Debt-Proof Living with Mary Hunt

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EP:12 How to Take Control of Your Money, Part 1 Mar 17, 2020

Show notes

Please take our very short survey! http://survey.libsyn.com/debtproofliving This episode was recorded in February 2020 prior to the widespread economic effects resulting from COVID-19 stay-at-home regulations. Today's episode is brought to you by Mvelopes. That's M like Mary v-e-l-o-p-e-s. Mvelopes uses the tried and true envelope budget system. All in one easy app. Give every dollar a purpose. Mvelopes.com. 0:15 Welcome to Debt-Proof Living with Mary Hunt. It's all about life money and how to live well and thrive below your means. Today on Debt-Proof Living with Mary Hunt we begin a very special series based on one of Mary's best selling books, 7 Money Rules for Life: How to Take Control of Your Financial Future and in today's episode the cost of financial ignorance. 0:44 Mary: Hi everyone I'm Mary I'm so happy you're here with me today for this episode. I've got a question for you. You ready? If you had to pass a test to prove you could handle money before you could get your next paycheck, you know the way that you have to pass a test to prove you can drive a car, would you get paid? 1:03 The sad truth is that millions of us wouldn't. When it comes to managing money Americans young and old are flunking out. They don't have a clue. I know that I was in that position years and years ago and I'm gonna tell you a little bit about that before we do that I just want to kind of give an overview of where we are right now. 1:31 The economy seems like it's just fabulous people are working hardly anybody is without a job. Homes are appreciating like crazy. Wages are going up. It costs me less to fill up my car with gas than it did a couple of years ago. It all looks so rosy. But oh my goodness, the other side of the coin is what's happening to individuals. Now, I'm not talking about our national economy so much as I am a personal economies 2:02 After all I don't know about you— there's nothing I can do about the national debt. I can wail. I can whine. I can vote…but there's nothing I can do to pay back trillions of dollars in our national economy and you can't either. But you know what, we do have control of our personal economies and that's, that's what we want to start talking about. 2:31 It's staggering and I'm not gonna hit you up with a lot of statistics right now although I could. Only yesterday, yesterday I was reading the Wall Street Journal where they reported… this is blows me away… that credit card debt outstanding in this country has risen by more than $46 billion in just the last quarter somethings wrong here people. This is something really awful. It is now exceeds it it's almost $1 trillion that we owe in credit card debt outstanding well I shouldn't say we because yes I"m going to tell you the end of the story- I'm debt free. I have no 3:12 credit card debt any more but I want to help you in that area as well so let's get back to this whole matter of what's going on in our country. It's unbelievable with more jobs with people working more wage is going up it seems like our credit card debt should be going down right because most people should be paying it off every month. But that's not happening! and if you look at my mailbox you will see that people are in trouble now more than ever. Statistically 77% of Americans are now living paycheck-to-paycheck without any emergency fund, without any savings. 3:50 They have absolutely nothing to fall back on should the least little thing go wrong! So, what happens with the refrigerator goes out or the car needs tires or breaks? Pull out the credit card! Isn't that the way we're living? It's very scary and then if we talk about student loans oh my goodness. It is heartbreaking! Students. Parents who have a prepared feel like the only way that they can handle this momentous situation and season of their children's lives is for all of them—parents and students to take out these massive student loans. (I'm telling you something - its not right 4:30 It's not good. This is going to sink Americans one-by-one unless we wake up. Let's go back to that question. What grade would you give yourself if I gave you a test on personal finance? Well don't worry. There's no test going on because I of all people have no right in order to do that. I would not judge you in that way at all. What I want to offer you is help. I want to share with you what I have learned over the years. It's been quite a few years now and I do have some experience. Not only 5:12 with my own life my husband and my situation. I have, I, I am humbled to say that I've been able to lead thousands of people out of debt into a lifestyle where they are spending less than they earn. They are saving for the future. They're not going into debt needlessly. They have homes. They are living what we call a debt-proof life. That's where you're paying as you go and you're scaling your lifestyle to meet the amount of money that you earn. One last thing I think I want to say before I want to tell you my story 5:55 I want to tell you right now that I think, I know for certain, I know