WEBVTT - BA Q&A: Should I Pay Off Credit Card Debt or Loans First? 0:00:06.080 --> 0:00:09.559 It's time for the b a q a A the 0:00:09.680 --> 0:00:12.039 b a q a what you say the b a 0:00:12.400 --> 0:00:16.160 qa just tiffan a the b a q a man 0:00:16.239 --> 0:00:20.680 day had he babbey and his name is Remy. Give 0:00:20.840 --> 0:00:24.000 this girl a record deal because I'm vi. I'm ready 0:00:24.040 --> 0:00:27.720 for prime time. We are. This is vaqa. We don't 0:00:27.720 --> 0:00:30.720 have Mandy today because Mandy had the baby, the baby, 0:00:30.840 --> 0:00:33.960 the baby. Mandy had the baby, and he is so beautiful. 0:00:34.040 --> 0:00:37.080 If you follow her Mandy with an I money on 0:00:37.240 --> 0:00:40.639 the ig, you will see a picture of her most beautiful, 0:00:40.640 --> 0:00:44.440 amazing baby. So now she's got two, she's got Rio 0:00:44.600 --> 0:00:47.800 and she's got Remy. We love an alliteration queen around 0:00:47.880 --> 0:00:50.040 these parts. So as a result, I'm here to act 0:00:50.080 --> 0:00:52.479 up all by myself and lonesome, but I'm gonna represent 0:00:52.520 --> 0:00:55.640 well for you, Mandy. Don't you worry, Sis, We're still 0:00:55.640 --> 0:00:59.400 doing baqa. So we are going to take your questions 0:00:59.560 --> 0:01:02.440 because I have some answers. But remember I'm not your 0:01:03.440 --> 0:01:05.640 financial planner. I'm not your doctor, I'm not your attorney. 0:01:05.680 --> 0:01:08.120 I'm not anybody that you give money to in order 0:01:08.120 --> 0:01:10.760 to answer your question. So that means sue somebody else. 0:01:11.319 --> 0:01:13.480 Take what I say with the smallest of smallest of 0:01:13.480 --> 0:01:16.600 grains of salt and be well right. First question is 0:01:16.640 --> 0:01:19.640 a Mulah question and straight from the IG. So if 0:01:19.640 --> 0:01:21.720 you've got questions honestly, you can hit us up Brian 0:01:21.760 --> 0:01:25.760 and Bisson podcast on IG the BA podcast on Twitter, 0:01:26.240 --> 0:01:30.160 Briannabisson podcast dot com and click click contact us or 0:01:30.200 --> 0:01:33.360 ask us anything and we take questions all over the place. 0:01:33.640 --> 0:01:37.120 This is a quick one. Hey ladies, I've been listening 0:01:37.120 --> 0:01:39.679 for a while now and I love your advice. Okay, 0:01:40.480 --> 0:01:43.200 I'm in need of some financial guidance. This year, I 0:01:43.280 --> 0:01:47.600 have done a lot of work on my home roof, gutters, siding, bathroom. 0:01:48.000 --> 0:01:50.639 It was all very much needed, but of course super 0:01:50.640 --> 0:01:54.560 expensive and a big headache. So then I took my 0:01:54.640 --> 0:01:58.360 family on a week long vacation to decompress. However, I 0:01:58.520 --> 0:02:03.640 have not recovered since. Financially we are a family of five. 0:02:03.720 --> 0:02:07.480 I'm assuming two partners and three children. I don't know, 0:02:08.400 --> 0:02:12.560 and I feel like things have increased in price over time. 0:02:13.720 --> 0:02:17.359 Should I take drastic measures and focus on getting rid 0:02:17.440 --> 0:02:20.919 of loans or my credit card debt? I feel like 0:02:20.960 --> 0:02:23.200 even though my credit score will go down by focusing 0:02:23.200 --> 0:02:26.400 on the loans, it won't go down too much where 0:02:26.840 --> 0:02:30.840 it won't be such a huge impact. What are your thoughts, Well, 0:02:30.880 --> 0:02:34.880 we're going to call you new home. Who this new home? 0:02:35.160 --> 0:02:37.519 Who this? Well, first of all, let's get clear that 0:02:38.520 --> 0:02:42.680 your credit score is not just contingent upon your credit cards. 