WEBVTT - BA Q&A: Manifesting Wealth 0:00:06.200 --> 0:00:09.840 It's time for the b a q A b A 0:00:10.320 --> 0:00:13.640 keep a okay, the b a q A Okay, the 0:00:13.680 --> 0:00:17.760 b a q A. You have qa's, LOI you have q's, 0:00:17.800 --> 0:00:23.279 we have a's. Ish like, we're not your cousin, we're 0:00:23.320 --> 0:00:26.240 not your therapist, we're not your financial advison, your attorney. 0:00:26.400 --> 0:00:29.200 Otherwise, but we're smarter than our cousin probably, Yes, yeah, 0:00:29.280 --> 0:00:31.840 that was a better option than their cousins. Yeah, keep 0:00:31.840 --> 0:00:32.080 it going. 0:00:33.040 --> 0:00:37.000 But we are just two brown girls who have experienced 0:00:37.000 --> 0:00:40.120 a lot in career, business, personal finance, and we're gonna 0:00:40.159 --> 0:00:41.839 do our best to answer your questions, but take it 0:00:41.840 --> 0:00:44.400 with a grain of salt and certainly lean into the 0:00:44.440 --> 0:00:47.519 professionals around you for the final say, as well as 0:00:47.520 --> 0:00:50.120 what you think is best. With that, we actually have 0:00:50.159 --> 0:00:51.240 an update, don't we, manager. 0:00:51.720 --> 0:00:54.720 Yeah, like a little part two of our discussion around 0:00:54.760 --> 0:00:57.720 pyramid schemes slash multi level marketing companies. So we had 0:00:57.720 --> 0:01:00.560 a question on a recent B a Q and A 0:01:00.600 --> 0:01:03.720 where a woman was approached in a retail start was 0:01:03.760 --> 0:01:06.520 her and her boyfriend, I believe, and they were invited 0:01:06.520 --> 0:01:09.640 to join what sounded to be like a pyramid scheme, 0:01:09.680 --> 0:01:11.560 but they weren't really sure what it was, and we 0:01:11.640 --> 0:01:15.480 talked about it, and after describing her that listener's question 0:01:15.600 --> 0:01:19.040 on the last episode of BAQ and A, we got 0:01:19.200 --> 0:01:22.120 a note from Danielle who says I was listening to 0:01:22.160 --> 0:01:24.160 the latest b a Q and A and wanted to 0:01:24.200 --> 0:01:26.479 share that I was also approached in the same manner 0:01:26.560 --> 0:01:29.759 as the guest who talked about pyramid schemes. The person 0:01:29.800 --> 0:01:32.080 who approached me was on a college campus and used 0:01:32.120 --> 0:01:35.679 the same language. It was an opportunity to get mentored 0:01:35.680 --> 0:01:38.039 by wealthy people, and that couple turned out to be 0:01:38.080 --> 0:01:41.840 a successful duo at the top of Amway track. I 0:01:41.959 --> 0:01:44.960 was already too familiar with Amway's reputation and declined to 0:01:45.040 --> 0:01:47.880 sign up. This was a year ago, but the letter 0:01:47.960 --> 0:01:51.559 you've read was to the t my exact experience. Thanks 0:01:51.640 --> 0:01:54.320 Danielle for sharing that. Damn okay, So that puts a 0:01:54.400 --> 0:01:57.520 name to a potentially could have been See. Now here's 0:01:57.560 --> 0:02:00.160 the part where we say we're not trying to like, 0:02:00.480 --> 0:02:02.960 I'm not trying to say if that's a pyramid scheme 0:02:03.040 --> 0:02:06.480 or not, but it is definitely like an MLM type structure. Yes, 0:02:06.680 --> 0:02:11.520 where what is mwaisoluct helping me? And what she said 0:02:11.520 --> 0:02:13.720 with they was really like critical in this part. She 0:02:13.919 --> 0:02:15.920 was like, so because I'd never heard of this before. 0:02:16.160 --> 0:02:19.720 She said, they're starting to increase recruitment by selling it 0:02:19.760 --> 0:02:24.360 as a mentorship as well, which is really clever because 0:02:24.880 --> 0:02:26.840 you know, I think people are used to the rigorar 0:02:26.880 --> 0:02:28.680 language like would you like to make some extra money? 