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Speaker 1: Hey, Hey, hey guys, it's Mandy and we're back with

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Speaker 1: Brown Ambition. And obviously we are missing our beloved Tiffany

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Speaker 1: so very much this week. But as promised, we have

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Speaker 1: one of our favorite returning guests on the show, Lynette

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Speaker 1: Calfani Cox aka the Money Coach, Akaur fairy money godmother,

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Speaker 1: as we like to say, Lynette, thank you so much

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Speaker 1: for joining.

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Speaker 2: Hey, I'm so happy to be here. Fun stuff.

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Speaker 1: I have to say, we don't really have three peat guests.

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Speaker 1: I feel like you're the Tom Hanks of the Brown

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Speaker 1: and Mission podcast. So what's new with you other than

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Speaker 1: moving to Texas, having all your kids be geniuses and

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Speaker 1: rocking it in college right now? What's going on in

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Speaker 1: Lynette's world?

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Speaker 2: My son, you know, he's nineteen now.

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Speaker 3: He sent an email and it said the subject line

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Speaker 3: said Jordan Sneakers. And the email was to me an

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Speaker 3: Earl and then to my ex Akille and his wife Sea,

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Speaker 3: and he said, hey, guys, growing up, honestly, I always

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Speaker 3: wanted a pair of Jordan's. The problem was they were

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Speaker 3: too expensive to ask for at two hundred and fifty dollars.

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Speaker 3: I always thought they were the coolest looking shoes and

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Speaker 3: I always said that one day, when I had the money,

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Speaker 3: I would buy them. I always knew exactly which ones

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Speaker 3: I wanted to the red and black Jordan ones called

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Speaker 3: Air Jordan one retro high og. And so with my

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Speaker 3: latest paycheck, he stayed home over spring break and he

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Speaker 3: didn't come. He's at North Carolina State in Raleigh, and

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Speaker 3: I said, boy, don't you want to come home. He's like, no,

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Speaker 3: I want to work. So I was like, okay, fine, whatever,

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Speaker 3: but he goes. And so with my latest paycheck of

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Speaker 3: working spring break and extra hours, then he put in

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Speaker 3: parentheses four hundred and fifty dollars after taxes. I decided

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Speaker 3: I might buy them. But then I thought of the

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Speaker 3: quote quote the fastest way to never own the Lamborghini

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Speaker 3: company is to buy a Lamborghini end quote. So instead

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Speaker 3: of buying my shoes, I bought three pairs of Jordan

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Speaker 3: slash Nike stock at eighty four dollars apiece two hundred

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Speaker 3: and fifty two dollars total. I'm on the road to

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Speaker 3: financial power and freedom. Exclamation point. Just wanted to share

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Speaker 3: and let you guys know love Jakata.

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Speaker 1: Okay, that is the intro for the show. Because I

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Speaker 1: need you guys, Brian and mission listeners to know who

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Speaker 1: our guest is today. This is Lynette Califani Cox, the

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Speaker 1: woman who raised that sun, that nineteen year old Like

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Speaker 1: that is why lenettis That's amazing.

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Speaker 2: I was stunned. I was like, oh my god. Of

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Speaker 2: course I told him how proud I was.

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Speaker 3: But at first, when I saw you know, Jordan's the

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Speaker 3: subject line, I thought he was going to say And

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Speaker 3: then I saw it was a long email. I thought

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Speaker 3: he was going to say, Okay, I'm going to pay half.

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Speaker 3: Can you guys give me some money and buy the

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Speaker 3: other half of my short?

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Speaker 1: Of course, yeah, that's what the email I sent to

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Speaker 1: my parents similarly.

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Speaker 3: And then when I saw him say, oh, you know working,

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Speaker 3: I said, oh okay. I thought he was going to say, I,

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Speaker 3: you know, I just bought him with my own money.

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Speaker 3: But yeah, when he said that he didn't even buy him.

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Speaker 3: I was like, oh my god.

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Speaker 2: He's listening, he's learning. I'm so happy, you know. So

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Speaker 2: you know, there you go. I guess sometimes the parenting

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Speaker 2: pays off.

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Speaker 1: Yeah, I mean you were a huge Talking about influences,

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Speaker 1: I know you were a huge influence on Tiffany as

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Speaker 1: she was building the budget, Neista, I haven't made the

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Speaker 1: switch to entrepreneur just yet, but I think about it.

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Speaker 1: I see what she y'all are doing, and I'm taking notes.

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Speaker 1: But I mean, you know, any way that you plan

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Speaker 1: a life where you're able to have a family that

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Speaker 1: you love and you know, kids who are successful in

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Speaker 1: college and a business that's running smoothly and a happy marriage,

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Speaker 1: it's just like you are the unicorn human and we

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Speaker 1: all need to know what your secret sauce is. So

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Speaker 1: tell me about this should wood could to do list

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Speaker 1: and other hacks that you feel like have made this

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Speaker 1: life possible.

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Speaker 3: Well, you know, there's so many, and I call them earlisms,

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Speaker 3: his little pearls of wisdom. I don't know, and and

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Speaker 3: and again this is It might sound like, oh, sappy

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Speaker 3: and corny or whatever, but it is one of the

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Speaker 3: reasons that I really do admire and respect my husband

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Speaker 3: so much is that he's constantly learning and growing and

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Speaker 3: challenging himself, and he.

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Speaker 2: Pushes me to do the same thing.

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Speaker 3: And even you know, business certainly is one thing because

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Speaker 3: literally Earl and I are so attuned and it's not

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Speaker 3: like it's all sunshine and roses. We never argue or

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Speaker 3: anything like that, because we do. And the and the

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Speaker 3: crazy thing is that I'm dead serious. There's almost like

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Speaker 3: if I had to say what we argue, I can

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Speaker 3: almost pinpoint it, like nine out of ten arguments that

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Speaker 3: we would have ever had. And you know, you know,

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Speaker 3: thirteen fourteen years would be about money.

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Speaker 1: So oh, I feel so seen.

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Speaker 3: And the crazy thing so and now let me be

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Speaker 3: a little more specific about it.

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Speaker 2: It's usually about a negotiation about.

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Speaker 3: Money, So I don't I mean, this might sound like,

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Speaker 3: oh my god, does she have like a crazy sense

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Speaker 3: of self importance.

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Speaker 2: Or what is the deal here?

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Speaker 3: But but I like, I'm I'm always that person who's like,

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Speaker 3: this is what I'm worth, and this is this is

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Speaker 3: my price, this is what I'm asking for. And Earl,

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Speaker 3: who is a fabulous negotiator and a good businessman and

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Speaker 3: obviously a wonderful agent. He knows what to bring me in,

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Speaker 3: what I'm going to totally pass and turn down. But

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Speaker 3: at the same time, needless to say, he's in a

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Speaker 3: bit of a buying let's say, for playing the hubby

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Speaker 3: loving role and then putting on the business agent hat

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Speaker 3: as well, because I'm sure sometimes he's thinking fifteen grand

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Speaker 3: twenty grand or you know, girl, you better take that check.

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Speaker 3: But then he's like, he's like, oh, okay, well, what

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Speaker 3: do you think about giving the scope of the work,

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Speaker 3: He'll you know, he'll put it in professional terms or whatever.

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Speaker 3: So when I say about we ever argue about money,

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Speaker 3: we literally still will have conversations, as my pastor calls it,

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Speaker 3: intense fellowship around and it's not as bad probably as

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Speaker 3: it was like eight years.

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Speaker 2: Ago, you know, but.

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Speaker 3: You know, on occasion, you know, if there's a disagreement,

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Speaker 3: it'll usually be something sort of contract related or something

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Speaker 3: like that, and he'll he'll just try to blunt it.

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Speaker 3: He'll say, you know what, tell me what you want.

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Speaker 3: He's like, he's like, I'm not going to propose something.

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Speaker 3: You just tell me what you want. And I'm like, no, no, no, honey,

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Speaker 3: that's your role, you take Just do what you you know,

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Speaker 3: whatever you think.

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Speaker 2: He's probably like, uh, yeah, I know that trap on now.

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Speaker 1: I think there's always that power struggle of especially when

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Speaker 1: you're like, I mean, and you guys are partners in

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Speaker 1: serious ways as business partners, but also just in a marriage,

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Speaker 1: like just being partners to get things done, Like if

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Speaker 1: you're doing a renovation, or you're planning a vacation like

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Speaker 1: your partners, you know, planning things together, and it's so

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Speaker 1: easy to slip into that, well, I can just do

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Speaker 1: it this way. And that's where a lot of the

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Speaker 1: fights we have as husband and wife come in. Is

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Speaker 1: is is that trust around finance is like do I

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Speaker 1: try or not even just finances, but like planning things

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Speaker 1: or handling things like right, sure and he can handle it,

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Speaker 1: but will he handle it the right way?

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Speaker 2: You know?

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Speaker 1: And that is I mean we're really we're newly with

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Speaker 1: so you're probably like, uh huh, you'll get over that

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Speaker 1: pretty soon. But that's that's what the a lot of

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Speaker 1: our fights are really the nut of it is like

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Speaker 1: the way that one of us is doing something is

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Speaker 1: not the way the other person would do it.

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Speaker 3: No, And that is I mean literally, that can happen

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Speaker 3: for like five years, ten years.

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Speaker 2: It doesn't have to be you know, you married a

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Speaker 2: year plus now.

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Speaker 1: Right, it'll be two years actually this weekend?

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Speaker 2: Oh too, oh coo, congrats.

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Speaker 3: But no, this, I mean, this part I can honestly say,

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Speaker 3: and again with all humility, this is an example of

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Speaker 3: how this permeates and how this can you know, be

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Speaker 3: reflected in many aspects of a relationship, the personal side,

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Speaker 3: you know, business, parenting, career, even spirituality. So Earl and

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Speaker 3: I are both Christians, but I was sort of raised

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Speaker 3: in the church, you know, and so much more to

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Speaker 3: an extent than he was. And so long story short,

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Speaker 3: when we got together, I almost like had this I

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Speaker 3: won't even call it an idea, but I had this

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Speaker 3: sort of mindset like I'm more exposing him to a

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Speaker 3: greater or deeper sense of Christian values and et cetera,

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Speaker 3: et cetera, And do you know, I had this totally

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Speaker 3: wrong headed misconception for years, for years and years, and

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Speaker 3: then one day, Earl he was just kind of like

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Speaker 3: breaking something down and teaching me something and talking about something.

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Speaker 2: And then I was like, oh wait a minute.

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Speaker 3: I just never even like remotely knew that and had

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Speaker 3: never heard of that, didn't And he was just kind

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Speaker 3: of like oh yeah, yeah yeah, and he just kept

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Speaker 3: on patiently going. But it was almost like it was

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Speaker 3: like a gentle way of the Lord telling me you

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Speaker 3: thought you were You thought that you came into his

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Speaker 3: life to help him become more quote Christian and more enlightened.

