Get Your Weekly Digest

Receive the best podcast summaries and insights delivered to your inbox every week.

We respect your privacy. Unsubscribe anytime.

The Ramsey Show

"My Financial Advisor Told Us To Take Out A HELOC For A Tax Write-Off"

Published November 21, 2025
Visit Podcast Website

About This Episode

Hosts Ken Coleman and Rachel Cruze take live calls about money decisions, including retirement planning, debt payoff, parenting and consequences, college and career choices, and running small businesses. They consistently discourage debt-based tactics like HELOCs for tax advantages or student loans for ministry school, and instead promote cash-flowing expenses, simplifying plans, and aligning financial choices with personal values. Throughout, they emphasize budgeting, communication in marriage, and making hard lifestyle changes to get and stay out of debt.

Topics Covered

Budgeting Debt payoff Retirement savings Investing Student loans Entrepreneurship Relationships Parenting and child development Side hustles Small business financing

Disclaimer: We provide independent summaries of podcasts and are not affiliated with or endorsed in any way by any podcast or creator. All podcast names and content are the property of their respective owners. The views and opinions expressed within the podcasts belong solely to the original hosts and guests and do not reflect the views or positions of Summapod.

Quick Takeaways

  • Using a HELOC in retirement to fund a home project for a tax write-off clashes with a debt-free value system; cash-flowing from ample retirement savings can be simpler and emotionally safer.
  • Tax and interest rate arguments rarely justify taking on new debt when you already have substantial assets and peace of mind at stake.
  • Teaching kids to pay (at least partially) for damage they cause helps them connect disobedience with real-world consequences.
  • Families drowning in debt on high incomes must ruthlessly budget, cut non-essentials (including private school if needed), and often sell assets like extra properties to regain margin.
  • You can pursue a ministry or other calling without student loans by cash-flowing inexpensive programs and working side jobs, even if parents disagree.
  • A 529 plan is best used for a child's education; career pivots for parents are usually better handled through cash-flowed upskilling outside of degree programs.
  • Late starters with no retirement must know their numbers, cut expensive vehicles, and aggressively prioritize debt payoff and savings over lifestyle.
  • Before leaving a stable job for a growing side business, build a dedicated business emergency fund and track business cash flow separately.
  • Signing a house over to children to qualify for government-paid nursing home care is both ethically questionable and unnecessary if you plan with long-term care insurance and assets.
  • High-income couples with small consumer debts should avoid raiding retirement accounts; with focus and lifestyle changes, they can clear debts quickly in cash.

Podcast Notes

Introduction and show setup

Hosts and purpose of the show

Ken Coleman and Rachel Cruze co-host the episode from the Fairwinds Credit Union Studio.[0:19]
The show frames itself as helping people transform their lives by giving common-sense financial coaching because "normal is broke."[0:08]
Listeners are invited to call in at 888-825-5225 for live coaching.[0:28]

Call 1 - Dan: Retirement, advisor advice, and HELOC for home addition

Dan and his wife's retirement timing and celebration

Dan calls from Grand Rapids; his wife's last day of work is tomorrow and his is in early February after about 40 years of work.[0:45]
Ken urges Dan to plan some kind of celebration or gesture for his wife's retirement, even though she works from home and they don't drink.[1:45]
• They suggest ideas like a nice dinner, a gift, or sparkling grape juice instead of champagne.

Planned home addition and advisor's HELOC suggestion

Dan and his wife plan a $100,000-$120,000 addition next spring to expand their house for gatherings with adult children and grandkids.[2:38]
Dan's original plan was to take the money for the addition from the top of their 401(k) and savings.[2:47]
Their financial advisor instead suggests taking out a HELOC or home equity loan to fund the project.[2:58]
• The advisor's reasons: 1) the HELOC rate will be lower than what he can earn investing their money, 2) the interest will supposedly be a tax write-off, and 3) it will save them over $20,000 in taxes next year by managing their tax bracket.
Dan feels very uneasy about going into debt right as he retires after working 40 years to get out of debt.[3:28]

