Speaker 1: It's time forward. The b a qa A, the v
Speaker 1: a qa what to say? The b a qa with manday,
Speaker 1: the b a qa the b a qa.
Speaker 2: A, what's up? B a fam?
Speaker 1: I am so excited to be here with y'all. I'm
Speaker 1: a little raspy today, but I'm kind of into it.
Speaker 1: I don't know about y'all. I'm into this. Let's getting older,
Speaker 1: getting a little bit raspier, getting some grit on them
Speaker 1: vocal cords. But today is the Q and A, which
Speaker 1: means y'all got questions. I have some answers, but like
Speaker 1: with a lowercase A. Okay, as I say, you got
Speaker 1: to get those salt shakers out because everything that I
Speaker 1: say on this show, take it with a grain of salt.
Speaker 1: Don't sue me. You can call your attorney, but you
Speaker 1: ain't going to sue me. Okay, this is for pure
Speaker 1: entertainment purposes. I may be a fabulous career and money coach,
Speaker 1: but I am not your personal career and money coach.
Speaker 1: And honestly, we don't have all the details, right, so
Speaker 1: if I say something, it's just for funzies and I'm
Speaker 1: doing the best I can. But like obviously, we don't
Speaker 1: have all the information, so again, don't sue us. Thank you.
Speaker 1: All right, So our first question of the day comes
Speaker 1: from Instagram and if y'all want to send us a question.
Speaker 1: I keep saying us because it's like there were us,
Speaker 1: but now it's me and it's like what do I
Speaker 1: do in this new era? Ba fam, Just know that
Speaker 1: I'm trying. I'm trying. I'm still a little hung up
Speaker 1: on my ex Love you tivity. All right, This question
Speaker 1: is from Regina from IG y'all can hit us hit
Speaker 1: me up. I'm Brown and Fission Pod on Instagram if
Speaker 1: you want to have your question answered on the show.
Speaker 1: Also Brand Ambition Podcast at gmail dot com. All right,
Speaker 1: Regina says, Hey, love all the content, y'all. Do I
Speaker 1: have been following y'all for a few years now. My
Speaker 1: question is that I have a four to oh one
Speaker 1: K from a previous employer, still sitting with the original
Speaker 1: brokerage I opened it in when I worked there, which
Speaker 1: is TIAA. I am now with a new employer and
Speaker 1: I have a four oh one K through that employer
Speaker 1: through a different brokerage, which is Fidelity. Now I realize
Speaker 1: I should roll my original four oh one K into
Speaker 1: an IRA for ease. Should I just roll it over
Speaker 1: to my new brokerage. If I do this and then
Speaker 1: end up with another employer later in life at another brokerage,
Speaker 1: would I then be able to roll both my IRA
Speaker 1: and current active four oh one K over. I would
Speaker 1: imagine I'd want to keep them together just so I
Speaker 1: don't forget where my money is. Lol. Thank you so
Speaker 1: much for your thoughts. And no, I won't sue my
Speaker 1: brown besties. Thank you, Regina. Regina's got her Solis shake
Speaker 1: care how ginos? Okay? But this is a great question, Regina,
Speaker 1: and I think your instinct is important, which is like,
Speaker 1: for you, you would want to keep them together because you
Speaker 1: worry that you might forget where your money is. And
Speaker 1: that is a real concern here, right, is if you
Speaker 1: have accounts in all different places, life is going to life.
Speaker 1: You may have several jobs over the rest of your career,
Speaker 1: and it can It doesn't seem like it's, you know, possible,
Speaker 1: but it is very possible to forget that you have
Speaker 1: some money left over. I myself have like fifteen hundred
Speaker 1: dollars or something like that saved in a four to
Speaker 1: oh one K that's now been rolled over into an
Speaker 1: IRA from a previous employer, and I still have not
Speaker 1: got around because every time I think about it, I'm like, yeah,
Speaker 1: I gotta do that, and then I just don't do
Speaker 1: it because I go to log in and I don't
Speaker 1: know my password, and I'm like, I'll come back another time.