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Speaker 3: Oh no, girl, it's the other way around, and I

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Speaker 3: was just like, oh, it was just like a total

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Speaker 3: epiphany for me. But sometimes if you like sit in

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Speaker 3: that moment, if you can really hear, you know, what

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Speaker 3: your partner is trying to tell you, or sometimes what God,

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Speaker 3: I guess it's trying to tell you, you'll be the

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Speaker 3: better for it. I mean, you're the beneficiary of it.

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Speaker 3: But you know, again, that's a little maturity and wisdom

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Speaker 3: on that front. And I'm so happy I'm serious to

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Speaker 3: be at this point in my life because you know,

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Speaker 3: there is something to having raised kids and to be

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Speaker 3: you know, to have kids at different areas now one

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Speaker 3: who's twenty one one, nineteen one, thirteen, and to have

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Speaker 3: gone through those phases.

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Speaker 2: And then to remember, you know where I was and

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Speaker 2: I was a hot mess. So you know, I'm happy

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Speaker 2: that my kids turn out great.

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Speaker 1: So anyone who's listened to the show, you guys know

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Speaker 1: Tiffany is actively planning for a family. I mean, that's

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Speaker 1: the whole reason she's on this vacation right now is

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Speaker 1: to spend time really shifting the balance in her in

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Speaker 1: her professional and personal life, to actually spend some time

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Speaker 1: focused on family, which is beautiful, and you know, I've

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Speaker 1: learned a lot listening to Tiffany because we're about a

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Speaker 1: decade apart. Tiffany an age her being older than I am,

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Speaker 1: and I am absorbing all that she's saying about, you know,

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Speaker 1: being in her late thirties now and trying to plan

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Speaker 1: for a family, and you know they've obviously gone through

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Speaker 1: in vitro fertilization that process. You know, she struggled with

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Speaker 1: issues that have made it not as easy to have children.

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Speaker 1: And you know, we talk all the time about you know,

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Speaker 1: getting to a place where you have space for a

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Speaker 1: family and then also your career, and it sounds so

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Speaker 1: cliche that we you know, it sounds like a cliche,

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Speaker 1: you know that how do you how do you balance both?

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Speaker 1: And at this point, I'm kind of convinced that you

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Speaker 1: just draw yourself in the pit and just do it, like,

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Speaker 1: just have the kid and see and make the business happen.

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Speaker 1: I don't know if you if you have any more

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Speaker 1: you know, pearls of wisdom that actually are a little

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Speaker 1: bit more structured than that advice. But that's kind of

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Speaker 1: the sense I'm getting is there's no perfect if you're

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Speaker 1: waiting for the perfect time and the perfect weather and

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Speaker 1: the perfect point in your life to start the family

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Speaker 1: and have the business in the career and everything. It

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Speaker 1: really won't dropping your lap that way. You just kind

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Speaker 1: of got to go for it when it's least scariest

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Speaker 1: to you.

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Speaker 3: Yeah, And I you know, in my opinion, I think

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Speaker 3: the vast majority of people who become parents were just

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Speaker 3: kind of thrown into the pit as you said, and

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Speaker 3: it was not particularly you know, specifically planned. And I'll

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Speaker 3: just give you like I'll share my own, you know,

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Speaker 3: as an example. And my story is not necessarily illustrative

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Speaker 3: of everybody's experience obviously, but just as a as a

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Speaker 3: point of reference. My first child, Aziza, I had her

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Speaker 3: when I was twenty nine, and she was one hundred

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Speaker 3: percent planned, like almost to the month. I had been

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Speaker 3: married for five years already, and we knew, okay, we've

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Speaker 3: been married, want to have a baby now, And so

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Speaker 3: had her and it was it was wonderful. My son

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Speaker 3: who came two and a half years later, it was like, oh, surprise,

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Speaker 3: I'm pregnant.

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Speaker 2: Oh okay, I guess we have another baby. You know.

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Speaker 3: It was just like okay, and so you know, that

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Speaker 3: was fine. And then with and you know that.

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Speaker 2: Was by my ex husband.

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Speaker 3: I divorced obviously, you know, subsequently remarried to Earl and

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Speaker 3: et cetera. When Earl and I got uh, we're pregnant

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Speaker 3: with Alexis, total surprise, one hundred percent surprise before we

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Speaker 3: were married.

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Speaker 2: And I was like, oh my god, what have I done?

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Speaker 2: Like what?

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Speaker 3: And I was like, Okay, I guess I'm having a

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Speaker 3: baby again here whoa wow, wow, you know. And I

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Speaker 3: was thirty seven when I had Alexis, and so you know,

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Speaker 3: I am uh in all three experiences, even though they

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Speaker 3: were all completely different, I'm so happy for you know

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Speaker 3: what developed. And I think that a lot of times,

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Speaker 3: especially as women, we do, you know, try to just

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Speaker 3: you know, plan every little thing and try to you know,

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Speaker 3: hope for that opportune time or that sign or that right.

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Speaker 2: You know xyz where we're hoping that everything aligns.

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Speaker 3: And it's okay to get a little, you know, to

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Speaker 3: feel a little out of your comfort zone and just

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Speaker 3: kind of say, Okay, I'm gonna have to go with

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Speaker 3: this and roll with the punches and see how this

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Speaker 3: works out.

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Speaker 2: You know how.

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Speaker 1: I just realized I was doing the math. Sorry to interrupt,

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Speaker 1: I realized so your third daughter, your third child, So

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Speaker 1: she was born right around the time that you were

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Speaker 1: launching the Money Coach. Correct, So you launched your business

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Speaker 1: and had your third baby in the same time period.

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Speaker 2: Correct, Correct, Yep, that's absolutely correct.

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Speaker 3: I launched the money Coach dot net in two thousand

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Speaker 3: and three, and then Alexis was born in two thousand

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Speaker 3: and five, at the end of two thousand and five.

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Speaker 3: But yeah, I had I mean really in terms of

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Speaker 3: starting the business in earnest and a whole bunch of

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Speaker 3: other you know, things that I can you know, write

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Speaker 3: in another book, and.

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Speaker 2: Just you know, putting myself out.

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Speaker 3: There in a lot of ways where time was at

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Speaker 3: a premium energy, you know, financial resources, et cetera, Paying

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Speaker 3: alimony and child support to my ex.

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Speaker 2: You know, just a whole bunch of stuff.

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Speaker 3: So twas not easy I can say that, you know,

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Speaker 3: but I really do think that I would hope that

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Speaker 3: your audience would take heart and would you know, be

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Speaker 3: encouraged if it feels like, geez, you know, it doesn't

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Speaker 3: seem like I'm ever gonna have the right exact time

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Speaker 3: and you know, this is not like, okay, qualifying for

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Speaker 3: a mortgage right where you know, Okay, my score needs

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Speaker 3: to be X in order to have approval, or I

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Speaker 3: need ten percent down payment or a five percent or

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Speaker 3: twenty percent, or there's no hard and fast benchmark to

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Speaker 3: tell you yes, one hundred percent. Now is the right

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Speaker 3: time for motherhood or launching a business or doing them

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Speaker 3: both simultaneously.

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Speaker 2: You know, sometimes you really do have to say, Okay,

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Speaker 2: I'm gonna, I'm gonna go for it.

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Speaker 3: I'm just gonna and even though I don't have all

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Speaker 3: the answers, you know, it's like Martin Luther King said,

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Speaker 3: you know, you don't have to see the whole staircase.

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Speaker 3: Just take the first step, you know, and that was

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Speaker 3: to give people guidance and permission to move and to

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Speaker 3: move forward and to to you know, kind of have

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Speaker 3: a little faith and some trust in the process that

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Speaker 3: even if you know, nothing is so catastrophic that you

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Speaker 3: know it can't be undone, fixed, amended.

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Speaker 2: Et cetera.

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Speaker 3: My pastor wrote a book, as a matter of fact,

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Speaker 3: called Failure is Written in Pencil, And I love that

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Speaker 3: title because it really does speak to the fact that

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Speaker 3: it's okay if you make a mistake, even if you

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Speaker 3: quote unquote fail or don't succeed at something, erase that stuff,

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Speaker 3: move on, fix it, you know, change.

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Speaker 2: It's not like that has to define you or hold

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Speaker 2: you back for it. Ever.

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Speaker 1: Were there ever times when you're building your business and

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Speaker 1: raising your children when you felt like you were failing

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Speaker 1: in one area like the business side, or you had

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Speaker 1: fear of failing on the parenting side.

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Speaker 3: Oh, I definitely, to be honest, I never had fear

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Speaker 3: of failure on the business side. I'm one of those

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Speaker 3: people who my sister said she took some test just

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Speaker 3: like a personality and a business test, and it said

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Speaker 3: her confidence level was like off the charts.

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Speaker 2: She had me to do the same thing and it

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Speaker 2: was pretty much the same for me. I know I

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Speaker 2: will succeed if I.

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Speaker 3: On a financial terms or on a business terms, lost

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Speaker 3: everything that I had, you know, tomorrow, I know I

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Speaker 3: could create that and more again than you know, the

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Speaker 3: next day, the next month.

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Speaker 2: So I don't you know, I don't worry.

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Speaker 3: About that on the business side. As a parent, yes,

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Speaker 3: And the main things that I've worried about as a

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Speaker 3: parent are connected with my kids, especially my son, and

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Speaker 3: and also just being present. So you know, I've had

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Speaker 3: times where you know, I've been on vacation with the family,

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Speaker 3: and you know, I'm constantly taking my laptop and I

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Speaker 3: was like writing an article, writing another chapter, and I

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Speaker 3: was doing that a lot, and I was doing it

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Speaker 3: for so long that I kind of it caught up.

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Speaker 2: With me, and I said, this is crazy.

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Speaker 3: This is like a little sick, this is not this

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Speaker 3: is not good and healthy, this is not life balance.

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Speaker 3: So I started saying to Earle, I don't want to

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Speaker 3: be here, and You're like, Okay, I'm gonna take a

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Speaker 3: Lexus to the pool. I'm going to go out to

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Speaker 3: the be.

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Speaker 2: You know. No, I should be out there enjoying it too,

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Speaker 2: you know. And so.

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Speaker 3: You know, so now I catch myself and I'm like, nope,

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Speaker 3: you know. It's not that I never take my laptop.

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Speaker 3: I do, but.

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Speaker 2: I'm much much much more mindful, and certainly the last

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Speaker 2: two to three years in particular, I've been extraordinarily present

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Speaker 2: and very conscientious about, you know, just my intentions that.

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Speaker 3: My goal is to have chill time, to have downtime

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Speaker 3: with the family, to be present, to not to let

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Speaker 3: everything else kind of go away.

