Episode 56

Published on:

5th May 2023

056: Marcus Garrett - Understanding D.E.B.T. & How to Dig Yourself Out Of It

Upcoming Event!

How Can Mindfulness Help You Reach Financial Independence?

Do you want to reduce money anxiety, but don’t know who to trust?

Would you like to learn how to set up and manage your own retirement plan?

Do you want to know how we create a passive income stream you can’t outlive?

If yes, join us and learn how to answer the 4 critical financial independence questions:

  • Am I on track for financial independence?
  • What do I need to do to get on track?
  • How do I design a mindful investing portfolio?
  • How do I manage that portfolio and my income over time through changing markets?

Learn more: https://courses.mindful.money/financial-independence-bootcamp

Author, speaker and entrepreneur, Marcus Garrett has been through an incredibly impactful financial journey. From surviving the streets of an inner-suburb city in Texas, to obtaining a BA in Business Administration and becoming a certified internal auditor, Marcus has worked through a ton of roadblocks to become an award-winning freelance writer on topics ranging from love and relationships, to debt and personal finance. On the path, he dug himself an enormous debt hole but was able to successfully navigate out of this hole. He detailed it all in his best- selling book, D.E.B.T. Free or Die Trying.

Today, Marcus joins the show to talk about strategies for overcoming debt and how he helps overworked (and underpaid) professionals find easier ways to make more money and avoid the mistakes he made.

📺 Watch on YouTube


Key Takeaways

00:50 – Jonathan introduces today’s guest, Marcus Garrett, who joins the show to share early financial lessons imparted on him by his parents, how he dug himself into deep debt and how he climbed out of it

15:40 – Hitting rock bottom and the genesis of ‘Debt Free or Die Trying’

19:31 – Why Marcus beat himself up about his handling of finances and how he managed to dig himself out of an incredible amount of debt

24:37 – The Four Steps of D.E.B.T. and other ways to get out of debt

36:22 – Marcus’ latest project

38:43 – One piece of advice on debt to heed and one thing to completely ignore

42:57 – One thing Marcus wishes others knew about him and the one question he would like to know the answer to

47:25 – Jonathan thanks Marcus for joining the show today and lets listeners know where to connect with him

Tweetable Quotes

“It’s amazing how much in denial you can be when you’re able to make minimum payments. But I didn’t realize the tsunami or the wave was already coming out. That first credit card was the earthquake.” (17:27) (Marcus)

“So, if you’re one of those people who gets paralysis by analysis, and you need a decision, Bankrate.com is still around, and they have an infinite amount of calculators, so still use them. But the point is to come up with a system. How are you going to get out of debt? What does that look like? How much do you actually have to pay each month to truly get out of debt and when do you want to get out of debt? Then build a budget around that, which is ‘B.’ And then, ‘T,’ ‘Trust the Process.’” (26:51) (Marcus)

“Really it’s what works for you and your personality that you’ll be able to successfully stick to. Because I tell people, unless it’s medical or school loans, getting into debt can be fun. My debt story was fun. I spent a whole bunch of money and I had a whole lot of fun. It’s the getting out of it that’s painful.” (30:48) (Marcus)

“I found what I enjoy. I enjoy podcasting. I enjoy blogging. I enjoy writing. I enjoy communicating and connecting with the community.” (33:32) (Marcus)

“You can’t spend your way out of irresponsibility.” (39:24) (Marcus)

“I actually want the freedom that I envision that being - the time that I would get back. And I believe that is invaluable. And currently, that pathway has been shown to me through having the money available to live that lifestyle.” (45:04) (Marcus)

Guest Resources

Marcus’ Website

Marcus’ LinkedIn

Marcus’ Twitter

Marcus’ Facebook

Marcus’ Instagram

Marcus’ YouTube

Marcus’ Podcast

Marcus’ Book

Books Mentioned:

The Power of Broke

The Simple Path to Wealth

Find Your Why

Start With Why

Mindful Money Resources

For all the free stuff at Mindful Money: https://mindful.money/resources

To buy Jonathan’s first book - Mindful Money: https://www.amazon.com/Mindful-Money-Practices-Financial-Increasing/dp/1608684369

To buy Jonathan’s second book – Mindful Investing: https://www.amazon.com/Mindful-Investing-Outcome-Greater-Well-Being/dp/1608688763

Subscribe to Jonathan’s Weekly Newsletter: https://courses.mindful.money/email-opt-in

Capture the most important benefit of an advisor – behavioral support – without the 1% fee: https://courses.mindful.money/membership

For more complex, one on one financial planning and investing support with Jonathan or a member of Jonathan’s team: https://www.epwealth.com/our-team/berkeley/jonathan-deyoe/

Website: https://mindful.money

Jonathan on LinkedIn: https://www.linkedin.com/in/jonathandeyoe


Podcast Production & Marketing by FullCast

Back to Podcast Homepage

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy
Show artwork for Mindful Money

About the Podcast

Mindful Money
Do you struggle with money? You’re not alone.
Money is a means, not an end. It’s a necessity of life for sure, but more money does not always guarantee a “good life”. Money enables many aspects of modern life, but as a dominant consideration it becomes destructive. 
The paradox is that more time and energy spent on personal finance does NOT create better outcomes. Unlike many other parts of life, we can’t create better outcomes by being smarter, spending more time, or putting in more effort.
Join Mindful Money author and experienced 40-year investor Jonathan DeYoe as he shares stories from artists, authors, entrepreneurs, and other advisors about how they mindfully minimize their need to think about money and get more out of life.
If you aren’t happy with your finances, feel like money takes more time that it should, or want to place your financial decisions into the broader context of your life, this show is for you. 
Each episode will draw the line between the “enough” activities that the academics tell us are additive to family outcomes, and those “little bit more” efforts that take time and sap energy, but do NOT improve outcomes.

About your host

Profile picture for Jonathan DeYoe

Jonathan DeYoe

Jonathan DeYoe is a best-selling author, speaker, financial advisor and angel investor. He is a husband, father and a practicing Buddhist. His simple underlying message brings a welcomed sense of order to financial chaos and restores a calm center to your financial life.