How to get out of debt and never get back in

Main subjects

AVAlexander VolchekDMDmitry MugenovMoney, anxiety, and financial thinkingAwareness, observation, and perceptionAwarenessFreedom

Main threads of the conversation

• 0:00Why do people get into debt?
• 01:35An important question to ask yourself
• 03:40The problem of how we perceive money
• 05:42Two sources of money in a person's life
• 08:48Three key rules about money
• 16:00How do you get out of debt and repay loans?
• 16:57How can you avoid ever getting into debt again?

Claims made here

Individual claims identified in the material: who said them, when, and what kind of thought they express. Each timestamp opens that point in the video.

• 00:38

  There are always straightforward reasons a person can see for having a debt or a loan.

  Alexander Volchekcomparisonprinciple

• 00:51

  They may have taken out a loan to buy an apartment so they'd have somewhere to live.

  Alexander Volchekcause

• 01:41

  You always need to ask, “Is there a reason I ended up in this situation?”

  Alexander Volchekcauserecommendationdefinition

• 01:51

  Many people live with debt their entire lives and don't experience it as a problem at all.

  Alexander Volchekdefinitionprinciple

• 02:32

  We were driving recently, and I said, “Do you know…” She was telling me that some people had bought a house.

  Alexander Volchek

• 04:23

  Again, the fundamentally important point is that there's a reason a person got into debt, or a reason they couldn't take an action that would have kept them out of it.

  Alexander Volchekcausecomparisonprinciple

• 09:10

  Otherwise there wouldn't be casinos, scammers, quick-money schemes, ways to profit at others' expense, or a system in which people kill each other for money.

  Alexander Volchekcausedefinition

• 16:26

  Understanding this is the deepest layer of understanding loans: what the problem is and what a person should do about them here and now.

  Alexander Volchekdefinitioncomparison

• 17:53

  What I'd recommend reflecting on is not how to avoid debt, but how to experience it calmly if you do get into debt.

  Alexander Volchekcomparison

• 19:03

  Ending up in debt is something you can't control. It can always happen.

  Alexander Volchekcausedefinition