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Speaker 1: I'm Lucas and this is Black Tech, Green Money.

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Speaker 2: Carter Cofield and George Ashen Pong are financial experts dedicated

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Speaker 2: to helping black entrepreneurs and professionals build lastly wealth.

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Speaker 1: Carter Cofield is the.

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Speaker 2: Owner and the lead advisor of Cofield Advisors, where he

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Speaker 2: helps creative entrepreneurs take control of their finances so they

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Speaker 2: can focus on his own A genius, he's a CPA

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Speaker 2: and personal financial specialists, providing a one stop shop for

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Speaker 2: tax strategy, wealth building, and financial freedom. George Orson Pong

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Speaker 2: is founder of capital Wise and The Melon A Millionaire's Club,

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Speaker 2: a financial education platform helping one hundred thousand.

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Speaker 1: People of color achieve the first million in network.

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Speaker 2: As a Forest contributor and award winning wealth manager, he's

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Speaker 2: revolutionizing traditional financial advice to accelerate wealth building for black

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Speaker 2: professionals and entrepreneurs. Together with Melon The Money, Carter and

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Speaker 2: Georgia building the number one financial education community design to

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Speaker 2: serve aspiring Melon A millionaires.

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Speaker 1: So I for the first one.

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Speaker 2: To George, but I'd like to get both of you

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Speaker 2: guys as inputs on this is Do you believe first

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Speaker 2: of all, that traditional financial advice for even high income

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Speaker 2: earners in marginalized communities, black communities, minority communities, that traditional

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Speaker 2: advice still doesn't work for us. If so, why doesn't

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Speaker 2: it work for people in our communities?

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Speaker 3: Yeah, that's a great question.

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Speaker 4: The reason why I don't think that it works is

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Speaker 4: because for starters, a lot of the traditional advice in

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Speaker 4: the community or in the financial advice industry is centered

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Speaker 4: around assets under management.

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Speaker 5: Right.

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Speaker 3: It's like, you can't.

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Speaker 4: Start the conversation until you have a quarter million dollars

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Speaker 4: to invest, right, And not to say that people don't

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Speaker 4: have cash on the sidelines. What we found to be

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Speaker 4: true is that our clients were starting businesses, they were

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Speaker 4: becoming successful, they did have great cash flow, but they

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Speaker 4: were very much in the beginning phases of building wealth

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Speaker 4: or didn't even know about that.

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Speaker 3: They should be focused on the relation of wealth, right.

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Speaker 4: And so if we're saying that I got a client

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Speaker 4: that's you know, making you know, a quarter million, half million,

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Speaker 4: or even a million plus a year, But we can't

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Speaker 4: start the conversation by wealth building because you don't have

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Speaker 4: a quarter million dollars to invest. I think that's kind

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Speaker 4: of backwards and it's kew because even when we look

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Speaker 4: at our investment philosophy. As a company, we are preaching

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Speaker 4: that cash flow is king right. The industry at large

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Speaker 4: is saying, hey, invest for forty years and if you

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Speaker 4: do everything right, you have a million dollars at retirement.

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Speaker 4: But we grew to understand and realize that money is

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Speaker 4: not a pool. It's a tool, right, and it's something

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Speaker 4: that needs to be used and not something that we

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Speaker 4: accumulate and look at in awe of. So that's why

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Speaker 4: I don't think it works for really beyond just marginalized communities,

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Speaker 4: but specifically for our communities because we don't inherit money.

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Speaker 3: Typically.

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Speaker 4: We are a lot of us are first generation unwealth builders,

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Speaker 4: and most of our wealth is tied up into our

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Speaker 4: high income skill set or the business that we have,

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Speaker 4: which is a great leverage mechanism. But we just need

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Speaker 4: to not be excluded from the conversation simply because we

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Speaker 4: don't have a quarter million dollars sit on the sidelines.

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Speaker 5: Yeah.

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Speaker 2: Yeah, And Karl, I'm I'm gonna give you the same question,

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Speaker 2: but I'm gonna ask it in a different way because

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Speaker 2: I love that response from George, and so I think

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Speaker 2: about there are a lot of friends I have and

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Speaker 2: friends I'm sure that you have that make really good money,

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Speaker 2: but we still can't seem to catch up with counterparts,

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Speaker 2: non millenated counterparts, And like, what are they doing differently

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Speaker 2: with the same amount of money to make sure they're

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Speaker 2: accelerating a lot faster.

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Speaker 6: Yeah, this is a This is a great question because

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Speaker 6: when I worked in corporate America, I worked at one

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Speaker 6: of the big poor accounting firms, and what I noticed

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Speaker 6: from a company standpoint and from helping you know, small

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Speaker 6: business owners, is that taxes is everyone's number one expense.

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Speaker 3: Right.

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Speaker 6: So if two people both earn one hundred thousand dollars,

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Speaker 6: but one of them has, you know, has to pay

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Speaker 6: five thousand dollar taxes, but the other one has to

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Speaker 6: pay thirty thousand dollars taxes, that other person has twenty

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Speaker 6: five thousand dollars more in income every.

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Speaker 5: Single year to invest.

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Speaker 3: Right.

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Speaker 6: So I think that one thing we appreciate our clients

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Speaker 6: is that it's not just about how much money you make,

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Speaker 6: it's about how much money you keep.

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Speaker 5: And I think one of the.

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Speaker 6: Easiest ways to increase your earning potential is to minimize

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Speaker 6: how much money you have to give to the to

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Speaker 6: the irs. And I think as a community we are

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Speaker 6: so you know, where we're in the beginning phases and

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Speaker 6: are so happy about just having money that we don't

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Speaker 6: think about taxes because like, to even have disposable income

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Speaker 6: is like, yo, we made it. Okay, cool, you made

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Speaker 6: to level one. You solve the income problem. But now

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Speaker 6: that you solve the income problem, you're going to be

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Speaker 6: walking into a tax problem. So I think, at least

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Speaker 6: from my standpoint, helping people minimize their taxes so that

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Speaker 6: they can have more money to invest is a step

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Speaker 6: in the right direction.

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Speaker 1: Yeah, and I'll stick with you Carter on this.

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Speaker 2: I think about people who are transitioning from employment W

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Speaker 2: two to maybe ten ninety nine or even K one,

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Speaker 2: Like they're doing something different, you know, with their revenue,

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Speaker 2: they're in their household income. They may not see that

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Speaker 2: tax refund like no normal W two employee. So what

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Speaker 2: are some what do you find is hurdles that people

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Speaker 2: who traditionally would get a W two and get a

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Speaker 2: refund at the beginning of the year, middle of the year,

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Speaker 2: what are hurdles they have to get over to change

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Speaker 2: how they think about taxes fundamentally, like not super complex,

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Speaker 2: but just the fundamental stuff.

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Speaker 6: Yeah, yeah, So I think that one of the best

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Speaker 6: lessons I learned, at least when I was in college,

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Speaker 6: our professor in our, in our, in our and our,

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Speaker 6: when our classes came in the room, he said, what's

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Speaker 6: the best tax refund.

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Speaker 5: You can get?

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Speaker 6: And then everybody's writing down different numbers, and I'm like, yo,

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Speaker 6: ten twenty dollars, the higher the better, and he let

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Speaker 6: everybody write the answer down and then he was like,

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Speaker 6: the best tax refund you can get is zero, because

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Speaker 6: all the tax refund is is you've given the irs

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Speaker 6: an interest free loan for twelve months that they got

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Speaker 6: to use and invest in whatever.

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Speaker 5: Then they gave it back to you with no interest.

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Speaker 6: So I think the first thing I people to understand

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Speaker 6: that the best tax rEFInd you can get is zero,

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Speaker 6: because that way it gets people to stop being excited

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Speaker 6: right about getting fifteen twenty thousand dollars back that that

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Speaker 6: was your money to begin with, right, So that's number one.

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Speaker 6: I think Number two is once you move from W

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Speaker 6: two to employee, the responsibility for taxes shifts from your

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Speaker 6: employer's responsibility to your responsibility, right, what some people think

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Speaker 6: is a bad thing, But with responsibility also comes control

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Speaker 6: because now that you're responsible for your allwn taxes. You

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Speaker 6: now have control over your tax situation, how much you

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Speaker 6: need to pay any given year. So I think once

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Speaker 6: we can adopt those two mindset shifts, we'll be better

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Speaker 6: off and yours.

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Speaker 2: You know, when you go and start something like melon

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Speaker 2: the money, first, I want you to talk about what

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Speaker 2: it is. But then when you talk about it, talk

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Speaker 2: about what gaps you saw in the marketplace that said,

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Speaker 2: you know what, there's still a need here that you know,

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Speaker 2: me and Car to going fulfill this.

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Speaker 3: Yeah.

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Speaker 4: So I remember back in twenty seventeen, there's an article

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Speaker 4: that will was released that black wealth was going to

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Speaker 4: zero by twenty fifty two. And so here I was,

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Speaker 4: you know, at the time, working with a small pool

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Speaker 4: of clients who you know, I guess I had created

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Speaker 4: this echo chamber for thinking that well, surely you know,

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Speaker 4: people get it, and a lot more people are marching towards,

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Speaker 4: you know, this journey for building wealth, not realizing that

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Speaker 4: at large, right people.

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Speaker 3: Still did not have an understanding of what it took.

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Speaker 4: So I knew that we had to do something that

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Speaker 4: was broader, something that was bigger, something that was more impactful.

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Speaker 4: Me and Carter actually met at a conference in twenty nineteen,

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Speaker 4: and at that conference, one of the speakers was like, hey,

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Speaker 4: you know, if you can just get your firm to

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Speaker 4: one hundred clients like lifetime, right, like, you'll be good,

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Speaker 4: You'll be coasting forever. And then like I kind of

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Speaker 4: heard it, I was just like, that seems a little

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Speaker 4: bit lost, Like we got a lot more people to help, right,

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Speaker 4: and then law and behold, you know me and Carter.

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Speaker 4: You know, again, we didn't know each other at the time.

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Speaker 4: We're walking to lunch and you know, getting a financial

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Speaker 4: advisor conference, or wasn't many of us that looked like us, right,

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Speaker 4: and so you know, we just connected and he kind

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Speaker 4: of felt the same way as either the year what

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Speaker 4: I just heard. And then you know, we realized that

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Speaker 4: it was gonna be somebody.

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Speaker 3: Had to do it.

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Speaker 4: Somebody had to say, how can we serve and reach

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Speaker 4: and impact more people? And so I do understand that

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Speaker 4: some of the limitations of a traditional advisory environment is

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Speaker 4: you know, staff and people and maybe you know you

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Speaker 4: don't have the infrastructure to help you know, a thousand

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Speaker 4: people or ten thousand people. So we had to get

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Speaker 4: really creative and what that looks like, So, while we

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Speaker 4: do still have an advisory firm where we are able

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Speaker 4: to help a decent amount of folks, right, we know

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Speaker 4: that that's not enough, and so that's why we decided

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Speaker 4: to create this hybrid educational model where every other month

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Speaker 4: we're basically doing a virtual conference where people who may

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Speaker 4: meet not in a position to hire an advisor or

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Speaker 4: are curious of an advisor's right for them, they get

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Speaker 4: to learn our top strategies over the course.

