1 00:00:16,280 --> 00:00:20,000 Speaker 1: Hey, hey, ba fan, what's up? It's your girl Mandy 2 00:00:20,079 --> 00:00:24,759 Speaker 1: Money and it's time for the b a qa a 3 00:00:25,160 --> 00:00:28,040 Speaker 1: the b a qa What you say the b a 4 00:00:28,440 --> 00:00:34,320 Speaker 1: q and Manda the ba qa the b a qa A. 5 00:00:35,400 --> 00:00:36,160 Speaker 2: What's up? 6 00:00:36,200 --> 00:00:38,560 Speaker 1: Sis? How are you doing? I just want to talk 7 00:00:38,560 --> 00:00:41,440 Speaker 1: to you right now. It's Friday, It's the end of 8 00:00:41,440 --> 00:00:45,040 Speaker 1: another long week. I hope that you have something nice 9 00:00:45,120 --> 00:00:47,320 Speaker 1: planned for this weekend. I hope you know what I 10 00:00:47,360 --> 00:00:48,760 Speaker 1: hope for you. I hope that you don't have any 11 00:00:48,840 --> 00:00:50,479 Speaker 1: like plans where you have to leave the house. I 12 00:00:50,479 --> 00:00:54,760 Speaker 1: hope that you have time and space for curling up 13 00:00:55,040 --> 00:00:58,840 Speaker 1: on the couch or in your bed. Although I prefer 14 00:00:59,000 --> 00:01:01,560 Speaker 1: couch naps to naps, I just don't know. I just 15 00:01:01,640 --> 00:01:04,160 Speaker 1: nat better on the couch. Don't ask me why, with 16 00:01:04,280 --> 00:01:08,679 Speaker 1: a nice cozy blanket that's just for you, that doesn't 17 00:01:08,680 --> 00:01:12,520 Speaker 1: have like dog fur and little honey nut cheerios stuck 18 00:01:12,560 --> 00:01:15,280 Speaker 1: in it like all of my nice ones do. And 19 00:01:15,319 --> 00:01:17,800 Speaker 1: I just hope for you that maybe it's a little 20 00:01:17,800 --> 00:01:20,240 Speaker 1: bit like cloudy outside, you can like crill up with 21 00:01:20,280 --> 00:01:24,240 Speaker 1: a nice book or podcast or nothing at all, and 22 00:01:24,640 --> 00:01:27,480 Speaker 1: just a cup of tea or whatever you want and 23 00:01:27,760 --> 00:01:31,600 Speaker 1: just do absolutely nothing. That's what I hope you have 24 00:01:32,200 --> 00:01:36,640 Speaker 1: coming for you this weekend is actually building in some rest. 25 00:01:36,880 --> 00:01:39,319 Speaker 1: And I think I read recently something about or I 26 00:01:39,360 --> 00:01:44,400 Speaker 1: heard something about how hibernation is a actual It's like 27 00:01:44,440 --> 00:01:50,160 Speaker 1: a natural thing in nature. Animals do it. And you know, oh, 28 00:01:50,200 --> 00:01:52,120 Speaker 1: I know where it was. I follow this girl on 29 00:01:52,160 --> 00:01:57,200 Speaker 1: TikTok who lives in what is it's Fallsburg Fallsborg, which 30 00:01:57,240 --> 00:02:00,440 Speaker 1: is basically the North Pole, and they have these polar 31 00:02:00,560 --> 00:02:03,680 Speaker 1: nights where it is just dark for days, weeks, months 32 00:02:03,720 --> 00:02:07,800 Speaker 1: on end in the winter, and I'm thinking, how depressing 33 00:02:07,840 --> 00:02:10,119 Speaker 1: would it be to live in that type of environment. 34 00:02:10,639 --> 00:02:12,920 Speaker 1: But then I also think, like you just kind of 35 00:02:12,960 --> 00:02:15,600 Speaker 1: see people set up their lives for this time of 36 00:02:15,680 --> 00:02:18,840 Speaker 1: rest and unplugging. So I know that if you live 37 00:02:18,880 --> 00:02:20,520 Speaker 1: in the world that I like the world that I 38 00:02:20,600 --> 00:02:23,920 Speaker 1: live in, there's no months and weeks and there's no 39 00:02:24,080 --> 00:02:28,040 Speaker 1: time for that much rest and recoperation, but any like 40 00:02:28,120 --> 00:02:30,639 Speaker 1: small pockets of time where we can just pour back 41 00:02:30,639 --> 00:02:36,799 Speaker 1: into ourselves. I hope that for you sis. Okay, all right, 42 00:02:36,880 --> 00:02:39,440 Speaker 1: So getting into our questions this week, we have some 43 00:02:39,840 --> 00:02:44,560 Speaker 1: doozse Just as a reminder, police send us your questions. 44 00:02:45,000 --> 00:02:47,360 Speaker 1: You can hit us up at Brand Ambition Podcast on 45 00:02:47,520 --> 00:02:50,720 Speaker 1: ig You can email me Brand Ambition Podcast at gmail 46 00:02:50,760 --> 00:02:54,600 Speaker 1: dot com. You can remain anonymous. We are in the 47 00:02:54,639 --> 00:02:57,799 Speaker 1: middle of literally I'm about to hit delete on this 48 00:02:58,240 --> 00:03:00,880 Speaker 1: tab on my spreadsheet fold of questions from twenty twenty 49 00:03:00,880 --> 00:03:02,600 Speaker 1: four because if they haven't been answered by now, they 50 00:03:02,600 --> 00:03:06,520 Speaker 1: ain't gonna be answered. So hundreds of questions about to 51 00:03:06,520 --> 00:03:09,280 Speaker 1: get deleted. So I'm starting a fresh chop for twenty 52 00:03:09,320 --> 00:03:12,760 Speaker 1: twenty five. So whatever questions you have, be they related 53 00:03:12,800 --> 00:03:18,360 Speaker 1: to money, to career, to finance, to relationships, to arguing 54 00:03:18,400 --> 00:03:21,880 Speaker 1: with your neighbor. I don't know, whatever you like, it 55 00:03:22,000 --> 00:03:24,560 Speaker 1: was the was the you know, I don't know, why 56 00:03:24,639 --> 00:03:27,399 Speaker 1: is this sky blue? Whatever the questions are, send them 57 00:03:27,520 --> 00:03:31,720 Speaker 1: our way. We are happy to answer them for you. Yeah, 58 00:03:31,800 --> 00:03:33,800 Speaker 1: you can say anonymous. It's always fun if you come 59 00:03:33,880 --> 00:03:38,680 Speaker 1: up with your own pseudonym little alias. Why not and 60 00:03:38,880 --> 00:03:40,920 Speaker 1: go ahead and send your questions in and we can 61 00:03:40,960 --> 00:03:43,920 Speaker 1: start the new year with a fresh batch. But for now, 62 00:03:44,520 --> 00:03:48,120 Speaker 1: let's dive in to we go with triple X first. 