0:02:42.720 --> 0:02:45.280 So let's just get clear on that your credit score 0:02:45.480 --> 0:02:48.640 is contingent on any money that you borrowed, or any 0:02:48.639 --> 0:02:52.440 money that you have not paid back. Right, So, if 0:02:52.480 --> 0:02:55.000 you have not paid like say your PC and G 0:02:55.120 --> 0:02:57.760 bill or whatever you know, cont or whatever utility bill 0:02:57.840 --> 0:02:59.560 or whatever that you have, that might go on your 0:02:59.560 --> 0:03:01.360 credit score because you have not paid that money that 0:03:01.400 --> 0:03:04.840 you owe someone. But if you also borrow money, your 0:03:04.880 --> 0:03:07.519 credit score is going to be reflective on how well 0:03:07.600 --> 0:03:09.640 or how not well you pay that back. So your 0:03:09.680 --> 0:03:13.000 loans and your credit card debt are both contributing to 0:03:13.000 --> 0:03:14.880 your credit score. So I don't want you to think 0:03:14.919 --> 0:03:17.600 that like, oh, if I don't prioritize my credit card 0:03:17.600 --> 0:03:21.400 debt and I prioritize these loans, then you know that 0:03:21.520 --> 0:03:24.120 somehow they don't both contribute to your credit score, because 0:03:24.160 --> 0:03:27.000 they do. So if the question is should I focus 0:03:27.040 --> 0:03:30.720 on credit card debt or the loans, the answer is 0:03:30.919 --> 0:03:37.760 It depends like the adult diapers, It depends, right, because 0:03:37.920 --> 0:03:40.800 it depends on who you are and how you are. So, 0:03:41.080 --> 0:03:46.680 for example, if you're someone who is emotionally charged by 0:03:46.760 --> 0:03:50.320 their finances, you might want to pay off whatever debt 0:03:51.160 --> 0:03:54.560 is the least expensive debt so you can get rid 0:03:54.560 --> 0:03:57.160 of it sooner. So let's just say you've got three loans, 0:03:57.200 --> 0:04:01.240 you've got three credit cards right and own one two three, 0:04:01.360 --> 0:04:04.440 one hundred, two hundred, three hundred, four five six four hundred, 0:04:04.480 --> 0:04:06.160 five hundred, six hundred, and you're like, you know what, 0:04:06.240 --> 0:04:08.480 I'm gonna focus on paying off the loans or paying 0:04:08.480 --> 0:04:10.960 off the debt that I owe that has the smallest 0:04:11.320 --> 0:04:13.760 balance first. I'm gonna pay off that one hundred dollars 0:04:13.840 --> 0:04:15.640 debt first, and then I'm gonna work on the two hundred, 0:04:15.680 --> 0:04:17.920 then the three hundred, then the four hundred, five hundred 0:04:17.920 --> 0:04:20.960 and six hundred. So if you're someone who needs that 0:04:21.120 --> 0:04:24.159 like extra boost of confidence that comes with paying off 0:04:24.160 --> 0:04:28.159 debt and the smaller debt first, then certainly you could 0:04:28.160 --> 0:04:30.760 do that. You could use a method called the snowball method. 0:04:31.040 --> 0:04:33.400 That's when you list your debt from the lowest to 0:04:33.640 --> 0:04:37.320 highest and you basically pay that minimum to everybody except 0:04:37.360 --> 0:04:40.320 for that lowest debt. The lowest debt, you pay it 0:04:40.320 --> 0:04:44.440 it's minimum, plus you give it any extra money that 0:04:44.520 --> 0:04:46.360 used to give to other debts. So let's just say 0:04:46.360 --> 0:04:49.000 it's minimum, and you find another two hundred dollars that 0:04:49.080 --> 0:04:51.480 you can put toward that debt. So by the first 0:04:51.520 --> 0:04:53.080 month you'll get rid of that first debt because it's 0:04:53.080 --> 0:04:55.960 only one hundred dollars anyway. Then you roll over that 0:04:56.080 --> 0:04:59.159 full payment to the second lowest debt. The second lowest 0:04:59.200 --> 0:05:02.120 debt is going to get first lowest debts minimum. It's 0:05:02.160 --> 0:05:05.000 gonna get its own minimum plus that extra two hundred 0:05:05.000 --> 0:05:06.800 dollars you have from your budget, so it's gonna get 0:05:06.839 --> 0:05:09.240 like three payments in one and when that's paid off, 0:05:09.279 --> 0:05:11.240 you roll over to the thud level's debt and you 0:05:11.320 --> 0:05:15.160 continue until you pay it off. The benefit to paying 0:05:15.200 --> 0:05:17.599 off via the snowball method is as you get to 0:05:17.760 --> 0:05:20.880 debt with higher and higher balances, you start to collect 0:05:21.040 --> 0:05:24.520 minimum payments