WEBVTT - The BA Q&A: Will My Credit Score Drop?

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<v Speaker 1>Hey, hey, ba fam, it's Mandy here with another episode

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<v Speaker 1>of Brown Ambition. This is our special B, A, Q

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<v Speaker 1>and A, which means I am taking y'all's questions now.

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<v Speaker 1>If you haven't submitted a question to us before, let

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<v Speaker 1>me tell you how to do it. Go to Brown

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<v Speaker 1>Ambition podcast dot com click ask us anything and head

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<v Speaker 1>on over and submit your questions right there. Or a

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<v Speaker 1>lot of y'all like to slide into our DMS on

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<v Speaker 1>ig and that is fine too. You can find us

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<v Speaker 1>at Brown Ambition Podcast on IG. I love taking y'all's

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<v Speaker 1>career and finance questions. Y'all know I can. I can

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<v Speaker 1>get at issues from both sides. I love any kind

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<v Speaker 1>of questions you guys have for me. Just throw me

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<v Speaker 1>the craziest questions, awkward relationship questions, awkward boss questions, whatever

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<v Speaker 1>it is. I love it. Remember we can keep y'all anonymous.

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<v Speaker 1>All you have to do is just let us know.

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<v Speaker 1>I'll create a fun little pseudonym for you. You can

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<v Speaker 1>be a super spy if you want to. That's fine,

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<v Speaker 1>But hit us up with your questions, all right. I

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<v Speaker 1>can wait to hear from you. In the meantime, let's

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<v Speaker 1>jump on into this mail bag and see what y'all

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<v Speaker 1>have for us this week. Got some personal finance questions

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<v Speaker 1>for today since we spent a lot of time on

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<v Speaker 1>career last week, so let's dive on in. Our first

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<v Speaker 1>question comes from listener Denisha, who says, hey, Mandy, we

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<v Speaker 1>all miss Tiffany, you're doing a great job. Thank you

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<v Speaker 1>for pushing through for us. Oh, thank you, Denisha. All right,

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<v Speaker 1>Denisha says, I will pay off my car and a

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<v Speaker 1>personal loan in the next few months. I have three

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<v Speaker 1>credit cards and a student loan remaining. My credit score

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<v Speaker 1>is over eight hundred across the three credit bureaus. So

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<v Speaker 1>my question is will I take a huge hit to

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<v Speaker 1>my score when those accounts are paid off? Should I

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<v Speaker 1>open new credit card accounts to preserve my history? Denisha? Okay, interesting,

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<v Speaker 1>So this is a good problem to have. You're paying

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<v Speaker 1>off your debt and you're worried that your credit score

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<v Speaker 1>is going to be taking a hit because when you've

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<v Speaker 1>got closed accounts, they kind of fall off your report.

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<v Speaker 1>They can reduce your total amount of credit ode, which

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<v Speaker 1>can have, you know, an impact on your credit score.

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<v Speaker 1>But let's look at the big picture here. More than anything,

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<v Speaker 1>paying off debt is good for your credit. Okay, it's

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<v Speaker 1>good for your credit. However, in your particular case, since

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<v Speaker 1>the loans that you're paying off are fixed loans. So

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<v Speaker 1>one is you have a car note, so that's a

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<v Speaker 1>fixed auto loan that you have, and a personal loan,

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<v Speaker 1>which is another fixed type of loan. Because you're paying

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<v Speaker 1>off those two types of accounts, and because they're very

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<v Speaker 1>different than a credit card account, you may see a

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<v Speaker 1>little ding to your credit score. Now, I don't want

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<v Speaker 1>you to just keep these debts open because you're afraid

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<v Speaker 1>of the ding, because obviously they come with an interest rate, right,

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<v Speaker 1>So it's going to be more expensive for you to

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<v Speaker 1>keep these this car note and personal loan open for longer,

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<v Speaker 1>you know, just to get a more a better credit

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<v Speaker 1>mix for your credit score. So think about your cost

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<v Speaker 1>savings first and foremost. That's what I think is most

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<v Speaker 1>important here. So pay off that car note, pay off

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<v Speaker 1>that personal loan. So yes, most likely you'll see a

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<v Speaker 1>little bit of a hit to your credit score because,

