#57 How to Get Out of Debt And Start Building Wealth w/ Paco De Leon
Have you ever gone into debt? To the point where you’ve felt buried by it? Where it seems like every effort you’ve made trying to pay it down is pointless because the negative balance never seems to budge.
You’re not alone.
As soon as I legally became an adult, I was introduced to the wonderful world of American Express, Visa and Mastercard. I learned that with a simple swipe of a magical piece of plastic you can get all your needs and desires met:
School books? Yup, need those!
In and Out Burger at 1am? Of course.
A snowboard? Duh, obviously.
In college, I worked to earn my keep but it still wasn’t enough. So I decided to take advantage of other “opportunities” that were available to me at the time in the form of student loans.
Some of you are probably reading this and shaking your head thinking, “Bad idea! Stay away!”. Maybe you’ve had a similar experience in feeling completely covered by these academic “assistance” programs too. We live and we learn, right?
Even years after graduating from college with a steady, well-paying salaried job to rely on, it was still tough to get out from underneath my debt but eventually I got there. I blame the system. They didn’t teach us how to manage money as a legit subject in school (seriously, why didn’t they teach this!?).
My well-meaning parents did their best to guide me. But as immigrants who grew up in poverty in a developing country, they were also learning how to navigate the crazy capitalistic climate of the US.
I was amazed and envious of my friends and coworkers who naturally possessed a financial fluency that I did not. How it seemed effortless to avoid going into debt and build up a hefty savings account. These folks possessed privilege and a wealth of wisdom (and actual wealth too) that was casually passed down to them through generations.
In my podcast interview with Paco De Leon, author, entrepreneur, illustrator and musician, she shares her brilliance on how to become financially literate, how to tackle debt and build wealth from her book, Finance for the People.
Her perspective on personal finance sets her apart from other financial gurus, who adopt a more objective approach and fail to point out that systemic inequality like racism, sexism, homophobia and classism play a major role in the wage gap and why it’s a constant struggle for people from marginalized communities to get out of poverty and actually build wealth.
She also incorporates mindset (which as a coach I love!) and offers useful tips and insights that explain A LOT about why we’re so weird about money and how to have a healthier financial life.
Listen to episode 57 now
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Being in debt is not a situation anyone wishes to be in. It can be paralyzing and bring on feelings of shame and guilt. But debt can also be helpful, especially if it’s used as a tool for you to learn, grow or make the world a better place somehow.
If you’re in debt or would like to improve your financial health, I hope listening to this podcast or grabbing my friend Paco’s book will help.
Take care of yourself!