67-Years of FINANCIAL MISTAKES: The Impossible Rescue

are you currently increasing your credit card depth they're all pretty much maxed out yep what is your credit score it's 574 down from like 710 Katherine here at 67 years old has one checking account with a current balance of $295 do you have any saving account it doesn't have a balance right now investment accounts I ended up taking all the cash out of it okay uh and I presume no retirement fence no I'm going to ask you a couple question as I think about my recommendations because we have to pull somehow somewhere either additional income or slightly reduce your expenses welcome to finance action the show where we take action my name is Roman and today I am with Katherine Katherine how are you doing I'm doing fine how are you I'm doing great awesome Katherine let's look at your profile you are 67 years old you originally from Connecticut and you currently live in Seattle you are primarily retired but you also work as a woman empowerment coach is that right yes that's correct awesome looking at the way you've readed your personal finances from chilling to MayDay Katherine at 67 years old you rated yourself as Mayday which is tough to hear but guys there is so much to this story a great amount of complexity so we hope that you follow along but first Katherine tell me a little bit about what is going on right now I got myself you know I'm struggling because I got myself in in um situation and it's something that I should have known better I see yeah and but um and of course I can't go back so I right now I just want to deal with it and improve the you know situation any way that I can and and not make the same mistake again so when you're telling me some of the mistakes can you expand a little bit about kind of what has been your experience through this well I I would say one of the biggest mistakes I've made through throughout my life since I was young was to not be focused enough on you know on my future like planning my future and um thinking about yeah when I retired and that kind of thing and uh how I should have like some kind of um retirement and I remember like hearing about how at that time when I was very young how some people had retired and they only had Social Security and I was thinking oh my God that's crazy why would someone you know do that and guess what Never Say Never right indeed uh you will find guys that Katherine is in actually a pretty tough spot uh from a succession of behavior that potentially could have done better but uh as you mentioned light life have not been uh easy for you can you walk me through briefly some of kind of the big events that have pivot your life I as I mentioned before I was very young just barely 21 I had my oldest son and um two years after that I was raising him by myself and then eventually I had another son and by the time I was 26 I was a single parent of two children and I was not receiving any child support so um I went back to school because I felt I had a better job a chance at a better job with an education so I worked part-time and went to school uh full-time uh with a lot of help from my mother and you know then I graduated but I wasn't focused enough on where I should go you know in what direction I should go the how I should build my career and um in the best way and again not thinking about planning for the future and you know um it is so true that when you get older you go oh my God where did the years go yeah yeah it's like one day you turn around and you're going where did the last 40 or 50 years go which sounds crazy but it's true wow so when you're telling me Katherine you were not focus what do you define as that Focus I I feel like number one I should do what I do nowadays was just try to keep myself um aware of what's going on in the financial world but also about how things you know work I I wish they would teach about uh credit cards and the interest charges and how you're going to pay five times as much yeah if you just pay the minimum you know they don't and they don't teach you how to budget until it's too yeah until then you get yourself in trouble and you're you know it's like backpedaling so I I think that's something really missing in our educational system but that's my opinion and being a single parent that was difficult I mean I really wasn't able to save you know I was going to school and and uh only working part-time and you know had two kids it would have been different if I were single um so I wasn't able to save then but I graduated when I was 33 and at that point like I said I wasn't focused on getting a reg job um I was trying to skip some steps I guess because I felt oh wow I was you know I wasn't 18 and graduating at 22 and living at home but anyway I guess a little bit of that entitlement but um so that has been the theme throughout is like not planning when I have had the money or whatever to have um something you know set aside be aware of finances and also of course not just the traditional things like a Roth IRA or whatever but other different kinds of yeah um Investments and that kind of thing and um I know that the US is terrible in rating for savings yeah I mean you're you're on your own that's right when it comes to saving it's not like the French system that automatically save for you and then at retirement you have those whole years of contribution that are climing up here it's it's kind of it's your own and and this why I believe Katherine is such an incredible story is too much with much respect Kine you are the perfect example of some of the behaviors that we want to instigate in younger Generations or everyday individuals is today if you're watching and let's say you are you know less than 30 years old even