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
- [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
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
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
Billy’s 8-step financial transformation program changed his
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.
- 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.
- 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.
- 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
- 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.
- 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
- Get intentional about debt. Create a debt
snowball to build momentum.
- 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.
- 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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