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Speaker 2: For a little while. And a therapist helped me with

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Speaker 2: that actually too.

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Speaker 3: When my you know, about a year after my sister

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Speaker 3: Debbie passed away, I you know, I was I had

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Speaker 3: gone through grief counseling at my church, and you know,

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Speaker 3: just it was obviously very rough. My sister passed away

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Speaker 3: at age forty nine, totally unexpectedly. And then about a year,

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Speaker 3: maybe a year and a half later, I just would

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Speaker 3: go through these bouts again of just crying a lot,

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Speaker 3: being so sad and just obviously missing her. But then

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Speaker 3: also in other ways, I like, I started having arguments

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Speaker 3: with Earle and I was like, this is really not

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Speaker 3: like us to just you know, are your ridiculous, you know,

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Speaker 3: little stupid stuff. So anyway, went to a therapist, and

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Speaker 3: you know, she was very very helpful, and one of

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Speaker 3: the things that she helped me to see was travel.

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Speaker 3: And she said, okay, so let me get this straight.

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Speaker 3: She said, you know, part of how you and Earle

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Speaker 3: got together and part of your history as a couple,

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Speaker 3: part of the beauty of what you guys did, was

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Speaker 3: you worked and played together. You traveled a lot for

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Speaker 3: business together, you traveled a lot personally together. And she said, so, now,

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Speaker 3: all of a sudden, I see one thing you said

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Speaker 3: in the last year and a half, you kind of

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Speaker 3: like cut that off.

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Speaker 2: And she was like, why'd you do that?

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Speaker 3: And then I said, well, you know, I got a

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Speaker 3: kid in college, I got one on away, I got

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Speaker 3: you know, I'm trying to save money.

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Speaker 2: I'm trying not to you know.

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Speaker 3: And then she was like she didn't say it in

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Speaker 3: these words, but she was pretty much like, no, you

398
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Speaker 3: can afford it. She was like, if this is about

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Speaker 3: your mental happiness and your sanity and blah blah blah.

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Speaker 3: So we talked through that and then she said, but

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Speaker 3: let me ask you something. She said, when you're going

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Speaker 3: and you know, traveling, you and Earl or you Earl

403
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Speaker 3: and Alexis, are you like working?

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Speaker 2: You know?

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Speaker 3: And I was like all the time. I told her,

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Speaker 3: I said, I always take my laptop. He takes his

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Speaker 3: blah blah blah. So she said, okay, I suspected that.

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Speaker 3: She's like, I don't want you to take your laptop

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Speaker 3: on the next vacation and I said no, no, no,

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Speaker 3: you don't understand. She said, have you ever gone on

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Speaker 3: vacation without And I said nope, not once.

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Speaker 2: I said.

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Speaker 3: On our honeymoon, we were on like a ten day cruise.

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Speaker 3: We both had our laptops. No we got. She said,

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Speaker 3: your business will be just fine. Nothing's gonna happen. The

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Speaker 3: business is not gonna go away. You're not gonna miss

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Speaker 3: some crucial You'll be just fine. So she kind of

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Speaker 3: talked me off that ledge, and she said, I tell

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Speaker 3: you what, even if you guys are not able to

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Speaker 3: like literally leave your laptops at home, I want you

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Speaker 3: to agree to yourselves on a limit, on a finite

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Speaker 3: amount of time and a very brief time, like when

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Speaker 3: you go on your next vacation. And we were we

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Speaker 3: had said, okay, let's do a cruise. When you go

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Speaker 3: on that cruise, give yourself a limit. So I came home.

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Speaker 3: I told Earl about the whole you know everything and

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Speaker 3: the epiphanies I was having in the session.

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Speaker 2: He was like, she's right, She's right, yep. You know what,

429
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Speaker 2: he goes book us and book our thing now. So

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Speaker 2: I booked us.

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Speaker 3: I was like, you know, I tell me twice, I

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Speaker 3: like booked a week long vacation, a cruise, you know.

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Speaker 3: And then I said, oh, but you know, she said

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Speaker 3: we really shouldn't take our laptops. Or he was like,

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Speaker 3: I don't know about all that I said, or she

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Speaker 3: said we could just have a limit. So we said, okay,

437
00:22:32,280 --> 00:22:36,600
Speaker 3: we agreed on one hour, not one hour each day,

438
00:22:37,000 --> 00:22:39,800
Speaker 3: one hour total for a seven day vacation.

439
00:22:39,960 --> 00:22:45,359
Speaker 2: Okay, wow, So and we stuck to it. I was

440
00:22:45,640 --> 00:22:49,600
Speaker 2: it was so awesome. I mean I was like, oh,

441
00:22:49,840 --> 00:22:52,840
Speaker 2: this is so relaxing, it's so free. I love it.

442
00:22:52,960 --> 00:22:57,040
Speaker 3: And like she said, nothing, you know, nothing went to

443
00:22:57,119 --> 00:22:59,040
Speaker 3: hell in a hand basket. I mean it was just

444
00:22:59,080 --> 00:23:02,560
Speaker 3: like but it really showed me even more just I

445
00:23:02,600 --> 00:23:05,960
Speaker 3: was able to be present in a much more tangible way.

446
00:23:06,000 --> 00:23:08,600
Speaker 3: I could just can remember the smells of everything and

447
00:23:09,000 --> 00:23:12,560
Speaker 3: just you know, special dinners that we had, and you

448
00:23:12,600 --> 00:23:15,040
Speaker 3: know Alexis, you know, going off the kids camp and

449
00:23:15,359 --> 00:23:17,119
Speaker 3: sliding down the water slide.

450
00:23:17,119 --> 00:23:18,120
Speaker 2: I remember like everything.

451
00:23:18,800 --> 00:23:23,639
Speaker 3: So it's it's true that, you know, just kind of

452
00:23:24,400 --> 00:23:27,360
Speaker 3: being aware and being cognizant of kind of what you're

453
00:23:27,400 --> 00:23:32,119
Speaker 3: doing in a given moment. It's so super important to

454
00:23:32,240 --> 00:23:35,440
Speaker 3: not have all your attention all the time divided. I mean,

455
00:23:35,480 --> 00:23:37,480
Speaker 3: you know, I know we all think we can multitask

456
00:23:37,520 --> 00:23:39,639
Speaker 3: and all that, but I think there's some science behind

457
00:23:39,640 --> 00:23:43,040
Speaker 3: that too that shows you're not You're really like sacrificing

458
00:23:43,240 --> 00:23:46,399
Speaker 3: your attention on one thing. And kind of compensating in

459
00:23:46,480 --> 00:23:47,160
Speaker 3: other areas.

460
00:24:23,640 --> 00:24:26,720
Speaker 1: Hey guys, we're back with our guest, Lynette Californy Cox,

461
00:24:26,800 --> 00:24:29,840
Speaker 1: the money Coach. Here's my next question, Lynette, how do

462
00:24:29,840 --> 00:24:32,120
Speaker 1: you guys plan out things when you're so you do

463
00:24:32,200 --> 00:24:34,400
Speaker 1: travel as a certain percentage of your income each month?

464
00:24:34,480 --> 00:24:36,600
Speaker 1: Do you also how do you save for retirement? You're

465
00:24:36,640 --> 00:24:38,560
Speaker 1: saving for two retirements.

466
00:24:38,240 --> 00:24:40,520
Speaker 2: Right, Absolutely, not the latter.

467
00:24:41,880 --> 00:24:45,199
Speaker 3: And I probably drive Earl a little crazy with this

468
00:24:45,320 --> 00:24:50,520
Speaker 3: because I'm extremely aggressive about it and I, you know,

469
00:24:50,720 --> 00:24:54,600
Speaker 3: kind of insist on a lot of retirement savings.

470
00:24:55,200 --> 00:24:58,040
Speaker 2: So again, we.

471
00:24:57,920 --> 00:25:00,920
Speaker 3: Own an es corps you know, are for vieral tax purposes.

472
00:25:00,920 --> 00:25:07,400
Speaker 3: Our company, our LLC, is anes Corp. But essentially, what

473
00:25:07,440 --> 00:25:12,280
Speaker 3: it means is that as self employed people, we are

474
00:25:12,400 --> 00:25:16,639
Speaker 3: both employer and employee. So we have we file a

475
00:25:16,720 --> 00:25:24,000
Speaker 3: K one and we earn dividend income and salaried income. Again,

476
00:25:24,040 --> 00:25:26,600
Speaker 3: we pay ourselves a salary, a given salary, so we

477
00:25:26,680 --> 00:25:29,960
Speaker 3: have W two income that we pay ourselves. All of

478
00:25:29,960 --> 00:25:34,600
Speaker 3: that matters because we're able to sock away a much

479
00:25:34,840 --> 00:25:40,240
Speaker 3: larger percentage of money than a traditional W two employee.

480
00:25:40,520 --> 00:25:44,040
Speaker 3: So for twenty nineteen, for example, now you can sock

481
00:25:44,080 --> 00:25:48,080
Speaker 3: away nineteen thousand for people who are you know, under

482
00:25:48,080 --> 00:25:51,959
Speaker 3: fifty or twenty five thousand if you're fifty and older.

483
00:25:52,520 --> 00:25:55,880
Speaker 2: But we can actually sock away something like fifty five

484
00:25:56,000 --> 00:25:59,760
Speaker 2: or fifty six thousand is the new limit for twenty nineteen.

485
00:26:00,160 --> 00:26:04,000
Speaker 2: And that's because taking into account the employer and the

486
00:26:04,040 --> 00:26:09,000
Speaker 2: employee contribution side of things. So long story short, we

487
00:26:09,080 --> 00:26:12,359
Speaker 2: max out. So but I'm I'm.

488
00:26:12,080 --> 00:26:15,240
Speaker 3: Like, I know, it hurts to put that in there,

489
00:26:15,440 --> 00:26:18,480
Speaker 3: you know, to write those checks, but it's you know,

490
00:26:19,000 --> 00:26:21,240
Speaker 3: it's what we got to do and what I feel

491
00:26:21,280 --> 00:26:24,919
Speaker 3: is the best thing for us to be aggressive in

492
00:26:25,000 --> 00:26:28,399
Speaker 3: our retirement savings. And no, I don't wait till the

493
00:26:28,560 --> 00:26:30,800
Speaker 3: end or wait till this how much I have left over.

494
00:26:31,080 --> 00:26:33,080
Speaker 3: It's like, you got to put that money in there.

495
00:26:33,359 --> 00:26:36,720
Speaker 2: So yeah, and that's strategy.

496
00:26:36,760 --> 00:26:39,520
Speaker 1: But yeah, well, and I haven't you know, my husband's

497
00:26:39,520 --> 00:26:41,640
Speaker 1: always had his four one K I've always had mine.

