Darin, a military veteran, shares the psychological aspects of money and the importance of community support in achieving financial stability. He emphasizes the need for guidance and the positive impact of having someone advocate for you in the debt management process. Our conversation highlights the transformative power of community and the steps taken to achieve financial freedom.
Key takeaways:
Key moments:
(00:00) Part-time work and being a "girl-dad"
(05:36) Financial Backgrounds and Debt
(11:19) The Importance of Community in Financial Recovery
(15:50) Achieving Financial Stability and Future Goals
Learn how to reduce your debt stress with Money Management International: https://www.moneymanagement.org
How does debt impact military families differently—and what unique resources are available to help them achieve financial wellness?
This episode of Long Story Short explores the mission of the USAA Educational Foundation, unpacking the financial challenges and opportunities that service members and their families face.
Mandi Moynihan and Katie Casey Macias, both Certified Financial Planners® and program leaders, share tailored financial education and practical tools designed specifically for the military community.
You’ll get insider perspective on the challenges military families encounter, such as frequent moves, deployment, and complex federal protections.
Discover actionable steps and no-cost resources, including the user-friendly Debt Destroyer program, that empower military households to take control of their finances—without judgment or sales pressure.
Listeners will learn:
Key moments:
(04:09) Military Financial Challenges Overview
06:16) Debt Challenges for Young Service Members
(11:01) Military-Focused Financial Education Tools
(12:58) Debt Destroyer: Free Debt Elimination Program
How do you prepare the next generation for financial success? Learn about the world of financial education with the MoneySKILL program, a dynamic initiative from the AFSA Education Foundation designed to empower consumers of all ages with vital money management skills.
You'll hear about how this innovative, online, and free resource equips educators, parents, and learners to understand and navigate the complexities of personal finance, ensuring they have the tools they need for financial wellness.
Rhonda Ashburn and Olivia DiBiase share how MoneySKILL provides a comprehensive curriculum, spanning from budgeting basics to advanced topics like retirement planning, in a flexible format adaptable for different learning environments and settings. Also, discover the measurable impact MoneySKILL is making, with significant growth in financial literacy and practical financial behaviors among users highlighted by recent studies.
Listeners will learn:
Resources:
How does your credit score impact your financial journey?
Discover the significance of FICO scores in the lending process and learn valuable tips for managing and potentially improving your credit profile. Elaine Cozart from FICO provides insights that are essential for anyone seeking to understand and leverage their credit score effectively.
You'll hear practical advice on the key components of a FICO score and the importance of payment history and amounts owed, which comprise a significant 65% of your score. The discussion explores steps you can take to enhance your credit standing, including strategies for effective debt management and the impact of maintaining low balance utilization. Elaine also highlights resources available for accessing your FICO score and understanding how it's used by lenders.
You will learn:
Key moments:
(00:00) Understanding FICO Scores' Importance
(04:10) Key Factors Influencing FICO Score
(06:48) FICO Score Fluctuations Explained
(12:28) Improving Your Credit Score
(15:47) Breaking Debt Stigma
(17:31) FICO Score Impact and Resources
(22:38) MyFICO: Credit Management Tools & Resources
What does it take to eliminate a six-figure debt in just over four years? From substantial sacrifices to strategic financial planning, Ian reveals how he and his family conquered $100,000 of debt and achieved financial freedom through MMI's debt management plan.
You'll hear about Ian's journey through financial adversity, including the loss of his job during the Great Recession, and how he and his wife juggled multiple jobs to repay their debt. Ian emphasizes the importance of committing to a lifestyle that prioritizes living within your means and eliminating reliance on credit cards. He also sheds light on the patience and persistence required to see debt relief progress, encouraging others that the process indeed works.
You'll be encouraged from:
Key moments:
(00:00) Job Loss and Debt Struggles
(05:14) Understanding Financial Enrollment Process
(07:23) Debt Risks: Interest and Steep Rates
(11:31) Financial Success Through Early Action
Struggling with debt and worried about housing options? Discover how taking the first step towards financial wellness can change your life, as housing counselor Naomi Peden shares her insights on homeownership.
Naomi talks about the impact of unmanageable debt on individuals' lives, emphasizing the emotional toll it can take, and highlights the significant importance of making an initial move, like contacting MMI for guidance. By understanding your own financial comfort zones, especially when aiming for goals such as homeownership, listeners can better navigate their financial journeys with the support of compassionate experts.
Listeners will learn:
Ali successfully paid off $17,000 in debt in just five years through Money Management International's (MMI) debt management plan. Ali shared how a job loss led him to accumulate debt across nine credit cards, with the highest balance reaching $7,000. Referred to MMI by one of his credit card companies, Barclays, Ali found solace and clarity through MMI’s debt counseling services.
You will learn about the pivotal role of debt consolidation in Ali’s journey, as he described how MMI helped him condense his debt into one manageable payment, thus simplifying his financial obligations and making real progress on his balances. We also highlight the psychological benefits of debt management, as Ali explained how having a structured plan reduced his stress and restored his financial confidence. Additionally, Ali provided valuable advice for those struggling with debt, emphasizing the importance of recognizing when professional help is needed to effectively manage and pay off debts.
