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Speaker 1: Hi everyone, and welcome back to another episode of Start Here,

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Speaker 1: which is every Friday morning. This is a very special

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Speaker 1: mini series that is on top of Sugar Mamma's Fireplay,

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Speaker 1: but part of it, which goes live every Monday morning,

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Speaker 1: where I have the honor of answering your real life

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Speaker 1: money questions with practical empowering steps to help you get

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Speaker 1: started or perhaps to even restart. Now. Today's question comes

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Speaker 1: from Vicky, who bravely has reached out to me with

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Speaker 1: such honesty and courage. My heart really sank when I

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Speaker 1: read this and she wrote to me marriage split has

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Speaker 1: left me with credit card debts I didn't even know about.

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Speaker 1: I'm still responsible for half. I'm fifty five with one

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Speaker 1: hundred and ninety five thousand dollars in super earning a

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Speaker 1: good income. I have an employee's share plan and I

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Speaker 1: have fifteen point four percent contributions. But the thing is,

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Speaker 1: I still feel like I am robbing Peter to pay Paul.

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Speaker 1: Everything has gone up. My long term financial planner retired,

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Speaker 1: and I don't feel supported by the new one. I'm

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Speaker 1: paying all of my wage to debts, rent and bills.

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Speaker 1: I can't see a way forward. My mental health is suffering.

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Speaker 1: Just want to pay out my Latitude Finance at seventeen

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Speaker 1: point five percent interest so that I can start your

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Speaker 1: one thousand dollars project, buy groceries and actually live. I'm frugal,

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Speaker 1: I use your budget planner, but I am now at

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Speaker 1: the end of my tether. Okay, Vicky, First of all,

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Speaker 1: thank you. Thank you for being so open, so brave,

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Speaker 1: and so vulnerable. Your story is one that a lot

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Speaker 1: of people can relate to right now that are going

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Speaker 1: through similar situations or have gone through a similar situation.

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Speaker 1: And to anyone else who's listening right now who feels stuck,

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Speaker 1: feel weighted down by debt, or defeated by circumstances like this,

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Speaker 1: this episode is the perfect episode for you to be

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Speaker 1: listening to right now. So let us begin, all right,

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Speaker 1: Step one, Piki, I want you to acknowledge where you are.

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Speaker 1: Debt can feel overwhelming, but let's take a moment to pause,

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Speaker 1: to breathe, and to check in. Here you are, but

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Speaker 1: you're here asking for help, which shows me that you

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Speaker 1: have not given up, You're not a quitter, and that

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Speaker 1: alone is really powerful. I want you to hear this clearly, VICKI,

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Speaker 1: you are not broken Vicki, you are not beyond repair.

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Speaker 1: What you are experiencing is a situation, and situations are

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Speaker 1: like clouds. They're always moving, They're never stagnant or stuck

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Speaker 1: in the sky. Eventually they move and the sun comes

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Speaker 1: out again. All situations can change. We just need to

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Speaker 1: help make that change come along little faster. And yes,

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Speaker 1: this financial situation, this credit card debt that you didn't

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Speaker 1: know about until it was too late, it is unfair.

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Speaker 1: It is not your fault, and yes it is cruel.

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Speaker 1: And because of that, naturally there comes a very heavy

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Speaker 1: emotional cost to you. It naturally weighs on your mental health,

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Speaker 1: your confidence, and your faith and ability to see your

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Speaker 1: way forward, to see light at the end of the tunnel,

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Speaker 1: to keep moving and keep your head up. Which is

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Speaker 1: why it is really important right now that we take

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Speaker 1: this moment to check in, to breathe, to just give

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Speaker 1: yourself a very much needed hug, and then to look

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Speaker 1: forward to the practical steps so that we can encourage

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Speaker 1: you to move through this, to grow through this, and

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Speaker 1: to come out stronger because you can and you most

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Speaker 1: definitely will. So let's onto the practical steps here, and

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Speaker 1: that is to focus on the toxic debt, as you're aware,

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Speaker 1: and as you are already doing, the highest priority is

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Speaker 1: to pay off this latitude loan at seventeen point five

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Speaker 1: percent interest, because, as you know, this is what we

