E79 – Josh from Money Life Wax

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Today we have Josh from Money Life Wax- a personal finance blog designed for millennials. In 2015 he realized that his financial were in a mess and decided to do something about it, so in February 2016, he put a ring on his girlfriend鈥檚 finger and then they decided to get serious about their future.

Together they had over $300k worth of student loan debt so it really took some serious planning for them to start tackling their debt.

Welcome!

[2:33]聽So, how much debt have you guys paid off to date?
路聽聽聽聽聽 $40k in student loans before he met his wife
路聽聽聽聽聽 His wife had $155k from grad school, $20 from Navient account and $97k
路聽聽聽聽聽 Interest is crazy high so even more than that!

[4:53]聽What is has been your strategy to tackle the debt? Are you trying to pay off the highest interest rate loans first or tackling loans by value?
路聽聽聽聽聽 Read the Dave Ramsey with the Debt Snowball
路聽聽聽聽聽 Uses home equity line of credit to make massive payments
路聽聽聽聽聽 Ultimately big cash flow strategy focusing on largest amount with the largest interest rate some at 8%
路聽聽聽聽聽 Has not refinanced due to federal perks
路聽聽聽聽聽 This is not recommended for everybody as it鈥檚 a specific strategy.

[9:51]聽What are some areas you had to cut back on?
路聽聽聽聽聽 Deciding to live a different lifestyle- which a lot of people might not want to hear J
路聽聽聽聽聽 Focus on what鈥檚 important, get rid of cable and gym membership
路聽聽聽聽聽 Stop eating out so much and not take expensive vacations

[13:41]聽Do you have any strategies for planning a wedding on a budget?
路聽聽聽聽聽 Decided to put wedding off a bit to try save some money
路聽聽聽聽聽 Realization that inviting 200 people to get into massive debt isn鈥檛 worth it so invited fewer people and identified their true friends.
路聽聽聽聽聽 Used wedding mix instead of a videographer
路聽聽聽聽聽 All in all was about a $15k wedding

[16:54]聽What advice do you have for people who also have a ton of debt or are taking out massive loans for school?
路聽聽聽聽聽 If you鈥檙e going to assume the debt you should pay the debt
路聽聽聽聽聽 You need to claim responsibility
路聽聽聽聽聽 Be smart with Colleges and decide if the return on investment is worth it

Sponsor

[19:8]聽Head over to聽Credible聽to get up to $200 off your student loans using our affiliate link!

Value Link Round

[19:29]聽Why do people struggle to achieve their dreams?
路聽聽聽聽聽 Distractions that we see every day like so many ads
路聽聽聽聽聽 There are good and bad distractions
路聽聽聽聽聽 We live in a world of instant gratification and it鈥檚 easy to get distracted

[21:4]聽Do you have any other books or podcasts you can recommend?
路聽聽聽聽聽 Greg Cardone 鈥 The 10X Rule
路聽聽聽聽聽 Jeff Olson- The Slight Edge
路聽聽聽聽聽 Dixie Gillaspie- Just Blow it Up
路聽聽聽聽聽 Malcolm Grodwell鈥檚 Podcast
路聽聽聽聽聽 The Power of Zero
路聽聽聽聽聽 Marriage Kids and Money 鈥 Andy Hill

[23:25]聽Do you have a favorite quote?
路聽聽聽聽聽 Observe the masses and do the obvious
路聽聽聽聽聽 If nothing changes, nothing changes

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Chain of Wealth

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The Chain of Wealth podcast is a biweekly podcast boasting over 500,000 downloads. We interview inspirational guests about money topics. You can learn more about us here.

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