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Episode 373 | From Horrible Debt To Productive Debt: How He Transformed His Life – Chat with Ricky

The reason why money is such a taboo subject… is because of fear.

When Ricky was a kid, money was an issue.

Growing up in a family of 7, our special guest today confessed that there was unhealthy money education very early on. Although it didn’t feel like he missed a thing and his parents made sure him and his four brothers got everything they needed…

He was still able to sense some tension in the family.

 

You see, today’s guest grew up where credit cards and personal loans were the norm and he saw the effect of that chipping away on his parents’ relationships.

And unfortunately…. those bad habits stuck to him. To the point that the day he turned 18 and was eligible to get a credit card, he got one. (And you wouldn’t believe what he got right away too!)

 

Luckily, he met the love of his life who had great money senses and that managed to counter his bad habits…

Life was going great until one fateful night at work initiated a very serious spiral into a mental health crisis – PTSD, acute anxiety and acute depression.

All during COVID.

Find out how Ricky managed to turn all this around and prove that whatever life throws at you, a passion to get better, perseverance and a hunger to learn will make sure you overcome this.

 

Free Stuff Mentioned

  • FREE eBookMake Money Simple Again
  • FREE MyWealth Portal & Start Your Financial Transformation Today! (includes Money SMARTS, Money FIT + Money STRETCH) – Fill in the form at the bottom of this page or Free Sign Up Here
  • BingeGuide to Property, Finance & Money Management Download here

 

Additional notes:

If you’re finding yourself in similar state as Ricky then please do not hesitate to reach out for help. That’s the first step to recovery. Here are some useful links that might help you take that step:

 

Here’s what we cover…

  • 0:00 – Meet Ricky.
  • 1:04 – The Unhealthy Money Habits that his parents showed him…
  • 4:45 – How being exposed to the family’s financial stress at a young age affected him
  • 6:00 – What happened the day he turned 18?
  • 7:11 – The silver lining that helped him continued on…
  • 8:24 – The money conversations that he’s having with his parents now.
  • 9:00 – Why he thinks talking about money is such a taboo subject
  • 10:49 – The life lessons he learned while talking to his brothers…
  • 13:47 – His first job!! And guess what he did with the money!
  • 15:00 – The bonfire chat that triggered a career change to…?
  • 17:30 – When did Ricky’s debt spiral peaked?
  • 18:55 – His first introduction to a budget!!!
  • 19:17 – Financial Transformation: From debt reduction to investing your surplus
  • 22:00 – Their original plan was to Rentvest and to live on the Dividends for retirement. But… what was wrong?
  • 28:01 – The night at work that had Ricky battling for his life for the next 4 months.
  • 32:20 – Learning the 1% Rule that saved his life.
  • 36:48 – Understanding what the triggers are and noticing the signs…
  • 39:40 – Ben’s own experience with mental health.
  • 45:40 – The Bingeguide Report that changed his investment strategy from shares to property!
  • 47:00 – Bryce’s #1 Podcast Advice
  • 48:40 – Everyone told him otherwise so why would Ricky pay for advice?
  • 50:24 – Why did they want a property portfolio plan done?
  • 52:50 – How Ricky and his family is embracing this new feeling?
  • 56:15 – Where on the 7 Grade of Financial Wellbeing is Ricky at?
  • 57:02 – His favourite section in Money SMARTS Platform!!
  • 1:00:00 – Mindset minute from Ricky!! #YES

 

 

Note: There are more real-life investor stories like this in our Previous Summer Series! Make sure you check them all out here.

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