1 00:00:06,160 --> 00:00:09,799 Speaker 1: It's time forward. The b a qa A to b 2 00:00:09,960 --> 00:00:12,800 Speaker 1: a q a with tiffand a to b a qa 3 00:00:13,039 --> 00:00:16,560 Speaker 1: no man d the b a qa with for news 4 00:00:16,640 --> 00:00:21,360 Speaker 1: to rabe out and why Honestly every time man, he's 5 00:00:21,360 --> 00:00:23,840 Speaker 1: not here, the person is sitting there. Somehow I figure 6 00:00:23,840 --> 00:00:25,880 Speaker 1: out a way to rhyme. Okay, somebody needs to sign 7 00:00:25,960 --> 00:00:27,280 Speaker 1: me to a deal. Okay, so. 8 00:00:29,080 --> 00:00:31,160 Speaker 2: In the student that shouldn't that should not be hard. 9 00:00:31,200 --> 00:00:35,720 Speaker 1: You're Tiffany, Well, I'm super excited because I have for 10 00:00:35,840 --> 00:00:37,959 Speaker 1: news to Robbie in the stew today. She is one 11 00:00:38,000 --> 00:00:41,760 Speaker 1: of America's leading personal financial authorities, hooked on helping you 12 00:00:41,880 --> 00:00:44,000 Speaker 1: live your richest and happiest life. She's also a friend 13 00:00:44,000 --> 00:00:46,880 Speaker 1: of mine. She's so dumpe. She's a multi best selling 14 00:00:46,880 --> 00:00:50,760 Speaker 1: financial author, former c NBC host, and creator of the 15 00:00:50,760 --> 00:00:54,640 Speaker 1: Webby nominated podcast So Money, which is an awesome podcast. 16 00:00:54,640 --> 00:00:57,280 Speaker 1: If you're not listening to it, do it for News. 17 00:00:57,280 --> 00:01:00,000 Speaker 1: Has become one of the country's favorite go to money experts. 18 00:01:00,680 --> 00:01:03,880 Speaker 1: The New York Times actually calls her advice perfectly practical 19 00:01:04,560 --> 00:01:07,560 Speaker 1: right so Farnush's award winning and critically acclaimed podcast, So 20 00:01:07,640 --> 00:01:12,560 Speaker 1: Money has surpassed twenty five million downloads. That's a lot, 21 00:01:12,720 --> 00:01:14,959 Speaker 1: just in case you didn't now and thanks to one 22 00:01:14,959 --> 00:01:18,000 Speaker 1: of her kind interviews and deep conversations about money. On 23 00:01:18,040 --> 00:01:20,960 Speaker 1: the show, she spopped lights leading experts and authors and 24 00:01:21,000 --> 00:01:26,360 Speaker 1: influencers from Arianna Huffington to markrit Choe to the Queen herself, 25 00:01:26,480 --> 00:01:32,400 Speaker 1: Latifa and Tim Gunn and me about their personal financial perspectives, 26 00:01:32,520 --> 00:01:36,600 Speaker 1: money failures and habits. She also answers listeners personal financial 27 00:01:36,680 --> 00:01:38,440 Speaker 1: questions each week where she's gonna help me do today. 28 00:01:39,080 --> 00:01:41,880 Speaker 1: And she is the new author, well she's been an 29 00:01:41,920 --> 00:01:44,479 Speaker 1: author four times over, but a new book called A 30 00:01:44,560 --> 00:01:48,040 Speaker 1: Healthy State of Panic. And what's so awesome is like, 31 00:01:48,080 --> 00:01:50,440 Speaker 1: if you're listening to this, that means the episode that 32 00:01:50,440 --> 00:01:52,120 Speaker 1: we did a few days ago, a couple of days ago, 33 00:01:52,360 --> 00:01:54,800 Speaker 1: it's all about Farnus, her new book, And honestly, I 34 00:01:54,840 --> 00:01:57,360 Speaker 1: think you need to hear it, go back and listen 35 00:01:57,440 --> 00:02:00,200 Speaker 1: to it because Farnuse really helps to turn fee you're 36 00:02:00,320 --> 00:02:02,280 Speaker 1: on its head and how you can use it as 37 00:02:02,320 --> 00:02:04,919 Speaker 1: a tool for you know, the things that you're seeking. 38 00:02:04,920 --> 00:02:06,320 Speaker 1: And we're going to talk about it, you know, in 39 00:02:06,360 --> 00:02:08,480 Speaker 1: this episode too, but with b a Qa. But I 40 00:02:08,560 --> 00:02:11,000 Speaker 1: think I think you're gonna love that episode, so go 41 00:02:11,120 --> 00:02:13,640 Speaker 1: listen to it. Welcome to the Too for News. 42 00:02:13,880 --> 00:02:16,160 Speaker 2: Thank you, thank you for that generous introduction. 43 00:02:17,040 --> 00:02:18,359 Speaker 1: Do you ever do you have you ever had like 44 00:02:18,400 --> 00:02:21,519 Speaker 1: a nickname? Was it just always for news or likes? 45 00:02:22,040 --> 00:02:24,239 Speaker 1: Oh news, okay, news like that? 46 00:02:24,440 --> 00:02:29,959 Speaker 2: Heysh nushi, but I prefer nous. Okay, okay, you're you're 47 00:02:30,000 --> 00:02:33,239 Speaker 2: you definitely you're allowed. It's like it's not like you 48 00:02:33,280 --> 00:02:35,239 Speaker 2: don't need permission, but it's like if you know me, 49 00:02:35,320 --> 00:02:38,239 Speaker 2: you know, and like I don't really share that with people. 50 00:02:38,000 --> 00:02:43,240 Speaker 1: But now we are world. I know. Sometimes people like 51 00:02:43,240 --> 00:02:45,160 Speaker 1: hate Tiff and I'm like, I mean I don't mind tif, 52 00:02:45,160 --> 00:02:47,920 Speaker 1: but literally nobody who like, Oh, I'm trying to thing. 53 00:02:48,000 --> 00:02:49,600 Speaker 1: Do people call me Tiff? Like my friends? 54 00:02:49,639 --> 00:02:53,280 Speaker 2: I just texted you, I said, hay, Tiff because I 55 00:02:53,320 --> 00:02:55,920 Speaker 2: feel like sometimes when you tell stories with yourself in it, 56 00:02:56,200 --> 00:02:59,200 Speaker 2: you say Tiff. So then I thought maybe she likes that. 57 00:02:59,600 --> 00:03:00,560 Speaker 2: Well I don't. 58 00:03:00,680 --> 00:03:03,480 Speaker 1: I feel like I don't. Yeah, it's not like a thing. 59 00:03:03,600 --> 00:03:05,840 Speaker 1: I'm like, it's I feel very neutral to it. Like 60 00:03:05,840 --> 00:03:08,120 Speaker 1: if someone called me fifth, I'm like that's fine, you know, 61 00:03:08,120 --> 00:03:11,080 Speaker 1: but it's not like oh, like yeah, but like my 62 00:03:11,120 --> 00:03:13,960 Speaker 1: real nickname nickname because my African name is Adochi, and 63 00:03:14,000 --> 00:03:16,360 Speaker 1: so my real nickname nickname is ado which is like 64 00:03:16,400 --> 00:03:18,519 Speaker 1: the first half of Adochi. So like my nieces and 65 00:03:18,600 --> 00:03:21,840 Speaker 1: nephew call me Auntie Utto, my sisters call me Utto, 66 00:03:22,360 --> 00:03:24,400 Speaker 1: and so it's weird when my family calls me Tiffany, 67 00:03:24,919 --> 00:03:27,440 Speaker 1: like you know, because it's like, who oh, that's right me. 68 00:03:28,080 --> 00:03:30,639 Speaker 1: But yeah, so we have some I'm glad you're in 69 00:03:30,639 --> 00:03:33,480 Speaker 1: a stocause we have some questions to answer today, and 70 00:03:33,880 --> 00:03:36,760 Speaker 1: you know we could use your advice. So let's ce 71 00:03:36,880 --> 00:03:40,920 Speaker 1: c cccc. I think okay, this one is anonymous. This 72 00:03:40,960 --> 00:03:44,800 Speaker 1: is very exciting. So hello, I'm assuming they're singing is 73 00:03:44,880 --> 00:03:48,960 Speaker 1: because they're Broadway actress. I'd like to remain anonymous if 74 00:03:48,960 --> 00:03:53,119 Speaker 1: this question airs. It is girl, I'm a Broadway actress 75 00:03:53,120 --> 00:03:56,000 Speaker 1: and I'm wondering how to say for retirement. One, A 76 00:03:56,480 --> 00:03:59,920 Speaker 1: work is sporadic and b sometimes the work is w 77 00:04:00,040 --> 00:04:03,240 Speaker 1: you to union work, and sometimes it is ten ninety 78 00:04:03,360 --> 00:04:06,040 Speaker 1: nine gig work. How do you set up retirement when 79 00:04:06,040 --> 00:04:08,600 Speaker 1: your work is generally temporary and sometimes not connected to 80 00:04:08,640 --> 00:04:11,640 Speaker 1: a retirement package? What does setup look like? I would 81 00:04:11,680 --> 00:04:13,440 Speaker 1: love oh yeah, and she would love to benefit from 82 00:04:13,440 --> 00:04:17,159 Speaker 1: an artist series of people who don't hold your typical 83 00:04:17,240 --> 00:04:18,800 Speaker 1: nine to five job, thank you for all that you 84 00:04:18,839 --> 00:04:21,680 Speaker 1: do and creating this safe space, and so oh you 85 00:04:21,720 --> 00:04:23,839 Speaker 1: mean like she would just love if me and Mandy 86 00:04:23,880 --> 00:04:26,400 Speaker 1: did a series of like financial advice for people who 87 00:04:26,400 --> 00:04:28,359 Speaker 1: don't have nine to five. Oh, that's actually a good idea. 88 00:04:28,960 --> 00:04:33,400 Speaker 1: Let's see what should we call her? We'll just call 89 00:04:33,480 --> 00:04:38,120 Speaker 1: you Broadway. Hey, Broadway. So well, let's say you our news, Like, 90 00:04:38,160 --> 00:04:41,560 Speaker 1: you know, Broadway is like, girl, I'm thinking about retirement. Yeah, 91 00:04:41,600 --> 00:04:43,680 Speaker 1: but I get this random money here and there. So 92 00:04:43,720 --> 00:04:45,280 Speaker 1: what do you think she should do? Yeah? 93 00:04:45,400 --> 00:04:47,960 Speaker 2: So I was really curious at one point about how 94 00:04:48,120 --> 00:04:51,800 Speaker 2: much Broadway actors and performers earned, and I actually I 95 00:04:52,040 --> 00:04:53,640 Speaker 2: pose that on my podcast because I was going to 96 00:04:53,640 --> 00:04:55,440 Speaker 2: see Aladdin and I was like, oh my god, this 97 00:04:55,440 --> 00:04:59,200 Speaker 2: this work is not light. You're working, you know, six 98 00:04:59,279 --> 00:05:02,560 Speaker 2: days a week, sometimes two shows a day, right, so 99 00:05:02,839 --> 00:05:05,159 Speaker 2: it's hard, and you can't have a side hustle, like 100 00:05:05,200 --> 00:05:07,719 Speaker 2: you're not also investing in real estate or also have 101 00:05:07,800 --> 00:05:10,040 Speaker 2: like a you know, passive income. These people have they're 102 00:05:10,080 --> 00:05:12,400 Speaker 2: giving their lives and their livelihoods to their work. And 103 00:05:12,440 --> 00:05:15,160 Speaker 2: so the idea of like, oh but they make about 104 00:05:15,240 --> 00:05:18,440 Speaker 2: if you're a star on Broadway, you could make healthy 105 00:05:18,440 --> 00:05:21,960 Speaker 2: six figures for that run. So I'm not going to 106 00:05:22,000 --> 00:05:24,520 Speaker 2: assume that's what she's making. But even if you're whatever 107 00:05:24,520 --> 00:05:28,839 Speaker 2: you're making, I think that for those who have inconsistent pay, 108 00:05:29,560 --> 00:05:32,680 Speaker 2: when you have the pay, you have to commit to 109 00:05:33,360 --> 00:05:36,680 Speaker 2: taking I would say more than average. I would say 110 00:05:36,720 --> 00:05:39,120 Speaker 2: twenty to twenty five percent of that and putting it 111 00:05:39,160 --> 00:05:42,480 Speaker 2: away towards investing, because there may be months where you're 112 00:05:42,520 --> 00:05:46,279 Speaker 2: not earning, so your savings rate you're investing rate rather 113 00:05:46,640 --> 00:05:50,839 Speaker 2: should be higher, but it's going to not be every month, right, 114 00:05:50,960 --> 00:05:53,960 Speaker 2: and so you just have to kind of commit to that. 115 00:05:54,440 --> 00:05:57,040 Speaker 2: And as far as where you're putting that investment, I mean, 116 00:05:57,040 --> 00:06:00,040 Speaker 2: some of that money she said is coming through a 117 00:06:00,120 --> 00:06:04,560 Speaker 2: job where there might be a retirement package, So start there, okay. 118 00:06:04,880 --> 00:06:07,640 Speaker 2: And then if there's a job that's coming from work 119 00:06:07,680 --> 00:06:09,680 Speaker 2: that she doesn't have, it like it's it's you have 120 00:06:09,720 --> 00:06:11,920 Speaker 2: to open up a roth ira. That's like you can 121 00:06:11,960 --> 00:06:15,320 Speaker 2: do that. You can have you know, a retirement account. 122 00:06:15,160 --> 00:06:17,200 Speaker 1: Cause cause she has both, she can have like she 123 00:06:18,000 --> 00:06:19,239 Speaker 1: retirement in a roth ira. 124 00:06:19,800 --> 00:06:23,240 Speaker 2: Yes, yes, and I think a lot of people we 125 00:06:23,240 --> 00:06:27,039 Speaker 2: should we should diversify our tax exposure in retirement because 126 00:06:27,040 --> 00:06:30,320 Speaker 2: we know with a workplace retirement account typically that's you 127 00:06:30,400 --> 00:06:35,200 Speaker 2: pay before taxes, so you're saving on taxes today versus 128 00:06:35,240 --> 00:06:38,200 Speaker 2: a ROTH you pay after tax and so you get 129 00:06:38,200 --> 00:06:40,440 Speaker 2: the you get a tax re withdrawal in retirement, So 130 00:06:40,920 --> 00:06:42,360 Speaker 2: we don't know what our tax picture is going to 131 00:06:42,400 --> 00:06:44,159 Speaker 2: be in retirement. Good to have a little bit of both. 132 00:06:45,360 --> 00:06:47,240 Speaker 2: But yeah, I think for those of us, whether you 133 00:06:47,320 --> 00:06:49,520 Speaker 2: work on Broadway or you just do some sort of 134 00:06:49,520 --> 00:06:53,640 Speaker 2: other work where your pay is not consistent and your 135 00:06:53,680 --> 00:06:57,960 Speaker 2: income is coming from different sources, it's leverage what's available 136 00:06:58,000 --> 00:07:02,000 Speaker 2: to you, which is the workplace retirement account and or 137 00:07:02,040 --> 00:07:05,360 Speaker 2: a traditional or RATH diary outside of that job, and 138 00:07:06,279 --> 00:07:08,800 Speaker 2: just you have to be I think a little more 139 00:07:08,960 --> 00:07:11,960 Speaker 2: vigilant than average workers that can just kind of like 140 00:07:12,040 --> 00:07:13,760 Speaker 2: set it and forget it, you know, like I'm going 141 00:07:13,840 --> 00:07:16,440 Speaker 2: to do ten percent, fifteen percent, I'm going to be 142 00:07:16,480 --> 00:07:19,120 Speaker 2: at this job for you know, at least a year. 143 00:07:19,160 --> 00:07:21,040 Speaker 2: I don't have to think about it, but it comes 144 00:07:21,120 --> 00:07:23,640 Speaker 2: up more often, more frequently. For I think those of 145 00:07:23,720 --> 00:07:27,520 Speaker 2: us who have more fragmented income, we have to be 146 00:07:27,600 --> 00:07:31,960 Speaker 2: more has to be more top of mind unless of course, 147 00:07:33,000 --> 00:07:34,600 Speaker 2: one more thing I'll say, unless, of course, you're at 148 00:07:34,640 --> 00:07:39,840 Speaker 2: the point where you have some sort of baseline savings 149 00:07:39,880 --> 00:07:43,880 Speaker 2: from which you're using to pay for your lifestyle. And 150 00:07:44,080 --> 00:07:46,840 Speaker 2: you know, that's the ideal that when you have this 151 00:07:46,920 --> 00:07:49,520 Speaker 2: sort of work that is disparate, the income is disparate, 152 00:07:49,840 --> 00:07:52,360 Speaker 2: that you kind of save enough to the point where, 153 00:07:52,880 --> 00:07:55,480 Speaker 2: even though there are gaps in how much when you 154 00:07:55,520 --> 00:07:59,480 Speaker 2: get paid, your lifestyle does not like your cash flow 155 00:07:59,520 --> 00:08:02,800 Speaker 2: does not change because you have that sort of foundational 156 00:08:02,840 --> 00:08:07,480 Speaker 2: savings to support those months where you're not making the money. 157 00:08:08,600 --> 00:08:10,480 Speaker 2: But you have to be you have to be extra 158 00:08:10,520 --> 00:08:12,720 Speaker 2: committed to what you do with that paycheck. When you 159 00:08:12,720 --> 00:08:14,120 Speaker 2: get the paycheck, I. 160 00:08:14,080 --> 00:08:16,040 Speaker 1: Call it pay the pot. So like it's like when 161 00:08:16,040 --> 00:08:18,320 Speaker 1: you first started working for yourself, it's like, no, no, 162 00:08:18,320 --> 00:08:20,160 Speaker 1: no't pay me. Pay the pot so the pot can 163 00:08:20,160 --> 00:08:23,920 Speaker 1: pay me a consistent income. Yes, yes, yes, okay. So 164 00:08:23,960 --> 00:08:26,440 Speaker 1: what I'm hearing you say is like like, okay, so broadway, 165 00:08:26,480 --> 00:08:29,880 Speaker 1: what I'm hearing Forarniche is like one like, yes, you 166 00:08:29,920 --> 00:08:31,720 Speaker 1: want to set aside for a retirement, but you get 167 00:08:31,720 --> 00:08:33,920 Speaker 1: to do both. And quite honestly, anybody can kind of 168 00:08:33,920 --> 00:08:37,440 Speaker 1: do this. That your w two that you get from 169 00:08:37,520 --> 00:08:41,160 Speaker 1: your union, ask hey, is there a retirement account available? 170 00:08:41,200 --> 00:08:43,480 Speaker 1: My assumption is yes, I don't know, but you know, 171 00:08:43,520 --> 00:08:45,560 Speaker 1: if you're getting W two, you can ask your union 172 00:08:45,600 --> 00:08:49,160 Speaker 1: what's the retirement account that is available to me? Here? 173 00:08:49,559 --> 00:08:52,199 Speaker 1: You know, put money there, and you're wanting to max 174 00:08:52,280 --> 00:08:56,480 Speaker 1: because to Fernuc's point, since you're not you don't make 175 00:08:56,640 --> 00:08:59,240 Speaker 1: regular money, you actually have to over index. Typically we 176 00:08:59,280 --> 00:09:01,559 Speaker 1: tell people to to fifteen percent, but because you get 177 00:09:01,600 --> 00:09:04,480 Speaker 1: money sporadically, you have to set aside more to cover 178 00:09:04,520 --> 00:09:06,800 Speaker 1: the times that you don't. But then also have your 179 00:09:06,880 --> 00:09:10,480 Speaker 1: your external retirement account which is typically like a WROTH 180 00:09:11,640 --> 00:09:14,240 Speaker 1: and ideally if you can max that out too every year. 181 00:09:14,520 --> 00:09:16,400 Speaker 1: So doing both will help you to have like a 182 00:09:16,440 --> 00:09:20,080 Speaker 1: really healthy like retirement account where you get to get 183 00:09:20,080 --> 00:09:22,360 Speaker 1: your tax benefits now and then some of your tax 184 00:09:22,400 --> 00:09:24,800 Speaker 1: benefits later. ROTH lets you get your tax benefits later, 185 00:09:25,280 --> 00:09:28,719 Speaker 1: and traditional IRA lets you get your tax benefits now 186 00:09:30,160 --> 00:09:33,000 Speaker 1: and then also too, you know, learning to pay the 187 00:09:33,040 --> 00:09:35,560 Speaker 1: pot like when you do get paid, like knowing that 188 00:09:35,720 --> 00:09:37,840 Speaker 1: like I mean ideally because you might not make enough 189 00:09:37,920 --> 00:09:40,640 Speaker 1: to support but ideally when you get paid, knowing that 190 00:09:40,679 --> 00:09:43,120 Speaker 1: all this money is not my January money, is also 191 00:09:43,240 --> 00:09:45,720 Speaker 1: potentially for October too, because I might not be working 192 00:09:45,760 --> 00:09:48,080 Speaker 1: there and so pay the pot and let the pot 193 00:09:48,080 --> 00:09:50,840 Speaker 1: pay you ideally consistently. Did I wrap it up good? 194 00:09:50,880 --> 00:09:51,520 Speaker 1: Like what you share. 