WEBVTT - BA Q&A: Am I Onto Something? 

0:00:16.239 --> 0:00:19.279
<v Speaker 1>It's time for the b a q I don't know

0:00:19.280 --> 0:00:22.480
<v Speaker 1>why always forget the cadence. It's time for the b

0:00:22.600 --> 0:00:26.560
<v Speaker 1>a q A, the b a q A. This is

0:00:26.560 --> 0:00:28.560
<v Speaker 1>brand a mission and you will be Did you hear it?

0:00:28.680 --> 0:00:30.840
<v Speaker 2>Question questions? Try answer?

0:00:32.520 --> 0:00:35.760
<v Speaker 3>I always forget to be the b a q A

0:00:35.920 --> 0:00:39.800
<v Speaker 3>to b a q A from the b a q A. Okay,

0:00:40.120 --> 0:00:42.080
<v Speaker 3>the b a q A. That's what I forgot. It's

0:00:42.120 --> 0:00:44.720
<v Speaker 3>like the b a q a A the b a

0:00:44.960 --> 0:00:45.639
<v Speaker 3>u a.

0:00:45.920 --> 0:00:46.560
<v Speaker 2>Okay.

0:00:47.080 --> 0:00:49.560
<v Speaker 3>Welcome back and welcome black.

0:00:50.040 --> 0:00:53.840
<v Speaker 1>It is Brad Ambition. Question and answer, and we love

0:00:54.000 --> 0:00:56.720
<v Speaker 1>your qs. And although we don't have all the a's,

0:00:56.720 --> 0:00:57.480
<v Speaker 1>we try our best.

0:00:58.200 --> 0:01:01.040
<v Speaker 2>We do. We give you the best aids lowercase a's.

0:01:01.240 --> 0:01:04.360
<v Speaker 2>Is I ice to say, take it with a handful

0:01:04.400 --> 0:01:07.120
<v Speaker 2>of assault. I don't think there's been a question in

0:01:07.200 --> 0:01:10.440
<v Speaker 2>recent memory that has led me to cackle as hard

0:01:10.600 --> 0:01:12.640
<v Speaker 2>as today. One of today's questions just did.

0:01:12.680 --> 0:01:12.760
<v Speaker 1>So.

0:01:12.840 --> 0:01:16.360
<v Speaker 2>I am excited to dive on into this this mailbox

0:01:16.360 --> 0:01:18.880
<v Speaker 2>that we've got here once again. Though before we do,

0:01:19.520 --> 0:01:21.520
<v Speaker 2>y'all can hit us up with your questions. We get

0:01:21.520 --> 0:01:24.160
<v Speaker 2>most of ours through Instagram, where you can dm us

0:01:24.240 --> 0:01:27.480
<v Speaker 2>at Brown Ambition Podcast and don't forget to follow and

0:01:27.600 --> 0:01:29.640
<v Speaker 2>like some posts you know while you're there. But also

0:01:29.640 --> 0:01:32.680
<v Speaker 2>you can DM us without following. That's fine. You can

0:01:32.720 --> 0:01:35.560
<v Speaker 2>also hit us up directly email Brown Ambition Podcast at

0:01:35.560 --> 0:01:39.080
<v Speaker 2>gmail dot com dot com.

0:01:39.160 --> 0:01:45.640
<v Speaker 1>All right, so question numero you now, hey, ladies, love

0:01:45.640 --> 0:01:48.040
<v Speaker 1>the show, Love you back girl. My husband and I

0:01:48.120 --> 0:01:51.800
<v Speaker 1>have four kids. The question is where does their credit

0:01:51.840 --> 0:01:55.080
<v Speaker 1>score start? So they start with a perfect score or

0:01:55.120 --> 0:01:57.880
<v Speaker 1>at zero brotus question, what advice would you give an

0:01:57.880 --> 0:02:01.280
<v Speaker 1>eighteen year old as they begin building their credit? This

0:02:01.400 --> 0:02:05.280
<v Speaker 1>is a great question. Okay, So know this that legally,

0:02:05.960 --> 0:02:08.959
<v Speaker 1>if your child is under the age of eighteen, they

0:02:09.000 --> 0:02:12.880
<v Speaker 1>can't sign for Like most credit is built upon you've

0:02:12.880 --> 0:02:16.639
<v Speaker 1>made some sort of relationship or promise to a lender

0:02:16.680 --> 0:02:19.000
<v Speaker 1>that you are going to borrow and pay back based

0:02:19.040 --> 0:02:21.720
<v Speaker 1>upon their terms. So if a child is under the

0:02:21.760 --> 0:02:23.720
<v Speaker 1>age of eighteen, they can't legally sign for that. But

0:02:23.840 --> 0:02:26.600
<v Speaker 1>it is possible that you put them, like you know,

0:02:26.919 --> 0:02:30.520
<v Speaker 1>when they're like sixteen, on your like you know, like

0:02:30.800 --> 0:02:32.920
<v Speaker 1>you could be an authorized user, So meaning like you

0:02:32.960 --> 0:02:35.240
<v Speaker 1>put them on your card, that means that they can

0:02:35.320 --> 0:02:38.600
<v Speaker 1>use your card. They're not a joint you know, it's

0:02:38.600 --> 0:02:41.160
<v Speaker 1>not a joint card, so they're not responsible for the debt,

0:02:42.040 --> 0:02:44.200
<v Speaker 1>but they can use your card and therefore start to

