The Great Recession (2007-2009) caused higher levels of unemployment, plummeting real estate values and a lot of people to feel uneasy about their financial situation. Many parts of the United States were hit hard during this financial crisis, especially my home town of metro Detroit.
Today, I talk with Christin McKamey, a fellow metro Detroiter and the blogger behind Veggie Chick. We discuss how the Great Recession affected her and her husband Robert financially and emotionally. At one point, Christin found herself in nearly six-figures of debt with no job prospects. Her drive to improve her financial situation helped her to eliminate her debt and eventually become mortgage-free.
We chat about her and her husband’s financial past and upbringing, how she earned extra money to get rid of her debt and what they will do with their money now that they are mortgage-free.
Being neck-deep in debt can make you feel like all the odds are stacked against you, especially when you reach almost the seven figures!
Today, Andy talks to Wendy Mays on how her family is climbing out of nearly $1,000,000 of student loans, home mortgages, car loans, and other consumer debt. Wendy is the host of the House of FI podcast, a part-time work-from-home lawyer and a mother to six children.
We talk about how she and her husband accumulated their debt, the turning point that led them to fix their situation and their progress on their journey to financial independence so far.
For our “Be The Change” segment this month, we are featuring Feeding America. They are the nation’s largest domestic hunger-relief organization. Together with individuals, charities, businesses and government, their goal is to end hunger in our country.
I’ve invited the Director of Communications, Zuani Villarreal to tell us more about the organization. We’re also going to discuss the state of hunger in our country, how this affects our nation’s children and what we can do about it.
That’s what the financial journey is all about. We’re not always hitting big wins all the time. There are a lot of mistakes, but those mistakes can sometimes be the biggest lessons and help us learn a lot.
And then there are mistakes that just really suck and you don’t learn anything from them!
Here are 5 major money mistakes I’ve made in my life. Hopefully, by sharing these money mistakes, it’ll help you avoid them in the future.
One fall night in 2010, my wife Nicole and I were watching the Suze Orman Show. (Yes, I used to DVR it). There was this fun segment where someone would call in and Suze would analyze that person’s financial health and give them a grade. It was called How Am I Doing?
One term that we kept seeing over and over again on this segment was “Net Worth”. Since we were personal finance newbies, we had no idea what this meant. Nicole and I were making a combined annual income of $130,000 so we figured our net worth must be HUGE.
After the show was over, we decided to see how rich we really were. There was no doubt in our mind that we’d be better off than most of the jokers that call in to the show and get an “F” grade from Suze!
We walked upstairs and started to write down all of our numbers on a big whiteboard. By separating our “assets” (what we owned) and our liabilities (what we owed) into two big columns, we started to discover that we weren’t rich.