195 00:09:51,800 --> 00:09:55,840 Speaker 2: Yeah. There's a book too that I want to recommend. 196 00:09:56,240 --> 00:09:59,360 Speaker 2: And I'm trying to remember the name of the author. 197 00:09:59,480 --> 00:10:01,840 Speaker 2: She was on your podcast and mine, I think, and 198 00:10:01,880 --> 00:10:06,400 Speaker 2: it was about tipping, but it was so her. 199 00:10:06,720 --> 00:10:09,200 Speaker 1: I'm sure Barbara, Okay it was. 200 00:10:09,240 --> 00:10:10,160 Speaker 2: Her name is Barbara Hold, And. 201 00:10:10,120 --> 00:10:13,000 Speaker 1: We're gonna I'm gonna say, yeah, I'm like, look it up. 202 00:10:13,080 --> 00:10:15,480 Speaker 2: Yeah, So here we go. It's also a really good book. 203 00:10:15,640 --> 00:10:19,600 Speaker 2: It's called Tipped, and it's by Barbara Sloan, who's been 204 00:10:19,600 --> 00:10:23,360 Speaker 2: on my podcast. She's a financial expert, and she writes 205 00:10:23,400 --> 00:10:26,400 Speaker 2: about achieving financial freedom for people who have who work 206 00:10:26,440 --> 00:10:30,360 Speaker 2: in the service industry, who may not have consistent income 207 00:10:30,520 --> 00:10:33,400 Speaker 2: or really I mean, the book is dedicated to those 208 00:10:33,440 --> 00:10:37,520 Speaker 2: of us who thrive on tips, but I think there's 209 00:10:37,559 --> 00:10:40,240 Speaker 2: a lot of gems there, even for those of us 210 00:10:40,320 --> 00:10:43,720 Speaker 2: who work maybe sporadically. Maybe we're not we don't consider 211 00:10:43,720 --> 00:10:46,440 Speaker 2: our self service industry, but we do have what is 212 00:10:46,520 --> 00:10:52,160 Speaker 2: sometimes in consistent pay or seasonal work. And Barbara really 213 00:10:52,200 --> 00:10:56,080 Speaker 2: walks you through how to streamline that so that you're 214 00:10:56,080 --> 00:10:59,800 Speaker 2: not feeling like there are months where you're going without 215 00:11:00,520 --> 00:11:03,040 Speaker 2: that you to your point, you've done enough where you've 216 00:11:03,080 --> 00:11:06,520 Speaker 2: paid the pot, and whether you work in January or 217 00:11:06,600 --> 00:11:10,920 Speaker 2: November or September, that it's all going to fuel this 218 00:11:11,040 --> 00:11:14,840 Speaker 2: sort of cycle that you've created and is going hummingly. 219 00:11:15,600 --> 00:11:18,240 Speaker 1: Okay, I love it. We're gonna take a real quick 220 00:11:18,360 --> 00:11:20,800 Speaker 1: break and come back with our second question. Plus I 221 00:11:20,800 --> 00:11:23,040 Speaker 1: want to learn more about this healthy state of panic. 222 00:11:23,080 --> 00:11:24,559 Speaker 1: What's just all about? You know what I'm saying. So 223 00:11:24,679 --> 00:11:26,720 Speaker 1: we'll be back in one minute. Well I don't know 224 00:11:26,720 --> 00:11:33,000 Speaker 1: about one minute, but we'll be back, and we're back. 225 00:11:33,040 --> 00:11:37,360 Speaker 1: You know, I forgot to do the disclosure, y'all know me, me, me, me, 226 00:11:38,080 --> 00:11:40,640 Speaker 1: see your grandma, not us. So this advice is not 227 00:11:40,720 --> 00:11:43,680 Speaker 1: to be taken with anything less than the super grayness 228 00:11:43,679 --> 00:11:46,040 Speaker 1: of grayness of salts. What does that mean? That means 229 00:11:46,280 --> 00:11:49,000 Speaker 1: neither myself are ot News or your financial advisor. We're 230 00:11:49,040 --> 00:11:51,360 Speaker 1: not your attorney, we're not your doctor. We are just 231 00:11:51,440 --> 00:11:55,240 Speaker 1: your fun and fabulous financial internet cousins. We're just shooting 232 00:11:55,280 --> 00:11:58,679 Speaker 1: the breeze. So you're gonna hear the advice, then you're 233 00:11:58,720 --> 00:12:01,240 Speaker 1: going to run by the people that you pay, which 234 00:12:01,280 --> 00:12:03,640 Speaker 1: is not us, and then you gotta use your advice 235 00:12:03,760 --> 00:12:05,920 Speaker 1: based upon you know, like that advice that you give 236 00:12:05,920 --> 00:12:09,040 Speaker 1: from those folks. Okay, so remember this is really made 237 00:12:09,200 --> 00:12:12,480 Speaker 1: for you know, just a little bit entertainment that certainly 238 00:12:12,480 --> 00:12:15,640 Speaker 1: you know, this is not advice that you're supposed to 239 00:12:15,679 --> 00:12:17,840 Speaker 1: just take and do exactly what we say. So hopefully 240 00:12:17,880 --> 00:12:20,520 Speaker 1: that it's helpful. See what I did there, because I 241 00:12:20,559 --> 00:12:23,000 Speaker 1: was like, oh, there was a little fear because I'm 242 00:12:23,040 --> 00:12:25,240 Speaker 1: like child, Yeah. 243 00:12:24,559 --> 00:12:28,240 Speaker 2: You know, fear got me some insurance the other day. 244 00:12:28,600 --> 00:12:31,920 Speaker 1: Oh so yeah, oh so like like like insurance for 245 00:12:31,960 --> 00:12:33,440 Speaker 1: yourself or insurance, well for. 246 00:12:33,360 --> 00:12:36,480 Speaker 2: The business, Like I'm an LLC, I'm an escorp, and 247 00:12:36,640 --> 00:12:39,040 Speaker 2: so it's not to be assumed, but if somebody sues me, 248 00:12:39,200 --> 00:12:42,960 Speaker 2: I will have some you know, legal recourse. So I 249 00:12:43,640 --> 00:12:46,680 Speaker 2: somehow I've gotten I mean, I guess because I don't 250 00:12:46,720 --> 00:12:48,880 Speaker 2: people don't listen to me or what because I've gotten 251 00:12:48,920 --> 00:12:50,360 Speaker 2: twenty years and no one's ever tried to sue me. 252 00:12:50,400 --> 00:12:53,320 Speaker 2: Knock on wood, but I have seen it happen, and 253 00:12:53,520 --> 00:12:55,560 Speaker 2: I got like a little spooked, and I was like, 254 00:12:55,640 --> 00:12:59,600 Speaker 2: I'm gonna just get some you know, liability insurance. 255 00:13:02,360 --> 00:13:04,200 Speaker 1: You know? Is it? You know? Like, what is it? 256 00:13:04,240 --> 00:13:07,240 Speaker 1: They have errors and omissions. 257 00:13:07,280 --> 00:13:10,040 Speaker 2: Errors and emissions, which this is not what I got, 258 00:13:10,120 --> 00:13:13,040 Speaker 2: but I think it's it would include that. It's like 259 00:13:13,120 --> 00:13:16,640 Speaker 2: sort of I have gotten errors and omissions insurance too, 260 00:13:16,640 --> 00:13:19,120 Speaker 2: though in the past when I've worked with brands, they 261 00:13:19,160 --> 00:13:22,400 Speaker 2: have asked me to get it because they require it. 262 00:13:22,720 --> 00:13:25,040 Speaker 1: Yeah, So speaking of fear, so what I love this 263 00:13:25,120 --> 00:13:26,840 Speaker 1: is such a great conversation, like before we answer our 264 00:13:26,840 --> 00:13:31,080 Speaker 1: second question leads into your book. Like, so on the surface, 265 00:13:31,320 --> 00:13:33,360 Speaker 1: it would seem that that kind of like that fear 266 00:13:33,400 --> 00:13:37,079 Speaker 1: in general is a bad thing, But just in this 267 00:13:37,200 --> 00:13:41,360 Speaker 1: quick conversation we had about getting insurance, it fear like 268 00:13:41,600 --> 00:13:43,360 Speaker 1: had me thinking like, wait a minute, is my insurance 269 00:13:43,440 --> 00:13:45,280 Speaker 1: up to date? Let me make sure. So fear really 270 00:13:45,400 --> 00:13:48,360 Speaker 1: was like a wake up call to make a change 271 00:13:48,520 --> 00:13:50,719 Speaker 1: that is to my benefit. And so I feel like, 272 00:13:50,800 --> 00:13:52,920 Speaker 1: isn't that what your book is about? A healthy data panic? 273 00:13:53,800 --> 00:13:56,240 Speaker 2: Well, thank you for that plug. Yes, it is all 274 00:13:56,320 --> 00:14:00,880 Speaker 2: about how fear is turning you inward. And when fear 275 00:14:00,960 --> 00:14:04,840 Speaker 2: shows up, your job is not to try to destroy 276 00:14:04,920 --> 00:14:07,520 Speaker 2: it or try to pretend it's not there, because being 277 00:14:07,559 --> 00:14:10,560 Speaker 2: fearless is what's cool. It's to say what are you 278 00:14:10,679 --> 00:14:13,360 Speaker 2: doing here? What are you what? 279 00:14:13,640 --> 00:14:13,760 Speaker 1: Like? 280 00:14:13,800 --> 00:14:17,520 Speaker 2: Why are you here? And sometimes fears are irrational, but 281 00:14:17,920 --> 00:14:22,800 Speaker 2: many times, especially when it involves questions around money and work, 282 00:14:23,120 --> 00:14:26,560 Speaker 2: high stakes, it's there to try to protect us, to 283 00:14:26,600 --> 00:14:29,560 Speaker 2: try to get us closer to a better answer, a 284 00:14:29,600 --> 00:14:33,280 Speaker 2: better landing. And I mean, like I said on your 285 00:14:33,520 --> 00:14:37,160 Speaker 2: show earlier, I think every time fear has shown up 286 00:14:37,200 --> 00:14:39,920 Speaker 2: in my financial life, in my career, even if I 287 00:14:40,040 --> 00:14:43,880 Speaker 2: found that the fear wasn't being honest with me, because 288 00:14:43,880 --> 00:14:46,560 Speaker 2: sometimes fear can be dishonest with you, it's