Believing in Yourself to Get Debt-free, Rachel Murphy of Rachel Murphy Coaching
Podcast hotel and financial and parenting coach, Rachel Murphy, shares her household’s story into and out of $50,000 of non-mortgage through struggles and challenges with running a business, employment, building a home, and raising financially confident and competent children.
- Working 2½ jobs to keep a tech company going at the end of the late 90s Tech Bubble
- Dealing with failure in household finance
- Experiencing 3 layoffs in 9 months followed immediately by 9/11
- Losing confidence in your earning potential
- Paying off $50k of debt in 5 years earning no more than $30k/year
- What they did do when their friends, family, and even pastor were urging them to file for bankruptcy
- “Don’t think about the how”
- Living frugally as a family and parenting on a dime
- Using a nonprofit credit counseling program
- Hitting rock bottom mentally before starting their journey out of debt
- Successfully paying off $50k of debt changed their perspective on life
- Building a log home as a family in 3½ years after taking a 2-day class and having no construction experience, all while living in a 33’ travel trailer with four children
- Giving the kids, from 2 to 13, jobs and tasks to help, learning a strong work ethic
- Building confidence in children through learning life skills using the Confidence-Competence Loop
- Brain development in teens and “pruning”
- Teaching children about money across the full financial spectrum, turning over parts of the family budget to the child
- Tip to get one month ahead on your bills to minimize financial stress
Links referred to in the episode, and how to connect with the guest, Rachel Murphy:
Rachel Murphy Coaching (with tools and resources for our listeners)