less than 40 years old you still have a lot of time ahead of you even some than 50 I mean every every age has the potential to create a future for them where they don't find down themselves in a situation again Kine at 67 years old with a very tough financial position where maybe the options are not as expanded as what you may have 20 years ago right so what you will find here with Katherine story is a perfect example of why it is important to start thinking about this today not in one year not in 5 years today there are little steps that you can take and if you had the chance to look at some of our different content throughout each of the story that I bring in I try to bring a little bit of a tip here and there and hopefully as people tend and if they want to watch multiple of the podcast that we do they are going to have kind of this idea about how to properly yeah it might not be you know like rocket science but how to have a strong base and sometimes more depending on you on how can you build something that is solid enough for you to have a fairly sustainable financial situation Okay so we've tackled a little bit into your story Katherine now I want to bring us to our first topic together which looks at your income and your [Music] assets your primary source of income is Social Security and thank you for providing us with some of your statement I see here that you're being paid around 1,800 after tax on this per month and also you have a women empowering business tell me a little bit more about that well I've been working on my coaching business for the last couple years at least but more like on the backend part and you know building a foundation for that and I've only recently really been networking and putting myself out there and I have been interviewed a few times um about my story and uh I'm trying to get more well known but at the present time I don't have any clients okay and what do you do through those uh through this business what is how does it work well basically um I work with women showing them how to set boundaries so I say that I I teach them how to say no to the people and things in their life that don't serve them and so they um you know setting boundaries can be anywhere from telling your best friend no I can't help you with your party on Saturday you know sitting um because I say that it gives setting boundaries gives you freedom from stress overwhelm and setting boundaries in critical situations which is how I describe um what I do when I'm telling my story of abuse your story of abuse yes okay can you tell me a little bit more about this so you've lived that um yes twice so um so you you mentioned twice hold on what do you mean by that actually I have two children and they have two different fathers actually they're grown not children but you know they're always kids anyway um both of their fathers were very abusive and um I was only with them each for like two years and I was very young so I finally left that situation for good when I was like 25 and then like I me and I went you know back to school so um The Epiphany I finally had I think that got me out of that is that um well one two things number one I didn't want my kids around that and then number two I thought about why I ended up in that situation and I realized that uh if I had felt really good about myself like I do now um then I would not have gotten involved in that and I wouldn't have stayed okay what what gave you the courage to get out of this yeah there I mean there's kind of a story it's it's something that happened one day that finally was like when I was like oh my God I have to I was actually afraid for my life and I said I really have to get out of here so I planned uh to leave and I just basically took my kids and moved out while he was at work and disappeared whoa okay so you're definitely speaking on by experience on this business venture yes um but today you're not generating any income of this right no no unfortunately I'm not okay so do you have any other streams of income no just a little bit of money from my um the money I make on the online reseller platform but it's just a few dollars a month right now how much would you say you make oh gosh I'm lucky if I make 30 or $40 oh I see okay so fairly negligible I'm still going to account it for this for financial aspect so if we think about your age in the median income in United States uh for people that are higher than 65 years old okay 50% of those individuals make less 50% make more the median income is at 1,850 okay this would be okay if you had some strong retirement funds on the side which as far as I see it's not actually the case so let's move on to some of your assets you provided us with your statements and it's fairly straightforward guys Katherine here at 67 years old has one checking account with a current balance of $295 do you have any saving account I have a savings account but it does doesn't have a balance right now do you have any um investment accounts I had an investment account but I ended up taking all the cash out of it why money was so tight every month okay uh and I presume no retirement fence no but you have a car yes I do okay what do you drive I drive a Honda Accord 2005 EXL okay how many miles about 160,000 okay so if we look at a Kelly Blue Book value for it today if you were to sell private party it's around 4,500 for that car so this together uh Katherine brings your current total assets at 67 years old at 4,795 out of which liquidity less than $300 which is why we are guys in a fairly mday position not only because we have have a fairly lower income than what we would like but also because we don't have much asset to back it up okay not all is over Katherine as always we are in your