In this episode of the Cashology® Podcast, Justin is joined by Elyse Lyons, also known as the "Queen of the No-Spend Months" and the creator behind The Savvy Sagittarius. Elyse shares her compelling debt-free journey, revealing how a simple need for a vehicle spiraled into $34,000 of debt, which she resolved through relentless dedication, including multiple jobs and side hustles. As a single mom and military veteran, Elyse's story is not only about overcoming financial burdens but also about the emotional and psychological aspects of managing money.
This episode delves into effective strategies like the debt snowball method, the importance of realistic budgeting, and how understanding personal finance can be transformative. Elyse also touches on the challenges of financial education and offers practical tips for immediate financial improvement, making this a must-listen for anyone looking to enhance their financial literacy and gain control over their finances.
Listen here and follow @CashologybyFNBO® on YouTube for more!
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You're listening to the Cashology podcast
by FNBO,
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a place dedicated to helping you
become more financially savvy every day.
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It's a little like school,
but your only homework is living your best
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financial life.
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I'm your host,
Justin, and class is now in session.
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Welcome to the Cashology
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podcast, where we delve into
the personal finance stories that matter.
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Today we're joined by the inspiring Elyse
Lyons better known
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as the Queen of the no
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Spend month,
the one and only Savvy Sagittarius.
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She joins us to discuss her debt journey
and what we can learn
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and apply to our own journeys.
Elyse, welcome!
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Thanks so much for having me on.
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Well, here, let's start here.
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Can you tell those who might be unfamiliar
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with you just a little bit about yourself?
My name is Elyse,
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I run the Savvy Sagittarius,
which is Instagram, TikTok,
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a website, kind of sharing my own
personal journey with learning money.
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I'm a single mom to a toddler,
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and I have a giant chocolate lab
slash pit bull.
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And so we just have a lot of fun.
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And, living in Lincoln, Nebraska.
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Oh. Lincoln, Nebraska. Wonderful.
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Okay.
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And, yeah. Kid, dog.
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I'm sure they keep you very busy.
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in the best of ways. Yes,
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Yeah. Okay, good.
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Okay.
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So would you mind
sharing your personal debt story with us?
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Yeah.
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So I had just turned
22, and I needed a new to me vehicle.
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I had to have my dad cosign for me,
because I had no credit.
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And and, at the same time
that I was given a car loan,
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I was also given a credit card
to help build my credit up.
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So I ended up putting Christmas
on that credit
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card, with the intention
of paying it off that month.
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And then that week, in between Christmas
and New Year's,
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I got my student
loan bill in the mail -
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Oh no!
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- at the same time.
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And it was like these three, like,
separate things
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just spiraled me into like, how did I go
from, like, really having no debt
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other than my student loans to like,
I added it up and it was $34,000 month.
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That's like student loans, car payment,
credit card.
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And so I kind of dove in, started
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reading about personal finance,
reading other people on their journeys,
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and I ended up paying out $36,500 in debt
in a little over two years.
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full time military, full time bartending,
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and any side hustle that I
could get money from.
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And that was kind of how I started
sharing my own journey online.
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Oh, very cool man,
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36 that's that's quite a bit.
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And I can kind of relate,
just like with my own student debt.
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So, has there been any specific
turning point that kind of shifted
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your repayment approach?
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I kind of realized that if I only made
the minimum payments on my student loans,
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I would have been paying on them
for like 12 to 13 years.
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And that was like
without the interest being added.
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And I kind of had that like moment where
I was like, I don't want to be stuck.
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I was full time military and I was like,
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I don't want to be tied to a job
if I find something that I love more.
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And I knew that having those debt
payments would kind of keep me
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reliant on that paycheck.
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so that was a big part of it.
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And I, I really was like,
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I want more than this
and got really serious about it.
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Yeah, I remember, when,
so when I went through college,
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nobody ever told you how
student loans work?
- Yes!
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And it was like,
hey, you're getting ready to graduate.
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And it was like,
maybe the week before graduation,
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financial aid came, sat us down.
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Here's
what everything is going to look like.
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And I was like, what did I sign
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my name to for like these past four years,
not knowing how any of this worked?
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It's just it's just like crazy
how like, there's really not
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you're not really taught
a lot of that stuff.
