speaker 0:   0:00
Hello, love. Welcome back to my family, Rich podcast, Your weekly, My Fulla and life and finances with Twist Your host, Richie. Ya know, You know how we start off these episodes with the big ups? So today is a special day in recording this episode because we're now on the 10th episode, Joe. And for my 1st 9 I've already hit 700 downloads. So I'm super super excited about that. You don't know how much of a big accomplishment this is for me and how much I appreciate you are listening, sharing, which is circles all of the What is that called the praise and look, I'm losing my man. Don't even I don't even know exactly what Carly All of the praise a child been giving me the comments. Everything. All of that stuff matters just because remember, podcasts is like me. I don't know about other ones. I know there are some big ones out there, but I'm not getting paid for this yard. So I literally do this just for the love of motivating, inspiring and creating the space for my niche audience. So thank you all so much for listening. And on today's episode this is very special for me. Like I said, because we're moving into the 10th episode. I'm proud of my consistency. Number one. Sometimes it's hard for me to continue doing stuff. You also 10 episodes is a lot, and I'm learning new ways and how I want the podcast to get better. And so I'm gonna start section in and segmenting out and I'm gonna have the podcast flow in that way so you'll see how everything's gonna operate moving forward. So we're gonna go ahead and move into last week's episode, which was the motivation Financial Freedom episode. And that was where I gave you awesome insight on my view on financial freedom. And I gave you a very intimate story on one of the best and worst days of my life. Child, if you missed it, it was a good episode going. Listen, not gonna say too much on this episode because we got lots to get into. But, like always, if you aren't following me and if you want to connect with me, I'm on I g at mindfully rates. So going connect with a girl. So our first segment is gonna be called triple and job, and that's are mindful. Money Minute and our music title Inspiration comes from the notorious B. I G mo money mo problems, But I want to know from y'all but isn't, though I want to know. Are you all those people who said I can't wait until I make $50,000? 60,070 80 90 100 grand. But after you made it there for some reason, you still started spending more money, just like the song says. Not only did you spend money, but you start using your credit cards like it was money from a second job or something, right? So I have put on my i g page. I asked the question of What should I talk about next? And so I wanted to combine this episode of talking about Momeni more problems and talking up and using that title to talk about credit card. That so I don't know if you have ever thought this way, but I know that I've been in that position before and like I used to literally chase the dollar jaw like if I made $100 extra, I would be spending it right then when I had all along said as soon as I make extra $100 as soon as I make extra $200 I'm not gonna spend it. I'm gonna keep it for emergency. I mean, we all know that we an emergency times right now. And, you know, what I would do is end up spending it, and it would go somewhere, Not in my savings account, Most likely. Okay, so I know that I'm not the only one that has done that. And I know that I'm also not the only one that when the credit card companies start sending you those credit cards, you opening them up. You know, you get in that new credit card when they start giving you these increased limits, You taking it like, I bet is some of you out there that you went from $500 to $1000 credit limit, and you was like bawling. I've been there. I've done that too. So I want a first mindfully analyze why some of us do this like, Have you ever thought to yourself Why do I act like that? And I do. I think about money. A lot of talk about it a lot, and so I wanted to kind of break that down a little bit. So in my opinion, I think there are four types of credit card spenders. So the 1st 1 is that person that didn't grow up with nothing. Right now we ain't gonna say nothing like literal, literal nothing. Okay, you know what I mean? When I say nothing, I'm talking about that person that was raised in that house. Where was way more month? Their money? Too many days on their calendar, right? I think this type of person looks at money as a rite of passage. Like when they finally get it. It's like I got the power and credit card was also like a sense of power. And it was finally a means for them to do what they wanted to do and get what it is that they wanted to get. Even if there wasn't any money left afterwards. If this is you, I know this life very well because I lived it. So I want to talk to you for a second. That type of life can get so expensive just because when you grow up in a household where you can't get everything that that you want. So I'm not gonna say you didn't have what you need it. But you can't get everything that you want and you finally get older and you get a little bit of change or you get a little bit of credit card limit. Then you start get you get triggered by some of the things in your childhood that you didn't have and you like I got the money, I got the credit card limit. I could go out and spend it. Now, you'll let me know. I know that. Try one another in listening to this. But if that's you, I mean, you know, say, yeah, that's me. You know, I know that life just because I've been in that same position