best interest looking to see kind of what type of ideas can we get out from this that brings me here to my next segment your expenses and your debt I will start with one that is pretty straightforward your housing expense how much do you spend per month on rent $400 does that include utilities yes okay $400 in Seattle how do you do it I actually live with a relative okay well that's nice and you're able to assume that for a long time maybe just another year or two okay and you don't think you can stay there longer I might be able to I'm not sure okay if you don't have the chance to stay there longer do you have another option I I do have a plan yes okay what is your plan my plan is to get um actually obtain a tiny house because they're still affordable okay yeah well we'll have to see we what money on this huh yeah yeah well that's why I want to get rid of that debt like I said bad debt that's right bad debt we'll be going through this right now as I look into your housing expense against your income it's at 22% we like it to be below 28 so you're doing good on this at $400 it's tough to beat okay number two Transportation you own your car outright I see here that you have insurance with uh USA at $53 very good as well as gas you recorded about $20 in your recent statement that brings your transportation expense to 4% of your income you barely Drive pretty much you never go okay um we like it to be below 15 so far so good I can't say anything you're very F goal I like that Now ladies and gentlemen this is where the pain comes in I am here seeing about seven different credit cards some of them with balances between you know $110 with airm which is okay I mean okay no but if the balance is low up to $7,295 well what I see though is that this one has a 0% interest so it seems that you've Consolidated that debt right however if I look today at the sum of your credit card debth uh going through multiple Ventures from PayPal Nordstrom Chase affirm Credit Union and so on you currently sum Katherine to 20,400 okay looking at the amount of minimum payments that are required on those cards today guys per month it is $820 so when you have here a situation where your income is ,800 and your minimum payments on bad debth is $800 you know you're not going to go really far in Seattle so this brings me here to a simple question that I have for you Katherine what happened that you were not able over the course of your working life to put money on the side for retirement well definitely lack of planning and lack of you know educating myself about about finances and um I do have a degree in economics but that's not the same okay I'm not putting the blame on on my parents but I wasn't you know I didn't hear that you know growing up right so the frankly follow-up question for you though is I want to understand the mentality so I can understand that when you're 20 years old when you're just starting life but when you're like 40 years old and you know it's coming up there was not at some point a moment in your life you're like oh you know I don't know what's going to happen when I'm 60 65 years old what was the thought process you were just like pushing it there you're like oh I'm going to be okay I'm going to be fine how did you over the period of probably 40 years every year you were like oh it's okay I'm going to push it to next year push it to next year kind of how did this recurring Behavior happened it's really easy like you said to not think about it and not address the issue and um and really like the necessity of planning for the future and um actually when I was in my 40s I did have a bit of a retirement account but nice and I used it to get my first uh townhouse house which was really small um and then the the money I made on selling that I put it into a bigger town house I would have been good except the market crashed and my house was underwater right so that's is uh probably 2008 it was a little it was 2004 oh it was 2004 yeah oh okay that's right there was a well beforeand right it it didn't happen all at once right uh um so okay so so number one guys please if you have to make a house investment do not touch your retirement FS today personally there is absolutely no reason whatsoever except if you're going to be homeless to touch retirement fans okay and and and sorry for picking up a little bit on you Katherine but in general here I'm speaking to audience you know I have seen people taking out F to buy a car oh FS because they want to go on travel well number one you're being destroyed by tax you're being destroyed by a distribution penalty definitely can go up to you know 10% sometimes more and on top of that you don't even realize the amount of damage that you're putting to yourself in your future so please if there is one lesson here that we can hear from this interview is never touch your retirement except if you're calling me and you say Roman I'm about to be homeless and I say okay maybe you should consider taking some otherwise there is no other expenses that justifies this okay okay uh and sometime you're like oh medical and so on oh of course of course this could be considered a very high emergency however if you have the processes in place beforehand such as having a pet insurance is an example again not on you I have known people that have taken money out of retirement fund for an pet emergency which can be very expensive in that case guys please take pet insurance if you are driving a car and you get into a car AC accident and then you end up with hundreds of thousands dollars of of debt that I had thank God I had car insurance but it is important that you're taking the proactive steps that today and I know some of you are watching here you guys don't have those