1 00:00:01,280 --> 00:00:03,520 Speaker 1: This episode is brought to you by P and C Bank. 2 00:00:03,920 --> 00:00:06,680 Speaker 1: A lot of people think podcasts about work are boring, 3 00:00:06,880 --> 00:00:10,719 Speaker 1: and sure they definitely can be, but understanding a professionals 4 00:00:10,800 --> 00:00:14,080 Speaker 1: routine shows us how they achieve their success little by little, 5 00:00:14,440 --> 00:00:18,040 Speaker 1: day after day. It's like banking with P and C Bank. 6 00:00:18,560 --> 00:00:21,360 Speaker 1: It might seem boring the safe plan and make calculated 7 00:00:21,400 --> 00:00:24,479 Speaker 1: decisions with your bank, but keeping your money boring is 8 00:00:24,520 --> 00:00:27,840 Speaker 1: what helps you live or more happily fulfilled life. P 9 00:00:27,960 --> 00:00:32,800 Speaker 1: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly 10 00:00:32,840 --> 00:00:35,479 Speaker 1: Boring since eighteen sixty five is a service mark of 11 00:00:35,520 --> 00:00:38,760 Speaker 1: the PNC Financial Service Group, Inc. P and C Bank 12 00:00:39,159 --> 00:00:41,360 Speaker 1: National Association Member FDIC. 13 00:00:43,080 --> 00:00:45,080 Speaker 2: One thing that I see like as my role. I 14 00:00:45,080 --> 00:00:48,159 Speaker 2: feel like everybody has like a role in whatever. Like 15 00:00:48,240 --> 00:00:52,319 Speaker 2: let's just talk about like the financial space, financial education space, right, 16 00:00:52,760 --> 00:00:55,280 Speaker 2: So I see my role the same way I saw 17 00:00:55,320 --> 00:00:57,920 Speaker 2: my role when I used to teach Sunday school, like 18 00:00:58,040 --> 00:01:02,200 Speaker 2: as a teenager preschool as like twenty or early thirties. 19 00:01:02,280 --> 00:01:05,640 Speaker 2: And the budget needs to now that you know, like 20 00:01:05,880 --> 00:01:10,720 Speaker 2: I'm here to provide you with the financial fundamentals because 21 00:01:11,280 --> 00:01:14,679 Speaker 2: I don't care how much money you make. If you 22 00:01:14,760 --> 00:01:17,200 Speaker 2: don't have the fundamentals, you can be wiped out, just 23 00:01:17,280 --> 00:01:20,920 Speaker 2: like that. I've seen this wiped out. I'll give an example. 24 00:01:20,959 --> 00:01:23,640 Speaker 2: I remember I was at speaking at this and speaking engagement. 25 00:01:23,760 --> 00:01:26,040 Speaker 2: This woman came up to me and said, I don't 26 00:01:26,040 --> 00:01:27,959 Speaker 2: know what I do. I don't know what I should do. 27 00:01:28,080 --> 00:01:30,720 Speaker 2: I owe over a million dollars And I was like what. 28 00:01:31,520 --> 00:01:34,760 Speaker 2: And she had had cancer and that was her that 29 00:01:34,920 --> 00:01:36,760 Speaker 2: was her medical bill when it was all said and done. 30 00:01:37,360 --> 00:01:41,200 Speaker 2: So how how are you out earning that? You know 31 00:01:41,200 --> 00:01:43,600 Speaker 2: what I mean? Like you out earned a cancer? So like, 32 00:01:43,840 --> 00:01:46,119 Speaker 2: those are the financial fundamentals? Are this? I actually call 33 00:01:46,160 --> 00:01:49,680 Speaker 2: it financial holeness? Right? So these are the fundamentals. It's budgeting. 34 00:01:49,960 --> 00:01:51,760 Speaker 2: People don't want to talk about because it's not sexy 35 00:01:51,840 --> 00:01:56,120 Speaker 2: like GameStop that option. But right, like because now the 36 00:01:56,160 --> 00:01:59,360 Speaker 2: caveat is this, since it's wealthy, I have multip My 37 00:01:59,400 --> 00:02:01,680 Speaker 2: network is more about seven figures. I'm not talking about 38 00:02:01,680 --> 00:02:05,000 Speaker 2: like theoretically in stuff. I'm talking about cash. I'm talking 39 00:02:05,000 --> 00:02:07,559 Speaker 2: about investments. I'm talking about real estate, like I have money. 