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Speaker 1: Hello.

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Speaker 2: My name's Santasha Nabananga Bamblet. I'm a proud yr the Order,

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Speaker 2: Kerney Whoalbury and a waddery woman. And before we get

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Speaker 2: started on She's on the Money podcast, I would like

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Speaker 2: to acknowledge the traditional custodians of the land of which

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Speaker 2: this podcast is recorded on a wondery country, acknowledging the elders,

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Speaker 2: the ancestors and the next generation coming through as this

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Speaker 2: podcast is about connecting, empowering, knowledge sharing and the storytelling

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Speaker 2: of you to make a difference for today and lasting

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Speaker 2: impact for tomorrow.

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Speaker 1: Let's get into it. She's on the Money, She's on

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Speaker 1: the Money.

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Speaker 3: Hello and welcome.

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Speaker 4: She's on the Money the pod cast millennials who want

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Speaker 4: financial freedom. My name is beck Syed and today we

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Speaker 4: have Victoria Divine.

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Speaker 1: Hello, thank you for having me on your show, Becksire,

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Speaker 1: thank you so much for being here today.

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Speaker 4: What I really want to talk about vee with you

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Speaker 4: as my guest for just one episode only, is debt.

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Speaker 1: So I hate debt, love talking about it though, So

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Speaker 1: this is the perfect show for me.

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Speaker 3: I think we're gonna have a bit of fun this episode.

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Speaker 1: I'm ready. I'm ready.

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Speaker 4: So v did you know that according to Finder dot Com,

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Speaker 4: there are thirteen million, three hundred and fifty six thousand,

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Speaker 4: two hundred and ninety one credit cards in Australia as

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Speaker 4: of April twenty twenty three, netting a national debt accruing

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Speaker 4: interest of eighteen point.

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Speaker 3: Six billion dollars. That's hectic, vile.

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Speaker 4: Oh my god, that's hectic.

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Speaker 1: I mean, it doesn't surprise me at all. Let's be

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Speaker 1: brutally honest. I also think let's just preface this episode

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Speaker 1: before we get any deeper. Are we here beck to

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Speaker 1: crucify credit cards? No, absolutely not. I think it's so

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Speaker 1: important that we preface it upfront. I'm not here to

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Speaker 1: crucify you. If you use credit card, we do need

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Speaker 1: to be educated about it though, and we do need

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Speaker 1: to use them in an educated way that helps us

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Speaker 1: along our financial journey. But I think that right now,

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Speaker 1: if you're listening to this and you're like, oh, oh,

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Speaker 1: they're gonna absolutely slam me. I've really been struggling at

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Speaker 1: the moment. I've put a few things on my credit

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Speaker 1: card because I had to. Girl.

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Speaker 3: That's all right, that's so fine.

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Speaker 1: You're doing the best thing that you can with the

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Speaker 1: tools and resources you have, and I'm proud of.

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Speaker 3: You exactly right.

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Speaker 1: However, we do need to talk about it so that

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Speaker 1: at some point you can become completely debt free and

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Speaker 1: that you don't rely on a credit card to make

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Speaker 1: finance decisions, because ultimately a credit card can be a

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Speaker 1: really slippery slope. And Beck, you've spoken publicly before about

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Speaker 1: how credit cards were a really slippery slope for you. Yes,

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Speaker 1: I know that the situation you were in was a

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Speaker 1: bit more of a you had because you needed to

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Speaker 1: have debt situation. Yes, but did you find that you

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Speaker 1: were a bit, I don't know, tap happy anyway, knowing

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Speaker 1: that it technically wasn't your money.

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Speaker 3: I think so.

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Speaker 4: And obviously, you know, I was really really young. I

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Speaker 4: think I was like eighteen or even just say, just

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Speaker 4: a tiny baby when I got my first credit card.

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Speaker 4: So for me, thinking like, I had never really been

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Speaker 4: in a position where I could just go out and

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Speaker 4: buy myself shoes or go out and buy nice things.

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Speaker 4: And here I have a bunch of money that I

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Speaker 4: have to pay off eventually, but I.

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Speaker 1: Don't feel that precent time.

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Speaker 4: It just took over at that point, so I think, yeah,

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Speaker 4: I just was not in any position and I probably

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Speaker 4: was a bit tap happy.

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Speaker 1: Yeah, And I think it's important to note that I've

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Speaker 1: also been in that situation. Like I had a credit card,

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Speaker 1: I got into forty four thousand dollars worth of personal debt,

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Speaker 1: and none of that beck was stuff I needed, right,

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Speaker 1: it was a car, it was for university. I did

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Speaker 1: travel overseas for a few months and study abroad. Sure,

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Speaker 1: I'm very very well trapped a culture, nothing except a

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Speaker 1: whole heap about French wine and how to order a

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Speaker 1: Panachekla every single morning with my latte, and I regret nothing. Honestly.

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Speaker 3: I think it's kind of really neat created.

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Speaker 1: Me into who I am today, and we can't be

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Speaker 1: mad at that, but I think it's really important to

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Speaker 1: talk about. I guess how it's not that surprising that

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Speaker 1: credit cards and the credit card companies that own those

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Speaker 1: credit cards, they spend millions every year back on researching

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Speaker 1: ways to keep you in debt. I mean, they don't

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Speaker 1: call it that. They call it marketing, and they call

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Speaker 1: it customer retention, and they call it six million other things.

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Speaker 1: But essentially they're doing a whole heap of research back

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Speaker 1: to keep you in debt, to make you feel comfortable

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Speaker 1: with tapping a credit card instead of spending cash. And

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Speaker 1: there's lots of different perks and ways that they do that.

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Speaker 1: And you know what, there are going to be a

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Speaker 1: lot of people in our community who do it really smartly,

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Speaker 1: like points hacking. M so many people do that and

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Speaker 1: I'm just like, this is genius you're tacking. Yeah, absolutely so.

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Speaker 1: Glennie James, our mate over on my Millennial Money. Sure,

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Speaker 1: he's spoken very openly and also in text messages with me,

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Speaker 1: which I don't know, sorry Glennie if I'm exposing you

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Speaker 1: a little bit too much, But he always uses points

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Speaker 1: to travel and like upgrade himself to business class. Right.

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Speaker 1: One of my team members Brook honestly at Points Queen, Like,

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Speaker 1: I've never met anyone who is smarter about it. I'm

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Speaker 1: not that smart. I will just copy her, but she

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Speaker 1: just cycles through different credit cards to get the sign

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Speaker 1: on bonuses, to get the points organized and lined up

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Speaker 1: so that she's getting free travel. That is so clever, right,

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Speaker 1: But these people are very good with money, ye, So

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Speaker 1: they're not using it to kind of tap happy on

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Speaker 1: things that they don't need to spend on. They're actually

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Speaker 1: doing it in a way that I don't think I

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Speaker 1: could trust myself to do Sure, I do technically have

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Speaker 1: a credit card for business because I'm kind of like, well,

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Speaker 1: why aren't we making points on all of these business expenses? Because, Beck,

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Speaker 1: you're so expensive with git, I've got I've got bills

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Speaker 1: to pay, bills pay, I've got a fancy palette.

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Speaker 3: Sorry, what can I say?

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Speaker 1: Yeah, it's not your fault, Like, I respect it, but

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Speaker 1: I think it's really important to talk about I guess

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Speaker 1: social life pressures and things that push us towards consumer debt.

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Speaker 1: And while some people might be listening to this and

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Speaker 1: they're like, they're really helpful, you can use them constructively. Babe,

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Speaker 1: I have ADHD. Give me a credit card, I will

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Speaker 1: ruin my life again, and I'll have fun.

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Speaker 3: Doing it world record time.

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Speaker 1: I will regret it, but oh my gosh, it's like

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Speaker 1: a spending s free if you gave me a personal

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Speaker 1: credit card. Yeah, I'm done.

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Speaker 3: It's over.

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Speaker 1: I'm done. It's Do you know why I created our

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Speaker 1: budget and cash Flow Muster class Because I couldn't control

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Speaker 1: myself right, So it wasn't for you, Beck, I didn't

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Speaker 1: create it for the community because I'm just so kind

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Speaker 1: and generous. I created it because I was useless, right,

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Speaker 1: and then I realized it worked really well and I

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Speaker 1: was like, I could probably share this with themmunity and

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Speaker 1: help them too.