that you are a millionaire. Don't believe me? All right. All right. Let me prove it to you. As of today, as we speak, statistically, and this is all kept somewhere. The federal government does all this. The median US household income is $63,179. That's everything combined that comes into your home. You may make more than that. You might make less. Median means that half of Americans make more, half make less. 6:35 So let's just take that average, that small amount. It sounds small, doesn't it? Some people would say that's poverty levels for some households in a bigger cities areas where is expensive to live. Now I want to take that amount $63,179 and multiply it by 45. That is the number of years that you are expected to work. That's the American way. Before that you're ready to retire, you put in 45 years of employment. Now of course you're going to get raises over the years. You're going to make job changes and all, but let's just say that you stick right to 63 179 your entire working 7:17 career should be multiply it? $63,179×45 is ready? $2,843,055. You are a millionaire! You say that and you are getting your millions one paycheck at a time. How are you doing with it?How are you managing that money? That's what we're going to talk about in this series. I can't wait to share with you what I've learned when I've helped other people to learn and the successes that have happened by learning 7:57 something simple called the Seven Money Rules for Life. Today I want to tell you a little bit about my story. My pulse raced as I sign my name. What is the sales clerk called the bank to see if I had the money in the account? Or worse, what if she called the police? I was about to attempt to pass a hot check. Something I had never done before and I was sweating bullets! Just days before, I arrived in Southern California and moved into the college dormitory which will become my home for the next four years. The student handbook was filled with rules and helpful hints for student life including 8:39 information on how to open a student checking account and a local bank. So, I did. I'm a rule follower. Fitting in and getting up to speed social he was a top priority for me. So when my roommate invited me to go to the mall I jumped at the chance! Honestly, I've never seen such an amazing place. I have no idea what I bought that day. It was all but spur the moment. The other girls were shopping and I wanted to be cool and independent like them. Making my own decisions and getting to decide what I liked was new for me and, boy, did it feel good! I experienced a few moments of anxiety as I traced in my mind what I was about to do. 9:20 I knew that I didn't have enough money in the bank to buy anything. The good girl in me was cautiously reluctant. But the naughty girl? She said just go ahead—go for it! Nothings going to happen that's bad. Besides, you deserve what you want. So I wrote a check knowing I didn't have the money in my account. That was back— well, years ago before the days of electronic checks, high-speed computers and instantaneous transactions. I knew that I was about to get a paycheck for my new campus job and with any luck I get it into the bank before this when I was writing was going to clear. That was my plan - all would be well. 10:00 This powerful event in some sick, twisted way fulfilled the promise I made to myself at the ripe age of 11. I said when I grow up I'm going to be rich! The second of four children, I grew up in a sheltered environment. Looking back now I can see that we were as frugal family as you could get it at the time. I didn't see it that way. My childhood perception was that we were dirt poor and poverty stricken. My mother didn't work. My father was a pastor and I had to wear clothes from the thrift store. It was embarrassing. I hated my life, and dreamed about the day when I would grow up and get to make my own decisions 10:44 and have things other people had. The Sears catalog was my planning tool. I'd secretly shop and make lists of all the beautiful linens and furniture and household items that I would buy and furnish for my dream home. I found my future family and their respective sections of the catalog and outfitted them all. Oh, they wore the most beautiful clothes. I bought my children toys. My husband had a riding lawnmower. I even bought a white picket fence! I lived in a fantasy world. Creating a life I would have one day when I was old enough to leave home. Now seven years later and far from home in a big beautiful department store with a checkbook in hand, I 11:24 felt as if I had arrived. I could buy anything I wanted. I felt rich and it felt fantastic! My experience that day was a defining moment that would change the course of my life. Julie: Let's take a quick break for just a minute. Hi, I'm Julie producer of Debt-Proof Living with Mary Hunt. You know, many of us have the experience in our lives of living paycheck to paycheck and many people. I know it well, have a difficult time following a budget. But not managing our money as a leading cause of stress in our lives.That's why Mvelopes created a simple, affordable envelope budgeting program that just works. Mvelopes helps you take control