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Speaker 5: Of five days.

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Speaker 4: And what's beautiful about that is whether they get the

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Speaker 4: chance to work with us or not, and Carter can

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Speaker 4: get the specific stat I know last year between our

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Speaker 4: master classes and our virtual conferences, I think I was

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Speaker 4: it was north of the Cardio's the number.

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Speaker 5: Over twenty twenty thousand people last year.

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Speaker 4: Over twenty thousand people that we were that we were

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Speaker 4: able to reach, right, And so we know we didn't

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Speaker 4: have to do that. We could continue just to serve

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Speaker 4: the clients who are making multi six figures, seven figures

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Speaker 4: and continue to build our business because we still are

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Speaker 4: certain people of color, but we knew that somebody had

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Speaker 4: with credentials had to step up and say, hey, look,

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Speaker 4: everybody deserves access to quality financial information, right, because the

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Speaker 4: gap that we saw in the marketplace was there was,

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Speaker 4: you know, the person who was super relatable, right, who

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Speaker 4: was a financial educator, can teach you about budgeting and

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Speaker 4: saving and those are all great things, but that just

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Speaker 4: scratching the surface for someone who baby is a little

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Speaker 4: bit further along. Then on the other end of the spectrum,

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Speaker 4: we saw the person who was credible, who had all

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Speaker 4: the credentials, but was very unrelatable.

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Speaker 3: Right. Maybe it was a middle aged white man trying

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Speaker 3: to reach you know, a woman.

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Speaker 4: Of color, And so we found a sweet spot between

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Speaker 4: the balance of relatability incredibility, right, So we have the

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Speaker 4: credentials of you know, the best in class advisor, but

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Speaker 4: we have the relatability.

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Speaker 3: Of someone who you know, you can connect with.

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Speaker 4: And that was kind of the boyd that we filled

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Speaker 4: in the marketplace, and it's allowed us to serve people

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Speaker 4: at scale while still building our firm behind the scenes.

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Speaker 2: Yeah, I want to go level deeper on this. You know, Carter,

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Speaker 2: there's the there's this book The Color of Money Mercer

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Speaker 2: Barradaan who in the book, she there's this line that

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Speaker 2: kind of just changed my whole perspective on black people

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Speaker 2: and money, and she said, we have not so long

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Speaker 2: ago been capital and now we're trying to learn how

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Speaker 2: to manage capital. And but yeah, it's crazy, like right,

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Speaker 2: And it just blew everything up about how I thought,

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Speaker 2: because you know, you walk around, you judge people for

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Speaker 2: the things that they do, and you like all this

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Speaker 2: stuff that you're like, why are we buying cars? We

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Speaker 2: can't afford jewelry, And it said, like, we can't afford

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Speaker 2: But then again, we have not so long ago been capital,

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Speaker 2: and we're being asked to treat it, you know, with

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Speaker 2: it due respect. And so I think about some of

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Speaker 2: the financial norms that have come from our community. Can

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Speaker 2: you talk about how we break free from those ways

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Speaker 2: of thinking? And so actually maybe talk about some of

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Speaker 2: the norms that we've had, you know, when we come

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Speaker 2: up in the black household and maybe you don't have

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Speaker 2: financial conversations at the dinner table.

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Speaker 5: That's that's an issue.

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Speaker 1: But how do we break free from some of these

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Speaker 1: things and actually make progress?

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Speaker 6: Man, that's a loaded question, my brother, but a phenomenal

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Speaker 6: question at that. I think the first step is opening

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Speaker 6: up the conversation, right, because I think awareness is one

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Speaker 6: of the greatest things that we can achieve in our life.

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Speaker 6: And so if money is a taboo topic and nobody

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Speaker 6: wants to talk about it, how can we be educated.

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Speaker 5: On something we're unwilling to talk about, right?

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Speaker 6: So, I think, you know, for me, it was don't

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Speaker 6: bring money up at the dinner table, like you know,

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Speaker 6: put the money under your mattress. Because we can't trust

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Speaker 6: these banks and all these things, and sometimes we have.

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Speaker 5: To question our parents' philosophies and our money.

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Speaker 6: Again, they did the best that they could with the

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Speaker 6: information that they had because not too long ago they

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Speaker 6: weren't allowed to even learn about money. So I think

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Speaker 6: number one, it comes with just open conversations about money.

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Speaker 6: And number two, I think it needs to come with

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Speaker 6: a new level of vulnerability because I think people don't

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Speaker 6: talk about money because they're ashamed. And if you don't know,

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Speaker 6: if you are ashamed about not knowing about something about money,

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Speaker 6: if you if you if you vocalize your lack of

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Speaker 6: knowledge around.

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Speaker 5: It, it can make you feel ashamed. I think we

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Speaker 5: need to just be vulnerable about our lack.

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Speaker 6: Of understanding, and once we know more, we can have more.

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Speaker 6: One thing is that we tell our clients is the

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Speaker 6: more that you learn the more that you earn, but

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Speaker 6: you have to be willing to learn first. So I

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Speaker 6: think those two things really help push the narrative forward.

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Speaker 2: You know, I want to stink with your card on

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Speaker 2: this because I think about, you know, I've been following

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Speaker 2: you on Instagram for some time and you know this,

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Speaker 2: this is one of those I'm gonna ask for a

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Speaker 2: friend question were doing those? And so you know, I

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Speaker 2: got a friend who ows a business, you know, and

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Speaker 2: I think about how you take these remarkable trips and

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Speaker 2: you know, you can go out, have great food either

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Speaker 2: the best restaurants and some of the stuff that I've

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Speaker 2: seen on your ig And I'm like, then at the end,

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Speaker 2: you're talking about like this trip you know was a

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Speaker 2: write off or this trip was you know whatever, Like

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Speaker 2: how like kind of break down some of these scenarios

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Speaker 2: and how you manage them.

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Speaker 5: Yeah.

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Speaker 6: So the first thing I want people to understand is

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Speaker 6: that the tax code is a rule book that allows

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Speaker 6: us to win the tax game if we're willing to

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Speaker 6: learn about the tax game.

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Speaker 3: Right.

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Speaker 6: The tax cold was created to help entrepreneurs and investors

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Speaker 6: avoid paying taxes.

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Speaker 5: That's what that's why I was created. So when it

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Speaker 5: comes to trips.

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Speaker 6: The IRS has a very important code section that's Code

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Speaker 6: section one sixty two A, and it says, any expense

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Speaker 6: that is both ordinary and necessary for you to operate

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Speaker 6: your business, that trip can be tax deductible in your business.

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Speaker 6: And if you think about these big corporate companies, they

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Speaker 6: have they have company retreats where they take their whole

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Speaker 6: company out somewhere and have a big event to improve

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Speaker 6: company morale. And if these big companies can do it.

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Speaker 5: So can small business owners.

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Speaker 3: Right.

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Speaker 6: So, if you take a trip and you decide to

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Speaker 6: bring some of your team members with you. We just

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Speaker 6: had a retreat with our team members in Turks and Kkos.

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Speaker 6: We brought our team members to this retreat in Turks

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Speaker 6: and we gained plan and strategized betweenty twenty five right.

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Speaker 6: We made sure we worked at least four hours a

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Speaker 6: day each day, we met with the entire team, We

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Speaker 6: documented the process, we took notes, we took meeting minutes,

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Speaker 6: we added the documents to our company book. And if

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Speaker 6: you do those things, the IRS says that trip was

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Speaker 6: ordinary and necessary to help your business grow. Due to

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Speaker 6: that fact, the flights are to that location is tax deductible.

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Speaker 5: The lodging.

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Speaker 6: The airbnbwid was some one hundred percent taxuductible, and the

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Speaker 6: meals that we got catered with fifty percent tax deductible.

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Speaker 6: So it just strategically thinking how can I turn something

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Speaker 6: about to already pay for anyway into a taxi doubt

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Speaker 6: stable expense. And one thing we train our clients on

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Speaker 6: is before you spend any money, ask yourself, is there

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Speaker 6: a way I can make this expense both ordinary and

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Speaker 6: necessary for my business? If so, we're gonna use that

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Speaker 6: business car. We're going to document the process that we're

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Speaker 6: gonna save on taxes.

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Speaker 2: So I think I was on Georgia's site doing research

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Speaker 2: for this, and there was this beautiful presidential rolex, and

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Speaker 2: I wonder, like, can can my presidential they they be

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Speaker 2: tax deductible.

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Speaker 4: Well, you know, I'm gonna try to make Carter proud

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Speaker 4: and answer this question the right way, right you got, Car.

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Speaker 3: I am a watch I'm a watch guy. Actually I've

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Speaker 3: got Carter to watch this now.

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Speaker 4: And one of the things that he told me, you know,

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Speaker 4: early on, he was like, well, you know, I know

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Speaker 4: we have the content that we focused on when it

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Speaker 4: comes to you know, helping people build wealth.

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Speaker 3: He's like but you're a watch collector.

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Speaker 4: He's like, if you want to kind of make these

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Speaker 4: things deductible, if you started creating content from the lens

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Speaker 4: of a collector and how your watches are an investment, right.

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Speaker 3: There could be a world where it could be a

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Speaker 3: tax deduction.

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Speaker 5: Right.

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Speaker 4: So I again will defer to the resident expert on

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Speaker 4: the nuanced and details on that, but cart, if you

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Speaker 4: want to share a little bit more context on if

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Speaker 4: the role league.

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Speaker 3: Can truly be task deductible.

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Speaker 2: And I'm gonna ask something else onto that too, because

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Speaker 2: I've heard people Carter talk about I'm gonna I'm gonna

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Speaker 2: ask something because I want you to answer that.

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Speaker 1: But there's more.

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Speaker 2: And so I've heard people talk about, hey, you know,

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Speaker 2: maybe the Louis Vatan bag is not maybe you know,

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Speaker 2: the Cardier or the Chanel whatever is not. But I

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Speaker 2: think about because I'm a schemer, I'm up here scheming, like, okay,

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Speaker 2: but what if.

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Speaker 5: That's what they suggested?

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Speaker 1: Hear me.

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Speaker 2: So I'm like, I'm like, what if I'm doing I'm

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Speaker 2: just doing content and it's a part of my you know,

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Speaker 2: be I gotta i gotta be presentable for the camera

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Speaker 2: or if I'm like shooting like fictional shorts for YouTube

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Speaker 2: before Instagram. Like, but I'm playing character now can I

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Speaker 2: go by that Louis va time?

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Speaker 5: Okay, so yeah, I'll ask her. Well if I answer

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Speaker 5: Georgias question, now circle back to yours.

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Speaker 6: So Ira says, if if something is in the pursuit

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Speaker 6: of income, you can rationalize that expense being ordinary necessary.

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Speaker 6: So if Rolex was to sponsor our podcast, right, and

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Speaker 6: then we were to talk about watches, the more we

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Speaker 6: talk about watches, the bigger the Rolex sponsorship is.

