going to

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pay it off. So maybe you’re not the kind of person who easily

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spends money, but if you know somebody, or if you are that

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person, then this is for you. So welcome, David Lee today, thank

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you so much for taking some time to be with us. And can you

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explain a little bit what a financial coach

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is

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learning to

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become a financial coach? And what do you offer to your

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clients?

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How does it look like?

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For sure, I really appreciate you having me on Aurora. And so

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what adventure coach does is basically I would be creating a

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budget a customized budget for my clients, and figuring out

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where they are financially, and helping them to see how they can

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pay off any debts that they have. And start to build wealth.

Unknown:

Hmm. Okay, so

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from minus from the right numbers into the green numbers.

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Exactly. Yeah. And so a lot of the problem is a lot of people

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have debt from just from everything. I mean, starting

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from student loans, which is where I came from, and then just

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mounds of consumer debt, because our whole society tells us that

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we need debt and we need we need stuff is what their job is, is

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to sell us stuff, whether it’s, you know, trucks or vacations,

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experiences or just things a bigger house, bigger car. And,

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and I think they’ve done a very good job at selling all that to

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us.

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Mm hmm.

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And I remember last time, we talked on the phone, you

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mentioned someone, it was some celebrity who had lost, like, a

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significant amount of money, but it still didn’t make him a poor

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fella. He was still one of the richest people ever, but to lose

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money is so tightly. How do you say, affecting our well being

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like people can really go through depression, when they

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feel they can’t get out of debt? Would you agree with that?

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Absolutely. I think a lot of times our identity is wrapped up

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in that. Yeah. And whether, you know, see who we are by the

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things that we own, or just a specific status that we hold. A

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lot of times if that gets shaken, you know, what are what

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are we left to define who we are? Mm hmm.

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Yeah, it’s very scary. And I mean, a whole society, like you

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said, is built on money, like you have to have that job to pay

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the bills. And also, if you lose your job, and you’re left with

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bills, and you were always good with not having debt, and all of

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a sudden, you’re struggling with paying your bills. It’s like a

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huge stress factor.

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So you came from a very different job. You came from

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engineering, right? And I did that. To do these studies. It

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costs a lot of money. How was it for you as a student to I mean,

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I guess you American You know, from the get go that you have to

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pay a significant amount to get a degree. Are you being taught

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how to deal with the debt after you graduate though?

Unknown:

Well, it’s funny, because that’s the big problem. Yeah. are never

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really taught how to handle money. I mean, when I was a kid,

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I came from a pretty good family, middle class family.

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And, but they never taught me how to money. Yeah. I mean, how

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to balance a checkbook. But that was in. So when I was 18. And

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going off to college, I signed for these giant student loans.

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And it was just like, all of a sudden, I had, you know, $1,000

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in my checking account, and what are you going to do that

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semester? Yeah. And so I graduated school, I had been in

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and out of school, because at first I went through engineering

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school, found out I was hard and dropped out for a couple years,

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ended up going back to school and finishing with a different

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degree, actually finished with a recreation degree. And went back

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a couple years after that to finish up a engineering

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and also had about $32,000 in debt. Oh, my God. Yeah. And so I

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never really took my loans student seriously until about

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2009 when I was working with a food ministry, and I told her, I

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had student loans, you know, at this point, and she asked me how

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much I had. And I told her, and then she asked me how much I was

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paying per month. And I told her, and she said, you’re gonna

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have those loans for the rest of your life. And she was right.

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And so I figured out how to do something. So I started

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searching around and had one buddy that had some kind of

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computer program that was going to help you pay off my loans.

Unknown:out it, because it costs like:Unknown:

or 15 $100, another buddy of mine introduced me to Dave

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Ramsey, and his Financial Peace university course. And it

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sounded, it was 100 $100. I think for the course, I ended up

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taking that and that’s the first time I really learned about how

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money works. Everything is just a bunch of ideas and

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philosophies, right? The same thing that they tell us every

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time safe your future, get out of debt. You know, we know all

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this stuff. But the thing is, a lot of people just don’t do it,

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or they don’t know how to do it. Exactly. That’s

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I found that close to being cruel to to throw a young human

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being right into death, after hustling through college or a

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university, like, what kind of start into the work? Like the

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mindset that you have when you start the work life your work?

