Chelsea Fagan On Her Money Fails, Starting From Zero, & How Anyone Can Get Better With Money Today
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- Опубліковано 12 вер 2024
- In this episode, Chelsea talks solo about her personal journey with money, the big credit card mistake that majorly influenced her young adulthood, and how she started getting good with money when she thought she'd never be able to. She also lists the steps anyone can take to start getting their finances under control - without feeling shame.
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When i started watching the TFD channel I was in thousands of dollars of credit card debt, with $6,000 I owed my university in collections, and a credit score in the low 600s. I felt like I'd never dig out of that hole and I had no idea where to even begin. Now, just few years later, all of that debt has been paid off, my credit score is much improved, and I've been pre-approved to buy a home. TFD helped me find confidence in my ability to handle my money, gave me steps I could understand, and didn't make me feel like financial success was out of reach. Thank you Chelsea and Lauren (and the rest of the team) for making this channel.
How'd the home buying go?
Any episodes or tips that were key?
I’m so tired of spending the majority of my pay checks on debt. Just listening to this real, relaxed convo about finances is very motivating. It’s time to just get these things taken care of and behind me. You’re the best Chelsea! 💕
Yep. There are some debts that can be a deal you make with yourself, where you take them on knowing what you're going to be paying back. My student loans are like this, and my upcoming mortgage loan will be as well. I know what they cost, and I'm taking them on because the things they allow me to afford are ultimately worth it to me. But it still sucks every month when over half my income goes to paying off those big debts.
I was able to settle a $40k outstanding medical debt for $2k then was able to get it to $750. That being said it was an old ER bill and I think they just wanted something due to hospital writing it off after my insurance refused to pay more.
I come from a traditional Asian family where the parents sort of see their children as an investment and expect their children to take care of them especially financially when their children have grown into adulthood and started making money. We are labelled as "sandwich generation" as we not only have our own young child/children to take care of, but we also have our elderly parents to take care of in term of their daily living costs and expensive healthcare bills. And honestly this cycle causes many people failed to come out of their financial difficulties. Some people choose not to have children at all because of it. I saw this pattern and to avoid myself from falling into this trap, I had to fight hard, even if it means my parents are not being happy with me. Sometimes you have to realise that it is your very own family who drags you down and keeps you in the low social economic status. I'm not saying all, but some Asian parents definitely need to change their mindset and be more responsible with their own finance.
Same with Mexicans. My story is very similar.
Nigerians have joined the chat!
I can totally relate to it....my parents are financially dependent on me. It's a viscous cycle. but our generation can break this pattern by having a rock solid retirement fund. So that kids in future don't suffer.
Yep! This can be an issue with most cultures from a collective society. It helps if you have siblings to help pitch in with the expenses however, if you're an only child it can get really expensive.
@@barshabanerjee7262 yes this is what I have been doing-- taking care of myself financially (including saving and planning for my retirement) so that I do not have to depend on my future kids and they do not have to go through the sandwich cycle again.
I can really relate to your life growing up. I grew up with hand-me-down clothing, walked to work ever since I could work legally, saved over $10k before age 18, and got a scholarship for university that covered all expenses for the first 2 years and covered tuition all the way through grad school. I never had the rebound of spending copious amounts of money though. I'm now left with the fear that maybe someday I will run out of money, even with my frugal habits. I'm very careful with credit cards and only use them rarely to keep building my credit and remain careful with my spending habits in general. Hearing your personal story and how you have remedied your relationship with money motivates me to not be so hard on myself when it comes to budgeting. Thanks for that, Chelsea!
this is why it helps to have a partner who understands your habits but can also stand up to your impulses. life is a balance. you can enjoy life provided you budget for it.
@@asadb1990 I couldn't agree more! My boyfriend grew up in a very frugal home as well, so now that he has a stable income he likes to treat himself (and me) to takeout and little weekend trips to reconnect. His (budget conscious) spending balances out how neurotic I am about saving. I can handle my expenses but even with a large emergency fund there is always a worry in the back of my mind that someday we won't have enough.
@@abbyhenderson9574 wow my wife is the same way. im great about saving like crazy. and can get very cheap. but she is well budgets like a pro.
"Get good with money, so that it doesn't define you!"
That hit hard....
