the road to financial wellness
TRANSCRIPT
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The Road to Financial Wellness
Wednesdays | 3 p.m. ET#CreditChat
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Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked to the community about the Road to
Financial Wellness.
ex.pn/wellness
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How do you define financial wellness?
Wednesdays | 3 p.m. ET#CreditChat
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Financial Wellness is being in control of your finances, and having the
freedom to live without fear or doubts about financial control.
“
Wednesdays | 3 p.m. ET#CreditChat
”FSAstore.com@FSAstore
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Financial wellness is having the ability to take care of today’s needs and save
for tomorrow’s wants.
“
Wednesdays | 3 p.m. ET
AFCPE@AFCPE #CreditChat
”
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Financial wellness is being financially literate and living a long-term
sustainable lifestyle.
“
Wednesdays | 3 p.m. ET
Operation HOPE@OperationHOPE #CreditChat
”
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Financial wellness is being financially literate, empowered and in control. It
means you are proactive with your financial life.
“
Wednesdays | 3 p.m. ET#CreditChat
”Douglas A. Boneparth@dougboneparth
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What are bumps people may encounter on the road to financial wellness?
Wednesdays | 3 p.m. ET#CreditChat
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Picking up bad financial habits. Abusing credit, making buying instead of saving a priority and not understanding needs
vs. wants.
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Wednesdays | 3 p.m. ET#CreditChat
”Leslie H. Tayne, Esq@LeslieHTayneEsq
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Debt, poor credit and unexpected events can slow you down, but everyone can
achieve financial wellness.
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Wednesdays | 3 p.m. ET#CreditChat
”
Southeast Financial@SFCUNews
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Unexpected expenses can make for some big bumps in the road- having an emergency fund can make these
hurt less.
“
Wednesdays | 3 p.m. ET#CreditChat
”Emerge@emergebenefit
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Health issues. Many people are a diagnosis away from a financial crisis.
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”
AFCPE@AFCPE
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Low income communities are often targeted by predatory lenders who can make it VERY hard to achieve financial
wellness.
“
Wednesdays | 3 p.m. ET#CreditChat
”Philadelphia F.E.C.@FEC_Philly
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Fearing the word ‘budget’. Call it what you will, it’s a map for the road
to financial wellness.
“
Wednesdays | 3 p.m. ET
Rod Griffin@Rod_Griffin #CreditChat
”
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Discipline is a major roadblock to financial wellness… not knowing when to say no to yourself hurts
your bottom line.
“
Wednesdays | 3 p.m. ET#CreditChat
”Alexandria Cummings@UrMoneyMentor
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What are some common debts people struggle with?
Wednesdays | 3 p.m. ET#CreditChat
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The main debts that have trended on #TheRoad are student loans,
credit card debt and medical bills.
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Wednesdays | 3 p.m. ET#CreditChat
”
Juliana@UncommonJules
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Credit card debt, personal and payday loans, homes and car loans
and store accounts.
“
Wednesdays | 3 p.m. ET#CreditChat
”
Piggie Banker@PiggieBanker
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Debt preys on the uninformed. Arm yourself with the knowledge to
wrangle and tame it before it runs your life.
“
Wednesdays | 3 p.m. ET#CreditChat
”Leslie H. Tayne, Esq@LeslieHTayneEsq
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For millennials, student debt is the biggest struggle. The cost of
education is out of hand. For others it’s mortgages and credit cards.
“
Wednesdays | 3 p.m. ET#CreditChat
”Douglas A. Boneparth@dougboneparth
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What are steps people can take to get out of debt?
Wednesdays | 3 p.m. ET#CreditChat
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Education is an important part of getting out of debt. Teach yourself
about basic personal finance.
“
Wednesdays | 3 p.m. ET#CreditChat
”
Phroogal@Phroogal
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Take stock of how much you owe. Stop hiding from it and get a clear picture of
the situation.
“
Wednesdays | 3 p.m. ET#CreditChat
”Money Crashers@MoneyCrashers
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Trim the fat off your monthly spending (clothes, alcohol, restaurants) and start putting that money toward your debt.
“
Wednesdays | 3 p.m. ET#CreditChat
”
Kasasa@Kasasa
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The first step is making a commitment to yourself to get out of debt. Being honest with yourself
your needs and wants.
“
Wednesdays | 3 p.m. ET#CreditChat
”Payoff@Payoff
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Know your financial personality, make a plan to money for past debt, present
spending and future saving.
“
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”
Dani Hart@DaHartattack
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Create a bare bones budget and stick to it! You’ll be amazed how much extra money you’ll have.
Invest it.
“
Wednesdays | 3 p.m. ET#CreditChat
”Will Lipovsky@firstqfinance
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How important is budgeting on the path to financial wellness?
Wednesdays | 3 p.m. ET#CreditChat
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It’s important to create a spending plan! Know where your money is
going!
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Wednesdays | 3 p.m. ET#CreditChat
”
MoneySavingPro.com@_MoneySavingPro
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Essential. Without a budget, you’re traveling without a map.
“
Wednesdays | 3 p.m. ET#CreditChat
”
Money Crashers@MoneyCrashers
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Budgeting is the blueprint to financial wellness. Planning and not diverging can
ensure financial success.
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Wednesdays | 3 p.m. ET#CreditChat
”
Operation HOPE@OperationHOPE
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Budgeting it absolutely central to achieving financial wellness. It puts you in the driver’s seat
of your finances.