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Speaker 1: call toxic debt, and that loan is eating into your income,

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Speaker 1: your options, and your lifestyle, your mental health. So you

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Speaker 1: are doing the right work. Every spare dollar go towards

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Speaker 1: that debt. But what I want you to do differently

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Speaker 1: now is to be able to build some goals and

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Speaker 1: to track your progress. And you can see the light

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Speaker 1: getting brighter and getting closer and closer to the other

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Speaker 1: end coming out of this dark tunnel. Look at exactly

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Speaker 1: how much you owe, look at what automatic repayment plans

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Speaker 1: you already have in place, and look at what ad

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Speaker 1: hoc payments you're able to throw towards this debt. This

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Speaker 1: will then allow you to see what date you should

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Speaker 1: be debt free. It will allow you to put a calendar,

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Speaker 1: a note in your diary so you can see that

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Speaker 1: date and every time you happen to put some extra

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Speaker 1: money towards it, where you've had to say not to

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Speaker 1: something else, see that date and see that date coming forward.

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Speaker 1: That will help give you a sense of faith and

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Speaker 1: motivation to know that the sacrifices are paying off. This

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Speaker 1: will be paid off, this will be behind you sooner

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Speaker 1: than you think. You just have to hang in there.

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Speaker 1: It's not easy. I know, it's hard, it's draining, it's exhausting,

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Speaker 1: it's defeating. But you're bigger than this, you're better than this,

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Speaker 1: and you will get through. But having these goals, tracking

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Speaker 1: the progress and seeing when it will be all over

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Speaker 1: will allow you to hang in there and find that

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Speaker 1: little bit of strength that still exists within you that

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Speaker 1: you can find a way to build and make stronger

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Speaker 1: and burn more within you to give you that motivation

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Speaker 1: to go that little bit longer. The next thing is

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Speaker 1: to do is to look at some other options. Is

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Speaker 1: there an opportunity for you to be able to consolidate

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Speaker 1: this debt? Seventeen point five percent is a high interest rate,

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Speaker 1: But are there other personal loans out there that allow

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Speaker 1: you to safely consolidate this debt at a low interest

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Speaker 1: You need to proceed with caution because obviously, rolling debts

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Speaker 1: can be dangerous if you're never actually paying that debt down,

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Speaker 1: but pushing it further and further into the future. But

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Speaker 1: if you have a really strict debt repayment plan in place,

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Speaker 1: and you're able to refinance this loan to a lower

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Speaker 1: interest rate of around say eleven percent, and you maintain

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Speaker 1: everything as is. It means less of your money is

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Speaker 1: going towards the end interest, but making a bigger debt

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Speaker 1: and impact in paying off the actual loan, meaning that

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Speaker 1: you will be debt free sooner, and you will have

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Speaker 1: that light be brighter, and you'll be far closer to it.

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Speaker 1: If you need to go and get some advice, speak

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Speaker 1: to someone about what options exist out there for you.

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Speaker 1: You know, a consolidation loan or refinancing only works if

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Speaker 1: you commit to paying it off. Another option right now

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Speaker 1: would be also speaking to a debt counselor or a

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Speaker 1: financial counselor, not a financial planner, and certainly not someone

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Speaker 1: who's gonna be selling products, but something that is government

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Speaker 1: funded and a free service to you, so they can

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Speaker 1: perhaps step in and help negotiate with those lenders to

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Speaker 1: help give you some more breathing room and get that

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Speaker 1: debt off your back far sooner. The next thing is

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Speaker 1: is obviously to protect your cash flow. It sounds like

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Speaker 1: you've already done my budget and cashlow Academy, and that

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Speaker 1: it's helping. And obviously you're doing all the right things

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Speaker 1: and paying this debt off, but still promise me this,

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Speaker 1: don't forget about the importance of having an emergency buffer.

