WEBVTT - BA Q&A: Pay Your Debt Aggressively 0:00:02.600 --> 0:00:06.480 It's time for the b a qa a, the ba 0:00:06.640 --> 0:00:10.600 qa What you say the ba qa with Manda, the 0:00:10.680 --> 0:00:16.120 ba qa a Hello ba fam This week you got 0:00:16.120 --> 0:00:19.640 me to sing because I have about seventy five percent 0:00:19.680 --> 0:00:22.480 of my brain capacity this week, which is doing really 0:00:22.600 --> 0:00:25.800 damn well when you consider my life right now is 0:00:25.840 --> 0:00:30.680 a bit chaotic, but I love it. I just want 0:00:30.720 --> 0:00:33.120 to do a quick update. As you guys know, I 0:00:33.159 --> 0:00:34.760 had a new baby. This was the year of the 0:00:34.800 --> 0:00:39.919 three Bees for me. It was baby, book deal Beyonce. 0:00:40.440 --> 0:00:42.200 I know you thought I was gonna say brad ambition, 0:00:42.479 --> 0:00:45.599 but brad ambition is always there, okay, And to have 0:00:45.640 --> 0:00:49.960 accomplished those three things. I was just taking some time 0:00:50.120 --> 0:00:53.120 the past couple of days to like soak that in 0:00:53.280 --> 0:00:56.360 and getting really in my feelings. Now my baby, my 0:00:56.480 --> 0:01:00.080 first baby, is heading off to pre k and my 0:01:00.080 --> 0:01:04.080 my number two, little Remy, is doing so well. My 0:01:04.160 --> 0:01:07.200 mom has been here just being a hero and a 0:01:07.240 --> 0:01:09.959 goddess and taking care of him so I can get 0:01:09.959 --> 0:01:13.520 back into a groove. And now that I have the 0:01:13.560 --> 0:01:16.280 book deal, now I have to do the book writing right. 0:01:16.800 --> 0:01:20.920 So at this point I don't have set deadlines on 0:01:20.959 --> 0:01:24.000 when things are due, but I gave because my editor 0:01:24.080 --> 0:01:25.960 is like, you just had a baby, take your time, 0:01:26.480 --> 0:01:29.000 but I gave. I know myself and I need to 0:01:29.040 --> 0:01:31.760 start putting together like a game plan to get this 0:01:31.800 --> 0:01:36.160 book done, and I hope I will have the majority 0:01:36.160 --> 0:01:40.000 of written by the time we yell Happy New Year 0:01:40.240 --> 0:01:43.119 for twenty twenty four. Okay, so that's a tall order, 0:01:43.680 --> 0:01:48.480 but I wrote chapter one last week. I'm almost I'm 0:01:48.480 --> 0:01:52.800 like ninety nine percent done with it, and nothing has 0:01:52.840 --> 0:01:56.639 built my confidence more than having at least written a chapter. 0:01:56.920 --> 0:01:58.480 And I don't know if my editor is gonna think 0:01:58.520 --> 0:02:01.440 it's good. I don't know. It's probably going to change 0:02:01.480 --> 0:02:04.680 a million different ways before the book is actually published. 0:02:04.760 --> 0:02:08.400 But my whole goal was to sit down and write 0:02:08.400 --> 0:02:12.840 words and don't let fear, imposter syndrome, any of those 0:02:12.960 --> 0:02:16.440 doubts that we all have stop me. I just needed 0:02:16.440 --> 0:02:19.280 to like barrel through them, or, as my son says, 0:02:19.360 --> 0:02:22.720 steam roll through them, mama. So I steamrolled through them. 0:02:22.720 --> 0:02:25.799 I got chapter one done, over seven thousand words. And 0:02:26.080 --> 0:02:29.440 it is all about not waiting for your f you 0:02:29.600 --> 0:02:33.480 moment to quit, So not waiting until you get so broke, 0:02:34.040 --> 0:02:39.080 broke down, burnt out, fed up, enraged at your job 0:02:39.440 --> 0:02:42.640 that you quit like that, quit without having a strategy, 0:02:42.680 --> 0:02:44.800 a plan, taking the time to find a new offer, 0:02:44.880 --> 0:02:47.120 things like that. So I'm very, very excited about it. 0:02:47.600 --> 0:02:51.280 Wanted to give you guys a little book update. Although 0:02:51.280 --> 0:02:53.799 I am desperately looking for ways I can go see 0:02:53.840 --> 0:02:55.920 Beyonce again, it ain't gonna happen, y'all. I'm not going 0:02:55.960 --> 0:02:58.840 to find my way to Las Vegas or New Orleans 0:02:58.960 --> 0:03:00.840 or wherever in the world's going to be next. But 0:03:01.000 --> 0:03:03.560 I will cherish that time that I had with her forever. 