 ThinkTek Hawaii, civil engagement lives here. Welcome back here to ThinkTek Hawaii. My name is Prince Dykes, the Prince of Investing, coming to you guys live all the way from the beautiful state of Denver, Colorado, but as always, you know, we're here live in ThinkTek Hawaii here in the beautiful state of Honolulu, Hawaii. Great Friday, right? But as always, don't forget to check out the description box. Hit that like, subscribe, comment, share button, bell icon, drop some comments, all of the good stuff. All your friends, tell everybody, right? But as always, I don't have a lot of time, and I definitely know you guys and girls don't have a lot of time, so we're going to jump straight into it. So today we have a very, very special episode. We have a special guest called in all the way from the beautiful state of Australia, Ms. Canna Campbell. She is the host of the YouTube channel Sugar Mama TV that has just recently crushed over 100,000 subscribers, financial planning at its best, right? So, but as you guys can see in the description box, we got a very, in the title of this episode, we're going to be talking about a very important episode, five ways to pay off debt. We all know somebody, if not ourselves, struggling with debt, right? Credit card debt, student loans, mortgages, card notes, whatever the case may be, right? We all struggle with some debt, even America struggle with debt. That's why we have a trade deficit for so long. Buy more than we sell. But anyway, we're going to talk about what are some ways we can get out of debt and to start investing with Ms. Canna Campbell. But what I further do, let me go ahead and introduce her. Ms. Canna Campbell, how are you doing today? I'm well, how are you? I am doing great. I'm doing awesome. And if I just in case, I know I'm missing things. I know that your author besides, you know, Sugar Mama TV, that people can follow you all over the place. But can you please tell the audience out there who are listening to the line, let's get some playback, a little bit about yourself. OK, so I'm actually a financial planner. I run my business. I've been a financial planner for something like, I think, 15 years or 16 years. I'm really passionate about helping people get on top of their finances, because I think when your finances are out of whack, it falls into, it impacts your career, impacts your relationship, it impacts your your physical and mental health. So I launched Sugar Mama TV about three and a half years ago, and it's free. Most people watch it around the world. And I give people buy-side videos of how to understand their finances, like how to become friends with your finances, so how to get out of debt, how to build up savings, how to start their savings. I'm really passionate about stock, building up passive income streams, setting yourself up for like a really strictly comfortable financial life where you can get the most out of license and have that freedom to spend the time as you wish. And my videos are really fun. I'm really passionate. I share with the audience a lot about my life, my son, my dogs, living in the Australia, like so you really get to see inside my world. Oh, yeah, definitely great YouTube channel, by the way. So definitely make sure you check out our YouTube channel, Sugar Mama TV. Which is very big, you know, in the financial world and the financial industry, you don't see a lot of people just like, hey, I'm going to go home today, crack up with a beer and just watch some finances and whatnot. Right? But yeah, like you said, right? But like you said, you spoke about how it affects your mental health, how it affects your ability not only to grow to financial freedom or to grow your money, but also affects your mental health by having this debt and only people claw your vision and doing anything. So my first question to you is give me a step, one step. What's step one to getting rid of my debt? Right. So first of all, I recommend you write down exactly who you owe money to and how much. OK. So at least you understand where you stand financially. What are your responsibilities? But make sure that list is from the smallest debt to the biggest debt. So this isn't the most like financially perfect way of doing it. But my my formula for getting out of debt is a method to my madness. And that is a feeling of progress. Because when you feel like you're paying off debt, like starting with a small step first, which is the easiest one, it makes you feel like you're on top. You're getting back on top of your finances. So it's like juggling balls. If you've got, say, you own five different people money. You've got five different credit cards that are, you know, mounting up in debt. If we were one of those credit cards or one of those balls you're trying to juggle, it's going to be that much easier. And the fastest way to get one of those debts out of the way is by targeting the smallest debt first. So it may be your interest, but it will be more efficient. And because you're seeing that you're making progress, you'll be more motivated to keep going. You'll have more faith. You'll see that light at the end of the tunnel. So you write it down and then you start focusing on paying off that person at the top of the list first. And you see you do all these extra things to get out of debt. So you start selling things. You get a side hospital. You get an extra job. You do market research. There's so many different things you can do. OK, so like you said, the first step is create a list of who you own. Is that correct? Correct, like the quarantine, you know, exactly where you stand. None of this, like thinking about people who you owe in your head, it must be written on paper because that's the first step in helping it get