telling you 289 00:14:46,600 --> 00:14:50,680 Speaker 2: a false story. But even just recognizing that has opened 290 00:14:50,720 --> 00:14:53,760 Speaker 2: doors has been breakthroughs for me. So I've never been 291 00:14:53,760 --> 00:14:55,400 Speaker 2: the kind of person who can just be like, oh 292 00:14:56,320 --> 00:14:59,080 Speaker 2: shoe fear or I'm fearless, Like, I don't know, I 293 00:14:59,120 --> 00:15:03,000 Speaker 2: can't do that. Also, what privilege is that to be 294 00:15:03,040 --> 00:15:05,360 Speaker 2: able to like think that you could just walk through 295 00:15:05,400 --> 00:15:10,480 Speaker 2: life without paying attention to fear. Yeah, because somehow you 296 00:15:10,480 --> 00:15:13,640 Speaker 2: can afford all the consequences. I can't. I don't know 297 00:15:13,680 --> 00:15:18,520 Speaker 2: anybody say for maybe a few people who cannot, who 298 00:15:18,520 --> 00:15:22,240 Speaker 2: can just be take all the risks and afford all 299 00:15:22,280 --> 00:15:25,000 Speaker 2: of the whatever comes on the other side of that risk, 300 00:15:25,240 --> 00:15:26,160 Speaker 2: and so I. 301 00:15:26,080 --> 00:15:30,960 Speaker 1: Think only only only toddlers, Like they're like, girl, whatever 302 00:15:31,000 --> 00:15:32,280 Speaker 1: it is, she got it. 303 00:15:33,360 --> 00:15:38,320 Speaker 2: But thank god toddlers have fearful adults around them, you know, 304 00:15:38,920 --> 00:15:40,440 Speaker 2: that are putting up the baby gates. 305 00:15:40,880 --> 00:15:43,200 Speaker 1: Oh my god, y'all kids are just I was watching 306 00:15:43,200 --> 00:15:45,720 Speaker 1: this like random video on Instagram because I just like, 307 00:15:46,160 --> 00:15:48,240 Speaker 1: because sometimes the world could be such a shit shoe, 308 00:15:48,280 --> 00:15:50,160 Speaker 1: so I just love to watch like random funny memes. 309 00:15:50,520 --> 00:15:52,640 Speaker 1: This poor boy he had like you know, these little 310 00:15:52,640 --> 00:15:56,080 Speaker 1: capes on Superman cap or whatever, and he was like, Dad, look, 311 00:15:56,200 --> 00:15:58,640 Speaker 1: he couldn't have been more than like four top of 312 00:15:58,680 --> 00:16:01,520 Speaker 1: the steps. He jumped from the top to the bottom, 313 00:16:02,160 --> 00:16:04,680 Speaker 1: and you can hear the thud boom and the way 314 00:16:04,720 --> 00:16:06,480 Speaker 1: he got up like any old man, hold in his back, 315 00:16:06,760 --> 00:16:11,080 Speaker 1: breathing heavy like. His dad was like, wait, I didn't 316 00:16:11,360 --> 00:16:13,040 Speaker 1: I didn't know he's gonna jump down the steps like that. 317 00:16:13,480 --> 00:16:15,680 Speaker 1: He was like. His dad was so calm, which is 318 00:16:15,680 --> 00:16:17,960 Speaker 1: such a dad thing. He was like, don't don't let 319 00:16:18,000 --> 00:16:19,960 Speaker 1: that cake gash your head up. That's what I say. 320 00:16:20,040 --> 00:16:23,240 Speaker 1: He was like, he said, don't ever ever do that again. 321 00:16:23,440 --> 00:16:25,040 Speaker 1: You are right, you are right, the little boys just 322 00:16:25,120 --> 00:16:33,120 Speaker 1: leaning against the wall like because but what's so crazy 323 00:16:33,200 --> 00:16:36,000 Speaker 1: is that because that baby was fear He was like 324 00:16:36,440 --> 00:16:39,200 Speaker 1: he really did believe I have this cakear so clearly 325 00:16:40,160 --> 00:16:44,880 Speaker 1: superman and so but to your point, like the fear 326 00:16:45,000 --> 00:16:47,000 Speaker 1: of like you know, we put up those gates for them, 327 00:16:47,000 --> 00:16:52,960 Speaker 1: but you know, because fearlessness actually is dangerous because that psychopathic. Yes, 328 00:16:53,360 --> 00:16:55,360 Speaker 1: he didn't realize, like bro, you could have literally broke 329 00:16:55,360 --> 00:16:57,600 Speaker 1: her neck because he didn't. So fearlessness, I mean as 330 00:16:57,680 --> 00:17:00,160 Speaker 1: much as we like I always say, I was in 331 00:17:00,160 --> 00:17:02,760 Speaker 1: our last episode that that Farnus is a near new 332 00:17:02,840 --> 00:17:04,680 Speaker 1: pr agent for fear. 333 00:17:04,760 --> 00:17:08,920 Speaker 2: I've rebranded it. I I you know, if that's what 334 00:17:09,040 --> 00:17:11,360 Speaker 2: I go down, if that's on my tombstone, I would 335 00:17:11,400 --> 00:17:14,199 Speaker 2: be a happy mama. Like I love the idea that 336 00:17:14,240 --> 00:17:15,560 Speaker 2: we are giving fear a chance. 337 00:17:15,960 --> 00:17:20,280 Speaker 1: Yes, because it will stop you from jumping down the stairs. 338 00:17:19,840 --> 00:17:23,359 Speaker 2: It wants good for us, It wants good. It doesn't 339 00:17:23,359 --> 00:17:28,200 Speaker 2: always present well because you know, it shows up as 340 00:17:28,320 --> 00:17:35,000 Speaker 2: like just an annoyance or you know, a hurdle, and 341 00:17:35,040 --> 00:17:38,560 Speaker 2: we don't like that. But it's maybe telling us to 342 00:17:38,640 --> 00:17:44,400 Speaker 2: take a beat or ask ourselves some questions. Yes, and 343 00:17:44,440 --> 00:17:47,480 Speaker 2: why are we afraid. Have you ever thought to ask 344 00:17:47,480 --> 00:17:51,280 Speaker 2: yourself why you're afraid? And maybe there's some wisdom in that. 345 00:17:51,359 --> 00:17:55,080 Speaker 2: Maybe you're not giving yourself enough credit, you know. I 346 00:17:55,160 --> 00:17:59,280 Speaker 2: just think it's time. Time's up on being fearless. 347 00:18:00,560 --> 00:18:02,280 Speaker 1: No jumping down the stairs because you have a cape. On. 348 00:18:02,720 --> 00:18:07,480 Speaker 1: Speaking of being fearless, sometimes people get afraid about making 349 00:18:08,200 --> 00:18:11,359 Speaker 1: certain financial choices. So we have a question from the 350 00:18:11,440 --> 00:18:16,320 Speaker 1: I of the G and this person I'm gonna call 351 00:18:16,359 --> 00:18:23,000 Speaker 1: her Home Equity. Home Equity asked hi. She said. At first, 352 00:18:23,040 --> 00:18:25,560 Speaker 1: I want to thank you all caps so much, guys 353 00:18:25,560 --> 00:18:27,600 Speaker 1: for being such a great resource for financial things. I 354 00:18:27,640 --> 00:18:30,720 Speaker 1: love y'all. I love y'all too, Home Equity. I'm also OMG. 355 00:18:31,000 --> 00:18:33,200 Speaker 1: I was so excited to see that my company partner 356 00:18:33,280 --> 00:18:37,480 Speaker 1: with tiffany Oh during financial black Oh child, this must 357 00:18:37,480 --> 00:18:40,160 Speaker 1: have been a while ago. Anyway, anyways, moving forward and forward. Okay, 358 00:18:40,880 --> 00:18:43,440 Speaker 1: I remember gaining advice from tiffany way back from dream 359 00:18:43,480 --> 00:18:45,639 Speaker 1: Catches the Facebook group, and I'm just in all the 360 00:18:45,720 --> 00:18:49,040 Speaker 1: levels we reached. Oh thanks girl. To my question, my 361 00:18:49,119 --> 00:18:52,239 Speaker 1: husband and I have a lot of miscellaneous debt and 362 00:18:52,320 --> 00:18:55,439 Speaker 1: most of it is below a thousand to three thousand 363 00:18:55,440 --> 00:18:59,280 Speaker 1: dollars except for one, and that is twenty thousand dollars. 364 00:18:59,640 --> 00:19:01,640 Speaker 1: We are thinking that we should take out a home 365 00:19:01,680 --> 00:19:04,760 Speaker 1: equity loan about eighty thousand dollars that will allow us 366 00:19:04,800 --> 00:19:09,320 Speaker 1: to consolidate all of our credit card debt. Thinking like 367 00:19:09,520 --> 00:19:12,399 Speaker 1: basically it totals around thirty five to forty thousand dollars 368 00:19:12,840 --> 00:19:16,199 Speaker 1: and to the purchase of a secondary property. Okay, so 369 00:19:16,200 --> 00:19:19,240 Speaker 1: she wants to take our money to cover the home 370 00:19:19,280 --> 00:19:22,959 Speaker 1: equity line of a home equity line to cover the 371 00:19:23,000 --> 00:19:26,080 Speaker 1: forty thousand dollars she owes plus to buy a second property. 372 00:19:26,600 --> 00:19:30,000 Speaker 1: We pay out probably a little over onecam month for 373 00:19:30,080 --> 00:19:34,720 Speaker 1: a minimum payments on the credit cards with different interest rates. 