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How do you say routine? Is Oh, um, I have to pay off these

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debts first, because they’re going to cripple me for the rest

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of my life. Otherwise, and it’s not all I’m working towards

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having a business or growing it’s, it’s first No, I’m a slave

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to the system. And I find that so mean that? Yeah, there’s no

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course nothing provided for the students to help them to get out

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of it as fast as possible. You found something but it was

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because you woke up and you were interested in it. There might be

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people with a different mindset with the mindset, oh, I’m

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avoiding stuff that scares me. And that I don’t know how to

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deal with and those people. Like I was taught, right when I got

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to Canada, you cannot run away from taxes and from student

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loans, ever, taxes I knew from Germany, but student loans. I

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didn’t know that. It was such a huge part of young people’s that

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I’ve here. So very intense.

Unknown:

Yeah, that’s totally true. I mean, what you said about being

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a slave to your debt. And that’s one of the main verses that that

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they talked about in Financial Peace is proverbs 22. Seven, the

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debtor is slave to the lender. Mm hmm. And so and so you’re

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just really a slave to those loans that you’ve taken out?

Unknown:

Yeah. And

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ever. Everybody always says that it makes sense to take out

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loans, because you’re going to make more money in your career.

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But the fact is, a lot of people don’t even graduate college,

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which I didn’t the first time. I believe it’s 40 people who

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attend college don’t graduate. Yeah. So they might have

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3040 $50,000 in student loans and no degree. But just like you

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were saying, yes, you start off on the negative side of things.

Unknown:

Just go Going into your first career? Yeah, six months loan

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payments that are gonna come due.

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Yeah. When to start a business, you have to loan money, right?

Unknown:

It’s not? Yeah, it’s, it’s not logic at all to me. So you just

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started taking on clients? How How was it? Like your first

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encounter? Is that like you expected your job to be or or

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this experience to be? Or is it a little more trickier? Or can

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you see that people are very different minded and to to reach

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them sometimes can be tricky, or was it pretty easy going so far?

Unknown:

Well, it’s definitely a challenge. And I’ve coached

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people just kind of on my own. I’ve talked to people before

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about saving for the future and betting for retirement. But as

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far as when you start talking to somebody about their personal

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finances, it’s a taboo subject in America. I’m not sure how it

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ended up. But people just don’t talk about money, or how much

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and so to initiate the conversation can be a bit of

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troublesome.

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Yeah, yeah.

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But I mean, there’s a lot to finances. And to guide somebody,

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when they really don’t have any kind of background, it’s just

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like, I have so much to tell them, You can’t do it all in

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just a one hour session. So normally, I tell people, it’s

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gonna be a three or a six month session, session time period, an

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hour every month. But there’s just so much wrapped up in it.

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You know, when you talk about finances, it’s not just debt.

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It’s insurance, life insurance, health insurance, retirement

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investments, it’s all kinds of stuff.

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Yeah, it’s a lot to cover. But it is so important to start

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addressing. And in order for people to be you say, literate,

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like to to know their stuff, and to not turn a blind eye to

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something that might be challenging your ego? Because

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you don’t know nothing about it is not the solution. What would

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be your dream? client, maybe so to say? Or do you have an age

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group that you’re targeting? Or is it people from all kinds of

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backgrounds that that you would like to work with? Because

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you’re just starting out, like, maybe you have dreams or ideas

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there, or where you see a need more than, like, maybe for young

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people more than for older people?

Unknown:

Well, my ideal client is somebody who has debt, consumer

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debt or student loan debt. I would imagine the age ranges

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anywhere from 20s to 30s, to 40s. could be any age range,

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really, though. But somebody who has been in debt for a long time

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and is just tired of it, you know, that saying is you’re sick

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and tired of being sick and tired? somebody doesn’t exactly

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have any investments, or if they do, you know, it’d be something

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that I don’t know, they’re just not celebrate. But my job would

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be to just take all their finances and basically

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streamline the process. So it could be most any person just

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just trying to figure out what their budget is and how to make

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it work best for him.

