My Bankruptcy Recovery Roadmap: The Exact Steps to Get Back On Track

07/02/24 • 44 min

Important Links

Get your free downloadable Financial Recovery Roadmap here.
Register for my free Masterclass Rebuilding After Bankruptcy: Your Step By Step Success Plan here.
Listen to Practical Tips to Improve Your Credit Score After Bankruptcy here.
Read the Barefoot Investor by Scott Pape

Summary
In this episode, the Louisa Larado shares her personal experience and provides a step-by-step approach to recovering from a financial setback such as bankruptcy. The first and most important step is to work on your mindset when it comes to money. This involves focusing on what you can control and practicing gratitude. Surrounding yourself with supportive and positive influences is also crucial. Other steps include assessing your financial situation, creating a realistic budget, monitoring your credit score, increasing your income through side hustles, educating yourself about personal finance, avoiding common financial pitfalls, and planning for the future.

Chapters
00:00 Introduction and Overview
03:19 Step 2: Focusing on What You Can Control
05:09 Step 3: Practicing Gratitude
09:46 Step 4: Surrounding Yourself with Supportive Influences
26:41 Step 7: Increasing Your Income
30:26 Step 8: Educating Yourself about Personal Finance
35:35 Step 9: Avoiding Common Financial Pitfalls
40:15 Step 10: Planning for the Future
Takeaways

Work on your mindset when it comes to money by focusing on what you can control and practicing gratitude.
Surround yourself with supportive and positive influences.
Assess your financial situation and create a realistic budget.
Monitor your credit score and avoid unnecessary debt.
Increase your income through side hustles and educate yourself about personal finance.
Avoid common financial pitfalls and regularly review and adjust your financial plan.
Plan for the future by setting long-term financial goals.

Find out more about my next workshop Thriving Together: A 1/2 Retreat for Mums and Teen Daughters by clicking here

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Disclaimer: The information contained on today’s podcast has been provided as general advice only. The contents have been prepared without taking into account your objectives, financial situation or individual needs. Before making any decision regarding the information, strategies or products mentioned on today’s episode, please consult your own financial advisor or other professional first.

Send us a text

Important Links

Get your free downloadable Financial Recovery Roadmap here.
Register for my free Masterclass Rebuilding After Bankruptcy: Your Step By Step Success Plan here.
Listen to Practical Tips to Improve Your Credit Score After Bankruptcy here.
Read the Barefoot Investor by Scott Pape

Work on your mindset when it comes to money by focusing on what you can control and practicing gratitude.
Surround yourself with supportive and positive influences.
Assess your financial situation and create a realistic budget.
Monitor your credit score and avoid unnecessary debt.
Increase your income through side hustles and educate yourself about personal finance.
Avoid common financial pitfalls and regularly review and adjust your financial plan.
Plan for the future by setting long-term financial goals.

Find out more about my next workshop Thriving Together: A 1/2 Retreat for Mums and Teen Daughters by clicking here

Previous Episode

Practical Tips to Improve Your Credit Score After Bankruptcy

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Important Links

Get your free downloadable Financial Recovery Roadmap here.
Register for my free Masterclass Rebuilding After Bankruptcy: Your Step By Step Success Plan here.

Summary

In this episode, host Louisa Larado shares her personal experience of rebuilding her credit rating after bankruptcy. She debunks common myths and misconceptions about bankruptcy and credit ratings. Louisa emphasizes the importance of paying bills on time, living within your means, and avoiding unnecessary borrowing. She also provides practical tips for improving credit scores, such as setting up direct debits, monitoring credit ratings, and disputing incorrect information. Louisa encourages listeners to take control of their financial future and make positive financial decisions.
Takeaways

Paying bills on time and living within your means are key to rebuilding your credit rating after bankruptcy.
Avoid unnecessary borrowing, such as credit cards and buy now, pay later schemes.
Set up direct debits and auto drafts to ensure timely bill payments.
Monitor your credit rating regularly to detect any discrepancies or fraudulent activities.
Dispute incorrect information on your credit report and consider adding positive information, such as rent repayments, to improve your score.
Remember that bankruptcy is not a permanent black mark and does not necessarily prevent you from getting a loan in the future.
Take small steps towards creating a positive financial story for yourself and develop an abundance mindset.

Chapters
00:00 Introduction and Personal Experience
03:06 Misconceptions About Borrowing and Credit Ratings
05:35 Paying Bills on Time and Living Within Your Means
09:56 Borrowing Money and Managing Relationships
15:45 Avoiding Unnecessary Borrowing and Credit Cards
26:53 Debunking Myths About Credit Ratings
32:13 Bankruptcy as a Temporary Blip and Taking Control of Your Financial Future

Find out more about my next workshop Thriving Together: A 1/2 Retreat for Mums and Teen Daughters by clicking here

Next Episode

Habits to Avoid While Bankrupt

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REBUILDING AFTER BANKRUPTCY: Your Step By Step Success Plan

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Summary
Louisa Larado shares her personal experience of going through bankruptcy and the habits she formed during that time. She discusses the negative habits of scarcity spending, overspending, ignoring bills, blaming others, and self-sabotage. She also provides five positive habits to adopt: taking one small action each day, dedicating 30 minutes to train the mind, spending from a place of gratitude and abundance, taking charge of finances, and finding a role model. She emphasizes the importance of implementation intentions and offers journal prompts for self-reflection.
Takeaways

Scarcity spending, overspending, ignoring bills, blaming others, and self-sabotage are negative habits that can hinder financial recovery after bankruptcy.
Positive habits to adopt include taking one small action each day, dedicating 30 minutes to train the mind, spending from a place of gratitude and abundance, taking charge of finances, and finding a role model.
Implementation intentions, such as writing down when, where, and what time a habit will be performed, can significantly increase the likelihood of following through.
Self-reflection and tracking progress are important for personal growth and financial improvement.

Journal Prompts

What financial habits have I engaged in that have negatively impacted my financial situation? How did these habits make me feel, and what were the consequences?
What situations or emotions trigger my urge to underspend/overspend or make financial decisions that aren't in my best interest? How can I recognize and manage these triggers?
What are three positive financial habits I can start implementing today to improve my financial health? How will I track my progress and hold myself accountable?

Chapters
00:00 Introduction and Overview
07:09 Avoid These Habits During Bankruptcy
09:38 Recognizing Triggers and Managing Financial Situations
14:37 Overcoming Blame and Self-Sabotage
17:15 Implementing New Habits for Financial Health

Find out more about my next workshop Thriving Together: A 1/2 Retreat for Mums and Teen Daughters by clicking here