0:02:44.200 --> 0:02:47.080
<v Speaker 1>build credit. So people start to do that. But and

0:02:47.160 --> 0:02:48.919
<v Speaker 1>so I just want you to understand this that like, no,

0:02:49.160 --> 0:02:51.400
<v Speaker 1>kids don't start with perfect scores. I want you to

0:02:51.440 --> 0:02:54.880
<v Speaker 1>think about a credit score the way you would think

0:02:54.919 --> 0:02:59.520
<v Speaker 1>about driving, like do kids. Like if you are driving,

0:02:59.600 --> 0:03:02.079
<v Speaker 1>there's a reason why if you're going to get insurance

0:03:02.120 --> 0:03:05.320
<v Speaker 1>for your teenager who's driving, that you get the highest

0:03:05.400 --> 0:03:09.400
<v Speaker 1>rate because by default, because they don't have any driving experience,

0:03:09.600 --> 0:03:12.160
<v Speaker 1>they are considered a bad driver out the gate. They

0:03:12.160 --> 0:03:14.560
<v Speaker 1>don't have to get into an accident. You're terrible driver,

0:03:14.600 --> 0:03:17.600
<v Speaker 1>says you just got here. It's the same thing with credit, right,

0:03:17.720 --> 0:03:19.680
<v Speaker 1>credit really is you have to think about it as

0:03:19.680 --> 0:03:23.480
<v Speaker 1>a GPA is an average of your choices, and you

0:03:23.560 --> 0:03:25.960
<v Speaker 1>haven't made any choices yet if you're still really young,

0:03:26.440 --> 0:03:28.840
<v Speaker 1>so there's nothing they're like, you don't have any history,

0:03:29.120 --> 0:03:31.320
<v Speaker 1>don't you can't prove that you can pay, you know,

0:03:31.680 --> 0:03:33.639
<v Speaker 1>you can't prove that you can borrow responsibly.

0:03:33.800 --> 0:03:36.320
<v Speaker 3>So your kids kind of start off loan and then

0:03:36.360 --> 0:03:39.280
<v Speaker 3>they build themselves up with with good behavior. So just

0:03:39.360 --> 0:03:41.480
<v Speaker 3>keep that in mind. But you can kind of you

0:03:41.480 --> 0:03:43.240
<v Speaker 3>can give them my dad did this for me.

0:03:43.360 --> 0:03:45.520
<v Speaker 1>You can give them that kind of like extra boost

0:03:45.760 --> 0:03:48.200
<v Speaker 1>by adding them as an authorized user to a current

0:03:48.240 --> 0:03:51.120
<v Speaker 1>card that you're paying off in full every month. So

0:03:51.200 --> 0:03:53.600
<v Speaker 1>by the time that they're eighteen years old and they

0:03:53.600 --> 0:03:55.480
<v Speaker 1>can get their own credit card, you know, they have

0:03:55.560 --> 0:03:58.120
<v Speaker 1>a credit score that's decent in comparison to their friends.

0:03:58.560 --> 0:04:00.320
<v Speaker 1>About some advice, Do you have some advice for eighteen

0:04:00.360 --> 0:04:02.120
<v Speaker 1>year old building their credit manager?

0:04:02.280 --> 0:04:05.040
<v Speaker 2>Yeah, yeah, A couple of ideas. One, I think it's

0:04:05.080 --> 0:04:08.440
<v Speaker 2>really important that they have they build their credit full stop.

0:04:08.480 --> 0:04:11.040
<v Speaker 2>I didn't realize how many people graduate without having any

0:04:11.040 --> 0:04:13.520
<v Speaker 2>credit at all, and I was trying to think back

0:04:13.520 --> 0:04:16.480
<v Speaker 2>to you, how did I establish credit in college? One

0:04:16.520 --> 0:04:18.400
<v Speaker 2>was I did get a credit card that, you know,

0:04:18.440 --> 0:04:20.560
<v Speaker 2>I would max out all of the time because it

0:04:20.600 --> 0:04:23.200
<v Speaker 2>was like three hundred dollars limit. So I didn't have

0:04:23.240 --> 0:04:25.080
<v Speaker 2>great credit, but I've had a credit score.

0:04:25.000 --> 0:04:25.200
<v Speaker 1>You know.

0:04:25.720 --> 0:04:30.080
<v Speaker 2>Another way. Another way was well once I graduated. Anyway,

0:04:30.480 --> 0:04:32.960
<v Speaker 2>when your student loan, if they have student loans, when

0:04:33.000 --> 0:04:35.839
<v Speaker 2>you start making payments six months after graduation, that will

0:04:35.880 --> 0:04:37.680
<v Speaker 2>start appearing on your credit And as long as you're

0:04:37.720 --> 0:04:40.400
<v Speaker 2>making payments on time, that can help you build credit

0:04:40.440 --> 0:04:43.760
<v Speaker 2>as well, Tiff, you said, becoming an authorized user on

0:04:43.880 --> 0:04:47.680
<v Speaker 2>a parent's credit card is definitely one way. But the yeah,

0:04:47.960 --> 0:04:50.320
<v Speaker 2>it's only a gift if you the parent are good

0:04:50.360 --> 0:04:53.120
<v Speaker 2>at paying your bill in full. And you know, because

0:04:53.200 --> 0:04:55.440
<v Speaker 2>they don't, it's not it doesn't it's not good.