of your future by giving every dollar a purpose, every dollar, a purpose, people who use Mvelopes see monthly savings of 10% of their spending within six weeks of getting started and they report less anxiety. Now, currently Mvelopes is extending their free trial to 60 days for all of their subscriptions. So there's never been a better time to start on a new path. Just click the link in the show notes and sign up today. Risk-free .Okay. Now let's get back to our conversation. Mary: Simply knowing that as long as I could get away with it I could have it I want it even if I didn't have enough money to pay for it. That changed me in ways that could all but ruin my life. We're not talking about credit cards here. I managed to squeeze that kind a promise from a checking account! It's not like I had experience with deceit or breaking rules. In fact, I had always been a compliant, obedient child and certainly never one to 12:07 flirt with dishonesty or anything else that might be considered sinful. In all of my strict upbringing, which mostly centered on what not to do, I didn't learn a thing about managing money. Reconciling a checking account was completely foreign to me. APY? A budget? Not a clue. To this day I don't know if my parents assumed I would learn money management skills or some kind of a financial osmosis. They may have thought that one semester of high school bookkeeping would set me on the right fiscal path. Maybe they figured I do it most women didn't those days and marry and man who would take care of all the money details for me. 12:50 Most likely it didn't cross their minds to teach me how to handle the currency of life. It was simply not a topic that anyone talked about. I did graduate from college and managed to stay out of jail in the process. Unfortunately my financial shenanigans didn't start with the first hot chick that day at the mall. I came to enjoy the option of being able to spend my money before I had it in my possession. I discovered it having more than one checking account allowed me to do that more efficiently, because I could buy more time. Honestly, I didn't know that having checking accounts in several different banks in order to pass checks between them to give them time to cover checks I'd written (a practice known as 13:35 check kiting) I had no idea that was illegal. I thought I discovered a very clever way to manage all the money I didn't have. I don't claim to get a master of manipulation. I was pretty good at it. Now and then I'd mess up and I get those nasty phone calls from the bank or on occasion a merchant letting me know that my check it bounced. I hated it when that happened. Shortly after my 22nd birthday, I made a big life decision I knew would fix my money problems and move me closer to my goal of being rich. I got married. I don't mean that I just got married… 14:17 I got married to a banker! I was madly in love of course, but it didn't hurt one bit to know that I was marrying well. It was shocking to me to learn after we've been married for a few months, that as a management trainee Harold did not make the insane amount of money I'd always associated with the banking profession. It took even less time for that banker to discover that his new wife had, well, shall we say, a little problem spending. To say that I was a prime target for the consumer credit industry is putting it mildly. In my heart I knew that a checking account was never meant to be a financing tool. 14:59 It took a lot of effort to make that work. But a credit card! Now that was completely different! And exactly the instrument I needed to kick up my buy now pay later financial habit even a few more notches. Companies were falling all over themselves to give me credit cards because of course they discovered that I was so credit worthy. This was before the law was amended to make it illegal for companies to send out the credit cards unsolicited. Even better they trusted me with a lot of money! I mean credit- which elevated my opinion of myself. After all, if they thought I could handle thousands of dollars of available credit 15:43 apparently I could. And wasn't that a pleasant surprise! I begin collecting credit cards away some people collect baseball cards. It was fascinating to see just how many I could get. I didn't intend to use them but I love the sense of security I had just knowing they were safe in my wallet. It didn't take long however for me to find plenty of reasons to use them. After all I had emergencies! Since the reason for having the cards in the first place was should be prepared in case of emergency. I found it perfectly reasonable to use them in that way. my way of living with simple: spend money until you run out, and then spend credit. 16:26 or the rest or use the credit to preserve your money I would often default to the if-it-feels-good-do-it method which is closely related to if-it's-on-sale-it's-a-sign-that-God-wants-me-to-buy-it. The arrivals of our two sons Jeremy and Joshua give me new reasons to need more money. That meant chasing ever increasing amounts of credit. What began as monthly balances that we could pay in full turned into only the minimum payments required each month. Th…

