Episode: 295 - The 5 Biggest Mistakes I Made Getting Out of Debt—And How You Can Avoid Them
Get better results with your finances in 30-60 days - GUARANTEED. Watch this video to learn how! - https://www.debtfreedad.com/payoff-debt-in-60-to-90-days
Hey everyone! I'm excited to dive into today’s blog, where I’ll share the five biggest mistakes I made when starting my debt-free journey. After years of trial and error and over 11 years of living debt-free, I’ve seen how avoiding these pitfalls can help you stay on track and reach financial freedom faster. These insights aren’t just personal—they’ve also empowered thousands of others to pay off tens of millions of dollars in debt through our work at Debt Free Dad. Let’s ensure you skip the headaches and make the most of your own journey.
Mistake 1: Thinking Debt Consolidation Is a Magic Fix
Early in my journey, I believed credit card balance transfers and consolidation loans would solve my debt problems. These "quick fixes" seemed like a smart move, but they didn’t address the real issue: my spending habits. Debt is a symptom, not the root cause. If you don’t change the behaviors that created the debt, it will come back—even after you shuffle it around. Focus on adjusting your financial habits instead of relying on temporary solutions.
Mistake 2: Taking Advice from the Wrong People
I wasted time and energy by listening to advice from friends, family, and coworkers who weren’t financially secure themselves. Even though their intentions were good, they weren’t equipped to guide me to success. Instead, I learned to seek advice from people who were already where I wanted to be. Whether through books, podcasts, or personal connections, find mentors who have achieved true financial freedom and follow their proven strategies.
Mistake 3: Underestimating the Importance of Accountability
In the beginning, I thought I could handle everything on my own. But while knowledge is important, the real challenge is staying disciplined. Accountability—whether through a coach, a friend, or a community like our Roots membership—helps you stay committed and consistent. When life gets tough, having someone to lean on or check in with can be the difference between giving up and pushing through to success.
Mistake 4: Procrastinating Instead of Starting
One of my biggest regrets was delaying the start of my debt-free journey. I made excuses like, "I’ll start next month," or "This isn’t the right time." In reality, there’s no perfect time to start—it’s just a way to stay in your comfort zone. Every day you wait is a missed opportunity to take control of your finances. The best time to start is today. Trust me, your future self will thank you.
Mistake 5: Letting Shame Keep Me Stuck
For years, I was embarrassed about my financial mistakes. I felt alone, ashamed, and trapped. But the truth is, almost everyone makes financial missteps at some point. Debt thrives in secrecy. Once I let go of the shame and started focusing on solutions, everything changed. Forgive yourself for past mistakes and shift your focus to building a brighter financial future.
Conclusion
Avoiding these five mistakes can save you years of frustration and fast-track your progress to financial freedom. To recap: don’t rely on debt consolidation, be selective about whose advice you follow, prioritize accountability, start today instead of procrastinating, and don’t let shame hold you back.
If you’re ready to take action and make a real change in your financial life, head over to debtfreedad.com, click the green button at the top, and let me show you how to get started.
Thanks for reading, and I’ll see you in the next post! Let’s make your debt-free journey one to celebrate.
Resources Mentioned
The Totally Awesome Debt Freedom Planner
For more help, and a step-by-step process to get started, enroll in Brad's FREE online course, LIFE WITHOUT PAYMENTS.
Free Tools and Downloads at www.debtfreedad.com
Connect With Brad
Website - https://www.debtfreedad.com
Facebook - https://www.facebook.com/thedebtfreedad
Private Facebook Group - https://www.facebook.com/groups/lifewithoutpayments
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YouTube - https://www.youtube.com/@bradnelson-debtfreedad2751/featured
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Transcript:
Brad Nelson:
Hey. So today, guys, I am sharing the five things that I would do differently if I had to start my debt-free journey all over again. Now, after years of getting it wrong and over 11 years of now living debt-free, and after helping thousands of other people over the years here at Debt-Free Dad, saving me off tens of millions of dollars, we've learned some game-changing lessons that I wanna share with you to help you avoid a lot of the frustration in your debt-free journey. Hey, guys, welcome to today's show. I am Brad Nelson, founder of Debt-Free Dad. I paid off about $45,000 of debt. I've been debt-free now for more than 11 years, outside of my mortgage. I've also been fortunate to help thousands of other people save and pay off tens of millions of dollars with the work that we do here at Debt-. Now, guys, check this out.
Brad Nelson:
After listening to this episode, if you're someone who is tired of paycheck to paycheck living, you're finally ready to make some changes and you're just not quite sure where to start. And maybe you want to start seeing better results with your finances and, guys, you can start seeing better results in as little as 30 to 60 days. I'm going to be sharing some details about how you can get started with that later on in today's episode. So, guys, before we get to the five things that I would do different, I just want to share. The reason I wanted to create this episode and share this stuff with you guys is because we've learned so much over the years, whether it be in our debt-free journey or helping other people in their own debt-free journey, and these would be the things that I would focus on and really do different, because these are the things that really kind of kept me stuck the most. All right, and I think they do in some cases for a lot of other people too, especially this first one that I'm going to share. And I wanted to take some time to share this because it's our goal for this podcast is to make your debt free journey easier, with less stress and less frustration.
