CNLP 425: Anthony O’Neal Shares His Debt Story, How to Start Paying Cash for Everything, and Breaking Out of the Student Debt Trap

Almost everyone has a debt story, and on this episode, #1 national bestselling author, speaker, financial expert and host of the popular YouTube series and podcast The Table with Anthony O’Neal, Anthony shares his story.

He also gives some practical strategies for how to start paying cash for everything, how to get out of college debt free, and how parents can start saving for their kids and future.

Welcome to Episode 425 of the podcastListen and access the show notes below or search for the Carey Nieuwhof Leadership Podcast on Apple Podcasts or wherever you get your podcasts and listen for free.

Plus, in this episode’s What I’m Thinking About segment, Carey shares five ways to lead when you have no money or team.

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World Vision

The deepest truths about living like Jesus often come from leaders who are suffering, persecuted, and living in a hostile environment.

And through the beatitudes in Matthew 5, we know that people in difficult circumstances like these are often the closest to living like Jesus did.

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Sign up today at worldvision.org/carey.

The Unstuck Group

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Conversation Links

Debt Free Degree by Anthony O’Neal

The Graduate Survival Guide: 5 Mistakes You Can’t Afford To Make In College by Anthony O’Neal

Destroy Your Student Load Debt by Anthony O’Neal

Ramsey Solutions: Anthony O’Neal

5 Ways to Lead When You Have No Money or Team by Carey Nieuwhof

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Insights From Anthony

1. When you live with financial margin, you can bless others

Anthony and Carey have both lived with and without financial margin. They’ve learned that one of the biggest upsides to building margin into your finances is being a financial blessing to others.

Anthony saw this first-hand after he crashed his dream car. On the night of the crash, he had to walk home in the snow. When he got home, he realized he had no groceries in his fridge, so he ordered Uber Eats.

The delivery lady was a single mother making deliveries on a bicycle in the snow because she needed to feed her kids. Because Anthony had margin in his life, he was able to bless her financially, even though he had just wrecked his new car.

2. You can and should avoid taking out student loans

Right now, 33 million borrowers hold $1.7 trillion of student loans in America. This crisis is financially crippling the next generation.

Anthony teaches that you don’t need to take out student loans to be successful. There are other options than going to an expensive school and taking out loans. A few are:

  • Going to a trade/technical school and working a job while you’re there
  • Going to a community college for 2 years then transferring to an in-state school to finish your bachelor’s degree (and working to pay for it)
  • Going through college at a pace you can afford to pay for in cash while you work

Anthony takes a deep dive into this and gives a step-by-step guide in his book Debt Free Degree.

3. Parents, don’t pay for 100% of your kid’s school, make them put in “sweat equity”

All parents want the best for their kids. But some parents end up not passing on certain lessons while trying to support their kids. One example of this is college. Anthony and Carey recommend making your kids pay for a portion of their college tuition.

When you do this, your kids put in “sweat equity” and learn that the world isn’t just going to hand them whatever they want. They need to earn it.

Quotes from Episode 425

Focus on the things you can control, and pray about the things you can't. @AnthonyONeal Click To Tweet I don't believe in the term good debt. I don't believe in the term bad debt. I believe in one term, debt is debt. Bottom line. @AnthonyONeal Click To Tweet Don't buy it unless you can pay for it twice. @AnthonyONeal Click To Tweet Money is secondary, serving is first. @AnthonyONeal Click To Tweet The world taught me how to rack up debt. @AnthonyONeal Click To Tweet If your why doesn't make you cry, then the price of commitment will make you cry. @AnthonyONeal Click To Tweet When we start thinking and start believing that, ‘This is my money,’ that's when money becomes an idol. @AnthonyONeal Click To Tweet One of the greatest mistakes our parents can do is provide everything for their kids and then throw them out there into the real world. @AnthonyONeal Click To Tweet We got to start educating our young people, there are different options. Not everyone needs to actually go to a four-year university. @AnthonyONeal Click To Tweet If you're not building with something solid, you're building on something rocky. @AnthonyONeal Click To Tweet When you have no money, no people, cast a big vision. Click To Tweet Vision creates something out of nothing. You got to help people see something if they're going to be something. Click To Tweet Resources follow vision but never proceed it. Click To Tweet Resources follow vision but never proceed it. Click To Tweet No amount of money can ever substitute for lack of passion. Click To Tweet If you're disturbed by the lack of passion in your team, have a look in the mirror. Click To Tweet Dream teams don't randomly assemble, they're built. Click To Tweet Leaders who focus on what they can't do always miss what they can do. Click To Tweet When a leader loses confidence, so does the team. Click To Tweet When a leader gets bored, the team grows bored. Click To Tweet When a leader is passionless, it doesn't take long for group to lose any sense of enthusiasm. Click To Tweet

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Next Episode: Ed Stetzer

Ed Stetzer talks about the moment in history we’re seeing as being a cultural convulsion that’s making it exceptionally challenging to lead. In this wide-ranging interview, Ed talks about QAnon, Trump-ism, why evangelicals gravitate to conspiracy theories and what he sees as an evangelical reckoning. Surprisingly, it’s a potentially healing conversation many reasonable leaders will find encouraging.

Subscribe for free now so you won’t miss Episode 426.

CNLP 425: Anthony O’Neal Shares His Debt Story, How to Start Paying Cash for Everything, and Breaking Out of the Student Debt Trap

1 Comment

  1. Laurie Kroll on June 24, 2021 at 9:01 am

    What about the concern for those in extreme poverty? I hear about saving for the Porche and the Gucci and being debt free but what about reorienting the mind away from the consumer lure and onto what breaks the heart of God? As he was saving for the car twice was he meeting needs of those who couldn’t buy basic medicines or send their kids to primary school? Of those who have lost the whole crop to drought? My guess is that he was, but you wouldn’t know from the podcast. God doesn’t give us these resources just for our own peace and then as soon as we are out of debt so that we can reflect the consumption of the world. We are to reflect His values. We do that not by paying our tithe like the electric bill and then moving on to save/spend the 90% on ourselves. Impulsive giving is wonderful but we do that by strategic transformative giving to a cause God has made us passionate about. We should be willing to sacrifice for others as well as ourselves. Also, one major reason being debt free is so important is that we can respond to God’s call with our lives so much more easily because we don’t have financial encumbrances holding us back.

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