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Speaker 5: Going to be.

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Speaker 6: Right, So that is a direct correlation with how we

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Speaker 6: can make money from advertising our watches, so that there

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Speaker 6: therefore that could make our Rolex is tax deductible because

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Speaker 6: showing them in our content can help roll Lex stroke

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Speaker 6: a bigger check when it comes to sponsoring our show.

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Speaker 5: So would that's how you.

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Speaker 6: Would write off a Rolex the easiest, the easiest way

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Speaker 6: I can explain it.

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Speaker 5: Now. When it comes to clothing, the IRS is.

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Speaker 6: Very very very very strict and clear about THEIRS your

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Speaker 6: ability to write off clothes. They say, if you are

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Speaker 6: going to try to write off clothes, it has to

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Speaker 6: be a costume, to the point where if you were

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Speaker 6: out in public again, people would stare, or you just

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Speaker 6: can't wear it out of public again. So if you

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Speaker 6: were shooting a scene with a firefighter costume on for

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Speaker 6: your short blog blogged and cool.

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Speaker 5: Because if you wore that in public, you would be

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Speaker 5: laughed at.

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Speaker 6: Right, But the Louis Vuitton, the chanelle, like, that's that's

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Speaker 6: not gonna because there's nothing ordinary about that, right, There's

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Speaker 6: nothing ordinary about a two thousand dollars jacket.

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Speaker 2: But my scene HiT's hard. This scene I'm shooting, it

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Speaker 2: just won't hit this hard.

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Speaker 3: Yeah, it looks like it might.

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Speaker 6: But like, yeah, so I just tell people, like trying

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Speaker 6: to validate the cost of a designer purchase as a

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Speaker 6: tax deduction, there are easier ways to save on taxes

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Speaker 6: that will cost less red flax.

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Speaker 1: I like that.

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Speaker 2: I like that, you know, so I want you to

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Speaker 2: go one more step in this direction. I want to

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Speaker 2: talk about vehicles for a second. Like, you know, if

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Speaker 2: I'm talking about the you know, maybe there's this range

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Speaker 2: rover and I've heard like this six thousand pounds or

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Speaker 2: nine thousand pounds rule. I'll let you touch on that

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Speaker 2: or what if it's not six thousand pounds? But I

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Speaker 2: want there's this really nice car, but I'm using it

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Speaker 2: for business purposes. Majority for the major point.

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Speaker 6: Yeah, So with business vehicles, a major point I like

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Speaker 6: to communicate when I'll talk about vehicle to business owners

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Speaker 6: is that there's a common misconception that the vehicle has

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Speaker 6: to be in your business name in order for you

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Speaker 6: to deduct it on your taxes, and that that's just

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Speaker 6: not true the irs.

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Speaker 5: What the IRS cares.

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Speaker 6: About is do you plan on using this vehicle for

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Speaker 6: business use or not. So, if the vehicle's in your

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Speaker 6: personal name, but you plan to use it for business, okay, great,

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Speaker 6: we can still use it for business up to the

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Speaker 6: percentage of business use that we use.

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Speaker 5: So if you have one vehicle.

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Speaker 6: It's valid that you can use a eighty percent business

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Speaker 6: in twenty percent personal.

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Speaker 3: Cool.

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Speaker 6: That means that eighty percent of the expenses related to

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Speaker 6: that vehicle interest in your car, no car insurance, gas repairs, maintenance,

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Speaker 6: all changes, all the expenses associated with that vehicle, eighty

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Speaker 6: percent of those expenses is tax deductible.

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Speaker 5: But you also get.

445
00:19:43,200 --> 00:19:46,640
Speaker 6: An expense for money you didn't spend, which is called depreciation,

446
00:19:47,080 --> 00:19:50,119
Speaker 6: which is basically saying, hey that because we know a

447
00:19:50,240 --> 00:19:53,720
Speaker 6: car is a depreciating asset. We're gonna give you a

448
00:19:53,720 --> 00:19:57,560
Speaker 6: tax deduction today for your car losing value tomorrow, and

449
00:19:57,960 --> 00:20:00,280
Speaker 6: if the vehicle weighs less than six thousand pound, the

450
00:20:00,320 --> 00:20:02,480
Speaker 6: IRS will let you write right up up to twenty

451
00:20:02,560 --> 00:20:03,840
Speaker 6: thousand dollars.

452
00:20:03,560 --> 00:20:06,280
Speaker 5: In depreciation the first year that you rented out.

453
00:20:06,320 --> 00:20:08,680
Speaker 6: So you can have twenty thousand dollars of depreciation plus

454
00:20:08,720 --> 00:20:11,040
Speaker 6: another four thousand dollars in car expenses. You can have

455
00:20:11,040 --> 00:20:13,760
Speaker 6: a twenty four thousand dollars tax deduction that year for

456
00:20:13,840 --> 00:20:16,560
Speaker 6: your vehicle. Now with the six thousand pound rule, what

457
00:20:16,680 --> 00:20:20,960
Speaker 6: makes that robust and something that business ownership seek to

458
00:20:21,040 --> 00:20:24,480
Speaker 6: have is because instead of having that twenty thousand dollars

459
00:20:24,480 --> 00:20:27,000
Speaker 6: cap for depreciation, you actually get to write off a

460
00:20:27,040 --> 00:20:30,680
Speaker 6: percentage of the vehicle's value. So if you were to

461
00:20:30,720 --> 00:20:33,320
Speaker 6: get one hundred thousand dollars catalyt escalate, which weighs over

462
00:20:33,359 --> 00:20:36,520
Speaker 6: six thousand pounds, you would be able in twenty twenty five,

463
00:20:36,600 --> 00:20:39,680
Speaker 6: unless Donald Trump changes something at the moment, you'll be

464
00:20:39,720 --> 00:20:42,760
Speaker 6: able to write out forty thousand dollars or forty percent

465
00:20:42,800 --> 00:20:45,679
Speaker 6: of that vehicle's cost in the first year you receive it.

466
00:20:45,760 --> 00:20:47,720
Speaker 6: Even if you didn't like even if you finance to

467
00:20:47,720 --> 00:20:49,720
Speaker 6: put no money down. So in this case, we went

468
00:20:49,720 --> 00:20:52,639
Speaker 6: from having a twenty thousand dollars deduction to a forty

469
00:20:52,640 --> 00:20:54,879
Speaker 6: thousand dollars deduction by getting a vehicle that weighs a

470
00:20:54,920 --> 00:20:55,439
Speaker 6: little bit.

471
00:20:55,280 --> 00:20:56,520
Speaker 1: More like that.

472
00:20:56,800 --> 00:20:59,920
Speaker 2: Like that, So we talked, you know, which I love

473
00:21:00,080 --> 00:21:02,200
Speaker 2: talking about spending money in this way and how to

474
00:21:02,240 --> 00:21:04,560
Speaker 2: save on spending money. Let's talk about making some money.

475
00:21:05,000 --> 00:21:07,960
Speaker 2: How do we make more money? So we can start

476
00:21:08,000 --> 00:21:10,679
Speaker 2: with investing here, So people who are listening to this

477
00:21:10,760 --> 00:21:14,040
Speaker 2: and are new to investing, let's say, hey, George, you know,

478
00:21:14,440 --> 00:21:17,480
Speaker 2: you've got somebody who's got you know, five thousand dollars

479
00:21:17,520 --> 00:21:20,040
Speaker 2: and they don't need to touch it to live. But

480
00:21:20,160 --> 00:21:22,280
Speaker 2: it's sitting in a savings account right now, or it's

481
00:21:22,280 --> 00:21:24,920
Speaker 2: sitting under the you know, pillow to you know, Carter's

482
00:21:24,920 --> 00:21:28,080
Speaker 2: earlier point, like.

483
00:21:28,160 --> 00:21:30,159
Speaker 1: What should I be doing? Let's start. Let's start with

484
00:21:30,200 --> 00:21:32,600
Speaker 1: five thousand dollars. What should I be doing with that money?

485
00:21:34,400 --> 00:21:37,119
Speaker 4: Yeah, you don't have a financial advisor, so my mind defaulses,

486
00:21:37,200 --> 00:21:40,719
Speaker 4: I want more context, but I'll make I'll make some

487
00:21:40,880 --> 00:21:43,840
Speaker 4: I'll make some assumption. So assuming you got your emergency fund,

488
00:21:44,160 --> 00:21:47,240
Speaker 4: assuming that this is truly money that you can allocate

489
00:21:47,280 --> 00:21:51,280
Speaker 4: towards investing. The way I would approach it is very straightforward.

490
00:21:51,359 --> 00:21:51,520
Speaker 5: Right.

491
00:21:52,119 --> 00:21:55,920
Speaker 3: We teach our clients this philosophy called the Burger King

492
00:21:55,920 --> 00:21:57,200
Speaker 3: investment strategy, right.

493
00:21:57,040 --> 00:21:59,359
Speaker 4: And essentially what that means is you have to learn

494
00:21:59,400 --> 00:22:00,640
Speaker 4: how to copy the cat.

495
00:22:01,480 --> 00:22:04,159
Speaker 3: McDonald spends millions of dollars a year determining where they

496
00:22:04,160 --> 00:22:05,320
Speaker 3: want to put the next McDonald's.

497
00:22:05,400 --> 00:22:05,560
Speaker 1: Right.

498
00:22:06,080 --> 00:22:08,119
Speaker 4: Bur King, however, says, well, shoot, McDonald's did out the

499
00:22:08,119 --> 00:22:11,160
Speaker 4: heavy lifting. I'm just going to put my burn King

500
00:22:11,200 --> 00:22:14,080
Speaker 4: in proximity to mcdonald'sause fast food is fast food, right.

501
00:22:14,680 --> 00:22:16,600
Speaker 4: Bur King knows that somebody's gonna be running late for

502
00:22:16,640 --> 00:22:18,920
Speaker 4: work and they want that. Even though they want that mcgriddoll,

503
00:22:18,920 --> 00:22:21,119
Speaker 4: they're gonna settle for the French sticks at bur King

504
00:22:21,119 --> 00:22:23,000
Speaker 4: because the line ain't is long. Right. So when you

505
00:22:23,040 --> 00:22:27,000
Speaker 4: think about that from an investing lens, right like Vanguard, Fidelity,

506
00:22:27,080 --> 00:22:29,639
Speaker 4: Charles Swap, all these big investment institutions, they spend tens

507
00:22:29,640 --> 00:22:32,560
Speaker 4: of millions right, arguably hundreds of millions of dollars a

508
00:22:32,640 --> 00:22:37,119
Speaker 4: year on analyst and research to determine what investments.

509
00:22:36,560 --> 00:22:37,240
Speaker 3: Should go into.

