Back to Back Episode BONUS:
To make up for the missed week, we are dropping another episode this week.
Enjoy!! This Week -
Financial Series Part 2: Debt, Investing & Building Wealth with Michael Collison
ESaysPSays | Your Biweekly Dose of Black Love
Michael Collison — retired software engineer turned certified financial coach — returns for round two, and this conversation goes deep. Ellyn and Michael dig into the mindset shifts that actually move the needle on money, not just the tactics.
💬 What's covered:
The budget-first philosophy — why Michael believes investing and saving mean nothing without a real budget as the foundation, and why "hiding money from yourself" is a sign your money doesn't have a job yet.
Is it ever okay to carry debt? — Michael breaks down when low-interest debt (like a mortgage) can actually work in your favor if the market outperforms the interest rate — and why that logic doesn't apply to credit card debt.
Snowball vs. Avalanche — actually, neither — Michael's controversial take: the real fix for large debt isn't picking a payoff method, it's stopping the overspending first. "Stop the bleeding" before you attack the balance.
Beginner investing 101 — Why your 401(k)/403(b) match is step one, and why inflation (his "silent killer") means stopping there isn't enough.
Busting the Bitcoin myth — Michael's honest take on why chasing lottery-ticket returns isn't a wealth strategy, and what diversification really looks like.
Salary negotiation & knowing your value — Why understanding your market value (and whether your skills are scarce or a commodity) matters more than negotiating tactics.
The most underrated income stream — Michael makes the case for asset appreciation as passive income, using his son's brokerage account and Tim Cook's Apple stock compensation as real-world examples.
Michael's most expensive financial mistake — an honest, personal answer about early withdrawals and lost compounding time.
Recovering from a financial setback — it starts with being willing to actually look at the numbers, no matter how hard that is.
🔗 Connect with Michael Collison: yourfirejourney.coach or [email protected]
Michaels Mentioned Tools:
YNAB - You Need a Budget - ynab.com
Book - Business Model You - businessmodelyou.com
Disclaimer: Paul and Ellyn are not financial advisors - Michael Collison is a professional in this field, but this conversation is for informational purposes only and isn't a substitute for personalized financial advice.
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