- 2 days ago
Category
🛠️
LifestyleTranscript
00:00You actually owe $80,000.
00:03Wait a second!
00:05Money affects every aspect of our lives,
00:07but most importantly, our relationships.
00:09You think it's coming off the top?
00:11You said it.
00:11Oh, wow.
00:12I am Leah Collins, and I'm a financial relationship coach.
00:16But I heard you did.
00:16Yeah, I'm pretty good.
00:17One person has nominated someone in their life
00:20who is drowning in debt.
00:23I help people take control.
00:25Let's break the bad habits that are holding us back
00:28and keeping us maxed out.
00:41I'm on my way to meet Ty, who is the owner of a day spa.
00:45She was nominated by her two daughters, Apple and Destiny.
00:49Ty has had the business for about 25 years,
00:52and currently it's pretty much in financial ruin.
00:55She wants to hand it down to her daughters,
00:56but the daughters don't want it.
00:58So it's really my job to help protect the dream of the business
01:03while also helping avoid financial disaster.
01:06So I'm really excited to meet with them
01:09and help rewrite their money story.
01:12Let's go, let's move.
01:13Get ready for the hurricane.
01:16Let's go, let's move.
01:17Can't nobody do it like me.
01:19Hi, how are you?
01:20Hi, how are you?
01:22I'm good.
01:36Pleasure to meet you.
01:37Pleasure to meet you too.
01:38I'm so excited that you are here.
01:40Me too.
01:41My mom is in dire need of a financial advisor.
01:44Her business she's had for over 20 years,
01:47has really been struggling,
01:48and we really just need your help.
01:49Okay.
01:50Do you all both work here?
01:51Yeah, I work here part time.
01:52And then Destiny works here full time.
01:54Full time.
01:54Full time, okay.
01:55Hi.
01:55This is actually my mom, Ty.
01:57Hello.
01:58Nice to meet you.
01:59Nice to meet you as well.
01:59Does she know I'm coming here?
02:01Oh, are you here for service?
02:03No, this is a financial advisor.
02:05For you.
02:06Service is for you.
02:07We have a lot to talk about.
02:08Let's have a seat.
02:10Okay.
02:11I don't like surprises.
02:13Unless it's a good purse or perfume.
02:17Or a bag of money.
02:18Or a bag of money.
02:19But we have been worried about you and the spa,
02:22and we thought you can use some help.
02:24Because she doesn't really share her finances with us.
02:27I appreciate that,
02:28but talking about my finances does bring me anxiety.
02:32I'm so nervous, I don't even know what to say.
02:35It's just really like a conversation, right?
02:37Okay.
02:37I'm just gonna get to know you a little about your background,
02:40your dreams, your vision.
02:42You sure you wanna know?
02:43Yeah, absolutely.
02:44This is what I do.
02:46I opened Coffee Day Spa in 2000
02:48when Apple was 10 and Destiny was 3.
02:51Growing up in the spa,
02:52it definitely had its perks.
02:55Definitely started me getting facials.
02:57It was pretty cool to know that my mom owned a business
02:59and could make products and everything.
03:02Definitely was inspiring to see throughout the years.
03:05For a long time,
03:06I was the only black day spa here in Dallas.
03:08So it was balls to the walls.
03:11I mean, we was like so booked and busy
03:13that I was like three, four months paid up on my rent.
03:16It was not a lot of competition.
03:19Now it's different.
03:20There's a thousand of me.
03:21So over the past two years,
03:24business dried up very quickly
03:26and I could not pivot from it.
03:29I don't know what to do at this point.
03:31So first, I just wanna start with,
03:33how can I help you?
03:34What are your major concerns and challenges right now?
03:37Figuring out what to do.
03:39I mean, this is my dream.
03:40I had always envisioned this to be the legacy for my children.
03:43So this is definitely heartbreaking
03:46because it's just a mixture of my challenges with everything.
03:52A lot of things.
03:52Marketing.
03:53Marketing.
03:54Or lack thereof.
03:55That's where me and her kind of bump heads.
03:58Because it's the 21st century
03:59and her social media presence is not where it's supposed to be.
04:03I do get it, but I am an introvert
04:06and I just don't wanna post me.
04:08And you see, that's the problem.
04:10Why is that?
04:11You gotta show yourself on social media.
04:13And I just don't see why I have to show myself on social media.
04:16But you have to.
04:17People wanna know who they're supporting
04:20and who they're buying from.
04:21So it is pretty important.
04:22And I know you're an introvert, but you still...
04:24Do you network at all?
04:26You need to get out and network
04:27and really put your face and your brand out there.
04:29Well, I have networked.
04:30Apple has been on the networking team with me
04:33and I just feel that that has not really been successful.
04:38I mean, that's just...
04:39Because you don't do it enough.
04:39How often do you do it?
04:41I mean, I don't know.
04:43That lets you know.
04:44Once a month?
04:45See?
04:45Twice a month?
04:47Um...
04:48Once a week?
04:49I don't market.
