Managing Debt with Leslie Tayne, Esq
Today is the fourth Friday in April and in case you didn’t know, April is Financial Literacy Month or what we like to call our favorite time of year at The Financial Gym. An entire month that’s focused on the importance of financial literacy. I always say that financial literacy is just as important as regular literacy and while there are so many resources for us out there to get better at it, I still feel as though we have a financial literacy crisis in the US. Everyday new clients come to the Financial Gym feeling shame that they aren’t as adept in their personal finance knowledge and my response is always the same. ‘Why should you feel confident?’ Most of us didn’t learn about personal finance at home, at school or on the job, yet the second we start receiving paychecks, we’re responsible for managing our money and navigating the world of personal finance.
This week on the podcast, I’m addressing a particular area of finance that our clients find the most challenging. Today we’re talking about debt. I always say that everything we do financially is fixable and I feel like the biggest fix most of us have to work on is debt, so joining me today is Leslie Tayne founder of Tayne Law Group to talk about the best ways we can manage our debt and what we should do if it becomes too overwhelming for us.
What are we drinking?
Guest- Coconut Vodka & Pineapple Juice
Shannon - Gin and Tonic
Podcast Notes
Leslie is from Long Island, where Shannon grew up. She always wanted to be an attorney growing up and has been practicing for over 20 years. Her main focus is debt resolution and alternatives to bankruptcy. Even though debt is incredibly common, people come to The Gym or Leslie feeling shame or embarrassment about their situation.
No one is immune from debt. Life happens and there are systems and circumstances out of our control.
The negative emotions surrounding debt can make it hard to think clearly and make the best decisions.
Dropping the shame is a number one priority when tackling debt.
There is no one-size-fits-all approach to resolving debt. Every financial situation is fixable, it’s about figuring out the best approach for each person and using the resources available.
Don’t wait to take action or let embarrassment or shame deter you from getting help.
The ideal time to reach out is when you know you are going to start missing payments. The longer you wait, the more difficult and expensive dealing with the debt becomes.
Whatever the reason, be proactive. Assess where you are, and what options there are moving forward.
If you are receiving calls or letters, don’t ignore them. Any type of debt can lead to being sued or wage garnishment if not taken care of.
Don’t wait until wages are being garnished or until there’s a summons to take action.
Resolving debt can take years, so don’t be discouraged if it is going to take time. It’s about understanding the process and the time frame.
Time can be a benefit, as it provides flexibility for making decisions with a clear mind.
There is always a solution, it’s about finding the right one and making a plan.
Each state has its own laws around debt, some are more friendly to debtors than others.
When working with a professional, ensure it is someone familiar with the debt industry. Every bank and company has its own process, so working with someone knowledgeable about this specific industry is the best option.
Working with a trusted professional
There is a cost to debt settlement, but there is also a huge saving. Not only financial but emotional and time savings as well.
The impact is far-reaching, so working with the right person or group to get it done right the first time is important. Especially when there are legal aspects.
Go in with a clear mind and ask a lot of questions. Research how long the company has been in business and what kind of reviews they have.
Once the debt is resolved, it’s time to start planning for the big dreams. It can be hard to picture those goals when in debt, but it will happen. Everything we do financially is fixable.
Listen to Debt Settlement with Leslie from October 2019
Takeaway: My biggest takeaway is that there’s always a fix for your debt, no matter how much of a burden it has become. Please don’t let yourself sit in stress for too long before you work on fixing it.
Random Three Questions
What is a big goal you have for yourself in 2022?
What is a show you’ve been binging lately?
What do you do to relax?
Connect with Leslie Tayne and Tayne Law Group
Website: Tayne Law Group
LinkedIn: Leslie Tayne
Instagram: @LeslieTayne
If you have any topics you would like me to cover on this podcast, or if you’d like to get in the financially naked hot seat, I encourage you to email me at Shannon@fingyms.com, or join the private Martinis and Your Money Facebook group, and let me know what you want to hear.
The Financial Gym has so many ways that you can work with us. If you’re looking for a career shift, we’ve started a Financial Trainer Certification Program where you can have the greatest job in the world. We have online courses for you to learn on your own. If you’re looking for financial products like a new credit card or high yield savings account, we have all of our favorites on the BFF Approved Products Page. And finally, if you want one-on-one coaching with a compassionate and empathetic person, our Financial Trainers are here to help you and remember, Martinis and Your Money listeners get 15% off of one-on-one Financial Training at The Gym. We’re here to meet you wherever you are on your financial health journey.