Speaker 1: And it's just, you know, it's a little bit there's
Speaker 1: friction there. It's not so simple. It still like takes
Speaker 1: effort to do it right. So and I'm like, well,
Speaker 1: it's not going anywhere. But what if I forget I
Speaker 1: had this fifteen hundred dollars. It's ad that's not a
Speaker 1: lot of it's not a little bit of money, you know,
Speaker 1: So we don't want that to happen, right, So if
Speaker 1: you think you may be inclined to forget, it may
Speaker 1: make a lot of sense to just take your previous
Speaker 1: employers for one K and roll it over into an
Speaker 1: IRA that you own, and then make that IRA your
Speaker 1: destination for any future for a one K rollovers. Okay,
Speaker 1: So that means if you leave the job that you
Speaker 1: have now and you want to move your four to
Speaker 1: one K out of that Fidelity account, you already have
Speaker 1: this IRA opened with that that has your previous four
Speaker 1: one K already rolled over, and then you can just
Speaker 1: add that and then open up your new four one
Speaker 1: K wherever your employer has their partnership with. Another reason
Speaker 1: it's great to roll it over over is because your
Speaker 1: four one K through your employer it may not have
Speaker 1: all of the investing options that you want. They may
Speaker 1: have very limited funds, or the funds that they do
Speaker 1: have maybe more expensive than what you can find opening
Speaker 1: your own brokerage account, like through a Vanguard or a Schwab.
Speaker 1: The good news is that I mean Fidelity TIAA. These
Speaker 1: are both platforms that should have a wealth of options
Speaker 1: for investing and low cost investments as well, So you
Speaker 1: could be good, you know, just keeping your money parked
Speaker 1: there in that account. But let's say the other side
Speaker 1: of this is, okay, I don't want to open an iray,
Speaker 1: even if I do designate that as my four to
Speaker 1: one K rollover pot for the rest of my career.
Speaker 1: I would rather just take my four to one K
Speaker 1: from my previous employer and roll it over to this
Speaker 1: new four oh one K at Fidelity. You can absolutely
Speaker 1: do that too. That takes a couple of like cons
Speaker 1: out of the equation. It means that you won't have
Speaker 1: to keep track of that for a one K rollover
Speaker 1: IRA that you would open, and it just sort of
Speaker 1: gives you something to pick. It gives you something to
Speaker 1: build on through your four to one K at your
Speaker 1: new company. So those are a couple of pros, But
Speaker 1: for me, it's really which option is going to work
Speaker 1: better for you. The simplest, which means like I can
Speaker 1: just do one thing and kind of get this ticked
Speaker 1: off and I know that I'm not losing or keep
Speaker 1: losing track of the money that I have, is just
Speaker 1: to go ahead and roll that for a one K.
Speaker 1: Tell TIAA, here's where you can send my money. They'll
Speaker 1: roll it directly into your new employer provided for a
Speaker 1: one K, and you can keep it moving. You can
Speaker 1: keep doing that for the next job and the next
Speaker 1: job and the next job, and you have this like
Speaker 1: snowball of four one K balances that you're moving over.
Speaker 1: But it can't hurt to take a couple of extra
Speaker 1: steps to say, Okay, long term, maybe I should have
Speaker 1: my individual broken where I can roll these accounts over
Speaker 1: into and I can control what types of investing options
Speaker 1: I have. There's no bad answer here, there's just slight differences.
