How to Achieve Debt Freedom with Alan Steinborn

Hey it’s Kornel and welcome to the Build Wealth Canada Show.

Today’s guest is Alan Steinborn who is an expert in helping others get out of debt.

If you’re new to the subject of getting out of debt, one of the most popular and influential books on the subject is called “Your Money or Your Life”.

The book gives some great strategies on getting out of debt, and actually has a step by step system that you can follow to help you achieve debt freedom.

What made the book really intriguing for me, is that it was written by a guy who retired at the age of 31.

Now anybody that is able to be financially independent by that young of an age is someone that I think anybody can learn from (whether we’re in debt or not), so I was definitely intrigued to learn the system that he used to achieve this goal.

Now one issue that some readers have with the book is that the book is based on strategies that the author did around 1970. Obviously a lot has changed since then. For example, interest rates are a lot lower now so we can’t just put the money away in something safe like a GIC and expect a good return.

Also, housing prices have been going up here in Canada since then, and thanks to the internet, we have a lot of other ways that we can invest. For example, it’s now a lot easier to become an index investor which is what I do, by simply buying the entire market through ETFs.

So obviously a lot has changed since then, and while many of the strategies taught in the book are timeless, what Alan did is he took those best practices, and modernized them for this day and age. He also built a community online so that others on the debt freedom journey can help each other.

Alright, so let’s get into the interview and learn some debt freedom best practices from Alan:

Links and Resources:

Alan’s Real Money Site and Community

Book: Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence

Questions Covered:

  1. You’re very involved in helping others get out of debt. Can you tell us a little bit more about yourself, and how you started helping others in this area?
  2. Getting out of debt has a very large psychological component. What are some of the psychological barriers that you found keep people in debt?
  3. Can you tell us more about the methodology that you follow in your life and your program to help others get out of debt?
  4. You have a program and community that works together to help each other get out of debt using this methodology. Can you tell us more about how this can help?

In Closing:

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