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Speaker 1: Hey, hey, hey, watch it. Ah, this is Tiffany and Mandy.

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Speaker 2: I didn't have coffee today. I couldn't handle it extra

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Speaker 2: octave and we are around ambition round.

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Speaker 1: Ohday is Q two tax day for me?

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Speaker 2: Ooh exciting?

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Speaker 1: Yeah, it really was. I was like, so that's when

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Speaker 1: for those of you who are business owners, you know that. Well,

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Speaker 1: even if you're not a business owner, you know you

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Speaker 1: might know that the taxier for business owners is split

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Speaker 1: in two quarters, and a quarter is just three months

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Speaker 1: at a time. So first three months out of the year,

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Speaker 1: I paid my taxes and now the second three months

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Speaker 1: out of the year, which is what is that? So,

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Speaker 1: Jenny Fevry March, April, May June. So I have to

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Speaker 1: pay taxes on the income that I earned minus expenses

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Speaker 1: on April, May and June. So I met with my

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Speaker 1: my big accountant, Carlos. And Carlos and I were just

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Speaker 1: going over the numbers. It was you know, the business

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Speaker 1: is doing, you know well, but it's like one, paying

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Speaker 1: taxes it's not fun, but two as business grows. Manday,

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Speaker 1: I'm like, oh, so for those who know, you know

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Speaker 1: I have three well, yes, three companies. I've got the

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Speaker 1: budgetist to the original company. I've got the Liverature Academy,

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Speaker 1: you know, my online school, and then I have a

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Speaker 1: marketing company. And so because I have three companies and

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Speaker 1: I have like folks that work for me that kind

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Speaker 1: of do work on all of the companies, payroll was

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Speaker 1: getting really crazy. And so Arloso, just give me some

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Speaker 1: really good advice about how to manage that.

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Speaker 2: It's the next level of your business man, your media empire,

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Speaker 2: your bud just needs to empire.

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Speaker 1: What is.

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Speaker 2: Yeah interested about quarterly taxes? Because you know, I've always

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Speaker 2: heard that it's a good practice for entrepreneurs, small business owners,

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Speaker 2: self employed people basically to pay taxes quarterly. So what

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Speaker 2: do you do to prepare for that? Because even just

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Speaker 2: every three months, if you don't prepare for it could

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Speaker 2: be a lot of money. So, like, what are you

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Speaker 2: doing month to month to make sure you're ready for

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Speaker 2: that quarterly tax bill? And what is that?

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Speaker 1: Like?

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Speaker 2: What does that actually entail? Do you keep it in

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Speaker 2: a separate account, does your accountant keep it? Do you

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Speaker 2: do automatic debits? How do you even like calculate? Oh?

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Speaker 2: So many questions.

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Speaker 1: All right, So, honestly, three years ago, well the first

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Speaker 1: three or four, maybe even five years of business. Honestly,

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Speaker 1: I didn't have all of this, but now I have

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Speaker 1: my profit and laws statement for each of my three businesses.

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Speaker 1: And then what Rachel does is that when it's time

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Speaker 1: for me to meet with Carlos every quarter, she combines

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Speaker 1: them into the quarterly statement and then that's what I bring. Literally,

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Speaker 1: it's usually like like a one to two page paper

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Speaker 1: where it just looks like just like a I don't know,

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Speaker 1: not an Excel spreadsheet, but just like like a word

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Speaker 1: doc in three columns, where it's like, this is how

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Speaker 1: much Tiffany made, this is how much she spent each

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Speaker 1: of these months, and this is what's left over, and

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Speaker 1: this is what kind of like the category she spent on.

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Speaker 1: And Carlos will review it. If something looks off, he

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Speaker 1: might say, you know you're missing this or something is

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Speaker 1: off or whatever, and then from that Carlos says, well,

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Speaker 1: based upon what you've made, this is what your taxes are.

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Speaker 1: And then he gives me some paper that basically says,

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Speaker 1: because my tax is the way I pay them, I

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Speaker 1: pay them as an individual, so my companies passed through

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Speaker 1: me and I because I own es Corpse, so well,

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Speaker 1: my companies are LLCs but I'm taxed as an X

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Speaker 1: corpse or an es corp is your tax like kind

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Speaker 1: of allocation, and so that means that I'm not self employed.

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Speaker 1: I actually work for my companies and so as a result,

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Speaker 1: I pay my taxes. And you really, once you reach

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Speaker 1: a certain amount of money, you have to pay requarter.

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Speaker 1: So what Carlos having to do when I first started

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Speaker 1: is I used to set aside twenty five percent of

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Speaker 1: every every time my companies paid me because that was enough.

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Speaker 1: And then when it wasn't enough, I had to set

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Speaker 1: up thirty five percent, and most recently, as of this year,

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Speaker 1: I had to start setting inside thirty five percent in

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Speaker 1: order to cover. And I honestly like I say that

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Speaker 1: in like an ALLY savings account, I'm not super fancy.

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Speaker 1: They have, you know, a decent interest rate for their savings.

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Speaker 1: And I look at my ALLY savings and I'm like, yep,

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Speaker 1: there's money there, Thank goodness, because I've been saving. And

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Speaker 1: then I pay online and that way the IRS doesn't

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Speaker 1: come for me.

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Speaker 2: Is that ALA account set up with your business entity

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Speaker 2: or do you personally? Is like your personal ALLY account.

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Speaker 1: My personal because one, this is money that been already

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Speaker 1: paid out to me so, and I don't. I actually

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Speaker 1: asked called the ally decease they had an allied business account,

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Speaker 1: they did it? They yeah, no they didn't. So it's

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Speaker 1: just my person because like I'm at this point, I'm

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Speaker 1: paying these are this is personal taxes that I'm paying.

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Speaker 1: So now that I'm married, my husband no longer gets

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Speaker 1: a tax refund because our taxes are now jointly done together.

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Speaker 1: And so because because I'm married and because of him working,

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Speaker 1: he actually helps me save money on taxes. So I

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Speaker 1: asked Carlos what's better should we do? Married filing separately

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Speaker 1: or married filing jointly, and Carlos running both numbers and

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Speaker 1: found that I could save Like last year, I saved

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Speaker 1: like almost fifteen thousand dollars in real money and taxes

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Speaker 1: by filing jointly. And so we filed jointly. But he

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Speaker 1: doesn't get a tax refund anymore. So instead I know

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Speaker 1: what his refund would only be. So instead I just

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Speaker 1: break him off a little bit and was like, you know, babe,

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Speaker 1: this is you know you said.

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Speaker 2: You're nicer than me. I don't do that stuff.

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Speaker 1: Well what we do is like he because now my

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Speaker 1: husband's getting good at it, where he has, So I

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Speaker 1: think normally his refund might be like, I don't know,

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Speaker 1: three thousand dollars, so I would just be like, Okay,

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Speaker 1: here's three thousand dollars. And he typically is like a

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Speaker 1: thousand for Supergirl, a thousand for savings, five hundred for fun,

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Speaker 1: and another five hundred for like paying down bill, so

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Speaker 1: he has like his own system. So but yeah, but

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Speaker 1: I'm like at this, you know, but you saved me money,

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Speaker 1: so I don't mind, you know, because if it wasn't

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Speaker 1: for him, I'd be paying an additional fifteen thousand and

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Speaker 1: real money, like actually writing an additional check for fifteen

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Speaker 1: thousand dollars because I pay taxes, doesn't get withdrawn from

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Speaker 1: my paycheck.

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Speaker 2: Do you watch a profit?

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Speaker 1: Do I have one?

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Speaker 2: Do you watch the profit on SANBC?