Full show notes at the publisher

EP:11 Severe Debt and Extreme Measures Feb 11, 2020

Show notes

Thank you for listening! If you have a question, success story or extreme situation for Mary, just contact us! We'd love to hear fro you!

9:02 PMI, Private Mortgage Insurance

Debt-Proof Living with Mary Hunt was created and hosted by, Mary Hunt. Produced by Julie Emerson, with Harold Hunt, Executive Producer.

Save time. Save money. Every Day. Make it easy on yourself! Become part of the community and subscribe for free at www.everydaycheapskate.com. That's where you will find all the ways you can follow Mary, Everyday Cheapskate, and Debt-Proof Living.

Thanks for listening!

EP:10 How to Win the Warehouse Game Feb 06, 2020

Show notes

Thanks for listening! Mary's notes are available for you to read by clicking on the link above that says "Read Mary's Notes Here". Just for fun, we've added a blooper this week- catch it at the very end of our episode!

5:25 Sol Price, founder of FedMart Stores, 1954, and Price Club, 1976.

6:28 Costco, Sam's Club, B.J.'s

8:58 Bruce D. Sanders, Ph.D., consumer psychologist and author of Retailer's Edge: Boost Profits Using Shopper Psychology

How Do They Do It?

10:10 Treasure Hunt Atmosphere

10:19 The Alley/The Power Aisle

11:24 Feeling of Belonging

12:20 Warehouse Shoppers don't Browse

How Clubs Operate

13:13 When I was writing for Women's Day magazine

13:23 Kristy Reed, Sam's Club Corporate Communications PR Manager Sept. 2007-Nov. 2011

13:32 Affordable Membership Fees

13:52 Richard A Galanti, Costco Executive VP, CFO, Director

14:09 Low Markups, Average percent markup

14:54 Volume Buying

15:20 Private Label

Survival Rules

19:30 Go with a plan or don't go at all.

20:42 Shop with cash.

22:13 Justify the membership fee.

23:18 Don't over-shop your storage space.

24:06 Create an appearance of scarcity.

24:47 Know your prices.

26:58 Get a shopping partner

Debt-Proof Living with Mary Hunt was created and hosted by, Mary Hunt. Produced by Julie Emerson, with Harold Hunt, Executive Producer.

Thanks for listening!

Everyday Cheapskate participates in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon affiliated sites.

There are affiliate links in this post. If you click through and make a purchase, we may receive a small commission at no additional cost to you. Thanks! Read more here.

EP:9 Coronavirus: Prepared, Not Scared Jan 30, 2020

Show notes

Please take our very short survey! http://survey.libsyn.com/debtproofliving

0:59 2019 Novel Coronavirus or 2019-vCoV

6:12 Center for Disease Control

6:36 Preventative Measures

10:35 What can we do to protect ourselves?

10:36 restricting travel

12:30 Nok Out, SNiPER

24:50 Tell us your comments!

24:57 Mary's NEW Everyday Cheapskate Expert Community!

25:12 Debt-Proof Living with Mary Hunt was created and hosted by, Mary Hunt. Produced by Julie Emerson, with Harold Hunt, Executive Producer.

Thanks for listening!

EP:8 Why 88% of New Year's Resolutions Fail & How to Make them Work Jan 08, 2020

Show notes

Please take our very short survey! http://survey.libsyn.com/debtproofliving

2:53 more than 50% of Americans reportedly make New Year's Resolutions

3:04 88% of New Year's Resolutions fail

4:35 scientific reason for New Year Resolution failure, willpower, and brain function

5:46 pre-frontal cortex is assigned to the tasks of staying focused, handling short-term memory, solving abstract tasks, and willpower

7:21 Why are bad habits are hard to break?