Hosts' reaction to the HELOC and values discussion

Rachel criticizes financial advisors who ignore clients' values, pointing out that being debt-free is clearly important to Dan.[4:13]
She emphatically says she would not take the HELOC and would cash flow the project using their existing retirement and savings.[4:29]
Ken asks Dan to imagine he never heard the HELOC suggestion and just followed his original plan; Dan says he would feel emotionally fine with his own plan.[5:13]
• Dan describes a 403(b) he has aggressively grown from $20,000 to about $170,000, which he views as "play money" for the project.

Their financial position and why cash-flowing is reasonable

Dan and his wife have about $2 million in retirement savings.[6:00]
Rachel points out that taking $100,000 from $2 million is a relatively small percentage and would not threaten their long-term security.[6:15]
She contrasts Dan's simple, emotionally peaceful plan with the advisor's complex, tax-focused strategy and says simplicity and peace of mind are worth more than chasing modest tax savings.[7:32]
Dan has about $40,000 in a savings account plus the 401(k), lump sum pension, and 403(b).[7:58]
Ken tells Dan to trust his gut; he references research that "gut" feelings are valid physical signals from the brain and should be weighed alongside logic.[8:23]
They advise Dan to politely decline the advisor's HELOC suggestion and stick with paying cash.[8:37]

Call 2 - Julia: Kids breaking property and financial consequences

What the 10-year-old broke and how

Julia from Baltimore asks how much she should have her children pay when they break things.[10:17]
Her 10-year-old son broke a $400 window while throwing a baseball near a door despite being told many times not to play there.[10:23]
He also broke a glass table when he and someone else pushed up on it at the same time; the side of the table snapped and shattered.[11:49]
• Julia says she frequently warned them not to push on or lean on the glass table and now they're using a fragment turned toward the wall with tape on the jagged edge.

Ken and Rachel debate appropriate consequences

Ken's instinct is that the boy should pay for the damage because he disobeyed clear instructions in both cases.[12:31]
Julia already told her son he had to pay $100 of the $400 window cost, and Ken says he would have made him pay for the whole window.[13:30]
Rachel distinguishes between intentional destruction and disobedient play; she sees the boy as a typical active boy, not malicious.[14:58]
• She notes some children intentionally do destructive things to rile parents; she would more strongly enforce financial consequences in those cases.
Ken emphasizes that disobedience, even without ill will, still warrants consequences so kids learn to respect parents' rules and property.[15:02]
Julia confirms both incidents involved disobeying repeated instructions (not to play baseball near the door and not to push on the glass table).[16:51]
Ken recommends having the boy do real paid work (like mowing lawns) rather than just household chores to earn money to pay for the damage.[14:38]

Safety concern about the broken table

Ken repeatedly tells Julia he is uneasy about the remaining shard of glass in the home and urges her to get the table out for safety.[12:17]
Julia says she has bulk trash pickup scheduled, so the table is on its way out.[13:12]

Call 3 - Valentina: Big family, high income, and drowning in debt

Family situation and income

Valentina from New York City shares that she and her husband went from a family of 2 to 7 in under five years.[21:54]
• They have a 5-year-old, 3-year-old, 1-year-old, a 4-month-old, and Valentina's mother lives with them.
She is wrapping up maternity leave, during which her income drops to about 25% of normal; she has two full-time jobs when not on leave.[22:10]
Their combined income is about $240,000 before taxes and $162,000 after taxes per year.[23:05]

Debt breakdown and negative cash flow

They have about $28,000 in a personal loan.[23:38]
Their credit card debt totals around $98,000 across 10 cards (five each).[24:10]
Valentina has $132,000 in student loans.[24:15]
They have borrowed about $43,000 from a 401(k).[24:26]
Minimum debt payments are about $3,000 per month and all accounts are current; none are in default or collections.[24:36]
Valentina says they are negative a couple thousand dollars every month and have used credit cards to deal with rising costs, home repairs, old car breakdowns, and property taxes that went up.[25:54]

Housing costs and second property

They have two properties: their current home and a property her husband owned before marriage.[26:12]
Their primary home mortgage is about $4,500 per month; the second property mortgage is about $1,200 per month.[27:07]
The second property is a double unit close by, and they are currently trying to sell it.[26:34]
• They owe about $160,000 on that property and expect to sell it for about $380,000, which would produce substantial equity to pay debt.