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<v Speaker 1>like I said, your credit mix, so that's the types

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<v Speaker 1>of different credit accounts you have, does factor into your

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<v Speaker 1>credit score. It is not the most important factor. The

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<v Speaker 1>most important factor is on time payments, followed by how

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<v Speaker 1>much credit you're using versus how much credit you have

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<v Speaker 1>access to, which is all about your utilization rate. So

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<v Speaker 1>in this case your mix does matter, but not that much. Okay,

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<v Speaker 1>it's another reminder of why it's good to have a

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<v Speaker 1>couple different kinds of credit on your credit file to

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<v Speaker 1>have the best possible score. But listen, if this is

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<v Speaker 1>the price you must pay for being semi debt free,

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<v Speaker 1>take it, girlfriend, take it, and then focus on those

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<v Speaker 1>three credit cards. And by the way, you say that

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<v Speaker 1>you have a student loan remaining well, a student loan

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<v Speaker 1>is a kind of non revolving credit, just like your

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<v Speaker 1>auto loan and your personal loan. So it's not like

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<v Speaker 1>once you pay off those two loans, your car note

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<v Speaker 1>and your personal loan, like you won't have any non

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<v Speaker 1>revolving debt on your credit file. You still have your

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<v Speaker 1>student loan, right, So that student loan is a part

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<v Speaker 1>of your mix. So those credit cards, as we all know,

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<v Speaker 1>when credit bureaus see a bunch of credit cards on

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<v Speaker 1>a credit file, even if you're paying them off on time,

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<v Speaker 1>still they like to favor and give a little bit

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<v Speaker 1>of a credit score boost to people who have a

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<v Speaker 1>good mix of credit who have beyond just credit cards,

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<v Speaker 1>people who have a student loan, a mortgage, an auto loan,

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<v Speaker 1>a personal loan. So at least you've got a student loan,

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<v Speaker 1>you know there right now. But first and foremost, just

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<v Speaker 1>focus on making those payments in full each month and

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<v Speaker 1>getting those credit cards paid down. And I promise you

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<v Speaker 1>your credit score will continue to be in the eight hundreds,

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<v Speaker 1>if not now, then definitely in the near future. So

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<v Speaker 1>just keep it focused on the big picture. Now you say,

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<v Speaker 1>should I open new credit card accounts to preserve my history? No,

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<v Speaker 1>big no, no no no no no no, no, no

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<v Speaker 1>no no. So here's why. One, you're not really helping

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<v Speaker 1>yourself here. The fact that you are opening new credit

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<v Speaker 1>card accounts isn't really going to help you here because

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<v Speaker 1>the types of loans that you're about to pay off loan,

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<v Speaker 1>your car loan, and your personal loan, those are non

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<v Speaker 1>revolving or like what they call installment debts. Okay, so

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<v Speaker 1>you're not replacing the installment debt with a new kind

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<v Speaker 1>of installment debt. You're actually just adding more credit cards.

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<v Speaker 1>And like I said, credit bureaus and credit scoring models

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<v Speaker 1>don't tend to favor lots and lots of lots of

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<v Speaker 1>credit debt, so I wouldn't necessarily recommend you go out

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<v Speaker 1>and open some new credit cards. And you also say

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<v Speaker 1>to preserve your history. So here's one of the little

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<v Speaker 1>known negative sides of opening new credit. When you open

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<v Speaker 1>a new credit card, that's your youngest credit account, right,

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<v Speaker 1>And immediately, what you're doing is you're lowering the average

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<v Speaker 1>age of your credit So we talked about credit mix

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<v Speaker 1>being one of the factors of your credit score. Credit

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<v Speaker 1>age is also a factor of your credit score, and

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<v Speaker 1>it's the average age of all of your accounts put together.

