2141: Don’t Panic! Coping With Financial Mistakes and Setbacks by JD Roth

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 20 December 2022

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

J.D. Roth of Get Rich Slowly helps you cope with financial mistakes and setbacks Episode 2141: Don’t Panic! Coping With Financial Mistakes and Setbacks by JD Roth J.D. Roth has been reading and writing about personal finance for a decade. Today he’s financially independent, but ten years ago, his money life was a disaster, with over $35,000 in consumer debt. He started turning everything around in 2004. By being the boss of your own life, you, too, can be the master of your own financial fate. The original post is located here: https://www.getrichslowly.org/dont-panic-coping-with-financial-mistakes-and-setbacks/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

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0:29.4	Try to get across that slice it just wider the post. Have they done enough? Can they call it out the bag? Does the ref have a clue?
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0:49.4	However you watch, a TV license is your must have passed to over 400 live TV channels and it also funds the BBC such TV license.
1:00.4	This is Optimal Finance Daily episode 2141. Don't panic, coping with financial mistakes and setbacks by JD Roth of getrichslowly.org.
1:11.4	When I was young and stupid, I became addicted to spending. I got my first credit card in college and over the next 15 years I accumulated 30
1:19.4	grand of debt. I'm debt free now, and I've begun building a nest egg, but I didn't reach this place without making a lot of financial mistakes.
1:31.4	When I was young and stupid, I became addicted to spending. I got my first credit card in college and over the next 15 years I accumulated 35 grand of debt.
1:42.4	I'm debt free now, and I've begun building a nest egg, but I didn't reach this place without making a lot of financial mistakes along the way.
1:50.4	And I still make mistakes.
1:52.4	Dealing with mistakes and setbacks is an important tool in your personal finance arsenal.
1:58.4	Preventing problems
2:00.4	The best defense is a good offense. I used to spend a lot of time reacting to problems.
2:07.4	Bounce checks, car repairs, soccer injuries, and worst of all my own dumb choices. I never could seem to get ahead.
2:16.4	Then I realized that the best way to defend against financial setbacks was to actually prepare for them before they arrived.
2:23.4	Simple I know, but it's the simple stuff like this that forms the basis of smart personal finance.
2:29.4	Two methods in particular helped me deflect many setbacks.
2:34.4	Number one, education.
2:37.4	I finally became frustrated with my lack of financial literacy, so I decided to do something about it.
	...

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