It's time for the va qa. Y'all know I hate doing this song without Tiffany, but I'm gonna try anyway. It's time for the va qa. A. Hello ba fan, it's Mandra. I am here live with you this week for our ba q and a live and solo. I should say so as TIF continues to galivand around Egypt and send me the most you know, fomo inducing photos to WhatsApp. I'm here for it. Okay, she's having an
amazing time. But I decided I don't want to just be alone in the studio listening answering people's questions, reading them off with spreadsheets, So I invited a couple of listeners to the show this week to ask me their questions live now. As a reminder, if y'all want to have a chance to be in the studio or the stud as TIF calls it, all you have to do is run over to our Instagram page. We are at Branna Bishenpot. There you can send us a DM, but
very importantly send us a voice note. You got sixty seconds to get your question out and typing it out. I will recommend before you even do that, send us your question submit it via ig and you may hear from our producer inviting you to be in the studio with us to ask your questions live. So for today, we have a super well a super adorable and curls pop in. I love a glasses moment.
We're twin.
You have the a listener Brianna in the house.
Hi Brianna, Welcome, Hilandy. Thank you so much for having me on. I'm so excited about this.
Thanks for submitting your question. And first of all, I just want to say, well, you're from Dallas, right.
Uh huh, Well I'm from Ohio, but I am in Dallas.
Sorry. Okay, so she still claims Ohio.
Yeah, not a sexing yet.
I know I still have my four or four area code twelve years after I left Atlanta, so you know, no judgment here. But Brianna has a really interesting question and one that I have a lot of feelings about and I had to do some reflection before I even answered you on what my response would be. So before we get into it, let's hear Brianna's question that she submitted to the show.
Hi, Mandy and Tiffany, my name is Brianna and I could really really use your help. So I recently graduated with my Masters of Health Administration and I landed my dream job. This job is paying six figures and has really incredible benefits. However, while I was in graduate school, I did accumulate some debt in student loans and in credit card bills. Well, I know what's a priority to pay down my debt. I have this urge to upgrade
my lifestyle. I want to get a new apartment and I've been eyeing a new car.
But I don't know how much is too much.
So I would love to hear your thoughts on the balance between bossing up a little bit, but also you know, keeping a level head if you will, around spending even though I got such a huge bump and pay.
I love the show.
Thank you guys for your hope, and I hope you guys can answer my question.
Bye, Okay, honest, So you feel cute now you got your six figure salary? And what give me a sense of how much of a raise was that from what you were earning before? About fifty six, fifty or sixteen?
About fifty or sixty thousand? Yeah?
Did you move from Cincinnati to Dallas for this job?
I did, so. I started in a fellowship role, which is similar to like an internship, so they pay you, you know, significantly less, and then you sort of get the next role.
Nice. And how long have you been there at this point?
It's two years?
Okay? Two years? All right. That's really helpful for me to know, because when I first listened to the question, I was like, you, you haven't earned the six figures yet. So what I like to avoid doing is like spending the money before it's really mine to spend, you know what I mean. But I'm curious. So two years in, where do you stand with the debt that you accrued during grad school? The student loans, the credit card debt.
I'm going to be honest, please do guys sills. A'm standing in it. Okay, Yeah, I have not really paid anything towards it. I graduated in twenty twenty one, so newly required to pay, but I have not.
Started the student loans okay, student loans?
Yeah?
And are those like federal or do you have a mix of federal private?
Uh? They're federal?
Okay. What's the balance? Like, how much do you owe?
Fifty k?
Fifty k? Okay? Well, I mean that's student loan debt and you haven't had to pay right for the past forever, and it's probably going to be extended again and again. Okay, yeah, so talk to me about the credit card debt because that's my probably mine annual bigger concern.
Yeah. So, when I got to Dallas, I was in the mindset of having the six figures, but I didn't actually have the six figures.
I wish I was catching you early. I thought I was catching you early because I was like, no.
No, the dirt has already been laid. I'm lying in the bed now. Yeah. Yeah, So I was bawling when I got here, and then I kind of I got myself in this rhythm of like I'm going to spend the credit card, pay it off, spend the credit card, and then they gave me a credit limit increase, and then from there I lost control.
