Habits to Avoid While Bankrupt

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Summary
Louisa Larado shares her personal experience of going through bankruptcy and the habits she formed during that time. She discusses the negative habits of scarcity spending, overspending, ignoring bills, blaming others, and self-sabotage. She also provides five positive habits to adopt: taking one small action each day, dedicating 30 minutes to train the mind, spending from a place of gratitude and abundance, taking charge of finances, and finding a role model. She emphasizes the importance of implementation intentions and offers journal prompts for self-reflection.

Takeaways

• Scarcity spending, overspending, ignoring bills, blaming others, and self-sabotage are negative habits that can hinder financial recovery after bankruptcy.
• Positive habits to adopt include taking one small action each day, dedicating 30 minutes to train the mind, spending from a place of gratitude and abundance, taking charge of finances, and finding a role model.
• Implementation intentions, such as writing down when, where, and what time a habit will be performed, can significantly increase the likelihood of following through.
• Self-reflection and tracking progress are important for personal growth and financial improvement.

Journal Prompts

1. What financial habits have I engaged in that have negatively impacted my financial situation? How did these habits make me feel, and what were the consequences?
2. What situations or emotions trigger my urge to underspend/overspend or make financial decisions that aren't in my best interest? How can I recognize and manage these triggers?
3. What are three positive financial habits I can start implementing today to improve my financial health? How will I track my progress and hold myself accountable?

Chapters
00:00 Introduction and Overview
07:09 Avoid These Habits During Bankruptcy
09:38 Recognizing Triggers and Managing Financial Situations
14:37 Overcoming Blame and Self-Sabotage
17:15 Implementing New Habits for Financial Health

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Disclaimer: The information contained on today’s podcast has been provided as general advice only. The contents have been prepared without taking into account your objectives, financial situation or individual needs. Before making any decision regarding the information, strategies or products mentioned on today’s podcast, please consult your own financial advisor or other professional first.