498
00:26:41,800 --> 00:26:42,400
Speaker 2: I haven't moved.

499
00:26:42,440 --> 00:26:44,080
Speaker 1: I haven't looked at his. I mean, I know, we

500
00:26:44,400 --> 00:26:46,399
Speaker 1: know roughly what's in each of them and how what

501
00:26:46,480 --> 00:26:49,760
Speaker 1: percentage we're saving, but we haven't really figured out like, okay,

502
00:26:49,840 --> 00:26:52,040
Speaker 1: what I don't know. I don't know what he's investing

503
00:26:52,080 --> 00:26:55,240
Speaker 1: in I know what I'm what I'm investing in, and

504
00:26:55,280 --> 00:26:57,119
Speaker 1: I feel fine, but it's hard to you know, I

505
00:26:57,240 --> 00:26:59,520
Speaker 1: just save my ten percent and he saves his ten percent,

506
00:26:59,600 --> 00:27:02,280
Speaker 1: and I just hope for the best. I don't know,

507
00:27:02,640 --> 00:27:04,560
Speaker 1: I would like to be more aggressive, but I think

508
00:27:04,600 --> 00:27:06,480
Speaker 1: it's been a lot easier to talk myself out of

509
00:27:06,520 --> 00:27:08,920
Speaker 1: being more aggressive in the past couple of years because

510
00:27:08,920 --> 00:27:11,240
Speaker 1: we've done things like buy a house and do a

511
00:27:11,280 --> 00:27:14,439
Speaker 1: renovation and you know, I all these Now I'm just

512
00:27:14,800 --> 00:27:16,639
Speaker 1: you know, trying to find a way to you know,

513
00:27:16,680 --> 00:27:19,320
Speaker 1: afford like a vacation for this summer, and it is

514
00:27:19,400 --> 00:27:23,080
Speaker 1: like incredibly easy to talk yourself out of, you know,

515
00:27:23,680 --> 00:27:26,480
Speaker 1: doing a little bit extra toward that nest egg. But

516
00:27:27,320 --> 00:27:28,480
Speaker 1: you know, I don't know where we're going to be

517
00:27:28,520 --> 00:27:31,520
Speaker 1: in another forty years and if I'll keep the job

518
00:27:31,560 --> 00:27:35,800
Speaker 1: I have or if I won't, And I feel like

519
00:27:35,880 --> 00:27:38,639
Speaker 1: it's only going to get more expensive and we should

520
00:27:38,720 --> 00:27:42,160
Speaker 1: be ratcheting up our savings each each year. But we've

521
00:27:42,200 --> 00:27:44,040
Speaker 1: definitely fallen too a little bit of that trap of

522
00:27:44,119 --> 00:27:48,080
Speaker 1: like there's so much other competing you know, priorities right now,

523
00:27:48,119 --> 00:27:50,359
Speaker 1: and you know, we'll we have plenty of time to

524
00:27:50,400 --> 00:27:51,520
Speaker 1: save more for retirement.

525
00:27:52,080 --> 00:27:53,760
Speaker 2: Yeah, and you do.

526
00:27:54,119 --> 00:27:56,199
Speaker 3: And I can tell you again as a parent of

527
00:27:56,359 --> 00:27:59,320
Speaker 3: you know, you know, twenty one year old, nineteen and thirteen,

528
00:27:59,480 --> 00:28:04,800
Speaker 3: to reiterate it is that never goes away. So we're

529
00:28:04,880 --> 00:28:06,960
Speaker 3: constantly like, oh my god, there's so many things to

530
00:28:07,000 --> 00:28:09,760
Speaker 3: be done. And so Earl, he told me it was

531
00:28:09,800 --> 00:28:12,240
Speaker 3: so funny about maybe a month ago.

532
00:28:12,640 --> 00:28:16,560
Speaker 2: He said, he said, oh. I said, I said, are

533
00:28:16,560 --> 00:28:18,080
Speaker 2: you grouchy about something? What's going on?

534
00:28:18,680 --> 00:28:20,600
Speaker 3: And he said, oh, he said, I guess I just

535
00:28:20,640 --> 00:28:23,800
Speaker 3: feel like, you know, every dollar is earmarked for something.

536
00:28:24,359 --> 00:28:27,159
Speaker 3: And he was like frustrated about that, and I said, honey,

537
00:28:27,320 --> 00:28:31,199
Speaker 3: it's supposed to be. That's called budgeting. And so but

538
00:28:31,280 --> 00:28:34,080
Speaker 3: in his mind he was like, okay, this, you know,

539
00:28:34,280 --> 00:28:36,320
Speaker 3: even seeing like okay, I'm I put a ten thousand

540
00:28:36,359 --> 00:28:39,640
Speaker 3: dollars here towards retirement. I said, but that's for you.

541
00:28:39,800 --> 00:28:42,360
Speaker 3: That's savings. You know, that's helping to build your net

542
00:28:42,360 --> 00:28:46,880
Speaker 3: worth and that's helping to you know, ensure your future

543
00:28:47,200 --> 00:28:51,280
Speaker 3: financial security when you're no longer working. And we're on

544
00:28:51,360 --> 00:28:55,280
Speaker 3: an aggressive, you know plan towards being what I call

545
00:28:55,360 --> 00:29:01,000
Speaker 3: work optional. So in five more years, when Alexis goes

546
00:29:01,040 --> 00:29:05,040
Speaker 3: off to college, you know, we can work, and you know,

547
00:29:05,040 --> 00:29:07,600
Speaker 3: knowing us, since we're both workaholics, we will still be working.

548
00:29:08,160 --> 00:29:10,360
Speaker 2: But I really want to be at that point.

549
00:29:10,160 --> 00:29:14,840
Speaker 3: Where we're work optional, where kids, colleges are paid for,

550
00:29:15,480 --> 00:29:19,280
Speaker 3: retirement assets are very very very nicely funded. We still

551
00:29:19,320 --> 00:29:23,080
Speaker 3: travel as much as we want, and we've made commitments

552
00:29:23,080 --> 00:29:28,400
Speaker 3: to our kids because we're very intentional about multi generational planning,

553
00:29:28,560 --> 00:29:31,240
Speaker 3: what our intentions are for them and what we plan

554
00:29:31,360 --> 00:29:35,080
Speaker 3: to do. So, for example, we've told them that we

555
00:29:35,160 --> 00:29:37,760
Speaker 3: want to cover you for your education and we don't

556
00:29:37,760 --> 00:29:40,560
Speaker 3: want you to have any student loan debt. We told

557
00:29:40,560 --> 00:29:43,240
Speaker 3: them that we're going to buy you your first house,

558
00:29:44,400 --> 00:29:48,040
Speaker 3: a condo initially for each one of them, we've told

559
00:29:48,080 --> 00:29:50,360
Speaker 3: them that we want to start you off with a

560
00:29:50,400 --> 00:29:53,680
Speaker 3: car so that if you need transportation, you'll have a car,

561
00:29:53,840 --> 00:29:56,560
Speaker 3: and you know you won't have to, you know, have

562
00:29:56,800 --> 00:30:00,400
Speaker 3: a giant note or whatever. And we we want to

563
00:30:00,480 --> 00:30:03,240
Speaker 3: help them to have that kind of head start in

564
00:30:03,320 --> 00:30:06,920
Speaker 3: life that certainly neither one of us had, but that

565
00:30:07,440 --> 00:30:10,120
Speaker 3: will help them to be able to build from a

566
00:30:10,120 --> 00:30:14,320
Speaker 3: position of strength. So you know, you already know seven

567
00:30:14,320 --> 00:30:17,040
Speaker 3: out of ten students are coming out of college right

568
00:30:17,040 --> 00:30:20,520
Speaker 3: now with student loan debt like thirty eight thousand dollars worth,

569
00:30:21,000 --> 00:30:22,920
Speaker 3: and so we're like, nope, don't want them to be

570
00:30:22,920 --> 00:30:25,280
Speaker 3: part of that statistic. And you know, I had forty

571
00:30:25,280 --> 00:30:28,400
Speaker 3: grand when I came out of college, when I got

572
00:30:28,440 --> 00:30:32,160
Speaker 3: out of grad school, and so I just know how

573
00:30:32,240 --> 00:30:34,920
Speaker 3: much that kind of puts you behind the eight ball.

574
00:30:35,040 --> 00:30:37,600
Speaker 3: So even like with my daughter, the twenty one year

575
00:30:37,600 --> 00:30:40,800
Speaker 3: old who is who is now working, she graduated one

576
00:30:40,840 --> 00:30:45,920
Speaker 3: semester early from UT Austin in December, and she came

577
00:30:45,960 --> 00:30:48,400
Speaker 3: to me recently and she said, oh, Mom, I want

578
00:30:48,400 --> 00:30:52,080
Speaker 3: to pay rent now. We bought her a condo. She

579
00:30:52,160 --> 00:30:56,680
Speaker 3: has two roommates. The mortgage on the condo is fourteen

580
00:30:56,760 --> 00:30:59,320
Speaker 3: hundred dollars a month. The two roommates pay fourteen hundred

581
00:30:59,360 --> 00:31:01,440
Speaker 3: dollars a month. And I was like, Aziza, what do

582
00:31:01,480 --> 00:31:02,120
Speaker 3: you mean you want.

583
00:31:01,960 --> 00:31:03,840
Speaker 2: To pay rent? Like there's nothing for you to pay

584
00:31:04,000 --> 00:31:06,400
Speaker 2: and you know, and she says, oh, I want to

585
00:31:06,440 --> 00:31:07,080
Speaker 2: have one room.

586
00:31:07,160 --> 00:31:09,080
Speaker 3: I want to have my own privacy, but I also

587
00:31:09,200 --> 00:31:12,520
Speaker 3: want to be financially responsible like this is I can

588
00:31:12,600 --> 00:31:15,040
Speaker 3: do it, and you know, and I said Tozisa, remember

589
00:31:15,080 --> 00:31:16,959
Speaker 3: I got this so you could have a you know,

590
00:31:17,000 --> 00:31:18,760
Speaker 3: a start and you could save your money.

591
00:31:18,760 --> 00:31:21,360
Speaker 2: That's the whole point of this. She said, Ma, you

592
00:31:21,400 --> 00:31:23,920
Speaker 2: did it. It worked. I've been living rent free for

593
00:31:23,960 --> 00:31:24,640
Speaker 2: three years.

594
00:31:24,880 --> 00:31:27,320
Speaker 3: You know, she says, I have a full time job

595
00:31:27,360 --> 00:31:29,240
Speaker 3: and I'm still saving half my income.

596
00:31:29,320 --> 00:31:31,280
Speaker 2: She's a crazy aggressive saver.