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<v Speaker 1>So when you open a new account, it's like it's

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<v Speaker 1>like having a new baby credit card, okay, And so

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<v Speaker 1>the average age of all of your accounts gets younger,

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<v Speaker 1>which can actually decrease your score in the grand scheme

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<v Speaker 1>of things. It's not the most important factor. I on't

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<v Speaker 1>think it's even the top three most important factors, but

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<v Speaker 1>it is a factor in your credit score. So before

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<v Speaker 1>you open new credit, just consider that I'm actually going

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<v Speaker 1>to lower the age of my credit. Plus it's going

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<v Speaker 1>to be a hit to my credit score because it's

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<v Speaker 1>a new inquiry, right. So there are some downsides to it,

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<v Speaker 1>so I don't necessarily think that opening credit is the

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<v Speaker 1>smartest way to rebalance things. After you have this personal

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<v Speaker 1>loan and your car loan falling off your credit report,

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<v Speaker 1>I would just let things live and let live if

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<v Speaker 1>you're really worried about those credit cards and how that

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<v Speaker 1>may hinder or hurt your credit score, you could see

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<v Speaker 1>how things go. You know, I don't know how long

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<v Speaker 1>it will take for your car note or your personal

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<v Speaker 1>loan to stop contributing to your credit score. Probably a

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<v Speaker 1>little bit after you make those final payments and the

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<v Speaker 1>loans the accounts are closed, but just wait for it,

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<v Speaker 1>see how things go. What you could then do is

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<v Speaker 1>take out another personal loan and consolidate the remaining credit

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<v Speaker 1>card debt that you have. And with that consolidation loan,

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<v Speaker 1>with that new personal loan, you'll get that nice credit

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<v Speaker 1>mix again where it's not just credit cards, but you've

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<v Speaker 1>also got an installment loan. And you may also save

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<v Speaker 1>on interest rates because if you're able to take out

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<v Speaker 1>a personal loan that's a much lower interest rate than

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<v Speaker 1>your credit cards, then you get double win. You make

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<v Speaker 1>your debt less expensive to pay down, and you get

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<v Speaker 1>the benefit of adding to the mix of your credit

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<v Speaker 1>and installment loan versus another credit card. Okay, Denisha, thank

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<v Speaker 1>you so much for the question. Thanks for making me

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<v Speaker 1>go back into my like the caverns of my brain

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<v Speaker 1>and remember all these credit scoring models and rules. Yeah,

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<v Speaker 1>it's not meant to be easy. This is why these

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<v Speaker 1>credit scoring models are so complicated, because they don't want

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<v Speaker 1>us to know all this stuff. So hopefully I broke

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<v Speaker 1>it down for you in a way that was easy

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<v Speaker 1>and simple to understand. Denisha, I really appreciate your question.

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<v Speaker 1>Let me catch my breath, take a little sip of water,

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<v Speaker 1>and I'll be right back with another of your personal

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<v Speaker 1>finance questions. This is Brown Ambition all right, Va, fam,

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<v Speaker 1>it's Mandy. I am back with another of your questions again.

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<v Speaker 1>You can hit us up at Brown Ambition Podcast at

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<v Speaker 1>gmail dot com or head over to our ig to

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<v Speaker 1>submit your question. We are at Brown Ambition Podcast on

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<v Speaker 1>the gram. All right, this question comes from a listener

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<v Speaker 1>who would like to remain anonymous. So what's your fun

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<v Speaker 1>spy super hero name going to be? For your pseudonym,

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<v Speaker 1>let's call you wonder Woman? Why not? Wonder Woman says

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<v Speaker 1>I am currently paying on debt, but I want to

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<v Speaker 1>buy a house in the next three to five years.

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<v Speaker 1>I live in North Carolina and the housing market is

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<v Speaker 1>just as crazy as the rest of the country with

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<v Speaker 1>it being a seller's market. I know your thoughts on DR.

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<v Speaker 1>Do you all know who DR is? Listen, we do

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<v Speaker 1>not speak his name. He is the voldemort of personal

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<v Speaker 1>finance in our world. But anyway, just imagine, just think

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<v Speaker 1>about it. Who could DR be? So back to our question.

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<v Speaker 1>I know your thoughts on DR. However, he was my

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<v Speaker 1>intro into finance and debt repayment. It's hard for me

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<v Speaker 1>to save for a down payment without thinking that all

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<v Speaker 1>of my excess funds should go toward my debt. Essentially,

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<v Speaker 1>I'm feeling bad or guilty that I'm not following those

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<v Speaker 1>DR steps to a t. I am now trying to

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<v Speaker 1>listen to more folks in the finance space to expand

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<v Speaker 1>my views. I have a little credit card debt. However,

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<v Speaker 1>I have about seventy thousand dollars in student loan debt,

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<v Speaker 1>which is down from ninety seven k a few years ago.