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Speaker 4: Now that's nice.

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Speaker 1: Do you know like more than five thousand people who

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Speaker 1: have now done that?

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Speaker 3: Course, Wow, big dog energy, You've saved a lot of

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Speaker 3: lives potentially.

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Speaker 1: But there are still more than thirteen million credit cards

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Speaker 1: in Australia, so we've got a lot of work to do.

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Speaker 4: We're just really hitting the surface or whatever that's saying

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Speaker 4: is yeah.

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Speaker 1: Yeah, scraping theraping the surface.

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Speaker 3: How can I get that?

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Speaker 1: I like that? But today I guess that's why we're

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Speaker 1: talking about credit cards, and we want to break down

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Speaker 1: the sneaky, sneaky ways that credit card companies want to

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Speaker 1: keep you in debt and keep trying to keep you

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Speaker 1: in debt, and then we're going to tell you what

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Speaker 1: you can do to kind of break out of that cycle.

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Speaker 1: Because Beck, look at us, we both have broken out

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Speaker 1: of the credit cards, so we have so are we

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Speaker 1: not the best people to learn from?

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Speaker 3: Absolutely?

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Speaker 4: I'm really excited about this. So V let's talk about

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Speaker 4: the sneaky tactics of what you might say the trap tap, trap,

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Speaker 4: let's start off with excessive interest rates.

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Speaker 1: Yeah, stunning place to stuff. So we already know that

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Speaker 1: there's very high interest rates on credit cards and then

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Speaker 1: not very sexy these interest rates at the very start.

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Speaker 1: I feel like nobody gets a credit card with the

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Speaker 1: intention of ever paying the interest rate. Right, So, like,

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Speaker 1: if you get a credit card, your interest rate might

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Speaker 1: be anything from fourteen to like, let's say twenty three

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Speaker 1: percent on average. No one looks at that and says, oh, yeah,

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Speaker 1: I'm happy to pay twenty three percent more for my

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Speaker 1: goods and services.

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Speaker 4: Right.

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Speaker 1: You don't say that. You say I'll pay it off

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Speaker 1: in time, It'll be absolutely fine. But at the end

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Speaker 1: of the day, your expenses they accumulate really quickly, especially

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Speaker 1: if you're carrying balances from months to month, because you know,

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Speaker 1: maybe a car service popped up, maybe something else popped up,

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Speaker 1: and you couldn't pay off your credit card. And I

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Speaker 1: feel like the compounding interest can actually make debt repayment

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Speaker 1: even harder, and a big chunk of your monthly payment

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Speaker 1: actually goes towards interest charges than reducing that principal amount

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Speaker 1: or the amount you actually owe. So from my perspective,

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Speaker 1: the best thing that you can do is each and

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Speaker 1: every single month. If you have a credit card, pay

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Speaker 1: it off in full and get rid of it. And

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Speaker 1: if you can't pay it off in full, do not

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Speaker 1: add to it until it's completely gone. Don't use it again. Yeah,

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Speaker 1: So I feel like this is a trap that so

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Speaker 1: many of us run into. And we always talk about

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Speaker 1: how sexy compound interest is, right, Like Einstein called it

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Speaker 1: the eighth wonder of the world, and if I could

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Speaker 1: come up with a better catchphrase, I would use my own,

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Speaker 1: but Einstein, thank you for the I guess borrow. But

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Speaker 1: compound interests is sexy, right, because I've spoken to you

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Speaker 1: about it before. We've done a whole heap of investment

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Speaker 1: podcasts where I teach you exactly what compound interest does

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Speaker 1: to create wealth, essentially because of the Rule of seventy two,

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Speaker 1: which maybe one day I'll do an entire podcast on

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Speaker 1: because it's a very interesting finance concept. The rule of

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Speaker 1: seventy two tells us that on average, every seven to

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Speaker 1: ten years, money doubles. Right, So if you invested one

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Speaker 1: thousand dollars ten years from now, it's worth two thousand dollars.

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Speaker 1: And this is how we create wealth. It's how wealth

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Speaker 1: compounding works. Thing happens in the credit card world. You

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Speaker 1: just flip that chart upside down and instead of getting

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Speaker 1: out of debt, you're getting in more and more debt

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Speaker 1: the longer you have that credit card, and it can

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Speaker 1: compound out of control. Yes, and ultimately, let's be honest,

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Speaker 1: lots of people only pay the minimum amount exactly V.

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Speaker 4: So that's actually what we're going to talk about next.

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Speaker 4: So the minimum payment trap, it is a trap.

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Speaker 3: It is a trap.

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Speaker 1: So you might have begg gotten a few credit card

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Speaker 1: statements in the mail a few times. Yes, what do

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Speaker 1: they say?

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Speaker 4: X amount is due on X jateep.

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Speaker 1: Stunning, But it's the minimum amount of minimum. They never say, hey,

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Speaker 1: here's how much you owe us. In general, it might

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Speaker 1: be two thousand dollars. They don't say, hey, you need

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Speaker 1: to pay that off in order to not incur any interest. Yes,

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Speaker 1: they say fifty two dollars please. Do you know I

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Speaker 1: know that number was my minimum date repayment waigh that

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Speaker 1: quen or my credit card? Fifty two dollars is burnt

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Speaker 1: into my brain and I just remember being like, fi

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Speaker 1: dollars isn't that bad? Yeah, money I've spent this month

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Speaker 1: it's pretty good, pretty sexy. That's all they care about,

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Speaker 1: no worries. If I'd extrapolated that out, which obviously I

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Speaker 1: have before, it would have taken me forty six years

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Speaker 1: to pay off that.

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Speaker 3: Oh oh my god, right, hectic.

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Speaker 1: Right, yeah, way back when I was practicing as a

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Speaker 1: financial advisor. This would be like maybe twenty nineteen. I reckon.

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Speaker 1: I saw a client. They came in before I had

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Speaker 1: a podcast, and they were in my Facebook group, and

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Speaker 1: they were really really stressed. If this is you still

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Speaker 1: love you, please, like, don't worry at all. They came

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Speaker 1: in and they had twelve maxed out credit cards, a

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Speaker 1: personal loan, and a mortgage. Put that to the side,

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Speaker 1: but of their personal debt, they had one hundred and

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Speaker 1: sixty five thousand dollars worth of credit card debt. God,

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Speaker 1: and I remember being like, how did you get here?

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Speaker 1: The answer to the way they got their ears by

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Speaker 1: lying essentially to the credit card companies. She'll say, no,

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Speaker 1: I don't have any other credit cards, like it's all good,

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Speaker 1: it's all good. And because they'd had them for a

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Speaker 1: number of years, they actually had those credit cards prior

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Speaker 1: to the Royal commissions. So like lending wasn't as tight

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Speaker 1: as it is now, so there are a lot more

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Speaker 1: things in place to keep you safe and keep you

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Speaker 1: out of debt. So actually, I really doubt that in

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Speaker 1: twenty twenty three you could achieve the same debt levels

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Speaker 1: on a personal level.

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Speaker 3: Sure, And I.

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Speaker 1: Extrapolated out how long if you only paid the minimal

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Speaker 1: repayments on all of their debt, it would take like

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Speaker 1: one hundred and seventy years to get out. Oh my god,

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Speaker 1: isn't that insane? Yeah, because it's the interest rate on it,

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Speaker 1: Like it blew my mind. And obviously we went down

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Speaker 1: the path of declaring bankruptcy and you know, putting in

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Speaker 1: the best possible position, and like they're doing well, they're

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Speaker 1: thriving now, but it's one of those things where you

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Speaker 1: just don't realize how much it compounds. And this idea

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Speaker 1: of the minimum payment trap totally exists, and they look

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Speaker 1: like they're doing you a favor to be like, oh,

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Speaker 1: it's only fifty two bucks, and you go, oh, when

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Speaker 1: I open this bill, I thought it would be so

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Speaker 1: much more. Yeah, no, that's so that you pay them

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Speaker 1: interest in these companies still make a massive profit and

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Speaker 1: you actually aren't being put first it's a super clever

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Speaker 1: ployee to keep you in debt, and they're not actually

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Speaker 1: helping you in any way, shape or form. And it

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Speaker 1: essentially just means that these interest charges accrue over time.

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Speaker 1: And in the same way compound interest works in a

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Speaker 1: very sexy investment way. It's a very unsexy thing that

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Speaker 1: it does when applied to a credit card.

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Speaker 3: That is so sneaky, so icky. How do we fight that?

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Speaker 1: I feel like it's a privilege to say, pay off

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Speaker 1: your entire credit card. Sure, so nice if you can,

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Speaker 1: but pay more than the minimum, Like, what can you

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Speaker 1: afford to pay off your credit card this month? Genuinely so? Like,

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Speaker 1: if the minimum is fifty two dollars, maybe you've got

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Speaker 1: one hundred and fifty that you could put on credit.

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Speaker 1: Sure do that, please do that. You might have a

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Speaker 1: couple of thousand owing, but I promise that decision will

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Speaker 1: put you miles ahead in terms of getting out of

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Speaker 1: debt and staying out of debt. And it's also just

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Speaker 1: really good money habits to be paying off more than

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Speaker 1: you necessarily need to, because minimum repayments on a credit

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Speaker 1: card not sexy at all.

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Speaker 4: That's a really good point and I think that yeah,

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Speaker 4: if you can do. If not, don't stress because we

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Speaker 4: are here to give you more pointers. And next up

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Speaker 4: what we have is hidden fees and fine print. Very sexy,

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Speaker 4: very sexy.

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Speaker 1: Do you know what the biggest lie in the entire

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Speaker 1: world is?

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Speaker 4: What is it?

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Speaker 1: I reckon? It's when you scroll through any terms and

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Speaker 1: conditions and then you tick that box that says, I

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Speaker 1: acknowledge that I have read all of the terms and

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Speaker 1: conditions and I consent to them. Right. Have you ever

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Speaker 1: read your phone's terms and conditions? Never in my entire life,

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Speaker 1: but you consent it to them? Right?

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Speaker 3: True?

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Speaker 1: And then we all act so offended when we're like,

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Speaker 1: what do you mean they can spy on us? It

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Speaker 1: was in the terms and conditions, like it was clearly

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Speaker 1: articulated to you, but you didn't read it. I was

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Speaker 1: never told, no, you didn't read it when you got

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Speaker 1: the opportunity to same thing with credit cards. Right, they're

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Speaker 1: not spying on us. This isn't some kind of government

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Speaker 1: propaganda stuff. But so many of us are just scrolling

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Speaker 1: through the t's and ceas and not actually, I guess,

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Speaker 1: understanding how they impact us, and essentially credit card companies,

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Speaker 1: which I'm obviously not going to earn a sponsorship for

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Speaker 1: this because I'm throwing credit card companies straight under the bus.

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Speaker 1: Beck But yes, what I'm driving you so it's all good, Yeah,

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Speaker 1: straight up and over. I'm gonna accelerate because I don't

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Speaker 1: want to work with credit card companies because they don't

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Speaker 1: think that they put you in the best possible position.

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Speaker 1: So credit card companies essentially bury additional fees and charges

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Speaker 1: like the annual credit card fee, or late payment fees

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Speaker 1: or balance transfer fees. They put it in complex language

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Speaker 1: into your terms and conditions, so essentially you'll pay them

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Speaker 1: more money and you just go, oh, it's fine, I

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Speaker 1: won't do a balance transfer. You probably will if you

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Speaker 1: rack up some debt. What do you mean annual fee?

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Speaker 1: That's fine, it's worth it for all the bells and

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Speaker 1: whistles you get. No, it's not.

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Speaker 4: No.

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Speaker 1: Why are we paying five hundred bucks sometimes to get

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Speaker 1: a credit card? You're paying for the privilege to pay

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Speaker 1: them interest? Absolutely not. So I think when we're looking

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Speaker 1: at getting a credit card, if you need one for

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Speaker 1: any reason, we need to really weigh up what are

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Speaker 1: these additional fees? How do they benefit me? Because paying

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Speaker 1: a fee on a credit card can sometimes actually be beneficial.

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Speaker 1: So I'm not a credit card sales rep at all.

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Speaker 1: But as I said, I've got a business credit card,

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Speaker 1: and I ultimately chose one that has an annual fee.

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Speaker 1: And I did that because I get a number of

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Speaker 1: benefits that I wouldn't have gotten on a normal credit

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Speaker 1: card that I think serve my business. So you guys know,

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Speaker 1: I travel all the time for work, and I often

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Speaker 1: take my team. If I book on my credit card,

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Speaker 1: lounge access for me and.

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Speaker 3: My team beautiful.

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Speaker 1: Isn't that nice? I'm happy to pay for that privilege.

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Speaker 1: Travel insurance can be really helpful. I don't believe the

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Speaker 1: credit card companies have comprehensive enough travel insurance for you

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Speaker 1: to actually lean on it one hundred percent. We've talked

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Speaker 1: about this before. I always get a standalone policy, but

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Speaker 1: I kind of lack the idea that there would be

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Speaker 1: some additional buffer or some backup if I do lose something,

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Speaker 1: because often when I'm paying for my travel insurance, Beck

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Speaker 1: you've heard me rant about this before, my priority is

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Speaker 1: actually my physical health. So like, if something happens to

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Speaker 1: me overseas, I want to know that I can get home.

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Speaker 1: I'm not really caring too much about my luggage or

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Speaker 1: things in that luggage and what their value is. And

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Speaker 1: I find that that's where my credit card policy tops

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Speaker 1: it up, because they might say up to ten thousand

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Speaker 1: dollars worth of XYZ, and I go, yeah, all right,

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Speaker 1: that's nice to have because then I can focus on

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Speaker 1: my physical health for my insurance policy that I take

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Speaker 1: out for travel. It's one of those things where you

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Speaker 1: just really need to look into one whether they benefit

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Speaker 1: you or not. But they are taking advantage of your

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Speaker 1: lack of awareness of these things, and they're just genuinely

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Speaker 1: taking advantage of the fact that they're going to increase

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Speaker 1: their revenue through fees that you didn't really know about.

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Speaker 1: And you know what they do. They just whack them

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Speaker 1: on your credit card. They don't like message you and

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Speaker 1: say this bill's you. They just add it to your

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Speaker 1: credit card. So at the end of the month, she's

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Speaker 1: just got an extra four fitty you know, of course,

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Speaker 1: so rude.

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Speaker 3: I know it is very rude.

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Speaker 4: I think let's go to a really quick break and

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Speaker 4: when we come back, we're going to be telling you

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Speaker 4: about all the other little ploison tactics.

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Speaker 1: Got Wait, let me add it.

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Speaker 4: Okay, V we are back hot, And I don't know

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Speaker 4: if you're filled with rage, but I'm almost rage, always

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Speaker 4: filled with rage, raging feminist over here. We are talking

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Speaker 4: about the little tactics, tips and tricks that credit card

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Speaker 4: companies use against us to keep us trapped in this

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Speaker 4: endless cycle of debt.

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Speaker 1: Doesn't have to be endlessly, it doesn't have to be endless.

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Speaker 1: We can get out of it.

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Speaker 3: We can get out of it, so hot.

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Speaker 4: Next one I want to talk about is the reward programs.

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Speaker 3: It sounds exciting.

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Speaker 1: Yeah they are. They're very enticing little programs that credit

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Speaker 1: card companies put together, like they might have like enticing stuff.

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Speaker 1: You know what, sexy cash back, They're going to use that.

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Speaker 1: Do you know what else is sexy free flats?

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Speaker 4: Oh?

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Speaker 1: I love, They're going to use that. They're going to

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Speaker 1: use it. They're going to tell you that you can

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Speaker 1: get it. I told you before. Lounge access they got

404
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Speaker 1: me on that one. God, so discounts on other things

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Speaker 1: that you might want to purchase, Like they might give

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Speaker 1: you discounts on like insurance or like tickets to shows

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00:19:18,760 --> 00:19:22,400
Speaker 1: or something. We've talked about all of these before. Yeah,

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00:19:22,440 --> 00:19:24,879
Speaker 1: I can't be trusted with them, because I literally just

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Speaker 1: told you that one of the reasons why I picked

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Speaker 1: my business credit card, lounge access, yeah, insurance. I'm like, yeah,

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Speaker 1: give me those reward perks. They are worth it to me,

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Speaker 1: but I do know that they are worth it, so

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00:19:37,280 --> 00:19:40,720
Speaker 1: not in general worth it, but after I assessed the

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Speaker 1: circumstances for my business and for myself, it made sense.