Other monthly expenses

Major expenses include food, schooling, daycare, insurance, utilities, transportation, some medical bills, and small support to extended family overseas ($300-$400/month).[27:47]
Private school for two children (ages 5 and 3) costs about $1,300 per month after financial aid.[28:43]
Daycare is about $800 per month.[28:30]

Hosts' guidance: drastic cuts and focused plan

Ken highlights that selling the second property will free a large chunk of money to attack debt, and there is nothing to fear about that step.[27:35]
Rachel stresses that they mathematically cannot "do everything"; they must choose necessities over wants for at least the next 2-3 years.[30:18]
She defines necessities as food, shelter, utilities, transportation, and unavoidable daycare, implying private school is optional.[30:33]
Ken questions whether the kids need private school right now, noting that public school will always be there and the family desperately needs the $1,300 monthly margin.[29:01]
Rachel acknowledges that cutting good but nonessential items like financial support to family and private school will hurt, but it is required to avoid falling behind on critical bills.[29:21]
They offer Valentina a session with one of their financial coaches and a year of their budgeting app to help her get on a consistent budget and dig out.[31:03]

Call 4 - Antoine: Ministry school vs parents' preference and student loans

School options and parents' expectations

Antoine from Austin says his parents want him to attend a local school that is much cheaper and actually pays him about $1,000 to attend because of financial aid.[32:20]
He wants to attend a specific ministry/theology school that would cost him about $2,000 per semester.[32:45]
His parents do not see ministry as a "real" career and think he won't stick with it; they have told him they will not help him financially if he chooses the ministry school.[33:34]

Hosts' advice on debt and calling

Rachel notes that $2,000 per semester is relatively inexpensive and could be cash-flowed with side hustles or part-time work instead of borrowing.[33:56]
She cautions him not to default to student loans and to view ministry as a legitimate but often lower-salary career.[33:53]
Ken asks if Antoine feels genuinely called to ministry and suggests that if he doesn't follow the call, he may feel deep spiritual unrest and possibly resent his parents.[35:09]
Antoine is 18, and the ministry program is four years in length covering theology and Christian ministries.[34:55]
Rachel confirms that the degree is broad enough theologically to be used in multiple ministry contexts, not just one narrow niche.[36:19]
They recommend Antoine figure out how to cash flow the 4-year program (e.g., working and possibly living at home) and not borrow money even if his parents refuse to help.[36:19]
Ken frames it as honoring parents while making his own adult decision, and says it may be better to disappoint them now than resent them for decades.[36:02]

Call 5 - Trent: Using a 529 as backup plan for parents' careers

Trent's idea for the 529 plan

Trent from Tulsa and his wife are both 35; their only remaining debt is their mortgage, which will be paid off next year.[39:37]
He wants to build a 529 college savings account up to a couple hundred thousand dollars for their daughter and also as a potential "career emergency" fund.[39:42]
His idea is that if either of them gets laid off, they could use the 529 for one of them to go back to school to build new skills; if not, the money would go to their daughter for college.[38:49]

Their careers and hosts' perspective

His wife works in tech as a data analyst; Trent is an untenured professor, which he acknowledges is less stable.[40:22]
Ken argues that Trent's wife can upskill in tech via bootcamps, courses, or employer programs without another formal degree.[40:30]
He suggests using a litmus test before going back to school: is a degree the only way to do the desired work, or merely one option?[40:32]
Rachel notes that 529 money is invested and ideally should sit for at least five years; using it soon for parental retraining undermines that.[41:30]
She would use the 529 primarily for the daughter and just cash flow any new training for Trent or his wife if needed.[41:33]