04:50I'm just kidding.
04:51You what?
04:51I have pretty much stopped marketing
04:53because I get anxiety.
04:55Mm-hmm.
04:56One of the biggest issues is marketing
04:58and I'm not really sure how to market.
05:01I have tried to help.
05:03And I feel like if you won't make videos of yourself,
05:06if you won't ask your own clients
05:08to take before and after pictures,
05:10I don't know what more I would be able to do.
05:13I understand that, yes, I could put myself out there,
05:15but, like, to try to articulate
05:19why you should come to me
05:20when there's a thousand other spots,
05:22it's really hard.
05:25I don't know what somebody wants to hear
05:27from an old lady like me.
05:29I think over 26 years I have just...
05:31I know.
05:33What?
05:35I... I know.
05:36It's everything that we're telling you.
05:38And I think that's also an issue sometimes
05:40is that you're resistant to change.
05:43I don't think so.
05:45The clients that you do have,
05:46how did you find them?
05:47Um, over the years, just word of mouth.
05:49Can you tell me a little more about your products?
05:51I do massages, facials, body wraps,
05:54then body steams.
05:56I make soaps and products.
05:58I named them Dirty Bitch and Thirst Trap
06:01and Rough Bitch because it's a vibe.
06:03It's a... it's a movement.
06:04Now, did I ever get the movement going?
06:06No.
06:08No.
06:08Do you know your numbers?
06:09So, for example, what was your profit in 2024?
06:12I don't really know what those are.
06:15I mean, I think I'm just in a lot of debt.
06:17Do you have a bookkeeper?
06:19No.
06:20I am my own bookkeeper,
06:23and I certainly don't do a good job at bookkeeping.
06:26I'm about $30,000 to $40,000 in debt.
06:29Okay.
06:31How many credit cards do you have?
06:33I had a lot of them,
06:34and that's because, I'm not gonna lie,
06:36I did a lot of running the spa off of it for a minute.
06:39I didn't know it got that bad.
06:40Yeah.
06:42So what is the rent here?
06:43It's $2,800.
06:44But they do want to go up considerably,
06:46because I'm not at market rate.
06:48Next month, it is time for me to talk to them
06:51and renegotiate.
06:52Okay.
06:53Is that the end of your lease term?
06:54That's the end.
06:55But I've always kind of had dreams
06:58of being, like, coffee on the go.
07:00I thought about having, like, this really dope,
07:03like, truck and gut it out,
07:06and make it into a spa van.
07:08Drive up and bring the spa to them,
07:11whether it's a bridal party.
07:13I have a massage therapist come to my house.
07:15Yeah.
07:15Or whether it's a bridal party,
07:18or just you want that, I can bring it to you.
07:21And so I thought about that, but it's the money.
07:24I just didn't know how I was gonna afford my first truck.
07:27I don't know if I want that truck,
07:28if we're still gonna be having some of the issues
07:30that we're having right now.
07:31Sometimes my mom, she has a lot of different ideas.
07:34She might invest her time and money into them,
07:36but I don't know if they're gonna always be executed.
07:38So I also want to make sure that it's something
07:40that would just financially make sense, too.
07:43I guess me and money just never had a good relationship,
07:46because I just go with the flow.
07:48That's why you're doing it.
07:49Yeah.
07:49That's why you're in business,
07:50is to make money, right?
07:51Well, I think I'm a creative,
07:52but I don't think that I'm really good
07:54at the business part of it, the money part of it.
07:57Do you pay yourself?
07:59No.
07:59No?
08:00No.
08:01I pretty much work on tips.
08:03I work for facials and products.
08:06As far as your personal expenses,
08:08do you have a mortgage?
08:08Are you paying rent?
08:09My kind daughter allows us to stay with her.
08:13She's currently not charging me rent right now
08:16because of my situation.
08:18How's that?
08:20Whew.
08:21It's been a lot.
08:22It's been a lot.
08:23We've been staying with each other for almost two years now.
08:26Mm-hmm.
08:26But it came with a lot of sacrifices,
08:29because I only have a two-bedroom.
08:31So it's my partner, my son, and then them two and my brother.
08:36That's five adults and a child in a two-bedroom apartment,
08:40and this has been their situation for two years.
08:44Ty is incredibly lucky that Apple is so generous with her.
08:47I don't understand how any of them are living that way.
08:49Eventually, resentment will set in.
08:52And I haven't officially told my mom.
08:54However, me and my partner have actually been thinking about leaving
08:58and going back to my home state of Pennsylvania.
09:00My grandma's getting older.
09:02She was just hospitalized.
09:04And that's just been something that's been in my heart for a while now.
09:08But of course, I don't want to leave them out as well, so.
09:12Apple moving back to Pennsylvania with my grandson
09:15would be devastating to me.
09:17It would break my heart.
09:19But this also puts a lot of pressure on me
09:22to make this business more profitable so I can get my own place.
09:26You have to do what makes your soul happy.
09:29And that's the truth.
