I started my financial journey Fall of 2014 when I found myself with only $1.50 to my name, so I understand the frustration around money mismanagement, struggling with where to start, and the courage it takes to take ownership of your finances. Now, I’m a financial coach, speaker, author, and the founder and owner of Mills Knows Bills where I have the opportunity to teach individuals and businesses how to manage and master their money within 90 days. On this podcast, I will teach you how to stop living paycheck to paycheck, how to pay off your debt twice as fast, and how to reach your financial goals. This podcast is meant to make managing your finances accessible. Email: mills@millsknowsbills.com
https://www.millsknowsbills.com/
episode 86: E86: Buried in Credit Card Debt?! Should You Invest in Retirement?
In this episode of the Mills Knows Bills podcast, host Mills Bender, founder and CEO of Mills Knows Bills, interviews Shawn Lane, CEO and founder of FRS Credit, a credit repair company. They discuss strategies for people with variable incomes to manage their money effectively, focusing on paying off credit card debt and investing for retirement concurrently. Shawn asks Mills if those buried in credit card debt should still invest for retirement, given the high interest rates on such debts. Mills advocates a balanced approach to managing debts, savings, and investments simultaneously. He explains the debt stacking method for paying off debts and stresses the importance of having an emergency fund and investing early for retirement. Shawn shares insights into his ideal clients - people motivated to improve their credit scores for significant life purchases, and emphasizes the importance of proactively monitoring and managing credit. The episode wraps up with contact information for FRS Credit for those interested in seeking credit repair services or advice.
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00:00 Welcome to the Mills Knows Bills Podcast: Mastering Your Money
00:53 Special Guest Shawn Lane: Tackling Credit Repair and Financial Questions
02:05 Investing vs. Paying Off Credit Card Debt: An In-Depth Discussion
04:01 Strategies for Debt Payoff and Financial Planning
07:47 Exploring Options for High Credit Card Debt Holders
11:41 The Ideal Client for Credit Repair Services
14:05 Proactive Credit Monitoring and Improvement Tips
16:19 How to Contact Sean for Credit Analysis and Advice
17:58 Closing Thoughts and Resources for Financial Growth