Breaking the Bondage of Debt: Lessons for Criminal Justice Professionals

Breaking the Bondage of Debt: Lessons for Criminal Justice Professionals
Duration: 60 Minutes
Module 1Module 1
Recorded on: 2023-11-09
Unit 1Presentation Materials: Breaking the Bondage of Debt: Lessons for Criminal Justice Professionals
Unit 2Transcript: Breaking the Bondage of Debt: Lessons for Criminal Justice Professionals
Unit 3Workbook: Breaking the Bondage of Debt: Lessons for Criminal Justice Professionals
Unit 4Recording: Breaking the Bondage of Debt: Lessons for Criminal Justice Professionals

As a veteran and police wife, Courtney knows that these noble professions don’t always come with as noble of a salary. For years, their family suffered financial stresses but the strategies she employed, which she shares on this webinar, allowed them to live a great life on a police officer’s salary.

Courtney is from the Heroes Financial Coaching where she helps first responders and their families take the stress out of their finances through financial workshops and one-on-one financial coaching. She is dedicated to ensuring first responders and military families successfully manage their day-to-day finances and have financial protections to safeguard their loved ones in their absence.

Specifics of the presentation include:

  • A backgrounder on Courtney’s experience juggling financial obligations and overcoming that.
  • The typically negative perspective on debt, statistics on the extent of debt in American households, and how this knowledge can help people better deal with their debts.
  • How cultivating self-awareness by understanding our behaviors with money and the shame that tends to come with debt allows us to change our thoughts and actions and bring about change.
  • Shifting our perspective about money into one that views money as a tool that helps you accomplish goals, do things you love, have a better life, invest in the future, and help others.
  • Budgeting 101
    • How the inability or refusal to abide by a budget puts people in debt.
    • The tendency for people to associate budgeting with restriction.
    • Reasons to budget in terms of feeling control, providing insights into spending habits, and forecasting how much can be put towards debt.
    • A budget app that conveniently tracks your income and spending.
    • How budgeting can stop you from living paycheck-to-paycheck.
  • Emergency funds: How it prevents incurring debt in cases of unexpected expenses, how much it should be, and how not having one can end up in debt.
  • The benefits of paying debts early instead of just sticking with the minimum.
  • The two methods of getting rid of debt.
    • Debt snowball – where debts are settled from the smallest amount to the biggest and how it leverages psychology where small wins keep the motivation going.
    • Debt avalanche – where debts are settled from highest interest rate to lowest which saves the most money and works best when there’s sufficient amount to put into debt.
  • Which of the two methods saw more success for people and utilizing a debt payoff calculator in the journey to become debt-free.
  • How interest rates are stealing money that could’ve been used to pay off debt.
  • Strategies to deal with credit card debt by requesting for a lower interest rate, doing a balance transfer that you’re sure can be paid off, consolidating debts into a low-interest personal loan, and stopping the use of the credit cards altogether.
  • Working on erasing student loan and car loan debt through refinancing.
  • Ways to acquire the money to pay off debt through overtime or extra shifts, side gigs, cutting down on extra spending, and trusting the process that may take time.
  • Other tips to stay out of debt that focus on limited credit card use, building an emergency fund worth 4-6 months, budgeting, and mindset.
  • Starting young: The value in teaching kids financial literacy and leveraging legal options to help young adults manage finances.

Questions from the webinar attendees are about…

  • The percentage of people with no debt.
  • Dave Ramsey’s envelope system.
  • Consumer credit counseling services.
  • Managing a significant student loan when overtime isn’t an option and expenditures are high.
  • Recommended size for emergency funds.
  • The liquidity of emergency funds.
  • References and resources on financial literacy.
  • Reining in holiday spending.

 

Other Webinars with this Presenter

 

Click here to view and register for other upcoming Mental Health/Wellness webinars and recordings on the JCH Platform.

 

Resources and Handouts

 

Audience Comments

  • “A very good webinar.”
  • “Pay off smaller debts first. Set up a budget. Cut back on eating out….a lot of money is wasted grabbing food at a drive-thru.”
  • “New ideas to manage debt and plan for the” future.”
  • They used to teach this in High School but 10 years ago they dropped it. This is an important topic for all.”
  • “The most valuable thing I learned was when the speaker said, “Figure out why you ended up in debt?” Instantly, a light bulb shined! Now, it’s time to learn the psychology of money!”
  • “Good start to removing debt from your life. You have to change your life living habits. Success is on the way.”

 

 

Additional Resources
4 months ago
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