I started watching TFD when I was 19 years old, in university and with no idea how I will pay off my student loans ($30k). I regularly watched the videos daily, as I took the buses (I used to take 3 every morning) to my 9-5 depressing job. Today, I am 26, I have managed to pay off my student loans, I have reasonable savings which allow me to feel free, travel and engage in my hobbies, I left my job and increased my earning capacity by specializing in my field an am currently attending graduate school (which I pay out of pocket).
Honestly, it is extremely important to have your financial life in order. It really does impact your wellbeing. It's not about being rich, it's about having a sense of clarity in your mind. One of the most important aspect of financial management, is to have friends who manage their finances. Good luck to everyone on their journey.
I will forever be thankful to my parents for the relationship I have with money. We were high-middle class I would say but my parents were savers and we never spent on frivolous things. They show us the value of money from early on, we had some nice things (not everything we wanted it of course), we went on some vacations but nothing extravagant and the more important thing 'live within your means"..credit was an absolute no-no for my father who I don't think used a credit card until he was on his 40's. Thanks to their planning and hard work they fully paid for all my college, including my MBA which allow me to start my adult life with a high education, the ability to get a decent/high paying job and no debt. They provided for a great start and I did not put it to waste. I know that's an exception... and I did have to help paying my husband's college debt but I realize how lucky I have been and hoping to be able to do the same with our son.
That awkward pause after “If your joy is to spend on designer handbags” 😂😂😂
Luxury perfumes 🤪🤷🏻♀️😳💸💸💸
I grew up similarly up to a point. The major difference is that my parents went bankrupt when I was 4 and we ended up homeless. They divorced and my mom went bankrupt again more recently. I was so afraid of credit cards that I didn't have a credit score for a long time. And now I'm trying to make a decent one. So far 680.
I've been in an odd situation compared to most people. I grew up fairly well off. I wasn't "rich" but definitely upper middle class. I could get the nice things for Christmas but not year round. Because I grew up unaffected by money, I never thought about how it could impact someone's life. But I was able to learn some about finances from my parents directly and from watching them. I had a bank account at 8. I ended up going into a low paying field and boy was it a wake up call. My parents subsidized my career for about 2.5 years, and I'm only just in the last 8 months been 100% responsible for all my bills. Now it's figuring out "This is what I need to pay my bills and save. This is what I can spend. How do I make plan to pay down my student debt without getting exhausted from being frugal? How do I start saving for retirement?"
You are lucky to have the parents that you do. Please remember that when they get older and need your help.
Mariah Bowen do you believe you can make as much money 💴 you want to earn from veratti 100 on Telegram I bought myself a new house 🏠 and 🚗 car working with him
“Exhausted from being frugal”.....that’s a great way to classify some of the more extreme financial programs such as the Dave Ramsey plan. I love the methods and am actually credit card debt free but sometimes when I think of how hardcore the program is it doesn’t seem sustainable.
Anyways, you will get through this!
"How do I start saving for retirement?" Nobody tried to answer your question. If your company has a 401(k) plan, start contributing. If they offer a match, take advantage of it. If not (or in addition to that), open an IRA -- it's not an investment; it's a special, tax-advantaged investment account for retirement. I have mine at Vanguard. My dad has his at Fidelity. Now that you have investment accounts, automate monthly contributions to your investment choice(s). I recommend stock index mutual funds or ETFs with low expense ratios. Start with 70% in a total U.S. market fund like VTI and 30% in a total international market fund like VXUS. Or, you could invest 100% in a total world fund like VT.
Read Burton Malkiel's "Elements of Investing." Subscribe to Ben Felix on UA-cam. Learn about the Efficient Market Hypothesis if you're willing to think a little bit.
investor.vanguard.com/etf/profile/VT
investor.vanguard.com/etf/profile/VTI
investor.vanguard.com/etf/profile/VXUS
@@mikeg9b I wasn't necessarily asking those questions to get them answered so much as giving examples of things I'm learning about. But I really appreciate the time you put into this response! I'm trying to set up an appointment to open a 401(k) through my employer with a match. Covid is delaying everything unfortunately.
This was a beautifully candid confession, so relatable. It's amazing how our connection with money / improper spending originates from our mindset.
Grateful for your insight.
Thank you for this story Chelsea. I can totally relate. Back in primary school I would always be the only kid in my grade to not go on school trips as I could not afford to go, and always having to borrow pens from other schoolmates as my stationery were very cheap.