40 00:02:07,800 --> 00:02:09,960 Speaker 2: Just to preface it with that, because because you don't 41 00:02:11,160 --> 00:02:18,000 Speaker 2: don't play yourself play third person, because no, because sometimes 42 00:02:18,040 --> 00:02:22,800 Speaker 2: people here and foremost don't ever play yourself. No. I 43 00:02:22,880 --> 00:02:25,560 Speaker 2: share that because I because when people hear the fundamentals, 44 00:02:25,560 --> 00:02:28,560 Speaker 2: they're like, wah, wah broke. No, there's nothing broke here. 45 00:02:28,800 --> 00:02:30,639 Speaker 2: Not only am I wealthy, I'm debt free like a 46 00:02:30,639 --> 00:02:32,480 Speaker 2: five year old. I don't owe nobody nothing, not even 47 00:02:32,520 --> 00:02:35,480 Speaker 2: my businesses. Like I have five business here, right, we 48 00:02:35,520 --> 00:02:37,600 Speaker 2: made eight figures last year, just over ten millions. I'm 49 00:02:37,639 --> 00:02:39,160 Speaker 2: not saying that to brag. I'm saying that to set 50 00:02:39,160 --> 00:02:42,239 Speaker 2: the stage four. I'm talking about fundamentals from a place 51 00:02:42,280 --> 00:02:45,000 Speaker 2: of you can grow wealth, from a place of fundamentals 52 00:02:45,040 --> 00:02:47,320 Speaker 2: and wealth that you can actually keep. So let's go 53 00:02:47,480 --> 00:02:50,360 Speaker 2: over the ten financial financial fundamentals. I like to call 54 00:02:50,440 --> 00:02:53,639 Speaker 2: it financial wholeness. It's a holistic view of your finances. 55 00:02:53,800 --> 00:02:58,960 Speaker 2: One budgeting, two savings, three debt. You have to manage debt. 56 00:02:59,120 --> 00:03:00,560 Speaker 2: You don't have to be debt for three. You know, 57 00:03:00,639 --> 00:03:02,440 Speaker 2: I know people like debt free, debt free. Guess who 58 00:03:02,440 --> 00:03:05,320 Speaker 2: else is debt free? I told y'all, like my literally, 59 00:03:05,360 --> 00:03:08,640 Speaker 2: today is my niece's birthday, right, and she don't have 60 00:03:08,639 --> 00:03:11,679 Speaker 2: no mortgage, no car, no no, no nothing, and she's four. 61 00:03:11,760 --> 00:03:14,480 Speaker 2: Happy birthday. Shout out to you girl, But you're still broke. 62 00:03:14,880 --> 00:03:17,600 Speaker 2: You know, because debt freedom doesn't equal We mentioned that before. 63 00:03:17,639 --> 00:03:20,600 Speaker 2: Debt freedom does not equal wealth. Right, So three debt 64 00:03:21,320 --> 00:03:24,600 Speaker 2: for credit? Right, credit is a lever. I don't think 65 00:03:24,639 --> 00:03:27,160 Speaker 2: people understand that. Like, like, think about a door. A 66 00:03:27,200 --> 00:03:29,760 Speaker 2: door is a lever. This small knob can can twist 67 00:03:29,800 --> 00:03:32,160 Speaker 2: a big door. That's what credit is able to do. 68 00:03:32,440 --> 00:03:34,720 Speaker 2: It is a small amount of money that's able to 69 00:03:34,720 --> 00:03:37,320 Speaker 2: give you access to large amounts of money. Right, this 70 00:03:37,400 --> 00:03:41,160 Speaker 2: is what credit is. Five. Learning to earn, increasing your income. 