before and I have a TV story that I normally tell. Um, it's so funny because growing up loved my mom. I know that I told you. I my mom has passed on, but she is my queen. I absolutely love her. But when I was 12 years old and we were staying in our own house, I had a black and white tv. Right now I'm 35 ain't no way. It's will. I should have had a black and white TV, right? I probably like somebody. I probably learning something about me. That job didn't even know at this moment hearing that Like what you did. Yes, in my room. Okay. And from that I used to get so upset that I had that black and white TV that now to this day, Okay, I have so many TVs and I make I mean big TV studio. I have so many TVs because off that one TV problem that I had back in the day, that was a trigger for me. And so when I'm talking about this type of spender, I'm talking about that person that's triggered by the things that they didn't have when they were younger. So moving on to the next type of spender, and that's an emotional money type spender. This person is the one who spans money that they have and that they don't have right. So when it comes to credit cards there, that person that if they feel good right now, they've got to go ahead and buy something, cause they got to treat they self right. If they're feeling sad. They got to go back something to go make themselves feel better if they're feeling hungry. They got to go to the restaurants, even if they already got food at the Korea Bright. And you know, if they did something good or they're being celebrated, they got to go back something for themselves. They got to celebrate themselves. They deserve it. Yes, right. You all know that type of person that I'm talking about. And unfortunately, I've also been that type of person where I spent money emotional, and I wasn't really making those decisions based off a logic. It was all my emotions. And so an emotional spender when they're using credit cards, that balance can go up really quick and check this out. You don't know how many emotions and feelings we have in a day chow way too many to be spending every single time you experience one of them. So that's the emotional spender. Next we got going here to move on to the emotional credit card spender, and I'm sorry, not the emotional the emergency credit card spender. So this person is actually they're responsible with money up, but when it comes to emergencies. They're first going to go today. Savings account. And if they did, they don't have it in savings. They're gonna go to the credit card. But another thing about the emergency spender, in my opinion, they're also looked at four money from friends, family and whoever right there. The nice person. So if somebody else needs some help, you know they're there. They know they've got the credit card limit. They're there to assist them. Health. Um, well, whatever it is, whatever expense that needs to be paid, you know, that's the immersed, the emergency. I can't even pronounce this word job. The emergency credit car Spender. Basically the captain save a ho, Spend the right. That's what I'm gonna call them just because it's funny on. And I told you all that therefore type. So the last type is just, you know, I really don't need to spend my credit card type spender, right? That person that's really responsible, if they use their credit card, they panted off at the end of the month. They really don't need to use it. But they got some cash rewards or something on there, and they like, you know what I can use a little quick extra look cash. I'll use this for vacation and pay it off. That type of person really doesn't need my assistance or my help. But if this you just keep on listening right now because you you may have somebody in your family that's like the other spenders, you need to tell them about this. So for those 1st 3 type of credit card spenders, I don't want you to feel bad because, like I said, I've been in your shoes. I've been there where, You know, I felt like it was okay to do, but I didn't understand it mainly. So I want you to know it's not your fault. And that's mainly because you didn't understand that there were different type of credit card spenders. You know, it wasn't in your upbringing is to understand that some of us was not taught this in school. You know, I don't think that this is something that still talk, but this is something that I analyze a lot. So it's I like to bring light to it. You know, you didn't understand that emotions and circumstances can affect your decision making in your financial life. And so that's the reason why I like to talk about this type of stuff. And so what do you do after finding out you're one of these credit card spenders, right? Because once you know something, there has to be some type of solution. So you gotta acknowledge it. You can't fix any problem in life without acknowledging that there is some type of problem. I'm sorry. I cannot talk, especially with big. Where? Joe, I didn't that that once you understand which type of spender you are, it'll help you understand why you're spending money, especially spending money on your credit cards and a reason why, like I said, I'm focusing on credit cards is because I don't want you going into debt and credit card. That ain't no punk. It just ain't okay. And so once you realize exactly and acknowledge you know which type of spender you are, why it is that you're doing this, then you're able to change. I want you all to know this that can't nobody make you change your spending habits other than you, they just can't. So it's a good thing to understand who who you are in