Brad Nelson:
So let's get started with mistake number one. I would avoid credit card transfer balances and consolidation loans. Now, back when I was swimming in debt, I thought that these things were like the magic fix. I mean, heck, they're even advertised to be the magic fix. Some of them are advertised to help you reach debt freedom, but, spoiler alert, they're not in many cases. Now, sure, they might seem like a great way to simplify your payments or lower your interest rates, but here's the truth Debt isn't your problem. In most cases, for most people if you're anything like me and anybody who's here on the Debt Free, Debt podcast it's a behavior problem, it's a habit problem, it's a choices problem. You see, moving balances around won't solve the root issue how you got into debt right In the first place. What does work is changing your habits, your choices, your behaviors. And until you do that, all you're going to be doing is shuffling your debt around or moving it from one location to the next, but the debt never really goes away. But those behaviors, habits and choices are always gonna be there, so you gotta make sure that you have those in check.
Brad Nelson:
Mistake number two I wasted way too much time taking advice from the wrong people or caring about what people thought. You know what I mean Broke friends, broke family, broke coworkers who somehow think that their financial experts are, because they read an article online, that they know everything about money. They mean well, but if someone's living paycheck to paycheck or drowning in debt, they're not the person to be taking advice from. And guys, I know that this comes off harsh because I'm not telling you to not care about your brother, your sister, your parents, your aunts, your uncles, your friends, your coworkers. I get that it can sound harsh, all right, but the reality is is that most people are struggling. And do you know how you get more broke people? It's taking the advice from other broke people. So instead, find someone who's been where you want to go Like, for instance, listen to this show Someone who's living debt-free and has less financial stress, who's crushing their financial goals. Success leaves clues. Follow those, not the opinions of people who aren't even on the same path as you.
Brad Nelson:
Number three guys, we talk about this a lot here on the Debt-Free Dad podcast, but it's a biggie all right. Accountability is huge. You see, back when I was trying to figure this stuff out, I thought knowing what to do was enough. And it's not. The hard part isn't the knowledge, it's the consistency, it's the discipline, it's doing the right things over and over again, even when it's hard and when it's difficult, or even when it doesn't feel like you're really getting great results. That's why accountability is so crucial. Now, maybe it's a trusted friend, a spouse, or a coach, or like Roots, our membership program here, or even this podcast For me. It's why we created the Debt-Free Dad program and this company. You see, when you've got people in your corner who's going to cheer for you and hold you accountable, you're far less likely to give up when times get tough.
Brad Nelson:
Mistake number four I wish I would have started sooner. And you want to know what guys? You guys need to get started right now, today. I know the excuses because I've used them myself. I'll start after the holidays, I'll start next month. It's just not the right time. Does any of that sound familiar? Here's the thing. Those excuses are just lies that we tell ourselves to justify staying comfortable. And you know what Next month turns into next year. And before you know it, years have gone by and you're still stuck. So if I could go back, I would tell myself start now, Don't wait. The sooner you start, the sooner you get to take your financial life back.
Brad Nelson:
And finally, guys, number five letting go of the shame and embarrassment. Look, I used to beat myself up constantly for the financial mess I got myself into. I thought I was the only one who had made such stupid mistakes. But you know what I've learned after coaching thousands of people? We've all got similar stories and we've all made similar mistakes. You are not alone. Similar mistakes. You are not alone. You see, debt thrives in the dark and shame keeps you there. The moment you let go of the guilt and you admit yeah, I messed things up, but I'm ready to fix it is the moment that you take back control of your finances. So forgive yourself and focus on the future, not on the past mistakes. So there you have it, guys. Those are the five things that I would do different if I had to get out of debt all over again.
Brad Nelson:
So just to recap again number one skip the credit card balance transfers and the consolidation loans, at least at first. Focus on the behavior, the habits, the choices, your financial mindset, and you will find that you will make some amazing progress over time. Number two stop taking advice from your broke friends, your broke family and your broke coworkers. Remember, most people are living paycheck to paycheck, including most of them. Number three get yourself an accountability system. Use this podcast. Jump on the Debt-Free Dad website. Consider joining us in Roots of Personal Finance, which is our ongoing support and accountability program. These are all great ways to stay accountable to your financial goals.
Brad Nelson:
Number four start right now. Stop believing these excuses and these lies and this idea that there's going to be this perfect time and the clouds are going to open up and the blue sky is going to be there and the sun's going to shine, and say today is the day that day is never going to come. Today is the day. Start right now. And number five let go of the shame and embarrassment. You're not alone in this journey. Now, if any of these resonate with you and you want to stop struggling and start winning with money and you want to start seeing some amazing results in just 30 to 60 days, All you have to do is head over to defriydeadcom, click on the green button at the top of the page and I'm going to show you how you get started today. Thanks for joining us on today's episode and we will see you guys on the next show.
