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Saturday February 04, 2012
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#134 Title:
Money Sense: Debt
Special Guest: Lynnette Khalfani-Cox is The Money Coach,™ personal finance expert and author.
Description: Lynnette Khalfani-Cox, The Money Coach™, joins us again for more money talk! This time she offers strategies for becoming debt-free and ideas for lifestyle changes that will save us money for decades to come.
Duration: 44:24
Related Podcasts:
Money Sense: Budgets
Money Sense: Credit
Oh Crap! I Haven't Saved for Retirement
Show Index:
00:26 Intro: Find Financial Freedom
01:36 "But I'm NOT in Debt"
05:50 Back to the Basics
10:47 Who Ends Up in Debt?
15:52 Manage Money by Budgeting
23:46 About The Money Coach™
25:16 Stop Digging Deeper!
29:54 Negotiate with Creditors
37:09 Pay with Cash
39:15 True Price of Debt
41:04 Closing Comments
42:35 Closing Track: 1500 Miles
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About The Money Coach™
Lynnette Khalfani-Cox, The Money Coach™, is a personal finance expert and the author of The Money Coach’s Guide to Your First Million, Investing Success: How To Conquer 30 Costly Mistakes & Multiply Your Wealth! and the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom. A sequel to Zero Debt, called Zero Debt for College Grads: From Student Loans to Financial Freedom, debuted in 2007 from Kaplan Publishing. Lynnette's latest book is called Your First Home: The Smart Way to Get It and Keep It.
As an award-winning financial news journalist, Lynnette worked for nearly a decade as a Dow Jones Newswires reporter and a Wall Street Journal reporter for CNBC. At CNBC, Lynnette filed weekly television segments on personal finances, investing and small business, and conducted online chat sessions on CNBC.com.
Lynnette has interviewed thousands of financial experts, and personally paid off more than $100,000 in credit card debt and nearly $40,000 in student loans before turning her financial life around. Now she shares the secrets to wealth with audiences nationwide, using insights based not just on her professional knowledge, but also on first-hand experience.
A popular keynote speaker, Lynnette also conducts workshops about credit and debt, money management, real estate, investing and entrepreneurship. Lynnette is a frequent guest on national TV and radio programs, and has been featured in The New York Times, USA Today, Redbook, Essence, and on The Oprah Winfrey Show, Dr. Phil, The Tyra Banks Show, The Rachael Ray Show, Tavis Smiley, as well as the Emmy award-winning reality program “Starting Over.”
When she’s not chasing after her three young kids, Lynnette is developing two PBS pledge specials, based around her books Zero Debt and The Money Coach’s Guide to Your First Million. She is also presently a Money Coach for AOL, where she dispenses her unique brand of personal finance wisdom.
Quick
Links
TheMoneyCoach.net
Free financial tips: AOL Coaches
The Money Coach's Blog
The Money Coach Newsletter
Follow on Twitter or Facebook
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Lynnette's Money Resolution
"Before I buy something, I will think about why I'm spending. I will spend money only for the right reasons."
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About the Book
Would you like to be free from financial worries, rest at night knowing your bills are paid, and have peace of mind when it comes to money matters? Then you need Zero Debt - a 30-day action plan to fix your finances.
In Zero Debt, you'll discover:
• How to get annoying creditors off your back
• Insider secrets to reduce interest rates or eliminate credit card late fees
• Your legal rights – and what bill collectors can and can not do under the law
• The best strategies to clean up your credit report or fix errors in your credit file
• How to make lifestyle changes that will save you money for decades to come!
If you want to be debt-free and achieve financial freedom, you need an action plan to guide you. This book is your step-by-step plan. It’s simple. It’s easy to understand. And it works.
Get it on Amazon.
See all Money Coach Books.
Resources from The Money Coach™
5 Tips for How and Where to Save Money
6 Guidelines to Help You Maximize Your Credit Score
Savvy Money-Management Strategies for Every Month of the Year
AOL Coaching Videos
Read more . . .
Simple Strategies to Raise Your FICO® Score:
• Pay your bills on time and keep them up to date
• Keep your balances as low as possible on credit cards and other "revolving" credit accounts
• Pay down your debt, rather than moving it around
• Refrain from opening a rash of accounts all at once
• Secure new credit selectively, and over time, to re-establish credit if you've had difficulties in the past
10 Ways to Cut Your Spending:
• Do your own home maintenance
• Only go to your bank's ATMs
• Bring lunch to work daily or a few days a week
• Visit www.lowermybills.com to save on 18 types of bills
• Stop smoking (and drinking)
• Carpool
• Use coupons (always or from time to time)
• Buy in bulk
• Raise your insurance deductibles
• Plan and pay for travel in advance
Additional Resources
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888-5-OPT-OUT (credit card offers) |
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Lynnette Kalfani-Cox co-authored The Millionaire Kid$ Club Series. |
Adopt 5 Lifestyle Changes to Save Money
1. When shopping, never pay full retail price. Wait for the item to go on sale, find equivalent bargains online, hit outlets or discount stores, or simply say "I don't need/want it that badly" - and walk away.
2. Become a frequent library patron. Borrow videos, DVDs and books instead of purchasing them.
3. Take advantage of free/low-cost attractions and events in your city. Enjoy parades, museums, and city parks rather than expensive outings like amusement parks.
4. Eat out less often. Saving $5 a day by skipping fast food or restaurants will keep $1,825 a year in your pocket; $10 a day means an annual savings of $3,650.
5. Walk, instead of driving, to any place that's within walking distance. You'll save money on gas, help the environment, and be healthier too!
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