09:31I put myself in this situation,
09:33so I have to get myself out of this situation.
09:36And you've done amazing helping me out.
09:40Ty does seem motivated to save her business,
09:42which is good because I need to get her back on track financially
09:45so she can get out of Apple's apartment.
09:47I have some homework for you.
09:49It's called the Money Moves Makeover Financial Planner.
09:52Okay.
09:52The first thing that I want you to do is identify your major values, right?
09:58Perfect.
09:58Do you have any questions?
09:59No, this is a start, right?
10:01Yes.
10:03I want so much for the spa to be profitable again
10:05and get out of this bad cycle of debt.
10:08So if Leah can help me, I will face my fear of numbers
10:11and make it happen.
10:12You can do a mommy doctor.
10:15See you soon.
10:16All right.
10:17All righty.
10:17Bye.
10:19Your total amount of debt is about $96,000.
10:23Wow.
10:24I didn't know it got that bad.
10:25I don't know how I'd get out of this.
10:41Hi.
10:41Hi, Miss Ai.
10:42How are you?
10:43Pretty good.
10:44Well, I have a surprise for you all.
10:46Take a seat.
10:48After reviewing Ty's finances, I know that she will have to make some major changes to save
10:52herself and the spa from collapse.
10:54But first, I need her and her daughters to really understand the full extent of the problem.
10:59How's the workbook coming along?
11:00Were you able to identify your values and your goals?
11:03Um, yes.
11:04I would definitely say freedom.
11:07Mm-hmm.
11:07You know, not always having to stress about money.
11:10It's just getting old.
11:12Yeah.
11:13And of course, have a thriving and striving business again.
11:18Okay.
11:18I think those are great goals.
11:20And thank you for sending over your financials.
11:22I have had time to review those.
11:24Okay.
11:24And I just wanted to show you all a little something, okay?
11:27Okay.
11:29Okay.
11:30So, Miss Ai, this is yours.
11:32Okay.
11:32Check out the products.
11:33At the bottom, there'll be a little surprise, and I want you to put that here.
11:42Wow.
11:42It looks so real.
11:45This stack of money represents how much debt you think you have, which is about $45,000.
11:50worth of debt, correct?
11:51Right.
11:51Okay.
11:52Oh, Miss Apple.
11:54You have something at the bottom, too.
11:56I do love counting Benjamins, and it's coming to me.
12:02Okay.
12:03And Desti, now you're going to do the same thing?
12:05It's the subtraction part that I don't like.
12:09So, your total amount of debt is about $96,000.
12:13Wow.
12:18Wow.
12:20The stack makes me feel definitely full of anxiety.
12:24But when you're in the moment of trying to keep your business afloat, and you got supplies,
12:30or you have to pay the electric, you have to do what you have to do.
12:33But I don't know how I'd get out of this.
12:36I didn't know it got that bad.
12:38I wonder how we got to this point.
12:40Yeah.
12:43I knew you were in debt, but that's literally double than what you thought it was.
12:47Yeah, I realized this is a scary number.
12:51Yeah.
12:53It's almost $100,000.
12:55Almost, yes.
12:56Worth of debt.
12:56You can say that, round it up.
12:58$40,000 was, it was already a big hole, but this, this is a little devastating.
13:04It's definitely makes me worried.
13:07Ms. Ty's debt consists of multiple credit cards totaling $96,000.
13:13And to make matters worse, her personal and business expenses are all mixed together,
13:18which is a huge no-no.
13:20If you can't find someone to do it, you need to learn how to do your own bookkeeping.
13:25You really need to organize your financials, because when I reviewed them,
13:28your annual revenue was about $75,000, and it looks like your expenses are almost $90,000.
13:33Wow.
13:35With that, like, you'll never climb out of your debt.
13:37Exactly.
13:37You're not paying your basic living expenses.
13:40Right.
13:40Right.
13:40The business expenses are actually pretty reasonable for a small day spa in this area.
13:45With rent and supplies being her highest cost, her operating costs are about $7,500 a month,
13:52or $90,000 a year.
13:54The problem is, she's bringing in $75,000 of revenue, but her expenses are $90,000.
14:00So she's operating at a $15,000 loss every year.
14:03And that's how the debt is accumulating.
14:05It's no wonder she can't pay herself or her kids a salary.
14:08We need to find a way to bring in more business fast.
14:11I noticed that your products aren't on your website.
14:14No, they're not on the website.
14:16OK.
14:16But they're on us.
14:17Why aren't they on the website?
14:19I'm sorry, Leah, but why aren't they on the website?
14:22Because I have it on a separate website.
14:25I guess I just thought...
14:25You're making it harder to get the product.
14:27OK.
14:28Which in return really just makes it, you know, I mean, you're not going to have as many sales
14:32that way.
14:33It's not consumer friendly, so...
14:35You're right.
14:35So we'll get that on your website.
14:37We'll link that.
14:38OK.
14:39Make sure that's taken care of.
14:39Well, that explains why I don't get any sales.
14:41You gotta make it convenient for the consumer.