but trust me those are not yes they hurt when you see the bill every months you're like oh why am I paying 150 here when I'm not even you know driving safe and so on you never know what can happen and you have to be proactive so this way you're investing in yourself you're investing in uh safety and financial strength so this is basic please I know too many people that are running of a very fine line and then they use retirement funds or something else happens and then it's a disaster sorry for disappointing Katherine coming back here to your case it is true personally that I find it a little bit disappointing that the alarm didn't ring a long time ago you know uh for example maybe when you were in your 50s and you knew that he was coming and you still would push that but the question for you is were you living a high life at the time or you have always been struggling financially I have always struggled financially um the few times that I had a little bit of you know extra money um it seems like and and I'm not talking um a lot in you know maybe 20 or 30,000 and then I end up spending it on things that I think were going to improve my life but they didn't end up I didn't follow through with them or finish them or whatever what were those for example give me an example of something that actually I've spent thousands of dollars on coaching it's that's not unusual for coaches but none of that has has gotten helped me get clients so yeah so the coach coing industry look you know you people need to save money but somehow you know it is it is true that it's It's Tricky you know like I love the coaching aspect I you know don't deny it I feel like it's um it's a good business to be in but sometimes people if they decide to buy a course or they decide to engage in this you have to go all in and I believe by looking at statistics that the amount of people that buy a course to then actually apply some of that knowledge it's generally fairly low you know you get motivated yes I'm going to do that course I going to this oh yes there is a financial component they buy the course it's kind of like the gym you know exactly they buy the gym they're like yeah I'm going to do it I'm going to do it and then and then you're down $5,000 so I don't criticize the fact that there are courses although you know the coures to be valid at that price but what I mean by that is it needs to be some type of actions there needs to be accountability is when you don't have and you just throw money like this and there is no accountability after that it is on you generally to hold that accountability but it's tough how much have you spent on courses last o last December like over two or three months I spent like $2,000 M but I actually owed a total of 6,000 and wasn't able to continue so I had you had to stop I had I had to stop and yeah that was very very stressful because I I don't ever recommend doing that I had signed a contract so I was in default of the contract and I was hugely stressed out about that yeah and so um and it's very true that people spend money on courses and then they don't Fin and I'm a good example of that um I actually spoke with someone recently and they told me that Tony Tony Robbins admitted that only 5% of the people people he works with actually follow through and complete and yeah yeah you're selling a dream that's the thing you know like any product people are sending yourself a dream so what does that brings us today Katherine well that brings us into a very very tough spot where you know Katherine is actually very well organized guys she came here with an Excel sheet that has every single expense very well highlighted and categorized and I love to see that you have a very good idea of where your expenses are going through and let me tell you it's very frugal except for one thing Kat here you're recording for food $450 to which I ask you cine what are you buying $450 worth of food every month well obviously what you um used to be able to buy uh even at Trader Joe's Which is less expensive it costs $100 for two bags of food which is nuts yeah so there are definitely alternative options to this we'll be speaking about this as I think about your situation but other than that actually I'm very happy that to see that you're not spending money on uselessness like coffee and so on you're literally living barebone are you currently increasing your credit card Dept they're all pretty much maxed out yep indeed so that probably had a pretty strong impact on your credit score yes it did a severe impact what is your credit score it's 574 down from like 710 when were you at 710 probably about 8 months ago that was a quick down four huh yes what happened it kind of snowballed because I wasn't paying attention to how much my payments were getting to be mhm and then that cut into my food budget so I ended up buying food on the credit cards and I have never done that in my life and don't ever do that yeah and um so then it just got worse and worse and then if I had an emergency come up then I had nothing to fall back on no emergency fun there you go Point number two guys somehow everything that we see in this show is being uh portrayed here through our friend Katherine but uh here you see guys principles principles that here are showing in truth we're not crafting stories or crafting recommendations okay so yeah that's right actually most of your balance are pretty much maxed out on your credit cards and although it seems that you've been actually paying minimum payments on those so you've not defaulted it is the component around credit card utilization when you have a credit card limit of a th000 by the time the statements drops you want to have a balance of less than three 30% and you