510
00:22:37,280 --> 00:22:40,760
Speaker 4: These particular funds, also known as ETFs or indexes, right,

511
00:22:41,440 --> 00:22:43,200
Speaker 4: And I always like to explain it from the vantage

512
00:22:43,200 --> 00:22:44,840
Speaker 4: point of looking at it like a mall. Right, if

513
00:22:44,880 --> 00:22:46,920
Speaker 4: you go to your favorite mall, it has hundreds of stores,

514
00:22:46,960 --> 00:22:49,479
Speaker 4: and if one, two, five, or ten of those stores

515
00:22:50,560 --> 00:22:52,200
Speaker 4: you know don't do well, is the mall going to

516
00:22:52,240 --> 00:22:53,520
Speaker 4: close down? We know the mall is not going to

517
00:22:53,520 --> 00:22:55,720
Speaker 4: close down. We can understand that rationally. And it's the

518
00:22:55,720 --> 00:22:58,479
Speaker 4: same thing for the investing world. If you invest in

519
00:22:58,520 --> 00:23:01,760
Speaker 4: a Vanguard ETF has five hundred different companies in it

520
00:23:02,000 --> 00:23:04,280
Speaker 4: and three, four, or five or ten of them are underperforming,

521
00:23:04,720 --> 00:23:06,400
Speaker 4: the overall fund is still.

522
00:23:06,160 --> 00:23:06,840
Speaker 3: Gonna be okay.

523
00:23:07,160 --> 00:23:09,880
Speaker 4: Right, And so if you just copy the right cat, ie,

524
00:23:10,040 --> 00:23:12,959
Speaker 4: hit the buy button on Vanguard's website, and you just

525
00:23:13,200 --> 00:23:14,879
Speaker 4: close your laptop and don't do anything else for the

526
00:23:14,880 --> 00:23:17,120
Speaker 4: next twelve months on average, right, well, let's just speak

527
00:23:17,160 --> 00:23:18,800
Speaker 4: to the last twelve months, your money would have made

528
00:23:18,800 --> 00:23:19,640
Speaker 4: you nearly twenty.

529
00:23:19,400 --> 00:23:23,040
Speaker 3: Five percent, right, And so that's step one.

530
00:23:24,000 --> 00:23:26,760
Speaker 4: Just not trying to be a world of investing expert

531
00:23:27,119 --> 00:23:29,800
Speaker 4: and look at the charts like, just copy the right cat.

532
00:23:29,840 --> 00:23:30,520
Speaker 3: You need to focus.

533
00:23:30,560 --> 00:23:32,119
Speaker 4: If you are going to focus some time on something,

534
00:23:32,440 --> 00:23:34,640
Speaker 4: focus your time on figuring out how you can invest

535
00:23:34,680 --> 00:23:36,919
Speaker 4: more in five thousand dollars, I e. How can I

536
00:23:37,119 --> 00:23:40,240
Speaker 4: become more valuable to the marketplace to have more disposable

537
00:23:40,280 --> 00:23:43,280
Speaker 4: income to invest versus me trying to become a world

538
00:23:43,280 --> 00:23:44,320
Speaker 4: class investor.

539
00:23:44,560 --> 00:23:44,760
Speaker 5: Right.

540
00:23:45,280 --> 00:23:47,119
Speaker 3: Once you do that, there's other other levers you.

541
00:23:47,119 --> 00:23:49,359
Speaker 4: Can pull, like looking inside of the ETF and looking

542
00:23:49,359 --> 00:23:51,680
Speaker 4: at some of the top investments that are there, and say,

543
00:23:51,720 --> 00:23:53,520
Speaker 4: you know what, if I have five thousand dollars to invest,

544
00:23:53,520 --> 00:23:57,320
Speaker 4: maybe three thousand I invest in the ETF, maybe two thousand.

545
00:23:57,400 --> 00:24:00,159
Speaker 4: I pick out some of the top winners. Maybe I'm

546
00:24:00,200 --> 00:24:02,600
Speaker 4: investing in Apple and video. Now, if you're watching this

547
00:24:02,640 --> 00:24:03,480
Speaker 4: in real time, you might.

548
00:24:03,400 --> 00:24:05,199
Speaker 5: Say, maybe not in video, but it just got hit.

549
00:24:05,320 --> 00:24:08,280
Speaker 3: But which is actually a great time. I was about

550
00:24:08,280 --> 00:24:10,920
Speaker 3: to say, like, yeah, I'm thinking.

551
00:24:10,720 --> 00:24:13,480
Speaker 4: Of how they're thinking, right, Yeah, which actually is a

552
00:24:13,480 --> 00:24:17,280
Speaker 4: great exactly, But more of the story is picking some

553
00:24:17,320 --> 00:24:20,879
Speaker 4: of those uh, you know, bigger, bigger winners, right, they

554
00:24:20,880 --> 00:24:23,920
Speaker 4: could potentially give you greater returns.

555
00:24:23,480 --> 00:24:24,760
Speaker 3: Than just picking the index.

556
00:24:24,840 --> 00:24:26,960
Speaker 4: But if that's if you have five thousand dollars to invest,

557
00:24:27,000 --> 00:24:29,280
Speaker 4: that's exactly what I would advise. And then from there

558
00:24:29,320 --> 00:24:31,639
Speaker 4: as your investment grows, there's other strategies that you can

559
00:24:31,680 --> 00:24:33,879
Speaker 4: take advantage of that can make more sense as you

560
00:24:33,920 --> 00:24:35,439
Speaker 4: have more disposed income to invest.

561
00:24:35,800 --> 00:24:38,360
Speaker 2: Yeah, at the risk of having you say I need

562
00:24:38,359 --> 00:24:40,960
Speaker 2: more context again, I'm going to give you a statement

563
00:24:41,680 --> 00:24:43,879
Speaker 2: that my financial advisor has said to me and again

564
00:24:44,000 --> 00:24:46,840
Speaker 2: changed the way I look at money. You know, I

565
00:24:46,880 --> 00:24:49,399
Speaker 2: was talking to her about my my financial portfolio and

566
00:24:49,440 --> 00:24:51,320
Speaker 2: things like that, and I was we were talking about

567
00:24:51,320 --> 00:24:52,840
Speaker 2: the money that was in my bank account, and she

568
00:24:52,960 --> 00:24:55,240
Speaker 2: was like, true, wealth is not in the bank accounts,

569
00:24:56,119 --> 00:24:59,159
Speaker 2: and I would without giving you more context, I just

570
00:24:59,240 --> 00:25:01,639
Speaker 2: want you to speak on what that really means. We'll

571
00:25:01,680 --> 00:25:03,960
Speaker 2: start with George and then we'll have my card to

572
00:25:04,040 --> 00:25:05,480
Speaker 2: jump in on this tool.

573
00:25:05,800 --> 00:25:06,280
Speaker 3: Yeah.

574
00:25:06,359 --> 00:25:10,240
Speaker 4: Well, because of how our economy is set up, right,

575
00:25:10,560 --> 00:25:15,359
Speaker 4: of our money loses its purchasing power year over year, right,

576
00:25:15,880 --> 00:25:17,760
Speaker 4: And so even though it seems safe and you can

577
00:25:17,800 --> 00:25:19,280
Speaker 4: look at it, you can touch it, and it doesn't

578
00:25:19,280 --> 00:25:22,439
Speaker 4: decrease unless you withdraw every year, the money that you

579
00:25:22,440 --> 00:25:24,680
Speaker 4: have in your bank account is going to have less

580
00:25:24,720 --> 00:25:28,359
Speaker 4: purchasing power in the following year, and so you're losing

581
00:25:28,520 --> 00:25:31,560
Speaker 4: the ability. It's costing you more to live as time

582
00:25:31,640 --> 00:25:32,000
Speaker 4: goes on.

583
00:25:32,480 --> 00:25:32,720
Speaker 5: Right.

584
00:25:33,040 --> 00:25:34,760
Speaker 4: So the reason why wealth is not created in the

585
00:25:34,760 --> 00:25:38,040
Speaker 4: bank is because you're literally, quite literally losing wealth due

586
00:25:38,080 --> 00:25:40,840
Speaker 4: to inflation right when your money is in the bank. Right,

587
00:25:40,880 --> 00:25:43,199
Speaker 4: And so the way that we hedge inflation is we

588
00:25:43,280 --> 00:25:45,640
Speaker 4: put our money in investments that we believe are going

589
00:25:45,680 --> 00:25:49,359
Speaker 4: to outpace inflation, so that at minimum we're keeping up

590
00:25:49,359 --> 00:25:51,639
Speaker 4: with that our purchasing power is in decreasing. In a

591
00:25:51,680 --> 00:25:55,000
Speaker 4: perfect world scenario, if your investments are really out pacing inflation,

592
00:25:55,320 --> 00:25:58,560
Speaker 4: it actually becomes cheaper to live as time goes on,

593
00:25:59,320 --> 00:26:02,000
Speaker 4: right because if inflation is going up at a rate

594
00:26:02,040 --> 00:26:04,720
Speaker 4: of two percent two point five percent, but your investment

595
00:26:04,720 --> 00:26:06,440
Speaker 4: account is going up a rate of ten percent and

596
00:26:06,480 --> 00:26:10,119
Speaker 4: your money's part there, that means all things remaining constant,

597
00:26:10,359 --> 00:26:12,720
Speaker 4: it costs you less to live as long as you

598
00:26:13,000 --> 00:26:16,000
Speaker 4: are investing your money over time versus leaving into bank account.

599
00:26:16,280 --> 00:26:18,440
Speaker 1: I love that card. Anything you want to add to that.

600
00:26:19,560 --> 00:26:22,800
Speaker 6: Well, yeah, I mean, just like, think about what helped

601
00:26:22,800 --> 00:26:26,760
Speaker 6: me conceptualize why take my money out of a bank account,

602
00:26:26,840 --> 00:26:29,080
Speaker 6: out of a saving's account. If you really understand the

603
00:26:29,080 --> 00:26:32,000
Speaker 6: banking system like they're robbing you day by day, and

604
00:26:32,040 --> 00:26:33,800
Speaker 6: I think this is important for the audience to understand.

605
00:26:33,840 --> 00:26:36,240
Speaker 6: So you go to a bank. You give them ten

606
00:26:36,280 --> 00:26:38,600
Speaker 6: thousand dollars. They put it in your savings account, right,

607
00:26:39,040 --> 00:26:42,800
Speaker 6: they give you less than one percent. You open your

608
00:26:42,880 --> 00:26:44,560
Speaker 6: you go you to your online banking. You see it's

609
00:26:44,600 --> 00:26:47,000
Speaker 6: ten thousand dollars in your account, but the ten thousand

610
00:26:47,000 --> 00:26:49,439
Speaker 6: dollars is not actually in the bank. Right, they go

611
00:26:49,480 --> 00:26:51,960
Speaker 6: and lend your money out to somebody or betty. Yet

612
00:26:52,000 --> 00:26:53,439
Speaker 6: they lend it back to you because then you go

613
00:26:53,480 --> 00:26:55,600
Speaker 6: to the bank the next day and say, hey, can

614
00:26:55,760 --> 00:26:57,800
Speaker 6: I get a credit card? They're like, of course, we'll

615
00:26:57,840 --> 00:27:00,200
Speaker 6: give you a ten thousand dollars credit card line. And

616
00:27:00,200 --> 00:27:01,280
Speaker 6: you're like, oh my god, I got a credit car

617
00:27:01,400 --> 00:27:04,320
Speaker 6: ten thousand dollars limit. But they're gonna charge your twenty

618
00:27:04,320 --> 00:27:06,399
Speaker 6: four percent interest rate on that credit card, right, so

619
00:27:06,440 --> 00:27:08,880
Speaker 6: you use that card. So basically they just gave you

620
00:27:08,880 --> 00:27:11,760
Speaker 6: your ten thousand dollars back at twenty four percent interest,

621
00:27:12,080 --> 00:27:13,879
Speaker 6: where they're holding your money in a bank account at

622
00:27:13,960 --> 00:27:16,320
Speaker 6: less than one percent interest, and they're making a twenty

623
00:27:16,320 --> 00:27:19,240
Speaker 6: three percent arbitrage on you ever seen every time you

624
00:27:19,359 --> 00:27:21,960
Speaker 6: use the card. So like, once you understand that the

625
00:27:22,040 --> 00:27:25,160
Speaker 6: banks are getting rich off of having your money there,

626
00:27:25,440 --> 00:27:27,560
Speaker 6: like you're like, well, instead of you getting rich off

627
00:27:27,600 --> 00:27:30,159
Speaker 6: my money? Why don't I get rich off my money?