Okay, thanks for admitting that. It's really easy, you know, I actually I have been there, you know, even like from when I was not earning a lot and times when I was earning a lot, it can easily spiral out of control. So how much credit card debt are you looking at right now?
Right now?
It's about six thousand, Like that's rounding up high fives. Yeah, so it's not like I'm not drowning, but it's not true.
Not great, And like, you know, tell me about your disposable income. So you've got what you're looking for a new car and a better apartment now or did you get those things?
So I'm looking I was looking for a new car and a better apartment when I talk to you. Yeah, I have stopped doing that, okay, yeah, stop doing that.
Yeah, with new cars. I wonder how is your credit?
It can be better. I would say, like they call it fair if I look at credits like like six fifty to seven. Yeah, I think I'm more in the sixth though.
Yeah, because the thing right now is like debt is so expensive, you know, and I'm assuming you would have to get an auto loan for the car, right plus your credit card debt has only gotten more expensive than when you, you know, you first had your cards, because like the average APR is over twenty percent now, you know. So for me, I just feel like I wouldn't be if you're fine without the car right now? Do you have other transportation? Like can you get around and get to work?
Yeah? I can, But it's like it's one of those things where like I keep having to put money into my car, like things keep just happening, whites keep coming on. And so I was like, well, maybe I should get a new car. And then my parents suggested a cash car. But I was like, I'm kind of balling a little bit now, So like maybe I should get like a nicer car than like.
Hash car, meaning like a used car that you just pay for the cash.
Yeah.
Yeah, I don't hate your parents there, And I'm because my thing is it doesn't have to be a new car, doesn't have to mean a brand new off the lot car. I mean, I in my I don't know, I've had cars since I was like sixteen. I only bought a new car because we had to. When we got our car this past summer. It was an electronic vehicle, electric vehicle.
But I'm always going for the pre certified, pre owned, certified, pre owned models because like, for example, when we got our first car as a couple, it was a Mazdax something or other. I don't know car models, but it was like a year or two old and it had been a rental cars, you know, vehicle, and just by like getting a car that's it's still Newish. You know, it's only been like a year since it's been out there,
but we saved thousands of dollars. You know, as soon as you drive off the lot, cars depreciate something like fifteen percent. It's kind of insane.
Both then where do I I don't know. I kind of have this feeling like I want to treat myself to something. Yeah, and I want to do like a you know, like a big my first, big girl job, big girl purchase sort of thing. But I don't know if it's the right time. And I don't know.
I mean, if you want to have a really nice car to drive around and while you're stressing about your credit card debt, then like maybe.
I'm stressing right now in a mun so it's stress in an audi.
Well, the thing is, an Audi won't make you feel better. I know that. It's like it's really about I mean, and this is a personal choice, right at the end of the day. You have to choose what will bring you happiness. But for me, the peace of mind of having debt paid down is so worth more than space, worth more than anything plus six thousand dollars on your salary. I feel like if you really went for it. You could probably pay that down in a few paychecks, Am I wrong?
Like much?
Where's your extra money going that you're you know, are you saving it right now?
No? It is going to everything else. So I'm I am traveling. It feels like every month there's something I need to buy and so I buy it, you know, like if it's a birthday gift or I'm terrible about saving money.
Okay, So what are your savings like right now?
Under five hundred?
Under five hundred? Okay, yeah, you're gonna feel so I'm promised like the you will feel. I feel rich every day and like my you know, crappy old Navy clearance shirt because I know that I don't have to worry, Like I know that if one of us lost our incomes, like we would be okay, you know for a certain amount of time because of our savings. And that peace of mind like that for me is what defines wealth and you know, prosperity. And it's the peace of mind
that you can buy yourself when you're earning more. And I just don't want you because right now are you single? You got kids?
I'm single, no babies, living life, no fur babies.
It's only going to get harder and like think about think about the things that you're going to want, you know, five ten years now, maybe you want to buy a condo, you know, buy a house. If you start to think about the future, like the future goals, and I know that these things that pop up months a month, they feel like, Okay, I gotta do this. It's right in front of me right now. But that's why I love
naming my savings account after a certain goal. For example, like a lot of banks now will let you have multiple savings accounts, and if you name one future down payment or luxury vacation, you know, twenty twenty four or something like that, it's going to give you something tangible that then you're saying no to. If you say yes
to those like immediate things in front of you. You know, all right, ba fam, you are listening to the ba qa A. We are going to take a quick break and be right back with more of your questions and our answers. Okay, va fan, we are back answering more of your questions for the baqa Let's go.
Can I ask you something about so when my check comes in, I just spend the check. Spend the check spend the check till it's nothing, and then pray that I get to the end of the month till I get my next.
Paycheck that's really paid once a month.
I want. I'm plaid monthly.
Oh I used to hate that when I got paid monthly.
Oh it's yeah, it's hard.
Sure, Okay, that's good.
And so I know, so when my check comes in, what would Mandy do with it?
I'll tell you exactly what I did with it when I was in your position, when I was finally earning enough money to have to be able to do other things besides just pay the rent. Automate everything, like, automate it through your payroll so that things are like by the time you get your paycheck, it has like everyone's gotten their share, you know, your savings accounts, your retirement,
you know whatever, your checking account for your bills. I don't know how you have your account structured, but I I'm word the same in the sense that I would have the same issue, you know, when I was paid, if it would just go, you know and be gone. And it wasn't until I got on the back end and automated my savings and automated my investing in all of that. The automation saved me. Automation is why I was able to get to where I was, you know,
financially in my career. Are you automating anything right now?
I automate some bills, like my renters into the small ones. I automate those.
See, it's not the bills that I think you should automate. It's the savings and the investing. Okay, are you putting anything into your like your four to one K Now.
It is automatic that it automatically goes in, So that's yeah, how much helpful? I don't exactly know. If I looked at my paste, i'd be able to tell you, but it's pretty significant. I would say it's at least in my pension. It's at least I would say two hundred hundred dollars at check maybe okay?
And how much is each? Won't You don't have to tell me your business like that, but like just I would, I would know, like what percentage you're putting away? Yeah, and because you know you're at the how old are you now? I'm twenty eight, You're so young. I would go for it. I would. I never invested more from my retirement than when I was single and had, you know, just myself to worry about. I was putting like ten percent,
sometimes fifteen percent. So go into your back end and I would check and at least understand what your percentages are. You know that you're investing. You have that automated. Awesome, Just do the same for your savings and when you actually, like when it's automated and you don't have to think about it, you're going to be less likely to miss that money, you know, because you're going to see what's in your paycheck and you're going to be like, oh, I can actually play with this, or you know what
I mean, like I can use this for bills. I'm not saying. And you have to decide how much you know to save each month. So and it's going to come down to, you know, how much do you need to cover your expenses shopping, whatever bills you have, et cetera. And then whatever is left over you can split that between some savings and paying down that credit card debt. That would be for me how you could do both at one time?
How much money should I have to for free? Because I feel a little uneasy sometimes when I like, because I have tried to think about dividing my checkout, and then I was like, well, I only have like one hundred or two hundred dollars of like free money, So what's reasonable free money?
What does that mean?
Like after what after like everything went to its proper home, the money that I could just like if someone wants to go to the movies, someone lets whatever, to just kind of have free.
I mean, I'm kind of finding it hard to believe you only have one hundred dollars. I mean, I know that six figures. First of all, six figures sounds so sexy, but like in today's America, it's.
With taxes inflation, it's really not too much.
It's not that much. I know for sure. The only thing to do is you can look for other ways to bring an income, or you could revisit your budget and cut some expenses so that you just get more. And also what that's telling me is like you really can't I mean afford that much more like at a bigger car payment at interest rates today, like I mean car payments with a fair credit score, I could look it up really quickly, but I feel like interests would
be like six seven percent maybe more. Like that's expensive and that and then it's going to take you longer to pay off that car note. You know, more of your payments are going to go to interest versus actually the principle. So I think you almost need to like shift the mindset of Okay, I'm making six figures and that's good, but it's not a luxury lifestyle salary yet, you know, And I think you'll regret not investing time and energy into your savings, into paying down this debt.
What if something were to happen and you know, you lost this job. You're like on the fringe, like you're making ends meet right now, but you're vulnerable to like if something were to happen and you know, you were to get let go or whatever. And I just feel like it's a it's a vulnerable position, and I want you to feel more secure.
