Get Out Of Debt Guy Show

n this episode, Steve Rhode and Damon Day discuss the surprising financial progress of millennials, a generation once mocked for living with their parents and struggling with basic expenses. They highlight that many millennials have outpaced Gen Xers and boomers in wealth accumulation, largely due to strategic decisions like buying homes before 2019 and contributing early to retirement plans. Despite this progress, they acknowledge that not all millennials have benefited equally, with some still struggling financially. The hosts emphasize that it’s never too late to start making smart financial moves, whether that means saving, investing, or getting out of debt. The conversation also delves into the importance of having a financial plan, especially for those feeling left behind. Damon stresses that without a plan, people tend to react rather than act strategically, which can lead to financial stagnation. They discuss the benefits of buying homes further from city centers as a way to enter the real estate mark

In this engaging discussion, Steve Rhode and Damon Day dive deep into the misconceptions surrounding economic fears and personal finance decisions. They emphasize how media hype and preconceived notions often lead people to make poor financial choices, like liquidating retirement funds or hoarding gold in fear of market crashes. Through a historical comparison, Steve reveals the surprising results of investing $1,000 in stocks, gold, and silver since 1970, illustrating that stocks have consistently outperformed other investments over the long term. The key takeaway is that while markets fluctuate, the overall trend has been upward, underscoring the importance of a long-term perspective in financial planning. The conversation then shifts to the psychological traps people fall into when managing debt, particularly the obsession with maintaining a high credit score at the expense of financial security. Damon shares a poignant story of a client who, despite being deep in debt, prioritized his credit score over bu

On today's podcast, we're exploring Zelle and why this seemingly simple app has stirred up quite a storm in the financial world. We’ll chat about how Zelle works, why it's so popular, and, most importantly, why it's leaving so many users high and dry when it comes to fraud protection. We'll also explore how other P2P platforms like Venmo and PayPal stack up in keeping your hard-earned cash safe. We'll break down the findings of a recent Senate report that paints a less-than-pretty picture of Zelle’s consumer protections—or lack thereof. From shocking stats about unreimbursed scams to the surprising risks for younger users, we’re going to cover it all. Plus, we’ll discuss what you can do to protect yourself and whether Zelle is really the best choice for your money transfers. So grab your headphones and let’s get into it!

n this episode of the Get Out of Debt Guy podcast, Steve Rhode and Damon Day dive into the persistent and evolving issue of federal student loans. They highlight the cyclical nature of personal finance topics, emphasizing the unchanged fundamentals of money management. The discussion pivots to the Biden administration's SAVE program and its current limbo status, shedding light on the instability of federal student loan policies. Steve and Damon underscore the systemic flaws in the education financing system, advocating for smarter, debt-free alternatives for prospective students. They criticize the government's role in inflating college costs through guaranteed loans and propose a radical solution: making colleges guarantee the loans themselves. With personal anecdotes and a dose of humor, they offer practical advice for avoiding the pitfalls of student debt, stressing the importance of financial planning and vocational education as viable paths to a stable financial future.

Steve Rhode and Damon Day discuss the transformative power of side hustles in their podcast, "From Zero to Hero: How This Side Hustle Changed My Life." They emphasize the importance of finding the right side hustle to fit individual needs and schedules. Steve notes that while some side hustles may offer modest earnings, like online surveys, others, like freelancing and gig work, can provide more substantial income. The key is to find a balance that doesn't overwhelm one's time and to explore various options to see what works best. The duo shares survey results highlighting the potential earnings from different side hustles, ranging from $500 to over $10,000 per month, although high earners are exceptions rather than the norm. Damon shares his personal experiences, explaining how he and Steve launched the "Penny Stupid Project" on YouTube, where they try various side hustles and report their findings. Damon talks about his success with Uber, Lyft, DoorDash, and other gig apps, which

Ready to take control of your finances and eliminate debt for good? Dive into the latest episode of "The Get Out of Debt Guy Show" titled "Debt Busters: Proven Strategies to Obliterate Your Debt." Hosted by financial experts Steve Rhode and Damon Day, this episode is packed with actionable advice and real-world strategies to help you conquer your debt. Expert Insights: Steve and Damon draw on their extensive experience in financial counseling to share tried-and-true methods for debt elimination. Real-Life Examples: Learn from the success stories of individuals who have effectively used these strategies to achieve financial freedom. Actionable Tips: The episode is filled with practical tips that you can start implementing immediately to tackle your debt.