374 00:19:34,840 --> 00:19:37,600 Speaker 1: We're thinking that with the home equity loan we could 375 00:19:37,640 --> 00:19:41,040 Speaker 1: have a lower monthly payment and a lower rate, which child, 376 00:19:41,160 --> 00:19:45,800 Speaker 1: I mean if you sent us to this in February anyway, 377 00:19:45,880 --> 00:19:48,640 Speaker 1: But anyway, we're still going to answer this question. So 378 00:19:48,720 --> 00:19:52,000 Speaker 1: here's a question overall, what are your thoughts about taking 379 00:19:52,040 --> 00:19:56,159 Speaker 1: at home equity loans? Like what maybe first, because everyone 380 00:19:56,160 --> 00:19:58,160 Speaker 1: doesn't know what that is? What is a home equity loan? 381 00:19:58,840 --> 00:20:01,240 Speaker 1: You know, what are your thought about taking out and 382 00:20:01,800 --> 00:20:03,000 Speaker 1: like how best to use it? 383 00:20:04,000 --> 00:20:07,440 Speaker 2: Great question, and I think that she's got a healthy 384 00:20:07,680 --> 00:20:11,960 Speaker 2: fear of this debt accumulating, just being on the interest 385 00:20:12,240 --> 00:20:15,919 Speaker 2: treadmill to nowhere. And you know, I think that in 386 00:20:15,960 --> 00:20:18,720 Speaker 2: this country, we demonize debt and we think, oh my god, 387 00:20:18,920 --> 00:20:21,320 Speaker 2: taking out another form of debt to pay off debt, 388 00:20:21,359 --> 00:20:24,560 Speaker 2: that's just like, you know, bad form. But I think 389 00:20:24,600 --> 00:20:26,880 Speaker 2: this is a This could potentially be a good creative 390 00:20:26,880 --> 00:20:30,000 Speaker 2: way to solve the credit card debt crisis that she has. Now, 391 00:20:30,520 --> 00:20:32,480 Speaker 2: let's take a step back. What is a helock, a 392 00:20:32,520 --> 00:20:37,520 Speaker 2: home equity line of credit or a home equity loan? 393 00:20:38,119 --> 00:20:42,320 Speaker 2: Which are They have similarities and they have some important differences. 394 00:20:42,359 --> 00:20:47,159 Speaker 2: The similarities are that this is credit that is or 395 00:20:47,240 --> 00:20:50,720 Speaker 2: debt or a loan that is based on the equity 396 00:20:50,720 --> 00:20:53,280 Speaker 2: that you have in your home. So if let's say 397 00:20:53,280 --> 00:20:57,280 Speaker 2: you have a home that's worth three hundred thousand dollars, 398 00:20:57,600 --> 00:21:00,639 Speaker 2: your mortgage is two hundred, you have a hundred thousand 399 00:21:00,680 --> 00:21:03,440 Speaker 2: dollars in home equity, right, that's like what is if 400 00:21:03,440 --> 00:21:05,400 Speaker 2: you were sell that house, that's what you would take out. 401 00:21:06,160 --> 00:21:08,760 Speaker 2: So you can go to a bank and say as collateral, 402 00:21:08,760 --> 00:21:11,040 Speaker 2: I'd like to put my house up in exchange for 403 00:21:11,320 --> 00:21:14,520 Speaker 2: some credit from use a loan or a line of credit, 404 00:21:14,880 --> 00:21:17,000 Speaker 2: and that's what they call a home equity line of credit. 405 00:21:17,080 --> 00:21:22,440 Speaker 2: So the bank basically takes your equity and holds a 406 00:21:22,520 --> 00:21:26,040 Speaker 2: hostage and then gives you either a line of credit 407 00:21:26,040 --> 00:21:27,720 Speaker 2: which is sort of like a credit card with a 408 00:21:27,760 --> 00:21:31,040 Speaker 2: line of credit against that home equity, or a loan, 409 00:21:31,320 --> 00:21:33,240 Speaker 2: which would come with a fixed rate and a term. 410 00:21:33,880 --> 00:21:36,000 Speaker 2: Depending on what you need this money for, it may 411 00:21:36,040 --> 00:21:38,360 Speaker 2: make sense to have a line of credit versus a loan. 412 00:21:38,760 --> 00:21:41,040 Speaker 2: I'll get to that in a minute. But when it 413 00:21:41,080 --> 00:21:43,680 Speaker 2: comes to whether or not to take out a helock 414 00:21:43,760 --> 00:21:46,399 Speaker 2: or home equity loan, I think a lot of people 415 00:21:46,480 --> 00:21:48,680 Speaker 2: like to do this when they do have let's say, 416 00:21:48,760 --> 00:21:51,680 Speaker 2: high interest debt and they want to use a helock 417 00:21:51,760 --> 00:21:55,080 Speaker 2: or he loan, which right now the rates are about 418 00:21:55,440 --> 00:21:58,800 Speaker 2: they're about mortgage rates. They're about seven percent to maybe 419 00:21:58,840 --> 00:22:02,399 Speaker 2: eight percent. That's what good credit, excellent credit, which is 420 00:22:02,440 --> 00:22:05,800 Speaker 2: not the best we've seen, but it still might be 421 00:22:05,880 --> 00:22:09,640 Speaker 2: lower than a fifteen percent or twenty five percent credit card. 422 00:22:09,760 --> 00:22:13,480 Speaker 2: Right so that in that sense, the math makes sense 423 00:22:13,800 --> 00:22:16,000 Speaker 2: to take out this debt over here with a lower 424 00:22:16,040 --> 00:22:18,320 Speaker 2: interest rate, use it to pay off the credit cards, 425 00:22:18,320 --> 00:22:21,480 Speaker 2: and then start paying off the eight percent debt. The risk, 426 00:22:21,520 --> 00:22:23,720 Speaker 2: of course, is that it's your home equity that's tied 427 00:22:23,720 --> 00:22:25,560 Speaker 2: to this, as opposed to a credit card, which has 428 00:22:25,600 --> 00:22:31,880 Speaker 2: no collateral. But if you're in a financial bind or 429 00:22:32,119 --> 00:22:36,359 Speaker 2: your house drops in value, there's some risk. But again, 430 00:22:36,720 --> 00:22:38,520 Speaker 2: I think one thing to keep in mind when you're 431 00:22:38,560 --> 00:22:40,679 Speaker 2: taking out a home equity, whether it's a line of 432 00:22:40,680 --> 00:22:43,360 Speaker 2: credit or a loan, and banks will insist upon this, 433 00:22:43,680 --> 00:22:46,320 Speaker 2: is you don't take out the entire equity. You take 434 00:22:46,359 --> 00:22:49,560 Speaker 2: out a portion of it, usually no more than eighty percent. 435 00:22:50,040 --> 00:22:53,160 Speaker 2: In this case, it sounds like maybe even less than that. 436 00:22:53,560 --> 00:22:56,480 Speaker 2: So the risk is the risk gets lesser and lesser 437 00:22:56,960 --> 00:22:59,680 Speaker 2: the lower the amount of equity you take out, because 438 00:23:00,920 --> 00:23:02,880 Speaker 2: you know you'll have to pay that back and depending 439 00:23:02,880 --> 00:23:05,840 Speaker 2: on your job security and your you know the value 440 00:23:05,840 --> 00:23:07,639 Speaker 2: of your home and all that. It's important to take 441 00:23:07,640 --> 00:23:08,520 Speaker 2: it into consideration. 442 00:23:08,560 --> 00:23:08,959 Speaker 1: All of that. 443 00:23:09,280 --> 00:23:13,080 Speaker 2: Now, whether it take out a helock or a he loan. 444 00:23:14,040 --> 00:23:16,399 Speaker 2: You remember, if you take out a he loan, the 445 00:23:16,440 --> 00:23:20,280 Speaker 2: first payment comes due that next month, it's like the 446 00:23:20,320 --> 00:23:23,000 Speaker 2: clock starts because they've given you this cash. It's like 447 00:23:23,000 --> 00:23:25,600 Speaker 2: a student loan, you know, it's like a private loan. 448 00:23:26,359 --> 00:23:28,040 Speaker 2: You take it and then you got to start paying 449 00:23:28,040 --> 00:23:29,760 Speaker 2: it back right away if you don't need the money 450 00:23:29,840 --> 00:23:31,720 Speaker 2: right away, because maybe you're using this for like a 451 00:23:31,760 --> 00:23:35,520 Speaker 2: home renovation project or an emergency, you know you don't 452 00:23:35,520 --> 00:23:38,119 Speaker 2: want that. You want a home equity line of credit, 453 00:23:38,680 --> 00:23:41,200 Speaker 2: which means you can draw on this like a credit card, 454 00:23:41,600 --> 00:23:43,679 Speaker 2: as much as you want, as little as you want, 455 00:23:43,840 --> 00:23:45,840 Speaker 2: as frequently as you want. But then you got to 456 00:23:45,880 --> 00:23:46,560 Speaker 2: start paying. 457 00:23:46,320 --> 00:23:48,720 Speaker 1: It back like a credit card the. 458 00:23:48,600 --> 00:23:50,879 Speaker 2: Moment you start to take to draw down on it. 459 00:23:51,520 --> 00:23:54,199 Speaker 2: So I have actually taken out all mecody line of 460 00:23:54,240 --> 00:23:58,879 Speaker 2: credit in February. The rates I think it was like 461 00:23:59,119 --> 00:24:02,160 Speaker 2: seven or six six percent, I think, which is which 462 00:24:02,200 --> 00:24:05,240 Speaker 2: is pretty good. One thing I will tell you your audience, 463 00:24:05,320 --> 00:24:07,040 Speaker 2: there are a lot of banks have gotten out of 464 00:24:07,040 --> 00:24:11,000 Speaker 2: this business. Okay, it's not a very profitable business for banks. 465 00:24:11,359 --> 00:24:14,360 Speaker 2: Mortgages in general are not that much profit. And you've 466 00:24:14,440 --> 00:24:17,560 Speaker 2: heard big banks talk about how like they're not investing 467 00:24:17,600 --> 00:24:20,520 Speaker 2: in like their mortgage departments because it's just the spread 468 00:24:20,560 --> 00:24:22,720 Speaker 2: was I mean, especially in the pandemic, three percent, I 469 00:24:22,720 --> 00:24:25,919 Speaker 2: mean that's a very low spread for a bank. So helocks. 470 00:24:26,320 --> 00:24:28,720 Speaker 2: I think there are just a few banks, big banks 471 00:24:28,720 --> 00:24:31,479 Speaker 2: that offer them. So do a search online. You can 472 00:24:31,520 --> 00:24:35,719 Speaker 2: go and apply online and get your rates and it 473 00:24:35,720 --> 00:24:37,840 Speaker 2: can be pretty quick. You can get this probably in 474 00:24:37,880 --> 00:24:40,240 Speaker 2: a month if you have all your ducks in a 475 00:24:40,320 --> 00:24:43,439 Speaker 2: row and you stay on top of it. But we 476 00:24:43,480 --> 00:24:47,119 Speaker 2: took one out because for us, it felt like, you know, 477 00:24:47,119 --> 00:24:49,560 Speaker 2: we built a lot of equity in our home, and 478 00:24:49,600 --> 00:24:51,119 Speaker 2: we felt like, let's just take a little bit of 479 00:24:51,119 --> 00:24:55,840 Speaker 2: it out as like a plan D in case, you know, 480 00:24:56,280 --> 00:24:59,600 Speaker 2: for whatever reason, we lose our jobs. There's a disability. 