Would You Rather: Finance Edition with The Happy Hour Ladies
Today is the last Friday of the month and my regular listeners know that on the last Friday of the month, I host Happy Hour on the podcast where I gather great friends with me to drink cheap drinks and talk about money topics. Today we’re playing a game of “Would you Rather?” where I ask the ladies about some really tough financial decisions and hear what they would do. After over nine years of helping people get financially healthy, one thing is very clear, there is no perfect answer or solution to really difficult money choices and yet, there are so many difficult money choices. A word of warning that some of these scenarios may be triggering, especially if you’ve been in them, but my hope is that if you’re currently dealing with one or may have to in the future, you know that you’re not alone, and hopefully some of our opinions can help you or someone you love make a tough money decision.
What are we drinking?
Melanie from The Mental Health and Wealth Show - Blood Orange Tea
Kassandra from kassandradasent.com - Earl Gray Tea
Joy, Head of Trainer Academy at The Gym - A Sauvignon Blanc from Winc
Shannon - Leftover Red Wine from Will’s Birthday Party, Zac Brown Pinot Noir
Podcast Notes
Would you rather borrow from your 401k, or run up credit card debt?
How much money do you need?
What credit card options are available?
Is it possible to side hustle more?
How long do you plan to stay with your employer?
The Gym is a huge advocate of emergency funds. Having an emergency fund provides flexibility.
Would you rather not go to the doctor, or go and risk a $5,000 hospital visit?
Medical debt is scary because you never know how much to expect.
It is often flexible and negotiable.
Hospitals have hardship programs available.
If the debt is unmanageable, bankruptcy is an option.
The finances are always fixable, but physical health may not be.
Sit in the middle seat for a 10-hour flight because it was a good deal, or not travel at all?
This question splits the Happy Hour Ladies 50/50!
How good is the deal?
Where is the destination?
File for bankruptcy, or pay off $90,000 in consumer debt?
It’s important to address how the debt accrued.
The challenge of a quick fix is not truly breaking the cycle.
Bankruptcy can only be declared once every seven years.
Work a job you hate and make six figures, or work a job you love for $40,000 per year?
How much money does it cost to sustain your lifestyle?
Where are you in life right now? What are your goals and current responsibilities?
Remember your work does not define 100% of who you are.
Being unhappy at work can lead to emotional spending.
Eat ramen every day for a month, or go over your food budget by $1,000?
There are low-cost healthy options.
The toughest part of sticking to a food budget is having the time and cooking skills, which can be learned.
There are resources online that will help with meal prepping on a budget. Some with whole plans and grocery lists included!
Think about the meals you like and how you can make them at home.
Pay $1,000 for a flight somewhere a 15-hour drive away, or make the drive?
Is this a trip for fun or an emergency?
Think about the time cost value.
My biggest takeaway is that the best way to avoid difficult money decisions is to give yourself the gift of financial health. It takes time and energy to get and stay financially healthy, but one of the greatest gifts it gives you is freedom, especially freedom from really difficult decisions.
If you have any topics you would like me to cover on this podcast, or if you’d like to get in the financially naked hot seat, I encourage you to email me at Shannon@fingyms.com, or join the private Martinis and Your Money Facebook group, and let me know what you want to hear.
We’re in a new year and the Financial Gym has so many ways that you can work with us. If you’re looking for a career shift, we’ve started a Financial Trainer Certification Program where you can have the greatest job in the world. We have online courses for you to learn on your own. If you’re looking for financial products like a new credit card or high yield savings account, we have all of our favorites on the BFF Approved Products Page. And finally, if you want one-on-one coaching with a compassionate and empathetic person, our Financial Trainers are here to help you and remember, Martinis and Your Money listeners get 15% off of one-on-one Financial Training at The Gym. We’re here to meet you wherever you are on your financial health journey and hope we’ll see you in 2022.