The Margaritas with Marguerita Cheng, CFP® Pro Show

January 7 2022

Episode 47: Margaritas with Marguerita Cheng, CFP® Pro — Meet our guest attorney Lyle Solomon, author, “Think Different! Save More!”

The Margaritas with Marguerita Cheng, CFP® Pro Show
The Margaritas with Marguerita Cheng, CFP® Pro Show
Episode 47: Margaritas with Marguerita Cheng, CFP® Pro — Meet our guest attorney Lyle Solomon, author, "Think Different! Save More!"
/

A Note from Marguerita Cheng, CFP® Pro — I invite you to tune in for this week’s episode of my podcast and video show, Margaritas with Marguerita, where for 15 minutes each Friday at 5pm EST, women learn from industry experts how to flex their financial muscles.

Today’s guest: Attorney Lyle Solomon

The topic for today’s show: How you can think differently about money — and save more!

About Attorney Lyle Solomon: A member of the State Bar of California, Lyle has extensive litigation experience and has helped over 6,000 people become debt-free. He has also contributed articles to top-notch websites on debt, credit, consumer laws, bankruptcy, and more.

Join us every Friday at 5pm EST on Facebook Live for Margaritas with Marguerita Cheng, CFP® Pro: facebook.com/hopekatzgibbs

Watch all of our episodes: MargueritaCheng.tv


A comprehensive plan to deal with debt problems and financial challenges

By Attorney Lyle Solomon

Debt comes with a lot of challenges, including:

  • You face problems when qualifying for a new loan.
  • Even if lenders accept your new loan application, they ask you to pay high-interest rates.
  • You have to pay late fees and fines.
  • You have to deal with pesky debt collection calls.
  • You may have to deal with lawsuits and wage garnishments.
  • Your credit score goes down every month.
  • You have very little money in your bank account.
  • Stress causes you to lose precious sleep at night.

With a comprehensive plan, you can overcome these challenges, pay off debt, and get the financial stability you want.

How to overcome financial challenges and debt problems

If you are struggling to secure your finances by paying off debt, you can use the following financial plan with minor adjustments. Follow basic budgeting rules: When you are in debt, you need financial discipline. That’s the cardinal rule. If you are facing financial challenges because of debt problems, you first need to follow the basic rules of budgeting.

Some of the basic rules of budgeting include:

  • Tracking your income and expenses.
  • Allocating 50% of your income towards your needs.
  • Allocating 30% of your income towards your wants.
  • Allocating 20% of your monthly income towards your savings.

Here’s how: 

  1. Stick to the budget plan no matter what happens in your life. Evaluate your current budget after a month to check your progress. If you find that the current plan is not working, you can change it as needed. Don’t change your budget just because you cannot spend as much as you would like to. Make minor modifications to your budget if you can’t save a specific amount at the end of the month.
    You can even install a budget app on your smartphone to track your income and expenses.
  2. Spend less than what you earn. If you spend more than what you make, you can never get out of debt. Ask any expert on how to get out of debt and they will tell you only one thing: spend less than what you earn to save money. Then you can use that money to get out of debt. If you keep using credit cards to buy what you can’t afford, you will always be in financial trouble. No matter how much you are tempted to buy new things, you have to stop making impulsive purchases until you are debt-free.
  3. Build an emergency fund. What will you do if your car breaks down tomorrow? What will you do if you find a leak in your water pipe? Well, these are unforeseen expenses, and you have to be prepared for them. Otherwise, you’ll have no choice but to use your credit cards to cover those expenses, increasing your debt load. Try to save at least 10% of your monthly income for building an emergency fund. Make a target to build an emergency fund that would cover at least six months’ worth of living expenses. It’s a tough challenge, but you can do it.
  4. Increase your income stream. Multiple income streams help you generate surplus funds for debt payments. Consider taking a part-time job to increase your monthly income. You can also work as a freelancer and get paid for different assignments. The best part is that you can do those assignments from home. Explore platforms like Fiverr, Upwork, and LinkedIn. You can find and bid on several lucrative projects there.
  5. Make extra payments, if possible. Have you received any financial windfall? If so, use the money to make extra payments on your credit cards, personal loans, mortgage, etc. That would help to speed up your debt repayment and you will achieve financial freedom quickly. Even if you haven’t received any financial windfall, always try to make additional payments on your debts. That would help to chip away debt fast.
  6. Stay away from new debt. What’s the easiest way to cover your expenses when you are in debt? Well, for some people, the easiest option is to borrow a payday loan. There is no credit check. Plus, they can get the money within 24 hours. But that’s a major financial mistake as people fall prey to the debt trap again. Payday loans are new debt. Borrowers have to pay high-interest rates on payday loans, and that increases their debt problems. If you are already in debt, focus on the ways to get rid of it. Don’t increase your debt burden and financial problems. Stay away from personal loans, installment loans, and credit cards for the time being.
  7. Plan ahead for major life events. A major life event means an extra expense. You can’t afford that right now. So what does that mean? Should you postpone your marriage until you become debt-free? Well, not necessarily. What you can do is save a specific amount for the major life event every month. So if you are planning to get hitched, start saving money from now on.
  8. Lead a frugal lifestyle. A frugal lifestyle helps you to save money and pay off debt quickly. Here are a few frugal-living tips you can follow:
    • Sell things you don’t need
    • Cook meals at home
    • Use coupons for shopping
    • Shop around for the best deals
    • Cancel all unnecessary subscriptions
    • Grow your own vegetables
    • Recycle your old clothes