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Speaker 1: I've watched some of it, like I've watched like everyone

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Speaker 1: and why, I've caught a show or two.

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Speaker 2: What it's good Marcus lamonas he's just like this billionaire

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Speaker 2: who goes around helping struggling businesses while he scoops up

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Speaker 2: like forty to fifty percent of the equity in the process.

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Speaker 2: But now it's fascinating. It's like you get to watch

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Speaker 2: these businesses fail and he shows them what they're doing wrong.

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Speaker 2: I don't know, I learned a lot to learn a

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Speaker 2: little bit more about business. I like it better than

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Speaker 2: Shark Tank. I feel like it really shows you the

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Speaker 2: day to day operations of running a business and what

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Speaker 2: can go wrong when people let themselves get in the way.

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Speaker 2: Shame No. I like I free Plug.

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Speaker 1: I've seen like. I saw this one where it was

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Speaker 1: like a cookie lady and her son and that was

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Speaker 1: so good. I remember that one. I felt bad for

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Speaker 1: he because she said like a bad deal where someone

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Speaker 1: was going to own ninety percent of her company and

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Speaker 1: I was like, wait, how is that legal? You know

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Speaker 1: that you signed away ninety percent and she didn't know,

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Speaker 1: and so yeah, I remember that one. Okay, maybe I'll

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Speaker 1: watch it more to get some more inspiration.

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Speaker 2: There was a recent one where it was a Atlanta

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Speaker 2: based company, so shout out to them. It was what

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Speaker 2: are they called Southern Comfort Foods or something they do

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Speaker 2: like Southern foods prepared and it's this it's a young

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Speaker 2: African American woman and her mom together running this business

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Speaker 2: out of the Squarehouse and they were part of Oprah's

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Speaker 2: favorite things and they had all this early sex and

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Speaker 2: then they were all of a sudden struggling, and turns

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Speaker 2: out that she has signed up for these short term

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Speaker 2: business loans, which I've been learning a lot more about recently.

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Speaker 2: Do you, I don't know if you've ever been in

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Speaker 2: a place, hopefully not where you've had to consider short

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Speaker 2: term business loans. They're terrible products. I mean, they are

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Speaker 2: really expensive. First of all. Sometimes the repayment terms are

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Speaker 2: like a week, a month, two months, six months. They're

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Speaker 2: really short term. And because there are such short term loans,

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Speaker 2: they put crazy interest rates on them, like double digit,

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Speaker 2: you know, forty percent. She had a forty percent loan

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Speaker 2: that she took out originally for fifty thousand dollars. I

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Speaker 2: had a balloon to like hundreds of thousands of dollars.

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Speaker 2: And it's nuts. And these products are out there, man, Like,

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Speaker 2: the more that we write about small business loans or

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Speaker 2: business loans in general, the more I'm just like, man,

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Speaker 2: I've been wasting my time writing about payday loans like

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Speaker 2: business loans and merchant cash advances, these nasty products. That's

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Speaker 2: where it's at. So if you're out there and you're considering,

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Speaker 2: you know, or if you have or you're considering, you know,

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Speaker 2: taking out a business loan. I would love to get

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Speaker 2: more questions about that kind of stuff, because that's where

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Speaker 2: I feel like young entrepreneurs can easily make like really

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Speaker 2: expensive mistakes that can haunt them forever.

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Speaker 1: Yeah, no, I could see that I have.

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Speaker 2: I have it.

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Speaker 1: I mean the only one I ever took out was

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Speaker 1: from my ex boyfriend. He was the worst because.

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Speaker 2: You took out a business loan for your ex.

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Speaker 1: Well, look though, this is like when I very first started.

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Speaker 1: We had just broken up, Like I broke up with

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Speaker 1: him because I was like I knew I wanted to

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Speaker 1: pursue more in life, and I knew that he wanted

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Speaker 1: to be like barefoot and pregnant. But we tried to

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Speaker 1: remain cool for like two years, two or three years

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Speaker 1: after breaking up, and so he lent me money, like

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Speaker 1: to like buy like a laptop and stuff cause I

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Speaker 1: had lost my job at the time, so and then

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Speaker 1: to also helped me stay afloat with my with my

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Speaker 1: my my condo at the time. But meanwhile, I mean,

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Speaker 1: really is it lending money because or is it payback?

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Speaker 1: Because I for six years we were together, I was

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Speaker 1: young and foolish and he was younger than I was,

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Speaker 1: so while he was in school, I was working, So

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Speaker 1: I used to pay for all the bills, so he

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Speaker 1: lived with me. I bought a condo, pay no mortgage,

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Speaker 1: pay no electricity, no water. I mean it was to

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Speaker 1: a point where he was literally like my child. One

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Speaker 1: of the reasons why I broke up with him is

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Speaker 1: because I remember one day we went to go get

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Speaker 1: like ice cream, and like, he ordered his ice cream

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Speaker 1: and walked away, and I remember thinking, like, what is happening.

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Speaker 1: At the time, I was like twenty eight or something,

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Speaker 1: and I was like, did I just bring my son

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Speaker 1: to get ice cream?

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Speaker 2: Yeah?

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Speaker 1: And I thought like wow. I remember it was such

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Speaker 1: a good lesson because it wasn't all his fault. I

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Speaker 1: had turned it into this, you know, because I was like, oh, well,

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Speaker 1: I'm a little older than him. I was like two

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Speaker 1: or three years older than him. I'm a little older

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Speaker 1: than him, and I'm more established, and when he gets

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Speaker 1: more established, he's gonna contribute. And it got to be

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Speaker 1: I mean, it got to be bad. I mean it

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Speaker 1: was so bad, only the only kind of bad that

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Speaker 1: you could do when you're in your twenties. I mean, Mandy,

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Speaker 1: we used to go out to dinner, and I would

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Speaker 1: put money on the dining room table so he could

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Speaker 1: put in his wallet so we'd go out to eat.

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Speaker 1: He looked like he paid. It was I know it was,

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Speaker 1: and I told myself, never eva again. So you imagine

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Speaker 1: my shock and surprise, you know. So he quote unquote

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Speaker 1: let me money after we broke up for you know,

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Speaker 1: like a laptop, and maybe it was like three or

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Speaker 1: four hundred dollars, And of course I'm struggling to pay

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Speaker 1: it back because you know, I'm broke, I don't have

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Speaker 1: a job, so I you know, the business is doing

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Speaker 1: was doing. I can't even say okay. But then he

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Speaker 1: kind of like demanded his money back because his new

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Speaker 1: girlfriend needed a purse and he wanted to buy it

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Speaker 1: for her. Can you imagine it took everything in me

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Speaker 1: to be like kick Rocks, dude, like you owe me

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Speaker 1: your life, like you lived with me like a child

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Speaker 1: for like four years, and I paid for everything. But

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Speaker 1: you know what I said, I didn't want him to

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Speaker 1: have any tie to me, so I gave him a

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Speaker 1: little punk four hundred dollars back. But yeah, but I'm

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Speaker 1: sure he and her get to enjoy watching me skyrocking

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Speaker 1: my way to the top. But no, but I just

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Speaker 1: can't believe that he asked for the money back and

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Speaker 1: had the nerve to tell me he was going to

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Speaker 1: use it to buy her a coach bag. And I

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Speaker 1: just remember being like, yo, I'm like eating and you

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Speaker 1: want you want your four hundred dollars back. But yeah,

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Speaker 1: it was just it just was another like confirmation of

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Speaker 1: why he was not the one, the two, or the three,

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Speaker 1: and now Superman is the exact He's the exact opposite. Like,

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Speaker 1: although I make more, we live off his income and

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Speaker 1: save and invest. Mind, So it feels nice to have

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Speaker 1: someone who is a giver and not a taker.