0:02:28.919 --> 0:02:30.839 I was like, here we go, but you know, now 0:02:30.880 --> 0:02:32.880 to say, you know, we're really trying to help a 0:02:32.919 --> 0:02:35.960 mentor folks, it's like, oh, that sounds legitimate. Remember I 0:02:35.960 --> 0:02:37.679 said before that, I'm like, I'm not sure if it's 0:02:38.760 --> 0:02:41.440 MLM or not, because certainly I have been a part 0:02:41.480 --> 0:02:44.160 of mentorship circles and it's been legitimate and they're not 0:02:44.320 --> 0:02:49.359 upselling me anything. But wow, y'all are some slicky, slicksters MLMs. 0:02:49.639 --> 0:02:52.519 So be careful out there in the MLM streets, y'all. 0:02:52.800 --> 0:02:56.080 As ever, all right, let's move on to our first 0:02:56.120 --> 0:02:59.120 question of the week. This comes from listener Kimberly, who 0:02:59.200 --> 0:03:02.520 dropped us a note on IG and is having an 0:03:02.600 --> 0:03:06.520 existential crisis. Okay, Kimberly, we are here to help. Hello, Amandra. 0:03:06.600 --> 0:03:08.239 She says, I've been loving all of your guests on 0:03:08.280 --> 0:03:12.000 the podcast. I know it was hard without Tiffany while 0:03:12.000 --> 0:03:14.560 she was healing and giving Tiffany lots and lots of love. 0:03:15.000 --> 0:03:18.440 My question is a bit existential. I think. I know 0:03:18.560 --> 0:03:21.880 everyone talks about getting side hustles and passive income streams. 0:03:22.000 --> 0:03:24.280 While I appreciate that, I wonder if we should think 0:03:24.280 --> 0:03:27.239 about how we get to a position that pays enough 0:03:27.280 --> 0:03:30.680 to not need side hustles. My thirties were spent getting 0:03:30.720 --> 0:03:34.600 my MAA and PhD and having to write on my weekends. 0:03:34.680 --> 0:03:37.600 So now that time is super precious, why aren't we 0:03:37.640 --> 0:03:40.440 thinking that way if we have the ability to get 0:03:40.520 --> 0:03:44.080 onto something absolutely, I mean, like the whole side hustle 0:03:44.360 --> 0:03:48.280 culture sometimes I think can be damaging. And I even 0:03:48.320 --> 0:03:50.840 have like a session in my group coaching program where 0:03:50.880 --> 0:03:54.240 I talk about being an entrepreneur and also being entrepreneurial, 0:03:54.360 --> 0:03:57.760 like coming up with ideas and projects at your like 0:03:57.920 --> 0:03:59.800 in your date in your nine to five job, and 0:04:00.400 --> 0:04:02.839 how wonderful that can be for putting you in line 0:04:02.880 --> 0:04:06.200 for promotions and raises and other opportunities and things like that. 0:04:06.600 --> 0:04:09.240 But I probably spend like five to ten minutes at 0:04:09.240 --> 0:04:11.320 the top of that. They probably think I'm crazy, but 0:04:11.320 --> 0:04:13.840 I'm just like you guys, We're going to talk about entrepreneurship. 0:04:13.840 --> 0:04:16.120 We're going to talk about businesses and stuff, but you know, 0:04:16.320 --> 0:04:18.800 you do not necessarily have to go out and have 0:04:19.160 --> 0:04:22.520 a fricking vending machine, an ATM machine, a trucking business, 0:04:23.000 --> 0:04:25.760 you know, a digital service on the side and ride 0:04:25.839 --> 0:04:28.040 uber and do instant cart just because you can, like 0:04:28.560 --> 0:04:32.279 you don't. Sometimes social media, especially will have you feeling 0:04:32.360 --> 0:04:34.920 like you're missing out on all these opportunities to bring 0:04:34.960 --> 0:04:37.599 an extra income. But, like Tiffany has said, at what cost? 0:04:38.360 --> 0:04:41.159 And what I love about your question, Kimberly is you 0:04:41.200 --> 0:04:44.320 bring it up like your time is precious, So how 0:04:44.360 --> 0:04:47.800 do we work smarter not harder? In some ways? And 0:04:48.160 --> 0:04:51.960 if you're working at a job where you need several 0:04:52.040 --> 0:04:55.279 other sources of income to make ends meet, then maybe 0:04:55.279 --> 0:04:59.720 that's not the best baseline foundation job for you to have. 0:05:00.360 --> 0:05:03.159 And yeah, hell yeah, every damn helping people try to 0:05:03.160 --> 0:05:05.839 find a job that will pay them enough so that 0:05:05.880 --> 0:05:08.680 they can rest when they're not working, you know, so 0:05:08.680 --> 0:05:10.200 that you can take a step back and only do 0:05:10.360 --> 0:05:13.240 the side hustles if you want to, but only if 0:05:13.279 --> 0:05:16.279 you want to, not because for the sake of it 0:05:16.880 --> 0:05:19.480 or because it seems like everyone else is doing it. 0:05:19.880 --> 0:05:21.920 Because it can just become like a grind and then 0:05:22.000 --> 0:05:25.040 you get to burn out and you're not really enjoying 0:05:25.080 --> 0:05:26.120 anything that you're creating. 