3059: Dear Dad Why Did You Let Debt Kill You by Jeff Rose of Good Financial Cents on Money Anxiety

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 2 March 2025

⏱️ 9 minutes

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3059: Jeff Rose reflects on his father's financial struggles, revealing how stress from debt contributed to his declining well-being and ultimate passing. By recognizing warning signs like constant financial anxiety, relying on credit to pay off credit, and frequently borrowing money, we can step in to help loved ones break the cycle before it's too late. Read along with the original article(s) here: https://www.goodfinancialcents.com/dear-dad-why-did-you-let-debt-kill-you/ Quotes to ponder: "It wasn’t his heart alone that killed him, it was his debt." "If someone is using one credit card to pay the minimum payment on another, or taking out a cash advance on a card to make a payment, there are multiple problems." "Don’t wait or sit back silently, hoping something will change. Become an agent of change. When you see the warning signs, speak up." Episode references: You Need a Budget App: https://www.youneedabudget.com Soldier of Finance: https://www.amazon.com/Soldier-Finance-Charge-Invest-Future/dp/0814433286 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:30.7	This is Optimal Finance Daily. Dear Dad, why did you let debt kill you? By Jeff Rose of
0:36.8	Good Financial Sense.com
0:38.3	According to his death certificate, my dad died of myocardial infarction,
0:44.1	otherwise known as a heart attack.
0:46.1	His health had been deteriorating for some time, so it wasn't a total surprise.
0:50.8	He gained weight and was diagnosed with type 2 diabetes.
0:54.0	He had two bypass surgeries, one triple,
0:56.5	one quadruple. It wasn't hard to understand why he had heart problems. His diet was unhealthy.
1:02.6	He didn't get enough exercise and he was constantly under stress. We thought there wasn't much
1:07.3	any of us could have done. In retrospect, there was one area where I might
1:11.8	have been able to help, though at the time I didn't think about it in those terms. His financial
1:17.1	health deteriorated more than his physical health, and that was one of the primary sources of
1:22.3	stress. It wasn't his heart alone that killed him. It was his debt. My dad racked up credit card debt
1:29.5	faster than a NASCAR driver at Daytona, and he never could get his spending habits in check.
1:35.2	Just as you can spot the indicators of heart trouble, there were plenty of signs something was
1:39.6	wrong with his finances. He took cash advances on one card to make payments on another. He took out a second
1:46.0	mortgage just to make minimum payments on his credit cards, all of which had interest rates in the
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