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Speaker 1: Hey va fam, Welcome back to another episode of the

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Speaker 1: ba QA. I am your host, Mandy Money, so happy

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Speaker 1: to have y'all with me today. I have a really

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Speaker 1: juicy question from a listener who is wondering about being

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Speaker 1: fifty five years old and craving a career pivot. But

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Speaker 1: that tick tick tick of the clock is psyching her out.

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Speaker 1: So ba Fam, what are we gonna do. We're gonna

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Speaker 1: answer this question, but we're not going to sue Mandy. Okay,

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Speaker 1: let me do my quick little, my quick little caveat.

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Speaker 1: I don't got it. You try to sue me, You're

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Speaker 1: not gonna get anything. Okay, again, I have children, I

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Speaker 1: have a family. I have a dog who eats very

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Speaker 1: fancy salmon kibble. Like, please don't sue me. All the

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Speaker 1: answers I'm giving are a lowercase a answer. I am

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Speaker 1: not your personal financial advisor. I'm not your personal anything, okay,

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Speaker 1: just a friend and your head, longtime podcaster, longtime business

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Speaker 1: and financial journalist, personal finance expert, all the things. And

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Speaker 1: I'm very happy to be here. But I am not

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Speaker 1: going to be very happy if I get that lawsuit. Okay,

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Speaker 1: so please don't you not allowed? Right, let's get into

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Speaker 1: today's question. This is a fun one. I get to

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Speaker 1: actually play it for y'all so you can hear the

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Speaker 1: listener's voice. And if you want to hear your voice

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Speaker 1: on the show, hit me up. You can send me

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Speaker 1: a voice note at Brand Ambition Podcast on Instagram. You

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Speaker 1: can email it to me Brand Ambition Podcast at gmail

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Speaker 1: dot com. Yeah, you can type it out if that's

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Speaker 1: your you know, that's your vibe. But I love getting

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Speaker 1: all the voice notes. It's really fun to be able

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Speaker 1: to hear your voices and your questions and your own words.

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Speaker 2: Him Mandy, good day, Happy New Year. I just listened

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Speaker 2: to your Career Pivot episode and it really hit home

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Speaker 2: in many In many ways, one definitely have been thinking

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Speaker 2: about making a career change, but feeling that sense of

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Speaker 2: stuck fear. I'm single, I'm fifty five, and you know

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Speaker 2: starting new is just extremely tough and difficult, especially in

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Speaker 2: single You know, the stability of a job, stability said

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Speaker 2: in air quotes, comes with benefits medical. As a single person,

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Speaker 2: I need that the year. I just listened to your

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Speaker 2: Career Pivot episode. Hi Mandy, good day, Happy New Year.

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Speaker 2: I just listened to your Career Pivot episode. And it

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Speaker 2: really hit home in a many In many ways, one

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Speaker 2: definitely have been thinking about making a career change, but

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Speaker 2: feeling that sense of stuck fear. I'm single, I'm fifty five,

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Speaker 2: and you know, starting new is just extremely tough and difficult,

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Speaker 2: especially being single. You know, the stability of the job,

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Speaker 2: stability said in air quotes comes with benefits medical. As

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Speaker 2: a single person, I need that, we all need it,

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Speaker 2: but I don't have a partner to be onto their benefits.

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Speaker 2: So what compelled me most was your workbook, which I've

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Speaker 2: downloaded or emailed it to myself to respond to the questions.

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Speaker 2: Thanks for that, but I'm just curious from your point

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Speaker 2: of view as a financial friend expert, you know, how

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Speaker 2: would you encourage suggest recommend for fifty plus women black women.

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Speaker 2: I'm a black woman, you know, to make a career

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Speaker 2: pivot at a time when the job market is extremely difficult.

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Speaker 2: I live in California. I live in the Bay Oakland. Specifically,

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Speaker 2: I have a low figure a low six figure job.

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Speaker 2: But living in the San Francisco Bay area, that's like,

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Speaker 2: you know nothing, you know, I have about forty five

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Speaker 2: k in debt that I've been slowly paying down and

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Speaker 2: you know, being fifty five, my four oh one k

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Speaker 2: is not up to par. So I've been like trying

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Speaker 2: to ramp up to get that up to date or

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Speaker 2: catch up since I can pay more into it because

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Speaker 2: I am over fifty. So just looking for some support

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Speaker 2: here and thoughts. We'd love to hear.

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Speaker 1: Your response to this, all right. So that was listener

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Speaker 1: Jay Rob from Instagram. Thank you so much for just

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Speaker 1: being vulnerable and for sharing that question for me. I mean,

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Speaker 1: the first thing that comes to mind is I think

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Speaker 1: you told me how old you were about like eight times.