0:05:26.640 --> 0:05:29.520 So you know our friend Sandy and like literally her 0:05:29.560 --> 0:05:31.560 nickname is side hustles with Sandy. And you know what 0:05:31.560 --> 0:05:34.360 I love, yes most when I interviewed her, like from 0:05:34.360 --> 0:05:38.960 my book, is that she was like, first, her first 0:05:40.480 --> 0:05:43.240 lot of defense to making more money was not actually 0:05:43.279 --> 0:05:45.360 side hustles, It was getting more money out of your 0:05:45.360 --> 0:05:47.640 current job. She was like some people, she said, so 0:05:47.640 --> 0:05:49.760 many people out there, they don't actually need a side hustle. 0:05:50.200 --> 0:05:51.960 They either need to raise or a new job. So 0:05:52.000 --> 0:05:55.480 I love that you brought this up because it's just like, 0:05:55.839 --> 0:05:59.160 you know, are there ways that you can increase your 0:05:59.240 --> 0:06:02.200 value or illustrator open more? Obviously at that job, I 0:06:02.200 --> 0:06:04.359 mean obviously with your m A and PhD sis you 0:06:04.440 --> 0:06:07.960 out here joining it already, but like you know, is 0:06:08.000 --> 0:06:11.279 there an additional education you could ask them? Is there? 0:06:11.320 --> 0:06:13.440 Like if I'm thinking about the people that you know 0:06:13.480 --> 0:06:16.960 I've hired or kept on, there are folks on the team, like, 0:06:16.960 --> 0:06:19.279 for example, Logan on my team. When Logan first started, 0:06:21.120 --> 0:06:27.000 she was an admin for like a very famous how 0:06:27.000 --> 0:06:30.800 do I say government agency that we all know very covert. 0:06:31.040 --> 0:06:34.080 So she was super skilled in like that. But then 0:06:34.240 --> 0:06:37.359 Logan worked in customer support for us, and then she 0:06:38.320 --> 0:06:42.159 got additional she took like additional classes and certifications and things, 0:06:42.320 --> 0:06:45.400 and then she became like our lead customer support and 0:06:45.440 --> 0:06:47.080 then she did such an amazing job. I said, well, 0:06:47.120 --> 0:06:48.679 what do you really like to do? She said, research, 0:06:49.080 --> 0:06:51.800 and then she learned how to do that, and then 0:06:51.880 --> 0:06:54.400 she started to write copy for us. And now Logan 0:06:54.839 --> 0:06:57.480 she took copywriting courses. She's one of our She's an 0:06:57.520 --> 0:07:01.039 amazing copywriter where people like vie to get Logan to 0:07:01.040 --> 0:07:04.560 write stuff for them. And just the other day, Logan 0:07:04.640 --> 0:07:06.360 was like, I'm taking an Instagram class because she does 0:07:06.400 --> 0:07:09.240 all my content now. And she's like, I'm taking a 0:07:09.279 --> 0:07:11.680 class on like she does all of our emails on 0:07:11.800 --> 0:07:14.200 like how best to use your email system. We just 0:07:14.960 --> 0:07:18.680 took on a new text message system and Logan is 0:07:18.720 --> 0:07:21.960 getting certified in that. So as a result, you know, 0:07:22.080 --> 0:07:25.920 she's making herself more and more valuable. And so you know, 0:07:26.080 --> 0:07:29.760 even despite me having to let folks go, and even 0:07:29.800 --> 0:07:32.560 though I had to decideed, Logan's going to stay on 0:07:32.600 --> 0:07:35.320 the literature academy that makes more than the actual Budgetista makes. 0:07:35.840 --> 0:07:38.040 I brought her over to Budgetista, but she didn't lower 0:07:38.120 --> 0:07:41.720 her salary, even though technically for the Budgetesa side, for 0:07:41.800 --> 0:07:44.000 what we can afford, it should be lower. But she's 0:07:44.080 --> 0:07:47.360 so valuable that I was like, we will find the funds. 