0:04:55.520 --> 0:04:57.240
<v Speaker 1>They inherit, they take it.

0:04:58.960 --> 0:05:02.520
<v Speaker 2>But I will say not all cards. Apparently not all

0:05:02.560 --> 0:05:06.800
<v Speaker 2>cards report authorized user credit history to the bureaus, so

0:05:06.839 --> 0:05:08.640
<v Speaker 2>it may not. So you have to just check. And

0:05:09.080 --> 0:05:12.200
<v Speaker 2>there's actually a great article. I know because I used

0:05:12.279 --> 0:05:15.680
<v Speaker 2>to create articles with a huge team of writers, and

0:05:15.720 --> 0:05:18.920
<v Speaker 2>we did one on credit cards that report authorized user

0:05:18.960 --> 0:05:22.159
<v Speaker 2>activity to credit bureaus. So before you do that, just

0:05:22.200 --> 0:05:26.599
<v Speaker 2>double check that your issuer, that your bank actually sends

0:05:26.600 --> 0:05:29.080
<v Speaker 2>that information because you don't get you know who. It's

0:05:29.120 --> 0:05:31.440
<v Speaker 2>like when you leave the house without your Apple Watch

0:05:31.520 --> 0:05:35.160
<v Speaker 2>or your fitbit, like did you really walk today? No,

0:05:35.200 --> 0:05:38.240
<v Speaker 2>it doesn't count unless it's counted, right. You didn't really call.

0:05:38.120 --> 0:05:40.200
<v Speaker 1>Them because when I add my added my sister, Lisa,

0:05:40.240 --> 0:05:42.719
<v Speaker 1>the baby, the baby, the big baby, I was like,

0:05:42.960 --> 0:05:44.719
<v Speaker 1>we called and I said, hey, I'd like to add

0:05:45.000 --> 0:05:47.640
<v Speaker 1>Lisa to my Bank of America card. And I said, wait,

0:05:47.960 --> 0:05:49.960
<v Speaker 1>does this report to credit bureaus, And they said, oh,

0:05:50.279 --> 0:05:52.159
<v Speaker 1>it almost was something like we almost had to like

0:05:52.160 --> 0:05:54.960
<v Speaker 1>opt into so it doesn't hurt to just yeah, just

0:05:55.040 --> 0:05:56.920
<v Speaker 1>call and super easy. I had her on the phone

0:05:57.000 --> 0:05:59.320
<v Speaker 1>so she can give them her social because they're going

0:05:59.360 --> 0:06:01.760
<v Speaker 1>to need to do that. Also, back in the day,

0:06:01.800 --> 0:06:03.320
<v Speaker 1>they used to tell you to get a store card

0:06:03.480 --> 0:06:05.960
<v Speaker 1>to get started, because most eighteen year olds won't qualify

0:06:06.080 --> 0:06:08.200
<v Speaker 1>for a traditional unsecured.

0:06:07.680 --> 0:06:10.320
<v Speaker 3>Card, and so you don't have to do that anymore.

0:06:10.520 --> 0:06:13.320
<v Speaker 1>Go ahead and get yourself a secured have your eighteen

0:06:13.400 --> 0:06:15.400
<v Speaker 1>year old get a secured credit card. You can get

0:06:15.400 --> 0:06:18.159
<v Speaker 1>one for as low as for flows as three hundred

0:06:18.200 --> 0:06:18.880
<v Speaker 1>dollars deposit.

0:06:19.480 --> 0:06:21.360
<v Speaker 3>So what happens is they come up with a three

0:06:21.440 --> 0:06:21.960
<v Speaker 3>hundred or you.

0:06:22.040 --> 0:06:24.440
<v Speaker 1>Do, mom, and they put that money in a money

0:06:24.440 --> 0:06:28.320
<v Speaker 1>market slash savings account that's the limit, and it's secured

0:06:28.360 --> 0:06:30.960
<v Speaker 1>with your own money, meaning that as your eighteen year

0:06:30.960 --> 0:06:33.320
<v Speaker 1>old is swiping, if for whatever reason they don't pay,

0:06:33.640 --> 0:06:35.359
<v Speaker 1>because they can swipe up only up to what's in

0:06:35.360 --> 0:06:37.599
<v Speaker 1>the bank, which is three hundred, they will snatch that

0:06:37.600 --> 0:06:40.000
<v Speaker 1>three hundred so fast from that savings account and say,

0:06:40.120 --> 0:06:42.520
<v Speaker 1>don't worry, says, we still got your money. So a

0:06:42.560 --> 0:06:45.240
<v Speaker 1>secured card is like a credit card with training wheels

0:06:45.320 --> 0:06:47.320
<v Speaker 1>because you're not actually borrowing your money from the bank.

0:06:47.440 --> 0:06:49.360
<v Speaker 1>You're kind of borrowing against the money that you put up.

0:06:49.440 --> 0:06:52.000
<v Speaker 1>So that's another way, another great way that anyone with

0:06:52.160 --> 0:06:55.200
<v Speaker 1>bad credit or someone would This is what they call it.

0:06:55.200 --> 0:06:58.400
<v Speaker 1>When you don't have much of a credit score or

0:06:58.400 --> 0:06:59.880
<v Speaker 1>a credit report, they call it.

0:06:59.839 --> 0:07:01.040
<v Speaker 3>A thin file.