597
00:31:31,880 --> 00:31:37,680
Speaker 3: So I wonder from so, so I told her, Okay,

598
00:31:37,720 --> 00:31:40,479
Speaker 3: so she's so. The plan is in September, she's going

599
00:31:40,520 --> 00:31:43,320
Speaker 3: to start paying rent and so and I. And honestly,

600
00:31:43,400 --> 00:31:45,200
Speaker 3: when she laid everything out for me, she showed me

601
00:31:45,200 --> 00:31:47,080
Speaker 3: her budget, I was like, I couldn't even argue with her.

602
00:31:47,280 --> 00:31:50,720
Speaker 2: So I was like, okay, you know. So it's just.

603
00:31:52,960 --> 00:31:56,840
Speaker 3: It is a good thing to see. You know, younger

604
00:31:57,280 --> 00:31:59,600
Speaker 3: people start off on the right foot.

605
00:32:00,000 --> 00:32:01,960
Speaker 1: I guess that's so important for you. And talk a

606
00:32:02,000 --> 00:32:04,280
Speaker 1: little bit about that, because I think I come from

607
00:32:04,320 --> 00:32:07,680
Speaker 1: a similar background in that, you know, if not very

608
00:32:07,680 --> 00:32:10,160
Speaker 1: many people my family went to college, and you know,

609
00:32:10,240 --> 00:32:13,480
Speaker 1: I graduated with blessedly a little bit of debt because

610
00:32:13,520 --> 00:32:17,000
Speaker 1: I just decided not to live in campus housing and

611
00:32:17,040 --> 00:32:20,480
Speaker 1: that saved my butt. But you know, going out into

612
00:32:20,480 --> 00:32:23,360
Speaker 1: the world having debt, not really having parents who could

613
00:32:23,400 --> 00:32:26,440
Speaker 1: financially support you, I feel I'm starting to feel the

614
00:32:26,440 --> 00:32:28,640
Speaker 1: same way about when I'm thinking about my kids, is

615
00:32:28,720 --> 00:32:30,560
Speaker 1: wanting to give them the same give them a head

616
00:32:30,600 --> 00:32:33,400
Speaker 1: start that I didn't have. Now, yours sounds way more

617
00:32:33,400 --> 00:32:36,880
Speaker 1: generous than I like. That sounds amazing to be able

618
00:32:36,880 --> 00:32:39,960
Speaker 1: to give you your child condo and all that. But

619
00:32:40,000 --> 00:32:42,560
Speaker 1: where does that that come from? And do you wish

620
00:32:42,560 --> 00:32:45,160
Speaker 1: that more people would do that for their children? Because

621
00:32:45,160 --> 00:32:47,040
Speaker 1: I can hear some people saying like, well, you're just

622
00:32:47,040 --> 00:32:49,840
Speaker 1: going to raise like spoiled kids who you know, don't

623
00:32:49,880 --> 00:32:51,720
Speaker 1: know how to pay their bills and things like.

624
00:32:51,680 --> 00:32:57,600
Speaker 3: That, right, And I you know where it comes from

625
00:32:57,680 --> 00:33:02,200
Speaker 3: for me. Where it comes from for me is my

626
00:33:02,320 --> 00:33:04,880
Speaker 3: own personal background and experience and knowing what it's like

627
00:33:05,160 --> 00:33:08,959
Speaker 3: to struggle through to have college debt, to have credit

628
00:33:08,960 --> 00:33:13,320
Speaker 3: card debt, to have had my car repossessed, to you know,

629
00:33:13,440 --> 00:33:17,959
Speaker 3: to have known what it's like to financially struggle through

630
00:33:18,000 --> 00:33:21,720
Speaker 3: a whole bunch of issues, and then also knowing the

631
00:33:21,760 --> 00:33:26,320
Speaker 3: other side. You'd be shocked at how many parents really

632
00:33:26,400 --> 00:33:31,560
Speaker 3: are doing this for their kids in communities of color.

633
00:33:31,720 --> 00:33:34,320
Speaker 2: Unfortunately, it is not the norm.

634
00:33:34,920 --> 00:33:37,760
Speaker 3: It is not you know, kind of the and certainly

635
00:33:37,760 --> 00:33:39,720
Speaker 3: what we're talking about doing is is you know, probably

636
00:33:39,760 --> 00:33:45,080
Speaker 3: obviously the exception rather than the rule. However, many many

637
00:33:46,800 --> 00:33:50,160
Speaker 3: millennials that I talk to who are white will tell

638
00:33:50,200 --> 00:33:53,240
Speaker 3: me flat out that their parents are either paying their rent,

639
00:33:54,400 --> 00:33:58,000
Speaker 3: paying their car payment, or insurance that they gave them

640
00:33:58,040 --> 00:34:02,320
Speaker 3: the money for their down payment on their house. It's

641
00:34:02,400 --> 00:34:08,360
Speaker 3: extremely common. And then at another level intergenerationally, you know,

642
00:34:08,400 --> 00:34:11,480
Speaker 3: I'm also a money expert for AARP, and so I

643
00:34:11,520 --> 00:34:13,719
Speaker 3: get to talk to even though I'm a gen xer,

644
00:34:13,760 --> 00:34:15,560
Speaker 3: I get to talk to a lot of folks who

645
00:34:15,560 --> 00:34:18,719
Speaker 3: are baby boomers and members of the Silent generation their

646
00:34:18,760 --> 00:34:25,680
Speaker 3: fifties and sixties and beyond. And one of the regrets

647
00:34:25,719 --> 00:34:30,560
Speaker 3: that a lot of people actually articulate is that they

648
00:34:30,600 --> 00:34:35,000
Speaker 3: do regret helping those children who.

649
00:34:36,280 --> 00:34:41,000
Speaker 2: Became financially dependent or who were or who were not

650
00:34:43,000 --> 00:34:45,040
Speaker 2: prudent in their use of the money.

651
00:34:45,280 --> 00:34:46,799
Speaker 3: And a lot of times it's something like, oh, I

652
00:34:46,840 --> 00:34:49,040
Speaker 3: invested forty thousand in my son's business and it went

653
00:34:49,080 --> 00:34:51,359
Speaker 3: belly up, or you know, my daughter told me to

654
00:34:51,680 --> 00:34:53,719
Speaker 3: invest in this stock or that, or tried to do

655
00:34:53,719 --> 00:34:55,480
Speaker 3: this real estate venture and it didn't work out, and

656
00:34:55,560 --> 00:34:59,200
Speaker 3: you know, things like that. I'm trying to literally invest

657
00:34:59,239 --> 00:35:03,759
Speaker 3: in my kids. I'm trying to give them a leg up,

658
00:35:04,360 --> 00:35:05,600
Speaker 3: and do so in.

659
00:35:05,520 --> 00:35:06,920
Speaker 2: A way where.

660
00:35:08,360 --> 00:35:11,120
Speaker 3: Not only am I, you know, telling them that I

661
00:35:11,160 --> 00:35:13,560
Speaker 3: have a great deal of faith and confidence in them,

662
00:35:13,920 --> 00:35:19,279
Speaker 3: I'm laying out expectations as well. So just like the

663
00:35:19,280 --> 00:35:23,200
Speaker 3: the reason that we first bought our daughter, Ziza Acondo

664
00:35:24,000 --> 00:35:25,640
Speaker 3: was in her freshman.

665
00:35:25,280 --> 00:35:26,560
Speaker 2: Year, she.

666
00:35:28,120 --> 00:35:32,480
Speaker 3: Did poorly, very poorly, and she had won all this

667
00:35:32,600 --> 00:35:37,000
Speaker 3: scholarship money, and first semester she just totally bombed, you know,

668
00:35:37,040 --> 00:35:38,600
Speaker 3: and I was kind of looking at her grades.

669
00:35:38,400 --> 00:35:40,759
Speaker 2: Like, what this is not my diseasa, what's going on here?

670
00:35:41,160 --> 00:35:43,640
Speaker 3: Having been an a student and you know, had a

671
00:35:43,680 --> 00:35:46,719
Speaker 3: twenty two thirty SAT when you know, she had done

672
00:35:46,760 --> 00:35:52,480
Speaker 3: extremely well. However, her second semester she bounced back and

673
00:35:52,520 --> 00:35:55,200
Speaker 3: then you know, she kept continuing to and you know.

674
00:35:55,520 --> 00:35:56,200
Speaker 2: Make progress.

675
00:35:56,239 --> 00:35:58,680
Speaker 3: And then junior year, I think it was she came

676
00:35:58,719 --> 00:36:00,880
Speaker 3: home Christmas Brede. She had straight at it was just

677
00:36:00,920 --> 00:36:07,759
Speaker 3: like her normal self. But because that first semester she faltered,

678
00:36:09,239 --> 00:36:11,560
Speaker 3: at the end of her first year she did not

679
00:36:11,680 --> 00:36:15,359
Speaker 3: have a three point five GPA overall, which was what

680
00:36:15,440 --> 00:36:20,960
Speaker 3: was required, so she lost her scholarship. So the difference,

681
00:36:22,040 --> 00:36:26,880
Speaker 3: you know, roughly, you know, fifty thousand dollars all in

682
00:36:26,960 --> 00:36:28,920
Speaker 3: for tuition, fees, room and board. As an out of

683
00:36:28,960 --> 00:36:34,240
Speaker 3: state student from New Jersey attending Texas. The difference between

684
00:36:34,239 --> 00:36:38,560
Speaker 3: that and paying in state tuition, you know, was you know, threefold.

685
00:36:39,520 --> 00:36:46,480
Speaker 3: So initially I started looking for a strategy to decrease

686
00:36:46,560 --> 00:36:50,800
Speaker 3: our out of pocket costs, and then I learned that, oh,

687
00:36:51,360 --> 00:36:55,680
Speaker 3: she can establish residency in the state. She loves Texas,

688
00:36:55,680 --> 00:36:57,279
Speaker 3: she wants to stay there. We know she wants to

689
00:36:57,280 --> 00:37:00,520
Speaker 3: stay there. She's already telling us that we can buy

690
00:37:00,560 --> 00:37:04,719
Speaker 3: her a property and that after she owns it for

691
00:37:04,800 --> 00:37:07,080
Speaker 3: one year and lives there for one year, she'll become

692
00:37:07,120 --> 00:37:09,839
Speaker 3: a resident in the state of Texas. And so that's

693
00:37:09,880 --> 00:37:12,480
Speaker 3: literally exactly what we did. And she did, in fact,

694
00:37:12,520 --> 00:37:16,799
Speaker 3: of course, become a resident and still lives there. And

695
00:37:17,200 --> 00:37:21,360
Speaker 3: so it was a strategy actually for reducing tuition after

696
00:37:22,600 --> 00:37:26,719
Speaker 3: a totally unexpected kind of slip up on her part. Now,

697
00:37:26,760 --> 00:37:28,799
Speaker 3: some people might start with that and say, are you

698
00:37:28,880 --> 00:37:32,160
Speaker 3: kidding me? A kid who had poor grades. You doubled

699
00:37:32,200 --> 00:37:33,759
Speaker 3: down on her. You said, I'm going to buy her

700
00:37:33,760 --> 00:37:38,760
Speaker 3: a condo, Like, who would do that? Again, I would

701
00:37:38,800 --> 00:37:42,439
Speaker 3: not recommend this in general to most people. I would

702
00:37:42,520 --> 00:37:45,680
Speaker 3: say only to a parent, you know, your child, and

703
00:37:45,760 --> 00:37:48,960
Speaker 3: I knew Aziza. I was like, the girl is a superstar,

704
00:37:49,280 --> 00:37:51,759
Speaker 3: you know, hands down. I knew that she had a

705
00:37:51,760 --> 00:37:56,120
Speaker 3: lot of transition issues and that in the course of

706
00:37:56,200 --> 00:38:00,520
Speaker 3: sort of you know, asking myself and everybody else what happened,

707
00:38:00,560 --> 00:38:02,480
Speaker 3: I could just even have, you know, as much as

708
00:38:02,520 --> 00:38:05,839
Speaker 3: I try to plan and you know, create an.

