Debt is a drag on your finances now and in the future. For many military families, debt is one of the top stressors. When your credit is maxed out, it can make extra expenses that are molehills seem like mountains you have to climb. When you’re in the thick of debt, it can seem impossible to overcome, but great news, there are steps you can take to get out of debt.
In this episode, I talk to George Kamel about the steps you can take to get out of debt, the difference between the debt snowball and avalanche, and balancing your quality of life through the process.
George is a personal finance expert with a countercultural approach to money. He’s a cohost of The Ramsey Show and host of The Fine Print and The EntreLeadership Podcast—all available on the Ramsey Network. Since 2013, George has served at Ramsey Solutions, where his goal is to help people spend less, save more, and avoid consumer traps so they can make the most of their money.
George also shares his experience with personally using the baby steps to get out of debt.
The Military Money Show is supported by Navy Federal Credit Union. Becoming a member at Navy Federal can help you earn and save more no matter where you start. You can start your savings journey with a low minimum deposit—like $50 for an Easy-Start Certificate and then add money at any time. Then watch your savings grow! At Navy Federal Credit Union, their members are their mission. You can learn more at navyfederal.org.
More podcasts: Tips for Developing Financial Wellness
MilMoneyCon is the annual event for financial professionals united by military service. Its mission is to bring service members, veterans, and military spouses together to build and progress their careers, continue their education, and grow their earning power as practicing or rising financial professionals.
MilMoneyCon23 is happening April 27-29, 2023, in Nashville, TN. Attending the annual conference gets you connected with the biggest community of military financial planners, coaches, counselors, candidates, and educators. It’s a place to find employment and money-making opportunities, increase earning power, and continue your education. Reserve your pass at https://milmoneycon.com.
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If you want to “kickstart” your finances in the military, you can get access to my free Financial Kickstart Kit here.