63 00:03:48,400 --> 00:03:51,760 Speaker 1: That's their anonymous name. Listen, I don't judge. You want 64 00:03:51,760 --> 00:03:54,920 Speaker 1: to be called triple X. That's fine by me. Okay, Well, 65 00:03:55,000 --> 00:03:58,080 Speaker 1: let me get to this question first. So Triple X 66 00:03:58,200 --> 00:04:02,560 Speaker 1: is dealing with some big financial challenges, and I'm going 67 00:04:02,640 --> 00:04:04,760 Speaker 1: to keep answering these types of questions because I just 68 00:04:04,880 --> 00:04:07,360 Speaker 1: feel like that is what so many of us are 69 00:04:07,400 --> 00:04:11,800 Speaker 1: going through right now. Is like overwhelm but overwhelmed by 70 00:04:12,800 --> 00:04:15,680 Speaker 1: financial obligations. There doesn't seem to be enough money coming 71 00:04:15,720 --> 00:04:18,960 Speaker 1: in to actually meet all of these bills, and all 72 00:04:18,960 --> 00:04:21,760 Speaker 1: these people put their hands out wanting money from us, 73 00:04:21,800 --> 00:04:24,760 Speaker 1: and I just get that really deeply. So let me 74 00:04:24,800 --> 00:04:28,560 Speaker 1: start with this anonymous listener Triplex and dive on in. 75 00:04:28,880 --> 00:04:31,000 Speaker 1: All right, She says, I am a black woman from 76 00:04:31,200 --> 00:04:33,599 Speaker 1: NYC who just turned thirty a few weeks ago, and 77 00:04:33,680 --> 00:04:37,159 Speaker 1: my financial life is a bit in shambles, but I'm 78 00:04:37,200 --> 00:04:39,880 Speaker 1: trying to take back control. I grew up in a 79 00:04:39,920 --> 00:04:43,080 Speaker 1: Haitian household and was taught your name and credit are 80 00:04:43,120 --> 00:04:46,640 Speaker 1: extremely important in this country. In other words, pay the 81 00:04:46,680 --> 00:04:50,600 Speaker 1: man and stay out of prison. My entire twenties after college, 82 00:04:50,640 --> 00:04:53,120 Speaker 1: I worked hard to do everything right until I got 83 00:04:53,160 --> 00:04:55,679 Speaker 1: laid off in June twenty twenty three, and I couldn't 84 00:04:55,680 --> 00:04:58,719 Speaker 1: find a new position or pay my bills consistently for 85 00:04:58,839 --> 00:05:02,520 Speaker 1: an entire year. My credit score that I worked very 86 00:05:02,520 --> 00:05:05,039 Speaker 1: hard for dropped one hundred and fifty points and sent 87 00:05:05,120 --> 00:05:08,320 Speaker 1: me into depression. Fast forward to the end of twenty 88 00:05:08,360 --> 00:05:10,920 Speaker 1: twenty four, and I am still crippled by debt that 89 00:05:10,960 --> 00:05:14,120 Speaker 1: I had before, and even more now from using credit 90 00:05:14,120 --> 00:05:17,239 Speaker 1: cards to pay for last minute emergencies because my savings 91 00:05:17,240 --> 00:05:20,479 Speaker 1: are blown. I'm working at sales position now, so things 92 00:05:20,480 --> 00:05:23,919 Speaker 1: are slightly better, but not really. I'm thinking about taking 93 00:05:23,920 --> 00:05:26,120 Speaker 1: out a personal loan to pay off the debt, but 94 00:05:26,240 --> 00:05:29,960 Speaker 1: the APR is so high due to my low score, 95 00:05:30,640 --> 00:05:33,000 Speaker 1: and my car broke down, and I need to pay 96 00:05:33,040 --> 00:05:36,000 Speaker 1: down debt in order to raise my score to get 97 00:05:36,000 --> 00:05:39,039 Speaker 1: another one. Or do I should I take out the 98 00:05:39,080 --> 00:05:41,240 Speaker 1: loan to pay off my credit card debt even with 99 00:05:41,360 --> 00:05:44,960 Speaker 1: the high APR? Are there other options? I believe I 100 00:05:45,000 --> 00:05:48,280 Speaker 1: can refinance once my score gets higher, but I'm nervous. 101 00:05:48,360 --> 00:05:50,960 Speaker 1: I'm in dire need of your advice and tutelage. 102 00:05:51,120 --> 00:05:51,520 Speaker 2: Thank you. 103 00:05:52,760 --> 00:05:56,719 Speaker 1: Oh this is stressful. What is it about vehicles, y'all? Like, 104 00:05:56,839 --> 00:06:00,120 Speaker 1: what is it about your car that it can just smell? Well, 105 00:06:00,520 --> 00:06:02,159 Speaker 1: first of all, it can smell if you have any 106 00:06:02,200 --> 00:06:04,960 Speaker 1: money in the bank, and it's just like, m, what 107 00:06:05,000 --> 00:06:06,200 Speaker 1: are we going to do. Is it going to be 108 00:06:06,240 --> 00:06:09,479 Speaker 1: the check engine light? Are the brakes gonna start squeaking? 109 00:06:09,640 --> 00:06:11,480 Speaker 1: Are we going to pop a tire on the blow 110 00:06:11,480 --> 00:06:12,840 Speaker 1: a tire on the freeway? 111 00:06:12,960 --> 00:06:13,039 Speaker 2: Like? 112 00:06:13,120 --> 00:06:15,080 Speaker 1: What are we going to do? Because it doesn't seem 113 00:06:15,080 --> 00:06:17,800 Speaker 1: like there's enough stress here. But even then, when you're 114 00:06:17,880 --> 00:06:21,240 Speaker 1: in financial strife, it doesn't matter. Even then, that car 115 00:06:21,360 --> 00:06:24,320 Speaker 1: will go out on you, It will turn on you. 116 00:06:25,400 --> 00:06:29,560 Speaker 1: It should be studied by science. But I just want 117 00:06:29,600 --> 00:06:33,840 Speaker 1: to say I can understand financial depression a thousand percent. 118 00:06:34,400 --> 00:06:38,520 Speaker 1: You feel so isolated, so alone, And it's. 119 00:06:38,400 --> 00:06:39,880 Speaker 2: One thing I think we all kind of know. 120 00:06:40,120 --> 00:06:43,560 Speaker 1: Social media is not real and everyone's just showing their 121 00:06:43,600 --> 00:06:47,760 Speaker 1: best self. But at the same time, we all are 122 00:06:47,880 --> 00:06:52,200 Speaker 1: hiding the shadowy parts of ourselves, the parts that make 123 00:06:52,240 --> 00:06:54,520 Speaker 1: it hard to get out of bed, the parts that 124 00:06:54,880 --> 00:06:58,359 Speaker 1: make us say horrible things to ourselves and judge ourselves 125 00:06:58,360 --> 00:07:02,560 Speaker 1: so harshly. You know, we don't mention how we are 126 00:07:02,600 --> 00:07:05,760 Speaker 1: getting phone calls from eight hundred numbers that we know 127 00:07:06,080 --> 00:07:10,000 Speaker 1: belong to credit card companies, or phone