461: How to Pull Yourself Out of Car, Student, or Credit Card Debt

You want to retire, but you’ve got credit debt, auto loans, and student loans. It feels like every time you get your paycheck, it quickly slips away, and at the end of every month, you’re left in the same position, or worse, than thirty days prior. What’s happening, and why is it SO hard to get out of debt? And will you EVER be able to retire if you keep living this way?

Seth Godwin was fired from his job while holding $30,000 in credit card debt. He had no way to pay it off, but somehow, over the next two years, he was able to become debt-free, increase his credit score by hundreds of points, and become one of the internet’s leading financial influencers. After crawling out of debt, Seth began working at a financial institution, looking at car loans, realizing how many people, like him, had been scammed into throwing tens of thousands of dollars away.

Now, on the other side of the financial spectrum, Seth is financially flourishing with a steady stream of income, stable investments, and twenty-seven (!) credit cards—but he’s still debt-free! In this episode, Seth will show you EXACTLY how car salespeople are scamming you, how to escape credit card debt confidently, what to do now that student loans are resuming, and why you SHOULDN’T trade in your old car.

In This Episode We Cover

The common auto loan scams that trick you into spending FAR more than you should

Why you should NEVER trade in a “negative equity” car to upgrade

The best car makes to buy (and two that rarely break down)

How to crawl yourself out of credit card debt and come out with a 700/800 credit score

How much money Seth makes on TikTok every month (it’s WILD!)

Student loan resumption and whether college is worth the increase in salary

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

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Scott's Instagram

Mindy on BiggerPockets

Grab Scott’s Book, “Set for Life”

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Apply to Be a Guest on The Money Show

Podcast Talent Search!

Money Moment

Is College Worth It (Part1)

Is College Worth It (Part 2)

Liz Frugalwoods

Tinian Crawford

Side Hustle Resources:

Side Hustle Nation

Budgets Are Sexy

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-461

 

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