0:07:01.600 --> 0:07:04.200
<v Speaker 1>That's the official term, meaning like you don't have much here,

0:07:04.440 --> 0:07:06.200
<v Speaker 1>so as a result of the file being thin, we

0:07:06.320 --> 0:07:09.440
<v Speaker 1>just consider you a risk. That's why your credit score

0:07:09.480 --> 0:07:10.880
<v Speaker 1>is not so great when you're young, because you're a

0:07:10.880 --> 0:07:13.200
<v Speaker 1>thin file and you're at risk something else. And one

0:07:13.280 --> 0:07:15.600
<v Speaker 1>last thing is have your eighteen year old put the

0:07:15.680 --> 0:07:19.200
<v Speaker 1>cheapest bill they have that ten dollars Planet Fitness membership

0:07:19.800 --> 0:07:22.520
<v Speaker 1>on that card, and have them paid off every month

0:07:22.600 --> 0:07:25.680
<v Speaker 1>in full. Paying off a credit card in full every

0:07:25.680 --> 0:07:28.960
<v Speaker 1>single month puts like fairy dust on your credit score

0:07:29.560 --> 0:07:31.840
<v Speaker 1>because credit bureaus love to see that you paid off

0:07:31.840 --> 0:07:33.720
<v Speaker 1>a debt in full. They don't care the amount, they

0:07:33.760 --> 0:07:36.360
<v Speaker 1>care about the habit. And you can automate that habit

0:07:36.400 --> 0:07:39.160
<v Speaker 1>happening every single month. They're gonna see that thin file.

0:07:39.200 --> 0:07:41.840
<v Speaker 1>Get a little thick you know, thick thh I sec

0:07:42.960 --> 0:07:45.400
<v Speaker 1>that little cres card, get a little booty on us, thicker.

0:07:45.240 --> 0:07:48.520
<v Speaker 2>Than a snicker, that credit score, that credit file thicker

0:07:48.600 --> 0:07:50.760
<v Speaker 2>than a snicker. I forgot about that phrase, and I

0:07:50.760 --> 0:07:52.880
<v Speaker 2>try to find it an excuse to use it every day.

0:07:53.000 --> 0:07:54.040
<v Speaker 2>So thank you for that.

0:07:54.280 --> 0:07:56.440
<v Speaker 1>So if you want that thick credit score, like pay

0:07:56.480 --> 0:07:58.560
<v Speaker 1>off your credit you know, pay off your credit card

0:07:58.880 --> 0:08:00.760
<v Speaker 1>bill every month in full, but make sure you paid

0:08:00.760 --> 0:08:02.200
<v Speaker 1>off after the statement date.

0:08:02.440 --> 0:08:03.600
<v Speaker 3>The statement date is when.

0:08:03.400 --> 0:08:07.200
<v Speaker 1>They say, hey, credit Burias, my child used their card,

0:08:07.720 --> 0:08:10.200
<v Speaker 1>because you want them to report it was used and

0:08:10.240 --> 0:08:12.680
<v Speaker 1>then it was paid off, So after the credit date,

0:08:12.920 --> 0:08:15.280
<v Speaker 1>the statement date, but definitely obviously by the due date.

0:08:15.360 --> 0:08:20.400
<v Speaker 2>I will just add I walked over your words, my bad,

0:08:20.440 --> 0:08:23.440
<v Speaker 2>but I got excited because I'm like, have them pay

0:08:23.440 --> 0:08:27.480
<v Speaker 2>it off, because I think the thing that about authorized

0:08:27.480 --> 0:08:29.480
<v Speaker 2>being an authorized user is like they get the benefit,

0:08:29.520 --> 0:08:31.000
<v Speaker 2>but they don't have to do anything. And I think

0:08:31.040 --> 0:08:33.120
<v Speaker 2>the real teaching moment is that more like get a

0:08:33.160 --> 0:08:35.319
<v Speaker 2>secured card, to get your own credit card, because then

0:08:35.440 --> 0:08:38.160
<v Speaker 2>they have even if they mess it up and they

0:08:38.160 --> 0:08:39.920
<v Speaker 2>miss a payment and their credit score goes down, you

0:08:39.920 --> 0:08:41.719
<v Speaker 2>can still they have time to bounce back from that.

0:08:41.800 --> 0:08:43.720
<v Speaker 2>But it's a learning moment. And for me, I'm like

0:08:43.760 --> 0:08:48.000
<v Speaker 2>obsessed with give kids hand on, hands on experience and

0:08:48.040 --> 0:08:50.679
<v Speaker 2>don't just do it for them, because I have seen

0:08:50.840 --> 0:08:53.120
<v Speaker 2>it go the wrong way and then they graduate and

0:08:53.160 --> 0:08:55.720
<v Speaker 2>they're like, how did this happen? And then they just

0:08:55.720 --> 0:08:58.240
<v Speaker 2>screw it up after college when the stakes are higher. Yeah,

0:08:58.400 --> 0:09:07.120
<v Speaker 2>so just adding that's the good. Shall we move on

0:09:07.160 --> 0:09:10.319
<v Speaker 2>to the question that made me cackle? Yes? Can you

0:09:10.360 --> 0:09:11.600
<v Speaker 2>read it? It's like a cackle again?