bill companies or 128 00:07:10,080 --> 00:07:13,200 Speaker 1: light bill companies that are asking for their money. We 129 00:07:13,280 --> 00:07:16,680 Speaker 1: don't mention how we are going to the grocery store 130 00:07:16,880 --> 00:07:20,239 Speaker 1: and stocking up on essentials and running our credit card 131 00:07:20,720 --> 00:07:23,880 Speaker 1: because what other choice do we have. We got to eat, 132 00:07:24,000 --> 00:07:26,720 Speaker 1: the kids, got to have diapers, you know, got to 133 00:07:26,760 --> 00:07:29,680 Speaker 1: have what you need, dogs, got to have food. Like, 134 00:07:29,720 --> 00:07:33,920 Speaker 1: we don't really share that. And yet I know because 135 00:07:33,960 --> 00:07:37,360 Speaker 1: I see y'all's and I see your questions, and you're 136 00:07:37,400 --> 00:07:40,480 Speaker 1: so not alone. I also am living in this world too, 137 00:07:40,920 --> 00:07:43,360 Speaker 1: And I mean, I'm questioning whether or not to show 138 00:07:43,440 --> 00:07:46,280 Speaker 1: y'all a screenshot of our podcast revenue for the past year, 139 00:07:46,280 --> 00:07:49,960 Speaker 1: because I'll tell you, for real, it's not cute, not at. 140 00:07:49,680 --> 00:07:52,680 Speaker 2: All, not even a little bit. It is down so. 141 00:07:52,960 --> 00:07:57,280 Speaker 1: Bad that I'm like, wait a minute, I thought I 142 00:07:57,360 --> 00:08:02,320 Speaker 1: was a successful solopreneur. Well not all the time, right, 143 00:08:02,440 --> 00:08:08,280 Speaker 1: So we all have these human moments and listen, especially 144 00:08:08,280 --> 00:08:10,800 Speaker 1: when you're someone who's worked hard to get a good 145 00:08:10,800 --> 00:08:13,920 Speaker 1: credit score, and I'm someone who's done that too, when 146 00:08:13,960 --> 00:08:16,840 Speaker 1: you see those points getting knocked off and knocked off 147 00:08:16,880 --> 00:08:19,480 Speaker 1: and you're so good at, you know, maintaining your high 148 00:08:19,520 --> 00:08:21,720 Speaker 1: credit score that you know exactly why the points are 149 00:08:21,760 --> 00:08:24,200 Speaker 1: getting knocked off. And I talked about this on a 150 00:08:24,240 --> 00:08:27,840 Speaker 1: recent episode of the QA. But it's that utilization rate. 151 00:08:28,000 --> 00:08:30,960 Speaker 1: It's because we're turning more to credit cards, and the 152 00:08:30,960 --> 00:08:34,760 Speaker 1: more credit that we use and the less that we 153 00:08:34,840 --> 00:08:37,840 Speaker 1: pay it off, the lower our score is. It's just 154 00:08:38,400 --> 00:08:41,320 Speaker 1: that's how the credit scoring system is set up. Now. 155 00:08:41,400 --> 00:08:44,520 Speaker 1: I do think that you can give yourself some grace 156 00:08:44,600 --> 00:08:47,520 Speaker 1: on the credit score front. It is it is a tool, 157 00:08:47,679 --> 00:08:49,840 Speaker 1: but it is not who you are, okay. It is 158 00:08:49,920 --> 00:08:56,680 Speaker 1: a tool to get access to loans and credit. And yes, 159 00:08:56,920 --> 00:08:59,360 Speaker 1: having a higher score does make it so that you 160 00:08:59,400 --> 00:09:02,120 Speaker 1: can get act sss to those lines of credit at 161 00:09:02,160 --> 00:09:04,880 Speaker 1: a lower price, right at a lower APR. If you 162 00:09:04,960 --> 00:09:07,720 Speaker 1: have high credit. Just because you're dealing with a difficult 163 00:09:07,720 --> 00:09:09,880 Speaker 1: time right now and you do have a low credit score, 164 00:09:10,320 --> 00:09:12,959 Speaker 1: it doesn't mean that you're bad, doesn't mean that you're terrible, 165 00:09:13,040 --> 00:09:16,280 Speaker 1: Like you have a very logical set of reasons. And 166 00:09:16,520 --> 00:09:19,400 Speaker 1: I'm ready to just acknowledge the fact that one year 167 00:09:19,600 --> 00:09:25,079 Speaker 1: of unemployment or one year of underemployment after getting laid off, 168 00:09:25,240 --> 00:09:30,679 Speaker 1: that's not uncommon. It's not like I'm I'm not here saying, wow, 169 00:09:30,760 --> 00:09:33,800 Speaker 1: a whole year, what's taken her so long? Like that 170 00:09:34,040 --> 00:09:38,320 Speaker 1: is reality, Like, especially when you factor in if that 171 00:09:38,400 --> 00:09:41,839 Speaker 1: layoff triggered you know, some mental health challenges, and then 172 00:09:41,840 --> 00:09:42,480 Speaker 1: it's like, well. 173 00:09:42,320 --> 00:09:43,360 Speaker 2: How do you get back out there? 174 00:09:43,360 --> 00:09:46,520 Speaker 1: And then you start doubting yourself and you know, one 175 00:09:46,640 --> 00:09:48,640 Speaker 1: last thing, this is like the last thing you need 176 00:09:48,679 --> 00:09:51,440 Speaker 1: to add to that list of things to be upset 177 00:09:51,440 --> 00:09:54,679 Speaker 1: with yourself about, is your credit score. Now let's get 178 00:09:54,679 --> 00:09:57,160 Speaker 1: into like the nitty gritty of yes, but I still 179 00:09:57,160 --> 00:10:00,560 Speaker 1: have this mountain of debt. So at this point, I 180 00:10:00,600 --> 00:10:05,680 Speaker 1: actually think that a taking on more debt, like taking 181 00:10:05,679 --> 00:10:09,640 Speaker 1: on taking on a more credit cards, trying to open 182 00:10:09,720 --> 00:10:12,160 Speaker 1: up to get more access to credit, is only going 183 00:10:12,200 --> 00:10:16,520 Speaker 1: to make your situation more perilous and more stressful for you. 184 00:10:18,160 --> 00:10:21,160 Speaker 1: I like the idea of you taking out a personal 185 00:10:21,200 --> 00:10:24,720 Speaker 1: loan to consolidate your credit card debt, but at that point, 186 00:10:25,520 --> 00:10:27,559 Speaker 1: and I know that you're saying that the aprs for 187 00:10:27,600 --> 00:10:29,679 Speaker 1: the loans that you're seeing have been on the higher side, 188 00:10:29,720 --> 00:10:35,600 Speaker 1: and that definitely is due to your credit score. And 189 00:10:35,640 --> 00:10:39,600 