0:07:47.600 --> 0:07:49.679 Even if it means less for me. That's fine because 0:07:49.840 --> 0:07:52.320 in the long run it makes more sense. So I 0:07:52.400 --> 0:07:54.640 just say all that to say, which is like, yes, 0:07:54.760 --> 0:07:57.520 if you are currently working somewhere, are you bringing and 0:07:57.680 --> 0:08:01.480 illustrating so not just secretly corro covertly doing a good job. 0:08:01.760 --> 0:08:04.520 Are you showcasing the fact of all the value you 0:08:04.560 --> 0:08:07.080 bring to the table. And if you're still not being paid, 0:08:07.120 --> 0:08:09.160 what's you know, what you feel is equitable and fair? 0:08:09.480 --> 0:08:11.760 And sometimes it is equitable bull and fair and the 0:08:11.760 --> 0:08:14.200 company just can't afford more if they're smaller, you know, 0:08:14.320 --> 0:08:16.320 are you taking your skills elsewhere where they do have 0:08:16.400 --> 0:08:18.320 the money in order to pay you. Because you're right, 0:08:18.680 --> 0:08:24.720 everything costs, especially money. Everything costs especially money. So the 0:08:24.760 --> 0:08:27.600 more that you work for that outside of your regular job, 0:08:27.680 --> 0:08:30.120 I mean, you know, some people enjoy that, which you 0:08:30.120 --> 0:08:32.000 know that's obviously me and Mandy do that now, but 0:08:32.400 --> 0:08:35.000 it's not easy. So you know, if you have a 0:08:35.080 --> 0:08:37.520 job to enjoy, you know, find more money. 0:08:37.559 --> 0:08:43.280 They are And obviously it's not to not to diminish 0:08:43.280 --> 0:08:46.720 the power of having additional streams of income. But my 0:08:46.840 --> 0:08:49.680 perspective on that is always it's smart. I think to 0:08:49.760 --> 0:08:52.080 diversify the sources of your income. Even now as a 0:08:52.120 --> 0:08:54.880 business owner, I have several different streams of income. And 0:08:54.920 --> 0:08:58.040 I was very intentional about that, cause you know, you're 0:08:58.120 --> 0:09:01.200 nine to five is a stream of income. But can 0:09:01.240 --> 0:09:04.439 your side hustle one provide you a bit of financial security. 0:09:04.480 --> 0:09:06.440 Like I was just talking to a coaching client earlier 0:09:06.480 --> 0:09:10.320 who's thinking about starting a consulting sort of business on 0:09:10.360 --> 0:09:12.440 the side, and I'm like, that's really brilliant, and I 0:09:12.520 --> 0:09:15.600 encourage I encourage professionals if you can take what you're 0:09:15.600 --> 0:09:17.760 doing day to day and leverage that into consulting on 0:09:17.800 --> 0:09:21.080 the side, that gives you professional resiliency, so that if 0:09:21.120 --> 0:09:23.160 your nine to five job, let's say you were laid 0:09:23.200 --> 0:09:26.240 off or your you know, cut back or whatever, you 0:09:26.280 --> 0:09:29.079 still have a source of income and you've kept your 0:09:29.160 --> 0:09:32.600 network strong, like you're working with clients or getting testimonials 0:09:32.600 --> 0:09:34.840 and all of that. I'm a big fan of that 0:09:35.559 --> 0:09:38.560 because it adds, like I said, professional resiliency, not not 0:09:38.679 --> 0:09:41.240 doing things just for the sake of having income. You know, 0:09:41.840 --> 0:09:45.320 can you do things that have layers of benefit for 0:09:45.400 --> 0:09:48.280 you financial gain, yes, But do they give you some 0:09:48.360 --> 0:09:52.960 professional resiliency? Do they extend Do they expand your brand 0:09:53.040 --> 0:09:55.200 professionally so that more people will think of you for 0:09:55.240 --> 0:09:57.320 opportunities in the future. Do they do they put you 0:09:57.400 --> 0:10:01.680 in potentially a position to get jobs you know, you 0:10:01.720 --> 0:10:04.559 may find through your consulting work or through another you know, 0:10:04.640 --> 0:10:07.760 quote unquote side hustle that you're doing opportunities that do 0:10:07.840 --> 0:10:09.760 pay