0:09:12.520 --> 0:09:17.040
<v Speaker 1>Sure me, me, me, me, Okay, I have a question

0:09:17.160 --> 0:09:20.880
<v Speaker 1>regarding a student loan overpayment. I'm going to grad school

0:09:20.880 --> 0:09:24.080
<v Speaker 1>to get my psych shert from a top school in

0:09:24.080 --> 0:09:26.120
<v Speaker 1>the country, and I know I'm going to be able

0:09:26.160 --> 0:09:28.439
<v Speaker 1>to earn an income to make the degree worth it.

0:09:28.960 --> 0:09:32.280
<v Speaker 1>The program is thirty one thousand dollars and I've accepted

0:09:32.440 --> 0:09:36.480
<v Speaker 1>sixty thousand in loans, so double your trouble. I want

0:09:36.520 --> 0:09:40.400
<v Speaker 1>to invest a difference in bitcoin. Say that again, slower,

0:09:41.080 --> 0:09:45.760
<v Speaker 1>I want to invest the difference in bitcoin. Ooh, we're

0:09:45.760 --> 0:09:50.440
<v Speaker 1>gonna add the laugh track right here. I'm like, laugh

0:09:50.520 --> 0:09:52.480
<v Speaker 1>it's a laugh and a wins at the same times.

0:09:52.679 --> 0:09:56.000
<v Speaker 1>But I just love the next few questions.

0:09:56.160 --> 0:09:58.640
<v Speaker 3>Right, is this a bad idea or am I onto

0:09:58.679 --> 0:09:59.280
<v Speaker 3>something here?

0:09:59.400 --> 0:10:01.800
<v Speaker 1>I love you guys, You're like my two best friends

0:10:01.840 --> 0:10:03.000
<v Speaker 1>as I drive to work.

0:10:03.320 --> 0:10:06.239
<v Speaker 3>I love you too, Sister.

0:10:06.720 --> 0:10:08.160
<v Speaker 1>Well, here's the thing. I'll say this and then you

0:10:08.200 --> 0:10:10.559
<v Speaker 1>give your vice Mandy. So that's not the first time

0:10:10.559 --> 0:10:12.720
<v Speaker 1>I've heard of someone doing something like this. I remember

0:10:13.000 --> 0:10:14.440
<v Speaker 1>the first time I've heard of this is I was

0:10:14.480 --> 0:10:17.679
<v Speaker 1>in college and a friend of mine, we'll call him Jose,

0:10:18.520 --> 0:10:21.600
<v Speaker 1>he took out more money than he needed, you know,

0:10:21.800 --> 0:10:24.760
<v Speaker 1>and honestly he used it. He used it to buy

0:10:24.800 --> 0:10:27.880
<v Speaker 1>a rental property, you know, that put a down payment on,

0:10:28.280 --> 0:10:29.719
<v Speaker 1>and then like the money that he got from the

0:10:29.720 --> 0:10:32.240
<v Speaker 1>rental property, he used it to pay back you know,

0:10:32.320 --> 0:10:35.199
<v Speaker 1>the dead And so that's not the first time that

0:10:35.240 --> 0:10:37.760
<v Speaker 1>I've heard of someone taking the over payment and investing it,

0:10:38.320 --> 0:10:40.679
<v Speaker 1>you know, because typically I remember refund checks.

0:10:40.480 --> 0:10:43.640
<v Speaker 3>When I was in school undergrad. What your refund check

0:10:43.679 --> 0:10:46.360
<v Speaker 3>you was like free money, free money, free money, even.

0:10:46.200 --> 0:10:49.920
<v Speaker 2>Though it wasn't, Yeah it wasn't. It was a little interest,

0:10:50.000 --> 0:10:54.240
<v Speaker 2>but you know, it was surprise exactly. Although I'm like,

0:10:54.440 --> 0:10:57.200
<v Speaker 2>who gets who gets twice as much as they need? What?

0:10:57.200 --> 0:11:00.840
<v Speaker 2>What's going on with the math there invest in a bitcoin?

0:11:01.800 --> 0:11:05.360
<v Speaker 2>I mean, listen, how many bitcoin could that even buy? You?

0:11:05.400 --> 0:11:07.840
<v Speaker 2>Like half a bitcoin today? What is a bitcoin worth?

0:11:08.280 --> 0:11:08.319
<v Speaker 1>No?

0:11:08.880 --> 0:11:10.800
<v Speaker 3>For I honestly think bitcoins I think are worked like

0:11:10.880 --> 0:11:11.520
<v Speaker 3>fifty or sixty?

0:11:11.600 --> 0:11:13.480
<v Speaker 2>Me? See what is it? You can't even you can't

0:11:13.520 --> 0:11:15.840
<v Speaker 2>even can you buy a fractional bitcoin? I don't even

0:11:15.840 --> 0:11:18.720
<v Speaker 2>know if you can? Now? I have some questions. First

0:11:18.720 --> 0:11:20.440
<v Speaker 2>of all, I would like call the Burcher's office and

0:11:20.480 --> 0:11:21.320
<v Speaker 2>be like, is this for real?

0:11:21.360 --> 0:11:21.680
<v Speaker 1>For real?

0:11:21.960 --> 0:11:23.880
<v Speaker 2>Because you don't want to like get rid of the money.