from prior debts that you've paid off along 0:05:24.560 --> 0:05:27.839 the way. You see. So that's if you're someone who 0:05:27.880 --> 0:05:31.159 was like like me, I need to emotion emotionally check 0:05:31.200 --> 0:05:33.320 things off my list, so I like the snowball method 0:05:33.400 --> 0:05:36.400 to start. Now, if you're someone who's just super logical, 0:05:36.440 --> 0:05:38.240 let's just say you have this accounting kind of brain, 0:05:38.560 --> 0:05:41.120 mathematical brain, you might want to do something called the 0:05:41.320 --> 0:05:45.120 avalanche method and pay off the debt first that's costing 0:05:45.160 --> 0:05:47.600 you the most. And you know a debt is costing 0:05:47.640 --> 0:05:51.520 you the most because the interest rate is highest. So 0:05:51.560 --> 0:05:54.640 you're gonna do that same method, paying off one debt 0:05:54.640 --> 0:05:56.760 at a time while paying the minimum to everything else. 0:05:57.040 --> 0:05:59.480 But instead of the lowest debt being paid off first, 0:05:59.760 --> 0:06:02.200 it's the debt with the highest interest rate that's going 0:06:02.240 --> 0:06:04.040 to be paid off first, because the debt with the 0:06:04.120 --> 0:06:07.119 highest interest rate is the debt that's costing you the most. 0:06:07.320 --> 0:06:08.760 So if you have a debt with like a thirty 0:06:08.800 --> 0:06:10.599 percent interest rate and then you have a debt with 0:06:10.640 --> 0:06:13.120 a five percent interest rate, you might say, you know what, 0:06:13.160 --> 0:06:15.000 I'm actually going to focus on the thirty percent interest 0:06:15.080 --> 0:06:17.800 rate first debt first, because that debt is costing me 0:06:17.839 --> 0:06:19.919 a lot of money. For every dollar I owe them, 0:06:19.960 --> 0:06:22.440 they talking me thirty cents, you know, oh, child, So 0:06:22.520 --> 0:06:25.480 I like to do sometimes a mix of snowball and avalanche. 0:06:25.600 --> 0:06:27.480 So I like to see what debt can I pay 0:06:27.480 --> 0:06:31.440 off fairly quickly first, relatively speaking, and then slowly move 0:06:31.520 --> 0:06:34.640 toward debt that's costing me more money because the interest 0:06:34.720 --> 0:06:37.880 rate is higher. So that's what I would do. Ooh, 0:06:37.960 --> 0:06:40.880 but I would definitely set a plan. I would also 0:06:41.160 --> 0:06:45.680 automate those payments and check in with it monthly. And 0:06:45.880 --> 0:06:48.400 good luck to you, but you know you definitely want to. 0:06:48.440 --> 0:06:50.200 You know, you've gone on your vacation. You have your 0:06:50.200 --> 0:06:53.040 beautiful house, so sit down and enjoy it while you 0:06:53.080 --> 0:06:54.719 start to pay off some of this debt that you owe, 0:06:55.080 --> 0:06:57.320 because one of the best ways to give your family 0:06:57.360 --> 0:06:58.920 a raise is to get rid of debt so you 0:06:58.920 --> 0:07:02.200 don't have to make that monthly pay All right, new house, 0:07:02.240 --> 0:07:05.680 who is okay? Hopefully that was helpful. Hopefully that was youthful. 0:07:06.040 --> 0:07:09.640 Useful because I'm youthful, but hopefully that was useful because 0:07:09.680 --> 0:07:10.960 I know what it is like. I mean, I have 0:07:11.040 --> 0:07:14.880 been nearly three hundred thousand dollars in debt my condo 0:07:15.000 --> 0:07:16.680 at the time I was in my twenties. I bought 0:07:16.680 --> 0:07:19.400 it for two twenty. Then I just finished my masters 0:07:19.720 --> 0:07:21.760 and I was like fifty two thousand dollars give or 0:07:21.800 --> 0:07:25.560 take my master's in education and then I had thirty 0:07:25.560 --> 0:07:29.760 five thousand dollars in credit card debt, which was a 0:07:29.800 --> 0:07:33.800 lot because of a scam that I unfortunately stumbled into, 0:07:34.240 --> 0:07:36.000 and so it left me, you know, about three hundred 0:07:36.040 --> 0:07:40.320 thousand dollars in debt and it was really scary. So 0:07:40.360 --> 0:07:43.280 I know how overwhelming debt can be. And