How To Pay Down Debt With Budget Parties And Build Wealth With This Secret Weapon

In this episode of the Millionaire Mindcast, we have Andy Hill who shares some awesome tips on how to quickly get out of debt, live life according to your terms, build money and wealth while creating epic relationships with your kids and spouse!

Andy Hill is an entrepreneur, a personal finance influencer, an award-winning blogger, a podcaster, and the host of the Marriage, Kids and Money Podcast which focuses on helping young families build wealth and thrive. This 5-star rated podcast was nominated as “Best New Personal Finance Podcast” by Plutus.

Outside of writing for his own weekly blog of the same name, he has been featured in Business Insider, MarketWatch, and NBC News. Trusted as a personal finance influencer by brands such as Quicken Loans, Tiller and Credit Sesame, Andy’s message of family financial empowerment has resonated with listeners, readers, and viewers across the US.

From a free and easy life to becoming a financial thinker. Andy made a transition when he realized that he will be a daddy soon. Thinking about what to do to protect his daughter and give her a great life, the couple decided to eliminate their debts as quickly as possible and focusing on the big why.

They were being intentional with their money. They work with numbers, find ways to save more, and live for a while with 50% of their income. Along the way, they’ve learned a lot of their money languages, and techniques. They’ve set a time to meet every month to look over with the numbers, review the expenses of the previous month, and plan. And later, he paid off $50,000 of debts in about 12 months, and $350,000 mortgage in less than 5 years.

Having that accountability and clear visions helped them reach their goals while crafting a life that is more defined by family than obligations. The couple is working to avoid their marriage fall apart over finances. Andy gives importance to communication and continues to live a very nice happy life while utilizing that extra money to get their goals for tomorrow.

Focusing a lot of his time on creating the marriage that he really wants, the relationships that both he and his wife want. Trying to create the most epic relationships with his kids and spouse through spending quality time together while controlling his personal finances so that he can have the best family life.

Some Questions I Ask:

What is going on in your world right now when we’re talking about marriage, kids, and money? (01:30)
How did you fall into this path that you’ve been on? (02:14)
As you fall into this path, was that an intention from the start or was that something that started to evolve as you guys got deeper into these particular pillars? (04:02)
What did that look like for you guys as you attack first the debts to live life according to your terms? (05:26)
How do you allocate your money as it comes in? (09:06)
Talk a little bit about that teamwork and partnership, what should people be communicating to their partner when it comes to finances and life goals? (11:58)
What’s your thought on the decision-making process of a couple of having separate accounts or one joint account? (15:12)
What does that budget party agenda look like? (17:33)
What is your wealth plan look like and what are some of the people’s mistakes in growing the money strategically? (19:56)
What’s your take on bad debt versus good debt? (23:02)
How did you equip your kids with financial literacy? How you came about that plan and what it looks like?(24:46)
What’s in your website marriagekidsandmoney.com and your playbook? (27:58)
What are some of the common things that stood out to you from all the people that you’ve interviewed? (29:20)
What are some of your goals look like and how are you planning on getting there? (30:26)
If you were to leave somebody with one universal law when it comes to wealth building or unlocking more freedom in their life, what would you live them with? (31:36)

In This Episode, You Will Learn:

The great way to live the life they want with no stress. (04:39)
Andy’s ‘The budget party’. (08:08)
The importance of dedicating the time to speak with your partner. (14:16)
The quick and easy investment for busy people. (20:19)

Quotes:

“I have some extra responsibility.”
“Continue to live a very nice happy life but then utilize that extra money to get our goals for tomorrow.“
“It takes a lot of teamwork to get there.”
“Things might seem family-oriented but they are also very financially-oriented too.”
“Look internally and decide what’s best for you.”
“Enjoy yourself today because we don’t know what tomorrow is going to bring.”
“We understand real estate does take some dedication.”

Resources Mentioned: