Podcast Summary
From struggling to thriving: Tilly's financial journey: Despite hardships, with determination and hard work, one can improve their financial situation and pursue passions alongside a steady income
Even in challenging circumstances, people can find ways to improve their financial situation and build a career they enjoy. Tilly, a 26-year-old website onboarding specialist from Austin, Texas, shares her journey from living with her mom and having her car taken away, to securing a steady income and pursuing graphic design on the side. Tilly makes approximately $3,400 a month from her full-time job and an additional income from her graphic design side hustle, which she's been doing for almost 7 years. She's more selective with her side gigs now, taking around 6 to 10 per year. Tilly's story is a reminder that everyone's financial journey is unique, and with determination and hard work, one can overcome adversity and create a fulfilling life.
Rebuilding a Life in Austin: Overcoming Challenges: Despite facing numerous obstacles, including identity theft and a low credit score, the speaker persisted and improved her financial situation by reporting identity theft, working with a credit repair company, and utilizing SoFi for high-yield savings and checking accounts.
No matter how difficult the circumstances, it's important to take control of your life and work towards a better future. The speaker shares her experience of escaping an abusive home environment and rebuilding her life in Austin, Texas. She faced numerous challenges, including a low credit score due to identity theft. But she didn't give up. She reported the identity theft, worked with a credit repair company, and eventually raised her credit score to 710. Austin's great transit system helped her get around and find a job. Her partner supported her during this difficult time. The speaker encourages everyone to keep pushing forward, even when faced with seemingly insurmountable obstacles. And she recommends using SoFi for high-yield checking and savings accounts to help manage your money effectively.
Speaker receives mortgage bonus, buys house before marriage: Speaker bought a house with a mortgage bonus, believing in stable living and low mortgage rates, despite having student loans and a 50-50 split in finances.
The speaker is currently in the process of buying a house and took advantage of a bonus offer from a financial institution when applying for a mortgage. The bonus ranges from $50 to $250, and the speaker personally received $150. They are under contract for a house in North Dallas with a loan amount of 291,000, and the decision to buy the house before getting married was made due to the importance of having a stable place to live and the belief that mortgage rates won't get better. The speaker and their partner have a 50-50 split in finances and have student loans. The speaker's background includes being scouted for a theatrical lighting design program but had to drop out due to an injury and help their father retire. They eventually went to Full Sail University for business communications and media studies. The speaker's father is part of a religious cult, but the name was not disclosed on camera.
Addressing Financial Struggles and Seeking Support: Speaker deals with financial struggles, including debt and anxiety, and plans to increase therapy sessions and improve financial literacy. Importance of addressing financial struggles and seeking support for long-term success.
The speaker is currently dealing with financial struggles, including student loans and credit card debt, which she wants to address to ensure her and her partner's future success. The speaker's boyfriend has been supportive but does not share her religious beliefs, and they do not live together due to financial reasons. The speaker's goal is to increase her therapy sessions and improve her financial literacy. The speaker's monthly expenses include therapy, software subscriptions, and various purchases. The speaker's credit card balances are paid off each month, but she acknowledges her anxiety around finances and numbers. The speaker plans to work on tracking her spending and potentially seeking help from her partner or employer to cover some expenses. The speaker's situation highlights the importance of addressing financial struggles and seeking support to ensure long-term financial success.
High spending on various platforms leading to low checking account balance: Individual's spending habits exceed income, leading to using savings and a low checking account balance. Careful budgeting and prioritizing expenses is necessary.
The individual in question has a spending habit that is higher than their current income, leading to a dangerously low checking account balance. This was evident from the analysis of their transaction history, which showed expenses on various platforms like Tiketos, GoFundMe, Amazon, Google, Domino's, and PayPal, among others. The total BS spending was approximately $600, which is not ideal given their current financial situation. Additionally, savings were being used to pay for expenses when income was low. It is recommended to review all expenses carefully and prioritize spending to align with income and financial goals. The individual mentioned having a relationship contract with their partner for managing savings, but it appears that more careful budgeting and planning is necessary.
Draining savings during financial instability: Acknowledge root causes of overspending and redirect funds towards savings and personal well-being.
Draining savings to subsidize living expenses, especially during a time of financial instability or emotional distress, can hinder the ability to refill and get back on track towards financial goals. In this specific case, an individual had to drain their savings to make ends meet during a job transition, but failed to prioritize refilling the emergency fund. Despite having a better paying job now, the savings have not yet surpassed the pre-drain amount. This situation highlights the importance of acknowledging and addressing the root causes of overspending, such as depression or unhealthy habits, and making a conscious effort to redirect funds towards savings and personal well-being.
Living with a Co-conscious Self: Challenges and Solutions: Focus on communication and teamwork with your co-conscious self, prioritize financial planning and budgeting, and seek professional help when needed.
While accepting the reality of sharing a mind with another person can be daunting and come with challenges, such as amnesia gaps and lack of full autonomy, it's important to focus on the communication and teamwork aspects to make it work. Additionally, financial planning and budgeting are crucial for ensuring stability and security, even if it means making temporary sacrifices like living with family to save money. The key is to continue working on solutions with the help of professionals and maintaining open lines of communication with your co-conscious self.
Reevaluating Expenses and Protecting Privacy: Consider cutting unnecessary costs, prioritize saving 20%, protect personal data from data brokers.
The person in the conversation needs to reevaluate their expenses and prioritize saving more, especially with upcoming student loan payments. They should consider cutting unnecessary costs, such as Spotify Premium and subscriptions, and focus on essential expenses like food and housing. Additionally, they should aim to save at least 20% of their income and consider increasing their income if possible. Another important takeaway is the need to protect personal data from data brokers, as they can sell private information to scammers and robo callers. Aura, a sponsor mentioned in the conversation, offers a solution to help identify and opt out of data brokers, making it easier for individuals to protect their privacy.
Effective Personal Finance Management: Keeping Expenses in Check and Prioritizing Savings: Maintain expenses, focus on saving 20% for retirement, avoid neglecting retirement goals, manage student loans, and create a solid financial plan for securing a comfortable future.
Managing personal finances effectively is crucial for securing a comfortable future. The discussion highlighted the importance of keeping expenses in check, especially when it comes to mortgages, and ensuring a sufficient emergency fund. The speaker emphasized the need to save at least 20% of post-tax income for retirement and cautioned against neglecting this goal in favor of other expenses. The conversation also touched upon the struggle of keeping up with student loan payments and the importance of having a solid financial plan. Overall, the key takeaway is that prioritizing savings and carefully managing expenses are essential steps towards financial security and retirement readiness.
Improving financial stability through budgeting, eliminating debt, and seeking additional income: Dedicate effort to improve financial score, live within a budget, eliminate debt, make sacrifices, and seek additional income sources for financial stability
Achieving financial stability requires dedication and effort, even during difficult times. The speaker in this conversation emphasizes the importance of improving one's financial score, living within a budget, and eliminating debt. They also suggest making sacrifices and seeking additional income sources through side hustles or better job opportunities. The speaker shares their personal experience of coming from a challenging financial background and now being in a better place, but acknowledges that there is still work to be done. They give their overall financial situation a score of 4.5 out of 10, with areas for improvement in debt, retirement savings, and emergency funds. The speaker encourages listeners to check out the resources in the description below, including high yield savings accounts, credit-building cards, and Acorns, and to follow their Instagram and Twitter for further financial advice.