0:03:04.960 --> 0:03:08.920 But yeah, it has been such a joyous summer, and 0:03:08.960 --> 0:03:13.080 I hope that y'all heading into the season's changing, y'all. 0:03:13.080 --> 0:03:14.839 I had to go to Starbucks and get my mom 0:03:14.880 --> 0:03:18.000 a pumpkin spice latte just last week. It's not even 0:03:18.040 --> 0:03:21.840 September yet, but seasons are changing. For those of you 0:03:21.880 --> 0:03:25.120 who are dealing with the back to school craziness, for 0:03:25.120 --> 0:03:27.720 those of you who are starting new chapters, or for 0:03:27.800 --> 0:03:30.080 anyone who just feels like this is an opportunity to 0:03:30.120 --> 0:03:34.240 sort of reflect and start off the last few months 0:03:34.280 --> 0:03:39.080 of the year with renewed confidence and enthusiasm and excitement. 0:03:39.400 --> 0:03:42.240 I just want to acknowledge that and say we got 0:03:42.280 --> 0:03:44.640 this all right, a few months left in the year. 0:03:45.280 --> 0:03:48.720 We are doing it all right. Okay, so that's my 0:03:48.760 --> 0:03:51.240 little update. I mean, I hope that you guys are 0:03:51.320 --> 0:03:54.080 again just having a wonderful, wonderful summer. I'm going to 0:03:54.160 --> 0:03:57.120 jump into these questions now again. If y'all want to 0:03:57.280 --> 0:03:59.880 email us your questions, hit us up Brand Ambition Podcast 0:04:00.080 --> 0:04:03.480 Gmail dot com or slide into our dms. We got 0:04:03.520 --> 0:04:07.320 twenty thousand, over twenty thousand followers on on IG now, 0:04:07.360 --> 0:04:09.600 so thank y'all for that. But you can slide into 0:04:09.640 --> 0:04:13.160 our dms there, send us a question. Our lovely assistant 0:04:13.240 --> 0:04:15.720 Lauda will get those to us, and we are at 0:04:15.760 --> 0:04:19.640 Brand Ambish Podcast on the gram. Alrighty, right, right. We 0:04:19.720 --> 0:04:24.840 got two questions today, one more on the finance, the 0:04:24.839 --> 0:04:28.599 finance side, some credit deck question and another one more 0:04:28.720 --> 0:04:32.400 like introspective around career and sort of what we would 0:04:32.400 --> 0:04:34.719 tell ourselves at a younger age. Let me jump on 0:04:34.760 --> 0:04:38.520 into these, y'all. First, up, Bianca, send us a question 0:04:38.560 --> 0:04:41.920 on IG. Bianca says, I love, love love your podcast. 0:04:42.040 --> 0:04:44.640 I listen to it as I drive from Redbank to 0:04:44.760 --> 0:04:47.960 Jersey City on my way to work. So many gems 0:04:48.200 --> 0:04:50.440 I send it to everyone I know that asks any 0:04:50.440 --> 0:04:53.640 money questions. Thank you, Bianca, and thanks for the segue, 0:04:53.680 --> 0:04:55.799 because if y'all haven't left us a five star review 0:04:55.800 --> 0:04:58.679 on iTunes lately, what you been waiting for? Come on now. 0:04:59.240 --> 0:05:01.719 Reviews not only help us stay at the top of 0:05:01.760 --> 0:05:04.160 the charts, and they matter. Doesn't matter if you let 0:05:04.160 --> 0:05:07.719 the review. When we first started, we depend on y'all 0:05:07.720 --> 0:05:09.880 to give you give us your feedback, and it lets 0:05:09.920 --> 0:05:13.040 other people find our shows. So help us keep going strong. 0:05:13.200 --> 0:05:15.680 Go leave a review. Come right back to this episode, 0:05:15.880 --> 0:05:19.720 will wait? Okay? All right back to Bianca. Bianca says, 0:05:19.800 --> 0:05:22.000 I have a question I'm trying to work out. I'm 0:05:22.040 --> 0:05:25.200 successfully paying off my credit card debt, hopefully to be 0:05:25.720 --> 0:05:28.719 hopefully I will be credit debt free by early next year. 0:05:28.960 --> 0:05:32.359 I'm a W nine employee slash independent contractor, so I 0:05:32.440 --> 0:05:34.839 don't have a four to one K or a human 0:05:34.839 --> 0:05:38.159 resources department to go to to figure this out. Should 