14:44Also, when I went to your website, I didn't have a clear understanding of what your services
14:48were.
14:48I had to search to even find out you offered massage services.
14:52Really?
14:52Yeah, when you go to the services tab, massages aren't even listed.
14:55Wow.
14:56OK.
14:57So we have to add that?
14:58Yeah.
14:58You definitely want to have a clear services page so people know what you offer and a
15:03clear page for your product.
15:04That should be a priority.
15:06OK.
15:06Yeah.
15:07That's kind of like my biggest downfall.
15:09It still all falls back to the marketing.
15:12What I really want you to focus on is where you can decrease expenses and allocate those
15:17expenses to the marketing and the bookkeeper.
15:21How do you pull from something you don't have?
15:23It's like pulling from air.
15:24Well, I think the first thing is to really understand what your expenses are.
15:28So that's step one.
15:29And be realistic about what they are and set those realistic expectations as well.
15:34And it's really just to create a budget.
15:36So let's start there.
15:37And what about the rent?
15:38You're not getting anything for your book.
15:41Would you explore moving to a different location?
15:44I would explore that or definitely pursuing coffee to go and just do it that way.
15:49I know you wanted to buy a truck, but in the meantime, could you just do it out of
15:53your car?
15:53I'm just open to thinking outside of the box.
15:57Okay.
15:57Yeah.
15:57What about your storage units?
15:59Do you think maybe you could also reduce some money by getting rid of those as well?
16:05Save some money that way?
16:05What do you keep in the storage units?
16:07I mean, my life is in those storage units.
16:10Okay.
16:11Is it business stuff or personal or both?
16:13It's a mixture.
16:14Like I have two.
16:15I would love to reduce it, but the only way to reduce it is really just get a place to
16:20live.
16:20How much do you pay monthly on the storage units?
16:22Like almost $500 a month.
16:27Wow.
16:28If something doesn't change, your business is on the brink of collapse because this is
16:33not sustainable.
16:34Right.
16:35It's not.
16:38Ms. Ty has to be willing to change in order to turn things around at the spa.
16:43My plan for Ty is to get her to really understand her numbers so that she can get her finances
16:48under control.
16:49Cut down her overhead by considering a mobile spa operation.
16:53Update her website and work on social media marketing to bring in new customers.
16:59And reduce her storage units in order to cut expenses.
17:02Well, I'm going to head out, but I will be in touch with you guys.
17:05Okay?
17:05Thanks for coming back.
17:07You too.
17:09After seeing all the debt, I'm not sure I want to inherit the business.
17:14But I wish that I was able to understand exactly what she's been going through to help take
17:18some of that burden off of her as well.
17:21Well, why didn't you tell me it was this bad?
17:23I don't want to burden you.
17:24You have your own problems.
17:25I feel like that debt also impacts us as well.
17:28And honestly, I feel like this makes me really nervous about even leaving at this point.
17:33No, I don't want you to feel that way.
17:35I really think we're just going to have to make some changes.
17:43How long would it take for you to retire?
17:46When I'm about 120?
17:49Never.
17:50Wow.
17:51I always thought I would leave the spa to the kids.
17:53But never being able to retire is sad.
18:10Hey, Dr. Roe.
18:12Hey, girl.
18:12I'm meeting my friend, Dr. Roe, for dinner.
18:15She's a very close friend of mine.
18:17But she started off as a customer.
18:20Why'd it take you so long to get here?
18:22Girl, just so much going on.
18:24She's doing something.
18:25Dr. Roe has always helped me to be accountable.
18:29And that's why I call her.
18:30How are you doing, first of all, before we get into my drama?
18:34I'm good.
18:35I'm good.
18:36But it's in your eyes.
18:37You got...
18:38Girl, Apple and Destiny decided to surprise me with a financial advisor.
18:46And I was clutching the pearls.
18:50I gave her my...
18:52I gave her my information.
18:55And I thought that I was about, you know, $45,000 in debt.
19:01Mm-hmm.
19:02Brace yourself.
19:05Almost $100,000 in debt.
19:08I am in total shock.
19:10I'd be trying to keep the business afloat.
19:13But I feel like a failure.
19:17I am actually overwhelmed.
19:19I had no idea that she was in that much debt.
19:23I know that this is gonna impact her drastically, professionally and personally.
19:28She really is feeling defeated.
19:30You know that I have done several different events over this summer.
19:35I done tried everything I could do.
19:37Marketing strategy.
19:40Okay, so that...
19:41Have your face at the door when your clients come in.
19:44Cause you be running away.
19:45You be running away.
19:47I've seen you in action several times.
19:49You're the face of the spa.
19:51I know, but I guess...
19:53That butt.
19:53Throw that butt in the trash.
19:56The girls have ideas about me being more present on the social media.
20:00Yeah.
20:00But...
20:01You hide.
20:02And then I'm unsure if the kids even want the spa.
20:05Because they see the struggle that I'm going through.
20:08But I've thought about pivoting to, do I wanna just do a mobile spa?