Final words: It is not easy to get out of debt. We all know that fact very well. Yes, several financial experts can educate you about how to get out of debt. They can give you a financial plan to overcome your debt problems. But your success will depend upon the execution of the financial plan. If you can execute it properly, you can overcome any challenge. But if you lose your patience or don’t follow the plan, then your victory can get delayed. Best of luck!

Click here to buy Lyle’s book: Think Different! Save More!

Your Host: Marguerita Cheng, CFP® is the CEO of Blue Ocean Global Wealth, a Washington, DC-based firm that focuses on helping women, and their families, achieve financial success.

About Margaritas with Marguerita: Every Friday evening at 5pm EST, we start the weekend off right with 15 minutes of financial tips by Rita to help women flex their financial muscles. Based on the information from Rita’s upcoming book, “Diary of a CFP® Pro,” the show is also part of a monthly webinar series you won’t want to miss. Learn more at MargueritaCheng.com and watch all of her interviews on MargueritaCheng.tv. 

Questions about your financial future? Send Rita an email.

Photo by Sarina Y Haryanto

Upcoming Podcasts

December 2, 2022The Margaritas with Marguerita Cheng, CFP® Pro ShowVegTech Invest CEO Elysabeth Alfano, host of the Plant-based Business Hour, teaches us about EATV — today on Margaritas with Marguerita Cheng, CFP® ProDecember 2, 2022The Margaritas with Marguerita Cheng, CFP® Pro ShowJoin us for this week’s episode of Margaritas with Marguerita Cheng, CFP® Pro: Meet our guest — Akeiva M. Ellis, MSFP, CPA/PFS, CFP®, ChSNC®December 12, 2022The Margaritas with Marguerita Cheng, CFP® Pro ShowPlease join us for this week’s episode of Margaritas with Marguerita Cheng, CFP® Pro: Meet our guest — College funding specialist Brad BaldridgeDecember 19, 2022The Margaritas with Marguerita Cheng, CFP® Pro ShowJoin us for this week’s episode of Margaritas with Marguerita Cheng, CFP® Pro: Meet our guest — Jeannie Dougherty, certified money and mental fitness coachDecember 19, 2022The Margaritas with Marguerita Cheng, CFP® Pro ShowJoin us for this week’s episode of Margaritas with Marguerita Cheng, CFP® Pro: Meet our guest — Carol Cho, CLU®, ChFC®, who is obsessed with helping her clients unravel and demystify financial planning through educationDecember 19, 2022The Margaritas with Marguerita Cheng, CFP® Pro ShowJoin us for this week’s episode of Margaritas with Marguerita Cheng, CFP® Pro: Meet our guest — Kleo Curry, CFP®, Chartered Retirement Planning CounselorSMDecember 23, 2022The Margaritas with Marguerita Cheng, CFP® Pro ShowJoin us for episode 68 of Margaritas with Marguerita Cheng, CFP® Pro: Meet our guest — Pamela Jackson Sams, a strong voice in personal finance for womenDecember 23, 2022The Margaritas with Marguerita Cheng, CFP® Pro ShowJoin us for this week’s episode of Margaritas with Marguerita Cheng, CFP® Pro: Meet our guest — John O’Connell, author, “Rise of the Activist Investor”
Previous Episodes
Thursday, November 17th, 2022

Join us for this week’s episode of Margaritas with Marguerita Cheng, CFP® Pro: Meet our guest — Kleo Curry, CFP®, Chartered Retirement Planning CounselorSM

Join us: Dec. 19, 2022 at 3 PM Eastern A Note from Marguerita Cheng, CFP® Pro — I invite you to tune in for this week’s episode of my podcast and video show, Margaritas with Marguerita, where for 15 minutes, we learn from industry experts how to flex our financial muscles. Meet our guest: Kleo Curry, CFP®, Chartered Retirement Planning CounselorSM and vp Wealth Management at the Potomac Wealth Group, UBS Financial Services, Inc. Today’s Topic: Women on Purpose — Money talk guides to commonly avoided conversationsClick here to listen to the podcast!