down. Because, you know, from this point forward, that's the line you're saying. Your debt levels are coming down. Got it. OK, so first, get your debt first, make a list of who you owe. Then to say, how much do you owe every person? And once you have that, start with the smallest one first, right? Now, people, we have to say to the person that says, well, the reason I have this debt is that I just don't have enough money. What do you have to say to that person? That is absolutely fine. We can all get into those situations. So the solution is let's make more money. Let's find more money. Let's have some extra money. So we need to put ourselves out there and look at the solution now. What can we do to bring in some extra money? What can we sell? What can what extra work can we take on? You know, what what surveys can we do online? Like, what are the things that we what talents or skills can we sell through their task or becoming an Uber driver? Start looking at the solutions rather than just focusing on the problem. And every time you make you say like, say you have a garage sale or say you sell something on eBay, you put that money straight towards the first person on that list. And OK, so now you say the person if you have the you owe debt, it's no if and some bus around it. You got to find ways to make more money. Yes, that's right. That's the one of the solutions is going to help so much in getting out of debt so much sooner. You obviously need to do a budget as well. That goes without saying this is a way of getting you out of debt faster. OK, all right. So that's a big one that you said creating a budget because so many people sometimes you just get used to swiping the car paying it off, swiping the car and you kind of want to pay it off, but you don't have a plan. So one of the things I would say is first you must sit down, create a budget to find out what's coming in and what's going out. OK, this is what I'm this is what I'm making, right? This is what I'm making. This is what I might spend it on. And then you combine that with your list that could work some magic. Now, if we had to list these out in steps, right? So you said step one, create a list, see who you are, right? Step two, yeah, write down how much to owe everybody, right? Yeah. The number three, find ways to find ways to make more money, whether it's like you said, selling things, looking for a second job, all of the good stuff like that. And step four, create a budget. Correct. Correct. Yes. Yes. Now, what would be this one? Getting back into credit card debt again. You want to make sure that you can spend the boundaries like a budget is not to stop you from spending money just to give you a boundary. So you go, OK, well, I've got two hundred dollars a month. You send off clothes. I've got a hundred dollars to spend on a gym membership to give you a spending boundary so that you know, you can't go over a certain number, but because that will get you back into trouble again. OK, OK. Now, and that helps you, like you said. Now, what do you got to say to the person out there that says, hey, I owe debt, but I have been watching the show. I've been watching you. I want to get into investing. Should that person invest or pay off debt? They need to pay off debt first. Absolutely. It doesn't make financial sense when you're paying a 20 percent interest on your credit card for your earnings, a seven or eight percent on your stocks. You've got to clear the deck first. I always say building financial security is like building a house. You want to build it on a rock solid foundation so that if the strong come by or there's a fire or there's a tornado, your house remains like slowly attached. Sure, that might be a little bit of damage, but it's still standing strong and it's quickly and easily fixed. So exactly the same principles with building your wealth. You must clear that non-deductible toxic debt first. You must build up some emergency savings and then you can start building your investment portfolio. OK, so you're saying, first, don't worry about investing. Don't put anything into a 401K. Don't get a mutual fund, a CD or anything. Share the debt first, then build up a savings. Then once you have a savings, then you start to evaluate looking into investors. Am I correct on that? That absolutely, yeah. And also, it will be so much easier because you'll be able to put all your energy in building your wealth rather than it being spread. I think you ought to pay this person off and I've got to put money over here. It's trying to juggle too much. You want to make it really easy and simple so that you can do it and you want to do it and it feels great. Yeah, you say, hey, get rid of the leak in the boat first. Get rid of the leak in the boat first. Once you get the leak sealed, then worry about putting water into the boat and watch. I know you don't want water in your boat, a bucket. You know, instead of trying to put water into a bucket with a leaky hole, first fill out the hole, then start to put water into it so it starts to grow. Am I correct? Correct, that's right. And you'll be so much more excited and you see your bucket getting filled up really quickly because you've taken the time to stick that hole first. Now, what are some ways I can avoid debt? Because let's say if I follow the steps, the steps you say to say, hey, let's walk back through. Hey, know what I'm going to do? First, I need to write down all my debt. I need to write down who I owe, what I owe, everything like that. Boom. Now I need to figure out how much I owe to everybody. Who I owe and how much I owe. Then you start off with the smallest debt first, then work your way to the biggest debt. If you don't have, and then you have to create a budget, then find