I didn't have friends as I could not hang out with other friends on the weekends or not participate in any afterschool Activites.
Which makes me realise why I am now spending on frivolous trendy products in recent times
I am on track with saving saving and saving.
This is your absolute best video. It describes everything you need to do emotionally, mentally, and physically, to get better with money today. I have to be honest, this video changed my entire outlook. I took notes, and I have made the necessary changes where money does not define me anymore. Thank you from the bottom of my heart.
Chelsea thank you for being so candid with your viewers. Sharing your story so openly goes a long way towards helping others shake the shame we feel over past financial decisions and gives us hope for ourselves. I appreciate you and your channel very much.
Great story. Goes to show that being financially stable isn't always a fairy tale story
I love your honestly and transparency 💕 As someone who LOVES luxury handbags/accessories and came from a super frugal background, I totally understand other people’s judgment 😂 But at the end of the day, I have enough for living expenses, savings, retirement, and my guilty pleasures so I don’t care what anyone else says. I worked hard for my money and what others splurge on I don’t so I can afford my guilty pleasures 💕
Amen. My parents are very frugal and my mother has apparently said that I "shouldn't have expensive tastes" (although English isn't her first language, so maybe that wasn't quite how she meant it). Even though I'm doing quite well financially with a healthy amount of savings and investments and a clear budget that I follow, I do sometimes feel guilty about wanting or buying the things I can totally afford because they "feel expensive". I think the thing that has helped me the most is my budget, because I know that as long as I stay within the amount I designated for discretionary spending, no matter how much I spend in one go, it really doesn't matter.
My family pretty much never talked about anything "adult" with us as kids, other than to tell us "you should be saving that not spending it" whenever we would get money for birthdays or christmas but they didn't give us any knowledge about why saving was important or how to set money goals or all of the million things that go along with money. I make decent money now, but can't enjoy it because of so many years of poor money management paired with a sudden split from my now ex husband that left me very very financially strained. I was pretty much only paying bills when I got late notices or collection calls and I've been working for years to slowly disentangle myself from those much larger financial issues. I'm finally in a place where I am forcing myself to look frankly at our finances and truly take control of it for good. In all of that I am very glad I've been putting away money into a retirement account since I was 20 and I will be 30 this year. I haven't put away much each paycheck but something was always better than nothing. Now I'm looking into if my company has 401k matching and starting to try to make sound financial choices thanks to bingeing this entire channel. Thank you so much for the information that you give because it is genuinely helping me and my family in so many ways.
Currently 22, and I will say I grew up with a lot of similarities. I’m so happy that I found this channel my sophomore year of college! It really helped me fight the urge to “spend whatever on whatever I wanted”. Thank you, Chelsea, for sharing your mistakes. It’s really helped me avoid making them too.
Jesus! The barrage of videos! TFD, you are in a roll!! 😻
This was so good and very raw at the beginning. One thing to note for people in the UK is that advice on credit & limits is different. Close accounts you don’t use, even if they’re old, reduce limits you don’t use.
Source: used to make credit models for a living.
I grew up having to work having to help my parents afford our power bills & rent. That includes babysitting before I could get a work permit. I went into college in high school with a special program, so I graduated with an AA, allowing me to get into a single dorm when I went to University. I also worked between to save money for college & in college. I always assumed that I’d always be a saver like my grandmother. However, as soon as I didn’t need to worry about rent (because of student loans for a dorm and scholarships) I started spending on all the things I never knew I was missing or wanted but could never afford. I discovered as soon as survival mode is over, I was one of those people who tries to overcompensate for that survival mode I was in.
I really appreciate how frank you are in these videos. Thank you for sharing all the tips and personal experiences you have.
I had no idea that you're a published author! At 22 no less. Congratulations from one writer to another :)
TFD as a company has a book too! That's actually what brought me to this channel and their website. Their website is great because people write in their own articles/tips/stories so you get to read about all walks of life. Such a great find!
Thank you for sharing! I feel like a lot of people don't talk enough about the emotional side of money. I can relate to a lot of what you're saying and the advice is very helpful!
I have been talking transparently about money for two decades. People are really weird about it. I've tried sharing my salary with coworkers in a bid to get others higher pay. I talk about my current salary in tech, how much savings I have, goals I'm trying to reach. I have a handful of people who are more open but it's amazing how many people don't want to talk about. Personally I think that mentality was perpetrated by the wealthy to keep people poor.