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Speaker 1: And I think a lot of us do that. We

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Speaker 1: get sort of stuck on the number, you know, we

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Speaker 1: get stuck on our birth year, and it's it's fake.

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Speaker 1: It's like what are the kids now? Like? Are birds

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Speaker 1: even real? Okay? Yeah, I think birds are real, but

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Speaker 1: age ain't nothing but number. And I don't want you

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Speaker 1: to get so psyched out just by thinking about fifty

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Speaker 1: five and all the baggage that comes with that. You're

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Speaker 1: an individual, like you're a woman who has dreams and

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Speaker 1: has goals and has a lot, a lot, a lot

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Speaker 1: of life left to live, and you deserve to make

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Speaker 1: these years years that you really enjoy. And I think

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Speaker 1: a lot of times when I get questions like this,

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Speaker 1: and I do get a lot of them, And you know,

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Speaker 1: thank you for mentioning the career Pivot workbook that I

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Speaker 1: offer as a freebie. I'll make sure that there's a

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Speaker 1: link in the show notes for y'all ba fame if

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Speaker 1: you haven't had a chance to download it yet. But

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Speaker 1: I think a lot of times what y'all want is

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Speaker 1: like someone to say, hell, yeah, you have permission, and

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Speaker 1: I am more than happy to get out my permission

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Speaker 1: wand and say like hell yes, debt sure, expensive cost

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Speaker 1: of living okay, earnings not what you want them to be.

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Speaker 1: And still and yet no one is really standing in

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Speaker 1: the way of you making a different path for yourself.

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Speaker 1: I think what can psych us out other than the

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Speaker 1: A factor is that you focus a lot on your

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Speaker 1: end goal and you haven't actually shared what it is

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Speaker 1: that you're wanting to pivot into. So my advice can't

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Speaker 1: be like super particular, but I think it's universal in

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Speaker 1: a lot of ways. A lot of us will say,

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Speaker 1: you know, today I teach you know, high school literature,

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Speaker 1: and I'd really like to pivot into software development, and

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Speaker 1: you envision yourself walking into Nvideo or another big software

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Speaker 1: company and getting that like two hundred k paycheck, and

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Speaker 1: you're at the end goal. And that's where it becomes

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Speaker 1: really difficult because then it's like, well, what is the

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Speaker 1: in between? And I'm actually preparing right now to interview

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Speaker 1: one of my heroes, Daisy Abrams, and I'm nervous, I'm

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Speaker 1: very excited, and I've been reading, you know, rereading and

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Speaker 1: re listening to a lot of her work and her

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Speaker 1: speeches and podcasts, and one of the quotes that's really

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Speaker 1: stuck with me is she's like, sometimes you have a goal,

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Speaker 1: but you actually don't have a plan. And I think

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Speaker 1: if we forget about the goal for the second, we

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Speaker 1: have knowledge it, we love it, we say it's possible.

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Speaker 1: We got to break it into actionable steps to get

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Speaker 1: you toward that goal. And once you have those steps,

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Speaker 1: well then you have an understanding of like, what's the

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Speaker 1: one thing I can do to get me incrementally closer

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Speaker 1: to that end goal. And so that's two things I

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Speaker 1: want you to like divorce yourself from. One is your

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Speaker 1: age meaningless, okay meaningless, And secondly, it's the goal itself,

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Speaker 1: Like let's not think about that end goal any further

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Speaker 1: than here's where I want to end up. Let's back

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Speaker 1: it up and say what's my first step going to be?

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Speaker 1: And I can hear in your voice you're wondering, like

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Speaker 1: is it too late. You also mentioned, you know, being single,

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Speaker 1: and I think in a lot of ways that can

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Speaker 1: be an asset. I don't let no one tell you

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Speaker 1: that marriage is the key to success, because it can

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Speaker 1: be really hard. But you do make a good point,

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Speaker 1: like not having the benefit of relying on someone else

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Speaker 1: for benefits. That is a privilege that you have if

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Speaker 1: you are in a partnership. It's a privilege that I

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Speaker 1: totally acknowledge. You know, I'm able to be an entrepreneur

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Speaker 1: and not have to worry about carrying the health insurance

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Speaker 1: for my family because my husband obviously has a good

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Speaker 1: government job with good government benefits, and we love him

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Speaker 1: for that is a good government pay. Let's not talk

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Speaker 1: about it, but the benefits are good. However, it doesn't

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Speaker 1: mean that it's impossible. You know. One of the first

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Speaker 1: things I kind of do with people if they're thinking about,

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Speaker 1: you know, if they're in your situation, they don't have

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Speaker 1: another partner who can help them with their their benefits

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Speaker 1: is to actually go into the healthcare marketplace. So Obamacare

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Speaker 1: is Obamacare dot gov. Pretty sure, that's still what it is.