Unknown:

Mm hmm. Very good. And do you only work with us citizens? Or

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can you work internationally?

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I could certainly work internationally. Because I mean,

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after all this stuff with the COVID. A lot of stuff is going

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virtual. All I need to communicate with with either

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video or over the phone, and then some form of payment. And

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using Venmo. And PayPal would be just an easy way to do that.

Unknown:

Mm hmm. Oh, that’s awesome. Yeah, cuz we have listeners from

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all over the world here in case they want to reach out and get

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some advice from you. That’s wonderful. No, I think what like

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the path you’re choosing is so critical, so important, and like

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very, very timely. Because maybe you have been affected by COVID.

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I don’t know how your life looked like before, but mine was

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certainly affected deeply and my work. And I know I’m not the

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only person like a lot of people lost their jobs and don’t have

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any income but still bills to pay. How was it around where you

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live, where people heavily affected by COVID or not so

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much?

Unknown:

Well, I think it’s all about the same You know, there’s a lot of

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people out of work. And a lot of people struggling with debt

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still. And you can encounter the same thing all over the world.

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Yeah, and it’s still like very restricted right now.

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It’s getting less. So I think the thing is, a lot of people

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are just kind of getting tired of it, you know, I there is,

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obviously, a pandemic out there. But I don’t think it’s as

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drastic as people say it is I got sick December 23. And for

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four days, it was really bad. After the fourth, though, is

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pretty much just had a nagging cough, and that was about it.

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And so our state, Virginia has actually had a whole lot of

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restrictions placed on it. There’s a lot of other states in

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the US that aren’t as restrictive. But are has limited

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the groups that can get together. And a lot of events

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have been cancelled because of it. And so we’re starting to see

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some signs of it getting better now and those regulations

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loosening up. But it’s just going to take some more time.

Unknown:

Yeah. Yeah, for sure. Here, too. If you had one or two, that

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start with one advice for his student, who didn’t have the

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chance to win the lottery, or a scholarship was coming out of

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university with that huge bag of debt, what would you recommend

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them to do? First thing, second thing third? Well,

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if they’ve already been through school, and they have debt, the

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most important thing is to is to get out of debt. There was a

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study done of 10,000 millionaires. It’s in the book,

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everyday millionaire by Chris Hogan. They study millionaires

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and ask them, how they made their millions how they got

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rich. And the biggest thing was to get out of debt instead of

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debt. And so if they’re coming out of school, I’d encourage

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them to take on a second and a third job and work as quickly as

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they can to pay off that debt. As soon as they get rid of that,

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hopefully, in the end a year or two, then they can actually

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start building well.

Unknown:

Okay. Yeah. And that job would be in their field that they

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studied, or just any kind of job

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where they’re going to be looking for anything, whether

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it’s in their study, or out of study, you know, go buy a lawn

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mower and start cutting lawns, pick up a rake, start raking

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leaves, work at the start, or anywhere just to make extra

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money. It’s what I’ve discovered, too, is, I mean,

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I’ve done all kinds of crazy jobs in the past. And it’s not

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that you don’t make a ton of money is that you need to make

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money consistently. And all of those little amounts are going

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to add up. It’s just a matter of time. I mean, I’ve been working

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with Uber Eats doing food delivery, and it doesn’t make

Unknown:hours a week, I can get:Unknown:

to $2,000 a month.

Unknown:

Yeah. So yeah, what you’re saying is that don’t

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underestimate the small jobs that you can do in between jobs.

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And those numbers will add up. And also be aware of how you

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spend your money, marry, like, keep it to groceries and

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housing. And don’t be too extravagant.