481 00:25:00,160 --> 00:25:02,560 Speaker 2: I don't know, I'm again healthy state of panic. I 482 00:25:02,640 --> 00:25:04,840 Speaker 2: was like, why not if this is accessible to us? 483 00:25:04,920 --> 00:25:07,040 Speaker 2: And also I don't have to pay it back until 484 00:25:07,040 --> 00:25:11,159 Speaker 2: I start using it. There's absolutely no risk in having this. 485 00:25:11,320 --> 00:25:14,159 Speaker 2: But it is the lowest form, the cheapest form of 486 00:25:14,200 --> 00:25:16,600 Speaker 2: debt that I can have access to right now. Why 487 00:25:16,600 --> 00:25:17,119 Speaker 2: wouldn't I. 488 00:25:17,720 --> 00:25:19,040 Speaker 1: You know, it's funny you say that because literally a 489 00:25:19,080 --> 00:25:21,760 Speaker 1: friend of mine who is very wealthy, she was like, 490 00:25:21,880 --> 00:25:24,399 Speaker 1: we were just talking and she was liked, I meet 491 00:25:24,440 --> 00:25:28,879 Speaker 1: with my financial advisor, Anjelie. She's awesome, And she was like, 492 00:25:28,920 --> 00:25:30,960 Speaker 1: you know, tell your own financial advisor, like, hey, what 493 00:25:31,000 --> 00:25:32,879 Speaker 1: do you think about me taking out you know, a 494 00:25:32,960 --> 00:25:35,320 Speaker 1: home equity not loan? Because I don't need the money, 495 00:25:35,680 --> 00:25:38,439 Speaker 1: but to have, you know, home equity line of credit. 496 00:25:38,800 --> 00:25:40,040 Speaker 1: And I was like, but I don't need it. She 497 00:25:40,119 --> 00:25:42,680 Speaker 1: was like yes, but she said because to your point, 498 00:25:42,760 --> 00:25:44,480 Speaker 1: she said the same thing. She said, lots of banks 499 00:25:44,520 --> 00:25:47,400 Speaker 1: are closing shop on that that while you'll have access 500 00:25:47,560 --> 00:25:50,879 Speaker 1: just in case tiffany things go wrong because I have 501 00:25:50,920 --> 00:25:53,080 Speaker 1: two properties, in both of which I own one hundred percent. 502 00:25:53,640 --> 00:25:55,880 Speaker 1: And she said, this will allow you to have access 503 00:25:55,880 --> 00:25:59,320 Speaker 1: to a lot of money just in case something happens, 504 00:25:59,560 --> 00:26:01,359 Speaker 1: and you know, you just have it as a backup. 505 00:26:01,359 --> 00:26:02,720 Speaker 1: And I was like, well, I never thought about that. 506 00:26:02,840 --> 00:26:05,240 Speaker 1: So it's funny that this came up because I was 507 00:26:05,280 --> 00:26:07,080 Speaker 1: just about to ask Angelie, like when I meet with 508 00:26:07,119 --> 00:26:09,600 Speaker 1: her on Wednesday, you know, what do you think like that, 509 00:26:09,600 --> 00:26:10,960 Speaker 1: because in my mind, I was like, but I don't 510 00:26:10,960 --> 00:26:12,080 Speaker 1: need it. It's like that's the point. 511 00:26:12,800 --> 00:26:16,800 Speaker 2: Well, even for people who are wealthy but value cash 512 00:26:16,880 --> 00:26:20,240 Speaker 2: and value liquidity, if you're going to do let's say, 513 00:26:20,240 --> 00:26:24,240 Speaker 2: an investment project or work on your home or invest 514 00:26:24,280 --> 00:26:27,240 Speaker 2: in another business, and you don't want to put all 515 00:26:27,280 --> 00:26:29,560 Speaker 2: of the money in right away. You want to do 516 00:26:29,640 --> 00:26:34,160 Speaker 2: it in installments, and you want to finance it because 517 00:26:34,200 --> 00:26:37,760 Speaker 2: that's going to buy you more time and more liquidity. 518 00:26:38,320 --> 00:26:42,280 Speaker 2: Then also a sophisticated way to use a heelock. I mean, 519 00:26:42,320 --> 00:26:47,440 Speaker 2: I remember back in the day, my parents and their friends, 520 00:26:47,440 --> 00:26:50,560 Speaker 2: they would use their home equity to pay for college. Yeah, kids, 521 00:26:50,640 --> 00:26:52,440 Speaker 2: now don't. I don't know if that's what I would 522 00:26:52,480 --> 00:26:54,560 Speaker 2: do these days because college is so expensive. 523 00:26:54,680 --> 00:26:57,280 Speaker 1: My dad, my parents did that for my sister the baby. 524 00:26:58,280 --> 00:27:01,320 Speaker 2: Yeah, because I don't maybe the student loan rates were 525 00:27:01,320 --> 00:27:05,440 Speaker 2: really really high. I don't know, but they just that's 526 00:27:05,440 --> 00:27:08,399 Speaker 2: what they did. And actually, if you read my first book, 527 00:27:08,480 --> 00:27:11,480 Speaker 2: You're so money when the only reason I was able 528 00:27:11,480 --> 00:27:15,479 Speaker 2: to afford my first apartment in New York is it 529 00:27:15,520 --> 00:27:17,879 Speaker 2: was a studio and it was like two hundred and 530 00:27:17,960 --> 00:27:21,520 Speaker 2: ninety eight thousand dollars and I was making like not, 531 00:27:21,720 --> 00:27:24,040 Speaker 2: I was not making enough to afford that on my own, 532 00:27:24,600 --> 00:27:27,640 Speaker 2: but my parents had equity in their home. They took 533 00:27:27,640 --> 00:27:30,680 Speaker 2: it out, bought that with cash. It's the rich dad, 534 00:27:30,720 --> 00:27:35,560 Speaker 2: poor dad method. And then I took out a helock 535 00:27:36,920 --> 00:27:40,240 Speaker 2: and paid my parents back. Wow, for the most part, 536 00:27:40,560 --> 00:27:43,879 Speaker 2: like immediately, loop loop loop d loop. And then I 537 00:27:44,000 --> 00:27:46,600 Speaker 2: refinanced that he lock into a fixed rate mortgage because 538 00:27:46,600 --> 00:27:48,280 Speaker 2: the thing to watch out with watch out for with 539 00:27:48,359 --> 00:27:51,080 Speaker 2: the helock. Which I failed to mention is that some 540 00:27:51,240 --> 00:27:54,440 Speaker 2: are variable rates and some are fixed, and you really 541 00:27:54,520 --> 00:27:58,240 Speaker 2: want to know what you're getting yourself into. Because rates 542 00:27:58,240 --> 00:28:00,720 Speaker 2: are already high, you don't want it to get high, 543 00:28:00,760 --> 00:28:03,919 Speaker 2: so you might sacrifice a lower rate just so that 544 00:28:04,000 --> 00:28:05,760 Speaker 2: you can get it fixed and locked in. 545 00:28:06,400 --> 00:28:08,639 Speaker 1: And honestly, that's the thing. Like it's funny because I 546 00:28:08,640 --> 00:28:10,359 Speaker 1: I'm so glad did you share that? Because I had 547 00:28:10,400 --> 00:28:14,640 Speaker 1: re Meat on the podcast a couple of weeks ago. 548 00:28:14,680 --> 00:28:17,719 Speaker 1: You know, re Meat is is famously I don't want 549 00:28:17,760 --> 00:28:21,919 Speaker 1: to say anti home ownership, but certainly like look at 550 00:28:21,960 --> 00:28:24,280 Speaker 1: your number. He's not a fan of home ownership. He's like, 551 00:28:24,320 --> 00:28:27,080 Speaker 1: place you don't have to have home ownership to, you know, 552 00:28:27,200 --> 00:28:29,600 Speaker 1: to for wealth or whatever. So I challenged him a 553 00:28:29,640 --> 00:28:32,160 Speaker 1: little bit, which in general, I'm like, I understand because Meat, 554 00:28:32,400 --> 00:28:34,359 Speaker 1: I mean, he lives in San Francisco now, I believe, 555 00:28:34,359 --> 00:28:36,880 Speaker 1: but he was living in New York and so sometimes 556 00:28:36,880 --> 00:28:38,680 Speaker 1: the maths just no math. This is like child for 557 00:28:38,760 --> 00:28:41,120 Speaker 1: what you know. But what I was telling him is 558 00:28:41,160 --> 00:28:43,600 Speaker 1: I've been doing all this research lately and just become 559 00:28:43,640 --> 00:28:47,080 Speaker 1: obsessed with the racial wealth gap and that is the 560 00:28:47,120 --> 00:28:50,280 Speaker 1: gap between black and brown people and their net worth 561 00:28:50,720 --> 00:28:56,200 Speaker 1: and basically white America, and the gap between I know, 562 00:28:56,280 --> 00:28:59,160 Speaker 1: for for between black and white is I think the 563 00:28:59,200 --> 00:29:01,960 Speaker 1: average white household the network, there's like one hundred and 564 00:29:02,000 --> 00:29:05,680 Speaker 1: thirty thousand, and for black households is fourteen thousand. And 565 00:29:05,880 --> 00:29:09,440 Speaker 1: I mean that is huge, and it's gonna get worse 566 00:29:09,600 --> 00:29:12,760 Speaker 1: because I'm not going to say it's going to but 567 00:29:12,800 --> 00:29:15,280 Speaker 1: it is getting worse because it actually wasn't as bad 568 00:29:15,760 --> 00:29:18,880 Speaker 1: like years prior, but it's getting worse. And one of 569 00:29:18,960 --> 00:29:24,360 Speaker 1: the financial indicators or one of the levers to this 570 00:29:24,520 --> 00:29:28,560 Speaker 1: racial wealth gap is not just home ownership, but also 571 00:29:28,760 --> 00:29:32,680 Speaker 1: like the value of homes, Like my home was like 572 00:29:32,760 --> 00:29:34,640 Speaker 1: under a praise for about forty thousand dollars, which is 573 00:29:34,640 --> 00:29:37,480 Speaker 1: the average that black homes are under praise. So I 574 00:29:37,640 --> 00:29:40,600 Speaker 1: just share that because you just shared, Like how I mean, 575 00:29:40,640 --> 00:29:43,200 Speaker 1: I hear for me or what he's saying about Most 576 00:29:43,240 --> 00:29:45,480 Speaker 1: people don't look at their amortization table, which tells you 577 00:29:45,480 --> 00:29:47,760 Speaker 1: how much you're really paying for the house, typically double, 578 00:29:48,120 --> 00:29:50,680 Speaker 1: so the math doesn't always math, you know, not always. 