71 00:03:41,200 --> 00:03:44,160 Speaker 2: I hope you're writing this down. Okay, you have to 72 00:03:44,240 --> 00:03:47,400 Speaker 2: learn to earn, you know, Like it's not just enough 73 00:03:47,400 --> 00:03:49,120 Speaker 2: to budget and save. You're not gonna budget and save 74 00:03:49,160 --> 00:03:51,560 Speaker 2: your way to wealth. It's great foundational stuff, but you 75 00:03:51,640 --> 00:03:54,720 Speaker 2: have to know how to bring money into your household. Six. 76 00:03:54,880 --> 00:03:59,760 Speaker 2: Investing for both retirement and wealth. I make the distinction 77 00:04:00,360 --> 00:04:04,000 Speaker 2: because to me, investing for retirement is really investing in 78 00:04:04,040 --> 00:04:06,640 Speaker 2: a way that will help you to maintain your current lifestyle. 79 00:04:06,840 --> 00:04:10,200 Speaker 2: That's the yes, Like, are we trying to eat cat food? 80 00:04:10,200 --> 00:04:12,960 Speaker 2: What are we doing? No? You know, but investing for 81 00:04:13,080 --> 00:04:17,480 Speaker 2: wealth is being able to increase your current lifestyle and 82 00:04:17,560 --> 00:04:20,120 Speaker 2: leave money for your airs. So I like to separate 83 00:04:20,200 --> 00:04:24,560 Speaker 2: retirement and wealth. So that is six seven. Insurance. It 84 00:04:24,640 --> 00:04:29,400 Speaker 2: is super important. Health insurance, life insurance, disability insurance, right, 85 00:04:29,480 --> 00:04:31,839 Speaker 2: property and casualty insurance. Think of like home and auto. 86 00:04:32,240 --> 00:04:37,600 Speaker 2: Are you insured? Insurance is a risk management tool. Insurance 87 00:04:37,640 --> 00:04:40,880 Speaker 2: is there to protect you and your assets just in 88 00:04:40,960 --> 00:04:43,760 Speaker 2: case you need it. Most people are under insurance. I know. 89 00:04:43,839 --> 00:04:46,320 Speaker 2: I was like, I thought I was good. I'm like, oh, 90 00:04:46,360 --> 00:04:48,279 Speaker 2: I'm good out here in these streets. I sat down 91 00:04:48,320 --> 00:04:50,200 Speaker 2: with a friend of mine who's a CFP, and she said, 92 00:04:50,279 --> 00:04:52,479 Speaker 2: let me see your stuff. She was like, okay, everything's good, Tiffany. 93 00:04:52,640 --> 00:04:54,880 Speaker 2: But you're insured like you're twenty. I was like, I 94 00:04:54,920 --> 00:04:58,280 Speaker 2: look twenty. She's like, but you're not twenty, right, And 95 00:04:58,320 --> 00:05:00,720 Speaker 2: so she was like, you needed a Brella policy. I 96 00:05:00,800 --> 00:05:02,120 Speaker 2: was like, ooh, how much is that going to cost me? 97 00:05:02,160 --> 00:05:04,560 Speaker 2: Because SIS is really the bunch of thees. Talk about that. 98 00:05:04,640 --> 00:05:07,320 Speaker 2: Can you talk about that umbrella please? Yes? And so 99 00:05:07,560 --> 00:05:09,560 Speaker 2: the umbrella policy, it's like the low key secret. I 100 00:05:09,560 --> 00:05:11,760 Speaker 2: was like, okay, she said, let's start off. This was 101 00:05:11,760 --> 00:05:13,840 Speaker 2: like maybe two years ago. Let's start off with so 102 00:05:14,160 --> 00:05:16,440 Speaker 2: you have your normal basic insurance, like you know, I 103 00:05:16,440 --> 00:05:19,680 Speaker 2: have homeowners insurance, I've got car insurance, but I also 104 00:05:19,720 --> 00:05:22,839 Speaker 2: have business insurance. And she's like, just in case those 105 00:05:22,839 --> 00:05:25,640 Speaker 2: things are maxed out, because something happens, someone falls, and 106 00:05:25,680 --> 00:05:28,599 Speaker 2: they they see you for more than this other insurance 107 00:05:28,640 --> 00:05:31,680 Speaker 2: can cover. You have this umbrella policy, right, and so 108 00:05:31,800 --> 00:05:34,600 Speaker 2: for me an additional one million dollars, which I was