Did you know that 75% of the United States are living paycheck to paycheck? Seems like a staggering number but when you break it down, most Americans do not have the tools to become financially fit. Every Monday we talk about our finances and today we spoke to entrepreneur, author podcaster, and former financial CNN analyst Clyde Anderson. The financial expert shares with Erica, GRIFF, and the Get Up! Church 5 steps to becoming financially free and overcoming being broke.
Listen to the full interview:
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Erica Campbell: According to Forbes 75% of Americans are living paycheck to paycheck. How can people break this cycle? Let’s get into your five steps. And what’s the first step?
Clyde Anderson: Well, I think the first step you have to do is acknowledge, you know, acknowledge and realize that there is a situation. And I think a lot of people run from that, and they don’t realize or they don’t want to face it, you know, because it can be really embarrassing to have this situation. So most people just don’t want to deal with it.
Erica: (Step two) Let go of the past, and shame and focus on now. Let’s talk about that.
Clyde: Yeah. So when you’re talking about letting go was a shame, you know, it’s embarrassing. It’s embarrassing, when you don’t have enough or you got more month, a month, you know, and I think what we have to do is realize that we are not our past, you know, that’s something that happened. And so we have to overcome it. And the way that you overcome and is realized that yesterday’s a canceled check. Tomorrow is a promissory note, and today is the only cash we have. And so we got to spend it wisely. And we got to focus on today and what we can do right now.
GRIFF: So step three is to make a commitment to change and help somebody today who doesn’t know what to do in order to change their financial situation, Brother Clyde?
Clyde: Well, the first thing we got to do is be real about where we are right now, you know. We got to say, if I’m broke, I’m broke. You know, if I don’t have enough, I have to say that and so I have to seek help. I have to seek people that know the answers. There’s so much financial literacy out here. The government offers free financial literacy programs, that they’ll send you to your home even that we can talk about. But I think you have to be able to know you know what it is, some people are just ignorant of finances, and that is okay to be ignorant. But you can’t remain in that space, you got to be willing to change and get out of that space. So you want to get that financial literacy and make sure you’re educated.
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Erica: Alright, step four: decide where you want to go, and what tools you need to get there. Explain what this means.
Clyde: This means that we all have dreams, visions goals. You know, I was listening to you, Erica this morning, and you’re really talking about you know, that that that inspiration of we have somewhere that we want to go, and we have dreams and visions. How do we get there? So I have to see where I want to go. I have to know that I want to be financially stable. I know that I want to be wealthy. I know that I want to be out of debt. So once I see that I can design a plan. When you can see it’s easy to get there. When I can see myself out of debt. When I can see myself debt-free. When I can see myself not late on my bills or not having more month than money, then it’s a lot easier to get there. I can start to envision that place and feel that place and put myself in that place.
Erica: Alright, the last step, take small steps daily. Can you walk us through a few quick small steps?
Clyde: You know that the hardest part, sometimes is that we want to eat the whole elephant in one bite. You got to eat one bite at a time. And so the first step maybe today is not spending any money. It’s taking my lunch instead of buying my lunch. It’s not going to unnecessary places with gas prices at $6 a gallon. It’s doing small things. It’s looking at my finances and saying okay, let me see how short I am every month. You know some people don’t want to look at it because it feels better to be ignorant. And so the first step is just starting to lay it out right there. Let me say what all I have to pay every month and what’s coming in every month. That’s the beginning and then asking for him.
Erica: How can people get your books and follow you on social media?
Clyde: we launched a new site it’s called ChangeOnPurpose.Online. You can go there right now and sign up. We’re doing something really exciting called “a release” event. So it’s time to tame the shame and release it so I want to help people do that because this is meant so a lot of times it’s really about mindset so they visit my website they can sign up for a release the shame event and I’m gonna walk you through those steps to release the shame because it’s nothing to be ashamed about. It’s time to change your mind. Change your life.
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