0:11:23.880 --> 0:11:25.200
<v Speaker 2>Then maybe you have to pay some of it back,

0:11:25.559 --> 0:11:27.199
<v Speaker 2>But I do know they give over payments and you

0:11:27.200 --> 0:11:29.160
<v Speaker 2>can use that money for books or for rent, and

0:11:29.240 --> 0:11:31.320
<v Speaker 2>especially if this is grad school you're talking about, it

0:11:31.320 --> 0:11:34.200
<v Speaker 2>could very well be for your living expenses. I am

0:11:34.240 --> 0:11:36.280
<v Speaker 2>not I'm all about you get a lut, you get

0:11:36.280 --> 0:11:39.160
<v Speaker 2>a windfall, and you sync that into an investment and

0:11:39.200 --> 0:11:41.400
<v Speaker 2>then you let it grow. I think that is a

0:11:41.440 --> 0:11:45.120
<v Speaker 2>great idea, especially if you have your living it you

0:11:45.600 --> 0:11:48.559
<v Speaker 2>have a job, you can pay for your living expenses,

0:11:48.600 --> 0:11:50.920
<v Speaker 2>you have an emergency fund, you don't have any debt,

0:11:51.280 --> 0:11:54.120
<v Speaker 2>you have all of these you know, boxes ticked, and

0:11:54.160 --> 0:11:56.600
<v Speaker 2>then this is literally just icing on the cake of

0:11:56.640 --> 0:12:00.160
<v Speaker 2>your finances. Of course, I would say excess fund fun

0:12:00.440 --> 0:12:02.800
<v Speaker 2>from a windfall, whether it's like a bonus at work,

0:12:03.360 --> 0:12:05.360
<v Speaker 2>or it's a gift or something like that, or in

0:12:05.360 --> 0:12:07.840
<v Speaker 2>this case, a refund check from your student loans.

0:12:07.920 --> 0:12:08.120
<v Speaker 3>Yeah.

0:12:08.200 --> 0:12:11.520
<v Speaker 2>Like sinking that all in one time into investments, I

0:12:11.559 --> 0:12:15.120
<v Speaker 2>think can be smart. Caviat. I am not an investment advisor.

0:12:15.080 --> 0:12:17.080
<v Speaker 3>Or Tiffany, but go see your grandma.

0:12:17.720 --> 0:12:20.439
<v Speaker 2>Yes, this is so, this is my new advance. I

0:12:20.440 --> 0:12:23.439
<v Speaker 2>don't think Mandy from six years ago would have been like, yeah, yeah, yeah,

0:12:23.559 --> 0:12:25.440
<v Speaker 2>I don't know if I would choose bitcoin. First of all,

0:12:25.480 --> 0:12:27.360
<v Speaker 2>it's hella expensive.

0:12:27.080 --> 0:12:28.120
<v Speaker 3>Girl, I just looked it up.

0:12:28.280 --> 0:12:32.800
<v Speaker 1>Eight is forty four point four nine to nine American

0:12:33.120 --> 0:12:36.680
<v Speaker 1>forty four thousand dot almost forty five thousand American dollars.

0:12:36.800 --> 0:12:39.240
<v Speaker 1>So says you're not getting a piece of bitcoin, Well

0:12:39.280 --> 0:12:41.360
<v Speaker 1>you're not. You know, you can't afford bitcoin. Isn't that

0:12:41.400 --> 0:12:41.880
<v Speaker 1>so crazy?

0:12:41.920 --> 0:12:44.240
<v Speaker 2>So that's no, that is insane. Do you still have

0:12:44.280 --> 0:12:47.240
<v Speaker 2>your little bitcoin? Girl? Didn't you have bitcoin for a while?

0:12:47.280 --> 0:12:47.559
<v Speaker 2>I do.

0:12:47.640 --> 0:12:50.439
<v Speaker 3>I have like a little piece of bitcoin. Anyway, we're

0:12:50.440 --> 0:12:51.600
<v Speaker 3>not gonna talk about my big coins.

0:12:51.600 --> 0:12:52.240
<v Speaker 2>Okay, I'm sorry.

0:12:52.800 --> 0:12:54.319
<v Speaker 3>I could be on the island. It's like, no, I

0:12:54.320 --> 0:12:55.000
<v Speaker 3>didn't have that much.

0:12:55.200 --> 0:12:55.640
<v Speaker 2>I don't.

0:12:57.679 --> 0:12:58.480
<v Speaker 3>Know, but I'll say this.

0:12:58.600 --> 0:13:03.400
<v Speaker 1>I want you, because you're in grad school, I suspect

0:13:03.520 --> 0:13:06.720
<v Speaker 1>that you have a private student loan. Private student loans

0:13:06.760 --> 0:13:10.440
<v Speaker 1>interest rates tend to be a little higher than you know,

0:13:10.559 --> 0:13:12.920
<v Speaker 1>federal student loans. So I want you to make sure

0:13:12.960 --> 0:13:16.120
<v Speaker 1>that whatever that student loan interest rate is, you're likely

0:13:16.200 --> 0:13:19.840
<v Speaker 1>to recoup that in an investment, meaning you know, because

0:13:19.920 --> 0:13:21.640
<v Speaker 1>there I mean, I mean, I'm just making a number.