This is terrific content, because at one point or another, everyone starts at zero, or the beginning, in their money journey.
I spent my $7k savings at 18-20 on traveling and food 😦 I felt so financially competent and stable until my mental health took a turn at 20 and never fully recovered. I feel like I now have a healthy relationship with money, but recovering from the damage I did in my early 20’s with needless student debt is going to take a lot of work it seems. I’m grateful to have this kind of content available as my relationship with money is slowly becoming more open and honest.
I’ve been cut down more now (by fellow adults, family members, and even friends as a low income individual) than I ever was as a child. It feels so isolating to be surrounded by people who associate your worth with the amount of money you make.
I think the Corona pandemic in the U.S. has shown how problematic it is who is paid well and who is not. Capitalism largely values individuals who create systems that require low pay for high profit margin, i.e. Amazon. People who are devaluing you are uneducated and perhaps fearful too. The hardest job I've ever worked was working with autistic and special needs kids as a teacher's assistant, and the pay was $15, but the school way was only 6.5 hours. I've worked as a paralegal, a recruiter; a yoga teacher and a massage therapist. I think teacher's assistants in special needs classrooms change lives and yes (at least in Oregon) they make poor money. I hope you have friends or find amazing ones who haven't bought into the ugly hierarchies of capitalism!
For me it was the opposite, I grew up spoilt by wealthy parents and went into a mediocre salary job, so I struggled with being frugal and budgeting at the start.
I gotta say, I was a selfish child. All I ever wanted was a cabbage patch kid. So my mom (who thought those dolls were hideous) loved me enough to buy the head (wonder where she got that) and sewed the body because it was just TOO expensive to buy the real thing. I didn't love that doll like it deserved just because the body wasn't "right". It actually makes me sad to think about it now. She worked SO hard at that project and couldn't wait to surprise me. Then, when I was 14, my dad got me a little stuffed bear that said "I'm 4!" on it. I tried to look thankful but I was like "I'm 14, dad, not 4!" in my head instead of being grateful. I also stole change from my dads piggy bank he had in his room so that I could go "shopping" aka garage saling. And what did I buy? Junk! There are many, many examples of this and now I'm paying it back to them in other ways.
We’ve all done hurtful things to our parents. You were a child don’t let this get you down. Blame your undeveloped prefrontal cortex not yourself
I would love for you to do a video with Hannah Louise Poston! I admire you both for your reflective outlooks and think you would have a great conversation
Omg yes! Chelsea and Hannah are both so eloquent and thoughtful - this would be amazing :-)
I am super scared of "bad debt" and I'm German so Kredit cards aren't really a thing there so lucky for me, even though I grew up similarly to you and also spend my money on stupid stuff after graduating, I didn't go into debt. I just wish I saved more. Now I've got my first full time job and I'm off to a good start and binge watching your videos
omg girl, I LOVE your channel. You relate to all types of people the come from different backgrounds, walks of life- we could all relate to this struggle. Thank you for being so transparent, I love your outro on how "money does not define you, its our lego set to build the life you want to live" YES!
If your credit card payment was due yesterday and you forgot to pay it, you'll get a late fee, and they could increase your interest rate, but they will not report it to the credit bureau until you are a full 30 days late.
Thank you for being so candid! All of this information was stuff that I really needed right now!
Oh and BTW I would be very interested in a episode about relationships and money, especially from the point of view of someone who is trying to get better with money but still struggles:) loved the video btw
It really is a comfort to hear where you came from and where you are now financially. Once I start working again, next month, I am going to watch this video again. It has such good information. Thank you!
I've been there where I got into massive debt mostly from work related depression and anxiety plus only had one stream of income and the result was I put up with bad bosses or co-workers. I was afraid that if I complained or set boundaries, that I could have lost my job and become destitute.
Thank you for sharing Chelsea, it's so helpful to hear someone else's money journey.
Wish I knew all this 20 / 30 years ago. It's so easy to waste money when you don't know what good personal finances mean. Sometimes popular knowledge makes you believe there is no sense in saving due to inflation (I'm from Argentina) when there are several ways to save and protect your future.
