Speaker 1: All right, we're live. Yeah, all right, so well let's start.
Speaker 2: Yeah, let's and we're back.
Speaker 3: We're back, We're back, We're back around, ambitions back in effect.
Speaker 1: So real quick, somebody tweeted me.
Speaker 3: Somebody was like, Tiffany, somebody tricked me into going to
Speaker 3: one of those MLM parties. It's the same day that
Speaker 3: I listened to the podcast and and you know has
Speaker 3: heard that you took a brown break from it.
Speaker 1: Yikes, And I was rolling.
Speaker 2: It's always a friend too, you know, because who else
Speaker 2: can convince you.
Speaker 3: Exactly like, oh, come to this, you know, come to
Speaker 3: my We're totally having drinks.
Speaker 2: Gotcha, that's the party. Yeah, I might have some might
Speaker 2: have some makeup. I'm selling some tupperware, you know whatever.
Speaker 2: It's too funny.
Speaker 1: Yeah, it is le.
Speaker 2: You know who tweeted me today? Oh he tweeted the
Speaker 2: general Twitter population. But Soldia Boy tell him?
Speaker 1: Okay.
Speaker 2: Soldier Boy apparently wants to learn how to invest in
Speaker 2: the stock market. So where else does he go for
Speaker 2: advice but Twitter? Of course, anytime I want to learn
Speaker 2: a new financial system, I definitely crowdsource from Twitter. So
Speaker 2: I noticed all my friends who are personal finance journalists
Speaker 2: were all of a sudden tweeting at Soldier Boy, and
Speaker 2: I'm like, what is happening. So around like around like
Speaker 2: nine am this morning, he's like, so, I'm gonna find
Speaker 2: the exact tweet me. See, so he tweets a lot,
Speaker 2: he does. Yeah, take me all the way down his
Speaker 2: Twitter feed just to find what he tweeted this morning.
Speaker 2: Soda Boy is like one of those I feel like
Speaker 2: he's mentioned wanting to be better about his money recently,
Speaker 2: but I mean I feel like most rappers all you
Speaker 2: see is like pictures of him with like big old
Speaker 2: diamond and gold rings and like chains and stuff.
Speaker 3: Every rapper could learn a thing or two from the
Speaker 3: rappers that have totally gone broke.
Speaker 2: I'm saying, right right, Oh, so he's this is his
Speaker 2: first tweet. Anybody that knows more about the stock market,
Speaker 2: tweet me. I will follow you back. I'm studying it
Speaker 2: right now and need some tips. Thanks. It's just crazy
Speaker 2: to see Soldier Boy retweeting Investopedia, which is like my bible.
Speaker 2: He's retweeting Investipedia, he's retreating, retweeting the SEC, he's retweeting
Speaker 2: market Watch, the Journal, and I tweeted at him because
Speaker 2: actually today's guest Eric Patrick aka hip Hop stock Doc,
Speaker 2: had written a story for me at Magnify Money five
Speaker 2: easy tips to buy your first stock, and so I
Speaker 2: was like, hey, so boy, but got you covered? And
Speaker 2: I included a link and tagged Magnify Money and he
Speaker 2: was like retweeted and say thanks, I'm reading right now
Speaker 2: at least that.
Speaker 1: Yeah, ah, look at you. You've got to be on
Speaker 1: what is that Love and hip Hop? Hollywood? Or no?
Speaker 1: Is are they Hollywood?
Speaker 2: Look at.
Speaker 3: I think so he's on one of the those like,
Speaker 3: you know, ratchet TV shows.
Speaker 2: See now, everybody who listens to brand Ambition knows that
Speaker 2: I don't actually watch any of those love and hip
Speaker 2: I watch. I watch reality TV. Don't get me wrong,
Speaker 2: but it is not the cool stuff. It's like TLC
Speaker 2: six hundred pound Life, Toddler's and Tierras and a lot
Speaker 2: of cooking cupcake wars. I'm down with that, yeah, But
Speaker 2: love and hip hop m.
Speaker 3: Only what I'm feeling, particularly like if I'm like super overwhelmed,
Speaker 3: like I'm just like I just need like a brain melt.
Speaker 1: Down, you know what I mean?
Speaker 2: Of course?
Speaker 3: Yeah, So when I get like that that, I'm like,
Speaker 3: you know what, Nothing's gonna soothe my soul like love
Speaker 3: and hip.
Speaker 2: Hop or six hundred Pound Life.
Speaker 3: Or Basketball Lives or something, and usually like after a
Speaker 3: half an episode, I'm like, oh God, okay, okay, my
Speaker 3: soul is like I need you to come on back
Speaker 3: into the room.
Speaker 1: Wait.
Speaker 2: I just want to say to Soldier Boy. I mean,
Speaker 2: he was very humble and he was like retweeting everybody.
Speaker 2: He's like, I want to say thank you for this
Speaker 2: is what he tweeted to Investipedia, which could not be.
Speaker 2: There's probably like five bald white guys who run Investipedia
Speaker 2: and they're tweeting at Soldier Boy. He's an Investipedia's like,
Speaker 2: we just want to say thanks for bringing more awareness
Speaker 2: to exposure and exposure to financial literacy. This is awesome.
Speaker 2: And Sojioer Boy goes back, You're welcome, and I want
Speaker 2: to say thanks for educating me more on the stock market.
Speaker 2: Greatly appreciated.
Speaker 1: Oh that's awesome. But you know what though, I mean,
Speaker 1: even even though Soldier Boy is not.
Speaker 3: It's not like a hip hop artist that kids look
Speaker 3: up to, he's still very wealthy, so they people definitely
Speaker 3: look at him as like I think he and his network.
Speaker 1: No, well, nobody like so nobody listens to so Boy songs.
Speaker 2: Yeah, I only know the Superman.
Speaker 3: Yeah that's the only one I know either too, but
Speaker 3: he doesn't have any recent hits. But Soldier Boy, I
Speaker 3: think what his real claim to fame was that when
Speaker 3: he came up with those songs, he was the producer,
Speaker 3: the singer of this.
Speaker 1: So it the few songs that you know that did
Speaker 1: do really well.
Speaker 3: He made all of the money, and his current network
Speaker 3: is like in the twenty millions or something like that.
Speaker 3: So yeah, So it's so that's what's so cool about
Speaker 3: Soldier Boys that even though you know, he you know,
Speaker 3: had a very short lived popular career, that he was
Speaker 3: able to do so in a way that he grew
Speaker 3: great wealth and maintained it, which you know, that's better
Speaker 3: than more than half of the people in his kind
Speaker 3: of like his field. So yeah, like if you google
Speaker 3: Soldier Boy network, I think it is like is it
Speaker 3: like twenty thousand something?
Speaker 1: Crazy?
Speaker 2: Yeah, he said, I made a lot of money. This
Speaker 2: is one of his first I made a lot of
Speaker 2: money doing music over the years. I want to invest
Speaker 2: in style instead of buying jewelry, et cetera. That's a
Speaker 2: that's a good It is way to go.
Speaker 1: Look at you, soldier boy. You know what you've better
Speaker 1: make it cool to Yeah.
Speaker 2: But then about like two hours after he had all
Speaker 2: this like stock marker revelations. What is he posed? But
Speaker 2: like a picture of gold yezis like gold plated sneakers.
Speaker 2: Do you know what I didn't know? I guess you
Speaker 2: hear about the Kanye clothing line and the shoes and
Speaker 2: stuff and like, but I didn't realize he's like nine
Speaker 2: hundred dollars for shoes.
Speaker 3: Yeah, Kanye has like shirts with holes in them for
Speaker 3: like three hundred dollars and people buy them.
Speaker 2: I don't understand. I mean, I don't understand a lot
Speaker 2: of things, but this is especially Geezy boost didas. But
Speaker 2: this is like what I mean, this is what you
Speaker 2: see though. I mean, Kanye is like the rapper of
Speaker 2: all rappers. I mean no, no, no, I under nineteen eleven. No,
Speaker 2: twelve hundred dollars to thirty five hundred dollars for shoes
Speaker 2: right now, I'm on Amazon. That's great, right, cool can
Speaker 2: afford this. That's why kids get their shoes stolen and
Speaker 2: they look like they put this look that they wrapped
Speaker 2: a sweater around a normal shoe.
Speaker 1: I said, hey you, hey, you keep warm?
Speaker 2: Yeah, I feel like your feet would be very sweaty. No,
Speaker 2: but it's activity sneakers.
Speaker 1: I'd like yeezys on.
Speaker 3: You know that.
Speaker 2: I'm a payless shoes on.
Speaker 1: Yeah, confession, I have you ever heard of teaks? They're flats.
Speaker 3: So teeks are like flat and so the bottom you
Speaker 3: could tell it's a teak because the bottom is that
Speaker 3: Robin's egg tiffany blue.
Speaker 2: Pretty.
Speaker 1: Yeah.
Speaker 3: So they're very like, you know, like they're one of
Speaker 3: Oprah's favorite things. The cheapest flat is one seventy five
Speaker 3: for a flat. The more expensive ones can go up
Speaker 3: to two hundred and something dollars. And I never buy
Speaker 3: myself anything quote unquote fancy. So I was like, you know,
Speaker 3: I'm always struggling to find a good flat. And I said,
Speaker 3: you know what everyone keeps saying, these flats are feel comfortable.
Speaker 3: I had a really really good month, like two months ago,
Speaker 3: like huge month, a banner month, and I said, I'm
Speaker 3: gonna treat myself to these overly expensive flats.