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Speaker 1: The amount of emergency money you really need is a

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Speaker 1: lot more than probably what you've got, but having something

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Speaker 1: rather than nothing at all is better. So even if

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Speaker 1: you can have a couple of thousand dollars sitting in

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Speaker 1: a savings account will help make sure that you're feeling

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Speaker 1: an added sense of support in your life as you

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Speaker 1: work towards being debt free from this particular loan. And

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Speaker 1: of course review your budget regularly, which I'm sure you're

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Speaker 1: already doing, But even myself, I always find little things

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Speaker 1: sneaking in there. Something I've signed up for that I've

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Speaker 1: forgotten to cancel, or something that's gone up and I

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Speaker 1: don't actually want any more and I can look to cancel.

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Speaker 1: So make sure you're regularly checking your budget and cross

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Speaker 1: referencing against your cash flow. The next thing is is

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Speaker 1: to look at the support you're getting for your financial planner.

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Speaker 1: You mentioned in your message to me that you're not

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Speaker 1: feeling supported properly by their new financial planner. Okay, you

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Speaker 1: need to know this. You deserve to feel respected and valued,

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Speaker 1: particularly as a paying client. Your financial planner should empower you,

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Speaker 1: not judge you, and if that relationship doesn't feel right,

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Speaker 1: it is perfectly acceptable to move on. In the meantime,

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Speaker 1: please don't underestimate the power of community. Please don't underestimate

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Speaker 1: the importance and the value you can gain from following

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Speaker 1: other people who are going through a debt free journey

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Speaker 1: like yourself. They can help inspire you. They can share

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Speaker 1: their struggles, their wins, and their strategies, and most importantly,

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Speaker 1: help you realize that you are not alone. But in

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Speaker 1: the meantime, I strongly recommend speaking to your financial planner

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Speaker 1: explaining that you are not happy. You are not happy

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Speaker 1: the level of customer service and support, and that you

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Speaker 1: would like to review your services with them. Make sure

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Speaker 1: you give him the opportunity to help him where you

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Speaker 1: need help. Ask him, I need to pay this Latitude

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Speaker 1: finance off sooner. What else can I do? What can

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Speaker 1: you suggest? Ask him to be a part of this.

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Speaker 1: If he isn't going to be, it is time to

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Speaker 1: find yourself another financial planner and I will link in

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Speaker 1: the podcast notes a special episode that I made about

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Speaker 1: a year and a half ago about how to find

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Speaker 1: the one, how to find your dream financial planner. So

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Speaker 1: I recommend listening to that and of course going and

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Speaker 1: finding someone who's going to do the work properly, that

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Speaker 1: is worthy of your time and of course your money

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Speaker 1: that you invest in a financial planning services. And if

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Speaker 1: you need to look at canceling that financial planner whilst

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Speaker 1: you pay down that debt, if he's not helping you

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Speaker 1: in other areas of your life and don't see the value,

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Speaker 1: why should you be paying for it? Then of course

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Speaker 1: I want you to look at the big picture here,

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Speaker 1: keeping what you have as your goal, your dream. Right now,

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Speaker 1: the focus is debt, and that is correct, that is

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Speaker 1: what you should be doing, but this isn't forever. Once

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Speaker 1: that toxic loan is gone, you will free up hundreds,

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Speaker 1: maybe thousands of dollars per month, money that can then

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Speaker 1: allow you to do the things that you are excited about,

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Speaker 1: such as starting one thousand dollars project, starting to invest

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Speaker 1: and rebuilding your financial confidence but also your financial wellbeing,

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Speaker 1: starting to earn passive income, starting to grow that passive income,

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Speaker 1: starting to feel financially independent, and of course you're super.

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Speaker 1: You've already got fifteen point four percent contributions from your

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Speaker 1: employer going in, which is great. You know your SUPER

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Speaker 1: is growing in the background. So look at that. Show

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Speaker 1: some gratitude towards that, because that is definitely a level

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Speaker 1: of security and comfort for your retirement, and that's a

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Speaker 1: really wonderful foundation to have that some people don't have

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Speaker 1: even close to that amount or any support like that.

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Speaker 1: Fifteen point four percent is amazing, suchly the highest I've

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Speaker 1: heard in a very long time. So once you've cleared

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Speaker 1: the debt, you'll be able to enjoy all these benefits,

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Speaker 1: and you'll be able to really nurture your SUPER further.