want to pay it instantly no more credit card debt one of the worst type of credit card that can exist I mean at least you don't have payday loan debt I like to see that you know payday loans those are the worst no I've never done that well at least you I'm glad that you don't know that they exist it's about 391 per of interest and if you have the chance guys we've had actually a video of someone that borrowed $400 and the loan cost him 1,200 you might as well go look for the leg breaker Lo types okay so that is kind of your situation here I see that you have a pet as well but you're very frugal you don't have pet insurance but why don't you have pet insurance it's not cuz I believe you would if you had the money would you take pet insurance of course I love my cat okay all right now Katherine that I have a good understanding of your situation let's look together at our next segment the money case all right guys at the 67 years old Katherine is in a very tough spot with over $20,000 worth of credit card depth as well as just $260 on her account and no saving funds so what does that mean is that right now cine is in the hall uh but together we'll see about how much so Kine as we looked into all of your expenses right now you are underwater not by $100 not by $200 but by $481 per month so this Katherine is the amount of money that while being very frugal you are losing per month by just assuming minimum payment so you're not even paying back de right now which is tough to see the situations is pretty critical but we will look together at different options that Katherine has into our next segment as we move into our recommendation section all right so Katherine now let's look into the good discussion the good aspect of our discussion let's look at what I would do if I was in your shoes number one as we think about your way to segment your Finance you have three case right you have your needs this is money that you need if hits the fan you want today I'm sorry you can't have much and gold this is the last section which looks at money that you can invest save or payback debt in your case right now as we mentioned previously you need some to 2,337 while being very frugal except maybe for the foot portion but that brings that your needs to your income at 126% so you're under waterer by 480 well by definition where does this leave us this leave us with want of absolutely zero and payback depth of zero again I'm going to ask you a couple question as I think about my recommendations because we have to pull somehow somewhere either additional income or slightly reduce your expenses I'm going to start with number one you mentioned that you're sending stock on pmark how much do you have worth of assets that you can sell it's like $1,600 maybe so I probably have a few a few thousand okay what is holding you from posting more time no I just need to do it well that's number one I want you to sell everything that you can that you have inventory for and um this is pretty urgent because I need you at least rapidly to increase what you have on your checking account otherwise you can't make next month in addition to that I invite you to please revise your prices because if you have $1,600 worth of sales and you're selling for 30 bucks a month you probably are mispricing your items even if you are selling them for a little bit less I rather have you take a little bit of a hit on selling n maybe a little bit below market value but you still sell them and not increase your credit card depth because as we are looking right now next month you don't have you're going to finish with zero on your checking account and you're going to have to take credit card debt to assume your monthly expenses number two so you live with a relative and you pay currently $400 per month would this person be able to give you a differ meaning that you would potentially in the short term reduce your rent to help you think about how you can potentially rebuild yourself or no and what I mean by that is there anything that you can do maybe help around the house clean whatever I don't know you know it's not easy to somehow ask her look I'm really really struggling right now is there any way you can somehow please reduce a little bit my rent that is probably not going to happen because I know she depends on my money oh she also depends on your money oh she's she's in a tough Financial spot too well not not like mine but um she does you know need I mean she's got a house payment and and all kind yeah so um and and yeah it's it's not really feasible okay option out option number three you have two childrens mhm you have grandchildren great grandchildren congratulation your children's is there any way they can provide you with a little financial assistance or no no you're on your own okay number four are you expecting to receive any type of lumsum inheritance Family Assets or anything in the short term like for example something that from an end from anyone that may happen to come at some point in the coming months not that I know of nothing nothing next one are you a good driver yes I'm a very good driver are you good at walking around a bit it depends on how far it is okay because what I was thinking potentially and this is a very tough one to say at 67 years old is could there be a way Catherine for you to leverage your car and what I mean by that is you could potentially have the chance to use your card to do it's tough to say things like instacart or door Dash where you would deliver food now I know it's tough I know it's not the most fun but you can do around $20 an hour on something like this at the time that works for you if your car is in a good condition this could give you at least a little bit of income on the side