like, 109 00:05:34,680 --> 00:05:37,680 Speaker 2: ooh sounds pricey. It was four hundred dollars a year. 110 00:05:37,720 --> 00:05:40,520 Speaker 2: It's cheap, yeah, I said, what they don't tell you 111 00:05:40,560 --> 00:05:43,760 Speaker 2: these things in these streets. Yes, And umbrella policy is 112 00:05:43,760 --> 00:05:46,160 Speaker 2: is just a great way to make sure. So then 113 00:05:46,200 --> 00:05:49,680 Speaker 2: I increase it. As my wealth increases, I increase that 114 00:05:49,760 --> 00:05:52,880 Speaker 2: umbrella policy. And it like it's a lever too. A 115 00:05:52,920 --> 00:05:55,640 Speaker 2: little bit of money gives you access to all this covered. 116 00:05:55,720 --> 00:05:59,640 Speaker 2: So seven, get good with insurance. Eight girl rich is 117 00:05:59,760 --> 00:06:03,400 Speaker 2: you're in net worth. Don't tell me how much you made, 118 00:06:03,520 --> 00:06:07,479 Speaker 2: how much you keep? Right, So that's cute that like, oh, 119 00:06:07,560 --> 00:06:10,080 Speaker 2: I made seven million dollar last year. They won't tell 120 00:06:10,120 --> 00:06:13,960 Speaker 2: you that they spent eight million in marketing. Right. Net 121 00:06:14,000 --> 00:06:18,120 Speaker 2: Worth is what you own minus what you owe. If 122 00:06:18,160 --> 00:06:20,719 Speaker 2: you owe a whole lot, it doesn't matter if you 123 00:06:20,839 --> 00:06:22,479 Speaker 2: own a whole lot, because at the end of the day, 124 00:06:22,680 --> 00:06:24,560 Speaker 2: if all the people that you owe come a call in, 125 00:06:24,839 --> 00:06:29,359 Speaker 2: you're broke, right, So maintaining a positive net worth that's important. Nine. 126 00:06:29,480 --> 00:06:31,640 Speaker 2: Picking your money team, y'all? Are you doing it? Y'all? 127 00:06:31,680 --> 00:06:33,479 Speaker 2: Listen to these fellows right here. You want to have 128 00:06:33,520 --> 00:06:36,240 Speaker 2: financial professionals in your life. I believe in having the 129 00:06:36,240 --> 00:06:39,600 Speaker 2: accountability partner because I think money is a team sport. 130 00:06:39,720 --> 00:06:41,840 Speaker 2: But I also believe like you might look into you 131 00:06:41,920 --> 00:06:43,440 Speaker 2: might look into a insurance broker, but you want to 132 00:06:43,480 --> 00:06:46,119 Speaker 2: have people on your financial team. And that's not least 133 00:06:46,680 --> 00:06:50,640 Speaker 2: estate planning, you know, planning your legacy. But it doesn't 134 00:06:50,680 --> 00:06:54,359 Speaker 2: make sense to do all of this and not to 135 00:06:54,400 --> 00:06:57,080 Speaker 2: pass off. That's the problem that we've had a hard time. 136 00:06:57,400 --> 00:07:00,520 Speaker 2: I've known black folks that have grown wealth, known Brown 137 00:07:00,560 --> 00:07:03,280 Speaker 2: people that have grown wealth. But sometimes the passing on 138 00:07:03,400 --> 00:07:04,920 Speaker 2: is what we have a hard time with. The passing 139 00:07:04,960 --> 00:07:07,760 Speaker 2: on of knowledge, the passing on of wealth, you know, 140 00:07:08,440 --> 00:07:11,240 Speaker 2: from one generation to the next. That's your ten components. 