Speaker 1: that's concerning because when it comes to a personal loan, 190 00:10:40,040 --> 00:10:42,160 Speaker 1: one of the benefits is that it's a fixed rate 191 00:10:42,800 --> 00:10:45,960 Speaker 1: and a fixed monthly payment and a fixed timeline to 192 00:10:46,000 --> 00:10:49,280 Speaker 1: pay it down. But if your credit score improves, that 193 00:10:49,320 --> 00:10:51,920 Speaker 1: fixed rate means that, okay, we're not going to lower 194 00:10:51,960 --> 00:10:54,679 Speaker 1: your rate down the line if your credit score goes down, 195 00:10:54,720 --> 00:10:56,600 Speaker 1: so you're locking in this rate at whatever it is 196 00:10:56,679 --> 00:10:59,920 Speaker 1: right now. Now, That is why I think it could 197 00:11:00,120 --> 00:11:02,320 Speaker 1: be smart to take a pause and look for an 198 00:11:02,360 --> 00:11:04,920 Speaker 1: alternative to whatever. I don't know what types of loans 199 00:11:04,920 --> 00:11:08,839 Speaker 1: you've been looking at. I'll always go back to community 200 00:11:08,920 --> 00:11:12,040 Speaker 1: and credit unions, like if community banks and credit unions 201 00:11:12,360 --> 00:11:16,080 Speaker 1: when it comes to looking for alternative financing options. Also 202 00:11:16,559 --> 00:11:20,640 Speaker 1: call your creditors and tell them about what you're going through. 203 00:11:20,679 --> 00:11:24,480 Speaker 1: They may offer to reduce your rate. And I can 204 00:11:24,559 --> 00:11:27,480 Speaker 1: say that from having read a listener's question just last 205 00:11:27,520 --> 00:11:30,520 Speaker 1: week where she was able to contact her creditor and 206 00:11:30,600 --> 00:11:34,199 Speaker 1: get her APR dropped to I think nine point nine percent. 207 00:11:34,800 --> 00:11:38,080 Speaker 1: And in that case, they did freeze the card, which 208 00:11:38,120 --> 00:11:40,360 Speaker 1: means that you wouldn't have that as a safety net. 209 00:11:40,440 --> 00:11:44,040 Speaker 1: You wouldn't have access to that credit. But I think 210 00:11:44,160 --> 00:11:47,280 Speaker 1: at this point it's a wake up call in terms 211 00:11:47,320 --> 00:11:51,800 Speaker 1: of continuing to, you know, look for more access to 212 00:11:51,840 --> 00:11:54,439 Speaker 1: credit so that you can continue to overly on those cards. 213 00:11:55,360 --> 00:11:57,800 Speaker 1: It just isn't a good long term solution. And we've 214 00:11:57,840 --> 00:12:01,240 Speaker 1: got to stop the bleeding. Staunch the bleeding, and I 215 00:12:01,280 --> 00:12:04,480 Speaker 1: think potentially like calling your creditors seeing if you can 216 00:12:04,679 --> 00:12:07,679 Speaker 1: reduce your APR, get them a payment plan, you know, 217 00:12:07,840 --> 00:12:11,240 Speaker 1: something like that could It couldn't hurt to ask and 218 00:12:11,280 --> 00:12:13,480 Speaker 1: to try. And you know what, I'm going to try 219 00:12:13,520 --> 00:12:16,160 Speaker 1: this myself because I just want to be able to 220 00:12:16,160 --> 00:12:20,400 Speaker 1: tell you guys what I've experienced. But if y'all yourselves 221 00:12:20,440 --> 00:12:22,640 Speaker 1: have ever gone through this and you've called a creditor 222 00:12:22,640 --> 00:12:25,160 Speaker 1: and negotiated a lower rate, you know, I'm happy to 223 00:12:25,960 --> 00:12:29,520 Speaker 1: take y'all's tips, take your experiences and be able to 224 00:12:29,520 --> 00:12:32,080 Speaker 1: share because I know that the rules and the like, 225 00:12:32,120 --> 00:12:36,080 Speaker 1: the tolerance that banks have for that type of you know, 226 00:12:36,440 --> 00:12:39,360 Speaker 1: that type of flexibility, it can change, it can be cyclical. 227 00:12:39,480 --> 00:12:42,280 Speaker 1: So if that's if it feels like banks are being 228 00:12:42,320 --> 00:12:44,320 Speaker 1: more flexible these days, I think we should know we 229 00:12:44,320 --> 00:12:47,360 Speaker 1: should be jumping on that as an option. Okay. Other 230 00:12:47,800 --> 00:12:52,040 Speaker 1: options to take care of your credit debt is to 231 00:12:52,720 --> 00:12:57,440 Speaker 1: work with a debt relief organization. So there are The 232 00:12:57,640 --> 00:13:01,240 Speaker 1: National Foundation for Credit Counseling is nonprofit that you can 233 00:13:01,280 --> 00:13:03,400 Speaker 1: go to and I think you can set up like 234 00:13:03,440 --> 00:13:05,800 Speaker 1: a free consultation and they can see if you're a 235 00:13:05,880 --> 00:13:10,520 Speaker 1: good fit for their services. It's not a direct line 236 00:13:10,640 --> 00:13:15,920 Speaker 1: into filing personal bankruptcy. Although personal bankruptcy is also a tool, 237 00:13:16,240 --> 00:13:19,679 Speaker 1: it's a tool that can be used. It can have repercussions, 238 00:13:19,760 --> 00:13:24,640 Speaker 1: big ones on your you know, your financial reputation for 239 00:13:24,800 --> 00:13:27,400 Speaker 1: years to come. But it is a tool, you know, 240 00:13:27,520 --> 00:13:30,440 Speaker 1: that is out there, and starting with an organization like 241 00:13:30,480 --> 00:13:33,920 Speaker 1: the NFCC can at least help you weigh your options 242 00:13:33,960 --> 00:13:39,760 Speaker 1: of debt settlement, debt relief, yes, personal bankruptcy, all the 243 00:13:39,800 --> 00:13:43,000 Speaker 1: options and just see what works for you when it 244 00:13:43,000 --> 00:13:46,920 Speaker 1: comes to like a debt relief organization. You know, we're 245 00:13:46,960 --> 00:13:51,040 Speaker 1: having a guest on from the National Debt Relief National 246 00:13:51,040 --> 00:13:53,360 Speaker 1: Debt Relief? Is that what it's called, Yeah, something like 247 00:13:53,400 --> 00:13:58,960 Speaker 1: that in January. And you know, one of the one 248 00:13:59,000 --> 00:14:02,599 Speaker 1: of the sort of cons or I think one of 249 00:14:02,640 --> 00:14:06,160 Speaker 1: the suspicions or fears about an organization