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Speaker 1: The yeah, healthcare marketplace. Or if you're in California, they

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Speaker 1: they may have their own their own website and just

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Speaker 1: run a simulation like get an estimate of what your

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Speaker 1: monthly healthcare costs could be, and then it becomes more

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Speaker 1: less of like a boogeyman and a scary thing, like

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Speaker 1: a thing that in your mind is going to hold

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Speaker 1: you back. And when you have a concrete number, you

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Speaker 1: may see, okay, like this is not exactly cheap, but

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Speaker 1: we can budget for it. We can factor that in.

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Speaker 1: And you haven't told me specifically what you're wanting to

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Speaker 1: pivot into, but you also could be pivoting into another

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Speaker 1: role at a company that does offer you benefits, so

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Speaker 1: you know it could work out in that way. Just

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Speaker 1: put a name to it. Okay, get that number. If

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Speaker 1: you're thinking about going independent and you have to carry

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Speaker 1: your own insurance, just get that estimate. Get that number

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Speaker 1: so you can start to understand what it can cost. Hey,

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Speaker 1: ba fam, we got to take a quick break, pay

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Speaker 1: some bills, and we'll be right back at its core,

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Speaker 1: you're pretty much asking me like should I take this leap?

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Speaker 1: Or should I stay where I'm at? We also call

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Speaker 1: that staying stuck. Okay, I mean stuck. It's a bad rap,

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Speaker 1: but it also means like security safety. We know, what

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Speaker 1: is it stay with the devil you know, or it's

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Speaker 1: safer with the devil that you know versus the devil

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Speaker 1: that you don't. And there is security and staying put.

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Speaker 1: And you know, for people who are comfortable and they

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Speaker 1: want to stay, that's fine. But you're craving something different,

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Speaker 1: So you're asking yourself, should I take that leap or

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Speaker 1: should I stay stuck? I would argue a better question

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Speaker 1: is what kind of career shift is going to give

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Speaker 1: me the life I want without blowing up my safety?

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Speaker 1: And safety for you could mean a couple of different things,

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Speaker 1: and I think it's helpful for you to define that.

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Speaker 1: Health insurance, especially like if we take age into consideration,

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Speaker 1: as you are getting more golden more wise, you know,

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Speaker 1: the bodies do tend to get a little wear and tear,

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Speaker 1: or so I hear, and it's not unreasonable to expect

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Speaker 1: potentially higher health care, you know costs, or just more

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Speaker 1: health care costs as you get older. So I think

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Speaker 1: it's smart to think about benefits not just being nice

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Speaker 1: to have, but a real essential. So again back to

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Speaker 1: that question, how can I plan a career shift that

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Speaker 1: gives me the life I want without blowing up my safety. Well,

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Speaker 1: one non negotiable for you is going to be benefits

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Speaker 1: have to be covered. So either stay in a role,

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Speaker 1: or stay with a company that you can have employer

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Speaker 1: provided coverage, or like I said, if you're going to

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Speaker 1: be going independently, just factor in the real cost of

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Speaker 1: buying your own health insurance on the healthcare exchange before

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Speaker 1: you walk away. Another non negotiable is you're going to

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Speaker 1: have a minimum salary floor. You live in the Bay Area,

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Speaker 1: that's you know, not an inexpensive place to live at all,

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Speaker 1: and you're earning low six figures. Still six figures, that's

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Speaker 1: not giving you baller status. It's maybe basic survival status.

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Speaker 1: But you can decide what's the floor going to be

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Speaker 1: for my earning. So you can say, I'm not going

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Speaker 1: to entertain any role that's gonna pay me less than

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Speaker 1: one hundred and fifty thousand dollars a year or one

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Speaker 1: hundred and seventy five thousand dollars a year, for example.

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Speaker 1: That's going to protect you from jumping into a role

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Speaker 1: that looks fun but makes the number seem impossible. The

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Speaker 1: next is retirement catch up. So you're over fifty, which

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Speaker 1: I know I said a lot about agent nothing but

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Speaker 1: a number, but when it comes to retirement contributions, it

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Speaker 1: can be an asset. The closer you get to your sixties,

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Speaker 1: Like when you're over fifty, you actually qualify for something

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Speaker 1: called catch up contribution, which means you can put extra

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Speaker 1: money than the typical worker can toward their employer sponsored

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Speaker 1: like four oh one K or a four H three B.

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Speaker 1: So you know, you could look at this, you know,

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Speaker 1: the fact that you're in your fifties as an asset

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Speaker 1: and say, I'm capable of maybe putting more money toward

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Speaker 1: my retirement fund in this season of my life. And

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Speaker 1: even though you have that forty five thousand dollars of debt,

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Speaker 1: I don't know because you haven't told me what type

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Speaker 1: of debt it is, but I'm going to assume we're

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Speaker 1: talking about credit card debt or other personal debt like

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Speaker 1: a personal loan, And yes, that can weigh heavily, but

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Speaker 1: I think that looking into the future and future j

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Speaker 1: Jy's life. And I wouldn't feel guilty at all for

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Speaker 1: putting money toward my retirement, even if that means keeping

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Speaker 1: some of that debt on the table. And I'm going

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Speaker 1: to get to the debt. Don't worry. But I think

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Speaker 1: I get that question often, It's like should I save?