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Speaker 1: We're not saying they're going to make sense for you, Beck,

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Speaker 1: but these are shiny little things that they add. So

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Speaker 1: do you want to stay in it with us? You? Yeah,

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Speaker 1: I'd love to.

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Speaker 3: I'd love to stay with you girls.

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Speaker 1: Oh that's so nice.

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00:19:55,760 --> 00:19:57,560
Speaker 3: If you don't, are only what I want.

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Speaker 1: I know I love you. So they programs are essentially

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00:20:01,280 --> 00:20:05,320
Speaker 1: often designed to encourage spending that you weren't planning for

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Speaker 1: and to get you really dependent on your credit cards.

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Speaker 1: It's like a little abusive relationship. How nice. They're like,

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00:20:11,880 --> 00:20:16,520
Speaker 1: you need us, and I'm like, yeah, I do. So

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00:20:16,600 --> 00:20:20,119
Speaker 1: you might overspend to reach different reward thresholds. So like

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00:20:20,160 --> 00:20:22,160
Speaker 1: you might go, oh, well, if I do this amount

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Speaker 1: of spending in the first three months, I'm gonna get

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Speaker 1: those bonus points.

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Speaker 3: That's enticing.

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Speaker 1: I would never have spent three thousand dollars normally, but

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00:20:29,840 --> 00:20:33,760
Speaker 1: I really need those bonus points totally. Please come at me,

434
00:20:34,400 --> 00:20:36,440
Speaker 1: really sexy. I just really want to stay in debt

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00:20:36,480 --> 00:20:38,919
Speaker 1: now because I want all of those rewards and benefits.

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00:20:39,320 --> 00:20:42,240
Speaker 1: Why do you think they've got them their peck, Let's

437
00:20:42,240 --> 00:20:45,400
Speaker 1: think about the market. You're not going I really love Beck.

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Speaker 1: I wish that she had some travel insurance though when

439
00:20:47,880 --> 00:20:51,919
Speaker 1: she traveled. They really care, they really care about keeping

440
00:20:51,920 --> 00:20:54,520
Speaker 1: you in debt. Yes, like they're like, let's keep Beck

441
00:20:54,560 --> 00:20:57,159
Speaker 1: as a customer. They don't have a team called the

442
00:20:57,359 --> 00:21:00,480
Speaker 1: keep people in debt team. Sure, they do have the

443
00:21:00,520 --> 00:21:03,280
Speaker 1: customer Attention team, which is essentially the same thing. So

444
00:21:03,520 --> 00:21:06,399
Speaker 1: just to remember that all of these things are ultimately

445
00:21:06,480 --> 00:21:10,320
Speaker 1: designed by credit card companies to keep you in debt,

446
00:21:10,359 --> 00:21:14,119
Speaker 1: and usually they win. Gosh, so rude, so rude.

447
00:21:14,800 --> 00:21:17,480
Speaker 4: So this is coming at a funny time because I

448
00:21:17,520 --> 00:21:20,000
Speaker 4: feel like we are getting more aggressive than we are aggressive.

449
00:21:20,680 --> 00:21:22,720
Speaker 4: Let's talk about aggressive marketing tactics.

450
00:21:22,800 --> 00:21:26,000
Speaker 1: Yeah, I love an aggressive marketing tactic. I've never employed

451
00:21:26,040 --> 00:21:29,440
Speaker 1: one myself because they just don't think it suits my personality.

452
00:21:29,680 --> 00:21:33,520
Speaker 3: Maybe it does. You need to get financially leacher it honestly,

453
00:21:33,560 --> 00:21:34,199
Speaker 3: i'd listened to you.

454
00:21:34,359 --> 00:21:36,800
Speaker 1: Yeah, I think you already do though, So let's just

455
00:21:37,119 --> 00:21:39,560
Speaker 1: and that doesn't count. Absolutely not even just saying that

456
00:21:39,600 --> 00:21:42,000
Speaker 1: makes me feel a little bit ill. But essentially, credit

457
00:21:42,080 --> 00:21:46,280
Speaker 1: card companies they invest heavily into their marketing strategies to

458
00:21:46,320 --> 00:21:50,320
Speaker 1: attract new customers because the return on investment it's worth it, right,

459
00:21:50,800 --> 00:21:52,760
Speaker 1: They are not going to invest in things that aren't

460
00:21:52,760 --> 00:21:56,600
Speaker 1: worth it because credit cards have existed for many, many

461
00:21:56,640 --> 00:21:59,600
Speaker 1: a year now exactly, so they've had heaps of time

462
00:21:59,680 --> 00:22:02,359
Speaker 1: to go. If we invest this amount of marketing money

463
00:22:02,359 --> 00:22:04,880
Speaker 1: into this area, we're probably going to see an ROI

464
00:22:05,160 --> 00:22:09,000
Speaker 1: or a return on investment of xys, right, so they're

465
00:22:09,000 --> 00:22:09,919
Speaker 1: going to keep doing it.

466
00:22:10,200 --> 00:22:13,400
Speaker 4: Of course, are the ones that kind of meet cold

467
00:22:13,480 --> 00:22:15,280
Speaker 4: calls or like stand in the maybe middle of the

468
00:22:15,280 --> 00:22:17,560
Speaker 4: shopping center and us Yeah, it could.

469
00:22:17,359 --> 00:22:21,639
Speaker 1: Be an advertisement on Telly. I know, the banner ads

470
00:22:21,680 --> 00:22:25,720
Speaker 1: that you see while driving your car, the billboards, see anything,

471
00:22:25,880 --> 00:22:28,720
Speaker 1: and you know what all of those things play into

472
00:22:28,760 --> 00:22:31,919
Speaker 1: human psychology. Like have you ever seen someone holding a

473
00:22:31,960 --> 00:22:34,639
Speaker 1: credit card with like no emotion on their face and

474
00:22:34,640 --> 00:22:37,640
Speaker 1: they're trying to sell it? Absolutely not, No, they look

475
00:22:37,720 --> 00:22:39,879
Speaker 1: so happy they'll be holding their credit card, and they're like,

476
00:22:40,280 --> 00:22:42,880
Speaker 1: look how happy I am with this credit card.

477
00:22:43,560 --> 00:22:45,080
Speaker 3: I believe them every time because you.

478
00:22:45,040 --> 00:22:46,560
Speaker 1: Go, I'm not happy, but I could be.

479
00:22:46,760 --> 00:22:49,800
Speaker 3: I could be really happy. Yep, yep, yep. Absolutely.

480
00:22:49,880 --> 00:22:52,040
Speaker 1: I get sold the dream all the time. Do you

481
00:22:52,080 --> 00:22:55,200
Speaker 1: know how by going to my local cafe every morning? Right,

482
00:22:55,480 --> 00:22:57,159
Speaker 1: So there's like the line out the front of all

483
00:22:57,200 --> 00:22:59,720
Speaker 1: the depressed people, and then there's these people walking out

484
00:23:00,280 --> 00:23:03,120
Speaker 1: smiles on their face, holding their fresh cup of Joe Joe,

485
00:23:03,520 --> 00:23:05,640
Speaker 1: and I'm like, I'm going to be like them. Yeah,

486
00:23:05,680 --> 00:23:09,080
Speaker 1: so I get my coffee. That's how your property back.

487
00:23:10,040 --> 00:23:11,000
Speaker 3: That's very true.

488
00:23:11,160 --> 00:23:14,400
Speaker 4: I'm joking if you just stopped drinking coffee.

489
00:23:14,000 --> 00:23:17,280
Speaker 1: I'm joking. But did you see that that new app recently,

490
00:23:17,320 --> 00:23:18,200
Speaker 1: Threads has come out.

491
00:23:18,720 --> 00:23:18,920
Speaker 3: Yeah?

492
00:23:18,920 --> 00:23:21,280
Speaker 1: I love thread I am obsessed with Threads. Do I

493
00:23:21,320 --> 00:23:24,080
Speaker 1: would follow you because I automatically follow everybody that I follow.