141 00:07:11,360 --> 00:07:14,400 Speaker 2: Like here's the thing about financial freedom, right, I'm not 142 00:07:14,400 --> 00:07:18,760 Speaker 2: a big fan of that phrase. Here's why, because you 143 00:07:18,840 --> 00:07:22,000 Speaker 2: can be financially free and not be financially whole. You 144 00:07:22,040 --> 00:07:24,920 Speaker 2: can have all the money. You could have all those things, 145 00:07:24,960 --> 00:07:28,800 Speaker 2: but you could be missing, like for example, Prince financially free. 146 00:07:28,840 --> 00:07:32,200 Speaker 2: We can all agree man was wealthy. Was he financially whole? No, 147 00:07:32,760 --> 00:07:35,280 Speaker 2: he didn't have an estate plan. So when Prince died, 148 00:07:35,920 --> 00:07:39,040 Speaker 2: he used to give a lot of money to to 149 00:07:39,240 --> 00:07:41,480 Speaker 2: like music programs because he believed it saved them as 150 00:07:41,480 --> 00:07:44,080 Speaker 2: a kid. So when he died, his closest relative was 151 00:07:44,120 --> 00:07:47,280 Speaker 2: his sister. We don't know if she's big on music programs. 152 00:07:47,600 --> 00:07:49,840 Speaker 2: You know, his money is gonna do what she wants 153 00:07:49,840 --> 00:07:53,360 Speaker 2: it to do. So I say that not to say, 154 00:07:53,360 --> 00:07:55,920 Speaker 2: don't go after financial freedom, but I'll go for a 155 00:07:56,000 --> 00:07:58,880 Speaker 2: holistic view of your money. And so literally that's why, 156 00:07:59,000 --> 00:08:02,000 Speaker 2: you know, because the fellaw's hello, That's why I w 157 00:08:02,160 --> 00:08:06,280 Speaker 2: Get Good with Money. Ten simple steps to becoming financially all. 158 00:08:06,360 --> 00:08:08,800 Speaker 2: It's available at get good with money dot com. Not 159 00:08:08,880 --> 00:08:12,680 Speaker 2: for real. I see myself like as like the school 160 00:08:12,680 --> 00:08:14,960 Speaker 2: teacher of personal finance, Like I want you to get 161 00:08:14,960 --> 00:08:19,480 Speaker 2: the fundamentals so that way, that way, no matter what 162 00:08:19,600 --> 00:08:23,920 Speaker 2: you build on this fund this financial foundation, y'all. Like 163 00:08:24,440 --> 00:08:26,680 Speaker 2: when this last, like the last recession two thousand and 164 00:08:26,720 --> 00:08:28,760 Speaker 2: two thousand and twenty ten hit, You'll rock me to 165 00:08:28,840 --> 00:08:31,920 Speaker 2: the core. I lost everything. I said never again. This 166 00:08:32,160 --> 00:08:35,480 Speaker 2: time when a hit, I made money, you know, like 167 00:08:35,520 --> 00:08:39,120 Speaker 2: I made money, My business tripled because I said, I'm 168 00:08:39,120 --> 00:08:42,360 Speaker 2: going to position myself to have such a strong foundation 169 00:08:42,880 --> 00:08:45,880 Speaker 2: that when things happen, it's the difference between being a 170 00:08:45,920 --> 00:08:51,120 Speaker 2: tree and being an electric poll. Some of y'all out here, 171 00:08:51,200 --> 00:08:54,960 Speaker 2: not y'all, but some of y'all out here so interested 172 00:08:55,040 --> 00:08:58,000 Speaker 2: in being as big and tall and obvious as possible, 173 00:08:58,000 --> 00:08:59,800 Speaker 2: Like look at me, look at me, and you're this 174 00:09:00,200 --> 00:09:02,560 Speaker 2: this electric pole and it looks dope because it looks 175 00:09:02,559 --> 00:09:06,120 Speaker 2: so high. Right, it flung up quickly, and you're laughing 176 00:09:06,160 --> 00:09:08,280 Speaker 2: at the tree. Tree is going slow. You're like, I 177 00:09:08,320 --> 00:09:11,880 Speaker 2: had look at the tree. Then earthquake comes that pole 178 00:09:12,280 --> 00:09:14,760 Speaker 2: is this deep in the ground, pole falls over tree, 179 00:09:14,840 --> 00:09:18,080 Speaker 2: got what roots? Right? And so that's what I'm wanting 180 00:09:18,120 --> 00:09:19,880 Speaker 2: for you. I'm wandering for all of us to have 181 00:09:19,960 --> 00:09:23,920 Speaker 2: like this