Speaker 2: How much are they?
Speaker 3: I think I paid one seventy five for black flats,
Speaker 3: and so I bought them and they hurt me.
Speaker 1: The first thing.
Speaker 2: All day long, really, I thought it was going to
Speaker 2: be a totally different I thought they were going to
Speaker 2: change your life now.
Speaker 1: And then after that, I was like, I'm never gonna
Speaker 1: wear these again.
Speaker 3: But then I ended up wearing them like a week
Speaker 3: later because I could go, you know how, like you're
Speaker 3: you're running to get like groceries from the car or whatever,
Speaker 3: and you just throw on.
Speaker 1: Whatever's by the door. I was gonna wear them.
Speaker 3: So I threw them mom, and they were comfortable, and
Speaker 3: I was like, oh, okay.
Speaker 1: So I started wearing them.
Speaker 3: And then one day I couldn't find them, and I'm
Speaker 3: looking for them everywhere, and I said, I know who
Speaker 3: has some, Supergirl, because I saw she was trying on
Speaker 3: my shoes, and Supergirl took them to her mother's house
Speaker 3: and kept them there.
Speaker 1: So I called her mom was like, can you bring
Speaker 1: my flats back?
Speaker 2: Well, this is just the beginning, wait till she gets
Speaker 2: to become a teenager.
Speaker 3: But in the meantime, when when Supergirl had my flats,
Speaker 3: I needed to wear flats that day because I was
Speaker 3: going into the city and I wanted to wear flats
Speaker 3: to be comfortable, and so I found my old black
Speaker 3: pay let's flats and realized these nine dollar flats felt
Speaker 3: exactly the same.
Speaker 2: Exactly Well, I was gonna say, when you start talking
Speaker 2: about expensive good shoes, like I think good shoes are
Speaker 2: an investment to a point, to a point to a point,
Speaker 2: especially in New York. If you live in any city
Speaker 2: where you walk as much as New Jersey, New New York,
Speaker 2: or any state as much as New Jersey and city
Speaker 2: like New York where you walk all the time, you
Speaker 2: need a good pair of shoes because, like my I
Speaker 2: have all these foot issues I never had before, ankle
Speaker 2: issues and heel issues, and so I had to I've
Speaker 2: shopped a lot of at Aerosols, which I'm not ashamed
Speaker 2: to admit, Aerosols super comfy.
Speaker 1: It's the old Lady Store.
Speaker 2: Yes, it's the Old Lady Shore. But they have very
Speaker 2: fashionable flats, I must say, and heels and boots and airthing. Okay,
Speaker 2: so take care of your feet. But I can't believe
Speaker 2: we haven't even mentioned that people will be tuning into
Speaker 2: this podcast tomorrow morning, Tuesday morning on election Day. Bomb
Speaker 2: But no, wait, what was that?
Speaker 3: I got like, I don't I'm I mean, I someone
Speaker 3: was like, are you going to do an election party.
Speaker 3: I said, honestly, my stomach is in that, and I
Speaker 3: think I'm just gonna turn off.
Speaker 1: I'm gonna go vote Abby, Abby.
Speaker 3: Yeah, I'm gonna get my eyebrows done, and I think
Speaker 3: I'm gonna turn off everything and like just watch them
Speaker 3: GCV because I can't take it. Like I hate suspense movies,
Speaker 3: I can't take it.
Speaker 1: I just can't take you.
Speaker 2: This is I'm not feeling the excitement like you know,
Speaker 2: Facebook memories, just this is. This week, especially Facebook memories
Speaker 2: has been reminding me of all the past three elections
Speaker 2: or two elections, because my very first election was voting
Speaker 2: for Barack Obama. That's the first time I cast a vote.
Speaker 2: I was twenty one. How old was I twenty twenty
Speaker 2: twenty one. So that was a hell of a year
Speaker 2: to you know, assume my civic duty. And I feel
Speaker 2: like nothing is going to compare to that year. And
Speaker 2: also the excitement, the peer belief in what he stood for.
Speaker 2: And you know, in twenty twelve, it was like, you know,
Speaker 2: just bring it was all about just getting a Barack
Speaker 2: Obama and making sure he stayed in office. And this
Speaker 2: year it's like god wood, will it and just put
Speaker 2: us out of our misery.
Speaker 1: And I'm just like, I just I'm not gonna lie.
Speaker 3: It's scary, and I'm like, so, I mean, people feel
Speaker 3: like it's weird. My timeline looks back and forth. There
Speaker 3: are people who are like, oh God, like I'm scared.
Speaker 3: Are the people who are like, I'm sure she's gonna win,
Speaker 3: And I'm like, I'm not sure of anything.
Speaker 2: I'm just I was sure he wasn't going to get
Speaker 2: the nomination. Okay, I was sure about so much exactly.
Speaker 1: At this point, I'm just anything can happen.
Speaker 2: There are there are a lot of uneducated people. You
Speaker 2: know what's scariest about this selection, especially as a journalist
Speaker 2: who works really hard. I don't even cover politics, but
Speaker 2: I write about how, you know, politicians policies can impact
Speaker 2: people's personal finances, which it has a huge impact on
Speaker 2: everything from tax rates to the cost of college to
Speaker 2: your retirement account. But there's just such a lack of
Speaker 2: interest in facts. I feel like facts have been the
Speaker 2: real loser in this election. People like, people want to
Speaker 2: believe what they want to believe, and there's no like,
Speaker 2: there's very few people, especially who are you know, on
Speaker 2: lower Voldemort's side, who are interested in hearing the facts,
Speaker 2: and it's really hard to fight against those people who
Speaker 2: willfully want to be ignorant. And I think that's what's scariest.
Speaker 2: There's there's just a lack of like logical you know,
Speaker 2: educated thinking and critical thinking.
Speaker 3: Not about that, it's about a feeling that they're losing
Speaker 3: they're losing power over some like mythological place that used
Speaker 3: to exist before where there were no people of color
Speaker 3: and women were stood in their place, and like let's
Speaker 3: go back to like leave it to be. I'm like, man,
Speaker 3: that was ashl bab, Like that's not there was never
Speaker 3: Like it's so crazy how people are like I want
Speaker 3: to go back to these kinds And I'm like, well,
Speaker 3: in the way that you describe in those times, it
Speaker 3: never existed that.
Speaker 2: It exists to like that for some people. I think,
Speaker 2: what when people it's almost like in the beginning, it
Speaker 2: didn't it didn't start out racist with the whole make
Speaker 2: America Great agan thing. It's almost like, yes, in the sixties, seventies, eighties,
Speaker 2: like manufacturing jobs were like you could get a manufacturing
Speaker 2: job and provide for your family and it was a
Speaker 2: nice blue collar income. And as those jobs went away.
Speaker 2: The working white class, blue collar system kind of crumbled,
Speaker 2: and you have those people who are looking back on
Speaker 2: these old decades and they're like, man, I can't believe that,
Speaker 2: you know, I can't provide for my family. These jobs
Speaker 2: are disappearing. What you know, this this America is not recovering.
Speaker 2: I'm struggling. And they say they missed the good old days,
Speaker 2: but they don't understand that. I think it's just like
Speaker 2: sort of a everyone's everyone will look out for their
Speaker 2: own self interests and remember how things are for them,
Speaker 2: but they forget what the rest of the world was
Speaker 2: going through in the sixties and seventies, and it wasn't
Speaker 2: equal or you know, they were the only ones doing
Speaker 2: pretty pretty well.
Speaker 3: You know, that's exactly what I want to go back
Speaker 3: to the time when only I was benefiting.
Speaker 1: What's wrong with that?
Speaker 2: Yeah, I'm perfectly happy back then. And you guys didn't
Speaker 2: have any rights anyway, so who no one even knew
Speaker 2: you were struggling, you know, I just part of me
Speaker 2: is just like, man, one of these people going to
Speaker 2: die out? Is that terrible?
Speaker 4: You know?
Speaker 1: It's so great? No, it's not paradise to think that
Speaker 1: all the time.
Speaker 3: And you know it's so crazy though, It's like all
Speaker 3: of these, like so many people that support Trump. I'm like, dude,
Speaker 3: you know that he would you would never be invited
Speaker 3: in this house, Like you're not, Like you're not in
Speaker 3: any way shape or form someone that he would like
Speaker 3: hang out with, have over, want his daughter to marry,
Speaker 3: Like you're going for a dude that is looking at
Speaker 3: you like beneath him.
Speaker 1: Quite honestly, how.
Speaker 2: Is this narcissistic billionaire becoming the voice for the working
Speaker 2: white class in such a way. It is mind blowing. Anyway.
Speaker 2: I feel like if anyone listening out there is as
Speaker 2: as tired of the election as I am, Here's what
Speaker 2: the one thing I keep holding onto is we have
Speaker 2: to vote. Like the best way to get over your
Speaker 2: election dysfunction disorder is just to go vote. Just do it,
Speaker 2: because you can bitch about it all you want, so
Speaker 2: long as you vote. I feel like people who don't vote,
Speaker 2: they don't you know, they don't really have a right
Speaker 2: to complain a vote, not voting, staying home, not voting.