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Speaker 3: Amen, right, Yes, you know what?

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Speaker 1: We forgot to hit up the social street.

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Speaker 2: Oh you're right, okay.

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Speaker 1: So actually just one really cute one which I thought

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Speaker 1: was great. This young woman tweeted us. Her name is

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Speaker 1: Mish and her Twitter name is at the Underscore Tamish

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Speaker 1: and she said, praise report, I just made a final

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Speaker 1: payment on a personal loan. Exclamation, exclamation, so thankful for

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Speaker 1: the resources. An inspiration game from the b A podcast

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Speaker 1: cash Haag is a journey. I love that. And she

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Speaker 1: has this meme of like her with like this money

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Speaker 1: bag on her back and it says payment. I just

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Speaker 1: thought that that was awesome. Now paying off a loan

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Speaker 1: is it's honestly, it's awesome and so and then she

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Speaker 1: shout us out. She was like, if you're looking to

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Speaker 1: increase your financial literacy to be in a community with others,

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Speaker 1: you know, check out the Buganista and Brown Ambition. So

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Speaker 1: thank you.

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Speaker 2: What was her name or her handle?

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Speaker 1: Her handle was at the Underscore t a m I s.

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Speaker 2: H tell me at girlfriends, yes, and if you.

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Speaker 1: Want to go to the Praise Report or just you know,

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Speaker 1: you want to tell us it was so awesome. You

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Speaker 1: just want to say whatever. You know, you can tweet us.

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Speaker 1: We are at the b a podcast on Twitter.

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Speaker 2: And on Instagram. We're at brann Ambition podcast all one

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Speaker 2: word and I wanted to give a shout out to

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Speaker 2: our Instagram follower nothos and a not Chosen Day. Okay,

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Speaker 2: she says. She shouted us out. On another podcast page.

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Speaker 2: She was asking for people to list their favorite podcasts,

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Speaker 2: and she says more hashtag brown Boost for the Budgetnista

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Speaker 2: and Mandy on at Brown Ambition podcast. Their podcast is

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Speaker 2: so beautiful and the Black Girl magic is so real.

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Speaker 1: I think that I was like, thank you, you love us.

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Speaker 2: I love when they brag on us to other on

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Speaker 2: other people's pages.

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Speaker 1: That's I know. That is kind of fun. I'm like, hey,

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Speaker 1: I didn't write it, she wrote it. I'm just here

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Speaker 1: to gloat.

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Speaker 2: And one more from if this Instagram slash listener If

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Speaker 2: These Kinks Could Talk, she says, she posted her own

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Speaker 2: post shouting us out. She said, has should I get

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Speaker 2: your Financial Life Brand and Vision podcast. Thank you, Thank you,

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Speaker 2: Thank you for creating this podcast. I learned something new

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Speaker 2: every day. If you're looking for financial guidance, check out

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Speaker 2: this podcast. Too Beautiful Soul sharing great information for free

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Speaker 2: ninety nine. That's how you know she listens because she

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Speaker 2: quotes one of your sayings.

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Speaker 1: You know, I love the silmory love it now. That's awesome. Yeah, well,

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Speaker 1: this is a good little transition into brown boosts or

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Speaker 1: brown break. What's your finna do?

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Speaker 2: I'm gonna boost this week me, So you want to

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Speaker 2: go first? Very optimistic? Yeah, I'm late. I'm late to

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Speaker 2: the party, but I'm going to do my boost this

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Speaker 2: week for YELP cash back. Oh I never heard of that, right,

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Speaker 2: It's been around since twenty seventeen, I started doing some

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Speaker 2: research because I wondered how long it's been since I've

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Speaker 2: been out of the loop. But Yelp, if you order

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Speaker 2: food on Yelp, because you know, you can actually order

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Speaker 2: takeout or delivery through the app, I think in most cities,

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Speaker 2: definitely in New York, and if you get enrolled, you

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Speaker 2: can earn up to ten percent cash back just for

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Speaker 2: ordering through the app. You link a credit card and

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Speaker 2: they just once a month deposit money into your account,

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Speaker 2: which is just awesome. So it's kind of like ebates,

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Speaker 2: but specifically for Yelp, and I've been using it ever

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Speaker 2: since we moved to our new neighborhood. A couple of

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Speaker 2: restaurants near us participate, And yeah, I just made like

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Speaker 2: five bucks cash back on our dinner the other day.

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Speaker 2: And I just checked my bank statement and I made

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Speaker 2: another two dollars cash back from Yelp. So it adds up.

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Speaker 2: And the beauty of it is that, at least in

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Speaker 2: my experience, so I have a cash back credit card

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Speaker 2: where I earn three points when I order from restaurants,

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Speaker 2: when I when I go to restaurants, and I was

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Speaker 2: sometimes these these like restaurant and food apps can be tricky,

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Speaker 2: and sometimes they do trigger the three points for restaurants

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Speaker 2: spending with credit cards, and sometimes they don't. So I

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Speaker 2: was just double checking because I was thinking, Man, if

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Speaker 2: I make five percent cash back by using Yelp cash

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Speaker 2: back plus three percent cash back by using this rewards

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Speaker 2: credit card, then I'm just almost saving ten percent of

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Speaker 2: my dinner, which is pretty dope. So I double checked

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Speaker 2: with my credit card and my Yelp grub Hub. They yeah,

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Speaker 2: it counted as three points for every dollar I spent,

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Speaker 2: so I basically earned eight percent cash bag. Just dope.

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Speaker 1: That is dope. Honestly, cash back is like it's like

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Speaker 1: the chocolate icing on a yellow cake. It's just it's

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Speaker 1: just get any better than that. It's the extra chocolate

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Speaker 1: chip in the chocolate chip cookie, an extra chocolate chunk

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Speaker 1: in a chocolate chip cookie.

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Speaker 2: It's the pineapple jam and a Dominican birthday cake.

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Speaker 1: Whoa, it is the.

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Speaker 2: Girl on your on your ding dong.

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Speaker 1: It is the strip in your in your in your payea. Honestly,

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Speaker 1: it's like it's like, I don't know when when people

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Speaker 1: don't decide it for cash back programs, I'm like, so

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Speaker 1: you just don't like money, so you just don't you know,

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Speaker 1: you don't like money. Oh okay, No, it.

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Speaker 2: Doesn't even require that much work exactly.

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Speaker 1: It's just so awesome cash back programs like ebays, this

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Speaker 1: Yelp cash back. It's just literally live your life like

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Speaker 1: link whatever you have to link, and they live your

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Speaker 1: life and enjoy the fruits of your labor. So that's awesome.

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Speaker 2: Yeah, dope. And it's not something that I'm not shopping

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Speaker 2: to get the cash back. It's just like one I'm

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Speaker 2: if I'm gonna order from this trushaurant anyway, maybe I'm

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Speaker 2: gonna use Yelp to do it, and maybe I'll get

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Speaker 2: a little money back.

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Speaker 1: That's all I'm saying exactly. Well, my Brown booths are

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Speaker 1: two people, one Brown Boosts for Damon Young. You know,

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Speaker 1: have you ever heard of Very Smart Brothers?

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Speaker 2: Yeah, so I love that website. They're really funny.