it seems 0:07:43.360 --> 0:07:46.960 like it's like something that you can't get past. But 0:07:47.120 --> 0:07:49.760 I promise you know that it's one foot in front 0:07:49.760 --> 0:07:52.880 of the other. It's writing down who you owe, how much, 0:07:52.960 --> 0:07:55.120 and what are the terms of the how much, and 0:07:55.160 --> 0:07:58.360 then slowly working your way through it. I was able to. 0:07:58.840 --> 0:08:01.480 I had foreclosures, so kind of like the debt from 0:08:01.520 --> 0:08:04.800 the comb was wiped away because during that time, because 0:08:04.840 --> 0:08:09.600 it was the recession, they didn't make us pay Typically, 0:08:09.600 --> 0:08:12.880 when you lose a home to foreclosure the debt that 0:08:12.920 --> 0:08:14.840 you owe, you might still have to pay taxes on 0:08:14.880 --> 0:08:18.640 the money forgiven, which is who horrendous. But thankfully I 0:08:18.680 --> 0:08:20.360 didn't have to pay taxes on the two twenty because 0:08:20.400 --> 0:08:22.640 it was like I think President Obama or somebody at 0:08:22.680 --> 0:08:24.360 that time had put a law in place saying you 0:08:24.400 --> 0:08:27.200 don't have to pay taxes on that money forgiven. Thank God, 0:08:27.240 --> 0:08:30.239 because imagine paying thirty percent taxes on two hundred and twenty 0:08:30.200 --> 0:08:33.040 thousand dollars. That's over sixty thousand dollars. Your girl didn't 0:08:33.040 --> 0:08:35.240 have the two hundred. How I have the sixty, you know. 0:08:35.720 --> 0:08:37.160 So that was one I was able to get rid 0:08:37.200 --> 0:08:39.720 of the house, which was hard because I had already 0:08:39.720 --> 0:08:42.880 paid five years worth of a mortgage into it. And 0:08:42.920 --> 0:08:45.360 then my student loan debt, I was able to basically 0:08:45.400 --> 0:08:48.240 pause payments because they were federal loans. And then the 0:08:48.280 --> 0:08:50.959 credit card debt. I just used the snowball method and 0:08:51.040 --> 0:08:54.760 the avalanche method to slowly but surely pay them down. 0:08:54.880 --> 0:08:58.240 That took me. The credit card debt took me about 0:08:58.320 --> 0:09:01.959 three years of like hardcore going at it to pay 0:09:02.000 --> 0:09:04.120 it off. And then I worked on my student loan 0:09:04.160 --> 0:09:05.960 debt much more slowly because I was like the girl. 0:09:06.000 --> 0:09:07.960 The government can wait. The girl can wait. Okay, the 0:09:08.000 --> 0:09:10.160 door all can wait. So I'm just sharing that as 0:09:10.200 --> 0:09:12.880 somebody who has been through owing a lot of money, 0:09:12.920 --> 0:09:16.280 and now your girl is debt free like a toddler. 0:09:17.400 --> 0:09:20.040 Your girl is debt free like Rammy, like Rio and 0:09:20.160 --> 0:09:24.119 Rammy Mandy's babies. Okay, I am. I own two properties, 0:09:24.480 --> 0:09:26.600 both of which I brought cast, both of which I've renovated. 0:09:26.600 --> 0:09:29.240 Cash my car that I own, I have bought that 0:09:29.360 --> 0:09:31.960 cash certified pre own a baby. They used to call 0:09:32.000 --> 0:09:34.559 it used cars, but we fancy now certified pre own. 0:09:35.440 --> 0:09:38.679 I don't have no debt and so and I love 0:09:38.720 --> 0:09:42.600 it here because it keeps my lifestyle, my my monthly 0:09:42.640 --> 0:09:47.360 expenses low low Lou Lou lou. Look, it keeps them low, 0:09:47.760 --> 0:09:50.480 so I can maintain my lifestyle without having to worry 0:09:50.480 --> 0:09:53.160 about my monthly expenses. To me, let me tell you 0:09:53.200 --> 0:09:56.520 something about adulting. My thing is, I want to ask 0:09:56.559 --> 0:09:59.600 myself self. I want you to be able to afford 0:09:59.800 --> 0:10:02.679 this current life for as long as possible, if not 0:10:02.760 --> 0:10:04.400 for the rest of my life, you know, my rest 0:10:04.400 --> 0:10:06.920 of my foreseeable life. And so one of the ways 0:10:06.960 --> 0:10:09.680 to do that is to try your best not to 0:10:09.760 --> 0:10:14.080 incur too