Speaker 2: I feel like you're just voting for Trump. We were
Speaker 2: at we were at the house of one of fiance's relatives,
Speaker 2: yesterday and his young cousin, he's twenty something. He's an
Speaker 2: NYPD police officer. We were just talking. You know, it's
Speaker 2: like an ad for the Trump campaign came up on
Speaker 2: the TV and he was just like, yeah, man, I'm
Speaker 2: not going to vote, like I don't know, I don't
Speaker 2: know who to believe, I don't know who. And I
Speaker 2: was just like, how can you not know? Like how
Speaker 2: can you be on the fence and for him, I
Speaker 2: kind of you know, and I got really upset, and
Speaker 2: fiance was like, you need to calm down. It's my family.
Speaker 2: But I was like, I was like, what do you mean.
Speaker 2: You have to you know, you have to make a vote.
Speaker 2: It's not just the president who's up for election. There's
Speaker 2: all your local you know, congressman, lawmakers who are actually
Speaker 2: writing the laws. You know, they're really important too. There's
Speaker 2: a lot of legislators up for election too, that's important.
Speaker 2: And He's just like, you know, I feel like Trump
Speaker 2: supports stop and frisk and that helps me in my
Speaker 2: job as a cop. And I'm like, Okay, that's fine.
Speaker 2: You know, it's not even that he wants he it's
Speaker 2: not even that he's like supporting Trump a little bit
Speaker 2: it's that I I just don't see why people don't
Speaker 2: want to vote. Yeah, I guess his sense is that
Speaker 2: it doesn't matter. I mean, living in New York City,
Speaker 2: it's easy to think that because it's a blue state.
Speaker 2: But I don't know. I wouldn't feel it wouldn't feel right.
Speaker 2: It would feel like not filing my taxes or like
Speaker 2: not going for annual physical I would never miss that
Speaker 2: kind of stuff. How could you miss the voting?
Speaker 3: No, I just like I said, I just I'm gonna
Speaker 3: be opptensity. I'm just I'm pretty much gonna turn off
Speaker 3: Internet because I know it's gonna be pray some emails.
Speaker 1: I'm probably gonna watch some reruns of a Fixer Upper.
Speaker 2: You're not gonna watch any election coverage. I'm gonna watch.
Speaker 3: Sorry, even when, even when when I first voted for
Speaker 3: President Obama, like I was like, I was like so
Speaker 3: sick to my stomach cause I was listening and I
Speaker 3: was like breathing heavy, like, oh, I just can't take it.
Speaker 1: I'm sure I'm going to watch some, but I'm gonna
Speaker 1: be like so my mind can't take my I know.
Speaker 2: And I'm just praying for a decisive victory. I'm praying
Speaker 2: that I'm praying that everyone just does the right thing
Speaker 2: for the country and not just the right thing for
Speaker 2: themselves anyway. So this is your brain ambition, Go out,
Speaker 2: get out the vote. If you're on your way to
Speaker 2: work right now listening to the podcast and you haven't,
Speaker 2: you know, taken some time off to go vote yet,
Speaker 2: you got your lunch break. Polls in New York rope
Speaker 2: until nine pm, so you can go after work. Twist,
Speaker 2: you gotta vote. Tweet us with your vote stickers. Just
Speaker 2: don't tweet in the booth. That's illegal, right, Like justin
Speaker 2: Timberlake found that out. You can't take a selfie in
Speaker 2: the booth. Don't do it. Don't say Brown Ambition said,
Speaker 2: I could I.
Speaker 1: Please because I do not have bail money. I do,
Speaker 1: but not for you.
Speaker 2: Yeah, we don't have bail money. Wait until you leave,
Speaker 2: and then it's tweetus. A tweet's a pick at the
Speaker 2: BA podcast.
Speaker 1: God, who is this president in my timeline?
Speaker 3: Yeah, a dude, I'm I'm planning to vote on November eighth.
Speaker 3: Voting can make America great. How did Stephen Edward Adams
Speaker 3: end up in my comline? And it's all these old
Speaker 3: Caucasian people, me too, Yes, make America vote great?
Speaker 1: Oh my god, how did they get How is he
Speaker 1: my friend? They found you now, I'm like, mmmm.
Speaker 2: They're on to you. They're everywhere. Are you kidding me?
Speaker 2: There are? Ignorance is a universal state of mind in
Speaker 2: some places, speaking of well, actually a terrible segue. But
Speaker 2: since we talked about Solanga's album the other day, I
Speaker 2: wanted to see if you had a chance to watch
Speaker 2: her performance in SNL and see if her performance has
Speaker 2: uh because you weren't so impressed by the album. But
Speaker 2: did you see the performance and what did you think?
Speaker 1: I did not see the performance.
Speaker 2: I didn't see the crown, the glitzy crown. Honestly, I's
Speaker 2: spun around on her head, and then Beyonce and Tina
Speaker 2: were both there.
Speaker 1: I didn't see. I didn't even hear. Honestly, I'm so
Speaker 1: out of it. I'm not gonna lie.
Speaker 3: I have not watched much TV. I didn't even see Beyonce.
Speaker 3: I'm on the CMAS.
Speaker 2: I didn't you know what I'm actually, I feel the
Speaker 2: same way. I didn't know she was on the CFAs
Speaker 2: and I felt almost sad as a Beyonce fan, like
Speaker 2: am I am I slipping?
Speaker 1: So I didn't see it.
Speaker 2: I still have yet to watch it though, me too,
Speaker 2: and I.
Speaker 3: Want to watch it because I heard it was good.
Speaker 3: But I'm like, I don't know. I just I've just
Speaker 3: been like so just tired.
Speaker 1: I don't know if it's just a whole bunch of work.
Speaker 1: I'm just like, I'm just exhausting.
Speaker 2: Is it all that baby making?
Speaker 1: I don't know.
Speaker 2: We have a lot of We had quite a few
Speaker 2: emails from people supporting or with some some tips on
Speaker 2: temperature checking and ovulation cycles. I'll just for those onto you. Yeah,
Speaker 2: so what, Yeah, any updates there? Have you guys been
Speaker 2: to a live educated doctor. Well but that now you
Speaker 2: got quiet?
Speaker 1: You know, I said, not as if yet, you know,
Speaker 1: I was so crazy.
Speaker 3: I was thinking of you today because I was thinking,
Speaker 3: like I need because I went to the dentist today
Speaker 3: for a root can.
Speaker 2: Now and whoopee, oh god, I know, and you're talking.
Speaker 3: You know what, oddly enough, whenever, this is not my
Speaker 3: first rooc can now, and so it it doesn't it's
Speaker 3: like why wisdom tooth or way in the back or whatever,
Speaker 3: and so it's it's sore, but it doesn't like my
Speaker 3: face doesn't hurt, just the tooth is a little bit.
Speaker 3: But yeah, and I was thinking that too. I'm like,
Speaker 3: I hope for taping the podcast, I'm not. It was
Speaker 3: at eleven, so I'm feeling like, hmm, it's seven now,
Speaker 3: so I'm good. But yeah, so but it made me
Speaker 3: think to myself, you went to the dentist, it's time
Speaker 3: to go to the baby doctor.
Speaker 2: Yeah.
Speaker 3: Yeah, oh you know what it is. I know, I'm tired.
Speaker 3: Baby sat like my nephew almost for a full week.
Speaker 2: Listen, can I tell her about the conference call we
Speaker 2: were on. So our worlds are colliding and Magnify Money
Speaker 2: is sponsoring Tiffany's Literature Challenged for twenty seventeen, which is
Speaker 2: super exciting. But anyway, we had our first official call
Speaker 2: with Tiffany and her assistant and the entire call was
Speaker 2: like the baby gurgling in the background and the baby yelling,
Speaker 2: and it was like he was just like yeah.
Speaker 1: I was like, oh my god.
Speaker 2: He's like, so you scheduled a conference call during my
Speaker 2: active hours. That's not a smart idea.
Speaker 3: And I was hoping I was a baby, He'll be
Speaker 3: a sleep because like her normal babysitter was away for
Speaker 3: the week and.
Speaker 1: She's like, could you watch him? And I was like,
Speaker 1: uh so, I can't sold most things.
Speaker 3: But I thought, oh because usually like when I'm doing
Speaker 3: like work, like he has this little toy, so he's fine.
Speaker 3: But of course he's like, oh, do you need quiet now?
Speaker 3: Oh no?
Speaker 2: Wait. It's almost like doesn't that make you realize though?
Speaker 2: When my girlfriends and my just friends people I know
Speaker 2: and women I know who work from home and people
Speaker 2: are like, oh, you can just work from home and
Speaker 2: watch the baby, and they're like, oh no, I still
Speaker 2: have to hire a nanny to actually take because they
Speaker 2: suck up every ounce of your attention.
Speaker 3: And meanwhile, it's not even like he's like a four
Speaker 3: month old or something where you where it's like you
Speaker 3: have to always hold.
Speaker 1: Him like he's one. So he's walking and you know.
Speaker 3: Like he has this little like I have mobile yeah,
Speaker 3: which is like even more so I didn't. I don't
Speaker 3: really have a baby proof half of I'm using chairs
Speaker 3: and stuff to like lock off places where you can't go.
Speaker 3: And like it was so crazy because you think that
Speaker 3: I you just don't realize how smart babies are. So
Speaker 3: he'd watch me pull a chair like in a little
Speaker 3: crevice so he couldn't go that way, and as he'd
Speaker 3: watched me pull it, he realized, oh, she pulled up
Speaker 3: by the lefe And next thing I know, he's pulling
Speaker 3: up by the leg to set himself free.
Speaker 1: And I was like, how I was responsible?
Speaker 3: So every time I would try to lock him in,
Speaker 3: I had to make sure he couldn't see the method
Speaker 3: I use, or he would be like, oh is that half?