579 00:29:50,760 --> 00:29:53,800 Speaker 1: But I push back on him to say I hear you. 580 00:29:54,240 --> 00:29:57,200 Speaker 1: But one of the reasons where there is this gap 581 00:29:57,320 --> 00:30:01,480 Speaker 1: and wealth between brown and non brown is that it's 582 00:30:01,560 --> 00:30:03,960 Speaker 1: home ownership. It doesn't always work out, but when it does, 583 00:30:04,000 --> 00:30:07,720 Speaker 1: Like your parents were able to set you up for 584 00:30:07,960 --> 00:30:10,120 Speaker 1: your own home, it's because what else do they have 585 00:30:10,160 --> 00:30:12,280 Speaker 1: access to if they did not have that home. My 586 00:30:12,360 --> 00:30:14,080 Speaker 1: parents too, They bought their house for two hundred and 587 00:30:14,080 --> 00:30:16,760 Speaker 1: fifty thousand dollars when I was nine years old. Their 588 00:30:16,800 --> 00:30:19,880 Speaker 1: house is worth over a million dollars now, and so 589 00:30:20,000 --> 00:30:22,680 Speaker 1: if something were to happen, my parents could and it's 590 00:30:22,680 --> 00:30:25,720 Speaker 1: paid off, they could tap into that equity and do 591 00:30:25,800 --> 00:30:27,840 Speaker 1: something for their kids if something were happening. 592 00:30:27,960 --> 00:30:30,000 Speaker 2: Not so easy to take a loan out against your 593 00:30:30,040 --> 00:30:32,560 Speaker 2: stock investments. I mean, you can do that, but that's 594 00:30:32,680 --> 00:30:35,640 Speaker 2: very sophisticated. And by the way, when you sell your 595 00:30:35,680 --> 00:30:39,080 Speaker 2: home and you pull the cash out, yes you have 596 00:30:39,120 --> 00:30:42,160 Speaker 2: to deduct for In your mind you're like, Okay, well, 597 00:30:42,280 --> 00:30:44,560 Speaker 2: I feel like I'm rich because I have all this cash, 598 00:30:44,640 --> 00:30:47,160 Speaker 2: but actually I've put in so much money that maybe 599 00:30:47,160 --> 00:30:49,480 Speaker 2: it doesn't doesn't matter though, because I got the cash 600 00:30:49,520 --> 00:30:51,320 Speaker 2: now and I'm moving on, and I don't even have 601 00:30:51,360 --> 00:30:53,440 Speaker 2: to pay tax on that because there's you know, up 602 00:30:53,520 --> 00:30:56,920 Speaker 2: to a certain amount. So you have mobility when you sell, 603 00:30:57,320 --> 00:31:02,680 Speaker 2: you can use that money like free right away. And 604 00:31:02,240 --> 00:31:05,240 Speaker 2: I'm not anti stocks. I'm not saying real estate it's 605 00:31:05,320 --> 00:31:08,200 Speaker 2: a better investment. But I do think that when we 606 00:31:08,200 --> 00:31:11,520 Speaker 2: get into like amortization tables, the average person doesn't care 607 00:31:11,520 --> 00:31:13,600 Speaker 2: about that because the truth of the matter is when 608 00:31:13,640 --> 00:31:15,600 Speaker 2: you sell your home and that cash goes into your 609 00:31:15,600 --> 00:31:19,680 Speaker 2: bank account, you can move quickly and well with that money, 610 00:31:19,720 --> 00:31:21,920 Speaker 2: and it doesn't matter what you did. You you made 611 00:31:21,960 --> 00:31:25,920 Speaker 2: it work, you got here. Every time I've sold, I've 612 00:31:25,960 --> 00:31:29,479 Speaker 2: moved up in life. Yes, And it goes back to 613 00:31:29,520 --> 00:31:33,320 Speaker 2: my parents getting creative with that HeLa Yes. 614 00:31:33,360 --> 00:31:36,960 Speaker 1: And again, regular people an opportunity to have access to 615 00:31:36,960 --> 00:31:38,360 Speaker 1: a number of amount of money that they would not 616 00:31:38,400 --> 00:31:41,400 Speaker 1: have access to because your parents would have just say, hey, bank, 617 00:31:41,720 --> 00:31:44,040 Speaker 1: would love to get two hundred three hundred thousand dollars 618 00:31:44,080 --> 00:31:47,160 Speaker 1: for our daughter. The bank would be like bye. But 619 00:31:47,280 --> 00:31:50,440 Speaker 1: like it's like, hey, bank, I have this asset that's 620 00:31:50,520 --> 00:31:53,400 Speaker 1: worth hundreds of thousands of dollars. Now the bank's like 621 00:31:53,440 --> 00:31:55,880 Speaker 1: now we're talking, and so so I just you know, 622 00:31:56,040 --> 00:31:57,440 Speaker 1: I would like to show both sides of the equation. 623 00:31:57,480 --> 00:31:59,280 Speaker 1: I understand what he's saying, but I also too, I want, 624 00:31:59,560 --> 00:32:02,080 Speaker 1: especially people of color, which is largely who listens to 625 00:32:02,120 --> 00:32:05,000 Speaker 1: Brown ambition, hence why it's called brown ambition, that to 626 00:32:05,120 --> 00:32:09,640 Speaker 1: understand that home ownership equity, the value of your home 627 00:32:10,200 --> 00:32:13,920 Speaker 1: is a huge component to our lack of net worth, 628 00:32:14,320 --> 00:32:16,080 Speaker 1: and like that is the thing I'm going to be 629 00:32:16,160 --> 00:32:17,800 Speaker 1: leaning like a lot of my energy into is like 630 00:32:17,880 --> 00:32:19,840 Speaker 1: how do we get more black and brown people to 631 00:32:20,240 --> 00:32:24,040 Speaker 1: homeowne in a way that does bring well. But so yeah, 632 00:32:24,040 --> 00:32:24,360 Speaker 1: I mean, I. 633 00:32:24,320 --> 00:32:26,239 Speaker 2: Appreciate the message just because I think there's a lot 634 00:32:26,280 --> 00:32:29,840 Speaker 2: of shame around someone who doesn't own and them thinking 635 00:32:29,880 --> 00:32:32,440 Speaker 2: that they're not actually an adult, or they're not actually 636 00:32:32,480 --> 00:32:35,320 Speaker 2: financially successful, and they'll never be financially successful. I think 637 00:32:35,360 --> 00:32:38,040 Speaker 2: that that is an important message and a myth to dispel. 638 00:32:38,600 --> 00:32:41,400 Speaker 2: But I also don't want someone to hear that home 639 00:32:41,440 --> 00:32:45,320 Speaker 2: ownership is a scam. Not that that's what we're saying 640 00:32:45,320 --> 00:32:48,400 Speaker 2: here or anyone saying, but that can get misconstrued and 641 00:32:48,440 --> 00:32:51,320 Speaker 2: then they never even looked under it to say, is 642 00:32:51,360 --> 00:32:54,440 Speaker 2: there a strategy, is there something a way to get creative? 643 00:32:55,560 --> 00:32:59,120 Speaker 2: Are there things I'm not considering? I suppose it just branding. 644 00:32:59,160 --> 00:33:01,200 Speaker 2: It is like a false bill of goods. 645 00:33:01,400 --> 00:33:03,840 Speaker 1: Yes, yeah, so no, I love that. And so I 646 00:33:03,880 --> 00:33:06,560 Speaker 1: think that that leads into kind of your book about fear. Right, 647 00:33:07,080 --> 00:33:09,400 Speaker 1: So a lot of people have not purchased homes or 648 00:33:09,440 --> 00:33:12,160 Speaker 1: whatever because of that fear. And there's nothing wrong with 649 00:33:12,320 --> 00:33:14,920 Speaker 1: leading into the fear, but asking yourself again, what am 650 00:33:14,920 --> 00:33:17,360 Speaker 1: I actually afraid of? You know? Right? 651 00:33:17,560 --> 00:33:21,560 Speaker 2: Right? And again it's like with a lot of financial fears, 652 00:33:21,680 --> 00:33:26,360 Speaker 2: it's thinking about where does this fear come from? Who 653 00:33:26,480 --> 00:33:28,840 Speaker 2: taught me this? Why do I believe this? I mean 654 00:33:28,880 --> 00:33:31,720 Speaker 2: I interviewed somebody on my podcast who, funny enough, was 655 00:33:31,800 --> 00:33:37,080 Speaker 2: raised thinking that buying a home was a waste of money, 656 00:33:37,120 --> 00:33:39,440 Speaker 2: and this was a generation when it was the opposite. 657 00:33:39,480 --> 00:33:42,120 Speaker 2: You know, now we're talking about maybe there's like saying 658 00:33:42,160 --> 00:33:44,120 Speaker 2: things to look out for when you're buying. It's not 659 00:33:44,200 --> 00:33:48,120 Speaker 2: always a win. But she was like, why would I 660 00:33:48,200 --> 00:33:50,720 Speaker 2: you know, by the father was like told the daughter, 661 00:33:50,720 --> 00:33:52,880 Speaker 2: why would you ever buy a home? You know, you 662 00:33:52,920 --> 00:33:55,600 Speaker 2: don't have mobility, blah blah blah, which is true, but 663 00:33:55,640 --> 00:34:01,040 Speaker 2: then she inherited that as as a finite rule of law, 664 00:34:01,680 --> 00:34:04,640 Speaker 2: and anyone who would bring a home ownership to her 665 00:34:04,640 --> 00:34:06,800 Speaker 2: it was like it made her afraid because she felt 666 00:34:06,840 --> 00:34:09,160 Speaker 2: like she was going against her father. It felt like 667 00:34:09,239 --> 00:34:14,120 Speaker 2: she was doing something wrong, and so she's like, oh man, 668 00:34:14,719 --> 00:34:16,440 Speaker 2: that was bad. You know, I should have sat with 669 00:34:16,480 --> 00:34:19,319 Speaker 2: that fear and go who taught me that? We learn 670 00:34:19,360 --> 00:34:22,440 Speaker 2: about money from so many people, so many influences, and 671 00:34:22,440 --> 00:34:24,640 Speaker 