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Speaker 1: Should I pay it on my debt? And my answer

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Speaker 1: is usually put your own safety vest on first. Let's

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Speaker 1: be saving, and let's also have a plan for the debt,

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Speaker 1: but let's not leave the savings completely on the back burner,

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Speaker 1: because we are worthy of that safety net. I also

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Speaker 1: would encourage you to think about pivoting in stages, so

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Speaker 1: I talk about I recently aired an episode on my

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Speaker 1: four different versions of career pivoting, and when you put

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Speaker 1: them all together, it can sort of it can become

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Speaker 1: an overall pivot, but it doesn't have to be like

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Speaker 1: a hard Okay, overnight, I'm going to get a job

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Speaker 1: in the field that I want to be in and

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Speaker 1: everything is going to change. You can start pivoting in

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Speaker 1: small ways. So the first type of pivot to consider

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Speaker 1: is the pivot in place. So that's when you're pivoting

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Speaker 1: inside your current employer. And this is great, especially if

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Speaker 1: there's if you're working at a company where there's potentially

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Speaker 1: other teams or other colleagues who are working in the

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Speaker 1: field that you want to be working in, and you

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Speaker 1: can learn from them and get mentorship or even just

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Speaker 1: you know, shadow someone to start to gain that knowledge

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Speaker 1: and prepare yourself for pivoting down the line. So that

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Speaker 1: could even look like requesting to be a part of

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Speaker 1: a new team. Could be having a frank conversation. Sure,

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Speaker 1: maybe a little awkward, but talking to your manager about

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Speaker 1: your overall goals and hopefully if you have someone who's

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Speaker 1: in your corner. And I refuse to believe that every

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Speaker 1: manager is a narcissistic, huge ego asshole who doesn't want

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Speaker 1: us to succeed. I know that there's good bosses out there,

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Speaker 1: but having a frank conversation, they may be able to

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Speaker 1: be an advocate for you and helping you figure out

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Speaker 1: how you can move so you can keep your same pay,

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Speaker 1: same benefits even but potentially be pivoting within your company.

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Speaker 1: It could look like again, I do not know what

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Speaker 1: exactly you are doing, but you could start with your manager.

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Speaker 1: If you have an ERG at your company or an

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Speaker 1: HR rep who you have some trust built up with.

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Speaker 1: You could also have a conversation with them about what

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Speaker 1: you're looking to do and see if there could be

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Speaker 1: a path for you. Maybe sit down and even identify, like,

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Speaker 1: what are the parts of my job now that are

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Speaker 1: really soul crushing, and what are the parts of my

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Speaker 1: job that give me a bit more like maybe I

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Speaker 1: don't know, spark joy, maybe a little bit much. Lots

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Speaker 1: of jobs don't exactly spark joy, but you know, aren't

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Speaker 1: that soul crushing, And maybe there's a way for you

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Speaker 1: to like rebalance your plate and your workload so that

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Speaker 1: you're taking a lot of that work that has become

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Speaker 1: monotonous and again soul crushing, and delegate that out find

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Speaker 1: another way to outsource it, and make a business case

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Speaker 1: for why, you know, you should be allowed to do

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Speaker 1: the kind of work that you're best at and that

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Speaker 1: you enjoy the most if there's a benefit to the employer.

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Speaker 1: It's really important to make that case when you're having

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Speaker 1: that conversation. Now, I'm actually working with someone right now

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Speaker 1: who's doing the second kind of pivot. It's more of

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Speaker 1: a bridge to pivot. So a lot of times we

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Speaker 1: get hung up on again, like having that perfect next opportunity.

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Speaker 1: We want to pivot. We want to go from being

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Speaker 1: a literature teacher to working at Nvidia, and that's the goal.

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Speaker 1: But the next job you get probably is not going

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Speaker 1: to be the thing like that end goal, and you

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Speaker 1: may have to take a couple of rich opportunities. The

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Speaker 1: next role that you get maybe a different employer doing

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Speaker 1: similar work to what you're doing now. But if you

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Speaker 1: think about it strategically, maybe this new employer gives you

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Speaker 1: access to the type of colleagues, type of work, the

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Speaker 1: types of works and skills that you want to be

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Speaker 1: able to acquire to pivot into your eventual end goal game.