you more and then you can leave your job. 0:10:09.840 --> 0:10:13.480 So I'm not against side hustles at all. I'm just 0:10:13.559 --> 0:10:15.720 against the side hustle for the side hustle for the 0:10:15.760 --> 0:10:18.520 sake of it, you know, because everyone feels like you've 0:10:18.520 --> 0:10:21.320 got to be grinding all the time. It's like like 0:10:21.360 --> 0:10:23.960 you said, when is it enough? And when can you 0:10:24.040 --> 0:10:26.240 say it's enough for now? 0:10:26.400 --> 0:10:28.240 You know, if you don't listen to any chapter this 0:10:28.320 --> 0:10:29.800 is book that I'm reading now call why I just 0:10:29.840 --> 0:10:32.920 finish it called Stillness is the Key by Ryan Holliday. 0:10:33.160 --> 0:10:35.200 He's just like a really well known stoic, and I 0:10:35.280 --> 0:10:38.160 chatted with you guys about that earlier that after Jerrell 0:10:38.200 --> 0:10:40.840 passed away, I really started to like explore stoicism, which 0:10:40.880 --> 0:10:44.840 is really just learning to lean into where you can 0:10:45.080 --> 0:10:47.440 make a difference do that, and where you can't to 0:10:47.559 --> 0:10:50.640 release it because you don't have control, you know, and 0:10:50.720 --> 0:10:53.320 so stillness is the key. It's a really great book, 0:10:53.360 --> 0:10:55.240 but if you don't listen to anything else in that book, 0:10:55.280 --> 0:10:57.440 I prefer to do it via audible. There is a 0:10:57.600 --> 0:11:01.600 chapter called Enough that is so powerful. I probably listened 0:11:01.640 --> 0:11:03.760 to it ten times in a row. You know, each 0:11:03.800 --> 0:11:05.760 chapter is maybe like eight or nine minutes long, but 0:11:06.520 --> 0:11:09.920 it was just so powerful about the power of enough, Like. 0:11:09.880 --> 0:11:10.880 When do you say that? 0:11:11.679 --> 0:11:13.680 You know, like I'm not talking about if you're homeless 0:11:13.760 --> 0:11:15.920 or you can't feed your kids, we get that, but 0:11:16.000 --> 0:11:19.199 there is a moment for so many folks where there 0:11:19.240 --> 0:11:22.760 actually is enough, or you actually are enough, and you 0:11:22.840 --> 0:11:25.400 just zoom white past it. And when you do so, 0:11:26.120 --> 0:11:29.480 you have now opened yourself up to never be satiated. 0:11:30.200 --> 0:11:33.120 That you're like, you're like drowning in the in the 0:11:33.160 --> 0:11:36.320 possibilities of more, and I just am like, I don't 0:11:36.320 --> 0:11:38.400 want to do that anymore. And I just hope that 0:11:38.800 --> 0:11:40.840 all of you listening know that you are enough and 0:11:40.880 --> 0:11:43.040 you recognize when you have enough, so you don't have 0:11:43.080 --> 0:11:44.120 to overwork yourself. 0:11:45.679 --> 0:11:48.559 Aimen that what was it book called Ryan Holliday. 0:11:48.280 --> 0:11:53.280 Ryan Holiday. It's called Stillness is the Key. He's got 0:11:53.360 --> 0:11:56.720 like these three. It's the obstacle. The obstacle is the way, 0:11:57.120 --> 0:11:59.760 Stillness is the key, and Ego is the enemy. So 0:12:00.120 --> 0:12:02.160 I read The Obstacles the Way, which is really good. 0:12:02.400 --> 0:12:06.319 It's like an introduction to stoicism. Stillness is the Keys excellent. 0:12:07.320 --> 0:12:11.240 And then I'm actually that I just started yesterday. Ego 0:12:11.320 --> 0:12:12.880 is the enemy, so I'll let you know how that is. 0:12:12.920 --> 0:12:16.560 But those his books thus far, I have enjoyed them. 0:12:16.559 --> 0:12:18.600 Obviously it's not for everybody, but I've really enjoyed them, 0:12:18.600 --> 0:12:19.959 but especially that second book. 0:12:20.840 --> 0:12:22.600 I'm a Leo, so Ego is my friend of me. 0:12:23.760 --> 0:12:28.400 That's how I feel. I'm not mad at it. Okay, 0:12:28.559 --> 0:12:31.480 let's take a quick break and we'll be right back 0:12:31.520 --> 0:12:37.199 with another question from the ba q and A. All right, 0:12:37.240 --> 0:12:40.080 we are back, and we've got a financial question. I 