Yeah, I want to feel more secure as well. I was part of the people that got kind of mixed up in the Southwest debacle with the snowstorm, and I couldn't and the amount of plane tickets I had to buy and whatever. I got in a position where I couldn't afford to get out of the airport and I had to call my parents and be like Hey, can you loan me two hundred three hundred dollars for a
plane ticket? Because I literally couldn't afford it. And I think it was then that I realized, Okay, I can't live this Instagram lifestyle because what Instagram doesn't show you is that life happens, and I don't have a safety net to protect myself.
Yeah, that's such like a vivid that's such a vivid like visual for me too, just you and that airport, being like, Wow, I really don't have it, and it's hard to think I'm earning this much, so shouldn't I have it like you have it for the other things that come once a month and all that. But that's exactly what I feel like you saying no to some things, but saying yes to security, yes to financial freedom. It's just going to be a game changer for you. It's like,
what are you valuing more? The cute the Audi? You know, Audi? I don't know how Audi Audi?
You can't afford it?
I don't know ye, Like you know, I just had a chat with my financial planner too, and like I don't have all my shit together all the time either. She was like, you can't afford a second car right now, not if you want to do this, this, that, and the third and I'm having another baby and I'm like, but I'm making this much money. She's like, yeah, but
the facts are the facts. And if you want to continue feeling comfortable, feeling like secure, a second car is going to put you in that red area, red zone of on the fringe. Any little thing can put you can like start spiraling, you know. So don't feel bad because you're in this position. Just be honest with yourself about what position you're in. That's all I want to say.
Yeah, that's honest.
I love that, But good luck. The one last thing I will say, as far as the six thousand credit card debt, it's accruing interest right now. It's not like a promotional interest period or something like that.
Yeah, it's a crewing interest right now.
Yeah. And with a six fifty ish credit score, you could try to qualify for a balance transfer credit card. But my fear for you if you if you do qualify for a balance transfer, do you know what that is? No, So a balance transfer is basically credit card company is they love to get new business and they're like, oh, you're struggling to pay off that maxed out credit card.
We'll let us pay it off for you. We'll put the balance on a bright, new shiny card that we're going to give you, and we're going to give you zero percent interest for the next twelve eighteen months. Really exciting, right. They typically charge like a little balance transfer fee, three percent something like that on the balance, but it helps give you relief in the sense that you don't have this credit card debt, you know, a double digit interest
continuing to be stacked on it. It's wonderful as a tool for that the challenge. And we actually did surveys when I was in my last couple of roles ago at a personal finance site called Magnified Money. We would survey people and they would continue to wrack up debt because it's like the balance transfer gave them this concept in their mind that they were debt free or they had time, you know, and then they would just wrack up more and more and it was like a vicious cycle.
So I would say no, yourself, like a balance transfer could be an option, but then I would really aggressively pay off that six thousand, even though it's earning six I'm sorry, zero percent just to get it done and then go on a bit of like a credit card diet slash cleanse, focus on your savings. And I feel like a year from now, six months to a year from now, you're going to be in a position where it's like, Okay, now I know what this feels like.
Do I really still need the car? And if I do, am I willing to sacrifice this feeling of peace?
I will commit to a six month credit card cleanse once I start paying it.
Yeah for sure? All right, awesome, Well, thank you so much for all.
This is so helpful. This was like the reminder that I needed. I love that we did this at the beginning of the year because this really kind of will jump start jump start my new transition. So thank you so much.
Before summer comes and everyone goes I'm trying to put you in different directions.
Outside, it gets dangerous, so thank you for ruling me in Now.
Just you're on your own journey and like no one else is gonna save you. You know, when you're in that Southwest terminal again, you know, like you really got to look out for you. So good luck, You're going to do great, And congrats on this like huge promotion to the huge you know, step up, You're going in the right direction. Just keep going.
Thank you so much. I really appreciate your time today.
Thanks Brianna, Hey ba fan. We could not do this show without your support or the support of our team behind the scenes. The Brand Ambition podcast is produced by Imani Crosby and Dennis and Plinsky is our in house tech guru. I am your co host Mandy Woodrif Santos, and we will see y'all next week. Be a fan him