Speaker 2: They're a little Whodini's they are?
Speaker 3: I was just exhausted because every morning, at like seven,
Speaker 3: he'd wake up and I'm like, just wan worn and
Speaker 3: every night, I mean it just, yeah, I got some
Speaker 3: work done, but let's just say I had to cancel
Speaker 3: the majority of my meetings and I was just like,
Speaker 3: guess it's just me and you kid, and it was
Speaker 3: I'm still Meanwhile, today's the first day where I didn't
Speaker 3: really have to watch him, and I didn't watch him
Speaker 3: really this weekend, but I'm still exhausted.
Speaker 1: I'm like, how do moms do.
Speaker 2: The baby hangover? So this is a good practice for you?
Speaker 3: Then that's what everyone said to like, how is it
Speaker 3: my best friend Drina because she's got a one year
Speaker 3: old the same age, And then to make matters worse,
Speaker 3: she asked me she had to do a press conference.
Speaker 1: She said, I know you have baby.
Speaker 3: You know your baby nephew that her son is basically
Speaker 3: the same age. And she's like, but I really have
Speaker 3: to do this press conference. I'm only ten minutes away.
Speaker 3: It told me an hour.
Speaker 1: Could you watch my son too? So at one point
Speaker 1: I had two one year olds in the house and
Speaker 1: I was just like, what is happening for my life?
Speaker 2: Something like a nightmare?
Speaker 1: Why can you imagine twin? And I looked at like
Speaker 1: my Superman, and I'm like, yo, you are a twin.
Speaker 1: Twin boys, how did your mother? I don't know.
Speaker 2: Let's hope that twin dream twin g passes you don't
Speaker 2: they skip a.
Speaker 3: Generation or right, because if I have twin, I'm checking out,
Speaker 3: I'm getting my time card and i am checking out.
Speaker 2: Oh my god. Babies are so evil, you know.
Speaker 4: If you know what's so terrible about babies is that
Speaker 4: they're so cute that you're like, what are you Like,
Speaker 4: nephew would be like, oh, this cup half water, It
Speaker 4: sure does knock.
Speaker 2: The babies are cute evolution because they would not survive
Speaker 2: if they weren't adorable creatures. We would have thrown them
Speaker 2: off the cliff already because they're crazy. That's the same
Speaker 2: reason that you know frogs have poisoned darts and stuff
Speaker 2: like that for survival.
Speaker 1: I'm telling you it.
Speaker 3: Just every time you just like I just can't take
Speaker 3: it anymore. That's when they smile and they're like, yes
Speaker 3: you can, like I just want to. And then when
Speaker 3: he slept, I'm like, now's your chance, take your nap,
Speaker 3: because you were always torn between should I do work
Speaker 3: now that he's sleeping or should I just sleep too
Speaker 3: and sleep usually one.
Speaker 2: Nowt man, well, that sounds like a fun experience. At
Speaker 2: least you get to give him back.
Speaker 3: Yes hoo, child. But then you miss them too. It's
Speaker 3: a weird thing because then I'm like, oh, I missed him.
Speaker 3: But then I was like, you forgot? Have you forgotten?
Speaker 2: They're manipulative? I have to we have to talk about this.
Speaker 2: So I've been this weekend speaking of TV.
Speaker 1: Uh.
Speaker 2: I started watching the Netflix, the new Netflix show called
Speaker 2: The Crown. I feel like I'm gonna catch you up,
Speaker 2: and all the all the pop cultures.
Speaker 1: Go to watch The Crown. Is it good?
Speaker 2: It's good. It's like the new it's my new replacement
Speaker 2: for down Nabby. It's something about the British, British elite,
Speaker 2: just like Americans love it.
Speaker 1: Oh my god, we're twins.
Speaker 2: So it's about Queen Elizabeth or Queen Elizabeth. They call
Speaker 2: her a little bit.
Speaker 1: Is that her fancy Nay?
Speaker 2: I'm learning so much. It's very historically accurate. Her nickname
Speaker 2: was Lilibet. Lilibet. I had no idea. I didn't really know.
Speaker 2: I mean, I just always it's sort of like your grandma.
Speaker 2: You're born and you just think, well, grandma was always
Speaker 2: seventy five years old, and so with Queen Elizabeth, I'm like, oh, yeah,
Speaker 2: she was a young girl when she was made queen.
Speaker 2: Her dad King George, so whatever, he passed away. He
Speaker 2: died from lung cancer and she was suddenly thrust into, uh,
Speaker 2: the the role of queen. And you know, she had
Speaker 2: been she had just been married and she you know,
Speaker 2: we talk about being the breadwinner in a relationship as
Speaker 2: a woman and how difficult to this imagine being the
Speaker 2: Queen of England and your husband is like a house husband.
Speaker 2: So it's really interesting. It goes into all the dynamics
Speaker 2: of their relationship and assuming The Thrones was all only
Speaker 2: like sixty years ago. It was the nineteen fifties, right
Speaker 2: after World War Two. Anyway, just really good show. And
Speaker 2: but it got me thinking because this week, or the
Speaker 2: last week, Prince Harry, who is like her grandson, Prince Harry,
Speaker 2: you know, he's like the wild child. Apparently he's dating
Speaker 2: a mixed race actress. That's her name. I had never
Speaker 2: heard of her before. Her name is, she's bi racial.
Speaker 2: Her name is Megan Markle. You heard of her. She's beautiful, beautiful,
Speaker 2: beautiful white. I'm pretty sure she's black and white, but
Speaker 2: I haven't done the digging. So but you know, British.
Speaker 2: British newspapers are way more like blunt with how they
Speaker 2: describe people of race. They're like, this is the headline
Speaker 2: on uh the Guardian, the Prince's new black girlfriend has
Speaker 2: set tongues wagging like geez. But anyway, sorry, go.
Speaker 1: Ahead, I'm just saying, okay, does she have a career?
Speaker 2: What's her name? She's a black girlfriend, but apparently so one.
Speaker 2: But you know, it's even more scandalous than her race
Speaker 2: in the British monarchy is the fact that she's divorced.
Speaker 2: That's what I learned from watching The Crown is how
Speaker 2: what a big deal divorce was? Like you couldn't marry
Speaker 2: a divorce person, Like, isn't that nuts? It's imagine that
Speaker 2: was the law now because it went against the Church
Speaker 2: of England's teachings. And of course the queen was like
Speaker 2: the head of the church or whatever. But her own
Speaker 2: sister had to give up the love of her life
Speaker 2: because he had been divorced before and the British government
Speaker 2: wouldn't allow it.
Speaker 3: Wow, isn't that why, Like Prince Charles couldn't marry Camilla Etards.
Speaker 2: Yeah, I think it was a similar thing. Yeah, I
Speaker 2: don't know. We haven't caught up to the Prince Charles yet.
Speaker 2: He's just a baby.
Speaker 1: No.
Speaker 3: Now that I want to watch, Like that's gonna be
Speaker 3: my new Like, ooh, I don't want to do any work,
Speaker 3: let me watch.
Speaker 1: Because I was looking.
Speaker 3: I went on Netflix on my bar Netflix account because
Speaker 3: you know how I.
Speaker 2: Do two and you know, the passport stopped breaking last night.
Speaker 2: Sendrique's cousin and I was like, can you text him?
Speaker 2: He's like, it's midnight, just text him though it's not
Speaker 2: watching anymore.
Speaker 1: No no need to no alarm, you know. But I just.
Speaker 3: It's Superman, so it's hit. So I'm always like, yeah,
Speaker 3: I will always have this login. We shall always only
Speaker 3: play for one person.
Speaker 2: Do you do that? You cobble together the subscriptions with
Speaker 2: family and friends because so his cousin uses our Hulu
Speaker 2: and we use his Netflix. My little brother uses my Spotify.
Speaker 2: Actually he's a leech. I haven't he doessn't given me anything.
Speaker 3: It's like, I mean, while your little brother has a
Speaker 3: has all of them, it's like it's given nothing.
Speaker 2: And he didn't even tell he could. He just kind
Speaker 2: of like went on my account and just did it.
Speaker 2: He just added himself. I didn't even know.
Speaker 1: Iretty figure out her login. There you go.
Speaker 2: Well, I hope that the British newspapers don't mess up
Speaker 2: this relationship because we need more mixed babies in the world. Okay, yeah,
Speaker 2: especially royal ones. Come on.
Speaker 3: No, So I'm excited, Like now I'm gonna I cannot wait.
Speaker 3: I'm gonna I'm probably gonna start watching Cromp tonight because
Speaker 3: it looks so interesting.
Speaker 2: It's really good and it's like it's relaxing and I
Speaker 2: don't know, I love it and the accents are on point.
Speaker 2: Her accent is like it's different in the it's like
Speaker 2: so snotty British, like upper class. It's like, thank you
Speaker 2: for being herey'all. Was so happy to hobby y'all. It's
Speaker 2: it's all very like nasally, I'm doing a terrible job
Speaker 2: of it. But it's good stuff, good good stuff, and
Speaker 2: the outfits come on.
Speaker 1: I'm super excited.
Speaker 3: I saw some of the like review like you know,
Speaker 3: like the trailers, and I said, oh my god, she
Speaker 3: like I remember I think her husband said something like
Speaker 3: do I have to bow to the queen?
Speaker 1: There's something Yes, he.
