In this episode, Laura Sexton challenges the common belief that one cannot make enough money to live debt-free. She emphasizes that achieving financial freedom is not a mathematical problem but a mental one. The episode provides practical steps and strategies for individuals to become debt-free, debunking the notion that income is the sole determining factor.
In this episode, Laura Sexton challenges the common belief that one cannot make enough money to live debt-free. She emphasizes that achieving financial freedom is not a mathematical problem but a mental one. The episode provides practical steps and strategies for individuals to become debt-free, debunking the notion that income is the sole determining factor.
Hey accelerators, welcome back to the podcast. My apologies for this not showing up on our regular Thursday mornings, but this week has been a little crazy. I have had what feels like the plague run through our home. All four of my children at some point or another in the last couple of weeks have had not cute flu like symptoms. I'll just put it that way. And last I did a Christmas performance, my son. Got sick right when my second grader walked up on stage. So it was one of those things where timing just didn't work out and I didn't hit publish and so I apologize. So now we are going to get into this recording and I hope that you guys enjoy. Hey Accelerators! Have you ever heard the lie that you don't make enough money to live debt free? This is something a lot of our friends; they are completely well meaning, but they're like look, There's no way that I make enough money to be debt free, or there's no way that I make enough money to never have a car payment. It is a really strange thing to be in a country where we have abundance, and yet, for some reason, we have a scarcity mindset around money. If you want to be debt free, you can be. There's no doubt in my mind. Before my husband and I were working together, I was making 30, 000 a year. if I put my mind to it, I could have paid off my debts. However, I didn't know I was supposed to do that. So I hope that you hear my heart when I tell you it is possible. I have had people come to me and they make 50, 000 a year and they pay off 60, 000 in debt. I've had people that come to me and they make 300, 000 a year, and they don't know how they can pay off their 10, 000 in debt. It is not a math problem. It is completely mental and what's inside your head. So I want to take away some of your excuses. And the first one I want to take away today is that you don't make enough to become debt free. My friend, the amount of time it takes for you to become debt free is completely up to you. It is not up to the people around you. It is not up to your circumstances. It is up to you and what you choose to do with your life. So the first thing you need to do is decide. Decide I'm going to be debt free. That means that we're not going to be taking out more loans. We're not going to be using our credit cards anymore. We're going to decide that we are debt free. Once you do that. Your next goal is to add margin in your budget. Also, if you're not using a budget, I have a great tool called the beginner budget boot camp and you can jump on that. Or if you're already have a budget that you kind of like, but you want to do some tweaks, you can grab my beginner budget bundle. You can grab this and really set yourself up for success. So you need to add margin into your budget. And let me tell you something, guys. Cutting things only goes so far. You can only cut out so many subscriptions before you can't add any more margin. You can only cut going out to eat so far. You can, I mean, you can cut that one completely down, but you can't cut out groceries you have to eat. You can only cut things out so far before you can't add any more margin. At that point, you have to increase your income. There are multiple ways to do this, and let me break it down for you. If you are in your forever job, and yes, I am using air quotes, you can't see me, but if you are in your forever job, It's time to ask for a raise the way you do. That is to go in completely humbly. It's not. Hey, look at me. I have all these degrees. I should be making more. It's not. Hey, I saw these people over there. They're making more. Why aren't you paying me more? You go in with a humble spirit and you say, I would love to give more to this company. How can I set myself up? To do more to give more so that I can be worth more to this company. I promise you, if you go in with a posture of humility, you are going to be received so much better than if you go in braggadocious. Now, don't get me wrong. I still want you to be confident. The person with the most information almost always wins. So go in with the information. Say there are people over here doing this exact same job and they're making this much money. Go on Glassdoor and figure out what people are making. There are ways to find out what other companies are offering for people in your position. If you can focus in on that and say, here are the things that I'm seeing, I would like to get to this point. How can I give more to the company so that I can be worth this amount? However, if you go into your forever job, and they're paying you 50, 000 and you can go over to the. The business across the street, make a 100, 000. I want to know why that discrepancy is there. And you probably want to know that too, but that is a podcast for another day. So go in. If you were in your forever job, go in and ask for a raise. If you were a female, and you were listening to this, most likely you