many monthly expenses. And so wherever I can 0:10:14.160 --> 0:10:16.440 kind of cut out a monthly expense. So do I 0:10:16.480 --> 0:10:18.480 have credit cards, Yes, but I pay them off every 0:10:18.480 --> 0:10:21.160 full and full every month. I don't finance things like 0:10:21.400 --> 0:10:25.240 a couch and a desk and a lamp and a cat, 0:10:25.440 --> 0:10:27.920 things like that. Although there have been times when I've 0:10:27.920 --> 0:10:30.280 done that, but I tried my best, as my finances 0:10:30.320 --> 0:10:33.200 has done better, to save and buy those things. I 0:10:33.200 --> 0:10:35.560 know everybody can't buy a house cash or a car cash, 0:10:35.800 --> 0:10:38.840 but I have worked toward intentionally putting myself in that 0:10:38.880 --> 0:10:42.360 position with my business the income I've made for my 0:10:42.400 --> 0:10:45.079 business to do so, because I want, no matter how 0:10:45.160 --> 0:10:47.640 much I make, I want to be able to afford 0:10:47.679 --> 0:10:50.199 my lifestyle. While I make, you know, a million dollars 0:10:50.200 --> 0:10:51.839 a year, or one hundred thousand dollars a year or 0:10:51.840 --> 0:10:54.600 fifty thousand dollars a year, I can fit within the life, 0:10:54.679 --> 0:10:58.240 my bare bones basic lifestyle because sometimes things fluctuate. So 0:10:58.320 --> 0:11:01.560 just keep in mind that, like ideally, you do want 0:11:01.600 --> 0:11:04.440 to live a beautiful, wonderful life, but can you do 0:11:04.559 --> 0:11:09.840 so without incurring additional monthly expenses? That's really the key. Okay, 0:11:10.200 --> 0:11:12.280 all right, Well we're gonna take a brizz ake and 0:11:12.320 --> 0:11:16.000 we're gonna come back to being black and brown on 0:11:16.040 --> 0:11:19.120 brown ambition. And I have another question to answer from 0:11:19.559 --> 0:11:23.640 one of our amazing listeners, Akau, see you in a 0:11:23.679 --> 0:11:31.600 few I am black, I am brown ambition, and I'm 0:11:31.600 --> 0:11:34.120 here by myself in a stew because, like I said, 0:11:34.120 --> 0:11:37.000 Mandy's just had her baby, honey, And because Mandy ain't here, 0:11:37.000 --> 0:11:39.040 we acting up. We do a business question. Next time, 0:11:39.040 --> 0:11:41.040 I'm gonna do all business Mandy, because who go stop me? 0:11:41.080 --> 0:11:43.480 Who go check me? Blue? You know I love answering 0:11:43.520 --> 0:11:46.880 business questions. And this one actually came from one of 0:11:46.880 --> 0:11:50.640 my mentees this morning. She called me literally, it was 0:11:50.640 --> 0:11:54.680 a ten minute conversation, and she said, Tiffany, you told 0:11:54.679 --> 0:11:57.720 me about someone who was able to give one hundred 0:11:57.760 --> 0:12:01.800 thousand people on their email list in one month. But 0:12:01.840 --> 0:12:03.240 I don't remember how she was able to do, so 0:12:03.280 --> 0:12:05.600 can you tell me? I said, girl, I can't cause 0:12:05.640 --> 0:12:08.880 I remember, I said one of my other mentees she 0:12:08.960 --> 0:12:10.880 did something that I did. Now, I was not able 0:12:10.920 --> 0:12:12.760 to get one hundred thousand people on my email list 0:12:12.760 --> 0:12:14.240 in a month, but it took about a year, which 0:12:14.280 --> 0:12:17.480 one hundred thousand people for this one thing. Okay, well, 0:12:17.480 --> 0:12:20.800 first let's dial it back. Why is it important to 0:12:20.920 --> 0:12:23.800 have people on your email list when you have a business. 0:12:24.120 --> 0:12:29.120 I'll tell you why, because you want to own access 0:12:29.160 --> 0:12:32.640 to your audience. Because the facebooks, if you're even still 0:12:32.679 --> 0:12:36.360 on there, the Instagrams like look, look, look what they're 0:12:36.400 --> 0:12:39.920 doing to tick off the talk, right, the girls was ticking, 0:12:39.960 --> 0:12:42.760 talking and filling themselves. And now the US government is 0:12:42.800 --> 0:12:44.840 looking like they might say, girl, you know what's gonna 0:12:44.840 --> 0:12:47.120 be out of here in a minute. TikTok. She can't 0:12:47.160 --> 0:12:50.120 sit with us, okay. And so if they take TikTok 0:12:50.160 --> 0:12:52.800 out of here, what are these TikTok stars going to do? Right? 