0:05:38.160 --> 0:05:41.280 I open a retirement account and start sending funds there, 0:05:41.560 --> 0:05:43.800 but take longer to pay off my credit card debt? 0:05:44.320 --> 0:05:50.400 Anything extra that I have doesn't pay my bills anything. Oh, 0:05:50.480 --> 0:05:53.159 I'm talking about anything extra I have left over that's 0:05:53.200 --> 0:05:55.359 not going toward my bills. I've been using it to 0:05:55.360 --> 0:05:57.760 pay off my credit card debt. I was in twenty 0:05:57.800 --> 0:06:01.080 seven thousand dollars of debt, but now eleven thousand dollars, 0:06:01.160 --> 0:06:03.440 and it's been a journey. I hear you guys talk 0:06:03.480 --> 0:06:07.279 about paying yourself first, like putting your extra funds into savings, 0:06:07.360 --> 0:06:10.279 and I have an emergency fund that's worth three months 0:06:10.279 --> 0:06:13.320 of expenses then everything else I used to pay off 0:06:13.320 --> 0:06:15.919 the cards. I am just tired of carrying this debt 0:06:15.960 --> 0:06:21.400 with me. Much appreciated, Love you, ladies, Love Bianca, congrats 0:06:21.400 --> 0:06:25.200 on the baby in the soft anti life Tiffany, baby 0:06:25.200 --> 0:06:28.680 for me, Anti life for tiff Yes, okay, Bianca, I 0:06:28.720 --> 0:06:30.880 love this question. And first of all, can we acknowledge 0:06:30.960 --> 0:06:34.560 from twenty seven thousand dollars to eleven thousand dollars paid 0:06:34.600 --> 0:06:39.000 down in credit card debt? That is freaking amazing, especially 0:06:39.279 --> 0:06:43.080 because I know credit card aprs are wild right now, 0:06:43.160 --> 0:06:46.440 Like the average credit card is over twenty percent APR 0:06:46.520 --> 0:06:49.960 right now, and that is expensive, expensive ass debt to 0:06:50.120 --> 0:06:53.960 be carrying. But I'm so proud of you for having 0:06:54.040 --> 0:06:56.760 paid it down. I wonder if now your credit score 0:06:56.800 --> 0:06:59.240 is so is a lot stronger, and maybe you could 0:06:59.240 --> 0:07:03.120 look into, you know, a balance transfer option which would 0:07:03.160 --> 0:07:07.640 get you to a zero percent a zero percent promotional 0:07:07.640 --> 0:07:10.880 APR with a credit card that you could then you 0:07:10.880 --> 0:07:13.080 can be paying down your debt aggressively, but then you're 0:07:13.080 --> 0:07:15.720 not paying extra in interest. Maybe you've already done that, 0:07:15.760 --> 0:07:17.400 but I just want to throw that out there because 0:07:17.880 --> 0:07:19.720 I've used that as a great as a tool to 0:07:19.720 --> 0:07:22.320 help me pay down my debt faster. And I know 0:07:22.440 --> 0:07:25.920 others you know, have had great success with balance transfers, 0:07:26.400 --> 0:07:28.040 but I'm just so named proud of you, and I 0:07:28.080 --> 0:07:31.440 hope once this toll twenty seven k is gone, that 0:07:31.760 --> 0:07:36.520 whatever habits or whatever decisions, sometimes we can't control, like 0:07:36.760 --> 0:07:40.480 shit happens, emergencies happen. We got to put some stuff 0:07:40.520 --> 0:07:43.040 on credit. There's no shame in that, but I hope 0:07:43.080 --> 0:07:46.120 that there's something some changes that can be made so 0:07:46.160 --> 0:07:48.720 that hopefully you won't have to get yourself back in 0:07:48.720 --> 0:07:51.600 this situation again. But even if you do, I'm so 0:07:51.760 --> 0:07:55.000 proud because you've already proven I can get myself out, 0:07:55.080 --> 0:07:56.760 you know, I know I can take the steps, I 0:07:56.760 --> 0:07:59.200 can make the changes and put forth the effort to 0:07:59.200 --> 0:08:03.960 get myself out. So snaps for Bianca incredibly incredibly proud. 