Today Damon Day and Steve Rhode talk about the fincial pressures created by inflation and the consequences to your financial health and future. It is a surprising subject with a lot of layers.

Damon Day and Steve Rhode explore the myths and misperceptions about the charitable non-profit credit counseling industry. We are not suggesting you should avoid credit counseling but to better understand how this works to make better decisions about what is right for you or the people you care about. --- Send in a voice message: https://podcasters.spotify.com/pod/show/get-out-of-debt-guy/message

In this episode, we discussed the importance of credit scores and how individuals often make emotional decisions based on fears surrounding their credit scores. We stressed the need to step back and analyze the practical aspects of credit scores, especially when faced with significant debt. We highlighted the misconception that a good credit score reflects intelligence in managing personal finances, emphasizing that lenders primarily use credit scores for risk assessment.The conversation delved into scenarios where preserving a high credit score may not align with financial priorities, such as paying off high-interest debt. We explored the nuances of different debt management options, such as bankruptcy, debt settlement, and credit counseling, debunking common myths and biases associated with each. The speakers shared anecdotes and experiences to illustrate how individuals can navigate financial challenges effectively without solely focusing on their credit scores.Furthermore, we discussed the importance of e

In this episode of our show, we delve into the crucial topic of self-care and stress management. We uncover the detrimental effects of stress on our physical and mental well-being and our finances. Finding effective ways to cope with stress and prioritize self-care is crucial for leading a healthy and balanced life. Our conversation highlights various activities that can help alleviate stress, including exercise, meditation, and spending quality time with loved ones. Additionally, we underscore the significance of seeking professional help and acknowledge the correlation between self-care and making sound financial decisions. Ultimately, our discussion culminates with a powerful reminder for listeners to prioritize their overall well-being by actively managing stress. You can contact Damon at https://damonday.com Link to CFPB story we talk about: https://getoutofdebt.org/171657/strategic-financial-solutions-and-ryan-sasson-stumble-and-get-pounded#more-171657 --- Send in a voice message: https://podcaste

In this episode, we discuss the financial advantages of using gig apps like DoorDash to make money and avoid college debt. We explore the idea of choosing side jobs over expensive colleges and highlight the potential savings and long-term growth through smart investments. We delve into attending community college while working gig apps, emphasizing the importance of saving early for a comfortable retirement. We encourage listeners to try food delivery and ride-sharing apps for flexible income, which can subsidize desired lifestyles and enhance retirement funds. We share personal experiences with gig work and address concerns about future changes. Additionally, we promote our YouTube channel and recommend a debt coach for listeners. --- Send in a voice message: https://podcasters.spotify.com/pod/show/get-out-of-debt-guy/message

In this episode, we explore the emotional impact of debt and how it affects individuals on a personal level. As hosts, we have witnessed firsthand the range of emotions that arise when people face financial struggles. One prevalent feeling is embarrassment, as clients often feel like failures when they openly confess their debt. We have also observed that some individuals, particularly women, have contemplated drastic measures like becoming escorts or prostitutes to pay off their debt. However, it's crucial to emphasize that alternative solutions are available.Embarrassment is a common emotion associated with debt, and many people want to keep their financial struggles a secret from loved ones. However, we highlight the fact that people are often too preoccupied with their own lives to be overly concerned about our debt. We encourage seeking support from someone outside our normal circle who won't judge us. While feeling embarrassed about debt is normal, we should not let shame consume us. Unexpected

