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Speaker 1: Hey, ba fam, it's Mandy Money here aka Mandra Listen, y'all.

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Speaker 1: I want this to be the year when you finally

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Speaker 1: learn how to be the badass negotiator that you have

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Speaker 1: always wanted to be. Whether you are plucking up your

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Speaker 1: courage and trying to ask for a raise where you

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Speaker 1: currently work, or you are ready to negotiate a damn good,

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Speaker 1: juicy offer from a new job, I am here for you.

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Speaker 1: I have got a five step signature salary negotiation strategy

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Speaker 1: that I only teach in my free virtual Nail Your

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Speaker 1: Negotiation Masterclass. I've got one coming up in just a

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Speaker 1: couple of weeks. You can sign up and save your

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Speaker 1: spot at Nail Your Negotiation dot Com. That's Nail your

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Speaker 1: Negotiation dot Com. I can't wait to see y'all there.

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Speaker 2: It's time for the ba qa A the ba qa?

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Speaker 3: What to say?

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Speaker 2: The ba qa with Tiffin A the ba qa.

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Speaker 3: There's no man today.

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Speaker 2: Instead, we are making it a happy money, happy life week. Okay,

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Speaker 2: We've got my friend Jason V. Tug in the stew.

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Speaker 2: That's the studio for those of you who are not

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Speaker 2: as cool. If you did not listen to the regular

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Speaker 2: Brown Ambition episode on Wednesday with Jason.

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Speaker 3: It is amazing. We do breath work.

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Speaker 2: We talk about his new book, Happy Money, Happy Life,

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Speaker 2: which is available at Happy Money, haappylifebook dot com. It

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Speaker 2: is an amazing, amazing, amazing episode. So go listen. I

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Speaker 2: asked Jason stand the stew Jason and help me to

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Speaker 2: answer some finance questions and Jason agreed.

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Speaker 4: Thanks Jason, Oh, thank you so much. This is exciting.

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Speaker 2: Let's do this well real quick because I forgot. I'm like,

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Speaker 2: if you didn't listen, you might not know who Jason is.

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Speaker 4: So.

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Speaker 2: Jason is a wellness advocate and best selling New York

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Speaker 2: Times reviewed author of two books. He's the founder of

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Speaker 2: Frugal phrga L and is an award winning creator of

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Speaker 2: the Road to Financial Wellness product project. Jason is a

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Speaker 2: certified Diversity, Equity and Inclusion Expert, holds the Psychology of

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Speaker 2: Financial plays in certification, and is a certified Yoga instructor

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Speaker 2: and breathwork specialist. Jason focuses on holistic a holistic approach

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Speaker 2: where money isn't the goal, but money is a.

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Speaker 3: Tool to help achieve the goal.

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Speaker 2: He's been featured on the TED Next Stage, Y'ahoo Finance

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Speaker 2: for Forbes, Business Insider, New York Times, to name a few.

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Speaker 2: So we have a real financial educator, but one a

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Speaker 2: man after my own heart. Not just personal finance, but

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Speaker 2: holistic wellness in the room. So okay, first question, Jason,

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Speaker 2: that came into the room.

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Speaker 3: Let me see. Oh my gosh, Okay, this is from Paula. Hey, Paula,

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Speaker 3: straight up, now tell me if you really want to

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Speaker 3: love me. Some of y'all don't know. That's Paul Abdul.

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Speaker 2: You too young, Hey, ladies and Jason, I'm tackling my

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Speaker 2: debt and looking to start investing soon. I work for

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Speaker 2: a public agency that offers a four fifty seven B

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Speaker 2: which is basically like and an retirement account at her job.

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Speaker 2: It's a nonprofit retirement account. Or I'm guessing a public

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Speaker 2: agency retirement account and have been contributing a small amount

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Speaker 2: each paid period. Would you recommend contributing to this plan

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Speaker 2: or opening up a wroth ir to contribute to Thank

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Speaker 2: you so much for your insight.

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Speaker 3: What do you say, Jason?