0:08:04.440 --> 0:08:07.600 All right, So, as a W nine employee independent contractor, 0:08:08.640 --> 0:08:11.720 you know, you have a tougher job because I also, 0:08:12.040 --> 0:08:13.920 you know, running my own business, I do a lot 0:08:13.920 --> 0:08:16.880 of work. Even as an influencer. You know, I'm technically 0:08:16.920 --> 0:08:21.120 an independent contractor for brands that I work with. So anyway, 0:08:21.160 --> 0:08:23.080 I really get this. You don't have four O one K. 0:08:23.560 --> 0:08:25.720 You have to figure out how you're supposed to save 0:08:25.720 --> 0:08:29.160 for retirement, and you've got multiple options. The best thing 0:08:29.160 --> 0:08:31.160 that I did was I taged. I got my two 0:08:31.680 --> 0:08:36.400 my two gurus together, my financial planner Helen and my CPA, 0:08:36.520 --> 0:08:39.680 my accountant Safie. And I got Helen and Safie together 0:08:40.080 --> 0:08:43.360 because I was stressed so much, so stressed out about 0:08:43.679 --> 0:08:45.920 what kind of account do I opened? And then even 0:08:45.920 --> 0:08:48.679 when you choose the type of account, it's like how 0:08:48.760 --> 0:08:52.320 much do you contribute and how I can contribute to 0:08:52.520 --> 0:08:54.960 reduce how much I'm going to pay in taxes. But 0:08:55.040 --> 0:08:57.200 I don't want to contribute so much that I don't 0:08:57.200 --> 0:08:59.760 have enough money to pay my bills, right So they 0:08:59.800 --> 0:09:03.240 have helped me figure that out. And honestly, I'm skipping 0:09:03.320 --> 0:09:07.439 right over anything I might say because your personal situation 0:09:07.600 --> 0:09:10.640 with your finances. That is so you know, it's so 0:09:10.800 --> 0:09:12.960 unique to you, and I don't know enough about you 0:09:13.000 --> 0:09:15.040 to tell you like which account makes the most sense, 0:09:16.040 --> 0:09:19.960 but I highly highly suggest a CPA financial planner duo 0:09:20.200 --> 0:09:22.200 or at least if you're gonna choose between the two 0:09:22.200 --> 0:09:23.920 of them, I would say a CPA. They can help 0:09:23.960 --> 0:09:28.680 you make the best decision taxes wise. But in terms 0:09:28.720 --> 0:09:31.240 of types of accounts, a solo for one K is 0:09:31.280 --> 0:09:35.000 one option. You have the sep I RA self employed 0:09:35.160 --> 0:09:37.720 what does that stand for self employed something sep ira? 0:09:38.600 --> 0:09:40.720 You could open any of those at like any you know, 0:09:40.800 --> 0:09:44.800 major brokerage firm. In terms of how much to be 0:09:44.840 --> 0:09:48.080 putting aside for retirement, I love that you've already ticked 0:09:48.120 --> 0:09:52.319 the box of your three month emergency fund. You know, 0:09:52.200 --> 0:09:54.720 you don't mention if you have family or what your 0:09:55.040 --> 0:09:57.559 you know what your personal life is like. But I 0:09:57.600 --> 0:10:00.600 would say if you are a parent, or if anyone 0:10:00.640 --> 0:10:03.800 relies on you financially, I might say I would encourage 0:10:03.800 --> 0:10:06.120 you to increase that from three months maybe six months, 0:10:06.160 --> 0:10:09.439 and focus on that for now. But if you're happy 0:10:09.480 --> 0:10:12.280 with three months, you feel comfortable with that, And also 0:10:12.440 --> 0:10:15.720 as a contractor. I feel like our finances can sometimes 0:10:15.760 --> 0:10:18.840 be a bit more well, you know, depending on what 0:10:18.960 --> 0:10:21.679 type of work you're getting, if it's consistent or if 0:10:21.679 --> 0:10:23.920 you kind of have to you have lulls, and the 0:10:24.000 --> 0:10:26.320 kind of work that you're getting or the economy can 0:10:26.360 --> 0:10:28.040 impact what kind of work you're getting. You might want 0:10:28.080 --> 0:10:30.319 to have more than three months saved, but let's say 0:10:30.320 --> 0:10:33.320 you're really happy with three months, then I feel like, 0:10:33.800 --> 0:10:37.240 you know, segueing the money that you were putting into 0:10:37.240 --> 0:10:39.640 that savings account and putting it into retirement makes a 0:10:39.640 --> 0:10:42.160 lot of sense. You've been doing so well to pay 0:10:42.200 --> 0:10:44.520 down your credit card debt, so I don't feel like 0:10:44.920 --> 0:10:47.760 if you continue saving on the side as well