Speaker 1: And at the end of the day, it's up to
Speaker 1: you and what you're willing to do, how much work
Speaker 1: you're willing to put in, and how much effort, and
Speaker 1: it's yeah, it's up to you. But that's a great question, Regina,
Speaker 1: and thank you so much for sending that. I'm going
Speaker 1: to take a quick break and be right back with
Speaker 1: question two. All RBA fam we are back, and this
Speaker 1: is a question from missus X from Instagram. She says,
Speaker 1: love y'all, love your show, Tiffany will miss you girl,
Speaker 1: me too. Okay, She says, my name is missus X,
Speaker 1: and my husband and I make a combined income of
Speaker 1: nearly four hundred thousand dollars. Yet we are in Hella
Speaker 1: credit card debt to the point of almost paying hundreds
Speaker 1: and overdraft fees overdraft feeds. I'm wondering why credit card
Speaker 1: debt would cause overdraft fees. I'm gonna guess you mean
Speaker 1: like late fees or interest fees. But regardless, you're paying
Speaker 1: extra money on top of the debt. Right. We have
Speaker 1: a child in private school and no one who will
Speaker 1: be starting college. Oh, we have a child in private
Speaker 1: school and one who will be starting college soon. Oh,
Speaker 1: we also have a high ass monthly tax bill. We're
Speaker 1: considering taking a loan to wipe out all credit card
Speaker 1: debt and try to live off of one income or
Speaker 1: live off of one income to save for college and
Speaker 1: emergencies is not the right thing to do. Please help,
Speaker 1: Thank you, oh missus X. Well, the first thing is
Speaker 1: thank you for sharing this. I in the world of
Speaker 1: like internet bullshitttery and where everybody has a microphone and
Speaker 1: likes to cast judgment upon anyone who has something to
Speaker 1: complain about, this is the kind of thing that would
Speaker 1: like really piss Internet caught munchers off. It's like, oh,
Speaker 1: missus X, poor you. You're making four hundred thousand dollars and
Speaker 1: you're so bad with your money that you have all
Speaker 1: this credit card debt and you have you chose to
Speaker 1: put your kids in private school, so like this is
Speaker 1: all your own doing and you're a piece of garbage.
Speaker 1: Blah blah blah nah. That's not why you're here, missus X.
Speaker 1: You're here because I think you represent a lot of Americans,
Speaker 1: a lot of working people who are making good money
Speaker 1: and yet because of the inflation that's happening, and because
Speaker 1: the best choices for our children often are more money.
Speaker 1: And as a parent myself, I get it now, I
Speaker 1: really get it. I make decisions not infrequently that are
Speaker 1: not in my own best financial interests because they are
Speaker 1: what's best for the kids. And that is so real,
Speaker 1: so real. It's not like you can look at a
Speaker 1: piece of paper. I feel like this is like in
Speaker 1: the age of we'll call him Dr Yon. Know who
Speaker 1: I'm talking about, These old school financial educators or financial
Speaker 1: influencers who will look at someone like you and say,
Speaker 1: take your kids out of private school. What's wrong with
Speaker 1: the public school down the street. You know, you could
Speaker 1: probably be saving sixty thousand dollars or however much your
Speaker 1: annual tuition is and just put that money into paying
Speaker 1: off your debt. But I get it because, like your
Speaker 1: child's education, at least in my mind, it is one
Speaker 1: of the most important investments you can make. And if
Speaker 1: we're going to be scrimping and saving, is that where
Speaker 1: we're gonna pull or trim the fat from to you?
Speaker 1: That is up to you. That is your own damn business.
Speaker 1: Missus X and mister y, that is up to you.
Speaker 1: Y'all chose to put your kids in private school because
Speaker 1: you want what you want for them, and that is
Speaker 1: none of our business. That also doesn't help when it
Speaker 1: comes to just your overall question, which is like, we're
Speaker 1: earning this much money, but we have this credit card debt.
Speaker 1: So now you're wondering, how can I get some relief
Speaker 1: not just from the credit card debt, but from the
Speaker 1: fees that are associated with it. And I'm in a
Speaker 1: very similar position right now, missus X high earning household
Speaker 1: started to put more and more expenses on credit cards,
Speaker 1: got a little too comfortable doing that, and then realize
Speaker 1: how quickly that debt can start to accumulate just because
Speaker 1: you're paying interest on it, and those interest charges add up.