Thursday, November 17th, 2022

Join us for this week’s episode of Margaritas with Marguerita Cheng, CFP® Pro: Meet our guest — John O’Connell, author, “Rise of the Activist Investor”

Join us: Dec. 23, 2022 at 10 AM Eastern A Note from Marguerita Cheng, CFP® Pro — I invite you to tune in for this week’s episode of my podcast and video show, Margaritas with Marguerita, where for 15 minutes, we learn from industry experts how to flex our financial muscles. Today’s Topic: Sustainable investing and the rise of the activist investor featuring author John O’Connell Rita asks John:  What is an activist investor? What changes are coming together to cause a riseClick here to listen to the podcast!

Thursday, November 17th, 2022

Join us for this week’s episode of Margaritas with Marguerita Cheng, CFP® Pro: Meet our guest — Akeiva M. Ellis, MSFP, CPA/PFS, CFP®, ChSNC®

Join us: Dec. 2, 2022 at 2 PM Eastern A Note from Marguerita Cheng, CFP® Pro — I invite you to tune in for this week’s episode of my podcast and video show, Margaritas with Marguerita, where for 15 minutes, we learn from industry experts how to flex our financial muscles. Today’s Topic: Helping young adults get #finlit Rita asks: What did your financial education journey look like as a young adult? What are some common myths you hear about building wealth?Click here to listen to the podcast!

Wednesday, November 16th, 2022

Join us for this week’s episode of Margaritas with Marguerita Cheng, CFP® Pro: Meet our guest — Carol Cho, CLU®, ChFC®, who is obsessed with helping her clients unravel and demystify financial planning through education

Join us: Friday, Dec. 19, 2022 at 2:15 PM Eastern A Note from Marguerita Cheng, CFP® Pro — I invite you to tune in for this week’s episode of my podcast and video show, Margaritas with Marguerita, where for 15 minutes, we learn from industry experts how to flex our financial muscles. Today’s topic: Mastering the art of financial planning Rita asks: Tell me about your background in the industry. What makes you good at what you do? What are some importantClick here to listen to the podcast!

Wednesday, November 16th, 2022

Join us for episode 68 of Margaritas with Marguerita Cheng, CFP® Pro: Meet our guest — Pamela Jackson Sams, a strong voice in personal finance for women

Join us: Dec. 23, 2022 at 11:30 AM Eastern A Note from Marguerita Cheng, CFP® Pro — I invite you to tune in for this week’s episode of my podcast and video show, Margaritas with Marguerita, where for 15 minutes, we learn from industry experts how to flex our financial muscles. Today’s topic: The importance of providing financial advice to women Rita asks Pamela: How did you get started in financial services? What are some of the challenges you had early inClick here to listen to the podcast!

Tuesday, November 8th, 2022

Join us for this week’s episode of Margaritas with Marguerita Cheng, CFP® Pro: Meet our guest — Jeannie Dougherty, certified money and mental fitness coach

Monday, Dec. 19, 2022, at 1:15 pm Eastern A Note from Marguerita Cheng, CFP® Pro — I invite you to tune in for this week’s episode of my podcast and video show, Margaritas with Marguerita, where for 15 minutes, we learn from industry experts how to flex our financial muscles. Meet our guest: Jeannie Dougherty, certified money and mental fitness coach Today’s Topic: When it’s time to call in a coach! Rita asks: Why did you become a money coach? What areClick here to listen to the podcast!

Tuesday, November 1st, 2022

Episode 67 — This week on Margaritas with Marguerita Cheng, CFP® Pro: Meet Exit Planning expert Amy Wirtz

A Note from Marguerita Cheng, CFP® Pro — I invite you to tune in for this week’s episode of my podcast and video show, Margaritas with Marguerita, where for 15 minutes, we learn from industry experts how to flex our financial muscles. Today’s topic: Exit Planning Meet our guest: Amy Wirtz is a consultant with The Family Business Consulting Group and is passionate about helping families develop and define their purpose. She works closely with families to identify their goals around values, ownership,Click here to listen to the podcast!