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Speaker 1: They are really funny. And he is I guess I

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Speaker 1: don't want to say he's the CEO, but anyway, he's

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Speaker 1: got a memoir coming out like he's super smart, super funny,

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Speaker 1: super woke, young Brown ambition and young man. And his

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Speaker 1: book is called What Doesn't Kill You Makes you blacker,

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Speaker 1: which I'm like, thank god, I a memoir in Essays

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Speaker 1: by Damon Young. Honestly, I feel like this is gonna

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Speaker 1: be a New York Times bestseller and it's going to

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Speaker 1: be everything. So I'm excited. He is. It's going to

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Speaker 1: be on HarperCollins and so yeah, so fun facts, which

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Speaker 1: you know what, you know what I'm gonna say it.

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Speaker 1: So remember I told you that the doctors the TV

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Speaker 1: show reached out to me.

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Speaker 2: The doctors, no, but yes, okay.

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Speaker 1: So I feel like I said it maybe like an

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Speaker 1: episode or two ago. So anyway, the doctors reached out

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Speaker 1: to me, which is like, you know, one of these

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Speaker 1: daytime talk shows and like, you know, my dad loves it, right,

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Speaker 1: so why do they reach out? And they said, hey,

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Speaker 1: Damon Young, we saw your article in the New York

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Speaker 1: Times about post traumatic broke syndrome. Would you like to

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Speaker 1: come on? I said, my name is not Daman Young.

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Speaker 2: But wait you snatched it.

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Speaker 1: Oh yeah, but you know, I said, my name's not

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Speaker 1: Dami Young, but you know, like I mean, you're free

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Speaker 1: obviously to go with Daman Young. But this is Tiffany,

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Speaker 1: but I too talk about financial education. They're like, well,

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Speaker 1: grandma on girl. So the lady wrote me back. She's like, no,

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Speaker 1: I'm a DreamCatcher. I knew about you. She's like, I

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Speaker 1: was thinking about both of you and him, and I

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Speaker 1: guess when I press enter to you, you know, And

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Speaker 1: I was like, okay, so thanks Damon.

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Speaker 2: So is that why you're giving him the brown boos

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Speaker 2: because you feel guilty?

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Speaker 1: I do, and I'm like, sorry, but David honestly is fine.

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Speaker 1: He is like or slaying and yeah, just like living

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Speaker 1: his best life. But I just thought that was funny

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Speaker 1: because I was like, oh, I didn't write that article,

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Speaker 1: but I could certainly speak to it.

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Speaker 2: And then you know, we need to have him on

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Speaker 2: the show because I think post traumatic broke syndrome is

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Speaker 2: a is. I don't even know what it is, but

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Speaker 2: I feel like I suffer from it, so I would

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Speaker 2: like to talk to him about it.

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Speaker 1: I don't, but you know what, I know people who

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Speaker 1: know him, so you never know. Maybe I'll reach out

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Speaker 1: to my connects and the thing to think I do.

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Speaker 1: And my second of brown booth is a the first

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Speaker 1: black woman to earn her PhD in nuclear engineering from MIT.

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Speaker 1: Did you see this?

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Speaker 2: No? No?

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Speaker 1: So her name is Maria Marina Robinson Snowden. She became

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Speaker 1: the first black woman to earn a PhD in nuclear

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Speaker 1: engineering at MI T. MIT is like the smarty smarty

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Speaker 1: smarty school. It's like the school for the smarty smarties.

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Speaker 1: And yeah, I just like like, According to her, her

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Speaker 1: degree was a culmination of eleven years a whole secondary study.

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Speaker 1: She was often the only black woman or a black

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Speaker 1: person in her nuclear engineering classes, but she took them

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Speaker 1: as an opportunity to represent and shine. And she actually,

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Speaker 1: which I thought was so sweet, this is why representation matters.

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Speaker 1: She said, I had a picture of Catherine Johnson on

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Speaker 1: my wall right after Hidden Figures came out because she

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Speaker 1: was one of the women. I don't know who played

432
00:21:22,680 --> 00:21:26,879
Speaker 1: Catherine Johnson and Hidden Figures Hudson, right, I think so,

433
00:21:27,840 --> 00:21:29,439
Speaker 1: And she said, because she was a role model for me,

434
00:21:30,480 --> 00:21:33,199
Speaker 1: and so yeah, and I just thought that that was awesome.

435
00:21:33,240 --> 00:21:35,480
Speaker 1: And she was like, people asked who her mole model was,

436
00:21:35,520 --> 00:21:37,600
Speaker 1: and she was like, you know, you pick and choose

437
00:21:37,600 --> 00:21:39,320
Speaker 1: from different places, and she was like, now she has

438
00:21:39,359 --> 00:21:42,840
Speaker 1: a tangible woman, Catherin Johnson, who was a mathematician and

439
00:21:42,880 --> 00:21:44,840
Speaker 1: a black woman killing it. So I just want to say,

440
00:21:44,840 --> 00:21:48,600
Speaker 1: go ahead, and Marina Robinson and she is fly. So

441
00:21:48,640 --> 00:21:50,440
Speaker 1: you go ahead being the first black woman to earn

442
00:21:50,480 --> 00:21:53,400
Speaker 1: a PhD in nuclear engineering from MIT. I'm not sure

443
00:21:53,400 --> 00:21:54,600
Speaker 1: what you do with it, but I'm sure you used

444
00:21:54,600 --> 00:21:55,280
Speaker 1: to lay the world.

445
00:21:55,960 --> 00:21:59,200
Speaker 2: I mean it sounds dangerous, so I'm glad that you're

446
00:21:59,240 --> 00:22:00,800
Speaker 2: on our side exactly.

447
00:22:02,359 --> 00:22:07,800
Speaker 1: Don't forget that. SI cool. So that's my two great,

448
00:22:07,880 --> 00:22:08,720
Speaker 1: my two booths.

449
00:22:08,760 --> 00:22:10,159
Speaker 2: How positive we are today?

450
00:22:10,680 --> 00:22:13,440
Speaker 1: I know right, I don't know why because this weather

451
00:22:13,520 --> 00:22:28,560
Speaker 1: has be irritated. Question on, I'm sure we have some

452
00:22:28,600 --> 00:22:30,359
Speaker 1: great ones in the inbox. Anything good?

453
00:22:30,880 --> 00:22:33,360
Speaker 2: Yeah, let's get some questions. So if you guys want

454
00:22:33,359 --> 00:22:35,439
Speaker 2: to email us a question, you can hit us up

455
00:22:35,440 --> 00:22:38,320
Speaker 2: directly at Brand Ambition Podcast at gmail dot com, or

456
00:22:38,359 --> 00:22:41,840
Speaker 2: you can go to brand Ambition podcast dot com and

457
00:22:42,160 --> 00:22:44,760
Speaker 2: click that ask us anything tab and leave us a

458
00:22:44,800 --> 00:22:46,479
Speaker 2: question there. Let me know if you want me to

459
00:22:46,840 --> 00:22:48,760
Speaker 2: say your name or if you want to be anonymous.

460
00:22:49,000 --> 00:22:51,720
Speaker 2: We love getting your questions, and this week we have

461
00:22:51,920 --> 00:22:56,359
Speaker 2: two great questions from some listeners. Question number one comes

462
00:22:56,400 --> 00:23:00,000
Speaker 2: from listeners Simone. Simone says, if you close your credit

463
00:23:00,160 --> 00:23:02,679
Speaker 2: card account and start to pay it off, does it

464
00:23:02,720 --> 00:23:06,240
Speaker 2: still add interest? My mom has a heavy balance on

465
00:23:06,320 --> 00:23:08,840
Speaker 2: a closed credit card and she needs to stop paying

466
00:23:08,960 --> 00:23:10,040
Speaker 2: the interest.

