Episode 32 – Getting Out of Debt with Maria Nedeva
This episode of The Financial Wellbeing Podcast looks at the tricky subject of debt. Chris has a chat with University of Manchester Professor Maria Nedeva, who overcame her own debts in an unusual and uncompromising fashion. Maria now shares her own experiences to help others learn how to pay loans back quickly.
As always Chris will be joined by David and Producer Tommo who will be sharing his latest Tight Ass Tommo Tip.
0:11 – Welcome and Introductions
1:45 – About this podcast, an interview with Maria Nedeva and the unusual way she paid back her debt
2:10 – Wellbeing Word from around the world
Cacozelia – using foreign words to sound cultured
4:30 – Tight Ass Tommo #tipoftheweek
From Ukuleles to being ill, to buying and selling unwanted items on Facebook
Learn to play the Ukulele – ukulala.co.uk
10:22 – Interview with Maria Nedeva, Professor of Science, Innovation Dynamics & Policy at the University of Manchester.
11.57 – Maria’s story and her fear of getting into debt
13:40 – Why buy? We are here to experience the world
16:11 – £100,000 in debt
17:00 – How did Maria approach this debt?
18:35 – Budgets and over-payments, the smallest amount really does add up when paying it all back
19:35 – Maria’s focus was as a hunter, not helpless prey
20:21 – Was it easy to pay back this loan so quickly?
21:30 – Think about the ratios, work out how to pay the debt back quicker
23:50 – Suicide and debt, people become ashamed and stop taking action
25:17 – People need the support to redeem themselves from this debt
26:30 – Do not keep it quiet, share with family and ensure their trust is kept
27:25 – How are things now?
28:38 – Maria and husband talk about all their finances together
29:40 – Has it gone too far? Not spending money and being unhappy?
31:33 – Money is to nourish your life
31:55 – Chris and David discuss the interview with Maria Nedeva
33:50 – Earn as much as you can, spend only what you need for a happy life and save the rest
34:50 – Just do something and change the cycle
For more information on Maria click here to visit her website The Money Principle
If you would like to purchase a copy of The Financial Wellbeing Book please click on this link to visit Penny Brohn UK shop