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Kind of just.
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Yeah, it's just falls in your lap.
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And I, I think that with, financial
literacy and financial education,
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it's not taught in a way that like makes -
that feels relevant hundred percent.
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So even if they are like, hey,
this you're going to have to repay this.
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Hey, it's going to like, you're going
to be paying on these after you graduate.
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Like,
no one really, like it doesn’t - in an 18 year old,
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19 year old mind, they're like,
that's, that's future me problem.
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They can't even see.
- I say that all the time.
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They can't even see past 18,19.
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and so like when we're talking
about financial education
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and financial literacy, we have to make it
like a now conversation.
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Not it not necessarily
a like four years down the road.
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What is this going to look like?
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So kind of like with those loans,
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have there been any unexpected
challenges or setbacks and you know,
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if so, how would, how have you pivoted
just to overcome them?
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Oh, absolutely.
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So many setbacks along the way.
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During my debt free journey,
I, I moved twice.
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I lost my full time military job
because I was a civilian military,
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And then I got out of the military,
and then I paid off all of that debt.
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I bought a house.
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I found out I was pregnant,
I went back into some debt
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because I didn't prioritize that emergency
fund right after paying off debt.
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and so I will
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be debt free again by the end of 2024.
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Oh, congrats.
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I'm ready for it.
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Yeah.
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So what strategies
have you found to be the most impactful
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and how can others apply
these in their own lives?
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I think a lot of people think
that, like being debt free is impossible
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because they don't.
They don't even know where to start.
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many people are like,
maybe throwing extra money towards
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all of their debts and it feels like
you're not making any progress.
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I personally really like the debt snowball
because it helps
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you kind of tackle one debt at a time.
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the debt snowball is essentially
like listing out
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all of your debts
from smallest to biggest.
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And so when you're starting, you
put everything towards that smallest debt.
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You pay that one off.
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Everything that you're putting towards
that smallest debt goes to the next debt.
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So instead of spreading,
100 extra dollars out towards
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all of the debt, you are really focusing
on that one until it's gone.
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and, and a lot of
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people will say that this doesn't make,
like, the most, like, mathematical sense,
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because if you do the math,
you're going to end up
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paying more interest
using the debt snowball.
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but really, one of the things
that I talk about the most on my page
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is that money is very rarely actually
mathematical.
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our emotions, our habits, our psychology,
all of these things, society and culture.
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All of these things,
I think, placed so much more impact
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on our money than math.
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Because if if math was the true biggest
thing, like, we wouldn't be in debt.
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Yeah, 100%.
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And yeah, I, I really also appreciate
the debt snowball method just because
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like you're saying, it's the short term
like wins of like, oh one is paid off.
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like, oh I can do that at a ten
now it's nine and it's that
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you get to see the progress happening.
I think like a lot sooner.
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Yeah, I think we all kind of have
an idea of like what we should be doing.
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Like we should have an emergency fund.
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We should be budgeting,
we should be paying down debt.
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But our, like I said, like our habits,
our emotions,
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our psychology like that
culture and society.
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Like, I think that's the biggest things
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that are like kind of standing
in our way of like should do.
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100%.
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So let's do like a small shift in,
let's talk a little bit about budgeting.
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What role has budgeting
played in your journey
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and what budgeting techniques
do you recommend for others?
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Budgeting is the biggest part of this
to me.
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And creating a realistic budget,
because I think a lot of people, when they
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sit down to budget, they're like, yes,
this is how much I make.
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This is my expenses.
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Cool.
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I should have $600 left over, but I don't.
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So where's that $600 going?
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And so one of the things that I think is
the most important
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is being really real
with your spending habits.
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So I always challenge people to download
their last 30 days of spending.
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Like if you have a First National Bank
of Omaha
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bank account, go into that bank
account, download those transactions
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and add up those categories and figure out
where your money is actually going,
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because it's, sometimes it's those,
you know, $10 here, $10 there.
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And then
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the biggest thing that I kind of
teach is like, if you're getting lunch
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at work three days a week, spending
$20 each time, that's $240 a month.
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And and it might not make you
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a millionaire overnight,
but it could be a really great date night.
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It could be a little weekend vacation
or like staycation.