709
00:38:05,760 --> 00:38:08,520
Speaker 2: Environment for success, this didn't happen.

710
00:38:09,160 --> 00:38:13,160
Speaker 3: I found out that the average student who goes into

711
00:38:13,239 --> 00:38:18,760
Speaker 3: college suffers a zero point five drop in their GPA

712
00:38:19,200 --> 00:38:22,240
Speaker 3: from senior year of high school to freshman year of college.

713
00:38:22,560 --> 00:38:24,920
Speaker 2: So even a student who will say a three point.

714
00:38:24,760 --> 00:38:28,920
Speaker 3: Nine GPA as a senior in high school will typically

715
00:38:28,920 --> 00:38:32,480
Speaker 3: have a three point four GPA after their freshman year

716
00:38:32,520 --> 00:38:33,160
Speaker 3: of college.

717
00:38:33,960 --> 00:38:35,800
Speaker 2: So now again knowing that.

718
00:38:36,000 --> 00:38:39,360
Speaker 1: Well played scholarship terms writers.

719
00:38:40,239 --> 00:38:43,960
Speaker 3: Exactly, so with my son, he probably was like, oh

720
00:38:43,960 --> 00:38:45,960
Speaker 3: my god. He probably was like, Mom is never gonna

721
00:38:46,040 --> 00:38:48,000
Speaker 3: you know, she's gonna be all over me, And sure

722
00:38:48,120 --> 00:38:48,839
Speaker 3: enough I was.

723
00:38:49,320 --> 00:38:51,480
Speaker 2: So I was like, Jakata, you see what happened with

724
00:38:51,560 --> 00:38:51,960
Speaker 2: a Zisa.

725
00:38:52,160 --> 00:38:54,400
Speaker 3: You have to that first semester, you you know, you

726
00:38:54,440 --> 00:38:56,600
Speaker 3: really you think I was a helicopter parent before I

727
00:38:56,680 --> 00:39:02,120
Speaker 3: was like, you know, helicopter drone you know, Satellite Cruz.

728
00:39:02,200 --> 00:39:05,200
Speaker 2: Michel's me all up in this boys stuff.

729
00:39:05,880 --> 00:39:09,040
Speaker 3: But he was on the dean's list his first semester,

730
00:39:09,400 --> 00:39:14,600
Speaker 3: you know, so it worked. But he knows as well,

731
00:39:15,040 --> 00:39:18,680
Speaker 3: that's the strategy for him because he's at a public university.

732
00:39:18,719 --> 00:39:24,000
Speaker 3: He's in Raleigh at North Carolina State University. Our family

733
00:39:24,040 --> 00:39:27,040
Speaker 3: doesn't really qualify for much need based aid. He did

734
00:39:27,080 --> 00:39:32,200
Speaker 3: win some scholarships about seven thousand dollars or so worth

735
00:39:33,040 --> 00:39:37,960
Speaker 3: and the rest we pay, and he knows that in

736
00:39:38,000 --> 00:39:40,200
Speaker 3: his sophomore year. Really at you know, at the end

737
00:39:40,239 --> 00:39:43,600
Speaker 3: of this freshman year, in the summertime, we're going to

738
00:39:43,640 --> 00:39:47,560
Speaker 3: buy him a condo and then he's going to establish residency.

739
00:39:47,960 --> 00:39:51,399
Speaker 3: And then the beauty of that strategy is that not

740
00:39:51,440 --> 00:39:55,400
Speaker 3: only do you take your tuition down by about a third.

741
00:39:55,200 --> 00:39:58,040
Speaker 2: You know, to about a third of its.

742
00:39:57,520 --> 00:40:01,920
Speaker 3: Costs, they basically have housing free free of charge as well.

743
00:40:02,400 --> 00:40:06,840
Speaker 3: So it's a super effective strategy. But as we again

744
00:40:06,920 --> 00:40:09,400
Speaker 3: it was born out of in us saying we're going

745
00:40:09,440 --> 00:40:10,960
Speaker 3: to buy them a condo and a house, and all

746
00:40:11,000 --> 00:40:14,760
Speaker 3: that we had sort of nebulous, you know, just like.

747
00:40:14,719 --> 00:40:16,080
Speaker 2: Oh, yeah, we want to help our kids and give

748
00:40:16,120 --> 00:40:17,160
Speaker 2: them a launching you know.

749
00:40:17,560 --> 00:40:20,439
Speaker 3: But now, because this actually happened with Aziza and we've seen,

750
00:40:20,480 --> 00:40:22,640
Speaker 3: we're like, oh, this is like a quick and easy

751
00:40:22,640 --> 00:40:25,440
Speaker 3: way to do it, and it meets multiple goals. So

752
00:40:26,040 --> 00:40:28,480
Speaker 3: we'll give them that start later if they want to sell,

753
00:40:28,520 --> 00:40:30,400
Speaker 3: if they get married, if they you know, that's on

754
00:40:30,560 --> 00:40:34,359
Speaker 3: them that they can do what they want. But I

755
00:40:34,480 --> 00:40:37,440
Speaker 3: do think it's important, especially to try to help build

756
00:40:37,880 --> 00:40:42,440
Speaker 3: multi generational wealth, to leave your kids something besides some debts.

757
00:40:42,920 --> 00:40:44,320
Speaker 2: So so how does that work.

758
00:40:44,920 --> 00:40:48,000
Speaker 1: Is the deed in their name or is a deed

759
00:40:48,000 --> 00:40:51,359
Speaker 1: in your name until you know they graduate? What are

760
00:40:51,360 --> 00:40:53,000
Speaker 1: the rules on this whole arrangement?

761
00:40:53,200 --> 00:40:56,640
Speaker 3: Okay, so great question. It's in all of our names.

762
00:40:56,800 --> 00:41:00,960
Speaker 3: So obviously at the time, you know, Zisa was not

763
00:41:01,160 --> 00:41:02,960
Speaker 3: She did not have a job. She could not obviously

764
00:41:02,960 --> 00:41:05,000
Speaker 3: get a mortgage or qualify for any kind of home

765
00:41:05,040 --> 00:41:08,799
Speaker 3: loan anything like that. So she is on the mortgage

766
00:41:09,000 --> 00:41:12,040
Speaker 3: and she is on the deed, and then Earl and

767
00:41:12,080 --> 00:41:14,800
Speaker 3: I are on of course both as well, the mortgage

768
00:41:14,840 --> 00:41:19,120
Speaker 3: because we're actually paying it, and on the deed. So

769
00:41:20,120 --> 00:41:24,880
Speaker 3: the student must be on the deed. And different states

770
00:41:24,920 --> 00:41:29,480
Speaker 3: have different rules. In Texas, I believe, don't one hundred percent.

771
00:41:29,560 --> 00:41:31,120
Speaker 3: Quote me, I don't think that they even care if

772
00:41:31,160 --> 00:41:32,920
Speaker 3: you're on the mortgage or not. But you have to

773
00:41:32,920 --> 00:41:34,320
Speaker 3: be on that deed for sure.

774
00:41:34,640 --> 00:41:37,640
Speaker 2: And obviously you have to physically, you know, have residency

775
00:41:37,680 --> 00:41:40,799
Speaker 2: and literally live in the in the property. So it

776
00:41:40,840 --> 00:41:41,759
Speaker 2: doesn't work just to have.

777
00:41:41,680 --> 00:41:45,160
Speaker 3: An apartment, a time share, a rental something like that.

778
00:41:45,400 --> 00:41:47,640
Speaker 3: They want to know that you are a property owner

779
00:41:47,960 --> 00:41:51,399
Speaker 3: paying your taxes and you know, and that, and it's

780
00:41:51,400 --> 00:41:55,000
Speaker 3: fine if the parents are even paying it, or a

781
00:41:55,080 --> 00:41:57,480
Speaker 3: roommate pays it or somebody else, you know, it does

782
00:41:57,760 --> 00:42:00,279
Speaker 3: matter who, but you have to be listed as the

783
00:42:01,480 --> 00:42:03,719
Speaker 3: property owner via the deed.

784
00:42:03,560 --> 00:42:04,360
Speaker 2: For that property.

785
00:42:04,520 --> 00:42:07,040
Speaker 3: So again, I'm going to do the exact same strategy

786
00:42:07,080 --> 00:42:11,239
Speaker 3: with Jakata. And he's loving Raleigh, you know, as a

787
00:42:11,239 --> 00:42:12,680
Speaker 3: little girlfriend out there and everything.

788
00:42:13,200 --> 00:42:17,000
Speaker 2: So he's you know, he'll stay.

789
00:42:17,040 --> 00:42:19,120
Speaker 3: And I'm like, and I tell my kids that fly

790
00:42:19,320 --> 00:42:22,359
Speaker 3: little birdies, just you know, don't come back home, just

791
00:42:22,680 --> 00:42:25,360
Speaker 3: you know, not to live anyway, just you know, do

792
00:42:25,440 --> 00:42:27,160
Speaker 3: you It's time to go off and go off and

793
00:42:27,239 --> 00:42:28,480
Speaker 3: you know, explore.

794
00:42:28,520 --> 00:42:31,160
Speaker 2: And that's why I'm so glad because of Zisa.

795
00:42:31,239 --> 00:42:33,720
Speaker 3: She interned, you know at a place out in Austin

796
00:42:33,800 --> 00:42:35,480
Speaker 3: and then you know, of course they made her job

797
00:42:35,520 --> 00:42:37,720
Speaker 3: offer and that's where she's working now. She's doing great,

798
00:42:37,840 --> 00:42:41,920
Speaker 3: So it all really did work out fabulous.

