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My Son Secretly Had £40,000 of Debt

Making Money Podcast

24,887 views

They say our money habits are shaped by our parents, with many of them formed before we're even seven years old. So I wanted to find out where my relationship with money really came from. To do that, I sat down with the one person who's been there from the very beginning.

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This is not financial advice. The reason it’s not financial advice is because it’s not tailored to you. We explain the principles of building wealth but if you want personalised advice, it’s worth speaking to a financial advisor. As with everything financial, please do your own research. We really encourage that because no one cares more about your money than you and if you learn the basics then it will change your life.

Chapters:

00:00 - Living Month to Month
05:00 - £15 A Week for A Year
08:58 - Xero Ad
10:14 - The Hardest Part
14:14 - I Was Obsessed With Money
23:04 - The 40K Debt I Hid From My Mum
29:59 - Vanta ad
31:12 - Working To Get Out Of Debt
38:22 - I Hated Myself
44:00 - What My Mum Thinks
52:02 - What We’ve Taught Each Other
56:14 - Working With My Mum
58:24 - Mum Is Speechless

20 Comments

@Brigadoon059 3 months ago

Brilliant, best guest ever, in so many ways you're a lucky boy to have a mum like that!

@RoamWithJim 3 months ago

Sue only spending £15 a week on food for a whole year really puts things into perspective. So many people are still living paycheck to paycheck, making sacrifices like that just to keep a roof over their heads.

I think this conversation really reflects the reality of a lot of people's lives. The internet is full of people showing off flashy lifestyles, expensive cars and luxury holidays, but that's not how most people live. It's refreshing to hear an honest conversation about money, debt and the sacrifices people make. More content like this. Great episode!

@bitsambobs8364 3 months ago

I wasn’t expecting an emotional response to a personal finance pod. I had a very similar experience with my Dad. Shout out to Damo’s Mom! Hero.

@jazztec4255 3 months ago

Your mums a legend mate!

@Pepperprojectz 3 months ago

As fellow creators, we recently reached out to Damien for some advice. Even though we had no prior connection, Sue took the time to respond and answer all our questions. As we're navigating setting up a business for the first time, her guidance was incredibly helpful. We’re so appreciative of the genuine support from both of you! :)

@robertedwards8027 3 months ago

What an incredible interview. The best part is you both represent thousands maybe millions in the UK experiencing similar stories.

The bond you have will never outweigh any other bond you may experience in your life.

I think ‘your mum’ should have her own podcast Damien.

@DaveKruczek 3 months ago

Damo your mum is amazing. What a brave thing to do to come on her sons pod and speak as openly as she did. Thank you Mrs Talks-Money lol

@Hickers2323 3 months ago (edited)

The boy done good! I’m 50 and never been so in control of my finances thanks to Damien, so HUGE thanks Sir.

@EmmaGreen142 3 months ago

Hi Damien, I remember you and your mom from the flats in Brookvale Village! I always remember thinking, as a little girl, that your mom was so glamorous! It’s nice to see you’ve gone on to be so successful! I have very fond memories of a childhood spent growing up in Brindle Court with you and the rest of the kids in the area 😊 Emma

@MattSennett-s7t 3 months ago

Parents create role models in some way, shape or form and it's very clear you have a great one Damo in your Mum 👍🏻

@Heidi123 2 months ago (edited)

Your Mum is great Damian. So impressive. This is one of your best episodes.

@Holdeenio 3 months ago

This was a lovely episode. It was emotional hearing you and your mum speak, but everything you shared is very relatable. Much love 💙

@Dinin53 3 months ago

The problem with talking about money with my family is that half of them will think I'm going to ask to borrow a tenner, and the other half will ask to borrow a tenner off me.

@glostergloster6945 2 months ago

Love the fact Damian's Mum is a guest on his show. She must be so proud of him!

@judithbrown9707 3 months ago

So glad you did this one. A really brave episode that resonated a lot with me. T was such an empathetic interviewer.

@aname4931 3 months ago (edited)

I have always felt like I am very behind and a bit of a mess with personal finances, but this video is making me feel such warmth and gratitude for my life. I was massively in the debt hole a few years ago, and was skint until my late 20s with no family to lean on, but I've worked hard, made uncomfortable decisions, and had a little bit of luck to get myself into a more comfortable position. Other than the joke of student finance, the only debt I have now is an overdraft that will be gone in a few months. I never stress about bills or rent, I can save into a LISA for a house deposit, and a small luxury like a takeaway is generally not a big deal, and that's such a privilege. Thank you for producing these videos. I credit resources like this channel for helping me turn my life around 👏

@kevwallis100 2 months ago

I picked up on your videos during lockdown, changed my financial life, thanks 🙏

@matthewpye6186 2 months ago

What a lovely woman! I see much of my own mother in her experience, putting you first and only when you grow up do you realise the sacrifices they made for us.

I bet she is so proud of what you have achieved, and the character of the person you have become.

Im proud of you too, sounds wierd i know, but i too was in 20k debt in march 2020, i stumbled across your channel when you had less than 100subs and went by the name Carrol 😂 and i feel like i have seen the ark of it all working out for you and im so happy it did, you have made such an impact on peoples lives! The whole team at making money has made such an impact!
Loved this eposode, your mums a legend !

@jlevin60 3 months ago

I'm not even from the UK, I just love the way you break down complicated topics and explain them in a way normal people can understand. And all of the UK specific stuff is an interesting look into the way another country does things. But this episode was beyond inspiring; it's the first time I've felt compelled to comment. Excellent questions from the interviewer and I love how humble the two of you are in explaining how you overcame difficulties that could have meant ruin for the both of you. I think being so open about this kind of stuff helps others realize they can escape the debt trap as well (which luckily is less of a problem here, we have other problems...). Cheers from Germany!