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Speaker 1: This can be great, especially if the company you're working

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Speaker 1: for now is more of like a dead end and

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Speaker 1: it's not really giving you opportunities for growth. Maybe the

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Speaker 1: new opportunity that you get at a different employer, but

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Speaker 1: you're doing similar work to what you're doing now, maybe

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Speaker 1: they have a juicy or professional development fund or access

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Speaker 1: to tuition reimbursement which would allow you to increase your

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Speaker 1: skills level up in that way so that you are

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Speaker 1: better positioned for your next opportunity down the line. You know,

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Speaker 1: I'm also thinking j Rob, like I have a whole

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Speaker 1: career reboot, like a five day career reboot, like a

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Speaker 1: online Oh of course, it's a walk there. It's each

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Speaker 1: day I give you a prompt and a goal for

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Speaker 1: that day and kind of walk you through. I gotta

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Speaker 1: send you that I'm gonna make it. I used to try.

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Speaker 1: I'm just gonna give it to y'all for free, because

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Speaker 1: who cares. It's fine. But basically in my career reboot,

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Speaker 1: one of the key parts is not even thinking about

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Speaker 1: again getting caught up in that end goal. A lot

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Speaker 1: of us, you have ideas for something new that we

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Speaker 1: want to do, haven't even really said that thing out

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Speaker 1: loud and spoken to other people who are doing that thing,

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Speaker 1: and something that is free and completely attainable for you

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Speaker 1: and doesn't involve running out and going to sign up

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Speaker 1: for a new course or a certification. I know a

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Speaker 1: lot of us, especially black women, we love to be educated,

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Speaker 1: and there's nothing wrong with that, but before we immediately

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Speaker 1: put ourselves through, you know, an expensive program or a

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Speaker 1: skills acquisition like a certification program, like, actually stop and

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Speaker 1: find some people who are doing the thing that you

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Speaker 1: want to do and interview them, ask them what it

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Speaker 1: is that they do, how they enjoy it, what are

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Speaker 1: the parts of the role that they think you ought

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Speaker 1: to know about. Like, take the time to really immerse

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Speaker 1: yourself in space where you can speak to people doing

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Speaker 1: the thing that you want to do. And it can

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Speaker 1: sound a little intimidating, but I don't give anybody leeway here.

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Speaker 1: I think it's really important to make those connections. So

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Speaker 1: for you, this could look like, I mean the way

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Speaker 1: that I use my AI assistant all the time, but

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Speaker 1: you could say, here's a type of field I'm looking

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Speaker 1: to pivot into. You know, what are the networking events

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Speaker 1: over the next three months in the Bay Area that'd

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Speaker 1: be great for me to show up to and you'd

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Speaker 1: be so surprised at what it can turn up for you.

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Speaker 1: And just by putting yourself in those rooms, you're already

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Speaker 1: sending this different energy of like it doesn't even matter

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Speaker 1: your age or what your current title is, but you're

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Speaker 1: in that space, You're taking that extra effort and you

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Speaker 1: can make connections with real humans, real people who may have,

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Speaker 1: if not a key to your next opportunity, at least

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Speaker 1: some insights that you could potentially use while you are

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Speaker 1: planning your pivot, you know, even asking them how did

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Speaker 1: you get into this role? Here's what I'm doing. Now,

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Speaker 1: what do you think would be a great next step

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Speaker 1: for me? You know, in pursuing the next path for me.

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Speaker 1: This is also a great way to like quietly test

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Speaker 1: your pivot, and it's a good opportunity for you to

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Speaker 1: not get so tied up again in that end goal

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Speaker 1: and kind of give yourself permission to change your mind

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Speaker 1: based on the feedback that you're getting. You may think

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Speaker 1: you want to do one thing, you get a bunch

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Speaker 1: of feedback and you're like, oh, maybe that's not the

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Speaker 1: best fit for me, because the work life balance would

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Speaker 1: be totally out of alignment. I really want to work

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Speaker 1: from home, but these types of roles are in office.

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Speaker 1: Like that information is data that you can use to

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Speaker 1: shift your path. And another reason why we don't want

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Speaker 1: to get like too terribly married to that end goal,

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Speaker 1: just more to the broad goal of like I want

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Speaker 1: a change and be open to what that could look like.

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Speaker 1: All right, now, let's talk about that forty five thousand

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Speaker 1: dollars of debt, because I haven't forgotten about that. You're

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Speaker 1: not alone. Can I just say that I mean I

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Speaker 1: was recently reading I think it's the most recent survey

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Speaker 1: of American household consumer finances is alphabet soup. Anyway, on average,

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Speaker 1: it's something like over one hundred thousand dollars per household

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Speaker 1: in debt that are carrying. And so I don't say

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Speaker 1: that to say that it's like great to have debt.