20:13How are you gonna do that?
20:15Regardless of where you are, what's the first step?
20:19Well, first of all, I have to reduce my expenses.
20:22Okay.
20:22And they want me to get rid of my storage.
20:23But it's hard for me to let go of some stuff.
20:26Cause you know I like clothes and there's so much...
20:28Clothes?
20:29And shoes and sneakers.
20:31That stuff all out of style anyway.
20:33No, I buy timeless things.
20:35Girl.
20:36You've got to let the crap go.
20:40I'm not willing to do it.
20:43You don't even wear the stuff.
20:45Because I need to lose weight and then I am gonna wear it.
20:48Okay, no.
20:49When you lose this weight, I know you.
20:52You're gonna look at that stuff.
20:53I ain't need one in my mouth.
20:56So what's like just one thing that you could focus on to just get started?
21:04Cause you've been stuck for a minute.
21:06I know.
21:08I can take advice from my friends, but they're not the ones walking in my shoes.
21:16I've been carrying this for 25 years and this is not easy.
21:22Everything that you need is inside of you though.
21:25I know.
21:26Yeah.
21:27You gotta sit up and be the tie that I know that you can be.
21:30Stop playing with me.
21:35Yeah, I get what I want.
21:37If I don't, then I can take it too far.
21:41I think the mask is ready.
21:43Okay.
21:44How do you make this thing?
21:45Did you make it?
21:46A little avocado mask.
21:48Hello.
21:50Whoa.
21:51How are you all?
21:52Pretty good.
21:53All these surprises.
21:56How are you?
21:56Pretty good.
21:57How are you?
21:58After our last meeting,
21:59I'm a little concerned that Ms. Ty still doesn't have a firm grasp on her numbers.
22:03So I had Apple help me put together this little game to help illustrate to Ms. Ty how her business
22:09and personal finances really look.
22:12We're going to play this game.
22:13It's called Price Your Life.
22:15And really it's just a game to get a good understanding of what you know, what you don't know, and
22:21how it works.
22:22Is there's 12 cards here and you see there's different topics, right?
22:26If you get a question wrong, you get a mark, but not like a check mark.
22:30It's a mark on your face.
22:34It would be, yes, a mark is a clay mask.
22:37But you get to decide who gets it on your face.
22:39And your daughters can help you.
22:41Okay.
22:42Okay?
22:44I'm nervous because I don't know the business numbers off the top of my head.
22:48But I know this problem with numbers is something I have to conquer.
22:52Which card do you want to pick first?
22:54The big picture.
22:57How many months of essential living expenses should be in your emergency fund?
23:02At least a year.
23:04It's actually about three to six months.
23:05Okay.
23:05But a year is great.
23:07So that means someone got a year?
23:09Okay.
23:09Ms. Ty, do you want to choose?
23:10But you got it wrong.
23:14You should have helped her there.
23:16How much is rent at the spa, including utilities?
23:20About $3,400 actually.
23:24Oh, my God.
23:26Okay.
23:27I think you needed a little more.
23:30Okay.
23:31Just a little bit.
23:33There.
23:34Blackheads.
23:35Just a little bit.
23:37What is your credit score?
23:38$4,400.
23:41$5,22.
23:42Beep.
23:44Yes.
23:45What is the cost of your best seller, the Thirst Trap Cleanser?
23:49$32.
23:50Good job.
23:51Yay.
23:52Good job, ladies.
23:54What are your top three best sellers?
23:57Okay.
23:57Dirty Bitch, Thirst Trap, and I'm So Pretty.
24:01Yes.
24:03Yes.
24:05What's the value of the rich bitch bombs that are over here?
24:08Overstocked $200.
24:11It's actually about $1,000.
24:14I'm doing it right on your nose like you did me.
24:15Okay.
24:16Oh, my God.
24:18What percentage of your income should go towards your savings each month?
24:2320%?
24:24Yes, ma'am.
24:26She did her homework.
24:29At your current rate, how long would it take for you to retire?
24:33Uh, when I'm about 120?
24:38Never.
24:39Wow.
24:40Oh, man.
24:43Because your debt is so high and your expenses are so high, at the current rate, if you don't
24:48increase your revenue or decrease your expenses, there's no way.
24:53That's tough to hear.
24:54I always thought I would retire and leave the spa to the kids.
24:58But never being able to retire because of my finances is sad.
25:02I hate them.
25:05But that's why it's so important to really understand what your numbers are.
25:10So that way you can make those important decisions.
25:12You got this.
25:15I mean, you've been doing it for 25 years. You've done something right.
25:17That's a long time. Most businesses fail within the first few years.
25:21You're just trying to make me feel better.
25:22No, I'm not. That's true.
25:24Yeah.
25:24I've started several businesses, and some of them failed, and that's okay.
25:28You did this for 25 years.
25:31You inspire me.
25:32Oh, man.
25:33In that aspect.
25:34Thank you, Leah. That makes me feel better.