0:12:53.120 --> 0:12:56.079 If they say they change the rules Mark Zuckerberger, if 0:12:56.080 --> 0:12:58.640 he changes the rules down to the down to the 0:12:58.640 --> 0:13:01.320 Facebook and the Instagram, what y'all gonna do? And so 0:13:01.440 --> 0:13:03.640 one of the things I learned very early on in 0:13:03.720 --> 0:13:06.840 business is that although you want to use these tools 0:13:07.240 --> 0:13:12.760 to communicate with your audience, ideally you want to own 0:13:13.280 --> 0:13:16.199 access to your audience. So what does that mean. It 0:13:16.240 --> 0:13:20.560 means can I communicate with my audience without the use 0:13:20.640 --> 0:13:22.320 of these social media tools that could tell me what 0:13:22.320 --> 0:13:25.079 to do? Right? And so if you do, if you can't, 0:13:25.120 --> 0:13:27.160 if all your audience exists on social media and no 0:13:27.240 --> 0:13:32.240 place else, you are indangerble Molly, you in danger, girl 0:13:32.720 --> 0:13:35.640 ran right, you in danger? And so if we don't 0:13:35.679 --> 0:13:37.960 want them, and so here's how you get out of danger. 0:13:38.160 --> 0:13:41.120 You're gonna use those platforms to get people onto your 0:13:41.120 --> 0:13:43.680 email list. And there's a number of ways to do 0:13:43.760 --> 0:13:45.960 so to get people slowly, but sure you're on your 0:13:45.960 --> 0:13:48.160 email list. And so my mentee, the one who got 0:13:48.200 --> 0:13:50.600 one hundred thousand people in one month, what she did 0:13:50.640 --> 0:13:52.720 was something that I did. You know. She was honest, 0:13:52.720 --> 0:13:54.680 she said, girl, I seem to do it. So I 0:13:54.760 --> 0:13:56.880 copied or whatever. I'm not even mad at that because 0:13:56.920 --> 0:14:00.320 I'm like, girl, the game is to be played, not 0:14:01.720 --> 0:14:03.400 I don't even know the other part of that, I don't. 0:14:04.320 --> 0:14:06.120 I feel like this is there's a quote there the 0:14:06.160 --> 0:14:08.680 game is to be played, not something anyway. So I 0:14:08.679 --> 0:14:10.160 put her on game and I'll put you on game tune. 0:14:10.880 --> 0:14:13.839 And so one of the best ways. There's so many 0:14:13.840 --> 0:14:15.960 ways to get people on your email list. You can 0:14:16.120 --> 0:14:18.920 get people on your email list by offering something for free, 0:14:19.240 --> 0:14:22.080 like hey, do you want this free budget checklist? You know, 0:14:22.160 --> 0:14:24.560 people put in their name and email, they get the checklist. Yeah, 0:14:24.600 --> 0:14:28.320 everybody's happy. So one you have to choose. They call 0:14:28.360 --> 0:14:31.720 it a CRM. Don't ask me what it stands for CRM. 0:14:31.800 --> 0:14:34.680 I don't know. But there are like there's like mad mem, 0:14:35.040 --> 0:14:38.400 there is Oh Goodness. I use one called keep k 0:14:38.600 --> 0:14:41.640 E a P. But keep is like the rolls Royce 0:14:41.680 --> 0:14:43.320 of CRMs, you don't. It's a lot of money and 0:14:43.320 --> 0:14:45.400 you don't need that to start off with. There's another 0:14:45.440 --> 0:14:49.280 one called I used to use called oh man, I 0:14:49.320 --> 0:14:51.800 forget the name, event don't get me the line child, 0:14:52.200 --> 0:14:54.880 But there are Basically these are just ways to collect 0:14:54.880 --> 0:14:56.640 people's emails and be able to email them. If you 0:14:56.720 --> 0:14:59.600 just google CRMs, you'll see there's one. There's one that 0:14:59.640 --> 0:15:01.160 was actually a really good one, but it wasn't so 0:15:01.200 --> 0:15:03.720 expensive anyway. You know, your girl got the mind of 0:15:03.720 --> 0:15:06.680 eight year old sometimes, so do your Google do a 0:15:06.680 --> 0:15:08.560 little bit of work, right, So you're