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Content provided by Brandon Neely and Amanda Neely, CFP®, Brandon Neely, and Amanda Neely. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Brandon Neely and Amanda Neely, CFP®, Brandon Neely, and Amanda Neely or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://staging.podcastplayer.com/legal.
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Stop Believing THESE Debt Myths (Before It's Too Late)
Manage episode 479920745 series 2421926
Content provided by Brandon Neely and Amanda Neely, CFP®, Brandon Neely, and Amanda Neely. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Brandon Neely and Amanda Neely, CFP®, Brandon Neely, and Amanda Neely or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://staging.podcastplayer.com/legal.
Are you throwing money away each month and working extra hours just to pay interest?
The average American pays $8,000 per year in interest alone. That's $667 every month! But the real cost isn't just the dollars—it's the extra hours you work to pay those bills.
In this eye-opening episode, we expose five dangerous debt myths that could be forcing you to work harder than necessary:
- Why making minimum payments on credit cards could keep you in debt for 22+ years
- The hidden trap in Parent PLUS loans that could delay your retirement
- When NOT touching your home equity is actually costing you money
- The surprising truth about reverse mortgages (they're not always bad!)
- Why "all debt is bad" thinking might be limiting your wealth-building potential
Key Quote: "I realized I was working for my debt instead of having my debt work for me. Once I understood the difference between productive and destructive debt, everything changed."
Whether you're carrying credit card balances, considering college funding options, or wondering about your mortgage, this episode will help you identify which debts are holding you back and which might actually help you build wealth—allowing you to work less while achieving better financial outcomes.
Ready to rethink your relationship with debt? Connect with us for a complimentary debt strategy session at wealthwisdomfp.com/call
01:24 Meet the Team
02:41 The Cost of Debt in America
07:32 Debt Myth #1: Credit Card Minimum Payments
14:58 Debt Myth #2: Parent Plus Loans
25:59 Debt Myth #3: Mortgage Rates and Home Equity
29:48 Exploring Home Equity Loans
30:08 Comparing Interest Rates and Savings
30:56 Understanding Home Equity Loan Payments
32:41 The Concept of Home Equity Loans
36:31 Reverse Mortgages: Pros and Cons
45:12 Evaluating 401k Loans
48:36 Good Debt vs. Bad Debt
53:12 Bank on Yourself Policy Loans
55:17 Wrapping Up and Final Thoughts
Watch on YouTube here: https://youtu.be/owG5LW26xlo
100 episodes
Share
Manage episode 479920745 series 2421926
Content provided by Brandon Neely and Amanda Neely, CFP®, Brandon Neely, and Amanda Neely. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Brandon Neely and Amanda Neely, CFP®, Brandon Neely, and Amanda Neely or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://staging.podcastplayer.com/legal.
Are you throwing money away each month and working extra hours just to pay interest?
The average American pays $8,000 per year in interest alone. That's $667 every month! But the real cost isn't just the dollars—it's the extra hours you work to pay those bills.
In this eye-opening episode, we expose five dangerous debt myths that could be forcing you to work harder than necessary:
- Why making minimum payments on credit cards could keep you in debt for 22+ years
- The hidden trap in Parent PLUS loans that could delay your retirement
- When NOT touching your home equity is actually costing you money
- The surprising truth about reverse mortgages (they're not always bad!)
- Why "all debt is bad" thinking might be limiting your wealth-building potential
Key Quote: "I realized I was working for my debt instead of having my debt work for me. Once I understood the difference between productive and destructive debt, everything changed."
Whether you're carrying credit card balances, considering college funding options, or wondering about your mortgage, this episode will help you identify which debts are holding you back and which might actually help you build wealth—allowing you to work less while achieving better financial outcomes.
Ready to rethink your relationship with debt? Connect with us for a complimentary debt strategy session at wealthwisdomfp.com/call
01:24 Meet the Team
02:41 The Cost of Debt in America
07:32 Debt Myth #1: Credit Card Minimum Payments
14:58 Debt Myth #2: Parent Plus Loans
25:59 Debt Myth #3: Mortgage Rates and Home Equity
29:48 Exploring Home Equity Loans
30:08 Comparing Interest Rates and Savings
30:56 Understanding Home Equity Loan Payments
32:41 The Concept of Home Equity Loans
36:31 Reverse Mortgages: Pros and Cons
45:12 Evaluating 401k Loans
48:36 Good Debt vs. Bad Debt
53:12 Bank on Yourself Policy Loans
55:17 Wrapping Up and Final Thoughts
Watch on YouTube here: https://youtu.be/owG5LW26xlo
100 episodes
All episodes
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Similar to Wealth Wisdom Financial Podcast
Series that demystifies health issues, separating fact from fiction and bringing clarity to conflicting health advice.
…
continue reading
The daily drama of money and work from the BBC.
…
continue reading
Whatever your business conundrum, there’s a TED Talk for that—whether you want to learn how to land that promotion, set smart goals, undo injustice at work, or unlock the next big innovation. Every Monday, host Modupe Akinola of Columbia Business School presents the most powerful and surprising ideas that illuminate the business world. After the talk, you'll get a mini-lesson from Modupe on how to apply the ideas in your own life. Because business evolves every day, and our ideas about it sh ...
…
continue reading
Short documentaries and adventures in sound presented by Josie Long.
…
continue reading
Host Paul John Roach and his guests find the mystical core and explore the perennial philosophy amidst the infinite variety of the world’s religions and spiritual traditions. Paul emphasizes the practical application of spiritual wisdom imparted from poets, writers, philosophers, mystics, and scriptures in order to foster a deeper awareness and understanding in our everyday lives. Explore over 650 shows with thought leaders and spiritual teachers. #PaulJohnRoach.com
…
continue reading
Move more of your body more often and in more interesting ways with the Get-Fit Guy! If you want to begin an exercise routine and don't know where to start, or if you've been working out for a while and aren't getting the results you want, Kevin Don will give you the tips you need to reach your fitness and movement goals. Get expert information on the latest fitness trends and advice on everything from toning your arms to running a 5K or simply building more movement into your day. With his ...
…
continue reading
Reflections from a faith perspective on issues and people in the news.
…
continue reading
Player FM - Podcast App
Go offline with the Player FM app!
Go offline with the Player FM app!