as 0:10:47.800 --> 0:10:50.120 paining in your credit card debt, you know, you would 0:10:50.160 --> 0:10:53.000 be jeopardizing your ability to pay down that debt or 0:10:53.040 --> 0:10:56.600 like getting yourself off track. Now you have to get 0:10:57.280 --> 0:11:00.880 serious with yourself or not serious, honest with yourself about 0:11:01.040 --> 0:11:03.640 how you're feeling about that debt. The way that you 0:11:03.720 --> 0:11:06.120 talk about I am tired of carrying this with me, 0:11:06.640 --> 0:11:09.120 Like it sounds like you would like to start aggressively 0:11:09.200 --> 0:11:13.760 just attacking that credit card debt now right now. Your 0:11:13.760 --> 0:11:16.320 credit card debt, I don't know what the interest is. 0:11:16.880 --> 0:11:19.920 But let's say you don't have a zero percent interest 0:11:20.080 --> 0:11:23.880 promotional balance transfer card and you have a regular you 0:11:23.920 --> 0:11:25.920 have this like sixty you have eleven thousand dollars on 0:11:25.960 --> 0:11:28.360 a regular credit card or a couple of different credit cards, 0:11:28.360 --> 0:11:33.679 and the aprs are double digits twenty percent plus. Honestly, financially, 0:11:33.679 --> 0:11:36.400 if you look at the math, you're spending a lot 0:11:36.440 --> 0:11:39.959 of money on interest, and it's very unlikely that if 0:11:40.000 --> 0:11:43.240 you were to invest that money for your retirement that 0:11:43.320 --> 0:11:46.000 you would ever make as much of a return in 0:11:46.040 --> 0:11:49.760 the market as you will by saving twenty plus percent 0:11:49.800 --> 0:11:52.040 on your credit card debt. So what I'm trying to 0:11:52.080 --> 0:11:55.440 say is, right now, aggressively paint on your credit card 0:11:55.440 --> 0:12:01.079 debt is actually pretty responsible and smart, like mathematically and fiscally, 0:12:01.160 --> 0:12:03.719 like it's the most expensive debt that you have. I 0:12:03.760 --> 0:12:06.280 would say, keep aggressively paying that down and then once 0:12:06.320 --> 0:12:09.360 it's gone, then you can, you know, shift over to 0:12:09.440 --> 0:12:13.160 retirement savings. And it sounds like mentally, you're there at 0:12:13.160 --> 0:12:15.800 this time and you want to get rid of this debt. 0:12:16.320 --> 0:12:21.320 I personally just paid off a twenty thousand dollars credit card, 0:12:21.400 --> 0:12:24.079 a twenty thousand dollars balance transfer that I had done 0:12:24.120 --> 0:12:26.160 a couple of years ago when I started my business. 0:12:26.559 --> 0:12:30.360 I didn't have to keep that credit debt, but I 0:12:30.400 --> 0:12:33.320 wanted to give myself more cash flow. I wanted to 0:12:33.360 --> 0:12:35.960 be able to have more money in the bank because 0:12:36.000 --> 0:12:38.840 I was launching my own business and I have kids 0:12:38.840 --> 0:12:42.120 and a family and a mortgage and all that. But dang, 0:12:42.120 --> 0:12:44.319 when I tell you, it felt damn good to finally 0:12:44.360 --> 0:12:47.240 be like, Okay, got enough cash flow. I'm paying this 0:12:47.280 --> 0:12:51.120 credit card off, and I was. I feel so much 0:12:51.240 --> 0:12:55.439 lighter and you know, happier even just having it, you know, gone. 0:12:55.600 --> 0:12:58.360 So I can see how like, if you are feeling 0:12:59.000 --> 0:13:01.280 heavy and burdened by this that you want to release 0:13:01.320 --> 0:13:03.440 it and get it paid off. I'm all about that, 0:13:04.320 --> 0:13:06.720 you know. So I just want to acknowledge that. And 0:13:06.760 --> 0:13:09.160 I want to say, if you want to knock out 0:13:09.160 --> 0:13:11.000 that eleven k and focus on that and then you'll 0:13:11.040 --> 0:13:13.959 get to retirement later, go for it, because you are 0:13:14.040 --> 0:13:17.080 saving money, especially if you are, you know, paying off 0:13:17.160 --> 0:13:22.160 credit cards that are recruing interest rapidly. Okay, all right, Bianca, 0:13:22.280 --> 0:13:25.320 thank you so much for your question. Thank you for 0:13:25.360 --> 0:13:29.240 making us a part of your commute, and I'm going 0:13:29.280 --> 0:13:31.080 to take a quick break and be right back with 0:13:31.240 --> 0:13:38.840 question number two from listener Chelsea. All right, ba fam, 0:13:38.880 --> 0:13:41.280 I am back to answer more of your questions on 0:13:41.360 --> 0:13:45.440 this week's be a QA. This question comes from listener Chelsea. 