Quick Cut: S2E267 Get Out of Debt Forever
It's a Good Life
Brian Buffini
4.4 • 2.4K Ratings
🗓️ 6 February 2025
⏱️ 11 minutes
🧾️ Download transcript
Summary
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If people really understood the crippling effects of consumer debt they’d get out of it and stay out of it forever. In this episode, Brian explains simple techniques to help you finally get rid of debt and create wealth.
YOU WILL LEARN:
· Why consumer debt is so insidious.
· How a snowball plan can help.
· Why you must invest to grow.
MENTIONED IN THIS EPISODE:
“The Richest Man in Babylon,” by George S. Clason
NOTEWORTHY QUOTES FROM THIS EPISODE:
“Ignorance isn't bliss, ignorance is poverty.” – Brian Buffini
“Debt borrows from your future.” – Brian Buffini
“Getting rich is easy. The problem is, getting broke is easier.” – Brian Buffini
“Buying on an installment plan makes the month shorter, but it makes the years a lot longer.” – Brian Buffini
“The greatest way to stay out of debt is to build wealth.” – Brian Buffini
“If you discipline yourself now you can have everything you want later. Just delay that gratification.” – Brian Buffini
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Transcript
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| 0:00.0 | Welcome to It's a Good Life with Brian Bafini, founder of America's largest business coaching company. |
| 0:10.4 | Here's a short classic cut from one of our all-time favorite episodes. |
| 0:16.9 | Well, the top of the morinthia and welcome to today's episode, Get Out of Debt Forever. |
| 0:23.5 | You know, during the pandemic, consumer debts reached record lows and savings rates reach record highs. |
| 0:30.9 | Well, now that we're no longer wearing masks and staying indoors, it seems like we've cast off the restraint of our lifestyles and our budgets. |
| 0:39.0 | Credit card debt has ballooned, while savings have plummeted. |
| 0:43.8 | This at the same time, when interest rates have more than doubled. |
| 0:48.0 | I believe if people truly knew the crippling effects of consumer debt, |
| 0:52.1 | they would not only get out of debt, but stay out of debt forever. |
| 0:56.1 | The three points I'm going to cover for you today are the insidious nature consumer debt, |
| 1:01.3 | snowball your credit cards, and invest to grow. And we're going to do some detail work on this today. |
| 1:07.0 | The snowball content is a little bit of a workout, but we're going to show you how to pay |
| 1:11.8 | off your debt. This will be something that you can help your family and friends with. This is also |
| 1:16.4 | something if you're in a services business, real estate, financial planning, mortgage, whatever. |
| 1:22.5 | You certainly would be one to learn this, master this, to be able to counsel your clients on it too. |
| 1:28.4 | So I have three points for you, like I mentioned. |
| 1:30.9 | First is the insidious nature of consumer debt. |
| 1:34.0 | Let me give you a definition of this. |
| 1:36.3 | Consumer debt, by definition, is the amount owed by consumers, including debts incurred |
| 1:41.1 | on the purchase of consumable goods that do not appreciate. |
| 1:46.2 | So here's what I want to tell you about consumer debt. |
| 1:48.4 | First of all, debt costs money. |
... |
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