628
00:27:30,240 --> 00:27:31,439
Speaker 6: And that's when we take our money out of bank

629
00:27:31,440 --> 00:27:33,320
Speaker 6: accounts and we put them in investing accounts.

630
00:27:34,520 --> 00:27:37,119
Speaker 2: I want to take this a little bit of a

631
00:27:37,480 --> 00:27:39,720
Speaker 2: detour here and start with card Or on this. It's

632
00:27:39,760 --> 00:27:43,199
Speaker 2: like for those with an irregular or entrepreneurial income, it

633
00:27:43,240 --> 00:27:47,200
Speaker 2: doesn't necessarily hit every Friday. How do we create solid

634
00:27:47,240 --> 00:27:50,320
Speaker 2: financial plans when you have that irregular It may be

635
00:27:50,560 --> 00:27:52,800
Speaker 2: a decent, you know, income, but it's not regular.

636
00:27:54,680 --> 00:27:54,960
Speaker 3: Yes.

637
00:27:55,320 --> 00:27:58,840
Speaker 6: So one of the best books I can have any

638
00:27:58,960 --> 00:28:01,760
Speaker 6: entrepreneur read see When to learn how to be a

639
00:28:01,760 --> 00:28:04,639
Speaker 6: good store over their finances is a book called profit

640
00:28:04,760 --> 00:28:06,040
Speaker 6: First by Mike account.

641
00:28:06,119 --> 00:28:08,520
Speaker 1: I'm actually reading that right now, dude.

642
00:28:08,600 --> 00:28:11,400
Speaker 6: You read it every year, okay, So that book would

643
00:28:11,440 --> 00:28:14,600
Speaker 6: change the game for every entrepreneur. And basically the philosophy

644
00:28:14,600 --> 00:28:17,919
Speaker 6: that the book teaches is if you don't give your

645
00:28:17,920 --> 00:28:21,280
Speaker 6: money a destination, it will run wild, right fact. And

646
00:28:21,359 --> 00:28:23,880
Speaker 6: so what the profit first method is You set up

647
00:28:24,000 --> 00:28:27,239
Speaker 6: separate accounts and you give these accounts different purposes. So

648
00:28:27,280 --> 00:28:29,119
Speaker 6: you have an account for income, you have an account

649
00:28:29,119 --> 00:28:31,959
Speaker 6: for expenses, have an account for payroll, have an account

650
00:28:32,000 --> 00:28:35,320
Speaker 6: for your own your own self as an officer's compensation.

651
00:28:35,400 --> 00:28:38,600
Speaker 6: You have an account for taxes definitely, and as money

652
00:28:38,600 --> 00:28:41,960
Speaker 6: comes into these accounts, you separated based off of percentage.

653
00:28:42,000 --> 00:28:43,880
Speaker 6: So again in our example, if you if you have

654
00:28:44,120 --> 00:28:46,680
Speaker 6: a ten thousand dollars a month, cool, Well, a portion

655
00:28:46,760 --> 00:28:48,600
Speaker 6: of that is going to go towards taxes, a portion

656
00:28:48,680 --> 00:28:50,280
Speaker 6: of that is going to go towards paying yourself, A

657
00:28:50,360 --> 00:28:52,200
Speaker 6: portion of that is going to go for expenses of

658
00:28:52,240 --> 00:28:55,160
Speaker 6: the business. And then you have these different buckets of

659
00:28:55,320 --> 00:28:56,280
Speaker 6: money in your business.

660
00:28:56,560 --> 00:28:59,200
Speaker 5: And if you have a low.

661
00:28:59,040 --> 00:29:02,160
Speaker 6: Month and you see like, okay, well my expense account

662
00:29:02,160 --> 00:29:03,800
Speaker 6: is running low, well guess what is time for you

663
00:29:03,840 --> 00:29:06,640
Speaker 6: to stop spending money right now right? And having these

664
00:29:06,640 --> 00:29:09,600
Speaker 6: different accounts set up and breaking your money and allocating

665
00:29:09,640 --> 00:29:13,360
Speaker 6: it by percentages based off versus just having all your

666
00:29:13,400 --> 00:29:14,480
Speaker 6: money hitting one account.

667
00:29:14,640 --> 00:29:18,080
Speaker 5: This is the best way that entrepreneurs.

668
00:29:17,480 --> 00:29:21,840
Speaker 6: Can own their money and create a system where even

669
00:29:21,880 --> 00:29:23,920
Speaker 6: though it's going to be highs and lows in the business,

670
00:29:24,200 --> 00:29:27,240
Speaker 6: you still know how to onet how your business is doing,

671
00:29:27,440 --> 00:29:30,440
Speaker 6: and how to move your finances going forward.

672
00:29:31,440 --> 00:29:34,400
Speaker 2: Yeah, you know, George, so many of us, specifically in

673
00:29:34,440 --> 00:29:38,000
Speaker 2: our community, you know, we grew up thinking or hearing

674
00:29:38,160 --> 00:29:39,920
Speaker 2: debt is you know, you do as much as you

675
00:29:39,960 --> 00:29:41,320
Speaker 2: can and get out of debt.

676
00:29:41,920 --> 00:29:44,560
Speaker 1: We see it purely as a negative thing, too many

677
00:29:44,600 --> 00:29:47,200
Speaker 1: of us, do you know. I want you to.

678
00:29:47,120 --> 00:29:49,840
Speaker 2: Talk about how how debt is a tool and how

679
00:29:49,840 --> 00:29:52,240
Speaker 2: you can be how you can leverage debt to you know,

680
00:29:52,760 --> 00:29:53,800
Speaker 2: find your way to wealth.

681
00:29:55,800 --> 00:29:56,880
Speaker 3: That's a phenomenal question.

682
00:29:57,040 --> 00:29:57,240
Speaker 5: Right.

683
00:29:57,280 --> 00:29:59,640
Speaker 4: So, I think when most people think about debt, they

684
00:29:59,640 --> 00:30:02,560
Speaker 4: think about it in terms of purchasing liabilities.

685
00:30:02,640 --> 00:30:02,800
Speaker 3: Right.

686
00:30:03,240 --> 00:30:05,400
Speaker 4: You buy a car and five years from now, that

687
00:30:05,480 --> 00:30:07,640
Speaker 4: car is worth less than you originally purchased it for.

688
00:30:08,360 --> 00:30:10,480
Speaker 4: And you when you look at all the payments that

689
00:30:10,520 --> 00:30:12,640
Speaker 4: you made, you paid more than you originally borrow.

690
00:30:12,720 --> 00:30:14,640
Speaker 3: Right, So when you look at different that lens, it's.

691
00:30:14,480 --> 00:30:15,680
Speaker 5: Like, why would I ever borrow?

692
00:30:15,720 --> 00:30:17,120
Speaker 3: Like the systems rated?

693
00:30:17,600 --> 00:30:19,880
Speaker 4: But when you look at that from the lens of

694
00:30:19,960 --> 00:30:21,960
Speaker 4: leverage and say, hey, look, I'm gonna borrow this money,

695
00:30:22,000 --> 00:30:23,760
Speaker 4: but I'm gonna borrow to buy an investment that I

696
00:30:23,760 --> 00:30:27,280
Speaker 4: believe the interest that I'm gonna earn it's gonna be greater.

697
00:30:27,040 --> 00:30:28,120
Speaker 3: Than the interest that I'm gonna own.

698
00:30:28,240 --> 00:30:28,440
Speaker 5: Right.

699
00:30:28,480 --> 00:30:31,200
Speaker 4: Simply put, if I borrow money at six percent, I

700
00:30:31,320 --> 00:30:33,400
Speaker 4: use that money to buy house or I use that

701
00:30:33,400 --> 00:30:35,240
Speaker 4: money as a downpayment to buy a business, or I

702
00:30:35,280 --> 00:30:36,920
Speaker 4: use that money to invest in a stock market, and

703
00:30:36,920 --> 00:30:40,960
Speaker 4: then my returns significantly outpaced the interest that I owe.

704
00:30:40,960 --> 00:30:43,160
Speaker 4: Then it's just a game of arbitrage, similar to the bank. Right,

705
00:30:43,200 --> 00:30:45,320
Speaker 4: So it's like, Okay, well I borrowed it a six

706
00:30:46,120 --> 00:30:48,920
Speaker 4: I got twelve percent right after even I paid the

707
00:30:48,960 --> 00:30:51,240
Speaker 4: bank back, right, there's still a six percent spread on

708
00:30:51,320 --> 00:30:54,080
Speaker 4: money that wasn't mine, right, which is naturally going to

709
00:30:54,120 --> 00:30:55,920
Speaker 4: speed up your ability to build well because it's like

710
00:30:55,960 --> 00:30:58,800
Speaker 4: you have more money to play with that you didn't

711
00:30:58,800 --> 00:31:00,960
Speaker 4: originally have. When you get on the right side of

712
00:31:00,960 --> 00:31:04,880
Speaker 4: the equation and you use borrow money to build wealth

713
00:31:04,920 --> 00:31:07,800
Speaker 4: and use borrow money to invest, then it can be

714
00:31:07,880 --> 00:31:09,480
Speaker 4: a tool, and that is a tool that we can

715
00:31:09,600 --> 00:31:12,800
Speaker 4: use to catch up, right, because it's like, quite literally,

716
00:31:13,200 --> 00:31:15,720
Speaker 4: I'm using if I make one hundred thousand dollars a year,

717
00:31:16,240 --> 00:31:19,120
Speaker 4: I borrowed another fifty thousand dollars a year, meaning I've

718
00:31:19,120 --> 00:31:22,200
Speaker 4: increased my productivity. Is if I made fifty thousand on

719
00:31:22,320 --> 00:31:23,640
Speaker 4: the other fifty thousand, I got.

720
00:31:23,440 --> 00:31:24,320
Speaker 3: To pay it the six percent.