0:13:46.080 --> 0:13:49.080 Chelsea says, hey, ladies, I am twenty six years old 0:13:49.120 --> 0:13:52.320 and currently working in my first full time Big Girl 0:13:52.400 --> 0:13:56.160 career JOm. I'm working on transitioning to another job now. 0:13:56.400 --> 0:13:58.319 I have good credit for my age, and I make 0:13:58.360 --> 0:14:01.960 good money, but I'm always working a bigger bag. I 0:14:02.000 --> 0:14:05.120 have my own small business and very few bills. But 0:14:05.360 --> 0:14:07.840 I want to hear from you, ladies. What would you 0:14:07.960 --> 0:14:11.360 tell your twenty something self, knowing everything that you know now, 0:14:11.920 --> 0:14:14.800 I am very I'm a very proactive person, so I 0:14:14.840 --> 0:14:17.600 am working on getting into personal finance more and planning 0:14:17.600 --> 0:14:20.800 for the future. I love your show and I appreciate 0:14:20.840 --> 0:14:24.120 your advice. You know, Chelsea, this question came at a 0:14:24.120 --> 0:14:27.600 really good time for me because I was just sitting 0:14:27.800 --> 0:14:30.160 the other day in my car on the way to 0:14:30.200 --> 0:14:32.640 pick up dinner or something for the family. I sometimes 0:14:32.680 --> 0:14:35.440 give myself little errands just so I can go be 0:14:35.520 --> 0:14:37.960 alone in the car. Anyone out there also do that? 0:14:38.720 --> 0:14:40.560 Even if I sit in the driveway for like an 0:14:40.600 --> 0:14:42.640 extra ten minutes when I get back, like that is 0:14:42.840 --> 0:14:46.640 precious quiet time for me. But I was reflecting on 0:14:46.720 --> 0:14:49.640 my drive and I was thinking about my three b's, 0:14:50.360 --> 0:14:55.320 the book, deal, the Beyonce, the baby, and I really, yes, 0:14:55.360 --> 0:14:57.960 I'm proud of myself that I accomplished those things this year. 0:14:58.360 --> 0:15:00.640 But I looked back and I was like, you know 0:15:00.680 --> 0:15:05.120 who accomplished that, Baby Mandy when she was twenty four 0:15:05.440 --> 0:15:07.840 and opened her first four oh one K and started 0:15:07.880 --> 0:15:11.360 to invest. She's the one I can thank for the 0:15:11.400 --> 0:15:14.360 ability that I have had to build this life for myself, 0:15:15.080 --> 0:15:19.440 and she's the hero of my story. I'm getting to 0:15:20.440 --> 0:15:24.400 enjoy the fruits of baby Mandy's labor. And as I 0:15:24.480 --> 0:15:26.920 was thinking about that, God, it made me want to 0:15:27.000 --> 0:15:29.800 just like reach back in time and give her such 0:15:29.800 --> 0:15:32.560 a big hug because she worked so hard. I'm still 0:15:32.600 --> 0:15:36.200 working hard right and in another twenty years, ten years, 0:15:36.240 --> 0:15:38.440 I might be looking back and saying, ooh, thirty six 0:15:38.560 --> 0:15:41.240 year old Mandy. She was my queen. She did it 0:15:41.280 --> 0:15:44.000 all for me. But I will always have a soft 0:15:44.040 --> 0:15:46.360 spot in my soft spot in my heart for the 0:15:46.640 --> 0:15:51.120 baby Mandy of my early twenties because when there are 0:15:51.320 --> 0:15:56.440 so many reasons, distractions of opportunities to go a different way, 0:15:56.600 --> 0:16:00.440 to follow the social media pressure to put on a 0:16:00.480 --> 0:16:04.080 big show, go on vacations, you know, show off that 0:16:04.160 --> 0:16:06.600 you're doing well and you got no kids and you're 0:16:06.640 --> 0:16:09.840 having fun, and try to keep up with you know, 0:16:09.880 --> 0:16:14.160 the joneses. At that age, Baby Mandy made a different 0:16:14.200 --> 0:16:19.880 decision and decided I'm going to keep lifestyle inflation out 0:16:20.080 --> 0:16:23.080 of my picture. And lifestyle inflation, as I've said, lifestyle 0:16:23.160 --> 0:16:26.560 creep another word for it, that is like the silent 0:16:26.640 --> 0:16:31.040 killer of wealth. I promise you so many people could 0:16:31.040 --> 0:16:35.120 be genuinely debt free, wealthy well into like early like 0:16:35.200 --> 0:16:39.080 twenties and thirties if they just could beat down lifestyle inflation. 