Think Like A CFO Podcast

Money and Minimalism

December 07, 2020 Melissa Houston / Anik Tracey Episode 12
Think Like A CFO Podcast
Money and Minimalism
Chapters
2:09
Introducing Anik Tracy
5:12
Anik’s home ownership journey and its downside
6:47
Financing pitfalls and frugal triumphs
8:42
Self-improvement book recommendations
9:35
The warning signs that your home may be hurting you financially
10:52
Is refinancing (again) the right call? Or is there another way?
14:11
“If you keep doing what you’re doing, where will you be in five years?”
14:56
Don’t let the opinions of others influence your financial decisions
16:13
The freedom of minimalism
21:49
How to choose a better mortgage
23:43
How it feels on the other side of downsizing
27:24
Anik’s #1 takeaway
Think Like A CFO Podcast
Money and Minimalism
Dec 07, 2020 Episode 12
Melissa Houston / Anik Tracey

“I take care of our finances so, at that moment, it just felt like it was all on me. Like I had let my family down.” - Anik Tracy

To downsize or not to downsize?

This question may not be what Shakespeare had in mind, but it’s a question that is on the minds of many people during this current economic moment, from up-and-coming professionals to families to older retirees. And it’s a question that my guest for this episode, Anik Tracy, has recently answered for herself — to great success. Anik and her husband, Justin, recently sold their house, stripped away their debt, and moved into a smaller space with their two beautiful teenage boys. The family is now living life on their own terms, free of stressful debt.

It worked for them, but will it work for you?

Anik and her husband followed the conventional route of home ownership, moving from a townhouse to a single home to a larger property in a more affluent area (complete with necessary renovations and remodels), but discovered that this path caused them some financial difficulties. “When we were in our 30s, we thought we had all the time in the world to pay this mortgage off,” Anik explains. “But then when you get in your 40s, the amortization period no longer coincides with when you plan on retiring, so that gives you pause.”

While many people experience these exact same issues, embarrassment and shame causes them to avoid talking openly about it and getting the advice they need in order to climb out of their debt and build more satisfying and sustainable lives.

So, today, we are going to talk about it!

“You’re not alone with your debt levels.” - Melissa Houston

In this episode, we’ll explore:

  • How to recognize when your current home is no longer serving you financially
  • Why pride and other people’s opinions should NOT play a role in your financial decisions and the freedom of no longer caring
  • The #1 sneaky trick that banks play on you when you apply for a mortgage — and how to avoid falling for it

Highlights:

  • 00:44  Introducing Anik Tracy
  • 03:47  Anik’s home ownership journey and its downside
  • 05:22  Financing pitfalls and frugal triumphs
  • 07:17  Self-improvement book recommendations
  • 08:10  The warning signs that your home may be hurting you financially
  • 09:27  Is refinancing (again) the right call? Or is there another way?
  • 12:46  “If you keep doing what you’re doing, where will you be in five years?”
  • 13:31  Don’t let the opinions of others influence your financial decisions
  • 14:48  The freedom of minimalism
  • 20:24  How to choose a better mortgage
  • 22:18  How it feels on the other side of downsizing
  • 25:59  Anik’s #1 takeaway

Links:

The 4-Step Roadmap to Biz Finance Freedom

https://melissahoustoncpa.lpages.co/4-step-biz-finance-roadmap

Work with me

https://www.melissahoustoncpa.com/work-with-me

Want more tips and inspiration? Follow me on Twitter @melissahcpa and Pinterest @melissahoustoncpacga and visit my website: https://www.melissahoustoncpa.com

Show Notes Chapter Markers

“I take care of our finances so, at that moment, it just felt like it was all on me. Like I had let my family down.” - Anik Tracy

To downsize or not to downsize?

This question may not be what Shakespeare had in mind, but it’s a question that is on the minds of many people during this current economic moment, from up-and-coming professionals to families to older retirees. And it’s a question that my guest for this episode, Anik Tracy, has recently answered for herself — to great success. Anik and her husband, Justin, recently sold their house, stripped away their debt, and moved into a smaller space with their two beautiful teenage boys. The family is now living life on their own terms, free of stressful debt.

It worked for them, but will it work for you?

Anik and her husband followed the conventional route of home ownership, moving from a townhouse to a single home to a larger property in a more affluent area (complete with necessary renovations and remodels), but discovered that this path caused them some financial difficulties. “When we were in our 30s, we thought we had all the time in the world to pay this mortgage off,” Anik explains. “But then when you get in your 40s, the amortization period no longer coincides with when you plan on retiring, so that gives you pause.”

While many people experience these exact same issues, embarrassment and shame causes them to avoid talking openly about it and getting the advice they need in order to climb out of their debt and build more satisfying and sustainable lives.

So, today, we are going to talk about it!

“You’re not alone with your debt levels.” - Melissa Houston

In this episode, we’ll explore:

  • How to recognize when your current home is no longer serving you financially
  • Why pride and other people’s opinions should NOT play a role in your financial decisions and the freedom of no longer caring
  • The #1 sneaky trick that banks play on you when you apply for a mortgage — and how to avoid falling for it

Highlights:

  • 00:44  Introducing Anik Tracy
  • 03:47  Anik’s home ownership journey and its downside
  • 05:22  Financing pitfalls and frugal triumphs
  • 07:17  Self-improvement book recommendations
  • 08:10  The warning signs that your home may be hurting you financially
  • 09:27  Is refinancing (again) the right call? Or is there another way?
  • 12:46  “If you keep doing what you’re doing, where will you be in five years?”
  • 13:31  Don’t let the opinions of others influence your financial decisions
  • 14:48  The freedom of minimalism
  • 20:24  How to choose a better mortgage
  • 22:18  How it feels on the other side of downsizing
  • 25:59  Anik’s #1 takeaway

Links:

The 4-Step Roadmap to Biz Finance Freedom

https://melissahoustoncpa.lpages.co/4-step-biz-finance-roadmap

Work with me

https://www.melissahoustoncpa.com/work-with-me

Want more tips and inspiration? Follow me on Twitter @melissahcpa and Pinterest @melissahoustoncpacga and visit my website: https://www.melissahoustoncpa.com

Introducing Anik Tracy
Anik’s home ownership journey and its downside
Financing pitfalls and frugal triumphs
Self-improvement book recommendations
The warning signs that your home may be hurting you financially
Is refinancing (again) the right call? Or is there another way?
“If you keep doing what you’re doing, where will you be in five years?”
Don’t let the opinions of others influence your financial decisions
The freedom of minimalism
How to choose a better mortgage
How it feels on the other side of downsizing
Anik’s #1 takeaway