721
00:31:24,720 --> 00:31:27,720
Speaker 4: But however, now I've identified it, that's been opportunities that

722
00:31:27,760 --> 00:31:30,080
Speaker 4: are going to be maybe double that percentage, right, And

723
00:31:30,120 --> 00:31:32,520
Speaker 4: now that's how I'm able to compound my wealth a

724
00:31:32,520 --> 00:31:35,200
Speaker 4: lot faster. So yeah, it can one hundred percent be

725
00:31:35,240 --> 00:31:37,160
Speaker 4: a tool. Obviously you want to do the math. I

726
00:31:37,200 --> 00:31:38,760
Speaker 4: think most people are afraid of debt. They just don't

727
00:31:38,800 --> 00:31:40,920
Speaker 4: do the math right. It's like they look at it

728
00:31:40,960 --> 00:31:43,120
Speaker 4: as a liability, like, oh, I'm gonna pay interest.

729
00:31:43,120 --> 00:31:44,280
Speaker 3: I don't want to pay interest.

730
00:31:44,520 --> 00:31:46,840
Speaker 4: But does it matter if what you got in return

731
00:31:47,080 --> 00:31:50,000
Speaker 4: outpaces the interest that you paid, right? And I think

732
00:31:50,040 --> 00:31:51,920
Speaker 4: once you just do the math, and that's a beautiful

733
00:31:51,920 --> 00:31:54,040
Speaker 4: thing about personal finance, you'll be able to see that

734
00:31:54,040 --> 00:31:56,840
Speaker 4: debt can be an amazing tool and accelerating your wealth building.

735
00:31:57,320 --> 00:32:00,200
Speaker 2: So what's interesting As I am reading profit for and

736
00:32:00,240 --> 00:32:02,440
Speaker 2: it led me to this question, and I'm about to

737
00:32:02,440 --> 00:32:04,400
Speaker 2: ask for I got to tea this up first. So, George,

738
00:32:04,720 --> 00:32:08,040
Speaker 2: I was reading profit first, you know, as Carter talked about.

739
00:32:08,040 --> 00:32:10,240
Speaker 2: And so I set up all these five accounts, and

740
00:32:10,440 --> 00:32:14,040
Speaker 2: during that process, I was just looking through my statements

741
00:32:14,160 --> 00:32:16,920
Speaker 2: for my AMEX, you know, in a couple of other cards,

742
00:32:17,320 --> 00:32:19,720
Speaker 2: and I found seven hundred dollars of things that I

743
00:32:19,800 --> 00:32:22,360
Speaker 2: was spending every month that I had no use for

744
00:32:22,760 --> 00:32:28,800
Speaker 2: seven hundred dollars a month thing subscriptions on iTunes, you know.

745
00:32:29,440 --> 00:32:31,200
Speaker 1: Whatever, like just stupid stuff, stuff that.

746
00:32:31,200 --> 00:32:34,960
Speaker 2: I don't even use anymore. And I'm like, I can't

747
00:32:34,960 --> 00:32:38,440
Speaker 2: believe I've been paying seven hundred dollars a month and

748
00:32:38,560 --> 00:32:42,560
Speaker 2: stuff that I haven't even opened up. And as a

749
00:32:42,600 --> 00:32:45,720
Speaker 2: financial advisor, George, I want you to talk about like

750
00:32:45,760 --> 00:32:49,400
Speaker 2: this concept of money leagues, like these expenses or inefficiencies

751
00:32:49,680 --> 00:32:52,560
Speaker 2: that we have that we just are not even aware of.

752
00:32:54,040 --> 00:32:55,640
Speaker 2: You on this car, I'm let you cook on this

753
00:32:55,640 --> 00:32:57,760
Speaker 2: car to too, let you go yeah, but I'm.

754
00:32:58,520 --> 00:32:59,760
Speaker 3: Yeah, yeah, yeah.

755
00:33:00,040 --> 00:33:01,520
Speaker 4: One thing that we have all of our clients do

756
00:33:01,600 --> 00:33:03,360
Speaker 4: is we call it a finding money exercise.

757
00:33:03,680 --> 00:33:03,920
Speaker 5: Right.

758
00:33:03,960 --> 00:33:08,440
Speaker 4: It's like because what happens is, you know, you accumulate

759
00:33:08,480 --> 00:33:12,400
Speaker 4: these expenses over time, right, And if you don't have awareness,

760
00:33:12,400 --> 00:33:14,120
Speaker 4: if you're not having a money date with your money

761
00:33:14,120 --> 00:33:16,160
Speaker 4: every week where you're looking at it, you forget about

762
00:33:16,200 --> 00:33:18,240
Speaker 4: you forget about the gym membership from the gym you

763
00:33:18,280 --> 00:33:20,880
Speaker 4: no long ago to. You, forget about the Apple iTunes

764
00:33:20,880 --> 00:33:23,480
Speaker 4: subscription that was annual and you forgot to cancel and

765
00:33:23,480 --> 00:33:24,400
Speaker 4: you still getting hit with it.

766
00:33:24,480 --> 00:33:26,880
Speaker 3: Right, those are things that's just over time you start to.

767
00:33:26,840 --> 00:33:30,960
Speaker 4: Accumulate all this extra baggage if you will, right, and

768
00:33:31,000 --> 00:33:33,959
Speaker 4: so I think awareness is the greatest lever that you

769
00:33:34,080 --> 00:33:36,400
Speaker 4: have when it comes to building wealth. We recommend our

770
00:33:36,400 --> 00:33:39,520
Speaker 4: clients every week have a money date, whether you actually

771
00:33:39,560 --> 00:33:42,280
Speaker 4: have somebody view it with or if it's just you

772
00:33:42,040 --> 00:33:44,400
Speaker 4: and your online banking, you have a money date where

773
00:33:44,400 --> 00:33:47,000
Speaker 4: you sit down and you review, Hey, this is what

774
00:33:47,040 --> 00:33:49,600
Speaker 4: I got coming up this week, and this is how

775
00:33:49,640 --> 00:33:52,360
Speaker 4: it should go based upon how the week went.

776
00:33:52,400 --> 00:33:53,640
Speaker 3: Do I need to make any adjustments?

777
00:33:53,640 --> 00:33:56,719
Speaker 4: Because oftentimes people get scared about budgeting because they think

778
00:33:56,720 --> 00:33:57,800
Speaker 4: about it being restricted.

779
00:33:58,440 --> 00:34:00,640
Speaker 3: But remember this is your life. So if you know

780
00:34:00,720 --> 00:34:01,640
Speaker 3: you got friends.

781
00:34:01,320 --> 00:34:02,520
Speaker 4: Coming in town the end of the month, you want

782
00:34:02,520 --> 00:34:05,080
Speaker 4: to buy bottles, you want to go all out, well cool, Well,

783
00:34:05,120 --> 00:34:07,720
Speaker 4: then you need to in the beginning of the month, right,

784
00:34:07,800 --> 00:34:11,080
Speaker 4: make sure that you're not allocating the money towards door

785
00:34:11,160 --> 00:34:13,880
Speaker 4: dash and getting nickeled in. Don I think what happens

786
00:34:13,960 --> 00:34:18,000
Speaker 4: is people don't zoom out quickly enough to figure out, like.

787
00:34:18,160 --> 00:34:20,440
Speaker 3: What do I want my life to actually look like?

788
00:34:20,480 --> 00:34:22,680
Speaker 4: This is a story I always tell When I first

789
00:34:22,680 --> 00:34:24,800
Speaker 4: got in the financial services industry, it was one of

790
00:34:24,840 --> 00:34:27,240
Speaker 4: my first conferences I went to, and the young lady

791
00:34:27,280 --> 00:34:30,520
Speaker 4: was like, in twenty eleven, one billion drill bits were sold.

792
00:34:30,520 --> 00:34:32,080
Speaker 4: And for those who don't know what the drill bits are,

793
00:34:32,120 --> 00:34:33,960
Speaker 4: because you're not too handy, it's a little thing you

794
00:34:34,040 --> 00:34:36,040
Speaker 4: put into a drill to maybe hang up artwork and

795
00:34:36,080 --> 00:34:37,360
Speaker 4: different things in your house.

796
00:34:37,520 --> 00:34:37,919
Speaker 5: She said.

797
00:34:37,920 --> 00:34:40,479
Speaker 3: Of the billion drill bits that were sold, nobody wanted

798
00:34:40,520 --> 00:34:41,040
Speaker 3: a drill bit.

799
00:34:41,280 --> 00:34:44,000
Speaker 4: She said, Now, what if I told you that they

800
00:34:44,120 --> 00:34:46,640
Speaker 4: used the drill bits to hang artwork in office parks

801
00:34:46,680 --> 00:34:49,960
Speaker 4: and residential homes all across the country. But they didn't

802
00:34:50,000 --> 00:34:53,799
Speaker 4: necessarily want the artwork either. What they cared about is

803
00:34:53,800 --> 00:34:55,600
Speaker 4: the feeling that they got when they walked in the

804
00:34:55,640 --> 00:34:57,920
Speaker 4: room where the artwork was hung. So how does that

805
00:34:57,960 --> 00:35:00,440
Speaker 4: translate to your money? When you look at your BA account,

806
00:35:00,520 --> 00:35:02,319
Speaker 4: do you care if it's a million dollars or one

807
00:35:02,360 --> 00:35:03,520
Speaker 4: hundred thousand or ten thousand?

808
00:35:03,640 --> 00:35:04,719
Speaker 3: Not really right?

809
00:35:04,960 --> 00:35:07,000
Speaker 4: Do you care if it's in what type of account

810
00:35:07,000 --> 00:35:09,120
Speaker 4: it is? Is it a roth ira, is a brokerage account?

811
00:35:09,160 --> 00:35:10,920
Speaker 4: You don't really care about that. That will be the

812
00:35:10,920 --> 00:35:12,640
Speaker 4: equivalent of me walking into your house looking at a

813
00:35:12,640 --> 00:35:16,120
Speaker 4: beautiful picture and saying, man, I'm really curious of the

814
00:35:16,600 --> 00:35:19,560
Speaker 4: oak wood handle that you use on the hammer to

815
00:35:19,600 --> 00:35:21,400
Speaker 4: hang that in the nails where they steal.

816
00:35:21,200 --> 00:35:22,760
Speaker 3: Or what they nobody cares.

817
00:35:23,200 --> 00:35:25,480
Speaker 4: What you care about is where you're going to be

818
00:35:25,480 --> 00:35:27,080
Speaker 4: able to go, what you're going to be able to

819
00:35:27,080 --> 00:35:28,840
Speaker 4: do other people, that you're going to be able to

820
00:35:28,880 --> 00:35:30,440
Speaker 4: help in the lifestyle that you're going to be able

821
00:35:30,480 --> 00:35:33,960
Speaker 4: to live. So once you can line your financial resources

822
00:35:34,000 --> 00:35:37,680
Speaker 4: to that, north Star budgeting and money management seems a

823
00:35:37,680 --> 00:35:40,440
Speaker 4: lot more realistic because it's not I'm just doing the

824
00:35:40,520 --> 00:35:43,359
Speaker 4: adult thing that everybody should do, which is saved and

825
00:35:43,400 --> 00:35:47,319
Speaker 4: invest my money. You're anchoring it in your values. I

826
00:35:47,400 --> 00:35:49,359
Speaker 4: like to call it value based spending. So when you're

827
00:35:49,360 --> 00:35:52,680
Speaker 4: looking at your expenses right you ask yourself two questions.