“
Wednesdays | 3 p.m. ET#CreditChat
”Emerge@emergebenefit
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It’s hard to get a handle on your finances if you don’t even know how much you’re spending! Budgets are
crucial.
“
Wednesdays | 3 p.m. ET#CreditChat
”Philadelphia F.E.C.@FEC_Philly
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How does credit affect financial wellness?
Wednesdays | 3 p.m. ET#CreditChat
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Having a good credit score is part of being financially healthy. Don’t take unnecessary debt, but a little is okay.
“
Wednesdays | 3 p.m. ET#CreditChat
”
Southeast Financial@SFCUNews
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Good credit allows big item purchases. If abused, it can take years
to repair. Spend wisely and stay in your budget.
“
Wednesdays | 3 p.m. ET#CreditChat
”Operation HOPE@OperationHOPE
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You will have times in your financial life where you need credit. House, car or loan? You might need to have your
credit in check.
“
Wednesdays | 3 p.m. ET#CreditChat
”Douglas A. Boneparth@dougboneparth
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Good credit can lower interest rates making debt less costly and more
manageable.
“
Wednesdays | 3 p.m. ET#CreditChat
”
AFCPE@AFCPE
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Credit can help or hinder your financial wellness depending on how responsible you are being with it. The
key is responsibility.
“
Wednesdays | 3 p.m. ET#CreditChat
”Kasasa@Kasasa
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Credit will always play a role in our finances, but you get to decide if it’s
the villain or hero.
“
Wednesdays | 3 p.m. ET#CreditChat
”
Payoff@Payoff
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Remember, credit is not the same as debt. Credit is a tool. Debt is a
problem.
“
Wednesdays | 3 p.m. ET
Rod Griffin@Rod_Griffin #CreditChat
”
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What are ways to save when struggling with debt?
Wednesdays | 3 p.m. ET#CreditChat
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Start with your emergency savings first so you can deal with unexpected
issues that might arise while you work to pay off debt.
“
Wednesdays | 3 p.m. ET#CreditChat
”AFCPE@AFCPE
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Automate! Make sure you take at least 10 percent off the top for
savings.
“
Wednesdays | 3 p.m. ET#CreditChat
”MoneySavingPro.com@_MoneySavingPro
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Take a look at your spending and start small if you need to. Maybe don’t go out
to eat for a week and save without owing interest.
“
Wednesdays | 3 p.m. ET#CreditChat
”Southeast Financial@SFCUNews
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Set up automatic savings and start paying off high-interest debts first (credit cards). You can do both at
once.
“
Wednesdays | 3 p.m. ET#CreditChat
”Philadelphia F.E.C.@FEC_Philly
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Pick up a side hustle! Not only will it earn you a little extra cash to put
towards debt, but you’ll pick up new skills!
“
Wednesdays | 3 p.m. ET#CreditChat
”Leslie H. Tayne, Esq@LeslieHTayneEsq
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When should you seek help from a financial expert? Any nonprofits you can recommend?
Wednesdays | 3 p.m. ET#CreditChat
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Everyone can benefit from talking to a financial planner. They may see
problems or opportunities that you don’t.
“
Wednesdays | 3 p.m. ET#CreditChat
”Southeast Financial@SFCUNews
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When to contact professional help will vary from person to person. But the important thing is to not fear asking
for help!
“
Wednesdays | 3 p.m. ET#CreditChat
”Leslie H. Tayne, Esq@LeslieHTayneEsq
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Education is an important part of getting out of debt. Teach yourself
about basic personal finance.
“
Wednesdays | 3 p.m. ET#CreditChat
”
Phroogal@Phroogal
![Page 52: The Road to Financial Wellness](https://reader030.vdocuments.us/reader030/viewer/2022020218/55beac18bb61eb90198b46d4/html5/thumbnails/52.jpg)
Financial planners can help you map out your financial journey before
you get off the beaten path.
“
Wednesdays | 3 p.m. ET#CreditChat
”
Juliana@UncommonJules
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No matter who you are, you deserve to treat yourself to a financial
professional. It’s like preventative medicine.
“
Wednesdays | 3 p.m. ET#CreditChat
”Payoff@Payoff
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The notion that you need money to talk to a financial professional is
bothersome. There are financial advisers that will invest in you first!
“
Wednesdays | 3 p.m. ET#CreditChat
”Douglas A. Boneparth@dougboneparth
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Any final tips to help the community stay financially well?
Wednesdays | 3 p.m. ET#CreditChat
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It’s never too late to achieve financial wellness. Find tools, make a plan and
work hard. You can do it.
“
Wednesdays | 3 p.m. ET#CreditChat
”
Southeast Financial@SFCUNews
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Don’t beat yourself up over past decisions. Start with a clear slate today
and use lessons learned to improve going forward.
“
Wednesdays | 3 p.m. ET#CreditChat
”AFCPE@AFCPE
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Encourage learning and teaching. TALK about money. Understand how
it works.
“
Wednesdays | 3 p.m. ET#CreditChat
”Melanie@DearDebtBlog
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Remember - money is just a tool. You’re always in control!
“
Wednesdays | 3 p.m. ET#CreditChat
”
Emerge@emergebenefit
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Become financially literate, educate yourself and stay disciplined. I can’t say
enough about discipline. Emotion has no place with money.
“
Wednesdays | 3 p.m. ET#CreditChat
”Douglas A. Boneparth@dougboneparth
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Learn something new every day about personal finance; save early and often;
live below your means.
“
Wednesdays | 3 p.m. ET#CreditChat
”
Dr. Barbara O’Neill@moneytalk1
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