Episode 79 Becoming Wildly Resilient Conversation: Financial Well-Being Part 1
Listen as host Sebastian Calmes, a Wellness Specialist with UK HR Health and Wellness, and Dr. Bruce Ross, Department of Family Sciences Associate Professor and FFC Program Director, discuss personal finance basics.
In this episode, Dr. Bruce Ross shares a wealth of personal finance information and wisdom ranging from personal finance basics, investing and money mentalities conducive to success and life satisfaction. We learn how we should prioritize creating an emergency fund that could replace three to six months of income. We also learn that debt, if used with purpose and intentionality, is good debt and debt used without purpose or without a plan is bad debt.
Transcript:
- click here for full episode transcript
Mentioned in this episode:
Key Takeaways:
- Redefine a budget as a spending plan to reduce stress and remove negative connotations around budgeting. Let values inform your spending and saving habits. Avoid life-creep by spending within your means.
- Create an emergency fund totaling 3-6 months of income and put the emergency fund in a high interest savings account or money market fund.
- Use the avalanche debt pay-off method by making all minimum payments, allocate extra cash to the debt with the highest-interest rate—work down from there. Typically, smaller loans will get paid off quicker which can motivate you to pay off the next smallest loan.
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Have feedback or suggestions for future topics? Email us at healthandwellness@uky.edu.
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