25:37We're going to turn this around, okay?
25:38Okay.
25:39I think it's really important to give Ms. Tai some hope and reassurance
25:43that she can adapt her business model to change her future.
25:47But first, she needs to come to terms with her financial situation
25:51before we can fix it.
25:52Maybe we should get Leah. What do you think?
25:54Oh, no. That's my cue.
25:56I will see y'all later.
25:58Hey, we could just get Destiny again.
26:05About how much do you pay for your storage unit?
26:08$6,000 a year.
26:09We're going to go through it and keep her sale.
26:12What's in my storage unit is all the things that I want.
26:14No, you're not going to take my stuff.
26:21Yeah, you know I'm gonna get it done, get it done, uh-huh.
26:25Get it done, get it done, uh-huh.
26:29Hi, Ms. Tai.
26:31How are you?
26:31I'm good. How are you?
26:33How are you feeling?
26:34I don't know. Every time I see you, it's a pop-up.
26:36I know. I'm always just springing something on you, right?
26:38You mentioned that you have a few storage units.
26:42So I pulled a few strings.
26:45I had one of them delivered here.
26:47Okay.
26:48So we can go through it and see what we can keep or sell.
26:55No, I'm not gonna do that.
26:57What's in my storage unit is all the things that I want.
27:00So no, you're not gonna take my stuff.
27:02Just remind me about how much do you pay for your storage unit?
27:06About $6,000 a year.
27:08And how long have you had these items in storage?
27:10Four years.
27:12Okay.
27:12That's $24,000.
27:16That could have gone towards your debt or your business.
27:18But it means a lot to me.
27:21My whole life is in them.
27:22So I just don't want to get rid of anything.
27:25Well, we're gonna go through it and see if you really even remember what all is in here.
27:29I think it's important for Ms. Ty to see what's in the storage units for her to realize that she
27:34really can let some of those things go in order to save her business.
27:38So I had Ty's belongings set up like a garage sale, so it'll be easy to look at every item.
27:43Oh, my God.
27:45So here are some of the items from your unit.
27:48Look at this.
27:49I like this.
27:50When was the last time?
27:51Have you ever worn this?
27:54No.
27:55I'll buy this for like $100.
27:58What?
28:00Ms. Ty, what is this?
28:03My shoes.
28:04Why is there a fanny pack?
28:05See, it's a collector's item.
28:08Have you ever worn these?
28:10No.
28:12I often deal with clients who don't have a financial attachment to items.
28:15It's more so of an emotional attachment.
28:18But Ms. Ty has these shoes because they're of value.
28:20So she needs to take that value and apply it to her debt.
28:23How much did you pay for this?
28:25I don't know, but you're in Texas now.
28:27Okay.
28:28This was a gift Apples gave me.
28:31So I don't want to part with this.
28:33I need to see.
28:35But you haven't seen with these in how many years?
28:38Well, I mean, I need them.
28:41Obviously not.
28:43Okay, do you need these?
28:44Do you need to see with these?
28:45Yes.
28:45Well, what it is is that I take the sunglasses out and make them into glasses.
28:50So I just haven't done them all yet.
28:53This was like my first bag that I've ever bought designer.
28:57Could you take a picture of it maybe and keep the memory that way?
29:00Do you have to hold on to it?
29:01Oh, I would be heartbroken because I paid so much money for this.
29:06You haven't even worn a lot of this stuff.
29:08There's tags.
29:09I know.
29:10Miss Ty has an excuse for why she can't get rid of that one single item.
29:16This jacket over here, I specifically remember going to the Beyonce concert.
29:23So this means a lot to me.
29:26Beyonce's a billionaire.
29:28You need to sell that coat and put that towards your debt.
29:32If I had to guess, Miss Ty has about $15,000 worth of items sitting out here.
29:37That would be enough for Ty to rent her own apartment.
29:39And even if Ty could sell just half of this, she could downsize to one unit and save $3,000
29:44and use that to pay a few hundred dollars a month to Apple's rent.
29:48I'm a hoarder.
29:49It's really bad.
29:51It's so bad that I have given myself permission once a quarter.
29:54I have an organizing company come, help me just declutter, haul off stuff, sell things.
29:59So I get it.
30:01But once I get rid of that stuff, I don't even think about it again.
30:03I completely forget about it.
30:06I'm still holding on to clothes from pre-childbirth because I keep telling myself,
30:11I'll get back into them.
30:12My child is five years old.
30:14It's more so of holding on to that previous life, that past life.
30:17And I think that's what Miss Ty is doing.
30:19But by keeping these two units for multiple years,
30:23she's paid for these items three, four times over.
30:25She's paid more than they're worth at this point.
30:27Just something to consider.
30:29You don't have to make a decision now.
30:31Thank you for understanding and being gentle with my emotions
30:34because this is pretty emotional for me at this point.
30:39I get it.
30:41Trust me.
30:42But being judged on what I purchased with my money, it makes me feel some kind of way.
30:49Can you give me my stuff back?
30:51Exactly.