799
00:42:42,000 --> 00:42:44,640
Speaker 1: So juggling are you juggling mortgages now? Or do you

800
00:42:44,680 --> 00:42:47,560
Speaker 1: have it set up to where your kids have roommates

801
00:42:47,560 --> 00:42:49,399
Speaker 1: who are paying rent and then really you guys will

802
00:42:49,400 --> 00:42:50,520
Speaker 1: have a mortgage to worry about.

803
00:42:51,239 --> 00:42:54,719
Speaker 3: Yeah, so the property in Austin does have a mortgage

804
00:42:54,760 --> 00:42:58,319
Speaker 3: on it, and the mortgage is fourteen hundred dollars a month,

805
00:42:58,760 --> 00:43:01,360
Speaker 3: and the two roommates though basically we pay the mortgage

806
00:43:01,360 --> 00:43:04,480
Speaker 3: obviously every you know, every month, and then the two

807
00:43:04,560 --> 00:43:07,640
Speaker 3: roommates send us their payments which are fourteen hundred dollars

808
00:43:07,680 --> 00:43:11,919
Speaker 3: a month. Yeah, so in effect, it's really no, well,

809
00:43:12,000 --> 00:43:14,400
Speaker 3: we do pay the HOA fees and it's two twenty

810
00:43:14,440 --> 00:43:17,600
Speaker 3: a month for the HOA fees and we just we

811
00:43:17,760 --> 00:43:19,440
Speaker 3: just you know, write to check for ourselves.

812
00:43:19,160 --> 00:43:22,959
Speaker 1: And just just do that, gotcha. And then in same

813
00:43:23,040 --> 00:43:25,920
Speaker 1: with the Sun and Raley, are we able to pay cash?

814
00:43:25,920 --> 00:43:28,040
Speaker 1: I mean, I'm just thinking about how much more affordable

815
00:43:28,080 --> 00:43:30,000
Speaker 1: real estate is when you get out of the Northeast.

816
00:43:30,320 --> 00:43:31,880
Speaker 2: Oh yeah, totally totally.

817
00:43:32,000 --> 00:43:34,680
Speaker 3: So so he is, you know, this is the second

818
00:43:34,680 --> 00:43:37,319
Speaker 3: semester for him in his freshman year, so he is

819
00:43:37,360 --> 00:43:41,000
Speaker 3: not done with his you know this this year at all,

820
00:43:41,160 --> 00:43:45,360
Speaker 3: so until May. But yes, in the summertime in June

821
00:43:46,880 --> 00:43:50,560
Speaker 3: is probably I'll probably really look you know, May or June,

822
00:43:50,800 --> 00:43:53,880
Speaker 3: but sometime before August, before he actually goes back to

823
00:43:53,920 --> 00:43:57,200
Speaker 3: school in his sophomore year, we will purchase and close

824
00:43:57,280 --> 00:43:59,560
Speaker 3: and buy a condo out there for him as well,

825
00:44:00,080 --> 00:44:06,160
Speaker 3: and near you know universities. It's because most campuses you know,

826
00:44:06,640 --> 00:44:09,480
Speaker 3: spaces at a premium. And my kids happened to you know,

827
00:44:09,640 --> 00:44:12,920
Speaker 3: like big you know national universities like ut Oftin has

828
00:44:12,960 --> 00:44:15,640
Speaker 3: fifty thousand you know kids on camp. I'm not on

829
00:44:15,680 --> 00:44:21,400
Speaker 3: camp fifty thousand students and so and you know NC

830
00:44:21,400 --> 00:44:24,040
Speaker 3: State has i don't know, forty something thousand and two. So,

831
00:44:25,480 --> 00:44:28,279
Speaker 3: and they're required to live on campus their first year,

832
00:44:28,719 --> 00:44:32,640
Speaker 3: but then after that the kids can move off campus.

833
00:44:33,120 --> 00:44:37,600
Speaker 3: And I my kids know, even Alexis who's thirteen, knows

834
00:44:37,760 --> 00:44:41,360
Speaker 3: she will be living on campus the first year. Depending

835
00:44:41,520 --> 00:44:45,320
Speaker 3: if she decides to go to a college in state,

836
00:44:45,560 --> 00:44:48,040
Speaker 3: then great, as you get in state tuition and you know,

837
00:44:49,880 --> 00:44:52,239
Speaker 3: the housing thing is not that much of a big deal.

838
00:44:52,840 --> 00:44:59,040
Speaker 3: But so far both of my kids have told me that,

839
00:44:59,200 --> 00:45:02,480
Speaker 3: oh yeah, everybody who's an upperclassman, you know, juniors and seniors,

840
00:45:02,600 --> 00:45:05,200
Speaker 3: they definitely want to be off campus. They don't want

841
00:45:05,200 --> 00:45:07,600
Speaker 3: to stay on campus. So I guess they, you know,

842
00:45:07,920 --> 00:45:10,279
Speaker 3: start feeling themselves and feeling like I'm grown, I want

843
00:45:10,280 --> 00:45:12,359
Speaker 3: to have my own place and blah blah blah and

844
00:45:12,360 --> 00:45:13,359
Speaker 3: not have to be in.

845
00:45:13,320 --> 00:45:14,240
Speaker 2: A dorm or whatever.

846
00:45:15,560 --> 00:45:18,680
Speaker 3: So but we will do the same strategy with Jakata.

847
00:45:18,719 --> 00:45:21,440
Speaker 3: We have not yet purchased a place for him, but.

848
00:45:21,640 --> 00:45:23,360
Speaker 2: Yes, we definitely will.

849
00:45:23,520 --> 00:45:28,520
Speaker 3: And again the goal there is to knock his uh

850
00:45:28,960 --> 00:45:35,560
Speaker 3: out of state tuition that we're paying to in state levels.

851
00:45:35,640 --> 00:45:37,879
Speaker 3: And it doesn't happen immediately because you have to still

852
00:45:38,000 --> 00:45:40,399
Speaker 3: he has to live there for one year, but in his.

853
00:45:40,480 --> 00:45:43,520
Speaker 2: Junior year that's when it kicks in.

854
00:45:43,560 --> 00:45:45,719
Speaker 3: And in his senior year and right now he's in

855
00:45:45,719 --> 00:45:48,400
Speaker 3: the architecture program, which is actually a five year program,

856
00:45:48,440 --> 00:45:50,359
Speaker 3: so it's it pays off even more.

857
00:45:50,640 --> 00:45:53,359
Speaker 1: Yeah, I mean, why spend tens of thousands of dollars

858
00:45:53,400 --> 00:45:55,360
Speaker 1: to the university when you can just invest that in

859
00:45:55,400 --> 00:45:57,719
Speaker 1: property and then you've got it makes it makes so

860
00:45:57,760 --> 00:45:59,640
Speaker 1: much sense. I know, it sounds you know, obviously it's

861
00:45:59,680 --> 00:46:01,320
Speaker 1: risky and you have to be in a good financial

862
00:46:01,320 --> 00:46:03,239
Speaker 1: position to do it. But I totally see why you

863
00:46:03,239 --> 00:46:06,400
Speaker 1: guys did it. So many goals. Okay, my brain is

864
00:46:06,400 --> 00:46:07,960
Speaker 1: going now. I'm like, Okay, I'm glad to get the

865
00:46:07,960 --> 00:46:11,239
Speaker 1: house fund for my child set up that I don't

866
00:46:11,239 --> 00:46:11,919
Speaker 1: even have yet.

867
00:46:13,080 --> 00:46:16,000
Speaker 2: All right, awesome, Well by just start with.

868
00:46:18,640 --> 00:46:20,680
Speaker 1: Let's take a quick break and we'll be right back

869
00:46:20,719 --> 00:46:22,680
Speaker 1: out and we'll close a show with a boost and

870
00:46:22,840 --> 00:46:38,480
Speaker 1: break and we're back. Lynette, I cannot thank you enough

871
00:46:38,520 --> 00:46:40,680
Speaker 1: for coming on the show I have. I mean, I

872
00:46:40,760 --> 00:46:43,440
Speaker 1: miss Tiffany, but it's been it's been the best excuse

873
00:46:43,480 --> 00:46:45,120
Speaker 1: in the world. I could get to spend an hour

874
00:46:45,200 --> 00:46:47,920
Speaker 1: and a half talking to you. But let's let's I

875
00:46:47,960 --> 00:46:50,759
Speaker 1: want I'm dying to hear what your brown booster break is.

876
00:46:50,800 --> 00:46:53,560
Speaker 1: This is tiff and I our signature segment, which doesn't

877
00:46:53,560 --> 00:46:55,080
Speaker 1: really make sense if you think about it, but it

878
00:46:55,160 --> 00:46:57,800
Speaker 1: just works for us. We always take either a boost

879
00:46:57,960 --> 00:46:59,839
Speaker 1: or a break. Do you want me to go first?

880
00:46:59,880 --> 00:47:03,200
Speaker 1: You want to go first, you go first. Okay, I'm

881
00:47:03,200 --> 00:47:06,120
Speaker 1: gonna do a boost one. I always talk about my

882
00:47:06,200 --> 00:47:09,040
Speaker 1: lovely accountant, Paul. I want to do a boost for

883
00:47:09,080 --> 00:47:12,160
Speaker 1: myself because I finally went in and adjusted my withholdings

884
00:47:12,239 --> 00:47:16,080
Speaker 1: for twenty nineteen because this year, I still haven't gotten

885
00:47:16,120 --> 00:47:18,640
Speaker 1: the right calibration of my taxes where I'm not getting

886
00:47:18,680 --> 00:47:21,560
Speaker 1: back a refund and I'm not owing anything. This year,

887
00:47:21,600 --> 00:47:23,759
Speaker 1: I ended up owing federal but got back state and

888
00:47:23,800 --> 00:47:25,360
Speaker 1: it netted out to be zero. But I'm trying to

889
00:47:25,400 --> 00:47:27,480
Speaker 1: get to the point where I don't owe any federal

890
00:47:27,520 --> 00:47:29,640
Speaker 1: and I don't get that much of a refund. So

891
00:47:30,040 --> 00:47:32,600
Speaker 1: tweaking my withholdings for twenty nineteen, and I got to say,

892
00:47:32,640 --> 00:47:34,719
Speaker 1: I felt really grown up doing it, Like it's not

893
00:47:34,760 --> 00:47:35,440
Speaker 1: that hard.

894
00:47:36,200 --> 00:47:36,960
Speaker 2: Very cool.

895
00:47:37,239 --> 00:47:39,920
Speaker 3: I love it, and this is the year to do

896
00:47:40,000 --> 00:47:43,600
Speaker 3: it because of tax reform. Obviously, so many people got

897
00:47:43,600 --> 00:47:46,520
Speaker 3: a surprise either they didn't get as big a refund

898
00:47:47,160 --> 00:47:50,040
Speaker 3: as they had been anticipating, or they owed.