Call 6 - Antoinette: Late start, no retirement, wants first home

Financial situation at age 62

Antoinette from Fort Worth is about to turn 62, has no retirement savings, and wants to buy a first home.[44:01]
She has no money for a down payment and is considering zero-down options like USDA or similar programs, which would raise monthly payments.[44:34]
She has about $8,000 of debt, largely on credit cards and a car loan; she recently paid off a personal loan.[45:10]
Antoinette recently traded in a broken 2019 convertible, rolling negative equity into a 2023 minivan loan.[46:05]
Her minivan payment is about $995 per month and she estimates her monthly income at about $7,500 as a company truck driver.[49:35]

Lack of clarity on numbers and hosts' response

She repeatedly says she has a very bad memory for numbers and did not know the total car loan balance or remaining principal on credit cards when she called.[45:04]
Rachel pushes her to take responsibility by calling lenders, listing all debts with exact balances, and taking pictures of the written list for reference.[47:43]
Ken points out she had to check Credit Karma to know total debt, and stresses that not knowing exact numbers is a major part of her money problem.[44:52]

Recommended plan: sell the van and focus on retirement

Rachel tells her homeownership will need to wait; first priority is getting out of debt and then starting retirement savings.[48:18]
They recommend likely selling the expensive minivan, even if she is upside down, and buying a much cheaper car around $2,000 to free up nearly $1,000/month.[49:47]
Ken urges her to contribute to any available retirement plan (e.g., 401(k)) once debt is paid down, because age 61-62 is late but not hopeless.[50:56]
Rachel encourages Antoinette to listen to The Ramsey Show daily for six months to absorb a new way of thinking about money.[50:05]

Call 7 - Nicole: $6 million business sale and family lifestyle worries

Pending sale and tax concerns

Nicole from Fort Worth says her husband is selling a little less than 50% of his business and will receive about $6 million before the end of the year.[53:44]
She is nervous about how to manage the windfall, including potential tax implications and how quickly they must decide where to place it.[54:36]
Her husband has talked to an advisor but Nicole relays that the advisor implied he wouldn't share full advice without an ongoing paid relationship.[55:44]

Hosts' guidance on next steps and family impact

Rachel tells Nicole not to rush any big moves other than planning to pay the taxes that will definitely be due on the sale.[55:01]
She recommends hiring a solid tax professional (CPA) to ensure everything is filed correctly and to get clear on what is owed.[55:56]
They also suggest working with an investment advisor (SmartVestor-type) but warn against any advisor using vague or sketchy language.[55:16]
Rachel urges Nicole and her husband to first privately decide their priorities for the money: generosity, paying off any debts, funding retirement, and funding kids' college, before meeting with advisors.[56:41]
Nicole and her husband have about $175,000 left on their home plus some business and vehicle debt; Rachel recommends writing checks to clear all debt.[57:47]
She suggests funding retirement so they can have a "fabulous" retirement, and deciding what percentage of the windfall they will spend.[57:56]
Rachel says she would not change the children's day-to-day lifestyle much; the kids should still work and do chores, maybe only noticing nicer vacations.[58:32]
Ken jokes that Nicole should get some jewelry and car upgrades, emphasizing they should enjoy some of the money while still saving and giving.[57:56]

Question of the Day - Kelsey: Husband's low income as musician

Kelsey's situation and frustration

Kelsey from Texas writes that she and her husband are debt-free except their mortgage, but his income is not enough to aggressively pay off their home.[1:05:49]
She earns $35,000 per year; he is a musician and dabbles in real estate, estimating he will earn about $32,000 this year.[1:05:56]
Kelsey says his musician work does not bring substantial income and she wants to know how to talk to him about their insufficient income while acknowledging his passion.[1:05:59]