2: sometimes we're grateful for it, and sometimes we need to 672 00:34:24,680 --> 00:34:27,319 Speaker 2: just kick those fears to the curb. But you have 673 00:34:27,400 --> 00:34:30,239 Speaker 2: to recognize the source so that you can begin to 674 00:34:30,320 --> 00:34:33,800 Speaker 2: rewrite that narrative for yourself. And so whether your fear 675 00:34:33,880 --> 00:34:36,680 Speaker 2: is to own or to rent, question where that fear 676 00:34:36,760 --> 00:34:39,960 Speaker 2: is coming from, and is it legit? Is this actually 677 00:34:40,600 --> 00:34:45,279 Speaker 2: what you want as opposed to what the fear is suggesting, 678 00:34:45,600 --> 00:34:49,279 Speaker 2: because that fear has attached itself onto you from your mother, 679 00:34:49,400 --> 00:34:52,960 Speaker 2: from your father, from your culture, from your friends. I 680 00:34:52,960 --> 00:34:57,840 Speaker 2: would also say for anyone who's afraid of big decisions 681 00:34:57,880 --> 00:35:01,359 Speaker 2: around money and their financial life, whether it is the 682 00:35:01,400 --> 00:35:04,120 Speaker 2: fear of you know, talking about money with a partner 683 00:35:04,239 --> 00:35:06,080 Speaker 2: because then that's going to lead it into a fight, 684 00:35:06,640 --> 00:35:09,759 Speaker 2: or fear of starting a business because then that's going 685 00:35:09,840 --> 00:35:12,640 Speaker 2: to fail, you know, thinking about what if you don't 686 00:35:12,680 --> 00:35:15,160 Speaker 2: do the thing, What if you don't start the business, 687 00:35:15,160 --> 00:35:17,319 Speaker 2: What if you don't have the conversation about money. What 688 00:35:17,360 --> 00:35:20,160 Speaker 2: if you don't get your ducks in a row and 689 00:35:20,160 --> 00:35:24,600 Speaker 2: pay off that debt. I think that there's something scarier 690 00:35:24,640 --> 00:35:29,239 Speaker 2: awaiting you potentially, which could be an unactualized life. It 691 00:35:29,280 --> 00:35:32,399 Speaker 2: could be a relationship that dead ends, because we all 692 00:35:32,400 --> 00:35:35,799 Speaker 2: know when you don't communicate about anything, that's never good, 693 00:35:36,040 --> 00:35:39,840 Speaker 2: and so thinking about worst case scenarios sometimes or the 694 00:35:40,000 --> 00:35:44,799 Speaker 2: like the actual what could happen? It's not too I 695 00:35:44,840 --> 00:35:46,440 Speaker 2: say that in the book is not a way to 696 00:35:46,520 --> 00:35:49,880 Speaker 2: like make you get deeper and darker into your fears 697 00:35:49,880 --> 00:35:51,960 Speaker 2: and like feel trapped. But actually because when we go 698 00:35:52,000 --> 00:35:54,920 Speaker 2: to the edge sometimes and we see how bad things 699 00:35:54,960 --> 00:35:58,440 Speaker 2: can actually get, that is when we are motivated to 700 00:35:58,480 --> 00:36:01,680 Speaker 2: get up and do something, to get up and voice, 701 00:36:02,080 --> 00:36:05,240 Speaker 2: to get up and make a change. It's very easy 702 00:36:05,560 --> 00:36:09,319 Speaker 2: to sometimes sit with your fears and idle. But what 703 00:36:09,440 --> 00:36:12,000 Speaker 2: I challenge people, what I offer is think about what 704 00:36:12,719 --> 00:36:15,799 Speaker 2: if that is your existence for the next year. You 705 00:36:15,840 --> 00:36:18,279 Speaker 2: think that life is just going to hang out, life 706 00:36:18,320 --> 00:36:21,680 Speaker 2: is going to move on. Fast forward yourself a year 707 00:36:21,680 --> 00:36:25,560 Speaker 2: from now. You haven't done anything, or you've done you've 708 00:36:25,640 --> 00:36:29,120 Speaker 2: let fear stop you from doing something. What does that 709 00:36:29,160 --> 00:36:31,000 Speaker 2: look like? Are you okay? 710 00:36:31,040 --> 00:36:32,960 Speaker 1: With that that five years is going to pass either way, 711 00:36:33,000 --> 00:36:35,440 Speaker 1: God willing. So it's like where will it meet you, 712 00:36:35,440 --> 00:36:39,640 Speaker 1: you know, stuck or actively like choosing the life that 713 00:36:39,680 --> 00:36:41,680 Speaker 1: you're wanting to live. You know, we all meet you. 714 00:36:41,719 --> 00:36:44,080 Speaker 1: It's going to pass either way, and. 715 00:36:44,200 --> 00:36:46,279 Speaker 2: Just accept that there are going to be failures. Just 716 00:36:46,360 --> 00:36:48,560 Speaker 2: accept that things won't always go your way. But I 717 00:36:48,600 --> 00:36:52,000 Speaker 2: think that a life of mobility and action is far 718 00:36:52,040 --> 00:36:56,240 Speaker 2: better than a life of stasis. Yes, and just being 719 00:36:57,520 --> 00:37:01,000 Speaker 2: overwhelmed to the point where you're afraid. You're letting your 720 00:37:01,000 --> 00:37:03,480 Speaker 2: fears stop you from making a decision. Instead let your 721 00:37:03,520 --> 00:37:06,560 Speaker 2: fears propel you to do the thing. 722 00:37:08,120 --> 00:37:09,560 Speaker 1: No, I love that. Thank you so much for a 723 00:37:09,640 --> 00:37:12,120 Speaker 1: news So where can the girls and the guys because 724 00:37:12,120 --> 00:37:15,520 Speaker 1: you've got like everybody, Yes, we always see So we 725 00:37:15,560 --> 00:37:17,879 Speaker 1: call the guys who listen to our show Jerome because 726 00:37:17,880 --> 00:37:19,960 Speaker 1: it's like one time, like I think I met this guy. 727 00:37:20,000 --> 00:37:21,440 Speaker 1: His name was Jerome. I'm like, he's like it was 728 00:37:21,440 --> 00:37:22,840 Speaker 1: like the first guy that ever came up to me 729 00:37:22,960 --> 00:37:24,400 Speaker 1: was like, oh my god, I love your podcast. I 730 00:37:24,480 --> 00:37:27,200 Speaker 1: was like you listen and he was like yeah. So 731 00:37:27,360 --> 00:37:29,880 Speaker 1: since then I'm like, oh hey, Jeromes. It's like just 732 00:37:29,880 --> 00:37:35,560 Speaker 1: like three of y'all. But where can where Jerome listen Jerome. 733 00:37:35,600 --> 00:37:40,280 Speaker 2: If you're listening, go to a Healthy Stateofpanic dot com. 734 00:37:40,760 --> 00:37:44,280 Speaker 2: And if you purchase the book before it runs, launch 735 00:37:44,320 --> 00:37:47,600 Speaker 2: is officially on October third. Make sure to get your 736 00:37:47,600 --> 00:37:52,280 Speaker 2: bonuses at the website. Some really really valuable stuff headed 737 00:37:52,280 --> 00:37:54,800 Speaker 2: your way if you support the pre the pre launch, 738 00:37:54,840 --> 00:37:57,480 Speaker 2: which we know is a really important time to support authors. 739 00:37:57,560 --> 00:38:01,080 Speaker 2: It's like what decides whether your book will show up 740 00:38:01,080 --> 00:38:03,879 Speaker 2: in a bookstore, whether you make a bestseller list, all 741 00:38:03,920 --> 00:38:05,040 Speaker 2: of that important stuff. 742 00:38:05,320 --> 00:38:07,600 Speaker 1: Now. I love that a Healthy State Ofpanic dot com. 743 00:38:07,640 --> 00:38:09,600 Speaker 1: And if they want to follow you on the social 744 00:38:10,040 --> 00:38:11,360 Speaker 1: I know that you said you have just one that 745 00:38:11,360 --> 00:38:12,120 Speaker 1: you really leaning into. 746 00:38:12,160 --> 00:38:15,640 Speaker 2: Where can they really leading into Instagram? Yeah? 747 00:38:15,680 --> 00:38:18,600 Speaker 1: At furnish to Rabie. So thank you so much for 748 00:38:18,680 --> 00:38:22,160 Speaker 1: coming for Thank you so much. I hope you all 749 00:38:22,239 --> 00:38:24,560 Speaker 1: enjoyed listening to B a q A. If you have 750 00:38:24,719 --> 00:38:27,880 Speaker 1: questions that need answers, I just want to hear you 751 00:38:27,960 --> 00:38:31,400 Speaker 1: know your favorite internet financial cousins chat about it. You 752 00:38:31,400 --> 00:38:34,480 Speaker 1: can go to brannivisionpodcast dot com and click contact us 753 00:38:34,480 --> 00:38:37,480 Speaker 1: and ask questions. There you can slide into the DMS 754 00:38:37,560 --> 00:38:41,600 Speaker 1: on Brandnavision podcast on ig tweet us the BA Podcast, 755 00:38:42,760 --> 00:38:45,760 Speaker 1: or just even email us BRANDI Vision Podcasts at gmail 756 00:38:46,040 --> 00:38:48,160 Speaker 1: dot com. Somebody go tell me Andy, I remember it 757 00:38:48,200 --> 00:38:50,360 Speaker 1: did all because you j I'm like, girl, I don't remember, 758 00:38:50,640 --> 00:38:53,560 Speaker 1: but I did it. So yeah. We love your questions 759 00:38:53,600 --> 00:38:56,440 Speaker 1: and we try best to answer them with kindest clarity 760 00:38:57,000 --> 00:39:02,080 Speaker 1: and hopefully information. Until next week. Bye y'all. Hey, BA Fam, 761 00:39:02,120 --> 00:39:05,000 Speaker 1: We could not do this show without your support or 762 00:39:05,040 --> 00:39:07,080 Speaker 1: the support of our team behind the scenes. 763 00:39:07,440 --> 00:39:10,759 Speaker 2: The Brown Ambition Podcast is produced by Imani Crosby and 764 00:39:10,840 --> 00:39:13,520 Speaker 2: Dennis Stimplinsky is our in house tech guru. 765 00:39:14,000 --> 00:39:16,600 Speaker 1: I am your co host Mandy Woodrif Santos, and we 766 00:39:16,640 --> 00:39:17,759 Speaker 1: will see y'all next week. 767 00:39:17,800 --> 00:39:21,080 Speaker 2: BA Fam.