Unknown:

Yeah, totally. And that’s another big thing, too, is the

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budget. Yeah. household has to have a budget. And some people

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say, Well, I don’t make enough money to have a budget. But the

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truth is that the household has money in it. And there’s two

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arrows into the budget when that goes out of the budget. So you

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have to figure out where that money is to go and work with it

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and do it on purpose. On paper every month, every month,

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budget, write it out, and then stick to the budget. Yeah, and

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the great thing is doesn’t really limit you. You can put

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whatever you want to in the budget. But the thing is, you

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have to stick to it.

Unknown:

No, very, very good. No, I think that’s great advice. And and

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with those Yeah, little jobs that add up to a good month. A

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good amount monthly. That’s something Yeah, maybe you have

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to cramp your style a little bit. Your ego, you know your ego

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who is saying no, I’m not going to deliver food. I’m not going

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to mow the lawn. But if there is a need and if You have the

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willingness, then you will always find people who want to

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pay for your services, and then you pay off your debt with that

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little bit of money that adds up. That makes total sense.

Unknown:

Wonderful. Very, very good. Is there anything you would like to

Unknown:

add? At the end here, any advice or anything that you’ve learned

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about money that maybe surprised you that you were absolutely not

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aware of when you went through your coaching program?

Unknown:

I think the most important thing is to pay attention to it. Man,

Unknown:

my whole adult life, I never really took my student loans

Unknown:

seriously. And you were talking about earlier is when people

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just kind of ignore their their debt. And I’ve been there I’ve

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done that at hand, a lot of times, it can be shame, or

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embarrassment, lack of knowledge, or just

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procrastination. But the truth is, it’s not going to go away

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unless you actually face it, or writing it for is the first

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realization to this is an issue that I haven’t any dissolving.

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So I guess most importantly, don’t ignore it and attack it as

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fast as you can and get it out of your life. Because you’re

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gonna have to be here sooner or later, like you were saying,

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student loans, student loans aren’t being profitable. So even

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if somebody gets double, and they try to get rid of their

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debts that way, that’s the one kind of loan that you can’t get

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rid of. However, you have it for life. And so my recommendation

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is just to take care of it. As soon as you can here. That’d be

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life and start getting on the positive end of earning interest

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instead of having to pay.

Unknown:

Yeah, beautiful. Very, very good. How can people find you?

Unknown:

Do you have a Facebook page? Or is it just word by mouth?

Unknown:

Ask my wife,

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my own personal Facebook page right now, I’m kind of hard to

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find, but I am going to put up a business page. Yeah, still

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working. I believe I’m going to make it debt free forever. with

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Facebook business page, get that up and running.

Unknown:

Yeah, that’s very, very cool. So we’ll keep in touch. And you

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will let me know as soon as that page is up and running. Because

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I know I’d be interesting, interested to find out what you

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can maybe give for advice and tips. And people could just get

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a message to you and ask you questions or make appointments

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to make it like I feel you are like a flashlight, shining onto

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a space, a shadow that most of us all are trying to never shine

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any light. Because it’s so uncomfortable. If you sit there

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and suddenly see those numbers, it is scary. It freaks some

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people out. And if they can contact you and talk to a person

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who is very calming and soothing, then it makes the

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stress less and then yeah, people can feel more confident

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in attacking that. That little beast called money, or debt. Is

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there anything you would like to add before I wrap up? Or do you

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feel we covered everything? Regarding fine?

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touch the surface and all this stuff? What I’ve gotten into

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lately is is retirement, you know, and you can’t start

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contributing to your retirement until you get that debt out of

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the way. But the sooner you get to that, you know, the better

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off it’s going to be. If anyone has any questions for me, I’m

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more than welcome to just talk with them. And given a couple

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minutes, see if they make a good client, see if we’re a good fit.

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Now they can find you through your page or once they get that

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business page up and running. They can go through that to

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Wonderful,

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thank you so much, David. And I’m sure we’ll keep in touch and

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maybe do a second episode here soon. Yeah, thank you so much

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for listening to the Borealis experience and David Lee on my

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show today. I really hope you enjoyed this episode. I feel

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it’s very crucial to take money, your financial health into

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account when it comes to your well being. Alright, take good

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care of yourself. And I’ll be out there very soon again for

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