Hosts' advice on communication and career focus

Ken urges Kelsey to frame the conversation around their shared financial goals (like paying off the mortgage) and the numeric gap between where they are and what is needed.[1:06:21]
He suggests keeping music as an outlet and side passion, while going "all in" on a more lucrative field such as real estate where he is currently only dabbling.[1:07:16]
Rachel emphasizes the importance of being a team in marriage; both spouses should be aligned on direction so one doesn't feel like they are dragging the other financially.[1:07:12]
She encourages Kelsey to share how their current situation makes her feel unsafe about the future and to invite her husband to work with her toward benchmarks like retirement and mortgage payoff.[1:08:22]

Call 8 - Armando: Leaving job for window-cleaning business

Current job vs side business

Armando from Los Angeles is a manager at a gym earning about $4,000 per month after tax with bonuses.[1:10:22]
On weekends he runs a window-cleaning business that currently produces about $3,000 per month.[1:10:57]
He has been in business for about 10 months and gets business primarily from referrals and door-to-door efforts.[1:10:57]
He is debt-free, keeps about $1,000 in checking, and has around $8,500 in savings; his personal expenses are about $1,200 per month and he lives rent-free.[1:12:08]

Hosts' advice on when to quit

Ken praises Armando's hustle and says referrals plus door-to-door work are key ingredients for entrepreneurial success.[1:11:44]
He advises opening a separate business bank account for the window-cleaning business to track business income and savings distinct from personal funds.[1:12:14]
Ken recommends building 6-12 months of his income in the business account before quitting the gym job so that he is not worrying about paychecks for months after leaving.[1:13:00]
Rachel agrees that a business emergency fund is needed and says three months of expenses is a typical minimum, but notes Armando's situation is flexible due to low personal expenses.[1:13:08]
They encourage him that given his hustle and low cost of living, he will likely hit his savings target and grow the business faster than he expects.[1:14:17]

Call 9 - Donna: Nursing home costs, long-term care, and signing house to kids

Current retirement picture and fears

Donna from West Virginia is 69 and her husband is almost 71; they started their careers in the 1970s when pensions and Social Security were considered sufficient, so they didn't save much separately for retirement.[1:15:51]
They are doing fine now with their pension and Social Security but have limited additional savings.[1:15:51]
After placing her mother in an extended-care nursing home, Donna was shocked at the monthly costs and is now afraid they could lose their own house to pay for nursing care.[1:16:20]
Friends have suggested signing their house over to their kids to "save it" from being taken, but Donna has heard Dave Ramsey advise against that and wants pros and cons.[1:16:22]

Assets, income, and long-term care insurance

Donna and her husband have about $32,000 in Roth IRAs and about $50,000 more being rolled into IRAs by a financial advisor, totaling around $82,000.[1:19:48]
Their house is worth about $400,000.[1:20:42]
They have long-term care insurance that currently provides $3,000 per month in benefits.[1:18:55]
Their combined pension and Social Security income is about $9,942 per month.[1:20:00]
Donna still works as a substitute teacher and sometimes takes longer-term assignments; her husband is fully retired and golfs.[1:19:48]

Ethics and practicalities of signing the house over

Rachel and Ken explain that signing a house over to children in order to qualify for government-covered care is essentially hiding assets and lying to the government.[1:18:47]
They recommend against this strategy and instead suggest planning around long-term care insurance and existing assets.[1:17:58]
Rachel suggests Donna talk to her long-term care insurer about possibly increasing coverage if feasible.[1:18:55]
Ken cites a statistic that the average length of stay in a nursing home is 485 days (about 1 year and 4 months), indicating that the cost, while high, is typically not indefinite.[1:22:33]
They note that if needed later, Donna and her husband could sell the house and use part of the proceeds to cover care.[1:20:42]