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Speaker 4: Well, I think when it comes to retirement planning, I'm

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Speaker 4: a big believer in taking advantage of your employer accounts,

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Speaker 4: especially if there is a match an employer match, and

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Speaker 4: so she mentioned that she's contributing a small amount and

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Speaker 4: already thinking about the roth IRA. I think that's that's

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Speaker 4: a good line of thinking. But I want you to

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Speaker 4: maximize your contribution to that employer plan first before you

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Speaker 4: start adding into in terms of like your your goals.

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Speaker 4: And that has a lot to do with the employer match,

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Speaker 4: and that has a lot to do with also lowering

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Speaker 4: your potential tax liabilities. And so those are two things

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Speaker 4: that I would suggest.

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Speaker 2: All right, So I am on like especially with I'll

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Speaker 2: say this that, like, if you have an employer program,

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Speaker 2: which is awesome, to Jason's point, if you contribute to

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Speaker 2: your employer's retirement account. Let's just say you have one

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Speaker 2: hundred thousand dollars, right, and you contribute I don't know,

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Speaker 2: six thousand. Great, So then the government says you didn't

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Speaker 2: make a hundred thousand, right Jason. It says you made

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Speaker 2: one hundred thousand minus six, so you made ninety four thousand.

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Speaker 3: That's what we're taxing you on.

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Speaker 2: So that's what Jason means about that you get tax like,

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Speaker 2: you get a tax break now because when you contribute,

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Speaker 2: you get the tax break now. And then when you

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Speaker 2: go to pull money out later when you're sixty five

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Speaker 2: and a half plus, you will pay taxes on the

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Speaker 2: back end, but not on the front end. Right, But

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Speaker 2: with a Jason right, that's the opposite correct that you

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Speaker 2: don't get the tax break now because you basically put

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Speaker 2: in money with the roth ira now after tax money,

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Speaker 2: she already paid taxes on it. But when you go

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Speaker 2: to pull out your WROTH when you're older, then, because

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Speaker 2: you pay taxes up front, you don't have to pay

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Speaker 2: taxes on what you contributed or the growth of that.

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Speaker 2: You know, like let's just say you put in one

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Speaker 2: hundred thousand off your lifetime, it grew to two hundred thousand,

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Speaker 2: you don't have to pay taxes on that two hundred thousand.

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Speaker 2: So there's no right or wrong, and that like contribute

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Speaker 2: could tribute because you know, to Jason's point, it's almost

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Speaker 2: like a seesaw. You want to get some tax breaks now,

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Speaker 2: but you also want to get some tax breaks later.

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Speaker 2: So typically what I say is that, like, if you

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Speaker 2: have an employer account, get your match on and if

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Speaker 2: you are close to maxing out what you can technically

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Speaker 2: make to contribute, because everyone can't contribute to a roth IRA.

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Speaker 3: I think it was like one hundred and thirty nine

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Speaker 3: thousand dollars.

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Speaker 2: I'm not sure what the max is right now, Like,

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Speaker 2: you can't make over a certain amount of money and

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Speaker 2: contribute to a roth iray. There's backdoor ross, but we're

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Speaker 2: just talking plain regular personal finance that up to a

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Speaker 2: certain amount of money. They don't want individuals contributing to

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Speaker 2: a roth ira, you know, So if you are like

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Speaker 2: at one hundred thousand, I might be seesaw because you

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Speaker 2: could have both at the same time, contributing to my

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Speaker 2: employer account but then also contributing to like my roth

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Speaker 2: ira to make sure that, like you know, before it's

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Speaker 2: too late for me to max.

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Speaker 3: Out on my roth IRA. So either way, go ahead.