Speaker 1: It's like the beauty of compound saving when you put
Speaker 1: money in a savings account and you start to earn
Speaker 1: interest on it, and then the money that you earn
Speaker 1: interest gets added in there, and then you get more interest.
Speaker 1: Then you're earning money. You're earning interest on the interest
Speaker 1: you saved, and it's just like a flywheel of savings.
Speaker 1: Right But the same thing happens when it comes to
Speaker 1: credit card debt. Okay, so it's very easy to see
Speaker 1: how you can get overwhelmed. I'm just trying to like
Speaker 1: validate that it's difficult. Right now, here's the uncomfortable truth
Speaker 1: that I and my husband have had to face too,
Speaker 1: and mostly me has. The other day, I was literally
Speaker 1: I can't believe I'm telling you guys on this show,
Speaker 1: I'm ready for this. I literally was in Target. It
Speaker 1: was the day after Halloween. And when I tell you,
Speaker 1: my buggy was stacked to the sailing was stuff because
Speaker 1: they had their fifty percent off of all the Halloween stuff,
Speaker 1: and those yellow clearance signs were up, and I was like, oh,
Speaker 1: we need this for the kids for next Halloween, and
Speaker 1: we have a Halloween block party, and I should start stockpiling,
Speaker 1: you know, decor and plastic cups and disposable this and
Speaker 1: that and decorations and all this like and goodie bags
Speaker 1: and erasers and miniature bubbles and the shape of you know,
Speaker 1: Dracula fangs and like all this nonsense. And not only
Speaker 1: was the buggy stacked higher than me, I mean, like
Speaker 1: I could not see I should maybe I'll post a
Speaker 1: picture I could not see over the top of my
Speaker 1: own frickin' Target cart y'all.
Speaker 2: And then.
Speaker 1: Bring I look at my phone and there's an unidentified
Speaker 1: number calling, and I'm like, oh, it's Paul An election campaign.
Speaker 1: But then I hear the doo doo doo, which is
Speaker 1: my calendar, saying, hey, bitch, you have an appointment with
Speaker 1: your financial planner right now. You forgot about it. And
Speaker 1: not only not only did you forget that you had
Speaker 1: this appointment, but bitch, you were standing in the middle
Speaker 1: of Target with all their shit that you know you
Speaker 1: shouldn't be buying. That you know you're gonna have to
Speaker 1: put on your Target Red card, and you're gonna somehow
Speaker 1: try to justify because you get five percent off on
Speaker 1: the Target with five percent cash back on your Target
Speaker 1: Red card, and also it's all fifty percent, so really
Speaker 1: we're saving money in the future.
Speaker 2: Right. Oh my days.
Speaker 1: I look. Once I realized who it was that call
Speaker 1: that was calling, I'm not proud of myself. I sent
Speaker 1: it to voicemail. Okay, I sent it to voicemail, and
Speaker 1: I kept on going, and my heart's sort of starting
Speaker 1: to race, and I'm navigating the store and I'm trying
Speaker 1: to like get down the aisles and I'm peeking around
Speaker 1: this giant, fucking like ten foot tall pumpkin playing an
Speaker 1: air guitar lawn decoration that I just had to have
Speaker 1: because I thought my son would think it'd be funny.
Speaker 1: And I am trying and the skeletons, I'm not making
Speaker 1: this up. Skeletons are following off of my cart because
Speaker 1: it's too piled high and they're an awkward shape and
Speaker 1: I'm trying to like tetrist them back into the buggy.
Speaker 1: I get to the checkout area, I look at my phone.