Key insights:
(00:00) Ali's story of consolidating Credit Cards
(04:29) Debt consolidation and financial relief
(08:40) The liberating feeling of being Debt Free
When the insurance company refused to pay, Rachel was stuck with $35,000 in unsecured debt.
Rachel's story is not just one of financial recovery but also of dealing with life's unpredictability.
A year after a significant car accident that left her with muscle skeletal issues, Rachel was sideswiped by another car. Thinking the driver's insurance would cover everything, Rachel put all the expenses on credit cards.
Rachel to turned to MMI for help, a decision that ultimately alleviated her financial stress by consolidating her payments, reducing her interest rates, and helping her move past this horrible time in her life.
Her account highlights the importance of financial counseling, with Rachel praising the simplicity and support offered by MMI. She speaks candidly about the lessons learned through her experience, such as the significance of living within one’s means and having a robust financial plan.
Key moments:
(00:00) The plan to pay off medical debt when the insurance check came in
(03:05) But then the insurance company refused to pay, leaving Rachel with over $28,000 in unsecured debt
(07:18) Lesson learned: Avoid credit card debt; there's always a way forward despite challenges
(10:46) Rachel's recommendation: Strictly managing your finances to address thumb issues and avoid high credit card interest
(14:26) Moving forward: Being debt-free means overcoming financial challenges and breaking the stigma associated with debt
Rachel was recently married and own their home in Colorado.
In the midst of a pandemic, Steve jumped into homeownership. Then tried to fix it up, and furnish it, then the 30-year old HVAC unit went out.
Thinking it would take 20 years to get out of this new consumer debt, he contacted MMI - and it in just over 2 years!
Listen to Steve's story about:
(00:00) Buying a home during chaotic times and using credit for quick renovations.
(03:43) Becoming overwhelmed and exploiting options like debt consolidation, which harms credit but reduces payments
(08:41) Budgeting in an ongoing process and adjusting expenses regularly to manage high costs effectively.
(10:39) Learning how MMI educates on personal finance to promote debt-free living, improving financial literacy not taught in schools.
(13:14) Paying out of pocket for his final semester - and dreaming of better living and freedom
Joni had a six-figure income but was living off her credit cards. With over $62,000 in credit card debt, she was able to pay it off and build savings following MMI's debt management plan.
Listen to her story of avoiding bankruptcy the emotional impact she experienced from her financial freedom journey.
Key moments:
(00:00) Multipreneur Joni shares her Debt Payoff Triumph story
(06:29) She paid high-interest debt first and tracked her financial progress
(08:46) Budgeting and financial education reduces the "debt stigma"
(12:28) How financial changes impressed her partner
(15:10) Joni's advice? Share your struggles and seek support
What does paying off $25,000 in debt look like?
Jason from Redding, California, outlines his journey from financial strain to achieving significant financial milestones by paying off $25k in debt!
He and his wife initially accumulated debt due to living expenses and attempts to enjoy life, which led him to seek assistance via his union's website. There, he discovered MMI, and with guidance from a representative named Crystal, he learned about their nonprofit service, which helps reduce interest rates on debt rather than providing loans.
Jason explains how MMI's program consolidated their various debts into a manageable monthly payment, making it easier to pay off credit card and medical bills. The reduced interest rates and structured payment plan allowed Jason and his wife to save money and make significant progress on their debt. Jason emphasizes the importance of not living beyond one's means and the role of financial organizations like MMI in providing confidence and understanding to break the stigma associated with debt.
Looking ahead, Jason shares that being nearly debt-free has given them peace of mind and financial flexibility, allowing them to enjoy date nights and purchase a better vehicle. He recommends MMI to anyone struggling with debt, crediting the program for his improved financial situation and the new opportunities it has afforded him and his wife. Tara closes the session by congratulating Jason on his achievements.
Key moments:
(02:27) Seeking Help for Debt Consolidation
(03:07) Finding MMI through Union Resources
(04:57) Discussing Options with Wife
(05:50) How MMI Helped with Payments
(06:54) The Importance of Lower Interest Rates
(07:44) Including Different Types of Debt
(08:21) Managing Hospital Bills with MMI
(09:37) Avoiding Excessive Debt
(10:36) Breaking the Stigma of Debt
(12:02) Understanding Payment Plans
(13:09) Freedom and Future Plans
Jessica shares her inspiring journey of raising her credit score to over 800 and paying off $32,000 in debt!
Jessica recounts her initial struggle with debt and the shame associated with it. She found MMI after a friend suggested seeking help, and her first call with a debt counselor named Sandra was pivotal in setting a clear, manageable plan. The structured payment plan helped Jessica see an end to her financial troubles, allowing her to become debt-free a few months earlier than expected.
Throughout the process, Jessica gained valuable financial literacy, learned to manage credit effectively, and utilized tools provided by MMI to better understand debt and credit management. She now aims to invest and continues to use credit responsibly, including leveraging points for travel.