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Speaker 4: To Jason's Yeah, no, that's a good point because you

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Speaker 4: need there's a strategy around that. So you want to

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Speaker 4: make sure that you're employing kind of like before the

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Speaker 4: tax before taxes and after taxes, and there's there's a

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Speaker 4: lot of nuances when it comes to that. But I

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Speaker 4: think you're at the point where if you're thinking about

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Speaker 4: roth iras, look at maximizing again to the point of

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Speaker 4: where your employer matches. So you want you want to

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Speaker 4: contribute there and then also look at at the roth

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Speaker 4: Iray piece of it, because you do what you do,

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Speaker 4: want to mix a mixture on that as well, and

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Speaker 4: so that is that's that's what I've done in the

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Speaker 4: past in terms of maximizing my four to one k

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Speaker 4: contribution in addition to contributing to a roth iray. Because

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Speaker 4: if you're roth ira your six thousand for this year

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Speaker 4: grows to one hundred thousand thirty forty years later. You

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Speaker 4: don't pay taxes anymore. I mean, like, how amazing is that?

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Speaker 4: And that's the opposite is true for the four to

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Speaker 4: one k that's pretax or the four fifty seven that's

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Speaker 4: pre tax. So it's like it's it's those things like

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Speaker 4: really figuring out what your goals are and understanding that

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Speaker 4: that there is no right answer. It's just how are

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Speaker 4: you looking at the tax strategy and the impact to

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Speaker 4: your page.

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Speaker 3: So yeah, the only wrong answer is to not contribute.

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Speaker 3: We don't want that, you know, But.

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Speaker 2: Yeah, so we are up that a little bit to

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Speaker 2: a lot more, okay, Paula. So if you are enjoying

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Speaker 2: this ba qa with my friend Jason V. Tug of

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Speaker 2: Happy Money, Happy Life, the book. We're gonna throw a

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Speaker 2: break real quick and stay here because we'll be right back.

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Speaker 3: And we're back, and we're Brown. So we're in the

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Speaker 3: studio with Jason V.

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Speaker 2: Tug of Happy Money, Happy Life and his company Frugal

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Speaker 2: Financial Educator but wholeness Educator overall. I have Jason and

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Speaker 2: the stew and I asked him to stay and answer

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Speaker 2: some questions with y'all, and so we're gonna take another one.

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Speaker 2: If you actually want your question answered, you can go

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Speaker 2: to Brownhambis podcast dot com and click like to Ask

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Speaker 2: Us Anything button and you know, send us a message.

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Speaker 2: That way, you can slip into our DMS on It's

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Speaker 2: the BA podcast I Believe on Twitter and brand Ambision

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Speaker 2: podcast on Instagram and slip into the DM and ask questions.

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Speaker 2: That way. You can give us your real name, you

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Speaker 2: can give us a fighting name, you can say anonymous,

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Speaker 2: and we will honor all of that. But ask your

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Speaker 2: personal finance questions, your career questions, and your business questions.

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Speaker 2: We will answer all of those, all right, So we're

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Speaker 2: going to take another money question. Hi, Tiffany, Mandy, and Jason.

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Speaker 2: The Jason is silent, but I'm putting it in there.

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Speaker 3: I wanted to get.

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Speaker 2: Your input on the idea of using equity from my

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Speaker 2: home to purchase a property for the intent of long

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Speaker 2: term rental. What are your Recommendationonson, Jason, You've owned some

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Speaker 2: like have you owned some rental property?

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Speaker 4: I have not owned rental property, but I do read

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Speaker 4: up on it, and I do have family members that

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Speaker 4: have rental property, and this question comes up all the time.

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Speaker 4: So hearing this, I think I have a viewpoint on it.

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Speaker 4: So one, having equity in your property, that's a great thing.

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Speaker 4: And so you definitely want to do the calculations to

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Speaker 4: make sure that the investment that you're making with this

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Speaker 4: rental property is going to pan out for you. And

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Speaker 4: so if you're looking at tapping the equity of your

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Speaker 4: primary residence, your home, your space for a rental, you

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Speaker 4: want to make sure that it will eventually lead to

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Speaker 4: a positive financial result. And I have seen many situations

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Speaker 4: where it does not. Then all of a sudden, it

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Speaker 4: endangers your primary residence. And so the other answer I

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Speaker 4: would say is that it does make sense because if

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Speaker 4: you're looking at you don't have the down payment or

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Speaker 4: it's a sizable equity, and you could buy this rental

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Speaker 4: property in cash. There is a lot of upside when

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Speaker 4: it comes to that, and again it depends on the

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Speaker 4: amount that you're looking to borrow against your home and

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Speaker 4: where this property is, and if you've done the homework

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Speaker 4: in terms of like what the return would be when

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Speaker 4: you're renting this property out.