10:33 Here's the secret for how to make your New Year's Resolutions stick.

10:41 B.J. Fogg, Ph.D., Persuasive Tech Lab at Stanford University

10:59 tiny habits

14:05 I want to teach you everything I know about getting out of debt. How to save money, how to live below your means, that's the whole key to changing your relationship with money.

14:05 Everyday Cheapskate family

14:40 Four steps to make your New Year's Resolution stick

14:48 Pick Only One Resolution
15:03 Take Baby Steps
15:47 Become Accountable
16:05 Give Yourself Positive Feedback

17:00 Thank you! You've been listening to Debt-Proof Living with Mary Hunt. Debt-Proof Living with Mary Hunt was created and hosted by Mary Hunt. Produced by Julie Emerson, with Harold Hunt, Executive Producer.

Save time. Save money. Every Day. Make it easy on yourself! Just subscribe at www.everydaycheapskate.com. That's where you will find all the ways to follow Mary, Everyday Cheapskate, and Debt-Proof Living.

Thanks for listening!

Funky Piano Pop Blues https://audiojungle.net/item/funky-piano-pop-blues/20083912 The Fun Cooker funcookerlogo.jpg

EP:7 Vinegar + Baking Soda = The Ultimate Cleaner...Myth or Miracle? Dec 10, 2019

Show notes

Please take our very short survey! http://survey.libsyn.com/debtproofliving

0:10 Today we are going to talk about vinegar and baking soda. Do the two make the best, awesome, ultimate, epic household cleaner?

0:37 Don't you know what you're talking about? Vinegar and baking soda cancel each other out! The result is water. What???

0:57 I've seen it work amazingly

0:59 Want to know how I know? Boy, do I have a story for you!

5:34 Recipe for this tip: To clear a sluggish drain and keep it running well, pour 1 cup baking soda into the drain (push it down into the drain as best you can) followed by 1 cup white vinegar. It will bubble, fizz and gurgle but is not harmful. Allow to sit for a couple of hours, or overnight which is better. In the morning flush with a large kettle or pot of boiling water which you pour directly into the drain. Caution: Pouring boiling water into a porcelain sink that has not been used for several hours could cause it to crack. Just be careful to pour the water into the drain!

If dealing with very old pipes and plumbing, cut the quantities of baking soda and vinegar in half just to be on the safe side.

8:36 Thank you! Debt-Proof Living with Mary Hunt was created and hosted by Mary Hunt, produced by Julie Emerson, with Harold Hunt, Executive Producer.

Save time. Save money. Every Day. Just make it easy on yourself! Subscribe at www.everydaycheapskate.com. That's where you will find all the ways you can follow Mary, Everyday Cheapskate, and Debt-Proof Living.

Funky Piano Pop Blues https://audiojungle.net/item/funky-piano-pop-blues/20083912 The Fun Cooker funcookerlogo.jpg

EP:6 What is Debt-Proof Living Anyway? Dec 03, 2019

Show notes

Please take our survey! http://survey.libsyn.com/debtproofliving

0:04 Hi everyone, I'm Mary. You might be wondering what is debt-proof living anyway?

0:15 A lifestyle.

0:49 A money management system.

1:00 A book.

1:37 A website.

1:59 A podcast.

2:10 Why should you debt-proof your life?

2:15 Survive lean times.

3:02 Reduce your stress.

3:30 Protect your future.

4:09 Protect your marriage.

4:38 Teach your children.

5:48 You've been listening to Debt-Proof Living with Mary Hunt. Created and hosted by Mary Hunt, produced by Julie Emerson, with Harold Hunt, Executive Producer. 5:59 Save time. Save money. Every Day. Make it easy on yourself! Just subscribe at www.everydaycheapskate.com. That's where you will find all the ways to follow Mary, follow Everyday Cheapskate, and Debt-Proof Living. Thanks for listening!