494
00:23:24,400 --> 00:23:27,800
Speaker 1: But it's where I came to thrive. Like you know,

495
00:23:27,800 --> 00:23:29,959
Speaker 1: if you thought I was okay at Instagram, I'm not.

496
00:23:30,680 --> 00:23:32,320
Speaker 1: I'm killing it at Threads.

497
00:23:32,520 --> 00:23:33,720
Speaker 3: The Threads is your plate.

498
00:23:33,800 --> 00:23:36,560
Speaker 1: It's my place to shine because I can rely on

499
00:23:36,760 --> 00:23:40,600
Speaker 1: being a sassy little s h one t as opposed

500
00:23:40,640 --> 00:23:43,040
Speaker 1: to like looking hot, which does not work for me.

501
00:23:44,119 --> 00:23:46,439
Speaker 1: I was not born to be an influencer.

502
00:23:46,560 --> 00:23:49,760
Speaker 4: I was born to be a pest, and a pest

503
00:23:49,840 --> 00:23:52,360
Speaker 4: I will continue to be. I'm so happy they made

504
00:23:52,359 --> 00:23:53,879
Speaker 4: threads just for this reason.

505
00:23:53,920 --> 00:23:54,640
Speaker 1: It was just for me.

506
00:23:54,960 --> 00:23:56,880
Speaker 3: Now you can be as much of a pest as

507
00:23:56,920 --> 00:23:57,280
Speaker 3: you want.

508
00:23:57,440 --> 00:23:59,840
Speaker 1: I am. Anyway, I put up a thread the other day,

509
00:24:00,080 --> 00:24:01,639
Speaker 1: got a lot of attention because I was like, you

510
00:24:01,680 --> 00:24:03,880
Speaker 1: can have your coffee as a little treaty treat because

511
00:24:03,880 --> 00:24:06,440
Speaker 1: we're still not going to be able to afford property. Bye.

512
00:24:06,640 --> 00:24:08,719
Speaker 4: Really made me feel comforted to be honest with you,

513
00:24:08,760 --> 00:24:10,200
Speaker 4: because I'm like, okay.

514
00:24:09,920 --> 00:24:11,480
Speaker 1: Well I did the maths and I was like, look,

515
00:24:11,520 --> 00:24:13,639
Speaker 1: it's like fourteen hundred bucks a year if you had

516
00:24:13,680 --> 00:24:17,000
Speaker 1: a coffee every morning, which is you know, fourteen hundred

517
00:24:17,000 --> 00:24:19,000
Speaker 1: bucks is a lot, but like that's not going to

518
00:24:19,040 --> 00:24:21,080
Speaker 1: get you closer to owning your own home. So have

519
00:24:21,160 --> 00:24:24,159
Speaker 1: your coffee. Be a little bit happy, save in a

520
00:24:24,160 --> 00:24:27,880
Speaker 1: different way. Yes, so true, so sad. Anyway, they really

521
00:24:27,920 --> 00:24:31,200
Speaker 1: helped you. Those aggressive marketing tactics. Maybe they should employ

522
00:24:31,320 --> 00:24:34,080
Speaker 1: me because I'm like really good at them. But essentially

523
00:24:34,440 --> 00:24:37,320
Speaker 1: they are trying to entice you in with ads and

524
00:24:37,400 --> 00:24:42,359
Speaker 1: promo offers, and they're essentially, let's be honest, disgustingly, they

525
00:24:42,400 --> 00:24:46,399
Speaker 1: are targeting vulnerable people who might already be struggling with

526
00:24:46,520 --> 00:24:49,320
Speaker 1: debt or struggling to pay the bills month to month.

527
00:24:49,359 --> 00:24:52,240
Speaker 1: Because you know, a credit card could be a very

528
00:24:52,280 --> 00:24:54,760
Speaker 1: cool tool to you know, take some financial pressure off, right,

529
00:24:55,119 --> 00:24:57,160
Speaker 1: And that's why we all get credit cards, right, because

530
00:24:57,160 --> 00:24:59,200
Speaker 1: we need access to funds that are not ours.

531
00:24:59,480 --> 00:25:00,359
Speaker 3: That is so true.

532
00:25:01,840 --> 00:25:05,600
Speaker 4: With all of that in mind, let's tell people how

533
00:25:05,640 --> 00:25:08,960
Speaker 4: they can kind of avoid these and maybe some things

534
00:25:09,000 --> 00:25:11,760
Speaker 4: to keep in mind when we are faced with these

535
00:25:11,920 --> 00:25:16,560
Speaker 4: little challenges. I'm going to start off with creating a budget.

536
00:25:16,680 --> 00:25:18,679
Speaker 4: Should we do something like that?

537
00:25:19,040 --> 00:25:19,119
Speaker 2: So?

538
00:25:19,200 --> 00:25:22,280
Speaker 1: A budget underrated tool. It's the most underrated tool of

539
00:25:22,320 --> 00:25:24,040
Speaker 1: twenty twenty three. No one wants to do a budget

540
00:25:24,040 --> 00:25:26,680
Speaker 1: because budget feels like it's restrictive, but corner the days

541
00:25:26,680 --> 00:25:30,040
Speaker 1: of restrictive budgets. A budget for me is a tool

542
00:25:30,080 --> 00:25:32,479
Speaker 1: that tells me how many dollars I have coming in

543
00:25:32,560 --> 00:25:34,639
Speaker 1: and how many dollars I have going out, and whether

544
00:25:34,680 --> 00:25:36,600
Speaker 1: they're being spent in line with the goals and the

545
00:25:36,680 --> 00:25:38,640
Speaker 1: values that I have. You know, what if I look

546
00:25:38,680 --> 00:25:40,280
Speaker 1: at your budget back and I say that one hundred

547
00:25:40,320 --> 00:25:42,080
Speaker 1: percent of it is going to uberates. Do you know what,

548
00:25:42,359 --> 00:25:45,880
Speaker 1: I don't care. I literally don't care, because what I'm

549
00:25:45,920 --> 00:25:49,280
Speaker 1: looking at your budget for is to educate you on Oh, Beck,

550
00:25:49,320 --> 00:25:51,360
Speaker 1: did you realize so much of your money is going here?

551
00:25:51,680 --> 00:25:55,160
Speaker 1: You might go, yeah, because I love it, and I go, great, Beck,

552
00:25:55,400 --> 00:25:59,200
Speaker 1: that's exactly what we want to hear. Or you might go, oh,

553
00:25:59,320 --> 00:26:02,560
Speaker 1: oh my gosh, No, I had no idea. Oh, maybe

554
00:26:02,600 --> 00:26:04,920
Speaker 1: I should change a few things about my lifestyle because

555
00:26:04,920 --> 00:26:06,760
Speaker 1: that's not something that I actually want to engage in.

556
00:26:06,800 --> 00:26:09,240
Speaker 1: I didn't realize how much that added up, sure, And

557
00:26:09,280 --> 00:26:12,720
Speaker 1: I think that often we forget how things can add up.

558
00:26:13,200 --> 00:26:15,879
Speaker 1: So like, you know, our coffee here and there, you

559
00:26:15,960 --> 00:26:18,240
Speaker 1: might go, you know what, my five dollar latte every

560
00:26:18,280 --> 00:26:21,280
Speaker 1: single week or every single day. If you're me, it's worth.

561
00:26:21,760 --> 00:26:23,479
Speaker 1: Like I think I've said on the pod before, it's

562
00:26:23,520 --> 00:26:25,399
Speaker 1: one of my favorite things in the entire world. I

563
00:26:25,440 --> 00:26:27,200
Speaker 1: go for a walk with my husband and my dog

564
00:26:27,320 --> 00:26:30,119
Speaker 1: and we get out overpriced lattes every single morning, not

565
00:26:30,160 --> 00:26:31,919
Speaker 1: from the cafe I've got beef with. Don't worry, I've

566
00:26:31,920 --> 00:26:32,639
Speaker 1: got a new cafe.

567
00:26:32,760 --> 00:26:33,000
Speaker 3: Good.