Tuesday, November 1st, 2022

Join us for this week’s episode of Margaritas with Marguerita Cheng, CFP® Pro: Meet our guest — Jason Friedman, founder and CEO of AdvisorFinder

Join us: Nov. 21, 2022 at 3:30pm Eastern A Note from Marguerita Cheng, CFP® Pro — I invite you to tune in for this week’s episode of my podcast and video show, Margaritas with Marguerita, where for 15 minutes, we learn from industry experts how to flex our financial muscles. Meet our guest: Jason Friedman is the Founder and CEO of AdvisorFinder. Prior to AdFi, Jason worked in the wealth management industry for UBS, Wells Fargo Advisors, and Merrill Lynch Private Wealth. DuringClick here to listen to the podcast!

Tuesday, October 18th, 2022

Learn about Zen Wealth Advisors on this week’s episode of Margaritas with Marguerita Cheng, CFP® Pro when you’ll meet our guest, personal finance expert Han Xue

Join us in 2023! A Note from Marguerita Cheng, CFP® Pro — I invite you to tune in for this week’s episode of my podcast and video show, Margaritas with Marguerita, where for 15 minutes, we learn from industry experts how to flex our financial muscles live on Facebook.  Meet our guest: Han Xue, a personal finance expert, CERTIFIED FINANCIAL PLANNER™ Professional, Military Financial Counselor, and founder of Zen Wealth Advisors Today’s Topic: Finding your financial ZEN in life Rita asks: What isClick here to listen to the podcast!

Tuesday, October 18th, 2022

Stripper Financial Planning is our star on this week’s episode of Margaritas with Marguerita Cheng, CFP® Pro: Don’t miss it! 

Join us: Nov. 21, 2022 at 3pm Eastern A Note from Marguerita Cheng, CFP® Pro — I invite you to tune in for this week’s episode of my podcast and video show, Margaritas with Marguerita, where for 15 minutes we learn from industry experts how to flex our financial muscles live on Facebook.  Meet our guest: Lindsey Swanson, founder of Stripper Financial Planning: Personalized financial advice for sex workers Today’s Topic: Serving the underserved Rita asks: Why did you decide to create aClick here to listen to the podcast!

Tuesday, October 18th, 2022

Please join us for this week’s episode of Margaritas with Marguerita Cheng, CFP® Pro: Meet our guest — College funding specialist Brad Baldridge

Join us: Friday, Dec. 12, 2022 at 10am A Note from Marguerita Cheng, CFP® Pro — I invite you to tune in for this week’s episode of my podcast and video show, Margaritas with Marguerita, where for 15 minutes each Friday at 5:15 pm EST, we learn from industry experts how to flex our financial muscles live on Facebook.  Meet our guest: College funding specialist Brad Baldridge Today’s Topic: The Top 10 College Planning Mistakes — and how to avoid them! Rita willClick here to listen to the podcast!

Tuesday, October 18th, 2022

VegTech Invest CEO Elysabeth Alfano, host of the Plant-based Business Hour, teaches us about EATV — today on Margaritas with Marguerita Cheng, CFP® Pro

Join us: Friday, Dec. 2, 2022 at noon! A Note from Marguerita Cheng, CFP® Pro — I invite you to tune in for this week’s episode of my podcast and video show, Margaritas with Marguerita, where for 15 minutes, we learn from industry experts how to flex our financial muscles live on Facebook.  Meet our guest: Elysabeth Alfano, CEO, VegTech™ Invest Today’s Topic: What is EATV? Rita asks: Tell us about the world’s first plant-based innovation ETF — the only fund that is addressingClick here to listen to the podcast!

Friday, September 16th, 2022

Episode 66 — This week on Margaritas with Marguerita Cheng, CFP® Pro: Angela Randolph, CPA, MBA BIO

Friday, Sept. 16, 2022: A Note from Marguerita Cheng, CFP® Pro — I invite you to tune in for this week’s episode of my podcast and video show, Margaritas with Marguerita, where for 15 minutes, we learn from industry experts how to flex our financial muscles. Meet our guest: Angela Randolph, CPA, MBA BIO Today’s Topic: The Importance of Knowing Your Numbers for Entrepreneurs Rita asks: Tell us about your professional background and your experience in the industry. Tell us about StellarClick here to listen to the podcast!

Friday, September 2nd, 2022

Episode 65 — Join us for this week’s episode of Margaritas with Marguerita Cheng, CFP® Pro: Meet our guest — Carina Diamond, CXO, Dakota Wealth Management

Friday, September 2, 2022, A Note from Marguerita Cheng, CFP® Pro — I invite you to tune in for this week’s episode of my podcast and video show, Margaritas with Marguerita, where for 15 minutes, we learn from industry experts how to flex our financial muscles. Meet our guest: Carina Diamond, CXO, Dakota Wealth Management Today’s topic: Making a difference with Diversitas — New ways to expand diversity in wealth management Rita asks Carina:  Diversitas-Expanding Diversity in Wealth Management is a program foundedClick here to listen to the podcast!