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<v Speaker 1>My question is should I continue throwing all my excess

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<v Speaker 1>money to my student loans and wait until I'm debt

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<v Speaker 1>free to start saving for a down payment or is

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<v Speaker 1>there a way for me to do both and still

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<v Speaker 1>see progress? Do I have too many financial goals? Please help?

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<v Speaker 1>I know I can't buy a house tomorrow, but I

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<v Speaker 1>do want to start taking steps to eventual home ownership.

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<v Speaker 1>Oh okay, wonder woman. Listen, you are not the first

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<v Speaker 1>DR follower who has found their way to to brown ambition. Okay, welcome,

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<v Speaker 1>it's nice here. We welcome you. We want you to

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<v Speaker 1>thrive young, We want you to thrive, live your best

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<v Speaker 1>financial life. Yes, achieve all of your goals, yes, but

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<v Speaker 1>we don't want to do things to such an extreme

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<v Speaker 1>extent that you are feeling guilty and feeling like making

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<v Speaker 1>the right decisions on a personal basis for yourself are

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<v Speaker 1>somehow bad or they are somehow wrong. And I think

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<v Speaker 1>that's one of the issues that we have with DR

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<v Speaker 1>and his advice is just that it can be so

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<v Speaker 1>it's either this or you're the scum of the earth.

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<v Speaker 1>You know, it's either this way or you're a hot

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<v Speaker 1>pile of steaming garbage. And that is just not our style,

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<v Speaker 1>you know, it's some people's style, and they seem to

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<v Speaker 1>dig it. He is a very wealthy man. Okay, but

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<v Speaker 1>we are open to a world where it's not either

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<v Speaker 1>or when it comes to saving or pain down debt.

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<v Speaker 1>But it's a both and kind of situation. And honestly, like,

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<v Speaker 1>if you want to buy a house in North Carolina

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<v Speaker 1>and if you're anywhere near Charlotte, that housing market is insane.

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<v Speaker 1>So if you wait to start saving for a down payment,

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<v Speaker 1>when are you ever going to have the money? Like

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<v Speaker 1>It's it's like time as a ticking and the market

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<v Speaker 1>is only getting more expensive. Right, So here's why I

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<v Speaker 1>want to kind of break down my answer into So,

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<v Speaker 1>you've got some debt, right, You got about seventy K

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<v Speaker 1>of student loan debt, well, at least until May. We

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<v Speaker 1>don't know about any longer, but at least until May,

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<v Speaker 1>you haven't had to make payments on that debt for

0:11:24.840 --> 0:11:27.080
<v Speaker 1>a couple of years now because of the pandemic. So

0:11:27.400 --> 0:11:29.880
<v Speaker 1>with those extra funds you've been earning, I feel like

0:11:29.880 --> 0:11:32.840
<v Speaker 1>there's nothing wrong with giving those extra funds a couple

0:11:32.920 --> 0:11:35.880
<v Speaker 1>of different jobs. One of those jobs can be working

0:11:35.920 --> 0:11:37.599
<v Speaker 1>on that credit card debt that you've been working to

0:11:37.640 --> 0:11:40.200
<v Speaker 1>pay down, and the other job can be putting it

0:11:40.240 --> 0:11:43.200
<v Speaker 1>in savings for your future down payment, and then that's okay.

0:11:43.720 --> 0:11:46.840
<v Speaker 1>It's okay to have multiple, multiple goals at one time.

0:11:46.960 --> 0:11:48.880
<v Speaker 1>That's just what it's like to be an adult. I

0:11:48.920 --> 0:11:51.240
<v Speaker 1>feel like in the working world today, there's never just

0:11:51.679 --> 0:11:53.880
<v Speaker 1>here's your one mission for today, and here's what you

0:11:53.920 --> 0:11:56.120
<v Speaker 1>can focus on. All of us like, we all feel

0:11:56.120 --> 0:11:59.280
<v Speaker 1>like our attention and our dollars are being pulled in

0:11:59.400 --> 0:12:03.520
<v Speaker 1>multiple deaths. So for me, it would make sense to say, Okay,

0:12:03.880 --> 0:12:06.480
<v Speaker 1>I've got some extra money this month, so how much

0:12:06.600 --> 0:12:08.560
<v Speaker 1>am I going to put toward my credit card debt?