going to pick 0:15:08.600 --> 0:15:12.080 a CRM and then you're going to link You're like, 0:15:12.120 --> 0:15:15.720 So the CRM will allow you to people will like, 0:15:15.760 --> 0:15:18.080 It'll allow you to create a contact form where people 0:15:18.120 --> 0:15:21.080 will put in like, it'll say welcome dreamcatchers, this is 0:15:21.120 --> 0:15:23.320 what I have. Like for example, if you want to 0:15:23.400 --> 0:15:26.240 get a goodie for me, I call my things goodie 0:15:26.280 --> 0:15:29.840 emails and one of my giveaways to get people on 0:15:29.840 --> 0:15:32.720 my email list. If you go to budgetistogodies dot com, 0:15:32.760 --> 0:15:35.960 for example, you will see like it'll say welcome, do 0:15:36.040 --> 0:15:38.360 you want to get a free goodie? YadA, YadA, YadA YadA. 0:15:38.360 --> 0:15:40.480 You put your name in your email in it adds 0:15:40.520 --> 0:15:43.800 you to my key email list, and then you get 0:15:43.840 --> 0:15:45.880 your free goodie right away. And then every Wednesday I 0:15:45.880 --> 0:15:48.640 send out more free stuff. And it allows me Now 0:15:48.760 --> 0:15:51.600 when I'm launching a book, like I have my workbook 0:15:51.640 --> 0:15:55.360 coming out Made Whole and November of this year, when 0:15:55.400 --> 0:15:58.440 I'm like when my Netflix special came out Get Smart 0:15:58.480 --> 0:16:00.800 with Money, I was able to email the people on 0:16:00.840 --> 0:16:03.160 the list. So having a list means that when I 0:16:03.200 --> 0:16:05.920 have something to say or share or whatever, I can 0:16:05.920 --> 0:16:08.400 speak directly to you. Sure I can post it on social, 0:16:08.560 --> 0:16:11.480 but I can also land in your inbox. Okay, Okay, 0:16:11.640 --> 0:16:14.160 So you're going to pick a CRM. That's one. Then 0:16:14.200 --> 0:16:16.040 two you're going to decide how to get people on. 0:16:16.400 --> 0:16:19.040 So one is to give them something free, another free 0:16:19.080 --> 0:16:21.600 thing that works really great. It's a lot of work though, 0:16:21.640 --> 0:16:24.160 but I created a Liverature challenge. A challenge is a 0:16:24.200 --> 0:16:27.360 great way. So challenges are anywhere, are typically from three 0:16:27.440 --> 0:16:30.360 days so minus three weeks long, where it's basically it's 0:16:30.360 --> 0:16:33.160 like a free course, but people are more likely to 0:16:33.200 --> 0:16:35.600 give their name and email if they're going to receive 0:16:35.640 --> 0:16:39.840 something great and juicy in return. So my annual Literature Challenge. Well, 0:16:39.840 --> 0:16:41.720 actually it's I mean, you can always take that at 0:16:41.760 --> 0:16:45.280 liverature challenge dot com. It's free, but in exchange, people 0:16:45.280 --> 0:16:47.240 give me their name and email and a lot more so, 0:16:47.280 --> 0:16:49.280 because the challenge is three weeks, I don't just ask 0:16:49.280 --> 0:16:51.800 for name and email the registration email. I want to 0:16:51.800 --> 0:16:54.760 know how old you are, where you live. The Liverature 0:16:54.840 --> 0:16:58.360 Challenge allows me every year to get a clear demographic 0:16:58.400 --> 0:17:00.920 of whom I'm serving, so I can tailor make things 0:17:00.960 --> 0:17:04.960 directly for my audience. So the bigger gift you give 0:17:05.000 --> 0:17:07.160 to the audience, the more you can ask of them. 0:17:07.440 --> 0:17:09.560 So I like to ask a lot when people set 0:17:09.600 --> 0:17:12.280 up for my literature challenges, because then I'm clear about 0:17:12.280 --> 0:17:15.080 oh I'm serving. This is like a specifically black women 0:17:15.160 --> 0:17:18.000 I see on here ages, you know, thirty five to 0:17:18.119 --> 0:17:21.480 forty five. She's educated with the college degree. So as 0:17:21.520 --> 0:17:23.800 I build things, I know exactly who I'm building things for. 0:17:24.160 --> 0:17:27.400 So bigger thing you're giving them more things you're allowed 0:17:27.440 --> 0:17:29.959 to ask, so I know I'm doing