467
00:23:10,760 --> 00:23:12,760
Speaker 1: Oh child, if it was that easy, we'd all be

468
00:23:12,760 --> 00:23:19,080
Speaker 1: closed back right. No, girl, you will still have to

469
00:23:19,080 --> 00:23:21,040
Speaker 1: pay interests on that credit card. What it does do

470
00:23:21,080 --> 00:23:23,080
Speaker 1: is means that you can't continue to add charges, which

471
00:23:23,119 --> 00:23:26,480
Speaker 1: is good. But yes, like the credit card companies would

472
00:23:26,560 --> 00:23:29,280
Speaker 1: never because that's their bread and butter. They get paid

473
00:23:29,440 --> 00:23:31,760
Speaker 1: by charging you for still having a balance.

474
00:23:32,440 --> 00:23:35,480
Speaker 2: A better thing to do if your mom wants to

475
00:23:36,119 --> 00:23:38,679
Speaker 2: give herself extra time to pay off the card and

476
00:23:38,720 --> 00:23:40,640
Speaker 2: to save money on interest, is to look and see

477
00:23:40,680 --> 00:23:44,880
Speaker 2: if she qualifies for any good balance transfer options because

478
00:23:44,880 --> 00:23:46,880
Speaker 2: a balance What a balance transfer does is you open

479
00:23:46,960 --> 00:23:49,479
Speaker 2: up a different credit card with a zero percent intro

480
00:23:49,720 --> 00:23:54,120
Speaker 2: APR for twelve months or however long, and you use

481
00:23:54,200 --> 00:23:56,560
Speaker 2: that new credit card to pay to transfer the balance

482
00:23:56,560 --> 00:23:58,920
Speaker 2: from your old credit card onto it, and then you

483
00:23:59,000 --> 00:24:01,920
Speaker 2: have that period of time to pay it down without

484
00:24:01,920 --> 00:24:04,359
Speaker 2: having any interest. Because interest is what kills people because

485
00:24:04,400 --> 00:24:07,119
Speaker 2: you're trying to get one step ahead, but then interest

486
00:24:07,200 --> 00:24:09,520
Speaker 2: is piling up and you're not actually making any progress.

487
00:24:09,560 --> 00:24:12,600
Speaker 2: So I would say look into balance transfer options. I can.

488
00:24:12,920 --> 00:24:14,480
Speaker 2: I can send you a link to a good page

489
00:24:14,560 --> 00:24:19,080
Speaker 2: with zero percent intro APR balance transfers. Just read the

490
00:24:19,119 --> 00:24:21,639
Speaker 2: fine print, because sometimes they say you have to you

491
00:24:21,680 --> 00:24:24,160
Speaker 2: have to actually complete the transfer within a certain number

492
00:24:24,160 --> 00:24:27,360
Speaker 2: of days, like forty five or sixty days in order

493
00:24:27,400 --> 00:24:31,160
Speaker 2: to qualify for the intro APR and then watch out

494
00:24:31,200 --> 00:24:34,159
Speaker 2: for deferred interest balance transfer options.

495
00:24:34,240 --> 00:24:34,760
Speaker 1: Yeah.

496
00:24:34,960 --> 00:24:37,160
Speaker 2: Yeah, it's kind of sneaky. So they say we'll give

497
00:24:37,160 --> 00:24:40,080
Speaker 2: you zero percent for twelve months, what they mean is

498
00:24:40,440 --> 00:24:42,760
Speaker 2: in the fine print it'll say if you so much

499
00:24:42,800 --> 00:24:46,120
Speaker 2: as miss a single payment during that year, or if

500
00:24:46,160 --> 00:24:48,360
Speaker 2: you don't pay off the full balance by the end

501
00:24:48,359 --> 00:24:50,639
Speaker 2: of the twelve months, we're actually going to charge you

502
00:24:50,720 --> 00:24:52,680
Speaker 2: interest as if you were earning it for the full

503
00:24:52,760 --> 00:24:56,520
Speaker 2: year and tack it on to you to your transfer.

504
00:24:56,880 --> 00:25:00,399
Speaker 1: That sense don't make ident But honestly, I found my

505
00:25:00,680 --> 00:25:02,760
Speaker 1: very first well maybe not my very first, but I

506
00:25:03,119 --> 00:25:05,480
Speaker 1: found at the time of my balance transfer card actually

507
00:25:05,480 --> 00:25:08,840
Speaker 1: from magnify money dot com Woo woo, where Mandy works.

508
00:25:08,840 --> 00:25:11,000
Speaker 1: So it's a great resource, honestly because you get to

509
00:25:11,119 --> 00:25:13,320
Speaker 1: kind of I think I last time I remember, there

510
00:25:13,359 --> 00:25:15,560
Speaker 1: was like this sliding little like scale where you could

511
00:25:15,560 --> 00:25:18,800
Speaker 1: put in your your credit score and they would say

512
00:25:18,840 --> 00:25:21,720
Speaker 1: basically what you would be like cards that would be

513
00:25:21,720 --> 00:25:23,199
Speaker 1: good for you for balance trenchs or like you can

514
00:25:23,240 --> 00:25:25,840
Speaker 1: literally just a drop down menu like credit cards, which

515
00:25:25,840 --> 00:25:28,399
Speaker 1: credit card you are you looking for? You choose balance transfer,

516
00:25:28,480 --> 00:25:32,000
Speaker 1: you put in your your score, and literally sometimes Magna

517
00:25:32,000 --> 00:25:33,400
Speaker 1: Fund of Money will play you and be like, girl,

518
00:25:33,440 --> 00:25:36,840
Speaker 1: ain't nobody giving you a balance tres for card? Which

519
00:25:36,880 --> 00:25:38,600
Speaker 1: I think is how Larry's But I love that.

520
00:25:38,480 --> 00:25:41,360
Speaker 2: Because I don't think that's the exact language, but that's not.

521
00:25:41,440 --> 00:25:44,440
Speaker 1: But it's so funny. I was like, you know, okay, okay,

522
00:25:44,480 --> 00:25:47,639
Speaker 1: you got that, and then you know, but then if

523
00:25:47,680 --> 00:25:51,000
Speaker 1: your score is good, then you know, then it'll tell

524
00:25:51,000 --> 00:25:53,199
Speaker 1: you like what cards would be more most likely to

525
00:25:53,240 --> 00:25:55,600
Speaker 1: get the yes from. So it's a really good resource.

526
00:25:55,920 --> 00:25:58,160
Speaker 2: I want to add a pop up video that comes

527
00:25:58,200 --> 00:26:00,439
Speaker 2: up every time someone has bad credit and puts their

528
00:26:00,680 --> 00:26:02,960
Speaker 2: puts their info, just of like your voice saying.

529
00:26:02,720 --> 00:26:04,520
Speaker 1: That, yeah, it would not be fun.

530
00:26:09,800 --> 00:26:11,320
Speaker 2: Well, yeah, that's a good point. Though. A lot of

531
00:26:11,359 --> 00:26:15,439
Speaker 2: balance transfer cards do you require decent credit, you know,

532
00:26:15,560 --> 00:26:18,399
Speaker 2: mid six hundreds to get approved, So if you have

533
00:26:18,520 --> 00:26:22,680
Speaker 2: poor credit already, your options are more limited. But one

534
00:26:22,760 --> 00:26:25,320
Speaker 2: thing that you can do is look into personal loans

535
00:26:25,840 --> 00:26:29,640
Speaker 2: and use them to consolidate credit card debt, and I'll

536
00:26:29,680 --> 00:26:32,160
Speaker 2: also send a link because personal loans can be great,

537
00:26:32,400 --> 00:26:34,639
Speaker 2: but there's some bad ones out there, bad ones that

538
00:26:34,640 --> 00:26:36,720
Speaker 2: are almost as bad as payday loans. So we do

539
00:26:36,800 --> 00:26:39,240
Speaker 2: a lot, a lot, a lot of reviews of different

540
00:26:39,280 --> 00:26:42,360
Speaker 2: personal loan companies, like every single one you can imagine.