0:12:08.920 --> 0:12:11.160
<v Speaker 1>And then how much am I going to put aside

0:12:11.440 --> 0:12:15.560
<v Speaker 1>for my future savings? And if that makes you feel

0:12:15.600 --> 0:12:19.440
<v Speaker 1>more excited about making progress toward your goal of saving

0:12:19.480 --> 0:12:22.000
<v Speaker 1>for a house, it makes you proud to have that

0:12:22.040 --> 0:12:24.600
<v Speaker 1>money sitting there in the bank, then yeah, I'm going

0:12:24.679 --> 0:12:28.920
<v Speaker 1>to say go for it. Now there's the mathematical argument here, right,

0:12:29.480 --> 0:12:32.959
<v Speaker 1>It's okay, Well, you've got credit card debt, and let's

0:12:33.000 --> 0:12:35.120
<v Speaker 1>just go ahead and assume that the interest rate is

0:12:35.160 --> 0:12:38.160
<v Speaker 1>double digits because it tends to be right, and you've

0:12:38.200 --> 0:12:40.559
<v Speaker 1>got a savings account for your down payment, and your

0:12:40.559 --> 0:12:43.720
<v Speaker 1>savings account rate is crappy because they all are because

0:12:43.800 --> 0:12:47.080
<v Speaker 1>fed's been slashing rates since the pandemic started, and yes

0:12:47.120 --> 0:12:50.400
<v Speaker 1>they're just starting to increase rates again, but it's barely anything.

0:12:50.440 --> 0:12:53.439
<v Speaker 1>And I don't even think it's hit savings rates quite

0:12:53.520 --> 0:12:56.440
<v Speaker 1>yet the impact of that. But you're not earning barely

0:12:56.480 --> 0:12:58.640
<v Speaker 1>anything at all with your money in a savings account

0:12:58.720 --> 0:13:02.760
<v Speaker 1>right Somatically, the logic says, put all your money towards

0:13:02.760 --> 0:13:05.679
<v Speaker 1>your credit card debt, because that's what's most expensive, right

0:13:06.120 --> 0:13:08.200
<v Speaker 1>And the sooner you paid off, the less money you'll

0:13:08.360 --> 0:13:10.600
<v Speaker 1>spend in the long run on that credit card debt.

0:13:11.000 --> 0:13:13.520
<v Speaker 1>But that's the mathematical side of things. And while I

0:13:13.520 --> 0:13:16.240
<v Speaker 1>do think it it's great to follow the math and

0:13:16.280 --> 0:13:18.680
<v Speaker 1>do things that make logical sense, a lot of the

0:13:18.720 --> 0:13:24.559
<v Speaker 1>time money is emotional, and I know how emotionally rewarding

0:13:24.679 --> 0:13:28.680
<v Speaker 1>it can be to see yourself putting dollars toward a

0:13:28.720 --> 0:13:32.199
<v Speaker 1>goal of home ownership. Okay, So I want to acknowledge

0:13:32.200 --> 0:13:34.960
<v Speaker 1>and validate those feelings and give you permission that I

0:13:34.960 --> 0:13:37.160
<v Speaker 1>want you to give yourself as well, which is that

0:13:37.200 --> 0:13:39.080
<v Speaker 1>it's okay to take the heart earn money that I

0:13:39.160 --> 0:13:42.480
<v Speaker 1>have and know that I'm setting it aside for my

0:13:42.600 --> 0:13:46.120
<v Speaker 1>future home down payment and start putting it aside, as

0:13:46.160 --> 0:13:48.959
<v Speaker 1>long as you're not also taking your eye completely off

0:13:49.000 --> 0:13:51.800
<v Speaker 1>that credit card debt. Now, it would be a different

0:13:51.840 --> 0:13:55.600
<v Speaker 1>story if your credit card debt was a huge amount.