and generally is a fairly low risk I'm not asking you to do Uber although your car will not qualify but 67 years old it's tough it could also allow you to you know continue to move and it's good you know to keep energized and so on think about those opportunity as long as you don't have um criminal case or something bad on your driver license no you could average around 20 20 $5 and hour we're doing this okay it gets you out of the house as long again as your car is running sustainable and you think attentional this so this is a little bit of a s income that could potentially give you a little bit of a leg way even if you do it one or two nights a week think about it it's $100 here and there you know it's not too bad and it's generally a fairly safe spot I know many people that are little bit on the you know Elder aspect that do that as well okay do you think that there is any chance that you can get back into the workforce into something that is maybe not of a high high pay position but that can allow you to have some type of an income or not because I mean I give you an example you know I'm here I have to scavenge for everything that exists Katherine okay you know when I go to Goodwill sometimes there is a person at the entrance that greets me or when I go to Walmart there is a person in the entrance that greets me and sometimes it's a more of an elderly population that's kind of is forced to work and in your case right now you have somehow to bring additional income somewhere and you've been running your coaching business for a while it is difficult you know to get clients and so on enroll into this but right now we need immediate income how do you feel and maybe it's not this maybe it's you know I mean I know you're a fan of Trader Joe or something like this maybe at I know it's tough at 67 years old to say hey Katherine go back to Workforce but you know I'm kind of Scavenging for resources here I actually had looked I was looking for more for remote jobs um I do have um a skill which I've made money for before okay I do editing work oh okay editing work for what like writing editing work I have edited resumés in the past but actually actually right now I'm working on editing a book for someone I know and I edited a book for her before okay so potentially what you could do as well is leverage this aspect into websites that allows you some type of freelance okay you could consider things like fiver.com now you're going to compete in a world of globalization against people that generally charge much less but hey somehow you have to find a place or something to make money you know it is maybe a second breath for you to think about maybe a passion that you can monetize okay the coaching is nice but coaching is also very difficult to make money yes and we need money immediately so okay I'm glad to see that you're taking action on this but honestly I would try and see if there is anything that at least in a short up could help you give you a little bit of a breathing little bit of a something to breathe on I actually can't work um like a regular job that where I would have to stand or do anything I I have um a problem with my back what about sitting yeah I I could sit you could sit okay mhm but there yeah there are a lot of remote jobs I can I've signed up with a few um companies so I can start looking again okay okay that's good all right now let's move on so this is a little bit about additional income let's move on to help there are many things that exist for people that are struggling okay um thinking about food banks okay my apologize to tell you this Katherine and you're not going to like it but today you're not in a financial position to make to to buy food at trailer joose I'm sorry to say that um in your financial spot you should be networking your way around food banks around um free food aspect for example there is a vegan Thai um food truck that serves food for free three times a week maybe it's might not be near where you are but downtown and it fits people around few times a week now I'm not telling you you know to go around and kind of scavenge for food that much but you could be leveraging associations and you know kind of nonprofit organizations that could potentially help you because let me tell you you're not the only one that is in this spot but right now showing $450 of food expenses is very tough as you think about maintaining this in the long run you know maybe you can allow yourself1 $200 but I want you to start encouraging about searching for how maybe non-government help because I know you mentioned that you cannot have access to all of that but there is a bunch of nonprofit and I can give you some websites after that you would buy a basket of fruit legums and so on and very good stuff for a very good price in addition to that outside of going to fairly expensive venues like Trader Jo to me it's expensive you could go to what is called Outlets you have grocery Outlets that is about 50 60% of the price for very high brand items and so there are other options that you think because right now there is nowhere else I see where you can um save money you're as Frugal as it comes you don't have Netflix you have a phone internet your current insurance and that's it and of course your health insurance but I have to say Katherine I honor your mental resilience to your situation because it is very tricky and I think it's because you've lived through a lot of this like you're used to those swings and um I'm very impressed about that resilience that you have but today you really need to search for everything that you can use or leverage in your possessions as we went through everything you seem to be very much on your own here so it's going to be about keeping