The Burden of Debt

06/03/21 • 32 min

“At 18, you can’t even buy alcohol, but you can take out $50,000 in student loan debt.”

— Tonya Rapley

While we can all agree that higher education is important, it’s crucial that we look at the financial system put in place to help students access it — and the brutal costs that are associated with it.

My guest in this week’s episode is Tonya Rapley, an award-winning speaker, educator, bestselling author, and serial entrepreneur. She co-hosts the TV series Going From Broke, where she helps young debtors go from financial struggle to becoming CEOs of their own lives. She’s also a fantastic financial advisor who runs the website My Fab Finance.

Tonya is passionate about helping people take control of their finances and find the light at the end of the tunnel of debt.

Tune in for a sobering, honest, and informative conversation about the state of student loan and medical debt in the United States, the harmful aspects of these systems, and their impact on average American citizens.

In‌ ‌this‌ ‌episode,‌ ‌you’ll discover:‌ ‌

• Why young people NEED a show like Going From Broke in our current economic climate

• How the American student loan system works — and why the system is morally broken

• Real-life examples of hardships caused by the American health insurance system and medical or student loan debt

About Tonya Rapley

Tonya Rapley is an award-winning content creator, speaker, educator, bestselling author, and businesswoman. She is the co-host of Going From Broke, a TV series on Crackle that is in its second season and executive produced by Ashton Kutcher. On the show, she helps debtors go from financial struggle to becoming CEOs of their own lives. She is the founder of the finance website My Fab Finance.

Highlights:‌ ‌

01:44 Meet Tonya Rapley & Going From Broke

05:25 The two types of clients

06:40 Show origins & participants

09:16 Student loan debt

13:33 How US student loans are set up

14:56 Payback & interest

16:47 Inability to make payments

17:37 CARES Act

19:15 Alternatives

20:39 Medical debt

23:37 Health insurance

24:29 Human impacts

26:44 Canadian situation

27:31 Steps to debt freedom

‌

Links:‌ ‌

Tonya Rapley

http://tonyarapley.com

https://myfabfinance.com

https://www.goingfrombroke.info

https://www.crackle.com/watch/5757

Instagram & Twitter: @tonya.rapley

The Money Manual: A Practical Money Guide to Help You Succeed On Your Financial Journey:
CAN:https://amzn.to/3uqFMSo

US: https://amzn.to/34pifXu

The 5-Step Roadmap to Biz Finance Freedom

https://melissa-houston-cpa-cga.mykajabi.com/5-step-roadmap-to-biz-finance-freedom

Work with me

https://www.melissahoustoncpa.com/work-with-me

Want more tips and inspiration? Follow me on Twitter @melissahcpa and Pinterest @melissahoustoncpacga and visit my website: http

Work with me:

Book a 90-minute Strategy Call

Follow me on:

IG: @melissahoustoncpa
LinkedIn: @melissahoustoncpa

“At 18, you can’t even buy alcohol, but you can take out $50,000 in student loan debt.”

— Tonya Rapley

Tonya is passionate about helping people take control of their finances and find the light at the end of the tunnel of debt.

In‌ ‌this‌ ‌episode,‌ ‌you’ll discover:‌ ‌

• Why young people NEED a show like Going From Broke in our current economic climate

• How the American student loan system works — and why the system is morally broken

• Real-life examples of hardships caused by the American health insurance system and medical or student loan debt

About Tonya Rapley

Highlights:‌ ‌

01:44 Meet Tonya Rapley & Going From Broke

05:25 The two types of clients

06:40 Show origins & participants

09:16 Student loan debt

13:33 How US student loans are set up

14:56 Payback & interest

16:47 Inability to make payments

17:37 CARES Act

19:15 Alternatives

20:39 Medical debt

23:37 Health insurance

24:29 Human impacts

26:44 Canadian situation

27:31 Steps to debt freedom

‌

Links:‌ ‌

Tonya Rapley

http://tonyarapley.com

https://myfabfinance.com

https://www.goingfrombroke.info

https://www.crackle.com/watch/5757

Instagram & Twitter: @tonya.rapley

The Money Manual: A Practical Money Guide to Help You Succeed On Your Financial Journey:
CAN:https://amzn.to/3uqFMSo

US: https://amzn.to/34pifXu

The 5-Step Roadmap to Biz Finance Freedom

https://melissa-houston-cpa-cga.mykajabi.com/5-step-roadmap-to-biz-finance-freedom

Work with me

https://www.melissahoustoncpa.com/work-with-me

Want more tips and inspiration? Follow me on Twitter @melissahcpa and Pinterest @melissahoustoncpacga and visit my website: http

Work with me:

Book a 90-minute Strategy Call

Follow me on:

IG: @melissahoustoncpa
LinkedIn: @melissahoustoncpa

Previous Episode

Financial Literacy Builds Wealth

“In that moment with that advisor, I made a decision that I wanted to be wealthy... and I’ve not looked back.”