I cannot day enough how much I love that you share your own financial story. It’s inspiring to me not only as a personal finance blogger, but as someone who similarly annihilated my credit and ruined my financial life around the same age that you did and for the same reasons. Talking about WHY we behave the way we do around money is so crucial, and think will help others like ourselves get control of our money and build the lives we WANT to live (rather than the lifestyle we think we want, which we think we’ll have if we just buy that outfit that will transform us into that person who would wear that outfit).
My mom opened a CC for me at 18 to build my credit, and paid it off for me for the next few years (I know, very lucky). Otherwise I would have also annihilated my credit score. I think the minimum age to take out a credit card should be 30 haha
Can I just say, you wrote a book at 22! And started the financial diet at 24, all while rebuilding your life! That is amazing.
Intuit, huh?
Wasn't there something about that? I heard something on the news, but I just can't remember...
check out Hasan Minhaj's video about taxes
This is my new favorite TFD video! Thanks for the honesty, it really came across and I appreciate your voice.
I can relate to this so much. And now that I have my own child, we give her great things but she doesn’t ask for them. Unlike me, she’s content. Growing up it was hard for me I wanted what others had and didn’t have what they had.
Packed w/great info. I like TFD coz it's the only personal finance UA-cam where I feel welcomed. Chelsea is well spoken and I appreciate her sharing her story. I'm here coz I have an enormous student loan and don't know how else to get rid of it. Doing what I can but the interest has pushed it over $100,000 :(
Thank you for sharing your story and being so transparent 💕💕
FICO scores start at 300. Also be careful what score the recommended sites use. Most use a Vantage Score which is different from the FICO Score almost all lenders use and Vantage Scores tend to be higher.
Also, not mentioned, your credit score is normally looked at now by employers and can prevent you from getting a job.
Thank you for this, I truly believe communication is the key to opening many doors especially when it comes to money.
Quickbook is available in France now but Mint isn't.
I WANT TO KNOW WHAT YOU THINK ABOUT SOCIAL SECURITY INCOME! LOVE THIS CHANNEL!
I can answer. My husband is on disability,and he supports both of us on around $1,000 per month.plus food stamps,housing assistance.we have to budget every penny real carefully.we pay the bills first,and buy our food.if we have a bit extra,we get a small treat
Thank you for making such a candid video. I think it's wonderful that you are willing to share your struggles and past failures for the benefit of others. You gave some useful and actionable advice; I particularly liked "intentionally save anything", "save every week", and "get beyond money so it does not define you". Yes, the influence of our friends and social circles is so important. I'm inspired that you were willing to face your situation and rebuilt from "Less than Zero" to a place you could be at peace with. Great job!
Great videos Chelsea- you helped get me interested in personal finance about 4 years ago. I've learned alot since then.
Thank you for this video and all of the other ones that you have had. It has helped many people and it has definitely helped and educated me.
In 2007 I got two separate credit cards with limits for $2k each. Even said on the application I didn't have a job. Crazy times.
I got so desperate to get some extra money that I tried to sell my eggs. Turns out I’m too old 😂
I was too fat lmao my bmi was too high
So worth it for the cancer you'll get later on...oh, wait...that's why we need that socialized medicine Chelsea advocates for...so you can pass onto others that liability for the risk you accepted.
Thank you Chelsea, I appreciate you being vulnerable and honest, and I appreciate TFD channel. I learned and grown so much in the past few years learning about money and I regret a lot of my money mistakes in the past but I’m optimistic about my present and future. ❤️
Are the Financial Confessions coming back? Just finished this last one, great information and really enjoy listening to it while I work!
I love your down to earth attitude, thank you for sharing this story!
Hi TFD Team!
Thank you for Sharing.
I was hoping to use the Mint app but it's only available to US and Canada at the moment.
I do hope they expand their reach soon.
Have you seen the Patriot act episode about turbo tax? It shows the horrible practices of the company.
Yeah, I heard something about that. What did they do again?
Horst von Hinten simplified: they hide the free tax software so people who are actually qualified for the free version don’t find it and end up paying = turbotax making profit from tricking people by hiding the free version
Here is the link to the episode that explain it. ua-cam.com/video/7xQQkzWhMOc/v-deo.html
@@ABCEDFGH Hm. 🤔
TFC always tries their best to help people with poor finances and poor financial education. That's what their fans and followers love about them.
But what turbo tax does seems kinda the opposite to what TFC does.
Isn't that kinda strange?
How do those two go together?