30:52Fine.
30:53Fine.
30:58I got to get back the hat, too.
31:00I'll think about that one.
31:02You look cute in it better than me.
31:05I promise you I'll get Charles' hair soon.
31:08We love you, Miss Ty.
31:09I know, but I don't want to be a burden on you guys.
31:12I do feel like it's time to finally just start putting my own personal family first.
31:17Well, you will be missed.
31:32Hi, y'all.
31:33Welcome in.
31:34Hi.
31:35My mom is an avid yoga goer.
31:38She's been into yoga for over 15 years.
31:40She even actually got me started in yoga back in high school.
31:44So I figured this would be a good opportunity to help get her relaxed.
31:48And then I also invited my boyfriend, Ben, to come with us as well.
31:53Inhale, let's bring our shoulders up.
31:57Oh, my God.
31:59We got some friends coming in to join you.
32:02I know.
32:04I know.
32:06Aw.
32:07I've been doing yoga for years and years,
32:10and I've never done them with puppies.
32:12Who doesn't love puppies?
32:17And end with your palms at your heart.
32:20That's our yoga today, y'all.
32:22Awesome.
32:24Look at this one right here.
32:25It's so cute.
32:27Feel free to enjoy yourself in this space, okay?
32:29Yeah.
32:30I love yoga, of course, but the dogs is more.
32:33This is a great touch.
32:35Definitely an anxiety buster.
32:37I like this.
32:38And you don't even know what we've been up to lately.
32:40What?
32:40I actually had to call in some help of financial advisor Leah.
32:44Okay.
32:45Yesterday, believe it or not, she had taken me to the storage unit, and she wanted me to sell a
32:55lot of my stuff.
32:57You let her go in your storage unit?
32:58Mm-hmm.
32:59It was like a surprise.
33:00I asked her, did you have something to do with it?
33:03Yes.
33:03Were you aware of it too, Ben?
33:05I didn't.
33:06This is all her.
33:07We did give Leah the keys to the storage unit.
33:10Y'all sneaky.
33:14How did it feel?
33:15It was really stressful, and I was at the time thinking, I don't think I was willing to part with
33:21stuff.
33:22But I think I'm edging to just take her up on that and just let stuff go.
33:27Yeah.
33:28So I could save money.
33:29So I had a fit when Leah told me to get rid of things in my storage unit because I
33:35felt like a lot of my material things were just different phases in my life that I felt were accomplishments.
33:42But now that I know how much debt I'm in, some of that stuff I can give away or sell.
33:49If you're going to give it away, give it to your daughters.
33:52Yeah.
33:53You want a Gucci bag?
33:55I mean, I do.
33:56Y'all don't get on my bag.
33:58You can keep them MCM shoes, though.
34:01For real?
34:03Bugatti MCM shoes.
34:04They're collector items.
34:09I think if you take some of the stuff from the storage, sell it, and I think that might help
34:15a lot with your debt and just help you feel a little bit more financial free.
34:19A little bit towards some rent or some groceries or something.
34:24I promise you I'll bet y'all's hair soon.
34:26We love you, Miss Ty.
34:27I know, but I don't want to be a burden on you guys.
34:30Well, but family's family, too, you know?
34:32I'm very glad to hear that you're getting some advice and some help for the future.
34:36Yes.
34:36I feel like I'll be more comfortable actually thinking about going to PA.
34:39I feel like you're in good hands now.
34:41We didn't ever want to leave if it was going to be a situation where you guys were going to
34:44be high and dry.
34:45Right.
34:46We do have other stuff that we're trying to do, and I'm hopeful that we'll be able to do it
34:52sooner.
34:53Wonderful.
34:53Now that we have some reassurance that things are going to be okay over here.
34:57Well, you will be missed.
34:58Knowing that Benji and Apple wanted to move to Pennsylvania and been putting that off for me really makes me
35:04sad.
35:04I don't want them to have to always worry about me.
35:09It's definitely hard to make that choice, but I do feel like it's time to finally just start putting my
35:15own personal family first.
35:19Well, where do you see the business being in the next few months?
35:22I don't know.
35:24Just let me get out of this situation and find a way.
35:29I'm still debating on if I should find a new location for the spa or make it mobile.
35:34It's been my business for 25 years.
35:37I thought with all my heart that I could create a legacy for my kids.
35:42I was hoping this would almost be where my torch is kind of being ready to give it to one
35:48of them, and they run the spa.
35:50But it is what it is, and I'm learning that your dream does not mean it's their dream.
35:56I have to do it myself.
35:57I have to.
35:59I can see things a little clearer.
36:02There is a light under the tunnel.
36:04Huskies to the rescue.
36:06You should do like a husky massage at the spa.
36:09Right?
36:11Probably would be an instant success.
36:13Right?
36:14I know.
36:15Any progress?
36:16At this point, Ms. Ty knows exactly what she needs to do.
36:19What are you going to do about your lease?
36:28Right now.
36:30I'm on top of my game right now.