Saturday, July 16th, 2022

Episode 64 — Learn about the importance of life insurance with Steve Gruber, today’s guest on Margaritas with Marguerita Cheng, CFP® Pro

A Note from Marguerita Cheng, CFP® Pro — I invite you to tune in for this week’s episode of my podcast and video show, Margaritas with Marguerita, where for 15 minutes, we learn from industry experts how to flex our financial muscles live on Facebook.  Meet our guest: Steve Gruber, Director of Operations at Bluestone Life Today’s Topic: Do you really need life insurance? About our Guest: ​From the beginning of Steve’s career as an equity trader to leading a team at a private European bank in Montreal, heClick here to listen to the podcast!

Friday, July 15th, 2022

Episode 63 — Financial planning is for everyone! Tedla “Ted” Mekonnen explains how this is not only possible, but essential, today on Margaritas with Marguerita Cheng, CFP® Pro!

A Note from Marguerita Cheng, CFP® Pro — I invite you to tune in for this week’s episode of my podcast and video show, Margaritas with Marguerita, where for 15 minutes, we learn from industry experts how to flex our financial muscles live on Facebook.  Meet our guest: Tedla “Ted” Mekonnen, CEO and Founder of EveryIncome™ Today’s Topic: Why financial planning is for EveryIncome! About our guest: ​”Nearly everyone is struggling financially,” says today’s guest Ted Mekonnen. “We recognize this as aClick here to listen to the podcast!

Tuesday, June 21st, 2022

Episode 62 — College + Divorce: What do you need to know? Expert Vicki Vollweilder, founder of College Financial Prep, offers insights today on Margaritas with Marguerita Cheng, CFP® Pro

A Note from Marguerita Cheng, CFP® Pro — I invite you to tune in for this week’s episode of my podcast and video show, Margaritas with Marguerita, where for 15 minutes each Friday at 5:15 pm EST, we learn from industry experts how to flex our financial muscles live on Facebook.  Meet our guest: Vicki Vollweilder, MBA, CDC, founder of College Financial Prep Today’s Topic: College and Divorce Rita asks Vicki: How can parents best prepare to help their children with college when facingClick here to listen to the podcast!

Monday, June 20th, 2022

Episode 61 — Do you have questions about “Gray Divorce?” Join us for today’s episode of Margaritas with Marguerita Cheng, CFP® Pro and find answers from Kelly Mould, senior VP and Wealth Sales Team Lead, Johnson Financial Group

A Note from Marguerita Cheng, CFP® Pro — I invite you to tune in for this week’s episode of my podcast and video show, Margaritas with Marguerita, where for 15 minutes, we learn from industry experts how to flex our financial muscles live on Facebook.  Meet our guest: Kelly Mould, senior VP and Wealth Sales Team Lead, Johnson Financial Group Today’s Topic: Estate planning and elder care, gray divorce With rising rates of “gray divorce,” and last year’s #FreeBritney movement, many people areClick here to listen to the podcast!

Friday, May 27th, 2022

Episode 60: Are Emerging Markets still worth an allocation? To find out, don’t miss today’s interview on Margaritas with Marguerita Cheng, CFP® Pro with Perth Tolle, founder of Life + Liberty Indexes

May 27, 2022: A Note from Marguerita Cheng, CFP® Pro — I invite you to tune in for this week’s episode of my podcast and video show, Margaritas with Marguerita, where for 15 minutes each Friday at 4:30 pm EST, we learn from industry experts how to flex our financial muscles live on Facebook.  Meet our guest: Perth Tolle, founder of Life + Liberty Indexes Today’s Topic: Is investing in Emerging Markets (EMs) still worth an allocation? Rita asks: EM has had a terribleClick here to listen to the podcast!

Friday, May 27th, 2022

Episode 59: Are you ready to put your philanthropic heart to work? Join us for this week’s episode of Margaritas with Marguerita Cheng, CFP® Pro starring Elaine Chu, Senior Philanthropic Advisor at Seattle Foundation

May 27, 2022: A Note from Marguerita Cheng, CFP® Pro — I invite you to tune in for this week’s episode of my podcast and video show, Margaritas with Marguerita, where for 15 minutes each Friday at 5:15 pm EST, we learn from industry experts how to flex our financial muscles live on Facebook.  Meet our guest: Elaine Chu, Senior Philanthropic Advisor at Seattle Foundation Today’s Topic: Community foundations and collective impact Rita asks: How did you get involved in Seattle Foundation, and howClick here to listen to the podcast!