Tackle your debt using baby steps inspired by Jade Warshaw. Understanding how to budget effectively can help you move past limiting money beliefs.
Deciding to have children is significant and costly, and many American women are delaying parenthood or opting out altogether. Despite a brief rise in birth rates during the pandemic, reports indicate a steady decline in births overall, as noted by CNN.
Cost is a major factor in this trend. Rising housing prices have made homeownership less attainable, and Millennials are burdened by unprecedented student loan debt. One study reveals that women with $60,000 in student debt are 42% less likely to have children compared to those without such debt.
If you're feeling overwhelmed by debt, know that you can take control — it all begins with “baby steps.” Jade Warshaw, a debt elimination expert and cohost on the Ramsey Show, once faced nearly half a million dollars in debt but transformed her financial situation to achieve her dream of starting a family. “We eliminated our debt within seven years, and I gave birth to our son when I was 35,” Warshaw shares. “Some might see that as late, but it was our journey. I urge everyone to define their own normal, rather than conforming to societal expectations.”
LISTEN: Uncertainty And Your Investments
In her latest book, “Money’s Not A Math Problem,” Warshaw emphasizes that managing money revolves around the beliefs that shape your actions. She highlights common misconceptions, like viewing budgeting as a punishment. “A budget is simply personalized organization for your finances,” she explains. “Think of your budget as a closet, where every dollar has its designated spot. Just as you wouldn’t toss expensive clothing in a pile, you should treat your money with the same respect.”
In the Mailbag, we address a listener eager to start preparing her taxes and questioning whether she should declare her side gig to the IRS. We also hear from someone who successfully reduced her debt and is curious about the best way to invest her additional $300 each month. In our weekly money tip, Bitcoin ETFs are now approved… is this the right time to invest?