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Speaker 2: Okay, so I consider this. So I have not done this,

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Speaker 2: but I consider this. During the pandemic, when the home

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Speaker 2: prices were Christie, I was going to do a cash

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Speaker 2: out ref five, right, is that what's called cash back,

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Speaker 2: cash out, cash out recap. So that's basically when you

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Speaker 2: refinanced your home, almost like buying your home from yourself,

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Speaker 2: and then take out the excess money.

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Speaker 3: They won't let you take out all of it. They're like,

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Speaker 3: ur you tried it. I think they let you take

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Speaker 3: up to sixty percent or something like that.

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Speaker 4: Yeah, you know, there's a percentage.

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Speaker 3: So so my home was paid off.

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Speaker 2: So basically I would go from no mortgage to a

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Speaker 2: mortgage and then I was going to use that money

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Speaker 2: to purchase another property, which that's not unwise, but to

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Speaker 2: Jason's point, it would be unwise if you're purchasing a

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Speaker 2: property that you're not sure am I going to get

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Speaker 2: a positive cash flow because one, now your mortgage is

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Speaker 2: going to be more expensive if you didn't have or

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Speaker 2: you're going to have a new mortgage if you didn't

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Speaker 2: have one before. And then on top of that, there's

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Speaker 2: this new property that has to pay for itself.

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Speaker 3: And let's just say you don't get a.

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Speaker 2: Tenant right away, and so you're gonna be paying basically

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Speaker 2: two mortgages until you figure it out, you know so,

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Speaker 2: but it is one of the benefits of home ownership

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Speaker 2: is the ability to do so.

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Speaker 3: A home can be used as leverage.

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Speaker 2: So I want you to think of a lever as

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Speaker 2: something that helps to open something much bigger than itself.

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Speaker 3: Like a doorknob is a lever to a door. You know,

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Speaker 3: Like a door is huge.

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Speaker 2: And oftentimes very heavy, but this little doorknob, you know,

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Speaker 2: you can use this doorknob to open this door. And

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Speaker 2: a home can do that too, because when you own

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Speaker 2: a home, you know, you actually you know, you can

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Speaker 2: put down three and a half percent on one hundred

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Speaker 2: thousand dollars property.

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Speaker 3: That's thirty five hundred dollars.

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Speaker 2: So that's this little lever to get access to all

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Speaker 2: this money, which can be good but also dangerous. If

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Speaker 2: you're not wise and so you know, to Jason's point,

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Speaker 2: then you know if you're going to do this, which

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Speaker 2: is it can certainly be a very wise tool to

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Speaker 2: say I want access to another property and I can

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Speaker 2: use my current property to do so. But you want

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Speaker 2: to make sure that you know that you want do

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Speaker 2: more research on what.

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Speaker 3: It is to rent. There are numbers, like calculations.

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Speaker 2: One of my friends, Christina is like a big investor

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Speaker 2: in Saint Louis, and she's got like this number calculation

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Speaker 2: that she does to see if this rental property is

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Speaker 2: going to make financial sense and when one year, two year,

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Speaker 2: five years, you know what I mean. And so you

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Speaker 2: want to make sure that you're not just saying I

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Speaker 2: think this has a good idea.

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Speaker 3: Let me move forward.