have not gone in and ask for a raise. There are a lot of discrepancies about. Men make more money than women in the same role. Well, men also are more confident in how they ask. Or more money and men, oftentimes will go in and ask for a raise 2 to 3 times per year. If you were a female, I want you to ask yourself when was the last time you went in and ask for a raise because my guess is it wasn't nearly close to 6 months ago. Go in and ask for it. Be confident, but humble. Oh, that's a hard line to tell. Okay, so let's say you want to change your career. It's time to lay out a plan to do so. If you're doing a job that you're like, it's okay, but I have this dream job over here. Let's lay out a plan to figure out how to do that. Let's figure out what are the next steps? What certifications do I need? How much money do I need to have in reserves to be able to make the change? I think you having Your own business is beautiful. I think you working at another company is beautiful. Whatever you want to be doing, as long as you're being filled up and you're being of service, I think that's great. So if you want to change careers, let's do it. Now's the time. You don't have to be debt free in order to do that. However, you have to be smart, especially if you're going to quit a job and go to a smaller company. Salary, or if you're going to switch from a day job to owning your own business, there are smart ways to do that. Jumping ship and hoping you land on the dock is not the way to do it again. Another podcast for another day. So, let's say you are working a career that you love, you've switched jobs, or you were, you were in it, but you still don't have the margin that you're looking for. So you can pay the debt down faster. That's when you want to look into a side hustle. A side hustle can be gig work. It can be a part time job. It can be pet sitting. I have a lot of my clients are doing pet sitting because they make a lot of money. Do you know how much money I pay a babysitter? Y'all come on. That is what you need to be doing with your life. Make that extra money. The gig work. It's not forever. It is for a short period of time. My dad always says you can stand on your head for 30 minutes and what he means when he says that is you can do anything as long as you know when the end date is and if we're doing something and we're working really hard to speed up that end date, how fast can you get it done? Your gig work, your part time work doesn't have to be something that lights your heart up. It has to be something that helps you get to your goal faster. The next thing that I would recommend doing is selling stuff around the house. You see things that you can make a pretty penny for guitars, you know, extra cars, which people have boats, ATVs, whatever it is you have around your house. There are big ticket items that you can sell. They're going to do great. The next thing I would suggest doing is rounding up all the little things and having a garage sale. Not only are you getting stuff out of your life that is cluttering up your space and cluttering up your mind. But you're making a little bit of money doing it. I think that's absolutely wonderful and sometimes when you start piling stuff out for garage sale, you find things you totally forgot you already had. And I think it's really great to discover those things. It is actually really fun. It's like a treasure hunt in your closet. Once you have run out of your stuff to sell, I want you to go to your neighbor's garage sale, buy their stuff and then sell that. I cannot tell you how many people I know that will go to garage sales and pick stuff up for a quarter and then go sell it on eBay for 2. That is a huge markup. You're like, I made a 1. 75 minus shipping. How is that making anything? It's not if you only do it one time. However, if 000 per month business. I know people that are doing that. That is not me just throwing it onto the ether. That is something that I actually see people doing. So, sell all of your stuff and then go buy cheap and sell for a profit. Being debt free is 100 percent possible. Getting extra margin in your budget is 100 percent possible, but if you are having a really hard time figuring out what that Next step is, or you're frustrated with your career and you want to make a plan to change things. If you need some clarity on how to change up your budget so that you can get extra margin in there, that is the perfect time to reach out to me and let's sit down, have a clarity call. Let's figure out what your next steps are. Let's get it clear. That's why we call it a clarity call is completely free to you takes 30 minutes of your time. Let's get that scheduled. You can scroll down into the show notes. It is the money mastery program. Just click on that and it gets over to my calendar. Easy peasy. Mac and cheesy click. Get on the calendar and we'll have a discussion. I'm going to be focusing on more lies that we tell ourselves over the next coming weeks until hopefully I get some more guests on the podcast, because I do really enjoy that. But I want to ask you in the meantime. If you pay off all of your debt and you give yourself more margin, what are you going to do with that extra money? I think I told you a few weeks ago that when I was starting out, I was making 1, 200 in payments. Minimum payments, 1, 200. What would you do with 1, 200 back in your life? That's what you were giving yourself. You're giving yourself a 1, 200 raise by paying off all of your debt and having that money just sitting in your account. I hope you have an Transcribed by https: otter. ai