Personal Finance Tips to Pay Off Debt | Culture Meets Money with Chris Browning
- Culture Meets Money invited Chris Browning to share his advice about avoiding debt, tips about debt payoff, and other personal finance tips.
- Chris Browning is a financial analyst with an award-winning podcast, Popcorn Finance.
- Chris Browning created his podcast to help others learn general finance tips, including saving, investing, and retirement.
Chris Browning is a financial analyst with an award-winning podcast, Popcorn Finance. He created his podcast to help others learn general finance tips, including saving, investing, and retirement. His short episodes span about the time it takes to make a bag of popcorn.
Like most people, Browning’s debt snowballed into bigger debt over the years. When he married in 2012, he and his wife accumulated $14,000 worth of debt. A couple of years into their marriage, they had more than $27,000 in debt. Finally, the burden of debt was too much to carry, and Browning and his wife reviewed the numbers and planned to pay it off. By 2016, they were completely debt free.
Currently, Chris Browning shares tips with his audience to help them live financially healthy lives. Culture Meets Money invited Chris Browning to share his advice about avoiding debt, tips about debt payoff, and other personal finance tips.
Financial Stress Due to Debt
“One of the things I didn’t do was I didn’t tell anyone the situation we were dealing with. No one knew because I was afraid of what they were going to think about me.”
- Chris Browning, Culture Meets Money
If you are feeling stressed about money, you are not alone. A recent study by the American Psychological Association (APA) found that 72% of Americans feel stressed about their finances. Browning mentioned that “it’s a long journey to pay off debt,” so making sure you are coping with your stress in a healthy way is very important.
Here are two tips that can help relieve financial stress:
- Talk to someone you trust. Do you know of a good friend or family member who has been in your shoes and has had to pay off debt in the past? If so, talking with them about how you feel about your debt payoff journey can be a huge stress reliever. At the least, you can receive some encouragement in a safe space that can keep you disciplined and motivated to continue paying off your debt.
- Seek therapy. If you want to talk with a trusted professional about your financial stressors, then you may want to reach out to a financial therapist. Financial therapy can be the stepping stone to help you behave differently with money and improve your overall well-being in the process.
Recommended Read: Finances Are The Top Mental Health Stressor For Millennials
When is the Best Time to Invest?
“I think where a lot of people get in trouble with investing is trying to figure out the best possible time to invest their money.” - Chris Browning, Culture Meets Money
Investing can provide numerous benefits, like saving for retirement and building wealth for yourself and your family. However, when people are in debt, it can be a battle to choose whether they should only pay off debt and hold off on investing their money or pay off debt and invest simultaneously.
“Don’t get information from friends, family, or random places like on social media where you haven’t vetted it yourself because right now, when people are very vulnerable, you are finding a lot of bad information being spread around.” - Chris Browning, Culture Meets Money
One of Chris's biggest pieces of advice on the Culture Meets Money show was to vet the information you receive. This advice is perfect regarding investing because everyone, including family, friends, and social media gurus, can seem to have the best investing advice. But, it’s extremely crucial to talk with a financial advisor to ensure you receive knowledgeable advice.
Recommended Read: Should You Save First Or Make Extra Debt Payments?
The Money Wrap-Up
Chris Browning shared his top advice to help others pay off debt, but he also did a great job at making his story relatable to others. So many people struggle with paying off debt and even having the courage to do so. The Popcorn Finance podcast is a great start for anyone new to learning about money.
Watch the full Culture Meets Money video on YouTube!