Jessica emphasizes the importance of such financial education for young adults and breaks down the stigma around debt by encouraging others to seek help. She highlights how MMI's support radically changed her financial life, enabling her to save money and look forward to future financial goals such as investing and potentially buying a home.
Jessica ends by expressing immense gratitude to MMI for their life-changing assistance and shares her story in the hopes of encouraging others struggling with debt to seek similar help.
Key moments:
(01:50) Jesica's Moment of Realization About Debt
(03:37) Her First Call with MMI Debt Counselors
(04:17) Setting Up the Debt Payoff Plan
(04:50) Significant Learning During Credit Counseling
(05:50 Journey of Paying Off $32,000
(06:15) Monitoring Credit Score Progress
(07:06) Using Credit Wisely for Future Purchases
(08:45) The Importance of Acknowledging Debt
(09:55) Embracing a Debt-Free Lifestyle and Future Goals
(10:28) Refinancing and Other Financial Milestones
(11:05) Understanding Credit and Its Benefits
(12:07) Saving Money and Building Wealth After Debt
Nick, an IT manager from Long Island, shares his experience of paying off over $24,000 in debt through Money Management International (MMI).
He highlights the importance of acknowledging the debt problem, cutting credit cards to control spending, and the relief that comes from having a clear end date for becoming debt-free.
Tara and Nick discuss the benefits of lowered interest rates, streamlined payments, and the supportive relationship with MMI's counselors. Plus, Nick emphasizes the improved quality of life and family relationships that came with paying off his debt, as well as the newfound ability to enjoy vacations. He advises others in similar situations to take action and seek help from organizations like MMI.
Key moments:
(02:00) Turning Point in Nick's Financial Life
(02:56) The Burden of $24.000 of Debt
(03:02) Finding Motivation to Change
(03:39) The Benefits of One Monthly Payment
(04:11) Achieving Lower Interest Rates
(05:05) Key Lessons from Debt Counseling
(06:13) Feeling Supported in the Process
(07:08) Importance of Budgeting Skills
(08:17) Gaining Control Over Spending
(09:04) Taking the First Step to Recovery
(10:47) Overcoming the Debt Stigma
(11:23) What it Means to be Debt Free
Podcasts are great because we can have deep conversations with meaningful impact as we share stories that are common to so many of us.
This show from us here at MMI is so important because it's critical that we reduce the stigma around debt.
Debt is something that's so very common and so many of us deal with it and yet we don't talk about it, but we really should.
And so on this show, that's what we do.
I'm Tara Alderete, MMI Director of Enterprise Learning. We'll talk about debt and more importantly, we'll normalize it so it can help folks understand how they can overcome debt and take steps to get out of the hole that they might find themselves in.
We'd love for you to join us on this journey. Find out more at https://moneymanagement.org/podcast
Join us as we wrap up season three of the podcast with MMI staff Maura Attardi, the Director of Financial Wellness; Tara Alderete, the Director of Enterprise Learning; and Amy Lins, the Vice President of Customer Success. Adam and the team from MMI discuss the broad range of MMI clients, the services MMI offers, budgeting trends made popular by social media, and common scams with the financial industry.
Today on the show, three professionals join Adam to discuss all things student loans. Amy Lins is a Financial Educator at MMI, Adam Minsky is a Student Loan Attorney, and Zina Kumok is a Personal Finance Writer that specializes in student loans. Our three guests discuss loan repayment and forgiveness, how to apply for repayment initiatives, and the mental impact that student loans can have on the borrower.
Melissa John is an attorney from Salisbury, Massachusetts. In her twenties, she didn’t have a strong grasp on how to responsibly use credit cards. This, mixed with some medical costs and law school tuition left Melissa entering her thirties with $70,000 of debt. When she reached out to a financial advisor, he recommended MMI. Now, in just three years, Melissa has paid off the debt and says that she’s living in peace.
When Sarah found herself in $70,000 of credit card debt, she reached out to Money Management International for assistance in paying it all off. She first got into debt when she was in college and didn’t have a strong understanding of how credit cards work. Now debt-free, Sarah is more intentional with her spending and advises people in similar situations to take action as soon as possible when paying off their debt.
Michael McKeaney is no stranger to debt, having gone into it multiple times in his life. However, during his second round of attempting to pay it off, Michael reached out to MMI in hopes of finding an easier way to reach his goal. With the help of MMI, Michael was able to pay off around $40,000 in just under five years and increase his credit score by 120 points. Now, Michael is able to regularly contribute to his savings while living debt-free.
Kristin Pierre is a freelance singer and model, as well as executive assistant from Weehawken, New Jersey. As a freelancer, Kristin found her income to be unpredictable and she quickly found herself racking up credit card debt from shopping. When she reached her breaking point, Kristin reached out to MMI and was immediately comforted by a MMI counselor. Now, Kristin has paid off $20,000 in five years and increased her credit score by 120 points.