like that is 250 00:14:06,200 --> 00:14:08,920 Speaker 1: that your credit score is going to take a huge 251 00:14:08,960 --> 00:14:11,319 Speaker 1: hit because they're going to make you stop making payments 252 00:14:11,360 --> 00:14:14,160 Speaker 1: on your credit. But if you're in a deep you know, 253 00:14:14,400 --> 00:14:16,120 Speaker 1: if you're in a deep hole like it sounds like 254 00:14:16,200 --> 00:14:18,840 Speaker 1: you are, your credit score has already taken a big hit. 255 00:14:19,800 --> 00:14:23,680 Speaker 1: And if these organizations it can actually get in touch 256 00:14:23,720 --> 00:14:27,120 Speaker 1: with lenders and negotiate better terms for you, or negotiate 257 00:14:27,560 --> 00:14:30,560 Speaker 1: a settlement amount or a payoff amount like that actually 258 00:14:30,640 --> 00:14:34,400 Speaker 1: could be something, especially in your situation, that could make 259 00:14:34,440 --> 00:14:39,080 Speaker 1: some sense. So I would say some debt relief organizations 260 00:14:39,120 --> 00:14:42,120 Speaker 1: like that may be a good place. But NFCC is 261 00:14:42,160 --> 00:14:47,840 Speaker 1: also it's sort of like I don't know an objective 262 00:14:48,000 --> 00:14:50,520 Speaker 1: party who can get on the phone with you. You 263 00:14:50,520 --> 00:14:53,120 Speaker 1: can talk to a credit counselor and just start to 264 00:14:53,160 --> 00:14:55,400 Speaker 1: weigh all of your options and then you can choose 265 00:14:55,800 --> 00:14:58,200 Speaker 1: the path forward from there. Now, when it comes to 266 00:14:58,240 --> 00:15:00,240 Speaker 1: your car, okay, so you say your car broke down 267 00:15:00,280 --> 00:15:01,920 Speaker 1: and you feel like you need to pay down debts, 268 00:15:01,960 --> 00:15:04,280 Speaker 1: you can raise your score and get another one. So 269 00:15:04,360 --> 00:15:07,720 Speaker 1: I get it. I'm having a better credit score means 270 00:15:07,720 --> 00:15:09,960 Speaker 1: you can get better terms on a loan for a car, 271 00:15:11,000 --> 00:15:13,880 Speaker 1: if at all possible. Can you do without a car 272 00:15:14,240 --> 00:15:17,160 Speaker 1: for a time being, because these car payments these days, 273 00:15:17,520 --> 00:15:23,040 Speaker 1: especially with bad credit, are outrageous, Like American car owners 274 00:15:23,080 --> 00:15:26,720 Speaker 1: are spending over seven hundred dollars a month on their 275 00:15:26,760 --> 00:15:30,000 Speaker 1: car payments for a new car. And I and I 276 00:15:30,080 --> 00:15:31,600 Speaker 1: know that that doesn't mean that you would go out 277 00:15:31,600 --> 00:15:33,840 Speaker 1: and buy like an amazing brand new car and drive 278 00:15:33,840 --> 00:15:36,200 Speaker 1: it off the lot and all of that. But if 279 00:15:36,240 --> 00:15:39,240 Speaker 1: you can save you know, the five hundred to seven 280 00:15:39,320 --> 00:15:41,360 Speaker 1: hundred dollars you may be putting into a car payment 281 00:15:41,520 --> 00:15:44,400 Speaker 1: each month, especially with a high you know APR that 282 00:15:44,440 --> 00:15:47,280 Speaker 1: you may have to have because of your credit. I 283 00:15:47,320 --> 00:15:51,280 Speaker 1: think that's a better option that may seem that maybe impossible. 284 00:15:51,320 --> 00:15:53,040 Speaker 1: I don't know how far your job is or how 285 00:15:53,120 --> 00:15:56,240 Speaker 1: you would get there, but I would be looking for 286 00:15:56,760 --> 00:16:00,840 Speaker 1: how to you know, shave expenses from your balance sheet 287 00:16:00,920 --> 00:16:05,000 Speaker 1: until you can start to build it up. But yeah, 288 00:16:05,040 --> 00:16:08,080 Speaker 1: I will leave it there triple X. And I hope 289 00:16:08,080 --> 00:16:10,480 Speaker 1: that this was helpful. I hope that you feel less alone, 290 00:16:10,800 --> 00:16:14,200 Speaker 1: that you feel seen. I'm really grateful that you've, you know, 291 00:16:14,920 --> 00:16:17,000 Speaker 1: been so vulnerable to send in a question like this, 292 00:16:17,560 --> 00:16:21,040 Speaker 1: because I know that it is. It can be, yeah, 293 00:16:21,200 --> 00:16:24,560 Speaker 1: mentally debilitating to have that amount of debt and to 294 00:16:24,560 --> 00:16:28,400 Speaker 1: see your credit score go down. But you can overcome this, 295 00:16:28,600 --> 00:16:32,440 Speaker 1: and this it can just be a temporary blip. Give 296 00:16:32,480 --> 00:16:37,200 Speaker 1: yourself time and grace as much as possible, and tell 297 00:16:37,360 --> 00:16:40,760 Speaker 1: a friend, tell a family member, someone who maybe even 298 00:16:40,800 --> 00:16:43,240 Speaker 1: can like sit side by side while you have these 299 00:16:43,280 --> 00:16:47,480 Speaker 1: conversations with the credit counseling organization or with a debt 300 00:16:47,520 --> 00:16:49,840 Speaker 1: relief company or with a credit union about a debt 301 00:16:49,880 --> 00:16:55,120 Speaker 1: consolidation loan. And just remember that, you know, taking care 302 00:16:55,160 --> 00:16:58,640 Speaker 1: of the credit issue is it's a symptom of the 303 00:16:58,680 --> 00:17:02,160 Speaker 1: bigger problem, which is, you know, you're not earning enough 304 00:17:02,200 --> 00:17:06,120 Speaker 1: to meet your expenses. So as you're getting a plan 305 00:17:06,160 --> 00:17:08,639 Speaker 1: put together with a debt, hopefully that builds your confidence 306 00:17:08,640 --> 00:17:12,600 Speaker 1: and you can, you know, reapproach your career path and 307 00:17:12,920 --> 00:17:15,560 Speaker 1: find some opportunities to bring in more money so that 308 00:17:15,640 --> 00:17:18,160 Speaker 1: you can chip away, not just trip away at debt, 309 00:17:18,160 --> 00:17:22,200 Speaker 1: but actually rebuild your emergency savings so that they're ready 310 00:17:22,200 --> 00:17:25,159 Speaker 1: for you the next time your damn car decides it 311 00:17:25,240 --> 00:17:28,960 Speaker 1: wants to end its life at the worst possible moment. 