0:13:21.679 --> 0:13:23.600
<v Speaker 1>Like if you told me that you know you borrowed

0:13:24.200 --> 0:13:26.440
<v Speaker 1>it's like fifteen percent, I might be like, ooh, sis,

0:13:26.559 --> 0:13:28.520
<v Speaker 1>let them keep their money. Because we know that the

0:13:28.559 --> 0:13:31.000
<v Speaker 1>market on average US is yields on the low end

0:13:31.000 --> 0:13:33.400
<v Speaker 1>seven percent back annually, on the high end ten percent

0:13:33.400 --> 0:13:35.360
<v Speaker 1>back annually. So I would want to make sure that

0:13:36.080 --> 0:13:38.360
<v Speaker 1>because I had a friend who had a student loan,

0:13:38.880 --> 0:13:41.400
<v Speaker 1>and her interest rate, because it was private and she

0:13:41.440 --> 0:13:43.640
<v Speaker 1>wasn't really paying attention, was higher than what you would

0:13:43.679 --> 0:13:46.960
<v Speaker 1>suspect like a student loan interest rate to be. So

0:13:47.040 --> 0:13:49.640
<v Speaker 1>just check on that, making sure that it's not double

0:13:49.679 --> 0:13:52.520
<v Speaker 1>digit that interest rate on that student loan. If it's not,

0:13:52.800 --> 0:13:54.679
<v Speaker 1>then you are likely to make that back, you know,

0:13:54.720 --> 0:13:58.000
<v Speaker 1>through investments, you know, so you know, I probably wouldn't

0:13:58.000 --> 0:14:00.040
<v Speaker 1>consider a big coin to Mandy's point, but certainly I

0:14:00.040 --> 0:14:02.480
<v Speaker 1>would ask myself, what are some other ways that you know,

0:14:02.520 --> 0:14:05.240
<v Speaker 1>you might just choose? Honestly, an index fund. I know

0:14:05.320 --> 0:14:06.240
<v Speaker 1>they're so boring, but.

0:14:07.800 --> 0:14:13.600
<v Speaker 2>Like that, it's an amazing option. Funds just get you

0:14:13.920 --> 0:14:17.839
<v Speaker 2>a total stock market index fund. You have Vanguard Fidelity.

0:14:17.880 --> 0:14:19.360
<v Speaker 2>They all have their own versions of it.

0:14:19.320 --> 0:14:21.760
<v Speaker 1>Or ideally a ETF, so you could keep the fees

0:14:21.840 --> 0:14:24.440
<v Speaker 1>low because you put in a mutual fund and that's

0:14:24.480 --> 0:14:26.560
<v Speaker 1>somebody sitting there picking it, and that person wants to

0:14:26.600 --> 0:14:29.560
<v Speaker 1>get paid. We don't like her, but instead of us

0:14:29.600 --> 0:14:31.840
<v Speaker 1>the ETF, it's the algorithm.

0:14:32.200 --> 0:14:34.400
<v Speaker 3>The algorithm doesn't ne much and so.

0:14:34.440 --> 0:14:35.440
<v Speaker 2>The fees are lower.

0:14:35.920 --> 0:14:37.840
<v Speaker 1>So you use it like a like, like Mandy said,

0:14:37.840 --> 0:14:39.920
<v Speaker 1>a total market index fund ETF. If this was me

0:14:39.960 --> 0:14:41.440
<v Speaker 1>and her, because we're talking to each other, we're not

0:14:41.480 --> 0:14:43.560
<v Speaker 1>giving you, you know, advisor advice, but.

0:14:43.640 --> 0:14:45.280
<v Speaker 3>Right many, that's what I would do if I was you.

0:14:46.440 --> 0:14:50.520
<v Speaker 2>Yeah, absolutely, And I think that you're and with your

0:14:50.600 --> 0:14:52.280
<v Speaker 2>with the fact that you have you know, you think

0:14:52.280 --> 0:14:55.080
<v Speaker 2>you're gonna have gainful employment after you graduate once that

0:14:55.200 --> 0:14:57.640
<v Speaker 2>thirty K loan comes due, you'll be able to pay

0:14:57.640 --> 0:14:59.600
<v Speaker 2>it back, and you can also be investing for wealth

0:14:59.680 --> 0:15:01.960
<v Speaker 2>now you're in your program. I think that is that

0:15:02.080 --> 0:15:04.360
<v Speaker 2>is a savvy, rational way of doing it. But also

0:15:04.880 --> 0:15:06.840
<v Speaker 2>the second part of this is can you sleep at

0:15:06.960 --> 0:15:09.960
<v Speaker 2>night with this money in the market? Are you a

0:15:10.160 --> 0:15:13.600
<v Speaker 2>savvy investor? Have you been investing already? Maybe you are

0:15:13.640 --> 0:15:15.520
<v Speaker 2>because you're interested in bitcoin, or maybe you're not because

0:15:15.560 --> 0:15:18.040
<v Speaker 2>you're interested in bitcoin. It can go either way. But

0:15:18.400 --> 0:15:20.280
<v Speaker 2>I do think that you have to like factor and

0:15:20.720 --> 0:15:23.280
<v Speaker 2>you know that bill will come do and do you

0:15:23.280 --> 0:15:26.600
<v Speaker 2>feel confident you can pay it down? And are you can? You?

0:15:26.600 --> 0:15:30.000
<v Speaker 2>Can you stomach the potential to see that investment go

0:15:30.120 --> 0:15:32.040
<v Speaker 2>up and down with the market, and just keep your

0:15:32.040 --> 0:15:34.880
<v Speaker 2>eyes on that that long term goal of what you're I.

