WCI #242: Avoiding Debt and Giving Back With Michelle Singletary

Dec 23, 2021

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INSIGHT

Wealth Comes From Net Worth Not Income

Many people believe debt is necessary to get ahead, but the wealthy often avoid excessive borrowing.
Net worth matters far more than income for long-term financial security.

ADVICE

Fix Your Budget First During Inflation

Revisit your budget first when inflation or income shocks hit and cut nonessentials.
Use substitution and delay discretionary projects while supply chains and prices normalize.

ADVICE

Don’t Time The Market; Follow Your Plan

Stick to a pre-established financial plan and avoid market timing during volatility.
Let a risk-aligned plan ride out downturns instead of making emotional trades.

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Our guest in this episode, Michelle Singletary, is a personal finance columnist for the Washington Post. Her award-winning column "The Color of Money" appears twice a week in dozens of newspapers across the country and is syndicated by the Washington Post news service and syndicate. She's a frequent contributor to NPR and CNN and has been on the Today Show and the Early Show. We discuss debt, inflation, how Covid affected women. giving back, and more in this interview. Michelle is our keynote speaker at our conference in February if you'd like to hear more from her! https://whitecoatinvestor.com/wcicon22

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