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The Stacking Benjamins Show

She Paid Off LOTS of Debt With Little Income (with Chonce Maddox Rhea)

The Stacking Benjamins Show

Joe Saul-Sehy | Cumulus Podcast Network

Investing, Business, Self-improvement, Education

4.21.9K Ratings

🗓️ 30 March 2020

⏱️ 57 minutes

🧾️ Download transcript

Summary

If you have debt you're going to love today's episode. We'll talk to a woman who decided that it was time to take charge and change her course for the better. Choncé Maddox Ray (of the My Debt Epiphany blog) didn't have a huge savings account or a sizable income to get herself some relief from debt, but she didn't let that stop her from taking ownership of her life. She'll talk about how it took self reflection, planning, hard work, and follow through to lift herself from a life of debt. Deciding it was time for a change, Chonce paid off $11,000 in debt on a salary of less than $35,000. We'll ask Choncé to dive into just how she pulled that off. The relief bill is out (it was being finalized when we recorded...and there's nothing new to report that we didn't cover in the episode). With the bill signed into law, what's the next step? What should you do with the cash influx when it drops into your account? If you're a business owner what should you do as well? We'll cover that PLUS turn our attention to one of the early casualties in the financial arena of the coronavirus crisis: a couple of leveraged funds are going bye-bye. What does that have to do with your money? We'll explain. During Doug's trivia segment halfway though the show we'll share some interesting facts backed up by a LinkedIn survey. Are you a manager? Buckle up, we're delivering your employees biggest gripe about YOU. We're rounding out the show with a call from Simon, who calls in with a question he could only ask virtually right now. The problem? Simon's got a new job and is making a ton of cash. His co-worker suggested waiting until the market cools down before investing anything, but that doesn't make much sense to Simon. Thoughts? Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

You know in today's world seems like the best treatments reserved only for a few. Well,

0:04.4

Discover wants to change that by making everyone feel special. That's why with your Discover card

0:09.7

you have access to 24-7 live customer service as well as $0 fraud liability, which means you're never

0:16.5

held responsible for unauthorized purchases. Finally, no matter who you are or where you

0:21.6

are in life,

0:22.6

you'll feel special with Discover.

0:24.5

Learn more at Discover.com slash credit card.

0:27.3

Limitations apply.

0:29.3

Hey Nick Loper here from the Side Hustle show

0:31.4

when I'm not helping people earn money outside of their day job.

0:34.0

I'm stacking Benjamin's.

0:37.0

Live from Joe's Mom's Basement It's The Stacking Benjamin Show. I'm Joe's mom's neighbor dug and here in the basement we know you're

0:57.9

craving two things. Poor toilet paper and inspiration to get you through this.

1:03.8

While we can't help with number one,

1:05.7

we'll sure pitch in on number two.

1:08.1

Today, let's introduce you to one woman

1:10.9

who paid off $11,000 of high interest debt while making less than $35,000.

1:17.3

The woman behind the My Debt Epiphany blog, Chonsei Maddox Ray. She'll help you remember that anything's possible.

1:25.0

Plus as we walk through today's headlines, we'll ask the question,

1:29.0

in this environment, why shouldn't you use leveraged funds?

1:33.0

It could be a bigger disaster than you think.

1:35.8

Later, as we answer the Haven Lifeline,

...

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