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Speaker 1: You be able to start investing, build that passive income,

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Speaker 1: and of course start building some emergency money, making sure

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Speaker 1: it's more than just a couple of thousand dollars, it's

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Speaker 1: the right amount of emergency money to you. And you

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Speaker 1: can also start adding back in your lifestyle the weekends away,

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Speaker 1: perhaps buying yourself a new dress, getting a manicure, a

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Speaker 1: blow dry, a mass such, all those wonderful things that

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Speaker 1: you've had to sacrifice for so long. You are so

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Speaker 1: close to the finish line. You just need to hang

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Speaker 1: in there and keep going. You are doing the right work,

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Speaker 1: are following the right steps. You're being smart, you're being intelligent,

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Speaker 1: you're being wise, you're exercising self control. But you are exhausted.

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Speaker 1: That is normal, that is natural. And the cruel thing

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Speaker 1: about this is you've been put in this situation without

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Speaker 1: your consent, which is so wrong and so messed up.

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Speaker 1: And I'm so sorry that this has happened to you.

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Speaker 1: But it doesn't need to define you. It doesn't need

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Speaker 1: to keep you stuck, it doesn't need to keep you

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Speaker 1: feeling hopeless. You are doing the work, you are making

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Speaker 1: progress every single day. And once this is behind you,

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Speaker 1: because you've looked at your diary, you run your numbers,

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Speaker 1: you've got your goals, you can see that date, know

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Speaker 1: that date is closer than you think, and you will

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Speaker 1: be debt free. You can seriously celebrate with so much pride,

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Speaker 1: so much self respect, and so much excitement and empowerment

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Speaker 1: as to what you can now build for yourself, using

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Speaker 1: all that money that you were using into paying off

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Speaker 1: this debt to now redirect into building wealth, building long

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Speaker 1: term sustainable wealth. So for Vickie right now, at anyone

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Speaker 1: else who's feeling trapped by debt, Please know this. You

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Speaker 1: are not stuck, and you stilling are not stuck for long.

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Speaker 1: You are definitely in a rough chapter, there is no

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Speaker 1: denying it. But this is not the whole book. There

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Speaker 1: are more chapters ahead of you, So continue on what

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Speaker 1: you're doing. Prioritizing clearing this toxic debt. Get some advice

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Speaker 1: about looking at consolidating or refinancing to a lower interest

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Speaker 1: rate if this is an option, and if it can

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Speaker 1: be managed safely, look at getting some financial counseling as

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Speaker 1: well to help you find that faith within yourself. I

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Speaker 1: want you to also write down some things that you're

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Speaker 1: doing already. The fact you've done a budget is brilliant.

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Speaker 1: The fact that you are making repayments, the fact that

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Speaker 1: you are keeping your head above water is so good.

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Speaker 1: And then of course, make sure you have that emergency

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Speaker 1: money that buffer do everything that you're doing, but track

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Speaker 1: your progress. Update a journal, a notebook, something on your

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Speaker 1: phone that shows you what your new debt is now

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Speaker 1: down to, so you can see the progress and it

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Speaker 1: fuels your motivation to keep going. And surround yourself. Surround

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Speaker 1: yourself with people who support you, encourage you inspire you,

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Speaker 1: whether they be friends, whether they be people you see

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Speaker 1: on social media, or whether they be professionals like a

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Speaker 1: financial planner or an accountant, or a finance or a

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Speaker 1: financial counselor Debt isn't a punishment, even though I'm sure

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Speaker 1: it feels like it. But you are making progress. And

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Speaker 1: once you're through this, not only you're going to be

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Speaker 1: debt free, you're going to be stronger, You're going to

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Speaker 1: be wiser, and you are ready to build that financial

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Speaker 1: independence you've been dreaming of. So Bicky, thank you again

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Speaker 1: for trusting me with this story. And to everyone else listening,

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Speaker 1: if this episode reson with you, please make sure you

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Speaker 1: go and share it with someone else who may need

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Speaker 1: to hear this encouragement too. And if you'd like to

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Speaker 1: send your question through to me on this future episode

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Speaker 1: of Start Here, please send me a DM on Instagram,

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Speaker 1: at sugar Mama TV or at Canna Campbell Official. I'll

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Speaker 1: see you next time on Sugar Mama's fireplay. Chiao for now,