Speaker 2: Didn't want to bow to hurt her coronation. That's what
Speaker 2: I'm talking about. Talk about being the breadwinner and how
Speaker 2: hard that is as a woman, and then like to oh,
Speaker 2: to rule a country. Uh yeah, it's I think that's
Speaker 2: one of the more interesting parts of the show is
Speaker 2: his reaction to her being the queen. It's I think
Speaker 2: it's in one sense, like you want to think, oh,
Speaker 2: he's just being a jerk. He should support her, but
Speaker 2: you almost kind of understand at the same time what
Speaker 2: he's going through as well. But they make him look
Speaker 2: like a big douchebag, not gonna lie I want to
Speaker 2: see I want to see Prince Philip. Yeah, it's good stuff,
Speaker 2: good stuff. Well, alrighty anything else we want to cover buzzworthy?
Speaker 1: No, I think we're good on buzzes.
Speaker 2: Everybody's going to vote today, Yes, yes you shall. If
Speaker 2: you don't know where your voting precinct is, just google it. Google. Actually,
Speaker 2: just go to Gmail, because Gmail they have this really
Speaker 2: cool like pop up that asks you if you know
Speaker 2: where to vote, and it tells you exactly where to vote.
Speaker 1: You just got to put in your address and like
Speaker 1: the address where you're registered and it will tell you.
Speaker 1: Because my my voting site changed.
Speaker 3: Like a couple of years ago, and I was like
Speaker 3: going to the old one, like wait, this had a school,
Speaker 3: but it was it had a new school now, So
Speaker 3: I'm like, okay, now I know I'm working.
Speaker 1: Earlier though, I had.
Speaker 2: To drag my butt to Queen's not excited.
Speaker 3: I know that's the ad job, my bet to Westfield.
Speaker 3: Clearly I have not lived there forever, but that's where at.
Speaker 2: Least you can drag yourself in a vehicle. Yeah, and
Speaker 2: be dragging myself in an hour and a half of
Speaker 2: train rides. Oh man, all right, well let's move on
Speaker 2: because I'm really excited about today's guest, Eric Patrick, hip
Speaker 2: hop stock doc, and I think he's about to ring in.
Speaker 2: He's going to answer some questions, give some tips on
Speaker 2: how to start investing in the market. All right, Brannan
Speaker 2: vissionfam you asked, we have listened. You've been asking us
Speaker 2: for months to bring on someone to tell you guys
Speaker 2: how you can get started investing in the market, and
Speaker 2: finally we found the perfect guest. His name is Eric Patrick.
Speaker 2: He's the founder of the Black Market Exchange. And Eric,
Speaker 2: thank you so much for coming on the show.
Speaker 5: Thank you for having me.
Speaker 2: I'm sorry that it's just me. Tiffany unfortunately has to
Speaker 2: do some big lady boss stuff so she's not here,
Speaker 2: so it just be us today.
Speaker 5: Okay, so you know, much respect to her. But it
Speaker 5: sounds good and I'm ready to get this going awesome.
Speaker 2: So Eric, tell me what is the Black Market Exchange
Speaker 2: and how did you get started writing and get curious
Speaker 2: about investing?
Speaker 5: So, the Black Market Exchange is an urban investment education
Speaker 5: platform in by urban investment education. I simply just use
Speaker 5: hip hop in modern media to help explain finance and
Speaker 5: investing topics. So it could be a rap lyric, it
Speaker 5: could be a scene from a television show such as
Speaker 5: Empire or whatever it is that's a very relatable topic
Speaker 5: kind of mainstream media, and then I use that to
Speaker 5: relate it to something in financial markets, you know, particularly stocks.
Speaker 5: And so that's what black market Exchange is about, just
Speaker 5: really trying to bridge that gap, especially for millennials, to
Speaker 5: really just be able to connect and really understand what
Speaker 5: investing is and make it just easier to do.
Speaker 4: Well.
Speaker 2: Let's talk about that. I mean, so, let me just
Speaker 2: read a question from one of our listeners. Her name's Ariel.
Speaker 2: She says she's twenty seven years old, and she's a
Speaker 2: New York City public school teacher, and I think that
Speaker 2: her question really sort of personifies the general feeling of
Speaker 2: hesitation from young people around investing. She says, I was
Speaker 2: wondering how can I responsiblely start investing and or purchase stock?
Speaker 2: As someone who feels completely illiterate in terms of the
Speaker 2: investment world, I've always wanted to explore and see if
Speaker 2: there were any options for me. Like many people, I
Speaker 2: have a few financial responsibilities like rent and bills that
Speaker 2: I feel like are furthering my education. But I wouldn't
Speaker 2: be able to put much money into investing, but I
Speaker 2: would like to educate myself and I want to see
Speaker 2: what my options might be. So that's a question from Ariel.
Speaker 2: I mean, what do you say to people when they're like,
Speaker 2: you know, I really don't feel like I know enough
Speaker 2: to start investing. Where do I even start?
Speaker 5: I mean to start? Of course, you know, Black markets
Speaker 5: Change is a wonderful platform, but there are other avenues
Speaker 5: out there, you know, investor pedias out there, and I
Speaker 5: actually believe in, you know, some passive approaches kind of
Speaker 5: like how a Rosetta Stone works. So you know, networks
Speaker 5: like a CNBC, Fox Business or a Bloomberg even just
Speaker 5: reading on Yahoo Finance or a market Watch can really
Speaker 5: help someone to kind of understand the market's better simply
Speaker 5: by being in that element.
Speaker 3: You know.
Speaker 5: It's it's almost like if you I don't want to
Speaker 5: say exactly, but you know, if you go to sleep
Speaker 5: and let's say you just have some something going on
Speaker 5: in some headphones and it's about investing, you might pastly
Speaker 5: gain that information. And I think that that is really
Speaker 5: helpful for people to understand because one thing that I've
Speaker 5: come across from some of my audience is that the
Speaker 5: lingo is very hard to understand, and it's really just
Speaker 5: throwing around a lot of different terms, but they really
Speaker 5: end up meaning the same thing. And so, you know,
Speaker 5: it's just a little bit intimidating at first. But if
Speaker 5: you can find something a platform that you're comfortable with,
Speaker 5: you know, regardless of where that may be at. There's
Speaker 5: several financial blogs out there and platforms that can really
Speaker 5: help people understand finances and investing at a very basic level.
Speaker 5: And so really it's just finding that one to connect with.
Speaker 2: Well, let me interrupt you, because I feel like, you know,
Speaker 2: my younger brother included some young people I talked to,
Speaker 2: They're like, you know, I can't even think about investing,
Speaker 2: you know, I just want to save cash. You know,
Speaker 2: I saw my parents go through hell during the recession.
Speaker 2: I'm not willing to gamble in the stock market, so
Speaker 2: I'm just gonna put everything I have in the savings
Speaker 2: account and just figure it out later. I mean, what
Speaker 2: do you say to people who aren't who feel like
Speaker 2: cash is a safer investment.
Speaker 5: I mean, it's great to have, of course, and you
Speaker 5: need it for emergencies. However, when you look at something
Speaker 5: such as inflation that's going to eat away at that
Speaker 5: cash that's just standing idle. That's really going to hurt
Speaker 5: you in the long run. So you know, you mentioned
Speaker 5: the recession in the market going down. However, the market
Speaker 5: tends to be cyclical, so over time it's always going
Speaker 5: to end up recovering. And you know, since the nineteen twenties,
Speaker 5: the market has returned on average about seven percent after inflation.
Speaker 5: And when I say inflation, I mean on average your
Speaker 5: money is worth or it has three percent less buying
Speaker 5: power than it did before. So say, for instance, if
Speaker 5: you say one hundred dollars this year, next year, it's
Speaker 5: really only going to be able to purchase something at
Speaker 5: about a ninety seven dollars price point, and that trend
Speaker 5: is going to tinue on and on and on. So
Speaker 5: the more you continue to only save that money is
Speaker 5: going to be worth less in the future. And even
Speaker 5: though from a dollar value it seems like it's a lot,
Speaker 5: from an actual purchasing power, and what you can do
Speaker 5: with that money isn't to your advantage, and that's why
Speaker 5: investing is so important.
Speaker 2: So it's sort of think of cash as money her
Speaker 2: saving for money that you're gonna need really soon, and
Speaker 2: investing is all about for the long term stuff that
Speaker 2: you'll need later, like retirement funds.
Speaker 5: Right exactly, And it's always great to have. I mean,
Speaker 5: you're gonna want to have some cash when you are
Speaker 5: in retirement, but specifically that cash is going to be
Speaker 5: more so that you can dip into if you need
Speaker 5: it now. You know, if you think about real estate,
Speaker 5: if you have all your money tied up in real
Speaker 5: estate and you have an emergency, it's hard to get
Speaker 5: that money out. So that's why cash and even investments
Speaker 5: for that matter, are great vehicles because they allow you
Speaker 5: to obtain that cash quicker. And that's what you're saving
Speaker 5: is really going to do. It's just gonna give you
Speaker 5: that safety net, you know, for the interim until you
Speaker 5: know you contain to build wealth over time.
Speaker 2: Okay, so let's talk about the stock market for people
Speaker 2: who don't know what is this? Like, what do you
Speaker 2: What do people mean when they say the market, I'm
Speaker 2: in the market, the market's up, the market's down. What's
Speaker 2: the stock market?