you a float and right now when it comes to dep repayment I mean I would do everything that I can to no longer incure a the additional credit card depth of course like when you look at your credit card depth do you feel stressed about the repayment of it does it feel very big to you or it feels okay no it feels very big to me it feels big to approach yeah how can we even deal about this credit card depths cuz I would think would there be any chance that you would be able to consolidate do you have access to any additional consolidation or no I had a good credit score when I Consolidated it before but you don't think you would have access anymore no I don't think so the the only thing I could think of yeah but it would be a short-term thing obviously would be to talk to the companies and get them to temporarily lower my payments I would reach out I mean it's going to be difficult because it's a same contract I I I know how to deal with them okay reach out to this Katherine can I hold you accountable to do anything you can in the next month to make an additional $1,000 yes I do very well when I'm held accountable okay so I am going to start slow with you because your situation is critical but I don't want it to feel like it's something immense like goth against Hercules you know I want it to be something that you think you can start building momentum okay I'm going to hold you accountable by next month I'm I'm going to reach out to you and I'm going to say hey Katherine have you been able to increase your income by a th000 last month and from that I want you to put a little bit money on the side around $500 on the side okay that you're going to put in your saving account okay and $500 that you're going to try and pay back the credit card debt with the highest interest why do I not say put everything into a credit card was because I want you to have a little bit of liquidity you never know what can happen I'm hoping this is my hope is that you're going to start to build some type of a momentum be as nice as you can with the person that currently host you at your place for $400 a month because if you don't have her right now and I don't know the whole your whole life but financially you would be in a very very tough spot so you need to be able to hold this if you have to sorry about that if you have to help around the house and so on to show that you want to stay there and that you're good assets and you're here to help hopefully she can allow you to stay there for longer because you need to I know you have this project about the tiny house but right now it's about survival I don't want to be to you to be a homeless or anything at 6 years old it's going to be tough but you can still do it though you can still get out of this but you have to spend every second and I know I wish you I could tell you at 67 you know you can retire and so on but you have nothing else Katherine every second to find help around what exists nonprofit maybe non government and increase your income do you shake my hand that in a month you're going to do it okay and we'll be following up well I I have to say over the past decade I've had the chance to work with over 150 cases at least and this one to me has got to be one of the toughest because of the age component kind of the planning the current severity of the depth situation um but I have a hope I have hope for you Katherine I have positive vibes that I'm sending you away I think you still have the health and you coming here with probably what's the most important which is the health component um but but you're going to have to make it like I really hope that you are going to make it and I will be following up on you do you have any final words as we wrap up our discussion I would just like to impress upon uh those of you out there who still have a the ability to plan ahead and make a difference not to make the mistakes that I did to definitely um think about your future even if you are only 20 or whatever it goes by faster than you believe and you should be planning and and definitely focus and also the education is very important the financial education educate yourself you're not getting it at school well educate yourself there are a ton of books out there and now that we have you know the internet oh you can find pretty much anything right so yeah definitely make a plan and if you have someone like Roman to work with you that's even better someone who's knowledgeable and um can you know show you the right direction to go into yeah I have nothing to say I hope you guys have a chance to watch other content that me was a pleasure to have you we hope to see you guys next time until then this is a followup to my meeting with Roman um I am really happy because he gave me the impetus to actually go and find a job and I did um I will be working part-time and teaching ESL um English as a second language so I'm really excited about that and that money is going to go to pay off my bills which will greatly relieve a lot of stress in my like so I'm very thankful to Roman for that he's a a great guy and um he knows what he's doing and what he's talking about

Channel: Romain Faure

Views: 212,101

Keywords: Finance Action, Personal Finance, Debt Free Journey, Credit Card Debt, Romainfaure, Saving Money, Financial Goals, Car Loan, Dave Ramsey, Credit Card, Car Debt, Graham Stephan, BiggerPockets, Credit Cards, Romain Faure, Romaine Faure, Student Debt, Debt Free, Real Estate, Debt Snowball, Debt Payoff, Day Trading, Loan, how to pay off credit card debt fast, how to make money, financial education, debt, financial freedom, my financial friend, student loan forgiveness, bitcoin

Id: f7lLnuGMP9Y

Length: 47min 45sec (2865 seconds)

Published: Tue Jan 09 2024