this roundabout way 0:17:29.960 --> 0:17:31.960 I'm African girl. We don't get to the point. So 0:17:32.560 --> 0:17:34.639 the way that I was that my friend or my 0:17:34.720 --> 0:17:36.720 mentee was able to grow her email lists in the 0:17:36.760 --> 0:17:40.399 way that I did too. Another way was a quiz. 0:17:40.680 --> 0:17:43.320 So we talked about one a free downloadable something to 0:17:43.320 --> 0:17:47.720 give away, two a challenge, three a quiz. So there's 0:17:47.760 --> 0:17:53.480 this site called out Grow out g r ow outgrow 0:17:54.240 --> 0:17:57.720 dot us. I believe in me see because I think 0:17:58.040 --> 0:18:04.280 I tink tink a tink outgrow owe ut out. Well, 0:18:04.280 --> 0:18:07.159 you know what if I go to gg wm forget 0:18:07.160 --> 0:18:11.439 Good with Money quiz ggwm mone yeah, gets Good with 0:18:11.520 --> 0:18:14.600 Money quiz, you could actually go see Outgrowing Action and 0:18:14.680 --> 0:18:20.080 yes it's outgrow dot us and so gg wm quiz. 0:18:20.119 --> 0:18:22.359 You can see my financial Hollness quiz. And what I 0:18:22.400 --> 0:18:24.359 love about it is that as I do is right 0:18:24.400 --> 0:18:26.919 now at the bottom. It has a little window and 0:18:26.960 --> 0:18:30.320 it says and you can see it publicly. One hundred, 0:18:30.960 --> 0:18:35.000 one hundred thousand and seven, No, one hundred seven thousand, 0:18:35.160 --> 0:18:38.080 six hundred and sixty seven people have taken a quiz. 0:18:38.119 --> 0:18:40.240 So over one hundred thousand people have taken this quiz 0:18:40.280 --> 0:18:43.080 in the last like almost two years, which is awesome. 0:18:43.520 --> 0:18:46.480 If the quiz is literally it says your financial Honess quiz, 0:18:46.720 --> 0:18:49.800 and it says there are ten questions and each is 0:18:49.840 --> 0:18:52.640 worth ten percent. How close are you to being financially whole? 0:18:52.840 --> 0:18:56.280 Take the sixty second quiz. Now. One of the things 0:18:56.320 --> 0:18:58.679 I'm saying here, One, if you're gonna do a quiz, 0:18:58.760 --> 0:19:01.560 what are the people gonna get? You're gonna get your score? 0:19:02.080 --> 0:19:03.920 And two how long is it gonna take me? That's 0:19:03.920 --> 0:19:06.520 why I have the button says take the sixty second quiz, 0:19:06.560 --> 0:19:09.080 because now someone can decide do I have sixty seconds? 0:19:09.800 --> 0:19:11.600 You know, and you know that there's ten questions and 0:19:11.640 --> 0:19:13.639 I love it because I can click on it and 0:19:13.680 --> 0:19:15.719 the quiz an outgrow. What I like is I mean, 0:19:15.720 --> 0:19:17.520 I don't know if there's other options, but I use 0:19:17.520 --> 0:19:19.399 the thumbs up thumbs down. So it's going to take 0:19:19.400 --> 0:19:21.480 you less than sixty seconds to just say yes I 0:19:21.480 --> 0:19:23.080 have budget, No I don't have a budget. Yes I 0:19:23.119 --> 0:19:24.720 have this, No I don't have this. And what I 0:19:24.760 --> 0:19:27.159 love is at the end of the quiz, you can 0:19:27.320 --> 0:19:31.320 you can create your own on outgrow is it'll like. 0:19:31.359 --> 0:19:33.160 So I'm just telling myself. I'm left. I'm saying no 0:19:33.200 --> 0:19:34.679 that I don't have any of these things, and Outgrow 0:19:34.760 --> 0:19:36.800 is going to give me a score of like of 0:19:38.040 --> 0:19:40.560 So before I get my score, guess what Alco asked 0:19:40.560 --> 0:19:42.879 me for They're like, girl, before you get your score, 0:19:43.040 --> 0:19:45.719 put your name and your email in Boom collected their 0:19:45.800 --> 0:19:48.320 name and email after they taken a quiz, so they're 0:19:48.320 --> 0:19:49.760 already invested. They're like, girl, I want to know my 0:19:50.320 --> 0:19:53.920 score and it says tiffing your financial honors score zero percent. Way. 0:19:54.640 --> 0:19:58.560 But the good thing is is that I have on 0:19:58.680 --> 0:20:01.960 here like you can get it says want to stay 0:20:01.960 --> 0:20:05.200