Call 10 - Caitlin: New graduate with student loans and law school plans

Debt and current job

Caitlin from Charlotte has just graduated from West Virginia University and will start repaying about $26,000 in student loans in January.[1:25:48]
Her student loan balance is spread across multiple loans; the smallest is about $5,000.[1:26:00]
She works full-time at a locally owned women's clothing boutique, bringing in about $1,500-$1,800 per month.[1:26:31]

Desire for law school and hosts' advice

Caitlin studied business and marketing but now wants to go to law school for corporate law and expects law school could cost around $100,000.[1:27:30]
Ken says her income is far too low for a college graduate and challenges her to at least double it by finding higher-paying work or multiple jobs.[1:27:24]
Rachel advises her to live on as little as possible and set an aggressive goal to pay off the $26,000 in about a year to 18 months, by putting roughly $2,000+ per month toward debt.[1:28:33]
Ken shares that certain lesser-known law schools give full-ride scholarships based on high LSAT scores and encourages Caitlin to invest in LSAT prep and retake it as needed.[1:29:10]
He notes that clients generally do not care where a lawyer went to school, so picking an inexpensive school with a scholarship is more important than prestige.[1:29:26]
They urge Caitlin not to add $100,000 in new debt and instead to aggressively pay off existing loans while pursuing scholarship-heavy options for law school.[1:29:30]

Call 11 - Gary: Using inherited IRA to clear small debts and buy teen car

Debts, assets, and teen transportation

Gary from Austin has been married 20 years; he and his wife owe $12,000 on a car and $7,000 on orthodontic bills for their three teenagers.[1:55:17]
Other than those, they have no debt and have been using a budgeting app since their anniversary.[1:56:40]
He has a beneficiary IRA inherited from his grandfather in 2010 that started at $24,000 and has grown to about $70,000 while he has taken required minimum distributions.[1:56:46]
He is considering withdrawing $20,000-$25,000 from that IRA to pay off the car and orthodontics and possibly buy a third car (for $5,000-$8,000 cash) so his teens can work jobs.[1:57:07]
Gary and his wife earn about $180,000 per year and have two Roth IRAs with balances of about $100,000 (his) and $60,000 (hers).[1:58:19]

Hosts' recommendation: cash flow and possibly sell the car

Rachel says she would not cash out the IRA, because that money is invested and would trigger taxes, and their income is high enough to pay off $19,000 quickly.[1:58:20]
She encourages them to live on a tight budget for about a year, treating this as a season of sacrifice to clear debts.[1:59:24]
Ken suggests considering selling the car with the $12,000 loan; if it can be sold for the mid-to-high $20,000s, they could pay off the loan and buy a cheaper $8,000-$10,000 car with the equity.[1:59:35]
Selling the car would eliminate the roughly $400 monthly payment and free that money to attack remaining orthodontic debt.[2:00:41]
Both hosts stress that making lifestyle changes and sacrifices now builds discipline and allows investments to keep growing for retirement instead of being raided.[1:59:15]

Baby Steps Millionaire Spotlight - Stephen the farmer

Stephen's background and net worth

Stephen from Minnesota is a 72-year-old retired farmer with a net worth around $4.7 million.[1:46:42]
His wealth consists of land, apartment complex investments, IRAs, and stocks.[1:47:01]
He inherited about $800,000 in land when his father died roughly 18 years ago but built the rest of the net worth through his and his wife's efforts.[1:46:41]
Stephen raised corn, soybeans, hogs, and at one time had a cow herd; his wife worked as a registered nurse, taught nursing at colleges, played church organ, and runs a sewing/digitizing business.[1:47:19]

Income, education, and vehicles

His worst year as a farmer he estimates losing $20,000-$30,000; his best year he earned about $250,000.[1:47:40]
He has a degree in animal science, which took him 17.5 years to complete while juggling life and family; his GPA was about 2.004.[1:47:20]
He and his wife generally do not buy brand-new cars but did recently buy her a new Kia Sorento with cash.[1:48:42]