0:16:39.800 --> 0:16:43.240 So if I could go back, I would say, this 0:16:43.440 --> 0:16:45.480 is the best thing that you did, baby girl. Like 0:16:45.960 --> 0:16:49.320 the fact that when you ten x your net worth 0:16:49.320 --> 0:16:52.600 and you ten xt your income by quitting jobs and 0:16:52.960 --> 0:16:56.160 learning how to be a badass negotiator and getting those 0:16:56.160 --> 0:16:59.160 big raises as you jump from job to job and 0:16:59.200 --> 0:17:02.400 move through your career, you didn't let the extra earnings 0:17:02.880 --> 0:17:05.639 drive you to start spending more in places that didn't 0:17:05.640 --> 0:17:08.560 really like they weren't a huge value to you. And 0:17:08.600 --> 0:17:11.000 by that, I mean I wasn't going out and upgrading 0:17:11.000 --> 0:17:14.760 my apartment to get the better you know, the better location, 0:17:15.119 --> 0:17:19.439 the luxury unit with the washer dryer. That living in 0:17:19.480 --> 0:17:22.520 New York City, that's kind of like a status symbol, like, oh, 0:17:22.760 --> 0:17:25.000 you have a washer dryer in your building or in 0:17:25.040 --> 0:17:27.639 your unit. Like, first of all, what do you live Jersey? 0:17:27.720 --> 0:17:31.800 Because that's not happening in Manhattan. But unless you got real, real, real, 0:17:31.800 --> 0:17:35.439 real big money. But you you want to improve your lifestyle. 0:17:35.680 --> 0:17:38.480 You want to go out more for drinks after work, 0:17:38.520 --> 0:17:41.160 You want to you want to go on those vacations, 0:17:41.200 --> 0:17:43.320 you know, you want to go to the Hampton's like 0:17:43.400 --> 0:17:46.399 you see and TV and sex and the city you know, 0:17:46.560 --> 0:17:48.879 in the summertime and escape the city and all of that. 0:17:49.000 --> 0:17:51.919 And you want to be able to do the big 0:17:52.160 --> 0:17:55.000 New Year's Eve celebrations and all the things that you 0:17:55.000 --> 0:17:57.480 you know, think about when you associate with New York 0:17:57.520 --> 0:17:59.359 and what you do here and being in your twenties 0:17:59.400 --> 0:18:02.320 and all of that. But I really got quiet with 0:18:02.359 --> 0:18:05.840 myself in my twenties and I was like, I value 0:18:05.960 --> 0:18:09.719 financial freedom. I never want to go back to that 0:18:10.840 --> 0:18:13.760 fear and anxiety that I felt after I moved to 0:18:13.800 --> 0:18:15.679 New York and I got let go for my very 0:18:15.720 --> 0:18:17.720 first job. I was laid off like three months after 0:18:17.760 --> 0:18:20.560 I joined back in twenty ten, and I never wanted 0:18:20.600 --> 0:18:22.880 to feel like that again. And I said, I value 0:18:22.920 --> 0:18:27.720 feeling safe. I value feeling free to make decisions that 0:18:27.840 --> 0:18:30.000 I want to make, not because I'm desperate to find 0:18:30.040 --> 0:18:33.840 a job to keep my lifestyle. And that is what 0:18:33.880 --> 0:18:37.200 I would tell any twenty something today is start to 0:18:37.240 --> 0:18:41.200 get really clear on what you value, why you are 0:18:41.280 --> 0:18:45.960 making the choices you're making today financially, and how that's 0:18:46.000 --> 0:18:48.160 going to get closer to the goals that you value. 0:18:48.240 --> 0:18:51.040 So for me, I was like, yes, it's nice to 0:18:51.080 --> 0:18:52.920 go out. And don't get me wrong, I had hell 0:18:52.920 --> 0:18:55.880 of fun in my twenties. I had a big ass 0:18:56.080 --> 0:19:00.320 wedding that I paid for cash, thirty thousand dollars wedding 0:19:00.400 --> 0:19:03.480 in Savannah, Georgia that I have no regrets about. But 0:19:03.520 --> 0:19:05.520 I was only able to save up for that wedding 0:19:05.640 --> 0:19:07.560 and I didn't want to take on debt for that wedding. 