— Jackie Porter

Jackie Porter may have found her way into finance accidentally — but she quickly realized how powerful it is to understand how money works and how to build wealth.

Now she works to empower other women to become financially literate, take control of their money, and position themselves for a comfortable retirement.

Jackie’s book, Single by Choice or Chance: A Smart Woman’s Guide to Living Longer, Better, was written to help women design life plans that help them achieve not only their financial goals, but their career, relationship, and other personal goals.

It’s a mission that Jackie takes very seriously.

"People feel very intimidated talking about their finances, especially if they don’t feel they did things right or correctly,” Jackie explains. “Maybe they’re going through a divorce and trying to recover their circumstances, or their business isn’t where they want to be... let’s just think about the future you want to create — what do you need to do to get there?”

In‌ ‌this‌ ‌episode,‌ ‌you’ll discover:‌ ‌

> The differences between female millennials & boomers when it comes to money and entrepreneurship

> The importance of finding your financial tribe & choosing professionals who are a good fit for your account

> Questions you should ask your finance professional — and questions they should ask you

About Jackie Porter

Jackie Porter is an award-winning Certified Financial Planner, author, mentor, and speaker with 23 years of experience. She’s helped thousands of clients keep thousands of dollars in their pockets. As the ‘Financial Confidante’, her advice and strategies have appeared in top publications such as Forum, Wealth, Professional, Investment Executive, The Toronto Star, and The Globe & Mail. She shares her advice at conferences, in radio interviews, and on podcasts and television programs, and won the 2019 Wealth Professional Female Trailblazer of the Year award.

Highlights:‌ ‌

01:40 Meet Jackie Porter

03:53 Women, finances & typical clients

05:42 Generational differences

06:40 Money, shame & sexism

08:00 Choose the right professional

10:10 Single by Choice or Chance

12:36 Get to know your professional

14:49 Jackie’s products & process

16:46 No savings/pension

18:59 The accidental advisor

25:30 Takeaway
Links:‌

Jackie Porter

https://askjackie.ca

https://www.facebook.com/jackieportercfp

Twitter/Instagram: @jackieportercfp

Single by Choice or Chance: A Smart Woman’s Guide to Living Longer, Better

https://amzn.to/2QYhOQy

The 5-Step Roadmap to Biz Finance Freedom

https://melissa-houston-cpa-cga.mykajabi.com/5-step-roadmap-to-biz-finance-freedom

Work with me

https://www.melissahoustoncpa.com/work-with-me

Check out thebusinesssociety.co for more resources for business owners.
Want more tips and inspiration? Follow me on Twitter @melissahcpa and Pinterest @melissahoustoncpacga and visit my website:

Work with me:

Book a 90-minute Strategy Call

Follow me on:

IG: @melissahoustoncpa
LinkedIn: @melissahoustoncpa

Next Episode

Emotional Fitness and Money Mindset

“There are 12 mindsets that are empirically supported to both improve mental health and financial health, because there is actually an intrinsic relationship between the two.”

— Joyce Marter

Joyce Marter is a psychotherapist, entrepreneur, mental health thought leader, and author of The Financial Mindset Fix: A Mental Fitness Program for An Abundant Life. Joyce is a go-to expert on the psychology of success, and my guest on this week’s episode.

Our emotional fitness and how we feel about ourselves has a fascinating effect on our ability to build wealth. “As my clients started making progress in therapy, no matter what we were working on, whether they were presenting for depression, anxiety, relationship issues, stress... they started getting raises and promotions and earning more money, or starting their own businesses,” Joyce explains. “I realized it’s because our self worth is directly related to how we put ourselves out in the world, in terms of our confidence and our assertiveness, our willingness to access support, and in terms of our mindset about the life that we can create.”

In this episode, Joyce explains the psychology and mindset shifts behind building wealth!

In‌ ‌this‌ ‌episode,‌ ‌you’ll discover:‌

• How our belief systems, emotions, and relationship with money influence our ability to earn it

• The common mindset issues that can hold us back — and how to shift them

• The limiting beliefs that hold back female entrepreneurs in particular

About Joyce Marter

Joyce Marter is a psychotherapist, entrepreneur, speaker, and author of the upcoming book The Financial Mindset Fix: A Mental Fitness Program for An Abundant Life.

Highlights:‌ ‌

01:25 Meet Joyce Marter

03:43 The Financial Mindset Fix

05:47 Accruing debt

08:25 Transcending fear

11:46 Who is the book for?

13:13 Pandemic wellness

15:50 Common mindset issues

19:10 Mindset & gender

20:52 Negotiation

25:18 Confidence

27:19 Takeaway