0:13:55.760 --> 0:13:57.800
<v Speaker 1>You say, a little credit card debt, So I'm going

0:13:57.880 --> 0:13:59.840
<v Speaker 1>to say, like less than a thousand dollars. I don't know,

0:14:00.400 --> 0:14:04.920
<v Speaker 1>but something that you can reasonably be tackling on the

0:14:05.040 --> 0:14:08.880
<v Speaker 1>side while also saving towards your down payment. I think

0:14:08.920 --> 0:14:11.120
<v Speaker 1>one of the other things that can be really overwhelming

0:14:11.200 --> 0:14:14.000
<v Speaker 1>about saving up for a house is knowing how much

0:14:14.000 --> 0:14:17.079
<v Speaker 1>should I save, especially when you're in a very expensive

0:14:17.320 --> 0:14:20.400
<v Speaker 1>real estate market. So what I would like to recommend

0:14:20.440 --> 0:14:24.000
<v Speaker 1>you also do is start, like already kind of putting

0:14:24.000 --> 0:14:26.200
<v Speaker 1>yourself in the position of, Okay, if I were shopping

0:14:26.200 --> 0:14:28.720
<v Speaker 1>for a house, what's the average price of a house?

0:14:29.120 --> 0:14:31.160
<v Speaker 1>And then what kind of loan would I want to

0:14:31.160 --> 0:14:36.200
<v Speaker 1>take out? Do you qualify for any zero interest mortgage financing?

0:14:36.240 --> 0:14:39.200
<v Speaker 1>If you're a veteran, if you live in a rural area,

0:14:39.360 --> 0:14:42.000
<v Speaker 1>you may qualify for loans that have very low low

0:14:42.040 --> 0:14:45.480
<v Speaker 1>interest rates. But let's say you don't. Okay, Well, there's

0:14:45.520 --> 0:14:47.840
<v Speaker 1>actually loans like the FHA loan, which is like the

0:14:47.920 --> 0:14:51.320
<v Speaker 1>most most popular loan for first time home buyers. That's

0:14:51.360 --> 0:14:54.200
<v Speaker 1>a very low down payment. It's like three point five percent,

0:14:54.440 --> 0:14:57.080
<v Speaker 1>so it may be a little bit less than what

0:14:57.120 --> 0:14:59.640
<v Speaker 1>you may think you have to save. If you've been thinking, Okay,

0:14:59.680 --> 0:15:03.120
<v Speaker 1>I need like twenty percent down, that's just what everyone does. No, no, no,

0:15:03.120 --> 0:15:07.200
<v Speaker 1>no no, there are affordable financing options. So just start

0:15:07.200 --> 0:15:09.480
<v Speaker 1>with like, Okay, realistically, if I want to own a house,

0:15:10.000 --> 0:15:12.640
<v Speaker 1>what is a percentage that would be realistic for me

0:15:12.680 --> 0:15:15.480
<v Speaker 1>to put down three point five five percent whatever it

0:15:15.520 --> 0:15:18.080
<v Speaker 1>may be, and then make that the target, you know,

0:15:18.160 --> 0:15:20.760
<v Speaker 1>for your savings account, and then just start working towards

0:15:20.760 --> 0:15:23.760
<v Speaker 1>that goal. Your second goal, of course, is going to

0:15:23.760 --> 0:15:25.960
<v Speaker 1>be the credit card debt okay, which you're going to

0:15:26.000 --> 0:15:28.800
<v Speaker 1>pay down as you're bringing an extra income. So additional

0:15:28.800 --> 0:15:30.800
<v Speaker 1>information in your question that didn't really get around to

0:15:30.840 --> 0:15:33.720
<v Speaker 1>sharing is that you're working overtime at your full time

0:15:33.800 --> 0:15:36.640
<v Speaker 1>job to bring in extra money, and you're working part

0:15:36.680 --> 0:15:38.960
<v Speaker 1>time at a grocery store and you're side hustling with

0:15:39.000 --> 0:15:41.480
<v Speaker 1>a dolt with a job at DoorDash. Okay, So with

0:15:41.480 --> 0:15:45.080
<v Speaker 1>that extra money that you're bringing in, how much of

0:15:45.080 --> 0:15:47.720
<v Speaker 1>that will you put to work on your credit card debt?

0:15:48.120 --> 0:15:49.360
<v Speaker 1>And then how much of that do you want to

0:15:49.400 --> 0:15:51.800
<v Speaker 1>put toward your home down payment. That's up to you.