your spending habits what it is that you need to change because that it makes things a lot easier when it comes down the line to trying to change your habits up. But check this out. If you go with letting your childhood of bringing trigger extra spending in your life that show business if you okay with your emotions, taking you in today have it your way below. And if you insist on helping others when you know you ain't got it and you keeping up appearances just because you're trying to keep lodging out here, you keep doing you okay, But for all the oh, that's out here and you're ready to change, we about to have a conversation. Okay, Like I see it, I didn't been there. I don't know how many times I'm gonna say I didn't been there. I just want to let you all know I definitely understand this, and what I learned is the first step sort towards changing your credit card spending habits. That's gonna be not making up any excuses, and Dan just sitting in it, understanding what it is that you've been doing. When I was doing it, I realized that I didn't have enough discretionary money left after all my bills toe toe live the life that I thought I should have been living. I don't know if you haven't made up a life in your head the way you should be out here, you know, like and so I did that. My rent was over half of my income and so that was like stifling me. Also, it was preventing me from living the life that I thought I should have, and so I should have had. And so with that being said, I was using extra money on my credit card's not stand in my financial lane. And the one thing about not stand in your financial lane is you're not even thinking that you're creating another bill that you won't be able to afford because as you use credit cards up, you're creating a bill on that credit card. And I wasn't even thinking about that. I was just swiping away, swiping those wiping Let's go on. And the more I bought, it wasn't even added up until the bill got there. When the bill got there, I was like looking at it like who about that right I know I ain't the only one that didn't hear that. So, credit card, that is one of those things that just doesn't get better. The more that you go in like you look at it like, Damn, I'm at 1000 3000. 7000, 10,000. Damn already. And it goes really quick. And just like I mentioned all of those different spenders earlier dependant on if something is triggered from your upbringing or view that emotional spender or you that emergency spender, you know, those things can add up so quickly, you know, it don't take long toe to run up. I noticed a $10,000 bill. It just happens I don't need You ought to try it, but just know, take my word for it. Okay? So there are two ways I recommend getting out of credit card debt. The best way personally, in my opinion, is to take out a personal loan for the amount of credit card that better and to pay off those credit cards and just make that into a one payment that you pay monthly. So a this. I hope you pay the credit card all faster and be it help to simplify the credit card debt into just that one payment. Now, I understand that everyone won't get approved for a personal loan. So why you are hollering that you know this podcast, Richie, what you're talking about? What if I can't get a loan? I got another solution. So if you can't get a personal loan to consolidate those credit cards in, I would recommend that you take a look at the overall credit card that that you're in. Whether that's one car, two cars, five cards, 10 cards having many of those cards. And then you take the smallest balance and figure out how many months you want to pay that thing off. Right? So what you would do is say you have a balance of $2200 right? I don't know where I got that amount from 2200. You want to pay that off in the year? So what's that? So that's $183.33. So if you have a 22 $100 balances, your smallest balance right? You paid it off in a year by paying $883.33. So there's more than your minimum payment you make. It may be a double or triple payment, one that thing and for all the rest of your credit cards, you just making the minimum payment until you pay off that one credit card in that year in those 12 months that you designated. And so, although that's a slower method to paying it off. But the thing is, you will steal. Get to your goal and you a game mo mentum when you take the smallest card versus trying to chew elephant all at one time taking the largest balance while you're in the process of paying off credit cards, make sure you cut up all those credit cards so that you have the discipline not to want to use them and cutting them up, especially during the time like right now cut him up will help you to not even think about using it because for some reason why people are in credit card debt, if they still got a little bit of balance left, they use every single bit of that little bitty balance. I know I am the only one that they've been there okay. I know. I'm dropping some g m's on here. You know, I'm sitting here looking at everything, like dig. No way. You're really talking some stuff out here today? Yeah, I better be taking notes. Okay. If you're driving, just wait till you get home. Let's do it again. Take those notes. Okay. Just because I want you all to be informed because, like I said, I didn't been there and I didn't have no one to break it down the way that I'm breaking it down to yo. And so I want to get into my last remedy to get out of credit card that this comes from one of my friends and slash co workers. And she told me about having no spend days. So it is what it sounds like. You