312 00:17:29,720 --> 00:17:31,560 Speaker 1: All right, thank you so much for your question. We're 313 00:17:31,560 --> 00:17:33,399 Speaker 1: going to take a quick break and be right back 314 00:17:33,560 --> 00:17:40,280 Speaker 1: with more. Baqa okay, b a fam We are back, 315 00:17:40,359 --> 00:17:43,040 Speaker 1: and I am here to answer a question from listener 316 00:17:43,119 --> 00:17:45,480 Speaker 1: Livronia from Los Angeles. 317 00:17:45,560 --> 00:17:47,080 Speaker 2: Hey Livnia, thank. 318 00:17:46,880 --> 00:17:49,600 Speaker 1: You for sending in this question. Thanks for listening to 319 00:17:49,680 --> 00:17:52,760 Speaker 1: the podcast. All right, let's dive on in. You say, 320 00:17:52,800 --> 00:17:55,280 Speaker 1: I am thirty one years young, child free and living 321 00:17:55,280 --> 00:17:58,439 Speaker 1: in Los Angeles. I'm ready to be better with my money. 322 00:17:58,680 --> 00:18:00,840 Speaker 1: I make sixty nine thousand dollars a year and I 323 00:18:00,880 --> 00:18:04,920 Speaker 1: have very few expenses. My monthly expenses are about sixteen 324 00:18:05,000 --> 00:18:08,639 Speaker 1: hundred dollars with rent included. I'm currently saving with my 325 00:18:08,680 --> 00:18:11,040 Speaker 1: four to one K and I have a life insurance 326 00:18:11,080 --> 00:18:14,760 Speaker 1: policy that has a cash value component. I currently don't 327 00:18:14,760 --> 00:18:17,399 Speaker 1: have a personal savings account, and I want to change that, 328 00:18:17,480 --> 00:18:19,840 Speaker 1: but I'm not sure how. I tend to have a 329 00:18:19,880 --> 00:18:22,399 Speaker 1: few hundred dollars left after I paid my bills and 330 00:18:22,440 --> 00:18:25,960 Speaker 1: taking care of necessities, but I always find myself broke 331 00:18:26,200 --> 00:18:28,960 Speaker 1: slash living paycheck to paycheck because I blow all my 332 00:18:29,080 --> 00:18:32,520 Speaker 1: extra money. My credit limit is two thousand dollars and 333 00:18:32,560 --> 00:18:35,280 Speaker 1: it's currently maxed out because of revert to using it 334 00:18:35,320 --> 00:18:37,520 Speaker 1: when I'm broke. I'm ready to get out of this 335 00:18:37,600 --> 00:18:40,480 Speaker 1: cycle because it feels like I'm broke by choice. I 336 00:18:40,520 --> 00:18:42,680 Speaker 1: guess my question is how do I start to save 337 00:18:42,800 --> 00:18:45,920 Speaker 1: and how do I work the extra money without How 338 00:18:45,920 --> 00:18:48,680 Speaker 1: do I work the extra money without spending it all 339 00:18:48,720 --> 00:18:51,480 Speaker 1: on food and miscellaneous random items? 340 00:18:52,080 --> 00:18:54,440 Speaker 2: Thank you again? All right, Larnia. 341 00:18:54,520 --> 00:18:57,000 Speaker 1: Wow, this was exactly the situation I was in when 342 00:18:57,040 --> 00:19:00,280 Speaker 1: I first moved to New York. I was, I mean, 343 00:19:00,640 --> 00:19:01,840 Speaker 1: I don't think you're broke. 344 00:19:02,080 --> 00:19:03,480 Speaker 2: I think that you're well. 345 00:19:03,520 --> 00:19:06,199 Speaker 1: First of all, you're young, and that's kind of like 346 00:19:06,400 --> 00:19:08,119 Speaker 1: how it is in the beginning. You don't have a 347 00:19:08,200 --> 00:19:11,440 Speaker 1: high credit limit. And I remember my first credit card 348 00:19:12,040 --> 00:19:14,000 Speaker 1: coming out of college and moving to New York. It 349 00:19:14,119 --> 00:19:17,400 Speaker 1: was like, I think seven hundred dollars, and I kept 350 00:19:17,440 --> 00:19:19,600 Speaker 1: maxing it out because it was like a barely nothing 351 00:19:19,640 --> 00:19:22,199 Speaker 1: credit limit, and then they would increase it and it 352 00:19:22,240 --> 00:19:25,600 Speaker 1: became a twelve hundred dollars and then it became two 353 00:19:25,600 --> 00:19:28,280 Speaker 1: thousand dollars, and every time it went up, I would spend. 354 00:19:28,440 --> 00:19:31,000 Speaker 1: I would spend on it, and I would max it out, 355 00:19:31,040 --> 00:19:33,000 Speaker 1: and I ended up exactly where you're at. You know, 356 00:19:33,040 --> 00:19:35,520 Speaker 1: I'm earning decent money, I have some money left over, 357 00:19:35,640 --> 00:19:39,640 Speaker 1: but I'm constantly like, what is like chasing bad after 358 00:19:39,680 --> 00:19:42,960 Speaker 1: good or chasing good after bad spending habits, and so 359 00:19:43,119 --> 00:19:45,520 Speaker 1: you end up taking the extra money in your account 360 00:19:45,600 --> 00:19:49,159 Speaker 1: and using it to pay off or pace down some 361 00:19:49,240 --> 00:19:51,359 Speaker 1: of that credit card debt that you're accruing. And I 362 00:19:51,359 --> 00:19:53,760 Speaker 1: think you're at a pivotal like juncture right now because 363 00:19:53,800 --> 00:19:57,280 Speaker 1: you're recognizing this cycle is not sustained, Like you can't 364 00:19:57,520 --> 00:20:00,000 Speaker 1: sustain this for much longer, and it's not a good 365 00:20:00,160 --> 00:20:02,680 Speaker 1: long term strategy. I mean, I'm glad that you're saving 366 00:20:02,720 --> 00:20:05,679 Speaker 1: with your four one K. You know, you're thirty one 367 00:20:05,720 --> 00:20:08,280 Speaker 1: years old, you have a life insurance policy. I mean, 368 00:20:09,119 --> 00:20:10,840 Speaker 1: I can kind of touch on that a little bit too. 369 00:20:10,880 --> 00:20:15,920 Speaker 1: But you are making some financially responsible decisions with your money. 370 00:20:15,920 --> 00:20:18,320 Speaker 1: So it's not like you're out there, like I know, 371 00:20:18,440 --> 00:20:20,879 Speaker 1: you're not at the club, you know, getting bottle service 372 00:20:20,920 --> 00:20:23,240 Speaker 1: all the time. You can easily blow through a few 373 00:20:23,280 --> 00:20:27,480 Speaker 1: hundred dollars in la I'm sure going out to you know, drinks, 374 00:20:27,560 --> 00:20:29,560 Speaker 1: or going out for food or just going. 