In this podcast, Steve Rhode and Damon Day address various misconceptions about debt and financial decisions. We emphasize that having debt does not make someone a loser or a failure; it is a common occurrence that does not define one's worth. We discuss how social media can distort perceptions of others' lives, as they often showcase only the positives and not the struggles. We debunk the myth that bankruptcy ruins one's credit for 10 years and share a personal experience of receiving a credit card offer shortly after obtaining discharge papers. We highlight that banks are willing to lend money and do not view individuals as failures for having debt. Additionally, we emphasize the importance of not making decisions solely based on credit scores and not relying on social media for financial comparisons.We then share a story about a client who had a negative experience with a Burger King drive-thru, where they were charged $2,000 instead of $20 due to a transactional mistake. We highlight the r

In this episode of the Get Out of Debt Guy show, Steve Rhode, the old Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, take a break from discussing debt and focus on saving and making money. They highlight the importance of having savings for emergencies, as relying on credit cards may not always be a viable option. They acknowledge that saving money may not seem glamorous due to low interest rates and expenses matching income. However, they suggest cutting back on expenses or finding side hustles like driving for ride-sharing or delivery apps to create a separate fund for savings. Starting small with a few hundred dollars a month can make a big difference in the long run.Damon shares his experience of making over $900 on New Year's Eve. Steve suggests saving at least $500 of it while still enjoying some rewards. He recommends investing in treasury bonds, specifically the I-series savings bonds, which offer a 5% interest rate and are considered a safe form of investing. Another option di

People with financial challenges have always felt their situation was horrible and worried about what people would think about them. In this podcast, Damon Day and I discuss this subject and why that should be the last thing on your mind when getting out of debt. --- Send in a voice message: https://podcasters.spotify.com/pod/show/get-out-of-debt-guy/message

Today, Damon Day inherits the torch of being the New Get Out of Debt Guy as I slowly retire. We chat about that but also jump into the stupidity of student loan forgiveness programs, dealing with inflation, and how to cut costs while ending with how to make extra cash. --- Send in a voice message: https://podcasters.spotify.com/pod/show/get-out-of-debt-guy/message

This time Damon Day and Steve Rhode decided to combine our two podcasts on debt and side hustles into one. I think people interested in side hustle extra money might also have some interest in financial topics as well. We shall see. Topics included Uber, Lyft, Amazon FBA, scams, legal threats, fake debt collectors, and more. --- Send in a voice message: https://podcasters.spotify.com/pod/show/get-out-of-debt-guy/message

We are back. It's been a bunch of hot minutes since the last podcast. But Damon Day and myself, Steve Rhode, are huddled over an iPhone recording this podcast in a random hotel room someplace. Besides discussing the manufactured student loan fiasco with the off-again and soon-to-be-on-again student loan payments, we chat about the confusion created by the new SAVE program that might not go through even though millions are now enrolled. Damon from DamonDay.com talks about how consumers call him in a panic over student loan payments starting soon. And in the years since student loan payments were put on pause, people's spending expanded to fill the void left by suspended student loan payments. What could go wrong? Whatever financial mess consumers face seems to be created more by emotional politics than a promise by the government to its citizens. We talk about why the financial mess created by higher education debt will not be resolved anytime soon. The podcast turns into a warning on how not to

In this podcast, Damon Day (DamonDay.com) and I talk about the problems people face with American Express cards closed without notice or because of a problematic customer service interaction. We also discuss the problems faced by people suffering from financial problems and answer reader questions. This is a new format, as a video podcast. Enjoy. Steve - You Get Out of Debt Guy https://getoutofdebt.org --- Send in a voice message: https://anchor.fm/get-out-of-debt-guy/message

Being in debt feels like a dark hole, a deep pit, without hope or any way out. Struggling to find ways to make extra money can feel impossible as well.  But the secret is both situations benefit from the same free tip Damon Day, and I talk about on this podcast. You can follow our side-hustle testing at PennyStupid.com But if you have debt questions or need some free advice, I'm here for you.  Steve Rhode - Your Get Out of Debt Guy from GetOutofDebt.org --- Send in a voice message: https://anchor.fm/get-out-of-debt-guy/message