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Speaker 1: Nobody loves having debt. But if you believe for a

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Speaker 1: second that you are alone, like please stop it. You

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Speaker 1: are so not A lot of us are in the

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Speaker 1: same boat. You do have options. So when it comes

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Speaker 1: to high interest credit card debt, this is like the

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Speaker 1: houses on fire debt that I would absolutely look at first.

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Speaker 1: And this is the most painful part, but a really

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Speaker 1: essential part is for you to get clear on what

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Speaker 1: your balances are, what you owe, and how expensive those

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Speaker 1: debts are. So you can do that by linking your

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Speaker 1: accounts to an app. I've talked about Monarch Money, You've

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Speaker 1: talked about Rocket Money. You can also just get a

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Speaker 1: good old fashioned Google sheet or a spreadsheet out I

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Speaker 1: feel like an Excel that's great as well. But you

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Speaker 1: want to have your balances name of the issue, where

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Speaker 1: you want to have the d date, you want to

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Speaker 1: have most importantly the APR and your minimum monthly payment,

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Speaker 1: which can vary by card. And once you know how

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Speaker 1: expensive each of those credit cards is, ordering them by

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Speaker 1: highest APR to the lowest. The highest APR has got

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Speaker 1: to be the debt that we're hopefully tackling first. So

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Speaker 1: if you have decent credit, if your credit score is

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Speaker 1: like seven hundred six eighty plus, you potentially could qualify

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Speaker 1: for a zero percent intro APR balance transfer option. This

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Speaker 1: is a way that credit cards like to make money.

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Speaker 1: Chase Bank over here is like, ooh, hey, j Rob,

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Speaker 1: we see that you may have some debt on a

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Speaker 1: City Bank card. Well, why don't we help you pay

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Speaker 1: that off? And we're going to pay off that ten

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Speaker 1: thousand dollars City Bank credit card balance. We're going to

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Speaker 1: charge you three percent, bring that money over onto a

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Speaker 1: Chase card, and we're going to give you zero percent

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Speaker 1: interest for the next twelve months, could be eighteen months,

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Speaker 1: maybe more, maybe less. And this is a great opportunity

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Speaker 1: for the bank because obviously the bank is charging you

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Speaker 1: that upfront fee it's like three to five percent typically,

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Speaker 1: and yeah, they get a little money off the top.

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Speaker 1: They also get the possibility that they're gonna get a

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Speaker 1: new credit card cust who's going to bring that credit

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Speaker 1: debt over and they're not going to pay it down

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Speaker 1: within that zero percent intro period, and that credit card

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Speaker 1: debt is going to stay there, and then they're going

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Speaker 1: to be able to charge you that twenty four, twenty five,

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Speaker 1: twenty six percent interest rate and everything is great and

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Speaker 1: gravy for the bank, right, So that's what's in it

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Speaker 1: for them. It's your job to not let yourself get

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Speaker 1: sucked into that trap. Right. So the goal is if

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Speaker 1: you were to qualify and get an intro zero percent

431
00:22:27,280 --> 00:22:30,520
Speaker 1: APR balance transfer, that you would make sure that you

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00:22:30,600 --> 00:22:34,320
Speaker 1: have a plan to actually pay down that debt. But instantly,

433
00:22:34,359 --> 00:22:38,480
Speaker 1: when you get that zero percent APR, that debt stays

434
00:22:38,680 --> 00:22:43,679
Speaker 1: like it's not accruing interest month after month and snowballing

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00:22:43,760 --> 00:22:47,000
Speaker 1: and eventually becoming this huge, huge balance, which is what

436
00:22:47,119 --> 00:22:50,399
Speaker 1: obviously happens when you have the you know, typical credit

437
00:22:50,400 --> 00:22:53,320
Speaker 1: card APR today is in the twenties, right, Like, it

438
00:22:53,359 --> 00:22:56,160
Speaker 1: can get really expensive month after months, So that can

439
00:22:56,200 --> 00:22:58,520
Speaker 1: buy you some time, but of course the big caution

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00:22:58,640 --> 00:23:00,760
Speaker 1: here is, let's make sure you have a plan to

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00:23:00,840 --> 00:23:03,800
Speaker 1: pay that down Also, I don't think you mentioned if

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00:23:03,800 --> 00:23:08,080
Speaker 1: you're a homeowner or not, you could think about, you know,

443
00:23:08,119 --> 00:23:11,440
Speaker 1: tapping into your home equity and getting a home equity

444
00:23:11,480 --> 00:23:14,040
Speaker 1: loan which could be used to consolidate credit card debt.

