Mel Robbins
Why You’re Broke: 5 Rules to Finally Take Control of Your Money
In this episode, you’re going to learn the 5 rules of money.
Whether you want to build credit, pay off debt, increase your income, or have more money in the bank, this episode is a must-listen.
It will surprise you.
It will move you.
And it will help you live a richer life.
Tiffany Aliche (@Thebudgetnistablog is THE money expert.
Known as The Budgetnista, she is a New York Times bestselling author who has helped 2 million people just like you save, manage, and pay off massive debt.
This is not your usual “make-a-budget-and-stick-to-it” advice. Tiffany’s take on $$ will help you see your money in a completely different way so that you understand how to make more of it and save it with ease.
After you listen, you’ll have THE 5 money skills you need to gain financial freedom.
For more resources, including links to Tiffany’s book, the links Mel mentions, and Tiffany’s social media platforms, click here for the podcast episode page: https://www.melrobbins.com/podcasts/episode-153
Follow Tiffany Aliche on Instagram: https://www.instagram.com/thebudgetnista
Follow The Mel Robbins Podcast on Instagram: https://www.instagram.com/themelrobbinspodcast
I’m just your friend. I am not a licensed therapist, and this podcast is NOT intended as a substitute for the advice of a physician, professional coach, psychotherapist, or other qualified professional. Got it? Good. I’ll see you in the next episode.
In this episode:
00:00: Intro
03:30: This is how Mel handles her money. Can you relate?
08:00: How Mel helped her family start getting out of debt.
08:50: Mel’s #1 rule about money after having been bankrupt.
09:15: How Mel passed her relationship to $$ down to her daughters.
14:45: How to incentivize your kids to turn out the lights.
18:10: The first and second BIG financial mistakes Tiffany made.
23:10: After the recession hit, things got even worse for Tiffany.
25:45: What to do when you feel shame about your finances.
29:05: Here’s how to prioritize your bills if finances are limited.
29:55: Why is it so hard to open your bills?
33:15: The #1 Rule of Money.
34:35: Reframe your 5-step budget plan so it’s doable!
39:30: What concerns Mel about how easy it is to buy stuff today.
42:00: Put your money into these 4 buckets automatically.
45:20: How do you know if an online bank is legit?
48:20: What percentage of your income should be for living expenses?
51:22: Rule #2 of Tiffany’s Money Strategy: how to manage debt.
53:40: Use the Snowball Method to pay down your bills.
55:08: Or use the Avalanche Method to hit highest interest rates.
55:30: The Tsunami Method is best when one particular debt causes stress.
56:30: Rule #3: How do you save when you’re just making ends meet?
58:15: Use “dreamscaping” to motivate yourself when debt gets you down.
1:01:00: Do this so that you don’t go debt-free alone.
1:03:18: The 4 questions to ask yourself before you spend.
1:06:20: How much money should be in savings before you start losing?
1:08:25: Rule #4: How do you improve your credit score?
1:10:33: The 3 ways to boost your credit score quickly.
1:14:35: What to do before you ask your boss for a raise.
1:17:45: How to value yourself when you own a small business.
1:18:15: Tiffany’s favorite side hustles and advice to earn extra $$.
1:21:55: The tragic event that made Tiffany realize what’s most important.
#money #success #makemoremoney #moneytips #budgeting #savemoney #podcast #financetips
—
Follow Mel:
Instagram: https://www.instagram.com/melrobbins/
TikTok: http://tiktok.com/@melrobbins
Facebook: https://www.facebook.com/melrobbins
LinkedIn: https://www.linkedin.com/in/melrobbins
Website: http://melrobbins.com
—
Sign up for Mel’s newsletter: https://melrob.co/sign-up-newsletter
A note from Mel to you, twice a week, sharing simple, practical ways to build the life you want.
—
Subscribe to Mel’s channel here: https://www.youtube.com/melrobbins?sub_confirmation=1
—
Listen to The Mel Robbins Podcast 🎧 New episodes drop every Monday & Thursday!
https://melrob.co/spotify
https://melrob.co/applepodcasts
https://melrob.co/amazonmusic
—
Looking for Mel’s books on Amazon? Find them here:
The Let Them Theory: https://amzn.to/3IQ21Oe
The Let Them Theory Audiobook: https://amzn.to/413SObp
The High 5 Habit: https://amzn.to/3fMvfPQ
The 5 Second Rule: https://amzn.to/4l54fah
Published Mar 7, 2024