541
00:26:42,400 --> 00:26:45,480
Speaker 2: So and we've actually found some good options for people

542
00:26:45,480 --> 00:26:48,080
Speaker 2: who have poor credit to so I'll I'll try and

543
00:26:48,119 --> 00:26:52,359
Speaker 2: post something in there too, But definitely, someone closing your

544
00:26:52,359 --> 00:26:54,679
Speaker 2: credit card is not going to fix it. It's only gonna,

545
00:26:55,000 --> 00:26:56,639
Speaker 2: you know, put it out of sight, out of mind,

546
00:26:56,720 --> 00:26:58,560
Speaker 2: probably for you, but it's still going to be accruing.

547
00:26:58,640 --> 00:27:01,200
Speaker 2: So tell your mom to see if she qualifies for

548
00:27:01,240 --> 00:27:05,640
Speaker 2: any balance transfer options. And over and one last thing

549
00:27:05,680 --> 00:27:08,280
Speaker 2: with the balance transfer, So let's say it's only twelve months.

550
00:27:08,640 --> 00:27:10,560
Speaker 2: What you can do is set a reminder on your

551
00:27:10,560 --> 00:27:14,080
Speaker 2: calendar for eleven months and then say, okay, see if

552
00:27:14,080 --> 00:27:17,440
Speaker 2: you can qualify for another balance transfer option, and then

553
00:27:17,800 --> 00:27:21,119
Speaker 2: transfer that balance onto the new card, a different balance

554
00:27:21,160 --> 00:27:25,120
Speaker 2: transfer card. If you're approaching that twelve month period and

555
00:27:25,200 --> 00:27:26,679
Speaker 2: you look like you're not going to pay it off,

556
00:27:26,760 --> 00:27:29,280
Speaker 2: that's something that you can do as long as you're

557
00:27:29,320 --> 00:27:33,200
Speaker 2: not transferring funds to the same to a credit card

558
00:27:33,720 --> 00:27:35,600
Speaker 2: from the same bank. A lot of banks don't let

559
00:27:35,640 --> 00:27:35,919
Speaker 2: you do that.

560
00:27:36,400 --> 00:27:40,040
Speaker 1: Yeah, say, we got your girl, Well, we got your mama. Yep.

561
00:27:40,160 --> 00:27:42,480
Speaker 2: When I learned about balance transfers, I was like, oh, hallelujah,

562
00:27:42,520 --> 00:27:44,960
Speaker 2: where was that when I was, you know, had my

563
00:27:44,960 --> 00:27:47,520
Speaker 2: little one thousand dollars student credit card and kept getting

564
00:27:47,680 --> 00:27:50,800
Speaker 2: eleven dollars finance charges every month. You can never pay

565
00:27:50,840 --> 00:27:53,119
Speaker 2: it down. Didn't know what I was doing then, But

566
00:27:53,800 --> 00:27:54,639
Speaker 2: when I know better, I.

567
00:27:54,720 --> 00:27:56,280
Speaker 1: Tell you better exactly.

568
00:27:57,480 --> 00:27:59,840
Speaker 2: Okay, how about one more question real quick? Yeah, let's

569
00:27:59,840 --> 00:28:04,719
Speaker 2: do it, Okay, listener, James, Oh hey, James, got a

570
00:28:04,720 --> 00:28:05,400
Speaker 2: man up in here.

571
00:28:06,600 --> 00:28:08,199
Speaker 1: What was our fake What was our guy name that

572
00:28:08,240 --> 00:28:09,119
Speaker 1: we had for Jamal?

573
00:28:09,680 --> 00:28:13,240
Speaker 2: Jamal? Yeah, we forgot about Jama. Yeah, I love that

574
00:28:13,320 --> 00:28:17,560
Speaker 2: named James. Okay. So, James says, I have almost fifty

575
00:28:17,600 --> 00:28:20,359
Speaker 2: thousand dollars of student loan debt that I'm working to

576
00:28:20,400 --> 00:28:22,960
Speaker 2: get rid of. My wife and I have saved about

577
00:28:23,000 --> 00:28:26,679
Speaker 2: one hundred and sixty thousand dollars, mostly saved by my

578
00:28:26,800 --> 00:28:29,720
Speaker 2: wife prior to our marriage. Other than our mortgage, this

579
00:28:29,840 --> 00:28:33,399
Speaker 2: is the only debt in our household. While discussing an

580
00:28:33,480 --> 00:28:37,040
Speaker 2: unrelated financial topic, my wife mentioned that she would be

581
00:28:37,160 --> 00:28:39,640
Speaker 2: hesitant to dip into one hundred and sixty thousand dollars

582
00:28:39,640 --> 00:28:42,800
Speaker 2: long term saving for fear of weakening our long term

583
00:28:42,840 --> 00:28:46,160
Speaker 2: security to pay off that fifty thousand dollars of student

584
00:28:46,200 --> 00:28:50,240
Speaker 2: loan debt paying the student loan. If we paid our

585
00:28:50,280 --> 00:28:53,080
Speaker 2: student loan at the current pace we're on, we would

586
00:28:53,120 --> 00:28:56,480
Speaker 2: actually end up spending almost one hundred thousand dollars on

587
00:28:56,600 --> 00:29:00,800
Speaker 2: the loan after interest charges. Should we a fifty thousand

588
00:29:00,800 --> 00:29:03,120
Speaker 2: dollars check and get that cleared up? Or just our

589
00:29:03,160 --> 00:29:06,760
Speaker 2: saving amount to pay it in installments? But attack it

590
00:29:06,800 --> 00:29:11,000
Speaker 2: with ferocity? This is an excellinquish it is.

591
00:29:11,120 --> 00:29:13,000
Speaker 1: I'm like, ooh, Jane, you sound like you're married to me,

592
00:29:13,160 --> 00:29:16,680
Speaker 1: So I too, I too, am a money hoarder because

593
00:29:16,680 --> 00:29:20,080
Speaker 1: one hundred and sixty thousand dollars in cash and depending

594
00:29:20,120 --> 00:29:23,120
Speaker 1: on like what your lifestyle looks like. But for the

595
00:29:23,240 --> 00:29:26,240
Speaker 1: average person, that's really a lot of money to have

596
00:29:26,920 --> 00:29:27,960
Speaker 1: in a savings account.

597
00:29:28,520 --> 00:29:31,680
Speaker 2: I wonder if that's if and he didn't specify, but

598
00:29:31,800 --> 00:29:34,320
Speaker 2: I wonder if that's like in a regular savings account,

599
00:29:34,400 --> 00:29:36,560
Speaker 2: or if he's including their retirement money in with that,

600
00:29:37,000 --> 00:29:39,720
Speaker 2: because it's not you know, I mean, unless I mean

601
00:29:39,920 --> 00:29:41,920
Speaker 2: by all means you know, you can have that much

602
00:29:41,920 --> 00:29:43,960
Speaker 2: saved for the average person, I think it'd be a

603
00:29:44,000 --> 00:29:46,120
Speaker 2: little hard to imagine having that much in the bank.

604
00:29:46,120 --> 00:29:48,640
Speaker 2: I wonder if it's like, you know, a four one K,

605
00:29:48,800 --> 00:29:52,360
Speaker 2: but that that would change the answer a little bit differently.