36:32I got back to spin right now.
36:34Everybody know my name right now.
36:36Right now.
36:37Hi.
36:38Hey, how are you?
36:39I'm good.
36:40Destiny.
36:41Hi.
36:42How are you?
36:43Hi.
36:44It's been a couple of weeks since I've seen Ms. Ty, Apple, and Destiny.
36:47At this point, Ms. Ty knows exactly what she needs to do.
36:50So I'm interested to see if she's incorporated any of my feedback.
36:55So how are you all?
36:56How have you been?
36:57We're doing good.
36:58We've been good.
36:58Yes.
36:59Any progress?
37:00Updates?
37:01Currently, we're really working on my website and networking.
37:05I have to do it, right?
37:07Right.
37:07Just make it a goal to meet one person.
37:09Just one person.
37:10And also, networking doesn't have to look like going to a big event, wearing name badges.
37:15You network everywhere you go.
37:17You're talking to people.
37:18You're meeting people.
37:19I know it's uncomfortable, but that's really where the growth happens is when you're uncomfortable
37:23and you're able to push past that.
37:25Exactly.
37:26I have to ask, what are you going to do about your lease?
37:29I decided not to renew my lease.
37:31And I'm moving forward with my mobile idea, Coffee to Go.
37:36Good.
37:37I could just see a little bit of freedom with that.
37:40That's a lot of freedom.
37:41Yeah.
37:42And you can charge 20% to 40% more.
37:44Yeah.
37:44I'm very proud of you because I could tell that was a hard decision.
37:48Yes, it was.
37:49For you to make.
37:50Are you going to sell the storage units?
37:52Yes.
37:53I am going to get in there and try to reduce and get, yeah.
37:59Thank you, God.
38:00See, that's a big win right there.
38:02From the items you sell from that one unit, I think you can get about $15,000.
38:07I personally think you should put half of that towards your debt and the rest towards getting
38:11a bookkeeper and towards marketing so we can really work on bringing some more revenue
38:16into your business.
38:18Yes.
38:18Yes.
38:18That sounds like a plan.
38:20How are you feeling, Apple?
38:22I feel really good.
38:23The transparency really, I feel like, has helped just us get a little bit closer.
38:27Now she's open about exactly what her situation is.
38:31And yeah, I think she has a good game plan on how to get coffee back on the right track.
38:34It just makes me more hopeful for the future that I can go on and do the things that I
38:39need
38:39to do as well and know that she's going to be safe here.
38:41Yeah.
38:42So me and Benji have talked about planning that move, so.
38:46Okay.
38:47Yeah.
38:47Great.
38:48How you feel about that, Mom?
38:49I'm happy for them, definitely.
38:51And I just want to say thank you so much for just keeping me from being so closed-minded
38:56and just looking at another way to make things happen.
38:59Yeah, absolutely.
39:01I'm really happy that we brought in Leah to help.
39:05I think my mom was getting to a point at the spa where she really didn't know where to turn.
39:10I think she was kind of going in this hamster wheel.
39:14She kind of just needed that outside perspective to help her see things a little bit differently.
39:18I have to admit that in the beginning, it was a little bit hard.
39:22However, when I was able to really just listen to her, Leah really opened my eyes that it was time
39:29for a change.
39:31And I'm now free to create so that I can invest in my new adventure,
39:35Coffee to Go, the mobile spa, wellness on wheels, if you will.
39:42It has been such a pleasure working with all of y'all.
39:45So when are you going to start selling your items?
39:47Soon.
39:48Soon.
39:49Dibs on the Gucci bag though, Leah.
39:52Fine.
39:55I'm really happy about the wins here.
39:57To my surprise, Miss Ty has decided to move from a brick and mortar to a mobile business,
40:02which will reduce her expenses.
40:04She's also decided to downsize her storage units and use the proceeds to pay down her debt.
40:09She's updating her website and working on her marketing to attract new customers.
40:13And most importantly, she's finally started communicating with her daughters so that they can support her through this process.
40:20And hopefully, Miss Ty will be able to turn this thing around and make her mobile spa, Coffee to Go,
40:25a thriving business.
40:26Well, I'm going to give you all a hug.
40:28Yes.
40:29Thank you so much.
40:31When a business has lasted as long as Miss Ty's spa, it can be incredibly difficult to pivot from something
40:37that has supported you for 25 years.
40:39But industry and market trends can change from year to year, and you have to be willing to change your
40:44business model in order to survive.
40:46The ending of one thing can be the beginning of another.
40:51Absolutely.
41:03Next time on Maxed Out.
41:07Nash nominated his mother, Miss Grace.
41:10They co-own a bakery together.
41:12Your total debt is $250,000.
41:15Holy .
41:16I'm an impulse buyer.
41:19Thousands of dollars just sitting on the shelf.
41:21If we don't get the help we need, things could get worse fast.
41:25Tell me what it.
41:26That's what I'm saying.
41:27Gotta communicate.
41:27If I talked to my mom that way, I would've got slapped into next week.
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