899
00:47:50,239 --> 00:47:52,480
Speaker 2: So you absolutely should.

900
00:47:52,160 --> 00:47:55,880
Speaker 3: Be adjusting your withholding and yeah, it's a very simple

901
00:47:56,040 --> 00:47:56,520
Speaker 3: thing to do.

902
00:47:56,600 --> 00:47:57,279
Speaker 2: So good for you.

903
00:47:57,800 --> 00:47:59,440
Speaker 1: Thank you, ma'am. What about you?

904
00:48:00,120 --> 00:48:06,399
Speaker 3: So mine is a break and that's what we're calling it.

905
00:48:06,400 --> 00:48:08,319
Speaker 1: Right, Yeah, brown break, you got it.

906
00:48:09,239 --> 00:48:15,520
Speaker 3: So and mine is like, I'm so ticked off at

907
00:48:15,680 --> 00:48:20,719
Speaker 3: the number of scams that are affecting older folks, and

908
00:48:21,000 --> 00:48:24,400
Speaker 3: I really do feel like it affects communities of color

909
00:48:24,560 --> 00:48:31,120
Speaker 3: in particular, because so many people are getting scammed out

910
00:48:31,120 --> 00:48:34,240
Speaker 3: of their hard earned money in a variety of ways.

911
00:48:34,480 --> 00:48:38,759
Speaker 2: So let me just do a little thirty second thing here.

912
00:48:39,560 --> 00:48:43,320
Speaker 3: You know, right now, the US Attorney General, William Barr.

913
00:48:43,640 --> 00:48:46,040
Speaker 3: Everybody's thinking about him because of you know, the Muller

914
00:48:46,080 --> 00:48:48,960
Speaker 3: Report and all this other stuff, but most of your

915
00:48:49,000 --> 00:48:53,040
Speaker 3: audience probably does not know that just two weeks ago

916
00:48:53,680 --> 00:48:59,200
Speaker 3: he announced the largest ever federal crackdown on elder fraud.

917
00:48:59,800 --> 00:49:02,399
Speaker 3: And basically, the Feds charge two hundred and twenty five

918
00:49:02,560 --> 00:49:07,719
Speaker 3: people with bilking something like two million older folks out

919
00:49:07,760 --> 00:49:12,520
Speaker 3: of more than seven hundred and fifty million dollars. So

920
00:49:12,880 --> 00:49:16,960
Speaker 3: the scammers are out in full effect. And you know,

921
00:49:17,200 --> 00:49:21,719
Speaker 3: some by some estimates, older people get robbed to the

922
00:49:21,760 --> 00:49:25,279
Speaker 3: tune of thirty seven billion dollars annually.

923
00:49:25,680 --> 00:49:28,239
Speaker 2: So there's a lot of elder fraud going on.

924
00:49:28,800 --> 00:49:32,279
Speaker 3: And this really sad part is that sometimes there's you know,

925
00:49:32,520 --> 00:49:35,880
Speaker 3: family members, friends, people who know the older person. So

926
00:49:36,160 --> 00:49:37,840
Speaker 3: my thing is, I want to tell people to be

927
00:49:37,880 --> 00:49:40,000
Speaker 3: on the lookout and to you know, watch out for

928
00:49:40,080 --> 00:49:44,960
Speaker 3: mama big Mama, Auntie, you know, and anybody who you

929
00:49:45,920 --> 00:49:49,120
Speaker 3: know and love, because it's really sad to see people

930
00:49:49,120 --> 00:49:54,440
Speaker 3: who've worked their whole lives get ripped off and in

931
00:49:54,480 --> 00:49:56,400
Speaker 3: the in the kind of the prime of their lives.

932
00:49:56,719 --> 00:49:59,200
Speaker 1: No, I love that. My dad's a bus driver in Atlanta,

933
00:49:59,280 --> 00:50:02,480
Speaker 1: he writes. He drives the bus for the city, and

934
00:50:02,680 --> 00:50:04,720
Speaker 1: one day he told me he was taking some stock

935
00:50:04,760 --> 00:50:08,239
Speaker 1: picking advice from a young man riding the bus who

936
00:50:08,360 --> 00:50:10,160
Speaker 1: just come home from New York City, where he had

937
00:50:10,200 --> 00:50:12,120
Speaker 1: been a stock trader and moved back to Atlanta and

938
00:50:12,120 --> 00:50:14,480
Speaker 1: now wanted to give my dad, you know, stock advice

939
00:50:14,520 --> 00:50:17,600
Speaker 1: on how to pick penny stocks. And I was like, Daddy,

940
00:50:17,640 --> 00:50:20,080
Speaker 1: please don't take advice from the man riding the bus

941
00:50:20,160 --> 00:50:23,279
Speaker 1: who just came home from New York City. And I

942
00:50:23,320 --> 00:50:25,160
Speaker 1: was like, ever since then, my dad runs all of

943
00:50:25,239 --> 00:50:27,800
Speaker 1: his financial decisions by his children. He was actually just

944
00:50:27,840 --> 00:50:30,640
Speaker 1: texting me today because he realized robocallers are a thing,

945
00:50:32,280 --> 00:50:34,400
Speaker 1: especially now, because they're calling and saying that you know,

946
00:50:34,480 --> 00:50:36,200
Speaker 1: you owe the i RS money and you're going to

947
00:50:36,239 --> 00:50:39,239
Speaker 1: get arrested. He's like, who are these people? And he's

948
00:50:39,239 --> 00:50:42,160
Speaker 1: trying to call them back, and I'm just like Daddy again. Please,

949
00:50:42,560 --> 00:50:46,520
Speaker 1: your finances must go through US. So no, all jokes aside.

950
00:50:46,600 --> 00:50:50,160
Speaker 1: That's a really great brown break because it's it's it's

951
00:50:50,160 --> 00:50:52,600
Speaker 1: scary to think that your parents can be scammed or

952
00:50:52,640 --> 00:50:55,239
Speaker 1: your loved ones can be scammed, and sometimes they'll be

953
00:50:55,239 --> 00:50:57,359
Speaker 1: too embarrassed and they won't tell you until it's too late.

954
00:50:57,480 --> 00:51:01,000
Speaker 2: So I agree. And you brought it up because it's

955
00:51:01,040 --> 00:51:02,160
Speaker 2: tax time. You know.

956
00:51:02,560 --> 00:51:06,080
Speaker 3: The IRS literally put out a statement about it as well.

957
00:51:06,120 --> 00:51:09,600
Speaker 3: There's so much, you know, fraud going on. But the

958
00:51:09,680 --> 00:51:12,879
Speaker 3: con artists, the scamsters of the world, they really do

959
00:51:12,960 --> 00:51:15,839
Speaker 3: prey upon the elderly. And yeah, they'll tell them things

960
00:51:15,840 --> 00:51:18,960
Speaker 3: like you owe the IRS, or they'll spoof the IRS

961
00:51:19,400 --> 00:51:22,960
Speaker 3: phone number or something that appears to be the IRS

962
00:51:23,040 --> 00:51:26,080
Speaker 3: and then call and say here, pay us now.

963
00:51:26,000 --> 00:51:28,439
Speaker 2: And just it. It's a shame. So, like I said,

964
00:51:28,440 --> 00:51:29,560
Speaker 2: we got to kind of look out.

965
00:51:30,200 --> 00:51:31,400
Speaker 1: Well, I'm going to put a link. I know a

966
00:51:31,440 --> 00:51:34,279
Speaker 1: great resource from the Consumer Financial Protection Bureau. They've got

967
00:51:34,320 --> 00:51:36,920
Speaker 1: a guide to spotting elder fraud and elder abuse, So

968
00:51:36,960 --> 00:51:38,640
Speaker 1: I'll popp a link to that in the show notes.

969
00:51:39,400 --> 00:51:42,000
Speaker 1: And Lynette tell the people where they can find you,

970
00:51:42,080 --> 00:51:43,600
Speaker 1: so if they want to get their fix of the

971
00:51:43,640 --> 00:51:45,600
Speaker 1: Ask the money Coach. How can they find you? Guys?

972
00:51:46,000 --> 00:51:49,040
Speaker 3: Sure they can reach me at our free financial advice

973
00:51:49,040 --> 00:51:52,200
Speaker 3: sight Askdomoneycoach dot com. We have about sixteen hundred plus

974
00:51:52,360 --> 00:51:55,759
Speaker 3: articles online about you know, twenty six different categories of

975
00:51:55,800 --> 00:52:01,320
Speaker 3: personal finances on social Instagram, Facebook, Twitter, YouTube and LinkedIn,

976
00:52:01,840 --> 00:52:06,799
Speaker 3: and then our video based platform is Moneycoach University dot com.

977
00:52:06,840 --> 00:52:10,479
Speaker 3: Got free courses and some paid ones as well there too.

978
00:52:11,640 --> 00:52:13,759
Speaker 1: Love it. Thank you so much for filling.

979
00:52:13,480 --> 00:52:15,799
Speaker 3: In, for tipping this welcome.

980
00:52:16,440 --> 00:52:17,640
Speaker 1: I don't have to inspired.

981
00:52:18,280 --> 00:52:20,480
Speaker 3: I have to connect with her, and I'm glad she's

982
00:52:20,520 --> 00:52:23,359
Speaker 3: taken off time and and she's gonna get her work

983
00:52:23,360 --> 00:52:26,040
Speaker 3: in life balance and you know, get it all together

984
00:52:26,120 --> 00:52:28,400
Speaker 3: because it's super important. You know, we all have to

985
00:52:28,719 --> 00:52:32,600
Speaker 3: set our priorities. And I'm happy for her to do

986
00:52:32,680 --> 00:52:33,040
Speaker 3: just that.

987
00:52:33,480 --> 00:52:35,239
Speaker 1: Well four years ago when we started the show, we

988
00:52:35,239 --> 00:52:39,040
Speaker 1: were both just like families. What babies, marriage, what? And

989
00:52:39,080 --> 00:52:41,879
Speaker 1: it's just so fun to It's it's fun to looking

990
00:52:42,000 --> 00:52:45,120
Speaker 1: looking from the outside to see even just how far

991
00:52:45,200 --> 00:52:47,680
Speaker 1: Tip's come and how far I've come. And I'm excited

992
00:52:47,719 --> 00:52:49,880
Speaker 1: for I'm not worried about her one bit. She's gonna

993
00:52:49,880 --> 00:52:52,160
Speaker 1: be fine, so we're thinking of you. Tip if you're listening,

994
00:52:52,160 --> 00:52:53,760
Speaker 1: stop listening, go back to your vacation.