#12 | How I Avoided The Debt Trap And Became A Millionaire at 35 Artwork

Suits & Scrubs: Not Your Father's Financial Advisor

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Suits & Scrubs: Not Your Father's Financial Advisor

#12 | How I Avoided The Debt Trap And Became A Millionaire at 35

May 09, 2024 • Zachary Steven & Dr. Emily MD • Season 1 • Episode 12

Did you know that these 6 key factors can save you from Debt?

Welcome to our podcast episode, where we delve into the complex world of debt and credit, exploring their history, impact on financial well-being, and strategies to navigate them. We'll tackle critical questions like how debt affects your financial health, who helps you manage it, and the good and bad sides of borrowing. We'll explore the historical journey of credit, from Mesopotamian clay tokens to modern consumer credit, while sharing eye-opening stats like an average credit score of 718 and an average credit card debt of $6,652. Learn how payment history, credit utilization, and a balanced credit mix shape your score, and how responsible debt management can build your credit history and help you leverage investments. We'll also discuss the challenges of over leveraging, cash flow impacts, and market volatility, offering final insights on whether debt is inherently good or bad, and sharing tips to improve your financial future.

Our Mission: Suits & Scrubs fosters a vibrant community of doctors, crunchy moms, wealth & wellness seekers. We share inspiring stories, actionable strategies, and authentic conversations, empowering individuals to thrive. We bridge the gap between medicine and finance, providing practical tools and insights to build holistic well-being and financial freedom.
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Timestamps
00:00 Introduction to the Debt Trap
00:44 Meet the Hosts: Emily and Zachary
03:12 Personal Updates and 30-Day Challenge
05:14 The Debt Trap: Key Insights
05:37 Under the Microscope: History of Debt
09:18 Refactions: Reacting to Viral Content
12:43 Understanding Debt and Credit Scores
16:12 The Six Things You Must Know About Debt
26:02 Credit Score Shock: What Happened?
26:48 Steps to Fix Your Credit Report
27:59 Understanding Credit Score Ranges
31:48 Impact of Low Credit Scores
32:21 Credit Unions vs. Big Banks
33:06 Tips for Borrowing Money Wisely
37:40 Managing Debt: Good or Bad?
37:52 Pros and Cons of Debt
45:56 Final Thoughts on Debt and Wealth
49:02 Upcoming Episode Preview
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Website: www.suitsandscrubspodcast.com
Email: contact@suitsandscrubspodcast.com
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The Show
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YouTube (Health): youtube.com/@SuitsandScrubsPodcastHEALTH?sub_confirmation=1
YouTube (Wealth): youtube.com/@SuitsandScrubsPodcastWEALTH?sub_confirmation=1
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Connect with Zach
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Instagram: https://www.instagram.com/zacharystevenretireearly/
TikTok: https://www.tiktok.com/@zachary_svp
LinkedIN: www.linkedin.com/in/ZacharySVP
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Connect with Emily
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IG: https://www.instagram.com/doctoremilymd
Tiktok: https://www.tiktok.com/@doctoremilymd1
LinkedIN: www.linkedin.com/in/DrEmilyMD
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