0:15:52.080 --> 0:15:54.520
<v Speaker 1>It may be like, I'm going to put fifty dollars

0:15:54.680 --> 0:15:57.240
<v Speaker 1>toward my home down payment fund, but that's going to

0:15:57.280 --> 0:15:59.720
<v Speaker 1>make me feel so freaking excited to take one step

0:15:59.720 --> 0:16:03.600
<v Speaker 1>close toward whole my goal of home ownership, then do it,

0:16:04.040 --> 0:16:07.720
<v Speaker 1>even if some personal finance gurus philosophy is to put

0:16:07.800 --> 0:16:10.240
<v Speaker 1>every last dollar incent you have toward the debt. First

0:16:10.600 --> 0:16:12.560
<v Speaker 1>we have to know ourselves right, and we have to

0:16:12.640 --> 0:16:15.240
<v Speaker 1>know what motivates us, and we have to know we

0:16:15.280 --> 0:16:18.280
<v Speaker 1>have to understand the emotional side to saving money. Neither

0:16:18.320 --> 0:16:20.480
<v Speaker 1>of these is a wrong decision, Like saving for a

0:16:20.520 --> 0:16:22.120
<v Speaker 1>house is not a wrong decision on any day of

0:16:22.120 --> 0:16:24.240
<v Speaker 1>the week. Neither is paying down credit card debt. These

0:16:24.240 --> 0:16:27.160
<v Speaker 1>are both right decisions. It's just up to you. You

0:16:27.200 --> 0:16:28.680
<v Speaker 1>know how much you want to put in nature of

0:16:28.720 --> 0:16:31.840
<v Speaker 1>those buckets, And either way I think it's like the

0:16:31.960 --> 0:16:36.080
<v Speaker 1>right decision. Is it the mathematical best decision? Maybe not,

0:16:36.680 --> 0:16:38.480
<v Speaker 1>But math is not the only thing that happens when

0:16:38.480 --> 0:16:40.560
<v Speaker 1>it comes not the only thing that matters when it

0:16:40.560 --> 0:16:43.680
<v Speaker 1>comes to personal finance. It's called a freaking personal finance

0:16:43.720 --> 0:16:45.840
<v Speaker 1>for a reason, and that's why here a Brand Ambition,

0:16:45.960 --> 0:16:47.400
<v Speaker 1>we get that. That's why we talk to y'all. We

0:16:47.520 --> 0:16:49.760
<v Speaker 1>level with y'all, and we want y'all to understand that

0:16:49.840 --> 0:16:52.200
<v Speaker 1>we see you, we feel you. I know what it's

0:16:52.280 --> 0:16:55.000
<v Speaker 1>like to make those two choices, you know. So that's

0:16:55.000 --> 0:16:57.600
<v Speaker 1>what I'll say on that topic. Thank you, wonder Woman.

0:16:57.680 --> 0:16:59.400
<v Speaker 1>I'm so glad I chose that name for you because

0:16:59.440 --> 0:17:03.440
<v Speaker 1>you are well wonder woman working to full time with

0:17:03.560 --> 0:17:06.639
<v Speaker 1>one full time job plus two side hustles like you

0:17:06.720 --> 0:17:09.560
<v Speaker 1>will achieve your dreams if you keep working that hard. Okay,

0:17:09.840 --> 0:17:12.000
<v Speaker 1>So I thank you for sharing your story. Thank you

0:17:12.040 --> 0:17:14.680
<v Speaker 1>for sharing your question, y'all. If you want to submit

0:17:14.760 --> 0:17:17.199
<v Speaker 1>a question to have read on the show, hit us

0:17:17.240 --> 0:17:21.160
<v Speaker 1>up at Brandnambisson podcast dot com. You can also go

0:17:21.240 --> 0:17:24.439
<v Speaker 1>to ig we are at Brandabission podcast or email us

0:17:24.480 --> 0:17:29.240
<v Speaker 1>directly at Brannamission podcast at gmail dot com. Until next week.

0:17:29.320 --> 0:17:32.159
<v Speaker 1>I am Mandy Woodrif Santos. Thank you so much for

0:17:32.200 --> 0:17:33.240
<v Speaker 1>listening to Brand Ambition.