Motorcycles, Minivans, and Money Lessons

The Money Fit Show

The Money Fit Show

Season 2: Episode #12

Motorcycles, Minivans, and Money Lessons, Leah Ellis of Endeavor Financial Coaching

Financial coach and founder of Endeavor Financial Coaching, Leah Ellis and her husband, Nathan, spent years in the debt cycle that included consumer splurges before Nathan’s business deployments and getting into $100,000 of minivan and solar panel installment loans in just one week. Listen in as Leah shares their story of financial frustration and despair over the accident to heartbreak and anguish over explaining to their kids that they can’t afford their traditional family activities, to their determination and persistence in getting out of $123,000 of debt in less than two years.

1. The financial consequences of a motorcycle accident right after taking on a lot of new consumer debts
2. How a lack of emergency savings rushed Nathan’s healing, and not for the better
3. How a small savings fund instead of debt would have made a world of difference
4. What motivates many families to start building their emergency fund
5. Financing $100,000 of consumer debt in six days with the birth of her second daughter
6. Justifying a new car for the family by misidentifying wants as needs
7. The heartbreaking moment you realize your new consumer bills exceed your household income, and your children will have no financial future
8. Paying off $123k of debt in 23 months, including $80k in one year after closing their credit card accounts
9. It all becomes real when you have to tell your daughter you can’t take her to 6 Flags
10. Learning from our powerful emotions associated with failures
11. The consequences of teaching children about finances and financial mistakes, starting as young at 5 years old
12. Ideas for giving an allowance to young children
13. The only three things you can do with money: spend, save, or give
14. Correlating working for money with getting paid
15. The worry about sharing confidential financial information with your children
16. How to explain the concept of loans and debt to a young child
17. Slaying money dragons by sitting down to do a budget and establishing clarity

Links referred to in the episode, and how to connect with the guest, Leah Ellis:

Endeavor Financial Coaching

Leah on Facebook

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