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00:23:14,520 --> 00:23:16,879
Speaker 1: As I'm saying it, I'm like, there are so many

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00:23:17,119 --> 00:23:19,480
Speaker 1: red flags we want to be careful. Okay, none of

447
00:23:19,520 --> 00:23:22,240
Speaker 1: these is like a perfect option. With a home equity loan,

448
00:23:22,359 --> 00:23:26,520
Speaker 1: you are putting your home on the table here. You're saying,

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00:23:26,600 --> 00:23:28,720
Speaker 1: I'm going to take a loan against the equity I've

450
00:23:28,720 --> 00:23:31,760
Speaker 1: earned in my house, and if I'm not able to

451
00:23:31,760 --> 00:23:34,280
Speaker 1: pay this loan back, the bank can take your home.

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00:23:34,359 --> 00:23:39,639
Speaker 1: That's just the reality of it. However, home equity loan rates,

453
00:23:39,680 --> 00:23:41,879
Speaker 1: like I know that we're not in a low rate

454
00:23:42,240 --> 00:23:45,480
Speaker 1: environment right now for mortgages, but still it could be

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00:23:45,480 --> 00:23:48,119
Speaker 1: a lot lower than your overall credit card rates that

456
00:23:48,160 --> 00:23:51,399
Speaker 1: you're earning, so there could be a case to be

457
00:23:51,480 --> 00:23:54,680
Speaker 1: made for that. I think this is absolutely a conversation

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00:23:54,760 --> 00:23:58,960
Speaker 1: to have with a personal financial advisor who can get

459
00:23:59,000 --> 00:24:02,960
Speaker 1: a full picture of your finances. But that is an option.

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00:24:03,480 --> 00:24:07,000
Speaker 1: Another option is a straight up debt consolidation loan. I

461
00:24:07,040 --> 00:24:09,119
Speaker 1: love credit unions for this, do y'all know, with credit

462
00:24:09,200 --> 00:24:12,280
Speaker 1: unions there's actually an interest rate cap of eighteen percent

463
00:24:12,760 --> 00:24:15,080
Speaker 1: on the credit and any loans that they can offer,

464
00:24:15,200 --> 00:24:19,080
Speaker 1: so already you'd probably be getting a more generous interest rate.

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00:24:19,240 --> 00:24:21,840
Speaker 1: And building a relationship with a credit union is never

466
00:24:21,840 --> 00:24:25,479
Speaker 1: a bad idea because they actually work with you know,

467
00:24:25,680 --> 00:24:29,359
Speaker 1: regular people, especially small business owners, and they want us

468
00:24:29,400 --> 00:24:31,879
Speaker 1: to have access to capital and to affordable rates, so

469
00:24:32,400 --> 00:24:36,199
Speaker 1: typically they are more flexible and maybe even even go

470
00:24:36,280 --> 00:24:39,880
Speaker 1: in person and get some advice from a bank representative

471
00:24:39,920 --> 00:24:42,639
Speaker 1: at a credit union to help you out if you

472
00:24:42,680 --> 00:24:44,600
Speaker 1: were to do like I said, let's say a debt

473
00:24:44,640 --> 00:24:48,560
Speaker 1: consolidation loan with a debt consolidation loan. This is essentially,

474
00:24:48,920 --> 00:24:51,160
Speaker 1: you know, you're bundling up your loans, paying them down

475
00:24:51,200 --> 00:24:54,680
Speaker 1: with another loan, and it's gonna have a fixed interest rate,

476
00:24:54,840 --> 00:24:57,560
Speaker 1: You're gonna have a fixed monthly payment, and you're going

477
00:24:57,640 --> 00:25:01,280
Speaker 1: to repay it over a fixed number of months. So

478
00:25:01,600 --> 00:25:03,440
Speaker 1: that can give you some peace of mind. We all

479
00:25:03,440 --> 00:25:06,280
Speaker 1: know with credit cards those variable aprs can go up

480
00:25:06,280 --> 00:25:08,840
Speaker 1: and down, up and down, so that can give you

481
00:25:09,160 --> 00:25:11,720
Speaker 1: at least some breathing from to say I have a plan,

482
00:25:11,880 --> 00:25:13,640
Speaker 1: I have a monthly payment I'm going to be paying

483
00:25:13,680 --> 00:25:15,520
Speaker 1: down this debt and you have like an end goal

484
00:25:16,119 --> 00:25:18,919
Speaker 1: in mind. All right, So those are some options for

485
00:25:19,040 --> 00:25:21,320
Speaker 1: you to tackle that debt. I mean, I know that's

486
00:25:21,359 --> 00:25:23,159
Speaker 1: a lot to think about. I know that debt is

487
00:25:23,160 --> 00:25:26,280
Speaker 1: probably weighing heavily on you. But it's something that can

488
00:25:26,320 --> 00:25:29,240
Speaker 1: be manageable. You just have to start now. Start by

489
00:25:29,240 --> 00:25:32,840
Speaker 1: getting the debt all organized by balances and the cost

490
00:25:32,840 --> 00:25:35,880
Speaker 1: of that debt, and then make a game plan. You're