375 00:20:29,400 --> 00:20:33,120 Speaker 2: Grocery shopping or just like living life is expensive outside 376 00:20:33,160 --> 00:20:36,720 Speaker 2: is so expensive, right, But in terms of like how 377 00:20:36,760 --> 00:20:38,639 Speaker 2: to save, you're going to need to find more money 378 00:20:38,680 --> 00:20:40,560 Speaker 2: in your budget to put toward that savings. 379 00:20:41,000 --> 00:20:43,000 Speaker 1: And you're not going to find that money in your 380 00:20:43,040 --> 00:20:46,280 Speaker 1: budget until you can pay off that credit card and 381 00:20:46,320 --> 00:20:49,199 Speaker 1: then try to keep your credit debt as low or 382 00:20:49,280 --> 00:20:52,879 Speaker 1: nonexistent as possible. Now, two thousand dollars is not a 383 00:20:52,920 --> 00:20:55,200 Speaker 1: small amount of money, but it's also not that bad. 384 00:20:55,440 --> 00:20:58,280 Speaker 1: And it sounds like with the amount of money you're 385 00:20:58,280 --> 00:21:01,240 Speaker 1: making now, if you just dedicated yourself to paying down 386 00:21:01,280 --> 00:21:02,960 Speaker 1: this credit card and getting it out of the way 387 00:21:02,960 --> 00:21:03,760 Speaker 1: for the next year. 388 00:21:04,400 --> 00:21:05,800 Speaker 2: Honestly, even if. 389 00:21:05,600 --> 00:21:08,439 Speaker 1: You pull back a little bit from investing in your 390 00:21:08,440 --> 00:21:09,800 Speaker 1: four to one K, I mean, I don't know how 391 00:21:09,880 --> 00:21:12,120 Speaker 1: much you're putting away. Actually, let me run that back, 392 00:21:12,200 --> 00:21:15,160 Speaker 1: because if you're making sixty nine thousand, even if you're 393 00:21:15,200 --> 00:21:20,159 Speaker 1: saving like what ten percent of your your your gross 394 00:21:20,200 --> 00:21:22,879 Speaker 1: pay and putting that into your four to one K, 395 00:21:23,000 --> 00:21:24,760 Speaker 1: it's still not a ton of money. So like, keep 396 00:21:24,800 --> 00:21:27,159 Speaker 1: saving in your four one K, but do what you 397 00:21:27,240 --> 00:21:29,720 Speaker 1: can to bring in either bring in some extra money, 398 00:21:29,760 --> 00:21:32,159 Speaker 1: but definitely use whatever leftover money you have in your 399 00:21:32,160 --> 00:21:36,000 Speaker 1: budget to start tackling that credit card. And you're gonna 400 00:21:36,040 --> 00:21:39,000 Speaker 1: have to get comfortable with the word no, especially in 401 00:21:39,040 --> 00:21:41,480 Speaker 1: the next year. It'll probably take like six to I 402 00:21:41,480 --> 00:21:43,639 Speaker 1: don't know, six months to a year to pay it 403 00:21:43,680 --> 00:21:46,119 Speaker 1: down if you're just you know, chipping away at that 404 00:21:46,160 --> 00:21:48,399 Speaker 1: credit card debt with a few hundred dollars at a time. 405 00:21:48,880 --> 00:21:51,920 Speaker 1: But either you're gonna have to look for a job 406 00:21:51,960 --> 00:21:53,880 Speaker 1: that can pay you more than what you're earning now 407 00:21:54,080 --> 00:21:56,960 Speaker 1: or look for a source of additional incomes, maybe like 408 00:21:57,040 --> 00:21:59,920 Speaker 1: taking on some contract work or if you have a 409 00:22:00,280 --> 00:22:02,560 Speaker 1: skill or something you can use as a side hustle 410 00:22:02,680 --> 00:22:05,000 Speaker 1: to bring in some extra money and just make sure 411 00:22:05,000 --> 00:22:07,800 Speaker 1: that extra money actually has a job. And right now, 412 00:22:07,840 --> 00:22:10,359 Speaker 1: the job is to pay down that credit card so 413 00:22:10,440 --> 00:22:13,320 Speaker 1: that you can become free to then put that money 414 00:22:13,359 --> 00:22:17,240 Speaker 1: away into a savings account. And if anything, for my 415 00:22:17,320 --> 00:22:21,920 Speaker 1: last listener's letter should tell you, it's that right when 416 00:22:22,359 --> 00:22:24,560 Speaker 1: you think you're doing okay or you just got back 417 00:22:24,720 --> 00:22:28,280 Speaker 1: in a decent space, or even then, like right when 418 00:22:28,359 --> 00:22:30,479 Speaker 1: things are really difficult, that's when you're going to have 419 00:22:30,560 --> 00:22:33,840 Speaker 1: another crisis come up. Doesn't sound like you have a 420 00:22:33,840 --> 00:22:36,080 Speaker 1: car that maybe will go out on you, but there 421 00:22:36,119 --> 00:22:39,239 Speaker 1: could be another you know, sort of financial emergency that 422 00:22:39,280 --> 00:22:42,639 Speaker 1: makes things go from bad to even worse. And I 423 00:22:42,840 --> 00:22:45,440 Speaker 1: just think that you've got an opportunity here to catch 424 00:22:45,520 --> 00:22:47,879 Speaker 1: up and to close this gap right now. It's why 425 00:22:47,920 --> 00:22:50,199 Speaker 1: I said it was a really important juncture, so that 426 00:22:50,280 --> 00:22:53,560 Speaker 1: you can start saving and setting aside funds so that 427 00:22:53,600 --> 00:22:57,000 Speaker 1: you're just in a better financial a better position for 428 00:22:57,080 --> 00:23:00,679 Speaker 1: making a decision down the line. You can you know, 429 00:23:00,800 --> 00:23:03,199 Speaker 1: listen to this, to these tips and actually put them 430 00:23:03,240 --> 00:23:06,840 Speaker 1: into action. I think you'll be in great shape, especially 431 00:23:06,880 --> 00:23:09,359 Speaker 1: investing with your four oh one K. Yeah, your life 432 00:23:09,359 --> 00:23:12,480 Speaker 1: insurance having a cash value component. So so that I 433 00:23:12,560 --> 00:23:14,720 Speaker 1: understand is when you have a life insurance policy, it's 434 00:23:14,720 --> 00:23:17,520 Speaker 1: a permanent life insurance policy. I'm not personally a huge 435 00:23:17,520 --> 00:23:19,800 Speaker 1: fan of permanent life insurance, but hey, you already got it, 436 00:23:19,840 --> 00:23:22,720 