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If you added up all year,
it could be an all inclusive resort
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or you can continue to get lunch
if that's better for your mental health.
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If it's better for your work stress,
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if you use that as like quality time
with your coworkers.
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The hardest part of personal
finance is really like you have to decide
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which habits you want, and then
which habits you would rather cut out.
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for some of those bigger things.
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Eating out, three times a week.
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When you, when you're at work,
I feel personally called out, but,
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like,
oh, man, that's me. So I'm curious,
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I'll share mine.
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What is your, like, most difficult thing
to stay like on budget.
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And so like for me it's eating out.
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Like I love food so much
and so new restaurant
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new somebody's social media post of ,
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“Oh, we got these crazy burritos.”
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Absolutely. I'm like,
oh, we're doing that.
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Like meal prepping is
is no longer a thing this week.
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- I love it.
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I am the same
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and I've kind of created
a few, like, rules around eating out
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so I don't let myself eat out alone.
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so it has to be like a quality time
with friends experience.
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- Oh, okay, I like that.
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Or, my other rule is, is that
I try really hard not to get takeout,
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that I could cook cheaper
or better at home.
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So like,
you will not find me ordering pasta
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from, like, a $20 bowl of pasta
from a restaurant
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that I could make for $10
for the whole family.
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Totally,
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That's usually my philosophy as well.
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If I can make it at home, why am I. Yes.
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So I will get sushi.
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I will get, like, a really good burger.
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There's like a few things that I'm like,
these are my takeout options.
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Korean barbecue has been my latest, like,
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one of my latest takeout
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Guilty pleasure.
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- Indian food for us is. Yeah. If it's.
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- Oh my God. Yes.
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Okay, so, let's kind of, like,
come back to budgeting a little bit.
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So what are some common
misconceptions around debt?
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I think that there's this like, idea
that, like, all debt is bad or like,
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I only have to pay the minimums and,
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like, it's not going to hurt anyone
as long as I'm paying the minimum.
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I think a lot of those, like,
conversations around
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debt lead to a lot of shame.
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I think a lot of people,
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who have debt already
kind of feel that shame about it.
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Or like, I'm the only one.
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but I, I think that most people,
statistically, most people have debt.
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I think this statistic I read
the other day was like 71% of people
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can't cover a $400 emergency
without adding to their debt.
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The way I want to talk about it is
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you can absolutely just pay the minimums
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if that's if that's where you're at.
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However, I think that these are
the things that are often
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keeping people from living that life
that they want to live.
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00:11:59,885 --> 00:12:02,722
If you pay down
debt and create a little bit
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more wiggle room in your budget
that may allow you to travel more.
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Say you have $500 in minimum payments
right now.
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You pay off that debt.
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You have 500 extra dollars in your budget
that that might be traveling,
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that might be taking a pay cut
for a job that you like more.
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You have more freedom and flexibility
in your monthly expenses
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when you're not paying minimum payments.
- Totally.
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and I think, you know, it's
kind of like pages like yours, influencers
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kind of like yourself
that kind of normalize this idea of debt
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and like, kind of like
what you were saying of, I'm all alone.
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And because I feel like a lot when I see
when I go on social media of people living
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like these crazy lives and I'm like,
that's not like, that's not real, though.
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That's funded by a credit card, not real.
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Or that's like a one time vacation.
That's not everyday life.
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So yeah, and I think just having that,
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I'm seeing a lot more with this
like loud budgeting trend of like
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this is how much I'm paying for things
and this is how much, this vacation cost.
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And I feel like I've seen
a lot more content of, like, breaking down
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like this is how I paid
for this part of the trip.
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But, like, you know, maybe I cut back.
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I, I ate peanut butter
and jelly sandwiches in the hotel room,
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so I wasn't spending an outrageous amount
of money on food while we were out or.
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Absolutely,
you know, just these little hacks. Yeah.
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Or like the travel hacking credit cards.
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I've seen so many people talking about
how, like, they paid nothing for this trip
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because of the way that they use their
credit cards in a responsible manner.
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So are there any specific tools, books,
websites,
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anything like that that have been crucial
in your debt management journey?
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The very first book that I read was A Millionaire
Next Door by Thomas J.
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Stanley, and it was the one book
that, like, completely
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changed my mindset around like,
what was possible with money.
