Episode #461

You want to retire, but you’ve got credit debt, auto loans, and student loans. It feels like every time you get your paycheck, it quickly slips away, and at the end of every month, you’re left in the same position, or worse, than thirty days prior. What’s happening, and why is it SO hard to get out of debt? And will you EVER be able to retire if you keep living this way?

Seth Godwin was fired from his job while holding $30,000 in credit card debt. He had no way to pay it off, but somehow, over the next two years, he was able to become debt-free, increase his credit score by hundreds of points, and become one of the internet’s leading financial influencers. After crawling out of debt, Seth began working at a financial institution, looking at car loans, realizing how many people, like him, had been scammed into throwing tens of thousands of dollars away.

Now, on the other side of the financial spectrum, Seth is financially flourishing with a steady stream of income, stable investments, and twenty-seven (!) credit cards—but he’s still debt-free! In this episode, Seth will show you EXACTLY how car salespeople are scamming you, how to escape credit card debt confidently, what to do now that student loans are resuming, and why you SHOULDN’T trade in your old car.

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Show Notes at:
https://www.biggerpockets.com/blog/money-461?utm_source=youtube&utm_medium=description&utm_campaign=none
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Past Episodes Mentioned on Today’s Show:
Is College Worth It (Part1): https://www.biggerpockets.com/blog/biggerpockets-money-podcast-251-preston?utm_source=youtube&utm_medium=description&utm_campaign=none
Is College Worth It (Part 2): https://www.biggerpockets.com/blog/money-293?utm_source=youtube&utm_medium=description&utm_campaign=none
Liz Frugalwoods: https://www.biggerpockets.com/blog/money-349?utm_source=youtube&utm_medium=description&utm_campaign=none
Tinian Crawford: https://www.biggerpockets.com/blog/biggerpockets-money-podcast-44-diy-fi-tinian-crawford?utm_source=youtube&utm_medium=description&utm_campaign=none
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Side Hustle Resources:
Side Hustle Nation: https://www.sidehustlenation.com/
Budgets Are Sexy: https://budgetsaresexy.com/ways-to-make-money/
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Connect with Seth:
Instagram: @sethgodwin or https://www.instagram.com/sethgodwin/
TikTok: @seth.godwin or https://www.tiktok.com/@seth.godwin
Twitter/X: @SethGodwin or https://twitter.com/sethgodwin
Website: https://sethgodwin.com/
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Connect with Scott and Mindy on BiggerPockets:
Scott: https://www.biggerpockets.com/users/scotttrench?utm_source=youtube&utm_medium=description&utm_campaign=none
Mindy: https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none


00:00 Intro

01:04 Money Moment

02:56 The Car Sale Scams

06:07 Avoid “Negative Equity”Avoid “Negative Equity”

08:24 The Brands to Trust

10:17 EVs and Electric Cars

12:02 Job Loss and Credit Card Debt

19:07 How Much Seth Makes on TikTok

21:35 Millennial Money Problems

24:20 Is College Worth It?

28:27 Trade Schools vs. University

32:49 Student Loans Resumption

37:48 Get Out of Debt!