828
00:35:52,920 --> 00:35:55,320
Speaker 3: Does this spending align with what I say I value

829
00:35:55,400 --> 00:35:55,839
Speaker 3: Number one?

830
00:35:55,920 --> 00:35:59,239
Speaker 4: And number two? Is there cost effective, more cost effective alternative?

831
00:35:59,560 --> 00:36:01,960
Speaker 4: Sometimes there might not be a cost effective alternative, but

832
00:36:02,000 --> 00:36:04,400
Speaker 4: at least asking the question put you in the right

833
00:36:04,400 --> 00:36:05,880
Speaker 4: frame of mind, because if you look at your online

834
00:36:05,880 --> 00:36:06,239
Speaker 4: banking you.

835
00:36:06,280 --> 00:36:07,920
Speaker 3: See food, food, food, food, food.

836
00:36:08,200 --> 00:36:10,120
Speaker 4: Any responses, well, it's okay, because I'm going out to

837
00:36:10,160 --> 00:36:12,640
Speaker 4: bunch with the homies and we get the fellowship, we

838
00:36:12,680 --> 00:36:14,319
Speaker 4: get to have a good time. I said, well, hold on,

839
00:36:14,680 --> 00:36:17,000
Speaker 4: what you're saying is you value the fellowship, not necessarily

840
00:36:17,040 --> 00:36:19,040
Speaker 4: the food. So maybe we can come up with more

841
00:36:19,080 --> 00:36:22,760
Speaker 4: creative ways to extract what you really want from this scenario.

842
00:36:22,480 --> 00:36:25,560
Speaker 3: That's still quote unquote budget friendly. So that's the way

843
00:36:25,600 --> 00:36:27,040
Speaker 3: I think about it, hopefully answers your question.

844
00:36:27,120 --> 00:36:29,000
Speaker 2: Yeah, and card I want you to cook on this too,

845
00:36:29,000 --> 00:36:31,360
Speaker 2: because I think about that seven hundred dollars that I

846
00:36:31,480 --> 00:36:35,359
Speaker 2: already had and was spending by now clawing that back,

847
00:36:35,520 --> 00:36:37,400
Speaker 2: I just made seven hundred dollars.

848
00:36:37,880 --> 00:36:41,640
Speaker 6: Yeah, yeah, yeah, and like and let me just because

849
00:36:41,640 --> 00:36:44,080
Speaker 6: I wanted to have a relatability moment. We are not

850
00:36:44,239 --> 00:36:47,480
Speaker 6: above reproach here, like we still forget like I did.

851
00:36:49,040 --> 00:36:51,319
Speaker 6: I did act as my assistant last year. Let's see

852
00:36:51,320 --> 00:36:53,160
Speaker 6: where I spent some money last year because it was

853
00:36:53,520 --> 00:36:56,520
Speaker 6: a fast it was a fast year. I spent seventeen

854
00:36:56,600 --> 00:37:00,360
Speaker 6: thousand dollars in ubers last year, and I I didn't

855
00:37:00,400 --> 00:37:02,680
Speaker 6: realize it because you know, Nicko Lndam, you don't see

856
00:37:02,680 --> 00:37:03,480
Speaker 6: it at the end of the year. And I have

857
00:37:03,560 --> 00:37:06,520
Speaker 6: to set myself down and say, Okay, Carter is riding

858
00:37:06,560 --> 00:37:09,360
Speaker 6: in Uber seven is like that is at worth seventeen

859
00:37:09,360 --> 00:37:12,440
Speaker 6: thousand dollars feet seventeen thousand dollars, So you know, if not,

860
00:37:12,680 --> 00:37:14,160
Speaker 6: you can use that money to buy a car and

861
00:37:14,200 --> 00:37:16,600
Speaker 6: just drive more, or give up the car you already

862
00:37:16,600 --> 00:37:17,080
Speaker 6: have and just.

863
00:37:17,040 --> 00:37:18,719
Speaker 5: Go all in on uber. What we can't do is

864
00:37:18,760 --> 00:37:19,520
Speaker 5: have both.

865
00:37:19,640 --> 00:37:22,000
Speaker 6: Right, So I just want to let people know we're

866
00:37:22,040 --> 00:37:22,760
Speaker 6: not above reproach.

867
00:37:22,760 --> 00:37:22,920
Speaker 3: Here.

868
00:37:22,920 --> 00:37:25,279
Speaker 6: We have to take our own device at Lotts and

869
00:37:26,000 --> 00:37:28,279
Speaker 6: it's just understanding what do you want your money to

870
00:37:28,320 --> 00:37:31,600
Speaker 6: do for you and how do you want it to

871
00:37:32,840 --> 00:37:35,480
Speaker 6: be the tool that it can be to help you

872
00:37:35,920 --> 00:37:38,239
Speaker 6: grow and get towards your dreams. Because what I did

873
00:37:38,520 --> 00:37:41,839
Speaker 6: to make it more more, to make it hit home

874
00:37:41,840 --> 00:37:43,719
Speaker 6: for me is I put that seventeen thousand dollars in

875
00:37:43,760 --> 00:37:46,680
Speaker 6: a retirement calculator at ten percent for fifty years, and

876
00:37:46,719 --> 00:37:48,520
Speaker 6: I saw how much money it could have made me

877
00:37:48,719 --> 00:37:51,200
Speaker 6: if I didn't spend it. So that going in twenty

878
00:37:51,200 --> 00:37:52,480
Speaker 6: twenty five is going to make sure I don't make

879
00:37:52,480 --> 00:37:53,239
Speaker 6: the same mistake again.

880
00:37:54,239 --> 00:37:56,160
Speaker 2: So I want you to talk a little bit about

881
00:37:56,200 --> 00:37:58,400
Speaker 2: melon and money, but I want you to first start it,

882
00:37:58,560 --> 00:38:01,360
Speaker 2: just talk about some tools you know, technologies or et

883
00:38:01,400 --> 00:38:02,920
Speaker 2: ceter Both of you guys. I want you to do

884
00:38:03,000 --> 00:38:06,000
Speaker 2: this on things that you would advise, you know, people

885
00:38:06,239 --> 00:38:09,279
Speaker 2: add you know on their phone or you know other

886
00:38:09,360 --> 00:38:11,080
Speaker 2: you know when you talk about that, you know, financial

887
00:38:11,160 --> 00:38:13,719
Speaker 2: date George like things people should be doing. What are

888
00:38:14,320 --> 00:38:18,200
Speaker 2: tools resources we should use to help us both manage

889
00:38:18,200 --> 00:38:22,600
Speaker 2: our money better and grow our money? You know early capacity.

890
00:38:23,840 --> 00:38:25,520
Speaker 3: Do you want me to start first and part go ahead?

891
00:38:25,520 --> 00:38:27,040
Speaker 1: Go ahead or cool?

892
00:38:27,960 --> 00:38:28,320
Speaker 3: One?

893
00:38:28,520 --> 00:38:30,680
Speaker 4: One tool I think is great to weal we were

894
00:38:30,680 --> 00:38:34,640
Speaker 4: talking about money management is Rocket Money, right?

895
00:38:34,760 --> 00:38:36,719
Speaker 3: Rocket Money? But now y'all need to be sponsoring us

896
00:38:36,719 --> 00:38:37,439
Speaker 3: at this point, y'all.

897
00:38:37,760 --> 00:38:40,400
Speaker 4: But Rocket Money is a great app. Right, There's just

898
00:38:40,400 --> 00:38:42,719
Speaker 4: gonna give you that visibility to know where your money's going.

899
00:38:43,160 --> 00:38:45,239
Speaker 4: Do you have a subscription that's coming up that you

900
00:38:45,280 --> 00:38:47,680
Speaker 4: should be canceling? And it's really gonna give you that

901
00:38:47,680 --> 00:38:49,200
Speaker 4: awareness to be able to claw back some of that

902
00:38:49,239 --> 00:38:51,359
Speaker 4: money that you can use to invest and build well.

903
00:38:51,360 --> 00:38:53,279
Speaker 4: So from a money management perspective, I think Rocket Money

904
00:38:53,280 --> 00:38:56,279
Speaker 4: is an amazing app. From an investing standpoint, I really

905
00:38:56,360 --> 00:39:00,239
Speaker 4: love an app called in one Finance because one of

906
00:39:00,280 --> 00:39:03,319
Speaker 4: the things we talked about was how do I leverage right?

907
00:39:03,440 --> 00:39:05,040
Speaker 4: You know, Debta is a tool to build well. In

908
00:39:05,120 --> 00:39:08,759
Speaker 4: one Finance is one of the most easy platforms that

909
00:39:08,920 --> 00:39:11,680
Speaker 4: exists where you can invest your money and they will

910
00:39:11,680 --> 00:39:12,120
Speaker 4: give you a.

911
00:39:12,040 --> 00:39:14,920
Speaker 3: Lot of credit based upon the value your portfolio value. Right,

912
00:39:15,000 --> 00:39:15,560
Speaker 3: So if you have.

913
00:39:16,560 --> 00:39:19,279
Speaker 4: Fifty thousand invested, you'll give you a lot of credit

914
00:39:19,320 --> 00:39:22,080
Speaker 4: for twenty five thousand, right and for all intentsive purposes.

915
00:39:22,080 --> 00:39:24,640
Speaker 4: Sometimes it depends upon what your investments are. But conceptually

916
00:39:24,680 --> 00:39:27,759
Speaker 4: speaking about fifty percent, and so once you have a

917
00:39:27,760 --> 00:39:30,880
Speaker 4: handle of your finances and you're investing, it's like, wow, okay, Now,

918
00:39:31,080 --> 00:39:32,879
Speaker 4: just by investing my money instead of having the money

919
00:39:32,880 --> 00:39:35,160
Speaker 4: in the bank, if I would have drawn twenty five thousand,

920
00:39:35,400 --> 00:39:37,760
Speaker 4: I'm leaving twenty five thousand dollars in there, this eroding

921
00:39:37,880 --> 00:39:40,520
Speaker 4: right to inflation. And then when I take it out, right,

922
00:39:40,560 --> 00:39:41,960
Speaker 4: I got twenty five thousand dollars.

923
00:39:41,800 --> 00:39:45,440
Speaker 3: To play with. I can have my full fifty thousand, remain.

924
00:39:45,200 --> 00:39:47,759
Speaker 4: Invested, and still get access to twenty five thousand dollars.

925
00:39:47,880 --> 00:39:48,040
Speaker 1: Right.

926
00:39:48,280 --> 00:39:50,319
Speaker 4: So I strongly recommend having an app like in One

927
00:39:50,360 --> 00:39:53,560
Speaker 4: finance and investing following the Burking investment strategy that I

928
00:39:53,560 --> 00:39:55,640
Speaker 4: shared earlier in the podcast.