568
00:26:33,119 --> 00:26:34,960
Speaker 1: It's all right, It's all right. I've got a new cafe,

569
00:26:35,080 --> 00:26:37,800
Speaker 1: got a new hood, but I adore that. It's one

570
00:26:37,800 --> 00:26:39,879
Speaker 1: of my favorite things in the entire world. So if

571
00:26:39,880 --> 00:26:41,520
Speaker 1: I sat down with someone and they were trying to

572
00:26:41,560 --> 00:26:44,120
Speaker 1: help me with my budget, and they said, hmmm, Victoria,

573
00:26:44,119 --> 00:26:46,520
Speaker 1: because I've looked at my budget, Steve, and I spend

574
00:26:46,520 --> 00:26:48,920
Speaker 1: more than three thousand dollars a year on coffee. Well

575
00:26:49,320 --> 00:26:51,160
Speaker 1: that's a lot, right, because it's for two people, it's

576
00:26:51,200 --> 00:26:54,159
Speaker 1: course for one course. But to us that three thousand

577
00:26:54,240 --> 00:26:58,080
Speaker 1: dollars is so much more than just two cups of coffee.

578
00:26:58,440 --> 00:27:00,760
Speaker 1: It's that time that we have to get in the morning,

579
00:27:00,920 --> 00:27:03,480
Speaker 1: It's that connection. It's so much more. And I think

580
00:27:03,560 --> 00:27:06,399
Speaker 1: that it's so rude when people just look at your

581
00:27:06,400 --> 00:27:08,320
Speaker 1: budget and go, oh, Beck, that's not worth it to me.

582
00:27:08,400 --> 00:27:10,080
Speaker 1: So you should get rid of it, right, You need

583
00:27:10,160 --> 00:27:14,000
Speaker 1: less streaming services? Okay, well maybe I do. But have

584
00:27:14,080 --> 00:27:17,160
Speaker 1: we thought about my lifestyle, maybe my entire life? And

585
00:27:17,200 --> 00:27:19,439
Speaker 1: this is absolutely not true for you, Beck, because you

586
00:27:19,480 --> 00:27:21,840
Speaker 1: are the most social butterfly I have met in the

587
00:27:22,040 --> 00:27:25,159
Speaker 1: entire world. I swear every Monday and Tuesday that we

588
00:27:25,200 --> 00:27:27,160
Speaker 1: sit down together, I'll be like, how is your weekend?

589
00:27:27,240 --> 00:27:30,880
Speaker 1: You're like, I was at a house party. Hew, am

590
00:27:30,880 --> 00:27:31,320
Speaker 1: I wrong?

591
00:27:31,600 --> 00:27:34,600
Speaker 3: You are not wrong that it's very nice. That's you too.

592
00:27:34,680 --> 00:27:37,000
Speaker 1: You are the most social person ever. But take my

593
00:27:37,119 --> 00:27:39,199
Speaker 1: streaming service off me. I'd be like, wait, what do

594
00:27:39,200 --> 00:27:42,600
Speaker 1: you mean? Like that's like my wind down time. I

595
00:27:42,600 --> 00:27:45,200
Speaker 1: don't actually go out that often. I don't go out

596
00:27:45,240 --> 00:27:47,600
Speaker 1: for dinner once a week at all. I'm lucky if

597
00:27:47,600 --> 00:27:50,560
Speaker 1: I go out for dinner once a month. Yeap, Like, yes,

598
00:27:50,600 --> 00:27:52,159
Speaker 1: I could afford to go out for dinner, but like,

599
00:27:52,240 --> 00:27:53,639
Speaker 1: I just want to be at home. I want to

600
00:27:53,680 --> 00:27:56,359
Speaker 1: be with my pets. That's something that I value. So

601
00:27:56,400 --> 00:27:58,560
Speaker 1: I think it's so important to look at a budget

602
00:27:58,600 --> 00:28:02,960
Speaker 1: and go, all right, let's develop a really realistic budget

603
00:28:02,960 --> 00:28:05,160
Speaker 1: that's reflective our goals and our values and what we're

604
00:28:05,160 --> 00:28:08,280
Speaker 1: trying to achieve, so that we can track our income

605
00:28:08,320 --> 00:28:13,440
Speaker 1: and expenses and prioritize debt repayment without being judgmental. Because

606
00:28:13,440 --> 00:28:16,080
Speaker 1: what's that help? Does that help it all? To sit

607
00:28:16,080 --> 00:28:17,280
Speaker 1: down and do a budget and be like, oh, I

608
00:28:17,280 --> 00:28:21,120
Speaker 1: feel so bad about this. No, who are you helping nobody?

609
00:28:21,280 --> 00:28:23,480
Speaker 1: You're just making yourself feel trash about it for no

610
00:28:23,600 --> 00:28:26,440
Speaker 1: good reason. Exactly, you're going to change it? How good

611
00:28:27,119 --> 00:28:30,440
Speaker 1: it's just like, forget about the feeling bad part. But essentially,

612
00:28:30,440 --> 00:28:33,760
Speaker 1: by following a budget and allocating funds towards paying off

613
00:28:33,800 --> 00:28:37,160
Speaker 1: debt and credit card, you are preventing yourself from spiraling

614
00:28:37,240 --> 00:28:39,440
Speaker 1: out of control. But you're also putting yourself in a

615
00:28:39,440 --> 00:28:42,920
Speaker 1: position of power because sometimes, and Beck, I know you've

616
00:28:42,960 --> 00:28:45,760
Speaker 1: been here, paying off debt feels like trash. It feels

617
00:28:45,760 --> 00:28:48,320
Speaker 1: like you're just flushing money down the drain and spend it.

618
00:28:48,440 --> 00:28:48,600
Speaker 2: Right.

619
00:28:48,800 --> 00:28:51,640
Speaker 1: Yeah, but if you create a debt repayment plan, Let's

620
00:28:51,680 --> 00:28:54,440
Speaker 1: pretend you are repaying debt four hundred dollars a month.

621
00:28:55,040 --> 00:28:59,040
Speaker 1: Ill that feels yuck. Right, I'm flushing four hundred bucks

622
00:28:59,080 --> 00:29:01,720
Speaker 1: down the drain. No you're not. Once you've finished paying

623
00:29:01,720 --> 00:29:03,960
Speaker 1: off that debt, Beck, you're going to be saving four

624
00:29:04,000 --> 00:29:06,960
Speaker 1: hundred bucks a month. Yeah. Look at that habit you've started.

625
00:29:06,960 --> 00:29:11,000
Speaker 1: Look at that you've created. So the second that debt's gone,

626
00:29:11,160 --> 00:29:14,040
Speaker 1: oh my gosh, you're going to turbo charge your savings.

627
00:29:14,120 --> 00:29:16,120
Speaker 1: You're going to be an investing queen. You were going

628
00:29:16,160 --> 00:29:18,520
Speaker 1: to do so many things that you've always wanted to do.

629
00:29:18,680 --> 00:29:20,760
Speaker 1: But I promise it starts with getting rid of your debt.

630
00:29:20,840 --> 00:29:23,480
Speaker 1: Because there is no point having a heap of savings

631
00:29:23,520 --> 00:29:26,440
Speaker 1: in the bank but also holding significant debt because they

632
00:29:26,440 --> 00:29:30,280
Speaker 1: counsel each other out. Yes, it's not sexy in saying that. Yes,

633
00:29:30,480 --> 00:29:33,600
Speaker 1: I do genuinely believe that everybody who is in consumer

634
00:29:33,640 --> 00:29:37,000
Speaker 1: debt needs to have an emergency front still to stop

635
00:29:37,040 --> 00:29:40,240
Speaker 1: them going further into consumer debt. Yes, but that's a

636
00:29:40,240 --> 00:29:41,720
Speaker 1: different conversation for another day.

637
00:29:41,760 --> 00:29:44,120
Speaker 4: Beck, that is a really good point. View this point

638
00:29:44,120 --> 00:29:46,160
Speaker 4: I'm about to make. I did it really really poorly.

639
00:29:46,240 --> 00:29:51,240
Speaker 4: But basically I tried to consolidate my debts, and I

640
00:29:51,280 --> 00:29:53,520
Speaker 4: think that what I was thinking at the time was

641
00:29:53,560 --> 00:29:55,600
Speaker 4: I'm gonna consolidate these debts and I'm gonna ask for

642
00:29:55,720 --> 00:29:58,280
Speaker 4: way more than I need so that I have a

643
00:29:58,320 --> 00:30:00,880
Speaker 4: little bit of money to spend on bills and view

644
00:30:01,120 --> 00:30:05,200
Speaker 4: whatever else. Yes, and then that just snowboard and snowboard

645
00:30:05,200 --> 00:30:08,840
Speaker 4: and snowboard. But that aside, it is not a bad idea.

