The Zombie Effect: How to Escape The Walking Debt

You don’t have to be a die-hard The Walking Dead fan to appreciate the allusion for this week’s podcast. As financial advisors, we can draw parallels between a fictitious zombie apocalypse and the type of real apocalypse that debt can cause in people’s lives.

When debt is out of control and not managed properly, it wreaks havoc and destroys everything in its path from one’s sense of security and happiness to relationships and everything in between. Money troubles, and debt specifically, can feel like the end of the world. And the thing with debt is it grows steadily over time if you aren’t mindful about your financial decisions – big and small. Debt is walking among all of us every day and can be hard to avoid, but there is a way to escape getting infected with debt and use it to your benefit instead.

You are going to want to tune in to this week’s episode of The Money Guy Show as we prepare you against the zombie effect of debt and train you to leverage it as a tool.

In this episode, you will learn:

• How we define The Zombie Effect (don’t you want to know!?)
• How to protect yourself against zombie debt
• Which debt is considered “good” debt and why
• Which debt is considered “bad” debt and why
• What you need to know about mortgage debt to set yourself up for future financial success
• How to know how much house you can actually afford (vs. the loan you can get)
• Career planning and progression: determining your income trajectory
• How much student loan you can afford, and what income you need after to support student loan debt after
• The truth about car loans and the traps you need to avoid
• Ways to responsibly use credit and credit cards to avoid debt

Resources mentioned in this episode:

• Bankrate Mortgage Calculator: “How much house can I afford?”
• Mapping Your Future: “How much salary do I need to support student loan debt?”

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