more ways to make money and things like that. And the budget is, the goal of the budget is to say, hey, it's not telling me what I can't get, it's just giving me red lights, red light, green light and what can I spend, what am I doing too much? And with this, this will avoid me from repeating the same cycle. Now, what are some tricks? Because I know you wrote an awesome book, right? On your channel, you talk about ways that you say you're 32,000 miles a year, all those stuff like that. What are some great tips and ways that you know that can avoid me from going into debt again? Okay, well, avoiding going into debt, you need to have cash. So if anything ever happens, like an emergency, medical emergency, a family emergency, you always got cash ready to go. You never rely on a credit card ever again. So ways we create some emergency money are, one is obviously have a budget, have a set amount, each time you get paid, you put like $100 on a separate savings account, there's nicknamed emergency money, it's the first way. Then you can look at other ways. So you can look at selling things online, you can look at taking up an extra job over the weekend, you could look at bringing some online work, other people have done online surveys, including myself. You can do like vacation, they put their skills on airtasker, they become Uber drivers, they create these five hustle businesses to help create extra money that goes into their emergency savings account. And I actually have this video coming up, I interviewed this 22 year old girl the other day and she saved $100,000 in three years. And she did all these different things that I recommend and she, I'm so excited about publishing this video, it'll be coming up in two weeks' time. But she's protein, you can put your mind to it, you have a financial goal and you're really determined and you give yourself a budget and you look at creating extra money that rather than always trying to save money, it's amazing what you can achieve. But she was only like, I think about 30,000 per year working in retail, it's incredible what she's done. Wait hold on, you said someone working in retail only making $30,000 a year, managed to save up $100,000 in three years? Yep, she actually did tutoring of kids, like she would teach primary school children math in English, so she was doing that for children who are from work. She actually found out that she was buying bedlam and then selling it online on eBay, making a profit margin there. She did all these different things, like she sold the coils, she like started to spend less money on coils and shoes and accessories. It's still like maintained a social life. She's all these amazing things and just incredible what this girl achieved and she feels free and comfortable girl and she just realized she was living on her means and it's quite an inspiring story. So if you check out my channel, you'll see that coming up shortly. So wow, that's great, that's a great thing and that's a great interview that people should check out. I'll definitely check them out myself is that how she was able to, because the first thing people say when they think about investing, I don't make enough money. I don't have enough money. What can I do? I don't have enough money. I don't make enough money. How can I possibly get ahead because I don't make enough money? But to sit back and hear someone saying, hey, I had a regular job making 30,000 dollars a year and what I was able to do was by scaling back on what I was buying and tutoring kids on the side and things like that and putting money back, I was able to shape my life. Now, going into the holiday season, I know all the moms out there are building their Christmas list. We're coming into the time of the year where people are gonna spend the most money throughout the year. We've got things to give and follow by Christmas, follow by New Year's. What are some tricks and ways and things you got ready for the holidays? What can you tell me for the holidays to be wary of with some good financial advice? Well, you know what? I'm actually a single mother as well, and so I always do starting to prepare for Christmas because as you said, it's an expensive time of the year. We have full holidays here. What the Christmas program, she's got lots of like barbecue parties to go to. So one thing I've got to do is I focus on buying one present a week. So I've already got a few presents on the way, but that just means I don't just come December the 15th, I don't get hit with having to buy everyone's present at the same time, but by buying one present a week, I can do some research online before buying a couple of shops. I'm also shopping morally because you earn points that you give you further discounts. Also looking at things like experiences rather than more stuff. I'm a minimalist. I hate clutter. I hate contributing towards the landfill. You know, it will damage the environment. So I think I'm getting friends like vouchers to go to the restaurant instead of like buying them so I can do items according to, you know, piece of hardware for their house. Like looking at all sorts of different things, also making sure that coupon codes, if there's any special coupon codes or discount codes that you could apply online to get a further discount, even things like free shipping, free gift wrapping, all those things add up. But I have a budget of how much that really stands for each person and I'm looking at lots of research. If I find a person who's got a gift, a budget around say $50 and I find a present that's $40, that's it, I stick to it. I'm not gonna feel obliged. I should then go buy stocking fillers with the remaining $10. You know, I'm being really strict because I do not want to be stressed in January