Speaker 5: So the stock market is actually in reference to just stocks,
Speaker 5: and so you might people might think that it's associated
Speaker 5: with bonds and you know, every other kind of vehicle,
Speaker 5: could be real estate, whatever. But really the stock market
Speaker 5: is specifically for stocks. Now, you might have something like
Speaker 5: in exchange traded fund, which is similar to a mutual fund,
Speaker 5: but it's kind of has more of the price friendliness
Speaker 5: of a stock. But traditionally the stock market itself is
Speaker 5: about stocks. But then you can have the bonds market.
Speaker 5: You know, you can have a foreign currency or or
Speaker 5: the four x marketplace. So the stock market itself is
Speaker 5: specifically it's specifically about stocks. But since we're usually talking
Speaker 5: in a general sense, when someone says like I'm in
Speaker 5: the market, essentially they're just saying I'm investing in some
Speaker 5: form or fashion, and it's traditionally going to be related
Speaker 5: to stocks or bonds.
Speaker 2: Now, stocks, what are those like? I'm trying to get
Speaker 2: to the questions that people are too afraid to ask
Speaker 2: because they think they sound stupid. What's a stock?
Speaker 5: A stock is just ownership in a company. So you
Speaker 5: may have heard of the term equity before. So if
Speaker 5: you own shares of stock in a company, you have
Speaker 5: equity or ownership in that company, and that's all that
Speaker 5: it means.
Speaker 2: Gotcha. One of the one of the things when people
Speaker 2: ask me, you know, I want to start investing, like
Speaker 2: where should I start trading stocks? And I'm like, whoa,
Speaker 2: woo woo whoo, whoa, why do you feel the need
Speaker 2: to trade stocks? Like people tend to forget that just
Speaker 2: simply opening up a four to one K is a
Speaker 2: form of investing. So, you know, what advice do you
Speaker 2: have for people who you know are kind of torn
Speaker 2: between should I open up before one K or should I,
Speaker 2: you know, get a fidelity account?
Speaker 5: Well as far as your four one K goes, definitely
Speaker 5: looking to see if your company offers a match program.
Speaker 5: And by a match program, I mean that they might
Speaker 5: say for every you know, five percent of your check,
Speaker 5: will match it up to one hundred percent of that
Speaker 5: five percent. So if you put in, for example, one
Speaker 5: hundred dollars, they'll match that one hundred dollars and they'll
Speaker 5: do that every time you get paid. And that is
Speaker 5: essentially free money. That's regardless of how the market is doing,
Speaker 5: if it's going up or going down, they're just matching
Speaker 5: your money. So in opening and getting a four one K,
Speaker 5: it's highly recommended as long at least if there is
Speaker 5: a match program in place. Now if you're if an
Speaker 5: employer doesn't offer a match program. Then you have other
Speaker 5: opportunities such as a traditional IRA, or which is an
Speaker 5: individual retirement account a rough IRA. They essentially have different
Speaker 5: tax implications, which you know may be another talk, but
Speaker 5: those are ways for people to invest in for retirement
Speaker 5: without necessarily tying it to their employer. And that's where
Speaker 5: you know, a fidelity account will come into play, or
Speaker 5: you know, something like a TD ameritrade or something like that.
Speaker 2: Yeah, and I'm sorry, I was just gonna say having
Speaker 2: an IRA. So basically, the IRA is basically it's just
Speaker 2: like a four oh one K, except for you own
Speaker 2: it yourself. It's not through your employer, so you take
Speaker 2: it with you wherever you go when you search jobs.
Speaker 2: Do you feel like everyone should have an IRA that
Speaker 2: they have opened so that when they switch jobs they
Speaker 2: can easily just like roll over their their four oh
Speaker 2: one K into that IRA.
Speaker 5: It's always great to have options, even if you're just
Speaker 5: contributing you know, a little bit amount in there. I
Speaker 5: definitely think it would be good to all. It's kind
Speaker 5: of like life insurance. You know, when you have life
Speaker 5: insurance through your job. Technically that's not really guaranteed because
Speaker 5: it's tied to your job, so you kind of always
Speaker 5: want to have a little bit extra outside, and so
Speaker 5: I would look at getting an IRA in the same fashion.
Speaker 5: You don't necessarily have to put, you know, exuberant amount
Speaker 5: of money in there, and you know, until you're really
Speaker 5: maxing out the full and K portion. However, it is
Speaker 5: good to have something in place already. That way, in
Speaker 5: the event something happens, that transition can happen quicker and
Speaker 5: more efficiently.
Speaker 2: So when people are looking I remember my job in
Speaker 2: New York. Oh my god, I I knew nothing about
Speaker 2: investing or what a four oh one K was. I
Speaker 2: knew that we've I vaguely remember from orientation we had
Speaker 2: a four oh one K. It wasn't until I left
Speaker 2: two years later that I realized they matched and I
Speaker 2: hadn't been contributing a nickel and I basically left all
Speaker 2: that money on the table. But I didn't sign up
Speaker 2: because I was so overwhelmed by the options. So for
Speaker 2: people who are you know, they know they have a
Speaker 2: four to one K or a four H three B
Speaker 2: and their employer is like, here's your investment options, and
Speaker 2: there's twenty of them, and they don't know what the heck,
Speaker 2: all those letters mean, I mean, what's your advice for
Speaker 2: someone who's just starting to figure out what's the right
Speaker 2: investment for them.
Speaker 5: They should definitely look into see who's running their account.
Speaker 5: They can get that information from their human resources department,
Speaker 5: you mean, right, right, So you know, you might be
Speaker 5: employed by a company ABC, but they could be using
Speaker 5: a Vanguard or a Fidelity to help manage your four
Speaker 5: one K or four or three B and so you know,
Speaker 5: whoever's managing your money, there's always somebody that you should
Speaker 5: be able to get in contact with at that company,
Speaker 5: and someone should be able to assist you in regards
Speaker 5: to choices. Now, usually when you are opening your full
Speaker 5: and care you know, a retirement account with their employer,
Speaker 5: they're going to give you, you know, kind of like
Speaker 5: a pans lit with all these different options in there,
Speaker 5: and that can seem overwhelming, and that's when you want
Speaker 5: to reach out to that financial professional at that company
Speaker 5: to help you. I know, my current job, we were
Speaker 5: actually brought out by another organization and they had a
Speaker 5: representative from the financial institution come and sit down with
Speaker 5: every employee as they were setting up their account, kind
Speaker 5: of explaining everything. So you know, if you think about it,
Speaker 5: these different funds out here have fees tied to them,
Speaker 5: so you're paying for those services. A lot of times
Speaker 5: people just don't know that that comes with what you're
Speaker 5: paying for. So, you know, the best thing that you
Speaker 5: can do is just ask, you know.
Speaker 2: How do you feel about target date funds? Target date
Speaker 2: funds are basically your in according to your age, according
Speaker 2: to your projected retirement date, and they're supposed to be
Speaker 2: like a set it and forget it type thing. Like
Speaker 2: it's like it's like kind of going to a buffet
Speaker 2: where you get a little bit of everything, and it's
Speaker 2: supposed to be like the easy way for young people
Speaker 2: to get into investing. What's your take on target date
Speaker 2: funds and is that a smart move to make when
Speaker 2: you're just starting out.
Speaker 5: I think target day funds are definitely a good move
Speaker 5: to make. However, you know, I wouldn't try to spread
Speaker 5: across so many different funds because I mentioned, you know,
Speaker 5: not too long ago, that there's several options that you
Speaker 5: may be presented with. Also, you don't necessarily have to
Speaker 5: look at just the target date based on you know,
Speaker 5: one year when you plan to retire. You know, maybe
Speaker 5: look at a couple of different years and see what
Speaker 5: is within those funds, and if you do, you know,
Speaker 5: look into more than one fund at a time, just
Speaker 5: see what is in them, because you know, you may
Speaker 5: you may have heard of it. Where the younger you are,
Speaker 5: the more the riskier that you can be with your
Speaker 5: money or with your investments. So people tend to tend
Speaker 5: to be you know, stock heavy and not necessarily as
Speaker 5: much as in bonds. And the older you get, the
Speaker 5: more that kind of shifts in the vice versa direction.
Speaker 5: And so really just looking at what is in those funds.
Speaker 5: Is it bond heavy? Is it is it stock heavy?
Speaker 5: Does it pay dividends out from the fund? These are
Speaker 5: things that you can look for with that fund. What
Speaker 5: is the performance history of that fund? What's the management
Speaker 5: history of that fund? If you have ten managers in
Speaker 5: ten years, even though that might be the target fund
Speaker 5: for when you plan to retire, does that mean that
Speaker 5: it's a good fund because of that high turnover? You know,
Speaker 5: that's something to consider and once again that that's something
Speaker 5: that you know, the financial financial professional at that institution
Speaker 5: can really sit down with you and kind of explain
Speaker 5: those different options and what they mean. You know, even
Speaker 5: just basic down to what is a stock, what is
Speaker 5: a bond, what is a dividend, what is an expense ratio?
Speaker 5: You know, just things of that nature, And so it
Speaker 5: can really be beneficial using a target day fund. Just
Speaker 5: make sure that you're not just only setting it and
Speaker 5: forgetting it. You want to read the fine print and
Speaker 5: kind of research a little bit more to make sure
Speaker 5: that it's going to be the right move for you.
Speaker 2: And I know a lot of people like they think
Speaker 2: a target day fund like they should get a bunch
Speaker 2: of different ones. But a target day fund is meant
Speaker 2: to be an all in one solution, Like you just
Speaker 2: need one target date fund because it's already diversified within itself.
