Financial Learning – Oprah’s Debt Diet

If you have been hanging around www.JosephSangl.com anytime at all, you have heard me talk about how important it is to continue learning about how to manage your finances.

I have recently completed watching Oprah's Debt Diet series.

Here are some things I took away from watching this series:

  • Americans are very disorganized
  • Spouses who do not work together are susceptible to hiding debt
  • Debt is a disease – DIS EASE – uncomfortable
  • When faced with their true financial picture, people KNOW that it is out of order!  They will make statements like, "This is eye-opening", "This is nuts!", and "Wow!"
  • There is ALWAYS a way to spend less money
  • Some people are just plain stupid with money
  • People know their real story, regardless of the facade they present
  • Folks feel stupid when it comes to money and are scared to ask for help!
  • Americans feel validated by their credit score
  • Kids don't really care about STUFF – they just want to spend time with you
  • 43% of homes purchased last year were with $0 down!

4 Responses to “Financial Learning – Oprah’s Debt Diet”

  1. Julie Brown May 22, 2007 at 4:04 am #

    Hey Joe! Check out http://www.msn.com today (tuesday may 22nd). There is an article on how to start your own university!

  2. Tina Harkey May 22, 2007 at 7:47 am #

    Joe,

    I was thinking about the $1000 emergency fund. Do you really think that is enough? If my Aunt in Michigan died and I had to run up there for the funeral I could spend that just on airline tickets. Is $1000 in the emergency fund just a place to start?

  3. Joseph Sangl May 22, 2007 at 9:14 am #

    Sangl says …

    Julie – loved the article!

    Tina – You are correct! The $1,000 emergency fund is just a BEGINNING emergency fund. I made sure that I had at least $2,500 from day one – because that would actually replace a transmission or a furnace! Great observation!

  4. John X May 22, 2007 at 7:25 pm #

    Now that I have stopped my collegiate monetary hemorrhage(~ I graduated), I am joining the get-out-of-debt revolution!

    My wife & I had a combined $248,500 in debt.

    We recently mailed in $27,000 to reduce that to $221,500 in total debt.

    We have no other debt than the student loans.

    My goal is to be debt free in 5 years.

    Watch for smoke as we burn this debt down!

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