0:19:08.040 --> 0:19:11.280 By making some serious lifestyle choices to enable me, like 0:19:11.359 --> 0:19:14.240 as I was increasing my income, my husband and I 0:19:14.320 --> 0:19:16.800 moved in with his family for I think we lasted 0:19:16.840 --> 0:19:18.960 about eight months. It was, you know, did what I 0:19:18.960 --> 0:19:21.600 could with my in laws, my future in laws. But 0:19:21.680 --> 0:19:23.960 we were able to save and set aside cash for 0:19:24.040 --> 0:19:25.720 that wedding so that he wouldn't be taking on a 0:19:25.720 --> 0:19:27.840 lot of debt. And that's not the choice that a 0:19:27.840 --> 0:19:30.520 lot of people make when they finally get to you know, 0:19:30.920 --> 0:19:32.680 at the time I was making I had just gotten 0:19:32.680 --> 0:19:34.520 a new job and was making over one hundred and 0:19:34.520 --> 0:19:37.840 fifty thousand dollars a year, and I chose to live 0:19:37.880 --> 0:19:40.520 like a broke like like I did, like I wasn't, 0:19:40.880 --> 0:19:42.600 you know what I mean? And I did it for 0:19:42.640 --> 0:19:45.280 a time so I could give myself something that I valued, 0:19:45.520 --> 0:19:49.199 you know later. So looking back on baby Mandy in 0:19:49.200 --> 0:19:51.800 her twenties, I would say, that's the smartest thing that 0:19:51.880 --> 0:19:55.920 she did. So get clear on your values, Chelsea. What 0:19:56.160 --> 0:19:57.679 do you where do you want to see yourself in 0:19:57.720 --> 0:20:00.280 ten years? And what financial choices can you you make 0:20:00.320 --> 0:20:03.040 now to get yourself there. So for me, it was 0:20:03.080 --> 0:20:08.480 about keeping my debt low and setting early habits to invest. 0:20:08.640 --> 0:20:10.840 And I didn't focus on how much I was setting aside. 0:20:10.880 --> 0:20:13.639 I just focused on or how sorry. I didn't focus 0:20:13.680 --> 0:20:16.280 on how much I was like making in the market. 0:20:16.440 --> 0:20:19.239 I just focused on setting a goal of I'm going 0:20:19.280 --> 0:20:23.040 to be contributing ten percent automatically, and I'm going to 0:20:23.080 --> 0:20:25.560 increase that by one percent each year, and I'm going 0:20:25.600 --> 0:20:28.639 to continue this habit. And the beautiful thing about just 0:20:28.760 --> 0:20:31.600 focusing on the habit of investing and just automating it 0:20:31.640 --> 0:20:34.600 and forgetting it is that as you earn more, like 0:20:34.600 --> 0:20:36.960 you're talking about, I'm working on a bigger bag right now, 0:20:37.160 --> 0:20:40.080 as the bag gets bigger, the cut that you're taking 0:20:40.119 --> 0:20:42.200 for your investments is going to get bigger right along 0:20:42.240 --> 0:20:45.800 with it. And as you grow, you know, get older, 0:20:45.920 --> 0:20:49.760 time goes on, those investments will grow, you know, in shallah, 0:20:49.800 --> 0:20:52.480 hopefully most of the time, they will grow. Right. So, 0:20:53.840 --> 0:20:55.760 if you can just get clear on your values and 0:20:55.800 --> 0:20:58.199 set the habits of saving and investing now, I mean, 0:20:58.240 --> 0:21:00.399 you're already going to be so so far ahead of 0:21:00.400 --> 0:21:04.400 your peers and really stick with those values. And remember, 0:21:05.119 --> 0:21:07.560 like when you start looking and getting tugged in other 0:21:07.600 --> 0:21:09.320 directions and people are trying to get you to do 0:21:09.359 --> 0:21:13.360 this bottomless brunch and take this vacation, like if it's 0:21:13.359 --> 0:21:16.399 not true to you and your goals, like get really 0:21:16.800 --> 0:21:21.800 secure and strong in saying no and setting that boundary 0:21:22.240 --> 0:21:25.040 and letting your friends be a part of your life, 0:21:25.320 --> 0:21:27.560