Speaker 1: so as whatever. But with a cash value component is 437 00:23:22,800 --> 00:23:27,280 Speaker 1: basically like they it functions a little bit like a 438 00:23:27,320 --> 00:23:30,040 Speaker 1: four oh one K and that you can take some 439 00:23:30,160 --> 00:23:32,639 Speaker 1: money out over the years. It kind of becomes a 440 00:23:32,640 --> 00:23:35,040 Speaker 1: bit of a piggy bank or emergency savings for you. 441 00:23:35,800 --> 00:23:38,320 Speaker 1: But of course when you do that, you are decreasing 442 00:23:38,320 --> 00:23:41,280 Speaker 1: the amount of money that you could potentially get or 443 00:23:41,359 --> 00:23:46,120 Speaker 1: your your beneficiaries could get in from a payout if 444 00:23:46,119 --> 00:23:48,600 Speaker 1: they ever had to actually use that policy. So just 445 00:23:48,600 --> 00:23:51,680 Speaker 1: something if you're listening and curious about permanent life insurance 446 00:23:51,680 --> 00:23:54,840 Speaker 1: that you need to consider. But it sounds like your 447 00:23:54,880 --> 00:23:59,960 Speaker 1: monthly expenses are like very reasonable, keep them reasonable even 448 00:24:00,080 --> 00:24:02,200 Speaker 1: and as you keep earning more, do what you can 449 00:24:02,320 --> 00:24:05,080 Speaker 1: to keep those expenses. You don't have to go like 450 00:24:05,440 --> 00:24:08,280 Speaker 1: where you're not doing life or doing anything you know, 451 00:24:08,400 --> 00:24:10,240 Speaker 1: free and fun and all of that and not like 452 00:24:10,400 --> 00:24:13,600 Speaker 1: having self care, but at the same time, like lifestyle 453 00:24:13,680 --> 00:24:16,480 Speaker 1: inflation is the great killer of budgets and the great 454 00:24:16,520 --> 00:24:19,720 Speaker 1: feeder of debts. And as much as you can while 455 00:24:19,760 --> 00:24:23,600 Speaker 1: you're young, single child free, living your life in LA 456 00:24:24,440 --> 00:24:29,199 Speaker 1: don't let lifestyle inflation eat away at your savings. And 457 00:24:29,240 --> 00:24:31,560 Speaker 1: I talk a lot about the decisions that I made 458 00:24:31,600 --> 00:24:35,720 Speaker 1: in my mid twenties and early thirties and how I'm 459 00:24:35,760 --> 00:24:38,280 Speaker 1: so grateful from some of the decisions that I made 460 00:24:38,320 --> 00:24:42,600 Speaker 1: because she is who prepared me to accomplish some really 461 00:24:42,600 --> 00:24:45,280 Speaker 1: big goals that I had in my late thirties mid thirties, 462 00:24:46,400 --> 00:24:50,920 Speaker 1: which were, you know, buying a house, doing renovation, being 463 00:24:50,920 --> 00:24:55,120 Speaker 1: able to like actually say goodbye to corporate and invest 464 00:24:55,119 --> 00:24:57,920 Speaker 1: in myself and my business. You know, those were choices 465 00:24:57,960 --> 00:25:02,080 Speaker 1: that I could not have made that I not done 466 00:25:02,119 --> 00:25:05,639 Speaker 1: some really you know smart things with my money when 467 00:25:05,680 --> 00:25:08,119 Speaker 1: I was in my mid twenties and early thirties, Like 468 00:25:08,200 --> 00:25:12,600 Speaker 1: smart things and difficult things, which means saying no to vacations, 469 00:25:12,680 --> 00:25:17,359 Speaker 1: or saying no to big expensive, you know, material things, 470 00:25:17,560 --> 00:25:23,240 Speaker 1: or even saying no to a job in pursuit of 471 00:25:23,320 --> 00:25:26,600 Speaker 1: higher earning somewhere else, like learning to say no and 472 00:25:27,200 --> 00:25:29,240 Speaker 1: keep your eyes on what you actually value and what 473 00:25:29,280 --> 00:25:33,399 Speaker 1: your personal goals are. It's a great skill to really 474 00:25:33,480 --> 00:25:37,680 Speaker 1: like home hon in your early thirties like you are now. 475 00:25:37,760 --> 00:25:40,040 Speaker 1: So I'm excited for you. I know it seems tough 476 00:25:40,119 --> 00:25:42,720 Speaker 1: right now, but I do think you're really, like I said, 477 00:25:42,720 --> 00:25:46,040 Speaker 1: a really important crossroads right now. It's just about what 478 00:25:46,160 --> 00:25:48,440 Speaker 1: decisions are you going to make about tackling that two 479 00:25:48,480 --> 00:25:51,560 Speaker 1: thousand dollars debt before it gets out of control? Could 480 00:25:51,560 --> 00:25:53,639 Speaker 1: you still have time? And I think you're able to 481 00:25:54,080 --> 00:25:57,120 Speaker 1: tackle that, And then when you have some extra room 482 00:25:57,160 --> 00:25:59,960 Speaker 1: in the budget, then you can start building up that savings. 483 00:26:00,200 --> 00:26:03,120 Speaker 1: And the simplest thing to do is to pay yourself 484 00:26:03,160 --> 00:26:05,159 Speaker 1: like your son Bill, you know, put it on an 485 00:26:05,160 --> 00:26:08,760 Speaker 1: automated schedule. When I get paid, this amount of money 486 00:26:08,800 --> 00:26:10,840 Speaker 1: is going into my savings account. You don't have to 487 00:26:10,840 --> 00:26:13,439 Speaker 1: think about it. It's already done. And that's how you 488 00:26:13,480 --> 00:26:16,840 Speaker 1: stop your money from disappearing into Uber eats. That's just me, 489 00:26:17,400 --> 00:26:21,359 Speaker 1: door Dash, instacar, anybody me, it's me, But hopefully that 490 00:26:21,440 --> 00:26:24,240 Speaker 1: helps you. Thank you again, Livronia for sending in your question, 491 00:26:24,960 --> 00:26:27,920 Speaker 1: and to Uba fan, thank you so much for listening 492 00:26:27,960 --> 00:26:30,880 Speaker 1: and supporting the show. I hope you're having a happy 493 00:26:30,960 --> 00:26:34,520 Speaker 1: holiday season and getting in those cozy vibes and re 494 00:26:34,880 --> 00:26:38,800 Speaker 1: you know, taking your little mini hibernation break this coming 495 00:26:38,800 --> 00:26:42,880 Speaker 1: weekend and until next week. It's me, Mandy Money. I'll 496 00:26:42,880 --> 00:26:44,520 Speaker 1: see you then. Bye.