Funky Piano Pop Blues https://audiojungle.net/item/funky-piano-pop-blues/20083912

The Fun Cooker funcookerlogo.jpg

EP:5 Make Every Day Thanksgiving Nov 26, 2019

Show notes

Please take our survey! http://survey.libsyn.com/debtproofliving

1:15 medical science reveals more about the strong connection between gratitude and good health.

1:21 the fact that stress can make us sick.

1:45 and lowers our blood pressure

3:18 What do I give thanks for, privately, in my own gratitude sessions?

4:37 Thank you! You've been listening to Debt-Proof Living with Mary Hunt. Debt-Proof Living with Mary Hunt was created and hosted by Mary Hunt, produced by Julie Emerson, with Harold Hunt, Executive Producer. 4:47 Save time. Save money. Every Day. and make it easy on yourself! Just subscribe at www.everydaycheapskate.com. That's where you will find all the ways to follow Mary, Everyday Cheapskate, and Debt-Proof Living. Thanks for listening!

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EP:4 Cheapskate, Who Me? Nov 22, 2019

Show notes

Please take our survey! http://survey.libsyn.com/debtproofliving

0:02 Welcome! I'm so happy you're here! I'm Mary, and I'm a proud cheapskate!

0:12 the founder of Debt-Proof Living and the blog Everyday Cheapskate.

1:05, 2:22 non-mortgage debt or unsecured debt

1:23 several books with all that happened and what I've learned

1:56 in my books, my blogs, my websites (see note at 7:35), and guess what? now in this podcast

2:31 How did I get out of debt?

3:45 Simple steps to get started

3:50 Rein in your brain.
4:31 Embrace frugality.
6:13 Never pay retail.

7:35 www.everydaycheapskate.com and www.debtproofliving.com

8:07 You've been listening to Debt-Proof Living with Mary Hunt Created and hosted by Mary Hunt. Produced by Julie Emerson. Harold Hunt, Executive Producer.

8:17 Save time. Save money. Every Day. Just make it easy on yourself! Subscribe at www.everydaycheapskate.com. That's where you will find all the ways to follow Mary, Everyday Cheapskate, and Debt-Proof Living. Thanks for listening!

Funky Piano Pop Blues https://audiojungle.net/item/funky-piano-pop-blues/20083912. TheFunCooker

EP:3 Tips to Avoid "Turkey Flu" this Holiday Season Nov 19, 2019

Show notes

Please take our survey! http://survey.libsyn.com/debtproofliving

0:13, 0:38 Liz Tarditi, a professional personal chef

1:01 Conquer the bacteria, salmonella

1:53 Make it Yourself: One gallon of 70F (cool) water plus one teaspoon of liquid bleach.

3:08 Sanitize Liberally

3:25 Proper Prep

3:40 Fresh vs. Frozen?

5:06 No Thawing Shortcuts

5:50 Early Thaw? No Worries

6:10 Rethink stuffing.

7:55 Easy does it.

The easiest way to roast a turkey is to set the oven to 325F. Place the turkey in a roasting pan, season with salt and pepper and put it in uncovered. It will take about 3 hours for a 6-pound turkey; add 10-12 minutes for each additional pound, up to 6 hours total for a 25-pound bird. It's done when it reads 165o F. Let the bird rest for 20 minutes before carving for juicier and more flavorful meat.

8:59 Happy Thanksgiving Everybody!

9:04 Thank you! You've been listening to Debt-Proof Living with Mary Hunt. Debt-Proof Living with Mary Hunt was created and hosted by Mary Hunt, produced by Julie Emerson, with Harold Hunt, Executive Producer. 9:17 Save time. Save money. Every day. Make it easy on yourself! Just subscribe at www.everydaycheapskate.com. That's where you will find all the ways to follow Mary, Everyday Cheapskate, and Debt-Proof Living. Thanks for listening!

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