when the previous staff wake up with no debt. Enjoying the year for the renovated house was an amazing 2019. Okay. Definitely. There's some great stuff that you said, get free gift. You know, that's what I'm bad about. I'm not a shopper at all. When I want something, I just go get it. I don't look for a sale. I don't look for a bargain. I don't look to see how much it's going to cost. Hey, I want this. You know, I'm going to go get it or whatever the case can be. But my wife is 10 times better with that because she goes out in shops and uses coupons and find ways to save money where it's with me. I'm just like, okay, I just go get it. And if I can't figure it out, but planning does save some money and things like that. Now, you're the author. I want you to tell everybody about your book. Tell them what it is. Tell us about your book that you wrote. And you got another one talking about this as well. I do, I do, really exciting. So my book is called about the $1000 Project. And it's all about being more mindful with money. So being aware of how we spend because we tap, we swipe, we wave our phones around a page of things and we become so disconnected with how much money we really spend. We look at all the stuff in our home with drowning and things that really, if we could be a bit more proactive with our money, just have a bit more balance. We can actually create extra money. And what I did was I applied this myself. I went to my own budget. I found say, I sold things online on eBay. I did market research. I worked on a weekend. And I saved over $12,000, $32,000. I just focused half of the $1,000 at a time. So instead of thinking I want to save $32,000, I just thought, I'm gonna focus on saving $1,000. That's all. Because that's a reasonably easy goal to achieve. And then once I've achieved that, once I've saved that $1,000, I'm gonna go and invest it in stocks. But I'm not gonna worry about the big picture. I'm just gonna worry about being in the moment and focusing on that $1,000. And that's all I did. At the moment, I got my $1,000, I invested it. And then I moved on to focusing on saving my next $1,000. And so I did it. I was amazed by how much I managed to earn and save. And that was the best portfolio of stocks that paid me a passive income. Now, I actually ended up donating that passive income to charity. And I then did around two of the $1,000 projects and I saved over $13,000, $36,000. And I do think money, which is my house out of A, B, and C, I use free course money, cash money, or travel, or holiday. I did so many different things. I worked the weekends. I created some financial challenges, like fiscal February and financial discharge. I just did like a zero-spent challenge. All those little things that helped along the way get me to my next $1,000. At the moment, I'm doing around three and I'm hoping to have generated a positive income of $7,000 a year because I owe my best money. You got it, I got it. Okay. The cool thing about a $1,000 project is that you can do the $1,000 project to invest if you want like I have, but you can also do it to get out of debt. You can do it through training, or people do it to pay for ideas. And if it is to invest in their business, I'd so many different things that people did. Now, her leak is going to be in the description box to if you want to go check out her book. And what I'm going to do, the first people to comment on, the first two people to comment, you're going to get a copy of her book sent to you, courtesy of the Prince of Investments himself. So that's what you're going to get if you know the first two people to comment and to get her book. Now the other thing I want you to leave people with is to say, how can people follow you? How can people find you? Where do they go? Okay. So anyone can go and subscribe to my YouTube channel, SugarbamaTV. I've also got my website, you can subscribe to for my newsletter. And then of course, I'm on Instagram. I engage with everyone. You can like us on Facebook. Pretty much just Google, Canna Campbell or the South Bella Project or SugarbamaTV. You'll see everything that we've got and how I share everything with everyone. And it's all free. So I'm really easy to find. And also you can connect to me, you can have a Skype consultation with me. I better help you. Okay. Now, where is your book available? You can buy my book from the book repository. Amazon is available on Audible. So if you'd like to listen to the book, rather than read, it's available there. iBooks as well. All major online book retailers sell it. So, and the great thing about this book is it doesn't matter where you leave it, it's applicable to everyone around the world. Okay. Well, first of all, I want to, is there anything that you want to leave in it, the followers out there, the listeners or people that care to play back? Is there anything you want to leave them with that you want to take away from you? I want to, yes I do. Everyone should have financial goals in their lives. We have goals on our career, we have goals for our health. We need to have financial goals. Set a meaningful, powerful goal around your finances that makes you feel awake and excited to it. It excites a spark in your life. And then get out there and start working towards it. You will feel so much better about yourself and so much more secure about your future when you attend to your personal finances. It's really not that hard. You'd be amazed what you could do when you put your mind to it. You needed a powerful goal. Awesome, awesome, okay. Well, once again guys, as always, my name is Prince Sacks, I'm a prison investment. Until the next video, podcast, cartoon or whatever you seem to do crazy around the globe, please be safe, I'm out and thank you.