0:12:40.120 --> 0:12:42.880 love this person gave themselves a code name, Yes, code 0:12:42.960 --> 0:12:48.800 name Manifesting Wealth Babe, mwb Okay, roll my shoulders back. 0:12:49.320 --> 0:12:51.640 I just started listening to your podcast and I love it. 0:12:51.679 --> 0:12:53.880 I recently turned thirty five, and my goal for this 0:12:54.000 --> 0:12:57.079 year is to become more financially stable and literate after 0:12:57.200 --> 0:13:01.360 finally making decent wages hustle in my industry for over 0:13:01.720 --> 0:13:04.920 a decade. I currently have no savings in about sixty 0:13:05.000 --> 0:13:07.199 K in student loan debt, but I'd like to start 0:13:07.280 --> 0:13:09.760 building wealth and buy a house within the next three years. 0:13:10.360 --> 0:13:13.400 My plan is to pay off seventy five hundred dollars 0:13:13.480 --> 0:13:16.520 of credit card debt and create a six month emergency 0:13:16.559 --> 0:13:19.120 fund within the next one and a half years. I've 0:13:19.160 --> 0:13:21.520 got good credits, I want to keep that high, and 0:13:21.559 --> 0:13:23.920 eventually I like to get a home loan. I'm planning 0:13:23.920 --> 0:13:26.920 on transferring that seventy five one hundred dollars of credit 0:13:27.000 --> 0:13:29.880 card debt to a zero percent interest APR credit card 0:13:29.920 --> 0:13:33.440 and very smart and paying six hundred dollars a month 0:13:33.559 --> 0:13:36.120 on that, And then I want to open a high 0:13:36.360 --> 0:13:39.680 savings account with another bank so I can put away 0:13:39.679 --> 0:13:42.200 my emergency fund. Wow, she really has been listening to 0:13:42.240 --> 0:13:44.959 Brown and Vessional. Then in the next one and a 0:13:45.000 --> 0:13:47.160 half years, I like to start saving for a deposit 0:13:47.200 --> 0:13:49.360 on a duplex so I can house hack and start 0:13:49.360 --> 0:13:52.880 building wealth. Here's my question, Well, opening up accounts with 0:13:52.920 --> 0:13:56.120 two new banks when I currently only use one negatively 0:13:56.160 --> 0:13:59.320 affect my credit score? Is it unwise of me to 0:13:59.400 --> 0:14:02.199 only be made making minimum payments on my student loans 0:14:02.600 --> 0:14:05.080 and being more concerned about paying off credit card debt 0:14:05.080 --> 0:14:07.840 and building wealth. I don't want to take on odd 0:14:07.920 --> 0:14:10.120 jobs to pay off my debt and save up when 0:14:10.160 --> 0:14:12.800 work life balance and self care is so important to 0:14:12.840 --> 0:14:15.560 me at this point in my life. Please let me 0:14:15.600 --> 0:14:17.920 know if you have any additional advice for reaching my 0:14:18.000 --> 0:14:20.520 goals and if you think my plan is a wise 0:14:20.520 --> 0:14:23.320 one manifesting wealth babe. 0:14:23.880 --> 0:14:26.840 Big girl. Actually the first time was like, ooh, it's 0:14:26.840 --> 0:14:31.200 a lot, but it's really smart. GC is really smart. 0:14:31.400 --> 0:14:34.600 Like the only thing I would say is this so okay? 0:14:35.240 --> 0:14:38.200 So the questions, no, bank accounts have nothing to do 0:14:38.240 --> 0:14:40.600 with your credit score unless you overdraft and don't pay 0:14:40.600 --> 0:14:42.680 them people back. So you can open up as many 0:14:42.680 --> 0:14:45.000 bank accounts as you want. It's not going to negatively 0:14:45.200 --> 0:14:47.520 or even positively affect your credit score, so you just 0:14:48.320 --> 0:14:53.040 know that. And then the student loans, I'm assuming you 0:14:53.160 --> 0:14:56.760 must still because Mandy did the moratorium students. Has that 0:14:56.800 --> 0:14:58.800 lifted yet? Are people? Are the federal people still not 0:14:58.840 --> 0:14:59.400 paying do you know? 0:14:59.480 --> 0:15:01.720 Girl? You know they're too afraid of the midterm elections 0:15:01.720 --> 0:15:06.000 coming up to stop that. Pretty sure they extended it 0:15:06.040 --> 0:15:08.120 to October or at least through the summer. 