646
00:30:08,960 --> 00:30:11,280
Speaker 4: Would you say to try And maybe it's not.

647
00:30:11,200 --> 00:30:13,320
Speaker 1: A bad idea at all. I mean, don't go and

648
00:30:13,360 --> 00:30:16,680
Speaker 1: take out more money because it's attractive. But if you

649
00:30:16,800 --> 00:30:20,440
Speaker 1: have multiple credit cards with high interest rates, debt consolidation

650
00:30:20,960 --> 00:30:24,440
Speaker 1: is something you could consider looking at because what debt

651
00:30:24,440 --> 00:30:27,480
Speaker 1: consolidation does is it rolls all of those debts together

652
00:30:27,680 --> 00:30:30,840
Speaker 1: and usually gives you a lower interest rates so you

653
00:30:30,880 --> 00:30:33,720
Speaker 1: can pay it off with less interest going to be

654
00:30:33,760 --> 00:30:37,000
Speaker 1: incurred over the long term. I think when it comes

655
00:30:37,040 --> 00:30:40,160
Speaker 1: to debt consolidation, there's two streams of thought. There's that

656
00:30:40,360 --> 00:30:43,120
Speaker 1: thought of let's consolidate it so we get a lower

657
00:30:43,200 --> 00:30:45,640
Speaker 1: interest rate and we can pay it off reasonably over

658
00:30:45,680 --> 00:30:47,600
Speaker 1: a period of time that suits us, and we're not

659
00:30:47,840 --> 00:30:53,280
Speaker 1: crippled by consistent debt repayments. It's overwhelming when you have

660
00:30:53,440 --> 00:30:55,960
Speaker 1: so many credit cards that you actually need to pay off.

661
00:30:56,000 --> 00:30:59,040
Speaker 1: So I do feel like consolidating it into one payment,

662
00:30:59,120 --> 00:31:02,080
Speaker 1: even if it is the same amount of I guess

663
00:31:02,080 --> 00:31:04,800
Speaker 1: interest can feel a little bit free because you've only

664
00:31:04,840 --> 00:31:08,360
Speaker 1: got one payment right and there's really really solid terms.

665
00:31:08,960 --> 00:31:10,560
Speaker 1: I do think it can be a little bit of

666
00:31:10,560 --> 00:31:13,520
Speaker 1: a trap for some people too. If you see consolidate

667
00:31:13,600 --> 00:31:16,240
Speaker 1: to this particular credit card and you'll get zero percent

668
00:31:16,320 --> 00:31:19,600
Speaker 1: interest for the first six months. Unless you can actually

669
00:31:19,640 --> 00:31:22,360
Speaker 1: pay that debt off in six months, that change is

670
00:31:22,400 --> 00:31:23,960
Speaker 1: probably going to shoot you in the foot. And I

671
00:31:24,040 --> 00:31:26,160
Speaker 1: know a lot of people in our community have been

672
00:31:26,160 --> 00:31:28,400
Speaker 1: bitten by that because they'll go, oh, my gosh, I

673
00:31:28,400 --> 00:31:30,520
Speaker 1: don't want to pay interest for six months. That's great.

674
00:31:30,720 --> 00:31:33,400
Speaker 1: And so they take their eighteen percent credit card and

675
00:31:33,440 --> 00:31:35,360
Speaker 1: they roll it into this other one. They get six

676
00:31:35,360 --> 00:31:38,239
Speaker 1: months of interest free time. But because it was interest free,

677
00:31:38,280 --> 00:31:41,160
Speaker 1: they didn't prioritize it because whatever, Like, it's just interest free,

678
00:31:41,200 --> 00:31:43,640
Speaker 1: right Beck. And then after six months it changes to

679
00:31:43,720 --> 00:31:46,440
Speaker 1: twenty two percent interest and you're in a worse position

680
00:31:46,680 --> 00:31:48,640
Speaker 1: than when you start it. Sure, so we need to

681
00:31:48,720 --> 00:31:51,520
Speaker 1: make sure that debt consolidation is done properly. So go

682
00:31:51,560 --> 00:31:55,160
Speaker 1: see a finance broker. Obviously shameless plug. Our team at

683
00:31:55,240 --> 00:31:59,160
Speaker 1: Zella Money do that, but essentially simplifying your payments, it

684
00:31:59,240 --> 00:32:01,720
Speaker 1: can essentially save you money in the long term.

685
00:32:01,800 --> 00:32:04,400
Speaker 3: Yeah, I love that. And then finally I think we

686
00:32:04,440 --> 00:32:05,400
Speaker 3: can both agree on this one.

687
00:32:05,520 --> 00:32:09,800
Speaker 1: Seek professional help exactly a podcast, my friend. If you're

688
00:32:09,840 --> 00:32:13,440
Speaker 1: in this sticky, sticky position, not enough, I mean, hopefully

689
00:32:13,440 --> 00:32:15,200
Speaker 1: it's been enough to like motivate you. And you're like,

690
00:32:15,360 --> 00:32:17,800
Speaker 1: I want to get my budget and cash flow in place,

691
00:32:17,840 --> 00:32:19,160
Speaker 1: and I really want to be out of debt and

692
00:32:19,200 --> 00:32:21,160
Speaker 1: I don't want to rely on credit cards. Like that's

693
00:32:21,240 --> 00:32:23,280
Speaker 1: the sexiest thing I've ever heard in my whole affect.

694
00:32:23,960 --> 00:32:26,320
Speaker 1: I'm just so excited about it. But essentially, if you're

695
00:32:26,320 --> 00:32:29,960
Speaker 1: finding yourself in overwhelming debt, there's no shame in reaching

696
00:32:29,960 --> 00:32:33,000
Speaker 1: out for help. Nobody, I promise nobody cares more than

697
00:32:33,040 --> 00:32:36,480
Speaker 1: you do. Like, nobody's looking at you going, oh, Beck,

698
00:32:36,840 --> 00:32:39,840
Speaker 1: can't believe you just admitted to that ill. They're literally like,

699
00:32:39,840 --> 00:32:42,720
Speaker 1: oh my god, Beck, congrats on taking the first step

700
00:32:42,800 --> 00:32:46,360
Speaker 1: to being out of this circumstance. The sooner you reach

701
00:32:46,680 --> 00:32:48,920
Speaker 1: for help, the sooner you're going to be out of debt,

702
00:32:49,000 --> 00:32:51,640
Speaker 1: and the easier the circumstances are going to be. I

703
00:32:51,720 --> 00:32:54,360
Speaker 1: promise the longer you leave your head in the sand,

704
00:32:54,600 --> 00:32:57,360
Speaker 1: the worst things are going to get. So I have

705
00:32:57,400 --> 00:33:00,000
Speaker 1: a few of my I guess favorite and trusted resource

706
00:33:00,200 --> 00:33:02,320
Speaker 1: is that we will obviously put in the show notes.

707
00:33:02,800 --> 00:33:06,160
Speaker 1: The National Debt Helpline is one of my favorite resources.

708
00:33:06,480 --> 00:33:10,360
Speaker 1: And it's not just because it's easy. It's because it's free,

709
00:33:10,400 --> 00:33:12,000
Speaker 1: free financial counseling.

710
00:33:12,080 --> 00:33:12,360
Speaker 2: Beck.

