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  2. EP066 Living Debt-Free with Shannon Lee Simmons

EP066 Living Debt-Free with Shannon Lee Simmons

Jan 22, 2019

Shannon Lee Simmons is the Founder of the New School of Finance, an unbiased advice-only financial planning school. Shannon is a Certified Financial Planner, a Chartered Investment Manager, and a public speaker. She is the celebrated author of the national bestseller Worry-Free Money and has penned a new book called Living Debt Free: The No Shame No Blame Guide to Getting Rid of Debt. Shannon is a financial expert on The Marilyn Denis Show and a columnist for CBC’s On the Money and Metro Morning. She has a BAH in Economics and Finance from Queen’s University.

 

Shannon joins me today to discuss her new book, which details a practical approach to eliminate debt and work toward living debt-free. She shares the principles of her plan to help people out of debt which includes key strategies and a step-by-step approach that will help you quickly clear your debt. She also shares several vital components of financial planning including creating a ‘Debt Map’ and why ‘Debt Stacking’ is the most efficient approach to reducing debt.



“Mapping out your debt is the first step to getting debt-free. After all, you can’t tackle a problem unless you know what the problem is.” - Shannon Lee Simmons



This Week on Young Money:

 

  • The inspiration behind Shannon’s latest book, Living Debt-Free: The No Shame No Blame Guide to Getting Rid of Debt.
  • Why it’s essential to recognize how and why you got into the debt loop.
  • How reframing your debt and having a perspective switch will be motivational and help you keep going.
  • The key strategies for dealing with debt.
  • Why you should create a ‘Debt Map’ when multiple debts exist and how to prioritize it.
  • How to figure out what amount of money you can realistically put towards clearing your debt.
  • How to ensure you don’t suffer debt fatigue and why your repayments need to be palatable.
  • What ‘Debt Stacking’ means and why it’s the fastest and most effective way to clear your debt.
  • How consolidation and using your spare savings are two ‘Debt Slammers’ that will help reduce stress and make your debt more manageable.
  • Why you should continue to build emergency savings and avoid becoming one of the 90% that give up on clearing their debt when a surprise financial expense occurs.
  • The most common misconceptions that surround debt and the emotional elements to consider when creating a financial plan.


Shannon Lee Simmons’ Advice for Living Debt-Free:

 

  1. Create a map of your debt.
  2. Figure out the amount that you can put towards clearing your debt.
  3. Tackle one debt at a time and prioritize it with the highest interest rate.
  4. After the first debt is cleared, use those saving to clear the next debt.
  5. Consolidate your debt to the lowest interest rate.
  6. Take spare money out of your savings and use it to lower your debt.
  7. Continue to build an emergency fund.


Resources Mentioned:

 


Connect with Shannon Lee Simmons:

 



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