Speaker 1: The guy from the financial planning firm has sent me
Speaker 1: a text message, Hey, I'm so sorry. He doesn't seem
Speaker 1: to we haven't seemed to be able to connect. Let
Speaker 1: me know if you still have time, and I just
Speaker 1: I'm not gonna lie. I started too sweat, and I
Speaker 1: picked up that phone and I called him back. I
Speaker 1: called him back, and I had one hand on my
Speaker 1: cart and the other hand on the phone, and I'm
Speaker 1: just standing near the checkout because I'm like, this guy
Speaker 1: doesn't even know how diluted I've sort of become, not okay,
Speaker 1: not diluted, but he doesn't even know how like I
Speaker 1: have change. I have like tricked myself into thinking that
Speaker 1: everything is fine and how I'm in such this like
Speaker 1: spiral of overspending now and it's like it's really starting
Speaker 1: to bury me. And now it's becoming it has become
Speaker 1: an issue. But it was so humbling and so frankly
Speaker 1: embarrassing and shame inducing. He can't even see me. We're
Speaker 1: not on FaceTime, but just the fact that I am
Speaker 1: talking to him and I have one hand on this
Speaker 1: buggy full of Halloween shit that I do not need
Speaker 1: and I'm about to put on my credit card. Like
Speaker 1: the shame, my inner shame is so high at this point,
Speaker 1: and I see the optics, like somebody snaps a picture
Speaker 1: of me and puts it on the Internet with a
Speaker 1: meme saying financial educator at Target spending beyond her means
Speaker 1: on the phone with her financial planner to talk about
Speaker 1: how to manage her credit card debt. Like I get it,
Speaker 1: I get it. I can see it. And it's really Chris.
Speaker 1: It's like I don't even want to say crazy, because
Speaker 1: I I it's something that we all, like so many
Speaker 1: of us, go through right at certain seasons in our life.
Speaker 1: So anyway, I'm talking to this guy, I'm and he
Speaker 1: has all of my accounts uploaded because at this point,
Speaker 1: at least I have done the work to like get
Speaker 1: all my accounts on the system, the platform so that
Speaker 1: he can see where stuff is and all that. And
Speaker 1: I'm telling him that, okay, yeah, we have, you know,
Speaker 1: this credit card debt and right now a lot of
Speaker 1: it is most of it is on zero percent interest
Speaker 1: to credit cards that those intro periods are going to
Speaker 1: be expiring over the course of the next year in
Speaker 1: different time periods. So but it's like it's gonna be fine.
Speaker 1: I was just thinking, maybe we'll, you know, take out
Speaker 1: a home equity line of credit, you know, just tap
Speaker 1: into the equity in our house. And shouldn't we do that,
Speaker 1: because you know, some banks they may pull back from
Speaker 1: offering home equity loans because of the economy, because the
Speaker 1: with it they did during the pandemic and past recessions,
Speaker 1: they stop offering them so much. And so that means
Speaker 1: it could just be smart, really just to take out
Speaker 1: this whole equity line of credit just to have it
Speaker 1: like as an emergency and also to pay off this
Speaker 1: credit card debt. Like it seems to make sense, right,
Speaker 1: And I wanted him to validate me. This poor guy,
Speaker 1: by the way, this is our first session together, because
Speaker 1: he came. I had like a free consultation through my
Speaker 1: through my financial planning, my financial management platform. It's called empower.
Speaker 1: Check it out if you want to. I don't get
Speaker 1: paid by them. Maybe I ought to, but anyway, he said,
Speaker 1: and I can tell he's like he's listening. He's like,
Speaker 1: uh huh, uh huh. Well, here's the thing. If we
Speaker 1: don't treat the underlying issue, which is that y'all are
Speaker 1: spending more than you make, and it's in small bits.