Lessons and marriage advice

Stephen credits their wealth to working hard, increasing income, and his wife often working multiple jobs to support the farm.[1:49:01]
He says his dad taught him that borrowing is easy but paying back is hard, and that lesson stuck, though his dad also had some mixed messages about using other people's money.[1:48:07]
Stephen and his wife have been married over 50 years and were high school sweethearts; he says they've been together around 55-56 years total.[1:49:27]
His top marriage advice is to maintain communication, be honest about finances, and be willing to say "no" to certain wants when necessary.[1:49:59]

Closing reflections on choices and teamwork with money

Sacrifice, outcomes, and being a team

Rachel reflects that many callers must make hard choices and sacrifices (extra work, cutting expenses) to achieve desired financial outcomes like debt freedom and retirement.[1:57:52]
She reiterates that people cannot have everything at once; they must prioritize and accept tradeoffs.[1:57:14]
Both hosts emphasize that couples who function as a team and agree on direction with money experience much more peace than those constantly fighting over goals and spending.[1:56:59]

Lessons Learned

Actionable insights and wisdom you can apply to your business, career, and personal life.

1

A financial strategy that looks clever on paper but violates your core values and creates ongoing stress is rarely worth pursuing, especially when a simpler, debt-free option is available.

Reflection Questions:

  • • Where am I currently tolerating financial stress or complexity in the name of "optimization" instead of choosing a simpler path that matches my values?
  • • How would my peace of mind change if I ignored tax tricks and interest-rate arguments and instead focused on getting and staying out of debt?
  • • What specific decision this month could I revise to better align with my long-term values rather than short-term financial gains?
2

Teaching responsibility means connecting actions to real consequences, including financial ones, so that kids (and adults) learn that disobedience and carelessness have a cost.

Reflection Questions:

  • • In what areas of my life am I shielding myself or my family from consequences that might actually teach valuable lessons?
  • • How can I design age-appropriate financial consequences for my kids or teens that are firm but not punitive?
  • • What is one recent mistake-mine or my child's-that I could turn into a learning opportunity instead of just fixing quietly?
3

High income does not guarantee financial stability; without a clear budget and willingness to cut non-essentials, even six-figure earners can drown in debt.

Reflection Questions:

  • • If I honestly tracked my last three months of spending, where would I find "good" but nonessential expenses that are keeping me from my goals?
  • • How much margin (in dollars) would meaningfully change my stress level, and what lifestyle changes would be required to create that margin?
  • • What specific nonessential expense am I willing to pause for the next 12-24 months to accelerate debt payoff or savings?
4

Pursuing a calling or passion does not require blind financial risk; you can honor the calling while designing a practical, debt-free path to support it.

Reflection Questions:

  • • Where do I feel a strong sense of calling, and what would a practical, cash-flowed path toward that calling look like?
  • • How can I communicate my sense of calling to family members who are skeptical without making them the enemy?
  • • What is one concrete step I can take in the next 30 days to move toward my passion that does not involve taking on new debt?
5

Before leaving a stable job for a growing side business, separating personal and business finances and building a dedicated runway of savings dramatically reduces risk.

Reflection Questions:

  • • Do I clearly know my business's true income and expenses, or are they blurred with my personal finances?
  • • How many months of business and personal expenses would I need saved to feel confident stepping away from my current job?
  • • What is one action I can take this week-like opening a business account or setting a savings target-to move closer to a safer transition?
6

Raiding long-term investments to solve short-term problems often trades future security for temporary relief; focused budgeting and lifestyle changes can usually solve smaller debts without touching retirement.

Reflection Questions:

  • • Where am I tempted to dip into savings or investments to "make something easier" instead of adjusting my lifestyle?
  • • How quickly could I eliminate my next smallest debt if I treated it like an emergency and temporarily redirected every extra dollar toward it?
  • • What boundary can I set for myself about when I will and will not touch long-term investments so that my future self is protected?

Episode Summary - Notes by Sawyer

"My Financial Advisor Told Us To Take Out A HELOC For A Tax Write-Off"
0:00 0:00