0:15:08.320 --> 0:15:11.120 Yeah, so I'm assuming that you must have private loans 0:15:11.120 --> 0:15:14.440 if you're still paying them, And I'm all for paying 0:15:14.480 --> 0:15:19.480 the minimum to student loan debt because typically the interest 0:15:19.560 --> 0:15:22.280 rate on a credit card debt is higher. So I 0:15:22.320 --> 0:15:23.680 love the fact that you're going to be making that 0:15:23.760 --> 0:15:26.440 balance transfer to fifty. It's like, you know, because your 0:15:26.440 --> 0:15:28.760 credit score is good, so if you found a fifteen 0:15:28.840 --> 0:15:33.160 month zero percent APR credit card, that's excellent, So you know, 0:15:33.320 --> 0:15:35.920 continue to do that. The only thing that I will 0:15:35.960 --> 0:15:40.640 say that might be helpful for you, MWB is looking 0:15:40.680 --> 0:15:45.440 to this program called NAKA n ACA. Let me see 0:15:45.480 --> 0:15:48.000 what does NACA start to stand for? You know, NACA. 0:15:48.680 --> 0:15:50.120 I just looked it up the other day and I 0:15:50.160 --> 0:15:51.120 have to google it every time. 0:15:51.200 --> 0:15:56.120 Yeah, it's the Neighborhood Assistance Corporation of America, whatever that means. 0:15:56.440 --> 0:16:00.520 But here's what's so great about NACA is that they 0:16:00.640 --> 0:16:03.880 help first time home buyers, which would be you. And honestly, 0:16:03.880 --> 0:16:05.680 anybody who has not had a new mortgage in four 0:16:05.720 --> 0:16:07.800 years is considered a first time first time home buyer, 0:16:07.880 --> 0:16:12.160 just so you know. So first time home buyers get homes. 0:16:12.240 --> 0:16:14.680 And what's so great about NACA is that, now here's 0:16:14.720 --> 0:16:17.400 the thing. I would start looking into NACA now because 0:16:17.400 --> 0:16:22.560 it's a nonprofit organization. They tend to be slow, so 0:16:22.720 --> 0:16:25.520 I actually would start the process now. But they're gonna 0:16:25.640 --> 0:16:28.240 they're going to want to see your budget, they're gonna 0:16:28.240 --> 0:16:30.400 want you to raise your credit score, which you've already done. 0:16:30.720 --> 0:16:33.200 They're gonna want to see you consistently safe. So they're 0:16:33.200 --> 0:16:37.080 gonna have all of these these these parameters in place. 0:16:37.320 --> 0:16:40.240 But in exchange, NACA is going to get you an 0:16:40.320 --> 0:16:43.440 incredible interest rate that you can't get anyplace else. During 0:16:43.520 --> 0:16:46.840 the Great Pany, people were getting interest rates of like 0:16:46.920 --> 0:16:49.320 one point five percent, which is basically like free money. 0:16:49.840 --> 0:16:52.440 And even now, so my brother in law, I think 0:16:52.480 --> 0:16:55.080 I mentioned then Drel and I had purchased like a 0:16:55.080 --> 0:16:57.640 second home that we were renovating, which we finished and 0:16:57.640 --> 0:16:59.840 we were gonna rent it out, and then it was 0:16:59.840 --> 0:17:02.640 our attention to one day give it to Alyssa, you know, 0:17:02.760 --> 0:17:05.800 like as her inheritance whatever. So obviously you know he 0:17:05.920 --> 0:17:08.119 passed away. So as a result, it's like, what do 0:17:08.160 --> 0:17:09.760 we do at the house? Alyssa and I had a 0:17:10.160 --> 0:17:12.119 grown up conversation as much as you can with a 0:17:12.160 --> 0:17:14.359 fifteen year old, and I told her, you know, I 0:17:14.359 --> 0:17:15.959 don't really want to be a landlord. That was your 0:17:16.000 --> 0:17:18.359 daddy who wanted to do that, so but if you 0:17:18.440 --> 0:17:20.640 really want me to hold the house for you, I will. 0:17:21.119 --> 0:17:23.240 I'll just figure it out. And she was like, no, 0:17:23.280 --> 0:17:25.679 that's okay, because she doesn't want to live there anyway. 