On today’s show, I have Ericka Young who is a Certified Financial Coach located in Fishers, Indiana.
Ericka is another one of my amazing clients that I initially met at the FinCon conference in 2017. We quickly bonded over living in Indiana, being Dave Ramsey followers and paying off massive amounts of debt, and even Purdue University which is where her daughter is attending college and where I attended as well!
Ericka and I chat about how she got started as a financial coach and how her and her husband paid off over $90k worth of debt, her best tips for starting a budget, how people can set realistic, attainable financial goals for themselves, the top personal financial mistakes people make and so much more.
Excited for you to tune in and hope you enjoy!
Ericka Young | Certified Financial Coach
In today’s episode, you’ll find out:
- Common personal finance mistakes people make and what you can do to correct them.
- Her top personal finance tip for listeners and what she’d recommend everyone do when they’re starting to pay attention to their finances.
- How she got started as a financial coach and how her and her husband paid off $90k of debt.
- The #1 tip on how people can start budgeting their money.
- How you can set realistic, attainable financial goals for yourself.
- What she struggles with the most as a financial coach.
Ericka Young is the president and founder of Tailor-Made Budgets which she opened in 2005 after she and her husband Chris climbed their way out of nearly $100,000 in debt. She became a certified financial coach by Dave Ramsey’s Lampo Group in 2006 and combines her passion for helping people with creative debt reduction techniques so everyone can have a path to financial freedom. Ericka is a recognized financial expert who inspires people to significantly improve their finances, family and their future with a solid plan. Ericka’s Best-Selling book, “Naked and Unashamed: 10 Money Conversations Every Couple Must Have” was released online in February 2017 worldwide. She currently teaches her message of debt freedom through her e-newsletters, personal and group coaching, workshops and speaking engagements. Ericka, Chris and their two teenage daughters, Faith and Olivia reside in Fishers, IN.
Key takeaways from this episode
No one said what happens after you get that job. No one taught us how to manage money together as a team. – Ericka Young
That’s what a lot of people do when you’re broke and you don’t have cash. You just get a better car. – Ericka YoungThe snowball happens when that smallest debt is paid off and you can take that full amount you were putting to that smallest debt and put it to the next one. - @budgetsbyericka Click To Tweet
One of the things I caution people on is if you are in debt, you still need to pay attention to your credit score. – Ericka Young
People come to me to fix it. They want me to be the fixer. They are the only ones that can fix it.- Ericka YoungMoney likes attention. Money thrives in an environment where it's well taken care of. - @budgetsbyericka Click To Tweet
When you are paying attention to your money and you are being purposeful with where it’s going, it’s going to serve you well. – Ericka YoungHere's what I find to be mind blowing to me: they really focus in on how expensive groceries are yet they have no concept of how expensive dining out is. - @budgetsbyericka Click To Tweet
I’m hear to say budgeting doesn’t have to be drudgery. It doesn’t have to be a straight jacket. It doesn’t have to be deprivation. It can be freeing because you’re telling your money what to do. – Ericka YoungWhen my clients don't listen to me, that's hard. It's probably the hardest thing about being a financial coach. @budgetsbyericka Click To Tweet
80-90% of my clients want to get out of debt. – Ericka YoungTo stay motivated, I totally believe in rewarding yourself. - @budgetsbyericka Click To Tweet
Links to resources
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