606
00:29:52,440 --> 00:29:55,960
Speaker 2: But maybe just for our questions, for our answers, we

607
00:29:56,040 --> 00:29:59,080
Speaker 2: can let's just let's just say that it's regular savings,

608
00:29:59,120 --> 00:30:01,840
Speaker 2: just like a regular checking a savings account versus a

609
00:30:01,880 --> 00:30:02,440
Speaker 2: four to one K.

610
00:30:04,080 --> 00:30:06,120
Speaker 1: So, well, one thing, I will so remember one thing

611
00:30:06,120 --> 00:30:08,800
Speaker 1: that we learned from Angela that she said, if you

612
00:30:08,880 --> 00:30:10,680
Speaker 1: have the money to pay off an alump sum member,

613
00:30:11,320 --> 00:30:14,440
Speaker 1: you can negotiate down like up to fifteen fifteen one

614
00:30:14,520 --> 00:30:17,760
Speaker 1: five percent yep, saying hey, I've got it, So what

615
00:30:17,840 --> 00:30:20,600
Speaker 1: is what is fifteen percent? All fifty thousand? You know

616
00:30:20,640 --> 00:30:22,360
Speaker 1: how to do the massa good? Let me see, let

617
00:30:22,400 --> 00:30:22,720
Speaker 1: me get.

618
00:30:22,640 --> 00:30:26,000
Speaker 2: The five hundred. Ooh, did I do it right? I

619
00:30:26,320 --> 00:30:29,480
Speaker 2: seventy five hundred, seventy five hundred.

620
00:30:31,520 --> 00:30:35,360
Speaker 1: So you could potentially save seventy five hundred by negotiating

621
00:30:35,400 --> 00:30:37,160
Speaker 1: saying I have a lump sum amount. So that's instead

622
00:30:37,160 --> 00:30:41,160
Speaker 1: of paying fifty thousand, you'd be paying minus seventy five hundred.

623
00:30:41,200 --> 00:30:44,400
Speaker 1: I'm doing on my part four forty two five, so

624
00:30:44,440 --> 00:30:47,200
Speaker 1: you'll be paying forty two thousand, five hundred dollars. So one,

625
00:30:47,680 --> 00:30:51,600
Speaker 1: you're saving that way, right. But two, my assumption is

626
00:30:51,640 --> 00:30:53,680
Speaker 1: that your student loan interest rate in this way you

627
00:30:53,680 --> 00:30:57,000
Speaker 1: can share with your wife is large. It's likely greater

628
00:30:57,680 --> 00:31:00,000
Speaker 1: than the interest that you're earning from your savings accoun

629
00:31:00,480 --> 00:31:02,000
Speaker 1: So let's say, for the sake of an argument, that

630
00:31:02,000 --> 00:31:03,760
Speaker 1: you have one hundred and sixty thousand dollars in a

631
00:31:03,800 --> 00:31:06,440
Speaker 1: savings account and it's yielding you right. I think right now,

632
00:31:06,880 --> 00:31:09,600
Speaker 1: allies giving you like well one point seventy five. I

633
00:31:09,680 --> 00:31:12,280
Speaker 1: think that's like their interest rate and your student loans,

634
00:31:12,720 --> 00:31:15,000
Speaker 1: even on the low end, I highly doubt they're giving

635
00:31:15,040 --> 00:31:17,400
Speaker 1: you your interest rate with lower than this. So let's

636
00:31:17,400 --> 00:31:21,120
Speaker 1: just say it's four percent. So that means that you

637
00:31:21,360 --> 00:31:25,720
Speaker 1: are your student loans are costing you four percent while

638
00:31:25,800 --> 00:31:29,440
Speaker 1: your savings is only making you let's say about two percent.

639
00:31:29,640 --> 00:31:32,880
Speaker 1: So you're losing on that account. And then, like you mentioned,

640
00:31:33,040 --> 00:31:34,800
Speaker 1: by the time you pay off your student loans that

641
00:31:35,200 --> 00:31:38,160
Speaker 1: you really have well have paid double So honestly, you

642
00:31:38,200 --> 00:31:41,640
Speaker 1: can share if you to me someone like your wife,

643
00:31:41,640 --> 00:31:44,920
Speaker 1: because I hold money too, because I'm I'm we have

644
00:31:44,960 --> 00:31:46,640
Speaker 1: way too much money in savings and I'm trying to

645
00:31:46,720 --> 00:31:50,200
Speaker 1: let go of that. But what would help me is

646
00:31:50,240 --> 00:31:53,600
Speaker 1: to see the numbers in comparison, like, if we keep

647
00:31:53,600 --> 00:31:56,080
Speaker 1: the money here and work on and stay on your track,

648
00:31:56,320 --> 00:31:59,880
Speaker 1: this is what will actually be spending and have. And

649
00:32:00,120 --> 00:32:02,880
Speaker 1: if we if we make this decision and pay down

650
00:32:02,920 --> 00:32:05,360
Speaker 1: the student loan, that this is what we'll actually spend

651
00:32:05,360 --> 00:32:08,480
Speaker 1: in half. And what might help her is how quickly

652
00:32:08,520 --> 00:32:10,240
Speaker 1: can you get back to the one sixty because that

653
00:32:10,240 --> 00:32:11,000
Speaker 1: would help me a lot.

654
00:32:11,320 --> 00:32:14,880
Speaker 2: Yeah, yes, that's the question that our financial planners started

655
00:32:14,920 --> 00:32:19,040
Speaker 2: asking to help me get over that hurdle. Yes, I'm

656
00:32:19,040 --> 00:32:21,880
Speaker 2: a hoarder. You know, this was the thing right before

657
00:32:21,880 --> 00:32:24,480
Speaker 2: we got Wait, when did I last summer? The summer

658
00:32:24,520 --> 00:32:28,160
Speaker 2: before we paid off and we paid off my husband's

659
00:32:28,160 --> 00:32:31,200
Speaker 2: student loan debt, it was about twenty thousand dollars and

660
00:32:31,240 --> 00:32:33,960
Speaker 2: that was you know, it was a joint effort, but

661
00:32:34,080 --> 00:32:36,360
Speaker 2: I was in the same position as his wife. And

662
00:32:36,360 --> 00:32:38,680
Speaker 2: that's and that's also a layer here that we haven't

663
00:32:38,680 --> 00:32:40,440
Speaker 2: talked about yet, is the fact that he says, it's

664
00:32:40,480 --> 00:32:43,040
Speaker 2: basically her money that she's say prior to their marriage,

665
00:32:43,560 --> 00:32:45,920
Speaker 2: and I think that that might be contributing to maybe

666
00:32:45,960 --> 00:32:50,200
Speaker 2: the little bit of a hesitancy, because when we paid

667
00:32:50,240 --> 00:32:52,360
Speaker 2: off my husband's debt, we were using money that I

668
00:32:52,400 --> 00:32:55,360
Speaker 2: had accumulated myself.

669
00:32:56,320 --> 00:32:57,000
Speaker 1: I got.