Speaker 5: Right, Yes, yes it is, And that's what I was saying,
Speaker 5: Like it can have different variables in it. It's just
Speaker 5: what are those variables that are within it? And you know,
Speaker 5: how risk averse do you want to be or how
Speaker 5: tolerant are you? You know I mentioned about some could
Speaker 5: be more stock heavy, some could be more bond heavy,
Speaker 5: some might pay dividends, Some might have more exposure in
Speaker 5: international markets than others. So those are the things that
Speaker 5: you want to look at when choosing one. And then
Speaker 5: you know, try to you can be diversified within one fund,
Speaker 5: just try to make sure that you have a nice
Speaker 5: balance within there.
Speaker 2: I mean, why is it important for people to invest early?
Speaker 2: We talk a lot about young people. Why all the
Speaker 2: pressure to start doing it when you're so young.
Speaker 5: I mean, we've all heard of the phrase compound interest.
Speaker 5: We know that that's the eighth winder of the world.
Speaker 5: So the sooner you start there, the more time you
Speaker 5: have to accumulate wealth. And by that, you know, if
Speaker 5: you're making on average, you know, a certain percentage every year.
Speaker 5: You have to think about it. You know, for example,
Speaker 5: ten percent of one dollar one year is less than
Speaker 5: ten percent of ten dollars the next year. And so
Speaker 5: the more you contribute, the more that your money makes
Speaker 5: over time. That percentage amount might stay the same on average,
Speaker 5: but the amount it actually means in dollar value is
Speaker 5: going to be more, which is going to help you
Speaker 5: achieve your goal faster and get to retirement and live
Speaker 5: comfortably in retirement.
Speaker 2: It's amazing what happens when you just like let time work.
Speaker 2: I wish I was twenty four when I started finally
Speaker 2: got my life together and started investing, And I think
Speaker 2: I just started putting away five or six percent and
Speaker 2: then eventually ten and eleven percent. When I was trying
Speaker 2: to you know, when I got a raise and I
Speaker 2: moved to a new job and I just checked my account,
Speaker 2: I have forty thousand dollars in only four years, four.
Speaker 5: Or five years exactly. And a lot of times that's
Speaker 5: how it happens. You look up and you're like, wait
Speaker 5: a minute, where'd all that money come from? And it's
Speaker 5: it's you know, life insurance kind of works similar with
Speaker 5: whole life, and you think about cash value a lot
Speaker 5: of times. You always hear once you get about seven
Speaker 5: or eight years that cash value really kicks into your benefit.
Speaker 5: And it just works the same way when you're talking
Speaker 5: about investing in the markets, and you know a prime example,
Speaker 5: I have an account for my daughter, she's two years
Speaker 5: old now, and I do savings challenges to apply money
Speaker 5: in there. I invest in you know, particular opportunities, and
Speaker 5: by the time you know, she's in high school, my
Speaker 5: goal is for her to have a set amount in
Speaker 5: her account already, so that way when it's time to
Speaker 5: go to college, we have that option for money she
Speaker 5: wants to start a business, whatever it is that she
Speaker 5: wants to do now that the option is there, and then,
Speaker 5: of course I hope that when she has her children
Speaker 5: it just continue on and on and that generational wealth
Speaker 5: is really in place.
Speaker 2: Also, she's really cute. You gotta go check out his blog.
Speaker 2: I didn't even mention the website, the the b m
Speaker 2: EX dot.
Speaker 5: Com, right, yes, yes.
Speaker 2: THEBMEX dot com, the Black Market Exchange, and real quick,
Speaker 2: let us talk about where to start. Okay, we talked
Speaker 2: a little bit about the four oh one K, but
Speaker 2: some of these companies, Vanguard Fidelity, Charles Schwab, they they require,
Speaker 2: you know, five hundred thousand dollars to open an account.
Speaker 2: What if you don't even have the money to open
Speaker 2: up an IRA right now?
Speaker 5: There are several other options that have come about nowadays.
Speaker 5: I mean, if you look at a company like an
Speaker 5: Acorn's Betterment, they're allowing people to start investing with a
Speaker 5: little less five dollars and you know, maybe one hundred
Speaker 5: dollars contribution. So those are they're definitely a lot of
Speaker 5: outlets available to people, specifically if you don't have those amounts,
Speaker 5: and you know that kind of goes to investing was
Speaker 5: always reserved for extremely wealthy well, there are a lot
Speaker 5: of firms that are coming out that are realizing clearly
Speaker 5: everyone is not extremely wealthy, so what can we do
Speaker 5: for the for everyone else? And you know, just a
Speaker 5: lot of opportunities are coming about to where people can
Speaker 5: start investing. And it might not sound like a lot
Speaker 5: doing five and ten dollars here and there, but that
Speaker 5: compound interest is lovely when it kicks in over time.
Speaker 5: So you just have to be patient and just wait
Speaker 5: it out.
Speaker 2: Now, exactly what I get this question a lot too.
Speaker 2: How much is enough? You know, five ten dollars is
Speaker 2: one thing, But what if you you know, you're you're
Speaker 2: getting a steady paycheck and you're you know, you have
Speaker 2: your little twenty percent for your your student loan payment
Speaker 2: or whatever. I mean, how do you decide how much
Speaker 2: you set aside for retirement or investing.
Speaker 5: I would say, just just start with a goal and
Speaker 5: see what's comfortable within your budget. So maybe if you
Speaker 5: do start with five percent of your paycheck and you know,
Speaker 5: see how that goes for you know, a few months,
Speaker 5: if everything seems to be okay, you still have a
Speaker 5: little extra cash, maybe bump it up to you know,
Speaker 5: six or seven percent and just continue on in that process.
Speaker 5: It's similar to with the full one k that we mentioned.
Speaker 5: Usually when you start with the four one k, you
Speaker 5: might start with the lower percentage of your paycheck. But
Speaker 5: as you grow older, you know your expenses are probably
Speaker 5: less and so you have extra money that you can
Speaker 5: start contributing more and more, and so it works the
Speaker 5: same way. However you plan to invest, just simply start
Speaker 5: within amount or you know, percentage however you want to
Speaker 5: look at it, and then just start increasing that as
Speaker 5: comfortable within your budget.
Speaker 2: Just start period right, just like do it, don't wish exactly,
Speaker 2: don't wait until you're smart enough. Do you get that?
Speaker 2: I mean I feel like sometimes people are like, wo,
Speaker 2: I'm not an expert yet, Like I don't have a
Speaker 2: degree in finance, so I can't possibly start investing. But
Speaker 2: you really it may feel like that, but you don't.
Speaker 2: You don't have to know everything. You just need to
Speaker 2: know a little bit of the right stuff. And to that, man,
Speaker 2: I mean, if you're going to tell people that start
Speaker 2: to interrupt. But if you're going to tell people, you know,
Speaker 2: here are the three or four websites or resources I
Speaker 2: would tell someone who's just getting started and wants to
Speaker 2: learn more about in sing where would you tell them
Speaker 2: to go?
Speaker 5: Of course, black Market Exchange. Uh, they'll be mixed site.
Speaker 5: We get it, we get it, so of course. But
Speaker 5: but yeah, investor Pedia is you know, that's that's definitely
Speaker 5: an end all be all in terms of just definitions.
Speaker 5: They have a lot of videos on there. So invested
Speaker 5: Pedia is a great website. Yahoo Finance, Hey ya, Yahoo Finance.
Speaker 5: I almost consider that like the Holy Grail when it
Speaker 5: comes to just getting news and information. It's very easy there.
Speaker 5: I love their the app. It's just a great resource
Speaker 5: to go to. And another I would say is MarketWatch.
Speaker 5: Market Watches is similar to a Yahoo Finance as well,
Speaker 5: and you know that's just maybe kind of a user
Speaker 5: experience kind of thing. But I would say investor Pedia,
Speaker 5: Yahoo Finance.
Speaker 3: And.
Speaker 5: Uh market Watch are great resources to go to for
Speaker 5: for information.
Speaker 2: Excellent. Well, Eric, thank you so much for coming on
Speaker 2: and talking about investing. I feel like we just scratch
Speaker 2: the surface. But I don't want to overwhelm the people.
Speaker 2: I know what it can feel like, just get overwhelmed.
Speaker 2: But we'll definitely have you back on. This was really
Speaker 2: fun and interesting.
Speaker 5: Thank you. I appreciate the opportunity and I love what
Speaker 5: you guys are doing.
Speaker 2: Mike Wise and everybody. You can go check out Eric.
Speaker 2: You can find him at the b b as in
Speaker 2: boy e m X. Wait was that right? No, let
Speaker 2: me do that again. You can find him at the
Speaker 2: b m e X dot com and on Twitter. He
Speaker 2: is hip hop stock doc here.
Speaker 1: It is.
Speaker 2: All right. So let's cap off the election day with
Speaker 2: some good news and some wins. If you want to
Speaker 2: go first, yeah, I'll go first. So it's actually I
Speaker 2: read a really sad headline. You know, I've been reading
Speaker 2: a lot everyone has about the refugee crisis happening in Syria.
Speaker 2: And I just saw today another boat full of people
Speaker 2: off the coast of Libya. Two hundred refugees drowned at sea.