491
00:25:36,000 --> 00:25:39,119
Speaker 1: completely capable of paying off that debt. It does not

492
00:25:39,320 --> 00:25:42,200
Speaker 1: mean that you do not deserve a change in your

493
00:25:42,200 --> 00:25:44,920
Speaker 1: career path. It just means that you're a grown ass

494
00:25:44,920 --> 00:25:47,480
Speaker 1: woman who has grown ass responsibilities and you have to

495
00:25:47,520 --> 00:25:50,760
Speaker 1: take those into consideration. And as much as we love

496
00:25:51,119 --> 00:25:53,800
Speaker 1: being that twenty something straight out of college with the

497
00:25:53,840 --> 00:25:55,360
Speaker 1: whole world at our feet, we can make all these

498
00:25:55,359 --> 00:25:58,840
Speaker 1: big choices, but you know, very few real responsibilities hanging

499
00:25:58,840 --> 00:26:02,280
Speaker 1: over ourselves. That's just what time and life. You know.

500
00:26:02,320 --> 00:26:04,600
Speaker 1: It's just the joy of being older and having those

501
00:26:04,600 --> 00:26:07,480
Speaker 1: extra responsibilities. You're not alone. I don't want you to

502
00:26:07,560 --> 00:26:09,280
Speaker 1: have a ton of shame around it, but it is

503
00:26:09,359 --> 00:26:12,840
Speaker 1: just something for you to consider as you take this path,

504
00:26:13,160 --> 00:26:16,560
Speaker 1: this new path for yourself. I really really appreciate your question.

505
00:26:16,640 --> 00:26:18,920
Speaker 1: I hope that this was helpful in any way. I'm

506
00:26:18,920 --> 00:26:21,879
Speaker 1: really glad that you found the Career Pivot playbook and

507
00:26:21,880 --> 00:26:23,520
Speaker 1: work book helpful. I'm going to make sure I put

508
00:26:23,560 --> 00:26:26,720
Speaker 1: a link to the Career Reboot challenge in the show

509
00:26:26,760 --> 00:26:28,840
Speaker 1: notes for y'all so you can take advantage of that.

510
00:26:28,920 --> 00:26:30,720
Speaker 1: If I can be of any help, y'all know where

511
00:26:30,720 --> 00:26:33,000
Speaker 1: to find me. Feel free to send your questions to

512
00:26:33,080 --> 00:26:35,920
Speaker 1: Brown Ambition Podcast at gmail dot com. You can also

513
00:26:35,960 --> 00:26:37,760
Speaker 1: send me a voice note. Like your friend j Rob,

514
00:26:38,080 --> 00:26:40,399
Speaker 1: you can send me a voice note on ig I

515
00:26:40,440 --> 00:26:43,240
Speaker 1: am at Brown Ambition Podcast there and I can't wait

516
00:26:43,280 --> 00:26:45,960
Speaker 1: to hear from y'all. Don't forget to share this episode

517
00:26:46,000 --> 00:26:48,280
Speaker 1: with a friend. If you found it useful, and if

518
00:26:48,280 --> 00:26:53,240
Speaker 1: you feel so moved, leave me a review on Apple Podcasts,

519
00:26:53,280 --> 00:26:56,160
Speaker 1: on Spotify, or if you're watching this on YouTube. Hey,

520
00:26:56,240 --> 00:26:59,080
Speaker 1: YouTube friends, y'all are the best, leave a comment. Make

521
00:26:59,119 --> 00:27:02,560
Speaker 1: sure you're subscribed. Thank y'all for all the support. Until

522
00:27:02,560 --> 00:27:11,320
Speaker 1: next time, BAFAM, take care, And before I go, ba Fam,

523
00:27:11,359 --> 00:27:13,360
Speaker 1: I want to shout out the team that helps make

524
00:27:13,359 --> 00:27:17,200
Speaker 1: Brown Ambition possible. Huge thanks to my fam at iHeartRadio,

525
00:27:17,359 --> 00:27:21,480
Speaker 1: Katrina Norvel and Jenna Cagel, my worker bees, behind the scenes,

526
00:27:21,600 --> 00:27:25,760
Speaker 1: booking assistant Brittany Laier and virtual assistant Cameron McNair who

527
00:27:25,800 --> 00:27:29,640
Speaker 1: keeps organized, and of course, my editor Courtney Dean. Thank

528
00:27:29,720 --> 00:27:32,160
Speaker 1: y'all so much for supporting the show. If you love

529
00:27:32,200 --> 00:27:35,000
Speaker 1: Brown Ambition, share it with a friend, tag us on

530
00:27:35,040 --> 00:27:37,920
Speaker 1: social and don't forget to leave a comment or review

531
00:27:38,200 --> 00:27:40,119
Speaker 1: Until next time. By ba Fam