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The statistic
at the time that the book was published
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was that 80% of millionaires are self-made
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first generation millionaires,
and a lot of them, they kind of followed
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their habits, followed what they did,
and a lot of them were 9 to 5.
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They invested early
all the time, consistently.
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You know, it was that consistent investing
rather than this.
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Like I got rich quick.
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I had, you know,
I got really lucky with this one thing.
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They kind of break down
that myth that like, it's not possible
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if you, like, aren't
from a family of wealth.
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Sure.
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But, and then the debt
free community on Instagram,
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if you search like, hashtag debt
free community.
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it that was huge.
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And, sharing kind of
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the, kind of becoming a part of the debt
free community
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on Instagram and sharing my own journey
at the Savvy Sagittarius.
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I created a
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lot of resources that I couldn't find.
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I have a budget workbook
and some other stuff that really helped me
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in creating it.
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Break down how I was doing things.
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So for most of us,
this isn't a quick journey.
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Do you have any advice on
staying motivated or maintaining momentum?
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this changing your money habits
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is is really a lifelong journey.
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I think changing that mindset of like,
once I'm debt free, it'll be easier
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because then the next goal
is staying out of debt.
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and kind of like I said, like
I got out of debt quick.
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I paid it all off in two years,
and then I didn't prioritize
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that emergency fund, didn't prioritize
some other things, and was back in debt.
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And so I think changing that mindset
from like, it's just a quick journey.
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It's just a sprint to like, I'm
changing my money habits for,
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00:15:56,522 --> 00:16:00,793
for the foreseeable future,
for a lifelong lifestyle change.
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and finding a lot of joy in little things
that don't cost you money along the way.
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I think that's a huge part.
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And celebrating milestones,
finding friends and community
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that like, are also along this journey.
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because when you're alone,
it can be really lonely.
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Yeah.
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And then just recognizing when you do
need to let off the gas a little bit
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and take care of yourself, finding
those free things that bring you joy.
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So you're not, like, completely in that
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00:16:31,357 --> 00:16:34,727
burnout stage and just giving yourself
grace along the way.
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Yeah, yeah, there's no sense of
I think what you said
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and then what you said
earlier is kind of prioritize
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00:16:41,233 --> 00:16:44,103
in your mental health
as to be able to stay disciplined in.
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00:16:44,103 --> 00:16:47,072
-Yes
- Kind of follow along, yeah so,
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00:16:47,339 --> 00:16:49,808
everything so far,
a lot of this can be a lot to take in
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00:16:49,808 --> 00:16:52,811
to simplify things
for people who are new to this.
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What would you say are some key takeaways
that listeners can implement?
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I think really finding your finding
your reason why.
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00:17:02,388 --> 00:17:05,457
So looking at that bigger picture of like,
what do you want
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00:17:05,457 --> 00:17:09,328
on the other side of debt free
and why are you doing this?
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00:17:09,361 --> 00:17:12,464
So like maybe you want to take a pay cut,
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00:17:13,265 --> 00:17:17,036
a job you don't, for a job
you love because you're right now at a job
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00:17:17,036 --> 00:17:20,305
you don't love or,
you know, finding those things that, like,
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00:17:20,305 --> 00:17:24,977
I'm doing this for this reason
and and getting a budget
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00:17:24,977 --> 00:17:28,080
that is realistic to what you want
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00:17:28,080 --> 00:17:31,517
to spend money on and,
and kind of making those,
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00:17:31,517 --> 00:17:35,788
those decisions like the do I get lunch
or do I go on a vacation?
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00:17:36,021 --> 00:17:38,190
Can I do both? How do I do both?
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00:17:39,324 --> 00:17:41,260
or how do I find that balance of doing?
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00:17:41,260 --> 00:17:44,830
Like maybe I cut back on
takeout to one time a week
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00:17:44,830 --> 00:17:47,966
so I can,
you know, balance it out in the budget.
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00:17:48,300 --> 00:17:51,837
But figuring out
what is the most important to you,
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00:17:51,837 --> 00:17:54,840
I guess, and budgeting for those things.
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00:17:54,973 --> 00:17:56,909
Alrighty. Last question.