just simply have days where you don't spend money. Whether you take that to be five days, 10 days, 15 days, 20 days, You just say in these amount of days, I'm not going to spend any money. And so when she was telling me about this, I was like, This is pretty dope. You know, you have these days because think about it now. It should be easy for us not to really spend any money. But I'm noticing that a lot of people are still online purchasing things, since you're unable to go into the stores, all of the different stores that you're used to shopping in. But if you designate no spend days to keep accountability, do it with some of your family members that you trust your friends, coworkers, whoever you decide that you want to do this with. So that way it can keep you accountable. Turn it into a game. Don't reward yourself if you make the amount of days I just talked about that, but just know that you're just making yourself better financially and in your credit card. Like if you do adopt no spend days, not just your credit cards. Don't want to just make a scene like everybody spending on their credit cards. But this particular talk is for those people who are spending money extra money on credit cards when you're going into debt and you really don't have that to do so. Wu Chao who I need to get some water. So just a recap. First we talked about the different type of credit card spenders and knowing and understanding what you're spending triggers are. Then we went into how to get out of credit card that and realizing you're actually in credit card that and just make wanting to make that change. Then, lastly, the top two ways to get out of credit card that including adopting no spend days, what we just talked about and finding debt consolidation methods to pay off your credit card debt. And just so you can simplify your situation. All right, Charles. So I'm gonna go ahead and move into our mindful money quotes of the week, and it comes from the great Oprah. You can have everything you want. You just can't have it all at one time. I love this quote, y'all. I love this quote so much because sometimes we can get inside of our heads and we can get outside of our financial lane, thinking we need things that are really considered once. And it's like you have to really tell yourself, you know, since we are actually talking about credit card, that you really just need to understand that debt is not something that goes away quickly. That is definitely a marathon run. It is not a sprint. And so saying you can have everything you just can't have it all at one time just means that you have to plan a little bit more and then also tell yourself if I don't have it, maybe I don't need it. Or how am I gonna plan to save to get what it is that I need? So I'm also thinking about at a Q and A segment to the podcast. And so this week I don't have any questions, but I'm actually all right now. If you'll have some questions that shall want acts, make sure ya dia me on I g at mindfully rich. Which your questions and I think that we can have a little bit of fun. I listen to lots of podcasts, and I love the Q and A section is that they have. And so if you have got a financial question, go ahead and slide in the d. M. Let me know what the question is. We can add it to the podcast. I'm pretty sure somebody else probably thinking the same thing. So go ahead and send your questions and we'll have one next week. So we're gonna go ahead and move into autumn questions Some calling that segment that cause I like the name. So the song I haven't repeat this week is Rianna and Futures Love Song. I don't know if you have ever heard this song before, but it goes, um, I don't want to give you the wrong impression. I need love and affection. Okay? I love this song. You gotta go listen to it and eggs a viewer. Omar's blind man. Yeah, I'm in his love season of my life And so I'm listening to them love songs really heavy right now. So that's on my list, like, literally on my Spotify. Repeat. It is the 1st 2 songs. So those songs, which is on my mind all the time and next to show that I'm into this week insecure, insecure, has been just on my DVR. I have been watching the 1st 2 episodes over and over again. I just finished watching Episode three, and if you are fans of the show is a is really pissing me off right now. We started off the season not like in Mali. That must think in Mali was just being Miley Not easier than showed her color. So if you'll watch the show, you know what I'm talking about. I want to do a TV segment because one of my favorite podcast, the friend zone, they do 10 my goodness. Absolutely. Love. It is back. The Dustin is the one who normally, you know, facilitates that whole conversation. Absolutely love it. So if you don't want me to add that John, let me know that in the d. M. Cause we definitely can do that cause I'm about that. Okay? Like finance, but also a little talking about TV to So nothing's really grinding my gears this week. You know, overall, if you know me, I'm relatively ah, happy person. I try to exude gratitude in my everyday life. And so me and my kids, we still do, and I we bless. We got no illnesses going on. My circle came over this weekend. We had a great good social distancing. Good time with each other. We need it that for mental health and whatever it is a child need for your mental health, make sure you are doing those things. You need to stay mentally stable. Well, thank you once again for tuning ends of the park cast. And like always, if you're not following me, I want I d at mindfully rich and until next time, where hitch are with another one.