Ida shares personal experiences and insights about adjusting to life as an immigrant in a new country, particularly in North America. She dives into the financial challenges many face, such as falling into debt, understanding credit cards, and getting stuck in the 'survival job' cycle. She also discusses the importance of financial awareness and self-investment, advocating for saving at least 15% of income. Ida also shares valuable advice for new entrepreneurs, emphasizing the significance of starting small, allocating funds for taxes and understanding the difference between personal and business finances. This episode is aimed at equipping newcomers with the necessary knowledge to establish financial stability and success in their new environments.
----------
Download the free Debt Snowball template here
https://empower.idaazefor.com/snowball
Connect with Ida, or apply for 1:1 Coaching on the show
https://linktr.ee/idaazefor
Music: https://www.purple-planet.com
----------
Key moments:
00:00 Introduction to the Immigrant Journey
00:02 The Immigrant Cycle: Landing and Settling
01:05 Survival Jobs and Financial Struggles
01:23 The Debt Trap: Credit Cards, Student Loans, and Mortgages
04:01 The Impact on the Next Generation
04:39 Breaking the Cycle: Financial Awareness and Self-Reflection
04:52 Practical Financial Tips: Paying Yourself First and Cutting Spending
06:23 The Importance of Financial Awareness and Independence
07:05 The Dangers of Living Beyond Your Means: A Personal Story
09:17 The Trap of Car Loans and the Importance of Financial Discipline
16:01 The Importance of Mindset in Entrepreneurship
16:48 Practical Tips for Starting a Business
16:59 Understanding Taxes and Financial Obligations in Business
19:53 The Risks of Hiding Income and the Benefits of Transparency
22:29 Closing Remarks: Believing in Yourself and Your Potential