Speaker 1: It's not like any one huge spending spree has pushed
Speaker 1: you so far over the edge. But for a you know,
Speaker 1: extended period of time. Now, I've been I've been transparent
Speaker 1: about how in twenty twenty three it was super hard
Speaker 1: for me because I couldn't work, I had a baby,
Speaker 1: I'm writing a book, I'm going through all this drama
Speaker 1: with my dad being sick. I wasn't able to produce
Speaker 1: the income that I needed. And now we're constantly like
Speaker 1: trying to keep up with that, right, trying to build
Speaker 1: back up. So that's an extended period of time. And
Speaker 1: he's just like a homemack of the line of credit
Speaker 1: won't fix it. And he wasn't this blunt but it
Speaker 1: was pretty much what he was saying. The helock is
Speaker 1: not going to fix it. It's just going to put
Speaker 1: you in an even more vulnerable spot because now your
Speaker 1: home is tied up in it. Now you could lose
Speaker 1: your home if you can't afford to pay back the
Speaker 1: helock if you draw, you know, put take a draw
Speaker 1: off that line of credit. We've got to solve the
Speaker 1: underlying issue of the overspending, and that is when we
Speaker 1: can sort of move forward from there. And I when
Speaker 1: I tell you, like, obviously that's the answer, Like I
Speaker 1: know that, I know it very well. But it's like
Speaker 1: when you have the fact in front of you and
Speaker 1: the logic and the reasoning is there, it's really hard.
Speaker 1: It's you sort of need that wake up call. I
Speaker 1: think as a as a parent, because it is so
Speaker 1: easy to justify, like so many decisions if it's for
Speaker 1: the betterment of the kids. But if I'm really being
Speaker 1: honest and I'm being like tough on myself, I would say,
Speaker 1: what's really better for the kids is them Mommy and
Speaker 1: Daddy are not putting them in financial jeopardy, and the
Speaker 1: law putting ourselves, I mean in financial jeopardy in the
Speaker 1: long run to sort of like for the betterment of
Speaker 1: the kids. It sort of like puts all this blame
Speaker 1: on the children's shoulders, Like, well, you really wanted that
Speaker 1: fifteen dollars hot wheel monster truck, you know what I mean?
Speaker 1: Like you really needed to go to Lego Land for
Speaker 1: your birthday? You really? You know, that's not exactly fair.
Speaker 1: I don't think it's fair at all to the kids.
Speaker 1: So I'm not taking it back to you, missus X.
Speaker 1: I'm not saying that the answer is like take the
Speaker 1: kids out of private school. Da da da da da.
Speaker 1: But I do think you and your husband, just like
Speaker 1: me and my husband, maybe we should be friends. Maybe
Speaker 1: we should just all sit down together and just look
Speaker 1: at the budget, just the bare bones of it all.
Speaker 1: How much is coming in, how much is going to
Speaker 1: be going out? And if we can't trim certain things
Speaker 1: or we have non negotiables that we don't want to
Speaker 1: get rid of, well then it's a wake up call.
Speaker 1: It's like, so where's the extra money gonna come from?
Speaker 1: And maybe you're like me, maybe you have windfalls that
Speaker 1: you know are going to be coming. Maybe you guys
Speaker 1: have an annual bonus that could be coming in January
Speaker 1: February to help you chip away at some of that debt.
Speaker 1: That was me in corporate, and honestly, having those windfalls
Speaker 1: were a huge, like God send for me, knowing I'd
Speaker 1: have an annual bonus or I could I could exercise
Speaker 1: some of my stock options and then get a little
Speaker 1: bit of a windfall and that could help me, you know,
Speaker 1: keep some of this debt at bay. I'm still operating
Speaker 1: a little bit the way that I was operating during
Speaker 1: corporate when I would, you know, have a couple of
Speaker 1: these like financial windfalls each year, and maybe you guys
Speaker 1: do too, But let's get ahead of that and plan
Speaker 1: for it so that we know, okay, when that bonus
Speaker 1: comes through, when that tax refund comes, when the equity
Speaker 1: vest we know immediately it's got to go toward these
Speaker 1: debt payments. And then how long would it take us
Speaker 1: what can we expect to get from those windfalls, and
Speaker 1: then how long would it take us to really chisel away,
Speaker 1: chip away at the rest of this debt? Okay?
Speaker 2: And then we need a budget. And it's really annoying
Speaker 2: when you make four hundred K a year, which is
Speaker 2: like about what my husband and I are bringing into
Speaker 2: collectively like three to four hundred, Like it's really annoying
Speaker 2: to then think, oh, we need to be scrimping and
Speaker 2: like using a budget, at least.