0:15:34.800 --> 0:15:37.320
<v Speaker 3>Would not invest in it in individual stock. That's just

0:15:37.480 --> 0:15:40.120
<v Speaker 3>just like really risque, you know. So that's to your point.

0:15:40.120 --> 0:15:42.440
<v Speaker 2>I would not, like That's why we like it. Than

0:15:42.520 --> 0:15:44.840
<v Speaker 2>you could like you could you could buy a bunch

0:15:44.840 --> 0:15:47.600
<v Speaker 2>of whatever you could. I mean, you can't buy any bitcoin.

0:15:47.640 --> 0:15:49.000
<v Speaker 2>I don't know if you can buy a piece of bitcoin,

0:15:49.040 --> 0:15:51.440
<v Speaker 2>but you could buy like you know, however, many shares

0:15:51.440 --> 0:15:53.800
<v Speaker 2>of Tesla or whatever company you like. That's the thing

0:15:53.880 --> 0:15:57.920
<v Speaker 2>that you. I said could, I didn't say shape, I

0:15:58.000 --> 0:16:01.760
<v Speaker 2>said you can. It is possible, Yeah, it is possible,

0:16:02.080 --> 0:16:05.120
<v Speaker 2>but it's not what I personally would do. I'm a

0:16:06.360 --> 0:16:10.520
<v Speaker 2>kind of gal. Yes, hi, So if you thanks for

0:16:10.560 --> 0:16:14.040
<v Speaker 2>the chuckle, Yes that was si bitcoin A.

0:16:14.800 --> 0:16:17.760
<v Speaker 3>You're onto something. Yeah, you are onto something. No, for all,

0:16:17.840 --> 0:16:19.520
<v Speaker 3>it's not in general, you're all that.

0:16:19.640 --> 0:16:23.960
<v Speaker 1>The idea of investing excess money is a says, I

0:16:24.040 --> 0:16:26.200
<v Speaker 1>see why you're getting your masters because you're smart.

0:16:26.280 --> 0:16:29.680
<v Speaker 3>Smart. We're just like redirecting it towards you know, something else.

0:16:29.720 --> 0:16:32.600
<v Speaker 2>So imagine what could have happened if I took that

0:16:32.680 --> 0:16:34.960
<v Speaker 2>two thousand dollars refund check and invested it in an

0:16:35.000 --> 0:16:40.440
<v Speaker 2>index fund fifteen years ago and had not just taking

0:16:40.480 --> 0:16:41.000
<v Speaker 2>it to the gap.

0:16:42.040 --> 0:16:43.200
<v Speaker 3>Where would I be?

0:16:44.080 --> 0:16:47.120
<v Speaker 2>I don't even want to think about it. Like, yes, yes,

0:16:47.240 --> 0:16:48.000
<v Speaker 2>you're very wise.

0:16:48.920 --> 0:16:51.040
<v Speaker 1>If you have questions for us, you can go to

0:16:51.080 --> 0:16:55.920
<v Speaker 1>Brownivision podcast dot com click ask us anything. You can

0:16:56.040 --> 0:16:57.080
<v Speaker 1>email us at.

0:16:58.080 --> 0:17:00.800
<v Speaker 2>Brown Vision Podcast at gmail dot com.

0:17:00.640 --> 0:17:04.440
<v Speaker 3>Dot com dot or you can ig message us. We

0:17:04.560 --> 0:17:05.359
<v Speaker 3>are what are what is our?

0:17:05.400 --> 0:17:09.440
<v Speaker 2>Ida? Game? Brandish Brandhibition, pot yep at brand Ambition podcast,

0:17:09.560 --> 0:17:12.080
<v Speaker 2>and while you're at our website, wave goodbye because she's

0:17:12.119 --> 0:17:15.080
<v Speaker 2>getting a little makeover and I cannot wait. We should

0:17:15.080 --> 0:17:20.160
<v Speaker 2>be ready to launch to come back to you. It's yes,

0:17:20.320 --> 0:17:21.920
<v Speaker 2>I think six years and it's time for us to

0:17:21.960 --> 0:17:24.359
<v Speaker 2>have a new Luke. So watch out for a new

0:17:24.480 --> 0:17:27.840
<v Speaker 2>Brandhambisson podcast dot com coming sing I'm so excited. So

0:17:27.960 --> 0:17:29.639
<v Speaker 2>thanks for rocking with us for six years.

0:17:30.000 --> 0:17:32.680
<v Speaker 3>I know, look at that, it's going to first grade.

0:17:34.800 --> 0:17:37.120
<v Speaker 2>We'll see all or wait, seventy two in dog years

0:17:37.240 --> 0:17:39.760
<v Speaker 2>or no, how many years is a dog seven times six?

0:17:39.880 --> 0:17:41.760
<v Speaker 2>Forty two in dog years? Oh?

0:17:41.960 --> 0:17:42.760
<v Speaker 3>Almost as all as me.

0:17:43.560 --> 0:17:47.639
<v Speaker 2>We're gen xers as a podcast yes okay, but in

0:17:47.680 --> 0:17:50.640
<v Speaker 2>the podcast game, we've grown grown in the podcast game.

0:17:50.960 --> 0:17:53.359
<v Speaker 2>We'll see you guys next Wednesday for the full BA

0:17:53.560 --> 0:17:55.639
<v Speaker 2>show and then next Friday for the B, a Q

0:17:55.800 --> 0:17:56.479
<v Speaker 2>and A right