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The Transformation Show

Jan 31, 2019

Guest Billy Hofacker joins us on The Transformation Show to discuss his amazing financial transformation. He and his wife pulled themselves out of crushing 6-figure debt and transformed their lives. After overcoming so much self-imposed hardship he realized that he wanted to give back to others and help change lives. Since Billy worked in the fitness industry for a number of years he was able to use his experience coaching to create a coaching program to help others gain financial freedom. Listen to Billy’s story and learn how you can transform your own finances right now on The Transformation Show.

Outline of This Episode

  • [1:22] How did Billy get into 6 figures of non-mortgage debt without even realizing it?
  • [6:17] What do you do once you realize that you are in that much debt?
  • [9:35] Billy created an 8 step program
  • [14:20] Develop a giving mindset
  • [16:07] Take an inventory
  • [18:40] Create a spending plan
  • [21:46] Learn to expect the unexpected
  • [23:49] Debt snowball
  • [26:53] Investments
  • [30:30] How to be happy in the now
  • [35:20] What is the biggest thing he has learned through this?

How did Billy Hofacker get into 6 figures of non-mortgage debt without even realizing it?

It dawned on Billy that he was in financial trouble only after the repo man knocked on his door as his 2008 Honda Accord was being towed away. This was just the beginning of his financial problem. He and his wife weren’t living a lavish lifestyle, but somehow they managed to rack up debt into the high 6 figures. There was no one thing that drove him into this kind of debt. It was simply cluelessness followed by bad choices. Life was overwhelming and he just wasn’t paying attention.

What do you do once you realize that you are in that much debt?

The car repo was just the beginning of the nightmare, but it finally brought their money problems to their attention. Billy and his wife were scared and angry. Billy felt like carrying the financial burden was like having a noose around his neck. He and his wife both realized that they needed to implement a big change in their lives. It took them a while to get on the same page and work toward a common goal together. Their financial transformation took an enormous amount of hard work and suffering and it really affected their marriage. Thankfully, they came out on top with a strong bond after working so hard for so long to achieve their financial transformation.

Billy’s 8-step financial transformation program changed his life

After triumphing over his all-consuming debt, Billy realized that he could help others transform their lives. He created this 8-step program that he used to share with the world.

  1. Creating a vision is the first step. Like all goals, you have to understand what you are working towards. Without vision, you won’t know how to get to where you want to go.
  2. Develop a giving first mindset. This tricky step can be a challenge to those that are already pinched financially. But living with gratitude and helping others creates more happiness and a better life. When you give in the ways that you can, abundance flows back to you.
  3. Take an inventory. You need to get an assessment of where you’re actually starting from. Take your assets and subtract from your liabilities to learn where you really stand.
  4. Create a spending plan. Billy doesn’t call it a budget since that can be a scary word for some people. He also calls it a financial freedom plan. Be specific, the more you dial in your spending plan, the faster the transformation.
  5. Learn to expect the unexpected events. Unexpected events shouldn’t be unexpected. Everyone knows that bad things happen. Tires blow out, water heaters break, someone gets appendicitis. When you expect the unexpected your plan doesn’t come completely derailed.
  6. Get intentional about debt. Create a debt snowball to build momentum.
  7. Have fun with investments. Once you have become debt-free you can have fun with investments. This allows you to really be able to focus your energy on your investments without the worry of debt on your shoulders.
  8. Enjoy the process and reward yourself along the way. Remember that happiness is not the destination. You must find joy in the journey.

Learn how Billy’s financial transformation changed not just his life, but the lives of his entire family. He shares the important lessons that he learned on his journey to financial freedom on this episode of The Transformation Show.

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