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https://www.biggerpockets.com/podcasts/money
episode 461: How to Pull Yourself Out of Car, Student, or Credit Card Debt
You want to retire, but you’ve got credit debt, auto loans, and student loans. It feels like every time you get your paycheck, it quickly slips away, and at the end of every month, you’re left in the same position, or worse, than thirty days prior. What’s happening, and why is it SO hard to get out of debt? And will you EVER be able to retire if you keep living this way?
Seth Godwin was fired from his job while holding $30,000 in credit card debt. He had no way to pay it off, but somehow, over the next two years, he was able to become debt-free, increase his credit score by hundreds of points, and become one of the internet’s leading financial influencers. After crawling out of debt, Seth began working at a financial institution, looking at car loans, realizing how many people, like him, had been scammed into throwing tens of thousands of dollars away.
Now, on the other side of the financial spectrum, Seth is financially flourishing with a steady stream of income, stable investments, and twenty-seven (!) credit cards—but he’s still debt-free! In this episode, Seth will show you EXACTLY how car salespeople are scamming you, how to escape credit card debt confidently, what to do now that student loans are resuming, and why you SHOULDN’T trade in your old car.
In This Episode We Cover
The common auto loan scams that trick you into spending FAR more than you should
Why you should NEVER trade in a “negative equity” car to upgrade
The best car makes to buy (and two that rarely break down)
How to crawl yourself out of credit card debt and come out with a 700/800 credit score
How much money Seth makes on TikTok every month (it’s WILD!)
Student loan resumption and whether college is worth the increase in salary
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Scott's Instagram
Mindy on BiggerPockets
Grab Scott’s Book, “Set for Life”
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Money Moment
Is College Worth It (Part1)
Is College Worth It (Part 2)
Liz Frugalwoods
Tinian Crawford
Side Hustle Resources:
Side Hustle Nation
Budgets Are Sexy
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-461
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