711
00:33:12,680 --> 00:33:16,040
Speaker 1: The team there are gorgeous. I have worked with them before,

712
00:33:16,440 --> 00:33:18,640
Speaker 1: not on a like they've paid me way, I have

713
00:33:18,760 --> 00:33:20,560
Speaker 1: reached out to them and been like, how do we

714
00:33:20,600 --> 00:33:23,240
Speaker 1: work together? Because you guys are legends and I think

715
00:33:23,240 --> 00:33:27,640
Speaker 1: that what you're doing is epic. They provide guidance and

716
00:33:27,800 --> 00:33:31,280
Speaker 1: tailored advice to your circumstances. They have financial counseling. They

717
00:33:31,280 --> 00:33:33,760
Speaker 1: can send you to a financial advisor if you're in

718
00:33:33,800 --> 00:33:36,440
Speaker 1: a super super tricky circumstance. They can help you with

719
00:33:36,520 --> 00:33:38,800
Speaker 1: a partnerine debt agreement, or they can help you with

720
00:33:39,320 --> 00:33:41,920
Speaker 1: filing for bankruptcy, or they could talk you through what

721
00:33:42,080 --> 00:33:45,320
Speaker 1: those things mean. They can talk you through negotiating with

722
00:33:45,360 --> 00:33:47,680
Speaker 1: your credit card company some time off if you need

723
00:33:47,800 --> 00:33:50,320
Speaker 1: some time. They can do so many things, and I

724
00:33:50,320 --> 00:33:52,880
Speaker 1: would reach out to them. Yeah, Honestly, they can help

725
00:33:52,920 --> 00:33:55,720
Speaker 1: you with the specific advice you might need to pay

726
00:33:55,800 --> 00:33:59,560
Speaker 1: off your debt, and I guess regain financial freedom. And

727
00:33:59,600 --> 00:34:02,080
Speaker 1: then I guess if you're not in as sticky a

728
00:34:02,120 --> 00:34:05,880
Speaker 1: situation as needing the National Debt help Line, let's just

729
00:34:05,920 --> 00:34:08,520
Speaker 1: do a little shameless plug my budget and cash Flow

730
00:34:08,560 --> 00:34:11,279
Speaker 1: master class I created for me to get me out

731
00:34:11,320 --> 00:34:13,719
Speaker 1: of debt because I'm a bit nearer, spicy, and I

732
00:34:13,800 --> 00:34:16,239
Speaker 1: need a lot of structure and I need it to

733
00:34:16,440 --> 00:34:18,760
Speaker 1: work for me. So I'm not the type of person

734
00:34:18,880 --> 00:34:20,600
Speaker 1: that you can sit down and be like, oh, Victoria,

735
00:34:20,640 --> 00:34:23,560
Speaker 1: write a budget, right, and then I go, yeah, great, old,

736
00:34:23,600 --> 00:34:26,800
Speaker 1: stick to this absolutely. Not like, if I write a budget,

737
00:34:26,800 --> 00:34:29,880
Speaker 1: I'll be like groceries X, you know, gym membership X,

738
00:34:29,960 --> 00:34:32,440
Speaker 1: rent X. What do I do? Go away with that

739
00:34:32,480 --> 00:34:37,000
Speaker 1: budget and do what? Beck? Am I meant to implement that?

740
00:34:37,120 --> 00:34:39,960
Speaker 1: I'm not going to implement that? No, So I created

741
00:34:39,960 --> 00:34:42,960
Speaker 1: this budget and cashlow master Class that essentially takes that budget,

742
00:34:43,280 --> 00:34:47,239
Speaker 1: overlays it into a banking structure and tells you how

743
00:34:47,320 --> 00:34:50,839
Speaker 1: much you need in each account to live the lifestyle

744
00:34:50,920 --> 00:34:53,600
Speaker 1: that you've said you are living from your budget. So

745
00:34:53,640 --> 00:34:55,920
Speaker 1: I will say, all right, here's your food, your fuel,

746
00:34:55,920 --> 00:34:58,279
Speaker 1: and your fun money each and every single week. Beck

747
00:34:58,480 --> 00:35:00,960
Speaker 1: if you run out, you're eating noodle this week. And

748
00:35:01,040 --> 00:35:04,160
Speaker 1: that's okay because it means that every other bill in

749
00:35:04,200 --> 00:35:06,520
Speaker 1: your life is catered for. Yeah, you're not gonna miss

750
00:35:06,520 --> 00:35:07,960
Speaker 1: your redro, you're not going to miss your rent, You're

751
00:35:07,960 --> 00:35:09,839
Speaker 1: not going to miss anything. But if you just kind

752
00:35:09,840 --> 00:35:12,400
Speaker 1: of like threw your money up against a wall this

753
00:35:12,480 --> 00:35:15,600
Speaker 1: week in your spending amount, well that's all good because

754
00:35:15,640 --> 00:35:18,439
Speaker 1: like we can just live on noodles until next Thursday. Right.

755
00:35:18,880 --> 00:35:21,320
Speaker 1: So I created that to put you in their best

756
00:35:21,320 --> 00:35:24,680
Speaker 1: possible position. Literally, thousands of people have done it now.

757
00:35:24,760 --> 00:35:26,360
Speaker 1: People have used it to get out of debt, to

758
00:35:26,360 --> 00:35:28,360
Speaker 1: stay out of debt, to save for their first homes,

759
00:35:28,520 --> 00:35:32,520
Speaker 1: to save for overseas trips, and save for six million things. Honestly,

760
00:35:33,000 --> 00:35:34,839
Speaker 1: I'm really proud of it. Do we think we should

761
00:35:34,880 --> 00:35:36,279
Speaker 1: give them a discount? I think we should give them

762
00:35:36,280 --> 00:35:36,760
Speaker 1: a discount.

763
00:35:37,120 --> 00:35:38,359
Speaker 3: I'm in a good mood. Let's do it.

764
00:35:38,440 --> 00:35:40,319
Speaker 1: So it's not active at the moment, but I will

765
00:35:40,360 --> 00:35:42,919
Speaker 1: make sure that by the time this episode goes live.

766
00:35:43,360 --> 00:35:47,960
Speaker 1: The code pod five zero, so Pod fifty is a

767
00:35:48,000 --> 00:35:49,960
Speaker 1: code to get fifty bucks off the budget and cashular

768
00:35:50,000 --> 00:35:52,120
Speaker 1: Master like, Oh, she's good, it's so generous.

769
00:35:52,160 --> 00:35:53,160
Speaker 3: That is so nicey.

770
00:35:53,480 --> 00:35:55,960
Speaker 1: I'll make sure just turns that back on. If it's

771
00:35:55,960 --> 00:35:58,239
Speaker 1: not on, please message me and it will be the

772
00:35:58,280 --> 00:35:59,279
Speaker 1: kick up the butt that I need.

773
00:35:59,360 --> 00:36:02,200
Speaker 3: Yes, if you're listen to this, hello end please Hi?

774
00:36:02,280 --> 00:36:04,359
Speaker 1: I love you, gotcha coat? All right?

775
00:36:04,640 --> 00:36:05,560
Speaker 3: I think this is a really good place.

776
00:36:05,800 --> 00:36:08,520
Speaker 1: I'm so done. I'm so tired, and I heard there's

777
00:36:08,560 --> 00:36:10,400
Speaker 1: a fancy lunch going on, so let's go.

778
00:36:10,560 --> 00:36:12,120
Speaker 3: I can hear them celebrating.

779
00:36:12,320 --> 00:36:13,040
Speaker 2: Let's go eat.

780
00:36:13,160 --> 00:36:15,359
Speaker 1: All right, have a good day, guys, love you, Love you, guys.

781
00:36:15,400 --> 00:36:18,440
Speaker 3: Bye.

782
00:36:22,160 --> 00:36:24,720
Speaker 5: The advice shared on She's on the Money is general

783
00:36:24,760 --> 00:36:28,640
Speaker 5: in nature and does not consider your individual circumstances. She's

784
00:36:28,680 --> 00:36:32,120
Speaker 5: on the Money exists purely for educational purposes and should

785
00:36:32,160 --> 00:36:35,320
Speaker 5: not be relied upon to make an investment or financial decision.

786
00:36:35,719 --> 00:36:38,160
Speaker 5: If you do choose to buy a financial product, read

787
00:36:38,200 --> 00:36:41,880
Speaker 5: the PDS TMD and obtain appropriate financial advice.

788
00:36:41,560 --> 00:36:42,880
Speaker 1: Tailored towards your needs.

789
00:36:43,239 --> 00:36:47,200
Speaker 5: Victoria Divine and She's on the Money are authorized representatives

790
00:36:47,239 --> 00:36:51,080
Speaker 5: of money. Sheirper pty Ltd ABN three two one IS

791
00:36:51,120 --> 00:36:55,000
Speaker 5: six four nine two seven seven zero eight AFSL four

792
00:36:55,120 --> 00:37:05,400
Speaker 5: five one two eight nine.

793
00:37:01,000 --> 00:37:10,080
Speaker 1: The back the