Exactly. I think this should be addressed
I use to buy things that were the "vehicle" of some pattern/design/attitude etc that I was drawn to.
For me, they were sort of placemarkers, that I wanted to encounter daily. To sort of etch or imprint in my mind
(Eventually the time would come, where, it would be religated to clutter!)
I no longer needed, the object to conjure that particular concept.
Regarding shopping (collecting)
I realized taking a picture of it meant, I could leave it there, without feeling conflicted.
(It was still accessible by my phone. I'd still get what was worth it to me, but, it leaving many things at the shops!
There are different reasons people shop.
I think this worked for me because mine wasn't so much about impressing others, but more about retaining the spirit that the object communicated.
Thank you for your honesty
Thank you so much for sharing. We so often see the outcome for people we respect but rarely do we have such openness about challenging your mindset about money in such an honest way. Hearing your story helps me to remember my goals are attainable from where I am now.
Great episode & I would like to think u this channel helped me be more financialy knowledgeable & have a structure of my finances to improve in.
Thank you for your honesty Chelsea. I learn a lot listening to you!
Totally beloved. You go girl.
I can so relate to this. Thank you Chelsea
Class of 2020 here- feel like I really needed this
This video feels so raw and emotional
Thank You, Chelsea. This was really good.
I think it's so unfortunate how difficult it is to build credit from scratch. I might move back to the US soon, but because I haven't lived there since I was little, I don't have a credit score and my credit score from my country doesn't count. I tried getting some sort of prepaid card through an online bank to start building that in preparation, but they always ask for an address, and that's not something I want to lie about. Ít'll happen eventually, though!
Thank you Chelsea for sharing your tips and story. I still hate cc companies because some of the rules they play by make just no sense. They are structured to rank up debt and be poor. For example, I wanted to close my first credit card since i am not using it anymore. But guess what? Even if the balance is 100% paid off, it would hurt my score anyways. Therefore I will never open another credit card other than the 2 I currently have.
Really fantastic video. I’ll probably watch this again just for the philosophy. I relate on a lot of levels.
Thank you for always providing guidance and allowing me to refocus!
love the Egon Schiele print in the background
Chelsea, please please do another episode with Ryan. Watching the two of you chat together was absolutely poetry.
video on how to find a good online therapist? Thank You!
It seems like her parents were very responsible. I wonder what she thinks where her parents went wrong in making sure she didn't crash when she turned 18. I wonder what she thinks she would change with her future children.
You really cannot tell a teenager anything.
I'd love you to mention Plasma Donation as a second income stream option here on TFD: plasma donation is more important than EVER right now, and due to the depleting plasma supply because of covid-19, it also pays REALLY well. Donating twice a week is a minimum of $70/week at BioLife, but including the sporadic bonuses, it averages to about $340/month. (I donate in San Antonio, but I think the company operates nationally). It boosts my per-hour take-home SUBSTANTIALLY. I'm from the UK, so I didn't realize that there was a stigma against donating until I'd done it for a while -- but that stigma needs to be combatted, now more than ever (it's horribly classist anyway!!). I think if you brought it up it could potentially help A LOT of people, both financially, and save lives. Thanks for everything that you do!
whis I had this information 7 years ago when i left hugh school to go to college...
Great episode
*Me Listening to Chelsea while cuddling my designer bags that I spent way too much on*: I FEEL VERY ATTACKED! 😂😂😂, No but really in all seriousness I loved this episode, finding this channel on my last year of uni has changed everything I knew about money, I started saving as soon as I had a source of income and now I'm on my way to reach my 4th big saving goal!
I feel that. I don’t own a luxury bag, but when my student debt is gone I fully intent to buy a LV bag. I love the look.
Excellent video Chelsea, I love listening to your advice and story
If it’s not already, can y’all release this as a podcast episode?
I relate to you so much. Thank you so much for sharing this!
Do you have any advice on how you found your therapist and how you would find one during quarantine if the approach is any different? Thank you in advance!
Thank you for your honest story. My is very similiar.
I have hope now
I agree TFD is the only space I feel welcomed to voice any debt issues I have. How scary it is to have huge student loan debt.
Thank you from your compassionate and honest sharing of your experience. I had a medical emergency where I was out of work for almost six months. While I am grateful that I had what it took to get through it, my savings were devastated. This really have me the confidence to start again and to remember that I do not have the same money habits I used to. I still have a ways to go, but I have made a lot of progress.