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Speaker 2: That you've done the numbers on the new property and

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Speaker 2: it offsets the cost of the other property. You know,

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Speaker 2: so you know, honestly, Paula, this is Paula. I can't remember

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Speaker 2: this anonymous I think, I think, yeah, it's anonymous, anonymous,

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Speaker 2: So honestly anonymous, I think that you know it's not

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Speaker 2: a bad idea as long as you are doing running

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Speaker 2: your numbers. That's with all things investing you have to

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Speaker 2: run your number, run your numbers, fun the numbers. Let's

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Speaker 2: just take one quick last question, real quick. This is

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Speaker 2: just a question for me for Jason. So, Jason, you

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Speaker 2: left corporate. We get this a lot. You left corporate

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Speaker 2: and you went to start your business. Give us maybe

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Speaker 2: just a tip or two that for those people who

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Speaker 2: are like especially now with so many people losing your

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Speaker 2: jobs in the tech sector and it's just feeling so overwhelming,

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Speaker 2: and many of them maybe they have this like business idea,

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Speaker 2: they're not really sure. What are some things that before

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Speaker 2: they take the leak or unfortunately before they get let go.

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Speaker 3: What should people do to.

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Speaker 2: Prepare emotion only mentally, but also financially for the shift

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Speaker 2: from working in corporate America to potentially working for themselves.

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Speaker 3: Yeah.

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Speaker 4: I love this question because the first thing we'll tackle

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Speaker 4: the financial aspect of it. You need a emergency fund

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Speaker 4: or what I call the freedom fund. You need a

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Speaker 4: fund that can cover six to nine months of your

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Speaker 4: basic living expenses. So this doesn't mean six to nine

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Speaker 4: months of your current income. This is six to nine

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Speaker 4: months of your basic living expenses, housing, food, medicine, and

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Speaker 4: things like that. You need that in order for you

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Speaker 4: to kind of just function and society and also for

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Speaker 4: you not to have to run to find the next job.

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Speaker 4: So for me, when I quit corporate, I actually had

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Speaker 4: a sizeable fund and that had a lot to do

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Speaker 4: with me not buying property. Instead of me putting in

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Speaker 4: the down payment in the home, I had access money

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Speaker 4: that I could use towards paying my monthly obligations. And

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Speaker 4: so that is financially, you need to be set six

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Speaker 4: to nine months of your basic living expense is saved

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Speaker 4: a way, not invested in the market. I'm one of

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Speaker 4: those old school you need accessible liquid cash and that

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Speaker 4: because emergencies happen right to not a matter of if

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Speaker 4: when they happen, and if you are let go or

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Speaker 4: if there are changes in your situation, you need access

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Speaker 4: to money to help you pay for these necessities. Now,

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Speaker 4: preparing mentally and emotionally, I mean become leaving the corporate

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Speaker 4: world and pursuing your entrepreneur goals, It's going to take

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Speaker 4: a mental toll on you, and that has a lot

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Speaker 4: to do with you like finally believing in yourself enough

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Speaker 4: to kind of make this leap, and then when things

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Speaker 4: doesn't go the way you've envisioned it, well, that's going

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Speaker 4: to take a mental toll, and that's going to affect

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Speaker 4: your ability to kind of see the opportunities that presents itself.

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Speaker 4: So one for anyone who is experiencing this transition, whether

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Speaker 4: forced or chosen, I want you to prepare yourself mentally

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Speaker 4: by what reassessing reevaluating your current skill set. That's kind

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Speaker 4: of one of the key things. That's kind of like

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Speaker 4: you're looking at your resume and going, how can I

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Speaker 4: And this is interesting, right because I want to be

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Speaker 4: an entrepreneur. Why do I need to redo my resume? Well,

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Speaker 4: you need to understand your skill set. You need to

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Speaker 4: understand your experiences because you're gonna you're gonna uncover places

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Speaker 4: and gaps and then you may now want to tap

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Speaker 4: into your network of friends and entrepreneurs to help you

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Speaker 4: fill in those gaps. So work on that and that's

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Speaker 4: going to help you feel better about making this shift.

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Speaker 4: It's going to help you feel better about going after

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Speaker 4: for the next job if you're looking at maintain you

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Speaker 4: going from one job to the next stepending on your

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Speaker 4: situation and emotionally too, I mean, allow yourself if you've

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Speaker 4: been let go and there's a lot of people who

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Speaker 4: been let go, and a lot of the people who

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Speaker 4: are making the leaps on the base on their own faith.