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00:17:56,909 --> 00:17:59,912
What are some immediate steps
listeners can take
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00:17:59,912 --> 00:18:01,713
to start making a positive change
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00:18:01,713 --> 00:18:04,716
in their financial lives
as soon as they finish this podcast?
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00:18:05,617 --> 00:18:07,786
Back to that last 30 days of income
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00:18:07,786 --> 00:18:10,789
going into your FNBO bank account,
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00:18:10,956 --> 00:18:14,793
download your transactions, categorize
them by what you spent that money
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00:18:14,793 --> 00:18:18,630
on, add them up and really like figure out
where your money went
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00:18:18,630 --> 00:18:20,365
for the last 30 days.
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00:18:20,365 --> 00:18:25,270
And I think that can set you up
for creating a realistic budget,
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00:18:25,270 --> 00:18:27,172
figuring out what you want
to spend money on.
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00:18:27,172 --> 00:18:28,607
Well, thank you so much Elyse
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00:18:28,607 --> 00:18:31,276
for spending some time with us
and telling us about your journey
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00:18:31,276 --> 00:18:32,544
before we get out of here
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00:18:32,544 --> 00:18:34,880
do you have anything
you'd like to tell the audience about?
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00:18:34,880 --> 00:18:37,883
Any upcoming projects?
Where they can find you online?
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00:18:38,517 --> 00:18:41,086
I share all of my own money
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00:18:41,086 --> 00:18:44,490
journey at the Savvy Sagittarius
on TikTok and Instagram.
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00:18:45,124 --> 00:18:50,062
I just released a course called
How to Actually Stick to Your Budget,
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00:18:50,362 --> 00:18:54,166
and it kind of dives
into the psychology of money more so,
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00:18:54,967 --> 00:18:58,203
kind of those habits and systems
and different things.
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00:18:58,604 --> 00:19:02,040
there's a whole nerdy section
of like how our brain
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00:19:02,040 --> 00:19:05,410
actually processes money
because I have my degree in psychology.
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00:19:06,345 --> 00:19:09,181
And so it's pretty nerdy, but it
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00:19:09,181 --> 00:19:13,552
it gives you a really good overview
of how to actually stick to your budget.
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00:19:13,952 --> 00:19:14,453
Wonderful.
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00:19:14,453 --> 00:19:17,156
Well, if listeners are like me,
we love a good, nerdy section.
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00:19:17,156 --> 00:19:19,358
So. Yeah, Thank you!
- Me too.
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00:19:19,358 --> 00:19:20,759
Yes, thank you again, Elyse, for joining us.
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00:19:22,027 --> 00:19:24,630
For more resources, check out FNBO.com
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00:19:24,630 --> 00:19:28,200
or subscribe to us on YouTube
or on your favorite podcast platform.
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00:19:28,400 --> 00:19:31,503
Consider giving us a rating or a review
as they help us get the word out.
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00:19:31,503 --> 00:19:35,340
And remember, our discussions are designed
to inform and inspire. For
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00:19:35,340 --> 00:19:39,044
personalized advice, we always recommend
consulting a financial professional.
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00:19:39,244 --> 00:19:42,247
Until next time, keep on making smart
financial choices.
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00:19:42,247 --> 00:19:45,250
And thanks for listening to the Cashology
Podcast.
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00:19:45,684 --> 00:19:47,786
To connect with Savvy Sagittarius
and dive deeper
363
00:19:47,786 --> 00:19:49,354
into her financial wellness insights.
364
00:19:49,354 --> 00:19:53,192
Follow her on Instagram
and TikTok at The Savvy Sagittarius.
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00:19:53,759 --> 00:19:57,329
First National Bank of Omaha is a member
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366
00:19:57,362 --> 00:19:58,830
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367
00:19:58,830 --> 00:20:02,467
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368
00:20:02,701 --> 00:20:03,735
It's crucial to consult
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00:20:03,735 --> 00:20:05,704
a financial professional
for personalized guidance
370
00:20:05,704 --> 00:20:08,140
when making decisions
about your financial situation.
371
00:20:08,140 --> 00:20:11,910
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00:20:22,621 --> 00:20:23,722
Lastly, please note
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00:20:23,722 --> 00:20:26,992
the Cashology podcast is copyrighted
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