I'd love to learn how to raise my credit score. How can I do that?
take a fix deposit credit card and use within limits and keep paying on time. the existing debt would be something you want to be reorganized. often much of it can be forgiven and an affordable small monthly payment can be setup.
I opened a new credit card and made sure that I had 0% utilization by paying it off each month in full. That improved mine but your situation may be different.
Some of the things that factor into your credit score are: number of accounts, average age of credit, on-time payments, % credit utilization (are you maxed out or not), and # of credit inquiries
I got a $200 secured credit card with Opensky (no credit check). Used less than $20/month, and paid it off on time each month. 5 months later, got a regular cc and used lesson than 10% of the available balance each month. Score went up a lot within 6 months.
What would be advice for someone who finds that talking about their financial situation with others leads to others expecting/asking for money? Like for example, they find out you have some savings, and so expect you to pay for their things & make it uncomfortable if you wanted to save that money for your own goals?
OCEAN CITY!!!!!! 🙌Girl I was there on the 4th of July lol
I do agree we all should be move open to talking about money but sometimes I need to draw a line. I actually really dislike talking about money with the in-laws. I find that one of them anyway is always willing to give their opinion, asked for or not. If I know someone is going to be at opposition how we spend or manage OUR family's money, I just avoid it.
This resonates with me on so many levels
this was so real. beautiful real person. love this so much.
Thanks for the video Chelsea! I would consider my wife and I very well off in terms of just how we were raised and the breaks we got financially from successful parents. We both were able to stay at home in to our early 20s to save rent and most of our college tuition was paid by parents or grants. When I moved from the US to Canada, I had a great amount of savings which we used to pay off my wife's student loans, live in an apartment comfortably while I worked on my PR status and eventually helped in putting down money on our first home. We have on child now and are able to make extra payments to our mortgage which is the only debt we currently own. We have the goal to pay it off much sooner but aren't be very aggressive about it. One thing I got your experience, even though you were raised in a lower income family and struggled as a young adult, you took control to make a better life for yourself. You took that and made it your job! This has given me the kick to really get into a kind of side hustle I've been thinking about for a while, resume editing services. It wouldn't likely make me a huge amount of money but these times are better than ever I think and its something that I really enjoy doing to help people. With a little success, this could be more money which we could put toward our debts.
If you all could do a video about restarting an emergency fund in a time of covid that would be awesome I spent all of my emergency fund in December and it's so hard to find the motivation to restart it especially with limited in-person options
I've had a number of problems with money and credit over my lifetime too. Similar to you my parents grew up very poor but have managed to do well enough for themselves to own a home that is worth much more than what they paid for it originally. However like most children in the USA there was that weird need to buy certain items and have the latest thing that really is a plague on the culture in my opinion.
In truth my credit issues are small compared to many, but over the past 20 years I have gotten myself into a credit hole, part of that was simply due to battling my own mental illness at the same time. Being diagnosed did help, but it also meant the loss of my job at the time and ending up on SSDI. My parents are the ones helping to support me and with the current climate I am terrified about their health and mine during this year.
Trying to seek employment right now feels even more absurd that a few years ago, and I doubt I would be happy with the type of work I could do with my mental issues always getting in my way. While I do have some grip on my spending right now it feels like I could go off and buy what I can't afford all over again. I have never been good at math to begin with and trying to figure out my finances was never something taught to me in school, so really I feel as if I am simply holding on to dear life during this hurricane of a year while I try to find a job so MAYBE I can begin to stabilize my finances. :(
Hello, im sending good vibes ❤
My spending joys change as I change, but I’ve gone through weird joy periods. I was really into candles at one points. Beanie Boos at another. Right now I’m really into reusable food storage things. Soda can / can / cup silicone covers, reusable silicone zip bags, nice Tupperware (not the brand, I’m just southern and we call all meal storage that, even reused Blue Bonnet butter tubs)
Quick question (unrelated to the video as I'm only just starting it). Have you ever been an extra in tv series? I have been binge-watching "The Nanny", and I just watched an episode where Miss Fine and Cece Babcock were jurors and I COULD SWEAR you (Chelsea) are sitting behind Cece on the right (to the left on-screen). If it wasn't you, you DEFINITELY have a doppelganger! 🤩🤩