deep financial foundation. So everything you're learning in 182 00:09:24,000 --> 00:09:27,800 Speaker 2: ey l, everything you're learning in market mondays, these are 183 00:09:27,840 --> 00:09:30,760 Speaker 2: things that you're building on top of your financial your 184 00:09:30,760 --> 00:09:34,080 Speaker 2: financial foundation, so that house can stand, so you can 185 00:09:34,320 --> 00:09:39,000 Speaker 2: you can give that house to someone else. My graduates 186 00:09:39,040 --> 00:09:44,680 Speaker 2: from my school being forced back drop drop Mike, drop 187 00:09:45,200 --> 00:09:58,080 Speaker 2: backdrop drop erners. What's up? 188 00:09:58,160 --> 00:10:01,359 Speaker 1: You ever walk into a small business? Every just works 189 00:10:01,600 --> 00:10:04,920 Speaker 1: like the checkout is fast, the seats are digital, tipping 190 00:10:05,120 --> 00:10:07,600 Speaker 1: is a breeze, and you're out the door before the 191 00:10:07,600 --> 00:10:12,000 Speaker 1: line even builds odds are they're using Square. We love 192 00:10:12,040 --> 00:10:15,199 Speaker 1: supporting businesses that run on Square because it just feels seamless. 193 00:10:15,360 --> 00:10:17,880 Speaker 1: Whether it's a local coffee shop, a vendor at a 194 00:10:17,920 --> 00:10:20,800 Speaker 1: pop up market, or even one of our merch partners. 195 00:10:21,040 --> 00:10:24,839 Speaker 1: Square makes it easy for them to take payments, manage inventory, 196 00:10:24,920 --> 00:10:28,720 Speaker 1: and run their business with confidence, all from one simple system. 197 00:10:28,920 --> 00:10:31,600 Speaker 1: One of the things we love most is seeing neighborhood 198 00:10:31,640 --> 00:10:35,480 Speaker 1: businesses level up. Business West Indian spired writing our community 199 00:10:35,480 --> 00:10:38,760 Speaker 1: that started with a small takeout counter. Now with Square 200 00:10:38,880 --> 00:10:41,440 Speaker 1: they've been able to expand into a full sit down 201 00:10:41,480 --> 00:10:45,640 Speaker 1: restaurant and even started catering events across the city. That's 202 00:10:45,679 --> 00:10:48,440 Speaker 1: the kind of growth that inspires us, and it's powered 203 00:10:48,480 --> 00:10:51,800 Speaker 1: by Square. Square is built for all types of businesses, 204 00:10:52,000 --> 00:10:54,960 Speaker 1: from the corner bagel shop that turned into a local chain, 205 00:10:55,320 --> 00:10:58,520 Speaker 1: to the specialty market with thousands of unique items, to 206 00:10:58,640 --> 00:11:01,640 Speaker 1: the stylists who's been holding you down for years. If 207 00:11:01,640 --> 00:11:04,520 Speaker 1: you're a business owner or even just thinking about launching 208 00:11:04,520 --> 00:11:07,560 Speaker 1: something soon, Square is hands down one of the best 209 00:11:07,559 --> 00:11:10,679 Speaker 1: tools out there to help you start, run and grow. 210 00:11:11,000 --> 00:11:14,000 Speaker 1: It's not just about payments, it's about giving you time 211 00:11:14,080 --> 00:11:17,000 Speaker 1: back so you can focus on what matters most ready. 212 00:11:17,040 --> 00:11:20,440 Speaker 1: To see how Square can transform your business, visit Square 213 00:11:20,520 --> 00:11:25,040 Speaker 1: dot com backslash, go backslash eyl to learn more that 214 00:11:25,240 --> 00:11:30,680 Speaker 1: Square dot com backslash, go backslash eyl. Don't wait, don't hesitate. 215 00:11:30,800 --> 00:11:33,160 Speaker 1: Let's Square handle the back end so you can keep 216 00:11:33,200 --> 00:11:34,439 Speaker 1: pushing your vision forward.