In The Radio Show

February 14, 2017

Interview with Jonathan DeYoe, author of the book Mindful Money

Mike Carruthers:
We have a bit of a financial crisis in this country that is best explained by this fact..

Jonathan DeYoe:
47% of Americans can’t come up with $400 for an emergency – and that’s really terrifying

Financial advisor Jonathan DeYoe, author of the book Mindful Money says things happen, they always happen and you need to be prepared.

If you’re one of that 47% that can’t bring up $400 that’s the first thing you got to do. Is you got to somehow have enough surplus earnings that you’re going to build $400 emergency fund or $1000 emergency fund. So that when the tires on the car go out you can get new tires.

There’s also just a great psychological benefit to having money in the bank it makes you feel more secure and empowered, says Jonathan. And it’s also important to look at your credit card spending.

the key to the credit card, because it’s huge – we have so much debt, the key to the credit cards it to stop using them. I’ve worked with people for years on getting out of credit card debt and the problem is if you’ve got a credit card that’s charging you 20% interest and you pay off a little extra…you just can’t get ahead – it’s impossible. So stop using the credit cards.

And find ways to make more money.

There’s so many opportunities to make additional income. I’ve got friends that as a second job they drive for Uber. There’s people/clients that actually rent out their rooms for Airbnb. there’s so many things today that exist that didn’t exist 10 years ago. Figure out how some of those opportunites might fit into your life.

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