Speaker 2: And that's just the start of it. Hundreds thousands, maybe
Speaker 2: people have died trying to flee from their countries. And anyway,
Speaker 2: it got me thinking about the story I read about
Speaker 2: the founder of Chobani, you know, everyone's favorite yogurt. Oh yeah,
Speaker 2: And I didn't realize is that the founder he's actually
Speaker 2: of Turkish. He's a Turkish immigrant of Kurdish descent, and
Speaker 2: he bought the factory in New York and he employees
Speaker 2: two thousand people making all Greek yogurt. His name is
Speaker 2: Hamdi Ulukaya, And so I saw a story in the
Speaker 2: Times about how he's Caughton. He's cotton. Wow, I'm educated.
Speaker 2: He's got a lot of flack from conservative bloggers and
Speaker 2: stuff because he's made an effort to employ more than
Speaker 2: three hundred refugees in his factory. He started a whole
Speaker 2: foundation to help migrants, and he's been traveling to Greece
Speaker 2: to bring awareness to the refugee crisis. Now there's been
Speaker 2: calls to boycott Chobani, like people a being that petty.
Speaker 2: I tried the boy some yogurt.
Speaker 3: I just don't understand, like why people get angry when
Speaker 3: like non like when brown people are trying to help
Speaker 3: other people. I just don't understand, Like what is the
Speaker 3: why can't or not even that because I won't say brown,
Speaker 3: but like if you're what is so terrible about wanting
Speaker 3: to help people because.
Speaker 2: They're taking our resources right, women and children.
Speaker 1: It's just so crazy to me, And I'm just like,
Speaker 1: I just it's racism, Yeah, it is, honestly, that's just
Speaker 1: what it is. It's just like flat out.
Speaker 3: I'm racist, and I don't want anybody to benefit that
Speaker 3: doesn't that doesn't believe in the same religion I believe in,
Speaker 3: that doesn't look like me, that doesn't.
Speaker 1: I don't even know.
Speaker 3: It's just so crazy to me. But I'm like, you
Speaker 3: know what you're losing, Like it's a losing battle tower
Speaker 3: records Sam Goodie, Like.
Speaker 2: What is it by twenty forty two majority minorities in
Speaker 2: the United States? Like we come in, we're here, we out.
Speaker 3: But because your son loves some jay Z and Beyonce,
Speaker 3: so he's looking for him, so crazy in love, and
Speaker 3: he's going to be going to break the cycle and
Speaker 3: you're gonna have a brown grand baby.
Speaker 2: Everybody go buy some show. Banni. I wanted to. I
Speaker 2: just wanted to make him my win because I feel like,
Speaker 2: not only is it an immigrant helping other migrants, but
Speaker 2: it's just a it's it's the reason why we need
Speaker 2: people of diverse backgrounds in positions of power. He started
Speaker 2: this company from scratch, he employs two thousand people, and
Speaker 2: he doesn't have to go out of his way to
Speaker 2: give these these migrants jobs, you know, but you know,
Speaker 2: I think who better to understand what they're going through
Speaker 2: than someone who immigrated here as well. And I don't know,
Speaker 2: I just thought that kind of counteracted all that. It's
Speaker 2: just it's really sad what's happening. I think people sort
Speaker 2: of feel powerless to help these people who are dying,
Speaker 2: you know, trying to flee to the United States. And
Speaker 2: I'm I'm it's unfortunate that people are trying to boycott
Speaker 2: a yogurt company now for trying to do some good
Speaker 2: in the world. But I just wanted to say, mister Ulukayah,
Speaker 2: I'm going to go buy some shabani to support you,
Speaker 2: even though it has a lot of sugar and that's
Speaker 2: not good for you. But I mean, I'll get the
Speaker 2: non fat, sugar free one.
Speaker 1: Well, mine is also a win.
Speaker 3: I want to celebrate Mary Katani. I think I'm saying
Speaker 3: her name right. Katani thirty four years old of Kenya.
Speaker 3: She collected her third consecutive victory at the New York
Speaker 3: City Marathon on Sunday. I saw so many great marathon
Speaker 3: pictures and videos on my timeline and she's the first
Speaker 3: woman to do so since Greta Waltz in two thousand
Speaker 3: and nineteen eighty six.
Speaker 2: Oh, where's she from.
Speaker 3: She's from Kenya. Oh well, gret they don't say what
Speaker 3: where she's from. But Mary is from Kenya, which I
Speaker 3: think is so dope. And the fact that she did
Speaker 3: it three times. I'm in a row, which is really awesome.
Speaker 2: What is it? What is it about Kenya?
Speaker 1: Man?
Speaker 2: Holy crap, did you just see swear? I've got to
Speaker 2: get out of here. I can't even. I'm a professional
Speaker 2: woman trying to do a podcast and my mother in
Speaker 2: law is yodling.
Speaker 1: You can have singing, mother in law. We're now, we're even.
Speaker 3: You know. What I've heard about Kenya is that the air,
Speaker 3: the air is thinner, so your your lungs begin learn
Speaker 3: how to be especially if you grew up there and
Speaker 3: you're you know, working out there, your lung learned how
Speaker 3: to be more efficient. So like Kenya and some other
Speaker 3: places with high altitudes like that, so when you're running
Speaker 3: in lower altitudes, your super efficient lungs work even better
Speaker 3: because it's like, well, we've worked hard with less, so
Speaker 3: we've got this. You know.
Speaker 2: Oh that's awesome. Well, good for her. I love the marathon.
Speaker 2: This is the first year where I haven't known someone
Speaker 2: doing it, so I didn't go out there and spectate,
Speaker 2: but it's just fun. It's like, it's hard to be
Speaker 2: in a bad mood when you're watching people run that
Speaker 2: their hearts out and you just want to cheer for everybody.
Speaker 2: It's so hard what they're doing.
Speaker 3: Like, you know, especially people for the first time last time.
Speaker 3: It's awesome to watch people walk. It it's just it's
Speaker 3: just I went to my first marathon, well I didn't write,
Speaker 3: but to support my friend Diessa. It was in San
Speaker 3: Diego and it was gorgeous and awesome and so much
Speaker 3: fun to see people of all different ages and races
Speaker 3: and sizes. There was one guy in particularly, I remember
Speaker 3: he was kind of hefty and he had a T
Speaker 3: shirt on and when he ran back he said, yes,
Speaker 3: I know I'm fat, but guess who's in front of you.
Speaker 2: I thought that that's good, and I was like.
Speaker 3: Oh, cause, you know, I'm sure he's like people. You know,
Speaker 3: people are wanting to judg like, oh he's.
Speaker 1: Big, Like yeah, but you're really the back and rusher.
Speaker 2: I have a word for that, and I identify as
Speaker 2: this person as well, fat lead. I think you can
Speaker 2: be fatletic. I'm gonna trademark this because I am a
Speaker 2: fat leat Okay, I'm always the big girl and I'm
Speaker 2: not even okay. I understand, I'm self aware. I am
Speaker 2: not like big, big, big girl, but I am big
Speaker 2: enough to go to a pure bar class with all
Speaker 2: these like size negative zero women and feel like a
Speaker 2: whale and I and I feel like when I walk
Speaker 2: in every I get extra attention okay from the instructors
Speaker 2: like are you okay? Are you gonna need just take
Speaker 2: your time like it's okay, And I'm like, Mitch, I'm
Speaker 2: running triathlon, I have hunter a mile bike tours. These
Speaker 2: thighs may be thick, but they have done work. I
Speaker 2: don't know what they're doing.
Speaker 3: So skinny does not necessarily equal health. I know so
Speaker 3: many skinny girls who can you walk up a flight
Speaker 3: of stairs?
Speaker 2: Yeah, you get like, you get underestimated. I think a
Speaker 2: little bit when you're when you're not like you know
Speaker 2: the picture of what people see on Sports Illustrated magazine.
Speaker 2: So I love that. I love that shirt. I want
Speaker 2: to make one.
Speaker 1: I like that yup?
Speaker 2: So yeah for for for what was your naming in? Sorry?
Speaker 1: And with Mary, I can't say he'll like, can don't well? Mary? Hey? Mary?
Speaker 2: Mary Marathon? Yes?
Speaker 1: Mary, marathon of KNY.
Speaker 2: Awesome. Well, that wraps up the show for this week. Guys,
Speaker 2: we hope you're out there voting doing your civic duty.
Speaker 2: Tweet us your pictures of your voted stickers. Do not
Speaker 2: take a selfie in the booth. That's illegal. You're heard
Speaker 2: it here first.
Speaker 3: Yeah, so make sure you tweet us that Mandy would
Speaker 3: drop Mandy with I the Budget, Nista and the BA podcast.
Speaker 1: It is the BA podcast right.
Speaker 2: The BA podcast on Twitter. But you can find all
Speaker 2: our info at Brand Ambition podcast dot com.
Speaker 1: Yep.
Speaker 3: Until next week and hopefully we'll be celebrating next week
Speaker 3: because of the election.
Speaker 1: Not crying fitfully.
Speaker 2: Whatever happens tomorrow, just stay calm, get a bottle of
Speaker 2: wine and a hug a friend. It'll it'll be okay,
Speaker 2: I think maybe probably like ninety percent surily fine, I'm praying. Okay,
Speaker 2: all right, Well you have a level evening mis tiff
Speaker 2: you as well. Are you gonna bounce now? Yeah?
Speaker 3: Because I have a call with Own So the Own
Speaker 3: network is doing a financial show.
Speaker 1: They're like, we are interested and maybe.
Speaker 2: Having Okay, that's important, yea, go do that call.
Speaker 1: That's why I'm trying to go to the bathroom first.
Speaker 2: Like okay, all right, but I have a good night, alright,
Speaker 2: you too. Good Bye,