0:17:26.600 --> 0:17:29.200 So we decided that we agreed that we're going to 0:17:29.280 --> 0:17:30.840 sell the house and then I'm going to put the 0:17:30.880 --> 0:17:35.040 proceeds away for her for college and beyond. So thankfully, 0:17:35.280 --> 0:17:37.360 his twin brother has actually been looking for a house 0:17:37.359 --> 0:17:40.320 for the last two years, and actually, because his twin 0:17:40.359 --> 0:17:42.800 brother is a master painter, painted the house for us 0:17:43.280 --> 0:17:46.119 and he was the perfect person to purchase this home. 0:17:46.400 --> 0:17:49.240 So I told him. His name is Terrell, which is funny, 0:17:49.280 --> 0:17:54.840 Jarell and Terrell. So Terrell. My sister Carol's like, tell 0:17:54.880 --> 0:17:57.679 Terrell to sign up for NAKA and he did, and 0:17:57.760 --> 0:18:01.560 so in September, he has to show six months of 0:18:01.640 --> 0:18:04.640 positive savings growth, and so I think it's September October 0:18:04.760 --> 0:18:06.680 is when he'll be done. He feels that every other 0:18:06.680 --> 0:18:10.000 paperwork they ask for everything but your blood type. But 0:18:10.240 --> 0:18:13.160 in six months, so right now, I think interest rates 0:18:13.160 --> 0:18:14.760 were around five or six percent, because we all know 0:18:14.800 --> 0:18:16.840 interest rates have been up. But he was able to 0:18:17.359 --> 0:18:20.200 lock in a three point five percent interest rate with NACA, 0:18:20.520 --> 0:18:21.480 which is excellent. 0:18:21.800 --> 0:18:23.840 And so that's what it in this early m hm. 0:18:24.320 --> 0:18:26.600 They're like, you know, with your with your credit score, 0:18:26.760 --> 0:18:28.479 with you this, with your that we're able to do 0:18:28.520 --> 0:18:31.159 this for you. And so NAKA gives like a really 0:18:31.160 --> 0:18:33.720 great So it's it's a lot of I would like 0:18:33.880 --> 0:18:37.040 put an air quotes headache because certainly it's a slow process, 0:18:37.920 --> 0:18:40.240 and if it's in a very competitive market, sometimes it's 0:18:40.240 --> 0:18:42.840 going to be hard for maybe like a homeowner to 0:18:42.880 --> 0:18:45.000 wait for you to get your paperwork together. Thankfully, you know, 0:18:45.240 --> 0:18:46.840 I'm not selling the house to anybody but him, So 0:18:46.880 --> 0:18:48.719 I told them, you know, we'll wait for as long 0:18:48.760 --> 0:18:50.919 as it takes for you to get ready, but to 0:18:51.000 --> 0:18:52.760 be able to save, like you know, he's going to 0:18:52.800 --> 0:18:55.440 save tens of thousands of dollars if he stays there 0:18:56.200 --> 0:18:58.399 for the next whatever thirty years, you know, because of 0:18:58.440 --> 0:19:00.600 his interest rate being so low. Well, that's what I 0:19:00.640 --> 0:19:03.200 would share with you that, like your plans sound amazing, 0:19:03.400 --> 0:19:07.520 I would just look into NAKA NACA. Yeah, what do 0:19:07.520 --> 0:19:08.879 you think, Mandra. 0:19:08.760 --> 0:19:11.080 Or just like Google first time home buyer in your state, 0:19:11.520 --> 0:19:13.920 you may find programs too. Yeah. I mean, as far 0:19:13.920 --> 0:19:16.280 as her question and her concern around the bank account saying, 0:19:16.400 --> 0:19:18.520 going back and reading, I think what she's maybe asking 0:19:18.600 --> 0:19:20.760 is because her plan is to apply for a mortgage 0:19:20.800 --> 0:19:22.439 in a year and a half and for that and 0:19:22.480 --> 0:19:24.680 I and having a little bit of credit card debt 0:19:24.720 --> 0:19:27.040 and having your student loans. But if you stick to 0:19:27.080 --> 0:19:29.080 your plan, you're opening up your credit card now, which 0:19:29.119 --> 0:19:31.000 is at least a year and a half from when 0:19:31.000 --> 0:19:33.359 you plan to have your mortgage. That's fine. I mean, 0:19:33.400 --> 0:19:36.200 I think when it comes to the whole underwriting process 0:19:36.200 --> 0:19:38.600 for mortgages, when they actually look at your finances and 0:19:38.600 --> 0:19:40.840 decide if you're trustworthy and if they want to loan 0:19:40.960 --> 0:19:43.800 lend to you, they'll look at least like six months 0:19:43.800 --> 0:19:46.720 in the past, so they say like no new credit behavior, 0:19:46.800 --> 0:19:49.520