929
00:39:55,440 --> 00:39:56,160
Speaker 5: That's for money.

930
00:39:56,440 --> 00:39:58,480
Speaker 3: That's a money maximizing standpoint.

931
00:39:58,560 --> 00:40:01,440
Speaker 4: Now, from a money making standpoint, if you're an entrepreneur,

932
00:40:01,719 --> 00:40:04,560
Speaker 4: is make sure you have your like quick Books or

933
00:40:04,600 --> 00:40:07,279
Speaker 4: whatever accounting app on your phone and just on a

934
00:40:07,280 --> 00:40:09,680
Speaker 4: regular basis, make sure that you're reviewing the P and L.

935
00:40:09,719 --> 00:40:11,319
Speaker 4: I think one thing that a lot of entrepreneurs shy

936
00:40:11,320 --> 00:40:14,480
Speaker 4: away from is like money making activity. Right, It's like,

937
00:40:14,640 --> 00:40:16,480
Speaker 4: what makes all of this easier? Just to world on

938
00:40:16,480 --> 00:40:18,680
Speaker 4: the same page, what makes building wealth easier? What makes

939
00:40:18,719 --> 00:40:21,360
Speaker 4: money management easier? Like is making more money?

940
00:40:21,440 --> 00:40:21,680
Speaker 5: Now?

941
00:40:21,960 --> 00:40:23,759
Speaker 4: Obviously you still got to be a good steward over

942
00:40:23,800 --> 00:40:25,000
Speaker 4: your money. But one of the things that helped a

943
00:40:25,040 --> 00:40:26,960
Speaker 4: lot of my early clients out is I looked at

944
00:40:26,960 --> 00:40:28,120
Speaker 4: their expens It's like, what can I cut?

945
00:40:28,200 --> 00:40:30,000
Speaker 3: I'm like, you're honestly not doing too bad. I was like,

946
00:40:30,000 --> 00:40:31,239
Speaker 3: you need to make more money.

947
00:40:31,440 --> 00:40:34,480
Speaker 4: Right, And so the same level of awareness we need

948
00:40:34,520 --> 00:40:37,000
Speaker 4: to have when it comes to spending is the same

949
00:40:37,120 --> 00:40:38,200
Speaker 4: level of whereas we need to have.

950
00:40:38,160 --> 00:40:39,320
Speaker 3: When it comes to making money.

951
00:40:39,719 --> 00:40:42,359
Speaker 4: What was the target revenue goal for this month? Where

952
00:40:42,360 --> 00:40:43,960
Speaker 4: am I at in the first seven days? Where am

953
00:40:44,000 --> 00:40:45,880
Speaker 4: I at at a mid month?

954
00:40:46,000 --> 00:40:46,239
Speaker 5: Right?

955
00:40:46,560 --> 00:40:49,680
Speaker 4: And we do something in our company called halftime report, right, Like,

956
00:40:49,719 --> 00:40:51,160
Speaker 4: we know what our goal is for the month. We're

957
00:40:51,160 --> 00:40:52,839
Speaker 4: not waiting til the end of the game to figure

958
00:40:52,840 --> 00:40:55,799
Speaker 4: out we lost the game, right, so, and halftime where

959
00:40:55,840 --> 00:40:57,760
Speaker 4: are we relative to the goal, which.

960
00:40:57,600 --> 00:40:59,319
Speaker 3: Obviously are You've logging into your quick books and it's

961
00:40:59,360 --> 00:41:01,840
Speaker 3: up to day. You can see that right and you'll.

962
00:41:01,640 --> 00:41:03,880
Speaker 4: Be able to make game time or halftime adjustments if

963
00:41:03,920 --> 00:41:05,960
Speaker 4: you will to be able to make those adjustments. So

964
00:41:05,960 --> 00:41:07,759
Speaker 4: those are least three things I would do because I

965
00:41:07,840 --> 00:41:10,080
Speaker 4: like to look at things and buckets of make managing

966
00:41:10,120 --> 00:41:12,640
Speaker 4: maximize and so those are three tools that you can use.

967
00:41:12,640 --> 00:41:13,400
Speaker 3: It could be beneficial.

968
00:41:13,800 --> 00:41:15,279
Speaker 2: CARDI you can do the same thing, but also talk

969
00:41:15,320 --> 00:41:17,200
Speaker 2: about mailing and money on this please.

970
00:41:18,400 --> 00:41:20,560
Speaker 6: Yeah, So I'll give one and I'll go to the

971
00:41:20,560 --> 00:41:24,239
Speaker 6: mallon money conversation. I love doing an exercise with our

972
00:41:24,280 --> 00:41:26,760
Speaker 6: clients having them go to the National Registry of Unclaimed

973
00:41:26,760 --> 00:41:30,880
Speaker 6: Retirement Benefits because when you start a business right you

974
00:41:31,200 --> 00:41:34,880
Speaker 6: most likely left your retirement plan and your previous employer.

975
00:41:35,200 --> 00:41:38,439
Speaker 6: So this website will allow you to go find any

976
00:41:38,520 --> 00:41:41,759
Speaker 6: other retirement plans that you might have left behind in

977
00:41:41,800 --> 00:41:43,960
Speaker 6: previous employees that you forgot about or that you can't

978
00:41:43,960 --> 00:41:46,879
Speaker 6: find an XYZ, and then we're able to take those

979
00:41:46,920 --> 00:41:50,960
Speaker 6: old retirement plans roll them over into your small business

980
00:41:50,960 --> 00:41:54,160
Speaker 6: retirement plan, and we can even set it up in

981
00:41:54,160 --> 00:41:55,520
Speaker 6: a way we can use some of that money to

982
00:41:55,560 --> 00:41:58,480
Speaker 6: borrow we can borrow from our retirement plan, use some

983
00:41:58,480 --> 00:42:01,000
Speaker 6: of that money to jump start our business. Finding all

984
00:42:01,040 --> 00:42:03,040
Speaker 6: the money that we left in previous employers, moving it

985
00:42:03,080 --> 00:42:05,799
Speaker 6: over to our own self employed retirement plan that we own,

986
00:42:05,880 --> 00:42:07,600
Speaker 6: that we control and that we can help grow faster.

987
00:42:07,719 --> 00:42:09,600
Speaker 6: So that's the exercise that we do all of our

988
00:42:09,680 --> 00:42:11,920
Speaker 6: entrepreneur clients to make sure we're not leaving any money

989
00:42:12,200 --> 00:42:15,040
Speaker 6: in the past. And I think from a million and

990
00:42:15,080 --> 00:42:21,200
Speaker 6: money standpoint, we have so many tools in our in

991
00:42:21,239 --> 00:42:24,640
Speaker 6: our community to help our clients get to the next level.

992
00:42:24,880 --> 00:42:26,120
Speaker 6: And I think one of the best things that we

993
00:42:26,160 --> 00:42:28,000
Speaker 6: can do that we do for our clients is that

994
00:42:28,520 --> 00:42:34,040
Speaker 6: we give them one accountability to advisors that they can

995
00:42:34,080 --> 00:42:36,400
Speaker 6: work with to really help them maximize their money. But

996
00:42:36,520 --> 00:42:39,239
Speaker 6: also just giving them all the tools and resources and

997
00:42:39,280 --> 00:42:41,560
Speaker 6: things that we use for ourselves over the years to

998
00:42:41,600 --> 00:42:46,920
Speaker 6: really help them maximize their money and minimize their taxes.

999
00:42:46,960 --> 00:42:48,759
Speaker 6: And that's why you know, all of our clients are

1000
00:42:48,760 --> 00:42:51,200
Speaker 6: part of our Mail and a Millionaire club. Not only

1001
00:42:51,239 --> 00:42:54,080
Speaker 6: are we helping them with the saving and investing part,

1002
00:42:54,120 --> 00:42:57,160
Speaker 6: but helping them achieve net worth milestones.

1003
00:42:57,160 --> 00:42:57,680
Speaker 1: I don't think we.

1004
00:42:57,640 --> 00:43:00,239
Speaker 6: Mentioned it earlier, but every year we having a wart

1005
00:43:00,280 --> 00:43:04,120
Speaker 6: show where we celebrate our clients for hitting networth goals,

1006
00:43:04,120 --> 00:43:06,160
Speaker 6: whether it's the firste hundred thousand networth or first half

1007
00:43:06,200 --> 00:43:10,040
Speaker 6: a million, their first million, their first five million, and

1008
00:43:10,239 --> 00:43:12,720
Speaker 6: we celebrate our clients so that the set of money

1009
00:43:12,719 --> 00:43:16,560
Speaker 6: being a taboo topic is actually something that they're willing

1010
00:43:16,640 --> 00:43:19,080
Speaker 6: to talk about, excited to talk about because now we're

1011
00:43:19,120 --> 00:43:23,080
Speaker 6: talking about different milestones that we're celebrating, hitting these wealth,

1012
00:43:23,440 --> 00:43:25,880
Speaker 6: hitting these wealth markers. And I think in twenty twenty

1013
00:43:26,160 --> 00:43:28,480
Speaker 6: four we helped our clients increase the networth by over

1014
00:43:28,520 --> 00:43:31,480
Speaker 6: one hundred million dollars and we got to celebrate with

1015
00:43:31,520 --> 00:43:33,239
Speaker 6: them at the award show. So I think it's just

1016
00:43:33,360 --> 00:43:36,319
Speaker 6: taking money from being a taboo topic. And what melon

1017
00:43:36,360 --> 00:43:39,200
Speaker 6: the Money is doing is taking it and making it something.

1018
00:43:39,000 --> 00:43:41,200
Speaker 5: That's worth talking about and something that's worth celebrating.

1019
00:43:41,680 --> 00:43:44,439
Speaker 2: Black Tech Green Money is the production of Blavity, Afro Tech,

1020
00:43:44,760 --> 00:43:47,800
Speaker 2: the Black Effect podcast, Networking Night Hire Media. It's produced

1021
00:43:47,800 --> 00:43:51,000
Speaker 2: by Morgan Debonn and me Well Lucas, with the digital

1022
00:43:51,080 --> 00:43:54,960
Speaker 2: production support by Kate McDonald, Shurgut, and Jada McGee. Special

1023
00:43:54,960 --> 00:43:57,480
Speaker 2: thank you to Michael Davison, Love Beech. Learn more about

1024
00:43:57,520 --> 00:43:59,440
Speaker 2: my guessing of the Techi Shop is an Innovatives and

1025
00:43:59,480 --> 00:44:03,040
Speaker 2: Afro Tech com. The video version this episode will drop

1026
00:44:03,040 --> 00:44:03,680
Speaker 2: to Black Tech.

1027
00:44:03,560 --> 00:44:05,279
Speaker 1: Dream Money on YouTube, so'll tap in.

1028
00:44:06,040 --> 00:44:08,720
Speaker 2: Enjoy your Black Tech Dream Money, share us to somebody,

1029
00:44:09,560 --> 00:44:10,360
Speaker 2: go get your money.

1030
00:44:10,960 --> 00:44:11,600
Speaker 1: Peace and love,