Speaker 1: For me, I'm like, oh, budgets, Like I don't want
Speaker 1: to think about that one grocery stares planing like grab
Speaker 1: my stuff and go.
Speaker 2: And sorry, that's not that's not going to work.
Speaker 1: You know, that's not going to work for right now.
Speaker 1: There does need to be a conversation about what is
Speaker 1: our budget for groceries, what is our budget for eating out,
Speaker 1: what is our budget for child activities and entertainment and
Speaker 1: you know and babysitting for date nights and all of that.
Speaker 1: Like we do need to have those difficult, uncomfortable conversations
Speaker 1: and like maybe stop telling ourselves that we don't necessarily
Speaker 1: need to because we are in a certain income bracket
Speaker 1: and that kind of stuff, you know, is maybe beneath us,
Speaker 1: or like just just anticipating that there'll be more and
Speaker 1: more and more to take care of this debt that
Speaker 1: we are accumulating in the process. This is really really
Speaker 1: uncomfortable to talk about. I'm personally like, I don't think
Speaker 1: I'm exactly sweating, but I did not anticipate telling y'all
Speaker 1: about my whole target experience right now. But hey, this
Speaker 1: was my show and I'm doing it. But missus ax,
Speaker 1: I just I really see what you're going through. I
Speaker 1: do think taking a loan to wipe out all your
Speaker 1: credit card debt is an option. I think it can
Speaker 1: be a smart option when it comes to consolidating a
Speaker 1: fixed rate personal loan, a fixed rate debt. Consolidate consolidation
Speaker 1: loan unsecured. That means that you don't have to put
Speaker 1: your house up as collateral like you do with a
Speaker 1: heelock or home equity loan. That can be a good
Speaker 1: idea to wipe out the credit card debt and make
Speaker 1: it less expensive for you to pay down. But as
Speaker 1: I was just told by this very kind man from
Speaker 1: Empower the other day, my financial planner, it's just going
Speaker 1: to accumulate again if we don't get to the root
Speaker 1: cause and we don't really get that budget in place
Speaker 1: and stop the gosh, stop the leaks and our own budget,
Speaker 1: stop the money from seeping out the cracks and disappearing
Speaker 1: and then leaving us with an even bigger problem, even
Speaker 1: more cracks to our foundation because we're letting you know
Speaker 1: that underlying issue not get solved. So living off of
Speaker 1: one income to save for college? That was your second idea,
Speaker 1: you said, is that the right thing to do? I
Speaker 1: think that's an amazing idea. And it may be that
Speaker 1: you know, that is a way that y'all can create
Speaker 1: the space to put away money for your kids college.
Speaker 1: But is there a plan can you actually live off
Speaker 1: that one income? Can you actually pay your expenses and
Speaker 1: all your household needs and all your savings and investings
Speaker 1: and all your goals and still and avoid that credit
Speaker 1: card debt? Because if you can't actually live off that
Speaker 1: one income without credit card debt, it's going to accumulate again.
Speaker 1: And that's just where I get a little bit of stress,
Speaker 1: you know, because you've got four hundred k yearly now
Speaker 1: and you still have credit card debts. So take away
Speaker 1: you know, half that salary and what will happen? So
Speaker 1: that's the concern, missus X. Please follow up, and y'all,
Speaker 1: I'm going to keep keeping it one hundred because I
Speaker 1: know I'm not alone. I think it was something like
Speaker 1: over seventy percent. Brand Ambition listeners say that credit card
Speaker 1: debt and overall debt is their biggest financial stressor right
Speaker 1: now and we are in it together. BA Fam and
Speaker 1: missus X, thank you for sending in your question, BA Fam,
Speaker 1: thank you for listening again. You can hit us up
Speaker 1: Brand Ambition Podcast at gmail dot com or send us
Speaker 1: a DM at Brand Ambition Podcast on Instagram if you
Speaker 1: want to have your question featured on the show. Until
Speaker 1: next time, Bye,