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Speaker 4: Allow yourself the space and grace and time to grieve

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Speaker 4: losing the job or shifting from being so career focused

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Speaker 4: in the corporate world into the entrepreneurial purposeful path, because

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Speaker 4: there is a grieving period when it comes to that,

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Speaker 4: because our identity is so tied to it. So I

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Speaker 4: want you to take a moment to rest, to reset,

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Speaker 4: and let your body kind of readjust to the new

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Speaker 4: normal that you're trying to create. Because what I find

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Speaker 4: is that people who have been laid off and they

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Speaker 4: may get a severance package, or they may have unemployment

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Speaker 4: benefits or a savings account, they jump right into a

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Speaker 4: new job, or they jump right into entrepreneurship, and then

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Speaker 4: they're feeling the same strains. They're feeling the same constraints,

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Speaker 4: and so you need to take a moment of pause.

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Speaker 4: So that's kind of one thing for your mental health,

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Speaker 4: your emotional being. Take a moment of pause. And typically

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Speaker 4: that's doable because we have a financial safety net.

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Speaker 2: I love that, Jason, you have the best if you

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Speaker 2: are wanting to holistically navigate your personal finances, Jason has

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Speaker 2: this awesome book, Happy Money, Happy Life, where he guides

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Speaker 2: us through how to do so through the lens of

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Speaker 2: these eight dimensions.

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Speaker 3: Can you mention those eight dimensions, Jason?

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Speaker 4: Yeah, the eight happy dimensions their mental, emotional, physical, spiritual, social, environmental, occupational,

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Speaker 4: and financial.

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Speaker 2: So Jason walks us through those dimensions and through the

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Speaker 2: lens of personal finance. It's called Happy Money, Happy Life.

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Speaker 2: You can purchase it at Happy Money, happylifebook dot com.

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Speaker 2: Jason's awesome. If you have not listened to the prior episode,

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Speaker 2: do it. That's your homework.

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Speaker 3: Jason. Where can they find you?

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Speaker 2: You know, we know where we can find your book,

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Speaker 2: but where can they find you if they want to

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Speaker 2: follow you or connect with you?

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Speaker 4: Yeah, you can find me on Instagram and Twitter. I'm

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Speaker 4: active in those spaces at Jason v tug and also

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Speaker 4: on LinkedIn awesome.

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Speaker 3: V tug, b I t ug.

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Speaker 2: His stuff will be the link to the book, Happy Money,

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Speaker 2: happylifebook dot com and Jason's especially his Instagram where he's

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Speaker 2: really active.

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Speaker 3: They'll be in the show and notes.

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Speaker 2: So give a hollefo dollar honey. Thank you, Jason, You're

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Speaker 2: really awesome. Thank you for thank you for me and

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Speaker 2: my friend.

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Speaker 4: Well, thank you so much. I'm honored to be your

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Speaker 4: friends of me.

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Speaker 2: I was gonna say thank you for being a friend

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Speaker 2: travel around the world.

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Speaker 3: Is that Golden Girl though, that's not going back again.

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Speaker 3: But the hottest to.

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Speaker 2: You a pal and a hold that is Golden Girls.

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Speaker 2: I remember I tried to put Mandy up on Golden Girls.

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Speaker 2: She was like, who, I said, girl, get off my line?

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Speaker 2: Maybe like Golden Girls.

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Speaker 4: I said, Golden Browns. Okay, the Golden Browns.

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Speaker 3: Golden Broth. Thanks again, Jason, BYBA fan. We will see

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Speaker 3: you next week.

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Speaker 1: Hey, Ba fam, we could not do this show without

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Speaker 1: your support or the support of our team behind the scenes.

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Speaker 1: The Brown Emission podcast is produced by Cumulus Podcast Network.

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Speaker 1: It's edited by the wonderful Emani Crosby and produced by

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Speaker 1: Tanya Bustos. Dennis Stimplinsky is our in house tech guru,

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Speaker 1: and I am Bandy Woodard Santos your co host, and

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Speaker 1: I will see y'all next week.