670
00:32:57,080 --> 00:32:59,080
Speaker 2: I mean, it wasn't it wasn't a huge mental block

671
00:32:59,120 --> 00:33:00,960
Speaker 2: for me using my need to pay off his student

672
00:33:01,000 --> 00:33:03,360
Speaker 2: loan debt, because I really do believe, you know, when

673
00:33:03,400 --> 00:33:07,640
Speaker 2: you're married, you're you're you're merging finances, and his debt

674
00:33:07,680 --> 00:33:09,280
Speaker 2: was holding me back all of a sudden, you know,

675
00:33:09,440 --> 00:33:12,520
Speaker 2: so I wanted to pay it off, and you know,

676
00:33:12,600 --> 00:33:16,240
Speaker 2: I was eager to. But yeah, my our financial planner,

677
00:33:16,760 --> 00:33:19,880
Speaker 2: she started asking that question. Okay, well, let's be realistic. Yes,

678
00:33:19,920 --> 00:33:21,440
Speaker 2: it will put a dent in your savings now, but

679
00:33:21,520 --> 00:33:24,600
Speaker 2: how much longer? How much? How long would it take

680
00:33:24,640 --> 00:33:26,680
Speaker 2: you to get back to a place where you're replenishing

681
00:33:26,720 --> 00:33:28,880
Speaker 2: that And then she laid it out, oh, three months

682
00:33:28,920 --> 00:33:32,040
Speaker 2: to you know, six months or whatever, And then I'm thinking, Okay,

683
00:33:32,240 --> 00:33:35,720
Speaker 2: that's that's not that bad. It's not like we're never

684
00:33:35,760 --> 00:33:38,040
Speaker 2: going to start saving again. And if you got here once,

685
00:33:38,120 --> 00:33:40,200
Speaker 2: you can get there again. And I mean, you guys

686
00:33:40,240 --> 00:33:42,600
Speaker 2: would still have one hundred and ten thousand even if

687
00:33:42,600 --> 00:33:44,600
Speaker 2: you didn't get a fifteen percent discount, you know, if

688
00:33:44,640 --> 00:33:46,760
Speaker 2: you weren't able to you know, negotiate it down, although

689
00:33:46,960 --> 00:33:49,960
Speaker 2: you probably can, you'd still be left with over one

690
00:33:50,000 --> 00:33:54,600
Speaker 2: hundred thousand dollars in savings, which is phenomenal. And it's

691
00:33:54,640 --> 00:33:57,560
Speaker 2: and you don't you know, it's like TIF said, you

692
00:33:57,600 --> 00:34:01,200
Speaker 2: don't want to let the psychological hang up get in

693
00:34:01,200 --> 00:34:03,360
Speaker 2: the way of the pure math of it, which is

694
00:34:03,480 --> 00:34:05,880
Speaker 2: that it's costing you more money to keep the stet

695
00:34:05,920 --> 00:34:07,840
Speaker 2: on your balance sheet than it would be to pay

696
00:34:07,880 --> 00:34:08,239
Speaker 2: it down.

697
00:34:08,320 --> 00:34:12,040
Speaker 1: And you know, move along, mass her to death. Just

698
00:34:12,040 --> 00:34:14,880
Speaker 1: be like, yeah, babe, honestly, here's some math. Here's some

699
00:34:14,920 --> 00:34:17,239
Speaker 1: more math. Here's a maths on top of math that

700
00:34:17,280 --> 00:34:20,239
Speaker 1: will help significantly. A friend of mine helped me with

701
00:34:20,280 --> 00:34:22,560
Speaker 1: that decision when we were deciding to buy the house cash,

702
00:34:22,920 --> 00:34:24,759
Speaker 1: because my husband was kind of like, well, it's up

703
00:34:24,760 --> 00:34:28,640
Speaker 1: to you, because you know, we were still really newly married,

704
00:34:28,680 --> 00:34:30,480
Speaker 1: so it was like, that's your money. And I'm like,

705
00:34:30,520 --> 00:34:32,759
Speaker 1: even though we were living off of his income, and

706
00:34:32,800 --> 00:34:35,160
Speaker 1: I'm like, well, no, not really, because although it might

707
00:34:35,200 --> 00:34:38,000
Speaker 1: be my money we save and invest, Like if it

708
00:34:38,080 --> 00:34:39,799
Speaker 1: wasn't for a living off your income, we wouldn't have

709
00:34:39,840 --> 00:34:41,799
Speaker 1: this money to save an invest But basically he left

710
00:34:41,840 --> 00:34:43,560
Speaker 1: it up to me, and so I called him a

711
00:34:43,560 --> 00:34:47,120
Speaker 1: friend of mine, Mark who owns he's a business owner

712
00:34:47,440 --> 00:34:50,000
Speaker 1: and owns several launder matchs in Charlottees and other businesses,

713
00:34:50,000 --> 00:34:51,960
Speaker 1: and I said, what do you think you know? I

714
00:34:52,000 --> 00:34:54,480
Speaker 1: was asking my other like friends who are trusted their

715
00:34:54,520 --> 00:34:57,319
Speaker 1: financial advice, and he mastered me to death. Basically, he

716
00:34:57,440 --> 00:35:01,160
Speaker 1: was like, well, how quickly could you replace the cost

717
00:35:01,200 --> 00:35:03,440
Speaker 1: of your house, because I know you're nervous, And I

718
00:35:03,520 --> 00:35:05,440
Speaker 1: was like, you know, we did the math and I said, Okay,

719
00:35:05,600 --> 00:35:08,120
Speaker 1: I could have this money back in my account in

720
00:35:08,239 --> 00:35:10,920
Speaker 1: under eight months, maybe sooner if I have a really

721
00:35:10,960 --> 00:35:13,360
Speaker 1: good month or two. And I said, he was like, well,

722
00:35:13,400 --> 00:35:15,960
Speaker 1: it sounds like it makes sense. It's not like it

723
00:35:16,000 --> 00:35:18,000
Speaker 1: would take you five years to get this money back

724
00:35:18,040 --> 00:35:20,960
Speaker 1: that within a year you'd be right back where you were.

725
00:35:21,080 --> 00:35:24,200
Speaker 1: And it helped me make the decision to yes, let's

726
00:35:24,280 --> 00:35:28,239
Speaker 1: let's buy this home cash. So yeah, math is your

727
00:35:28,280 --> 00:35:32,279
Speaker 1: friend when you're afraid and you are suffering from post

728
00:35:32,360 --> 00:35:35,440
Speaker 1: traumatic broke syndrum, like me and Mandy math is going

729
00:35:35,480 --> 00:35:35,879
Speaker 1: to be your.

730
00:35:35,760 --> 00:35:39,359
Speaker 2: Friend, and consider if you don't, because sometimes when it's

731
00:35:39,360 --> 00:35:41,319
Speaker 2: coming from the person who wants some money, it's you know,

732
00:35:41,560 --> 00:35:43,839
Speaker 2: I understand it, it's it's you love each other. But

733
00:35:43,880 --> 00:35:46,440
Speaker 2: it can be awkward and it can cause arguments when

734
00:35:46,480 --> 00:35:48,200
Speaker 2: you try to talk about money, even if you are

735
00:35:48,200 --> 00:35:51,680
Speaker 2: completely right, because I've been there, I'm always right about money, right,

736
00:35:53,040 --> 00:35:56,200
Speaker 2: but hiring a financial planner for a couple hundred bucks,

737
00:35:56,239 --> 00:35:58,840
Speaker 2: you know, for you know, a couple hundred bucks, you know,

738
00:36:00,000 --> 00:36:02,360
Speaker 2: to have someone look at our finances and then basically

739
00:36:02,400 --> 00:36:05,560
Speaker 2: tell husbe what everything that I had been saying. It

740
00:36:05,680 --> 00:36:08,520
Speaker 2: helped because it got it helped get have a third

741
00:36:08,560 --> 00:36:12,480
Speaker 2: party who was objective, independent, who you don't really know

742
00:36:12,560 --> 00:36:14,200
Speaker 2: so well, so you're not going to talk over them

743
00:36:14,239 --> 00:36:16,080
Speaker 2: and you listen like I feel like there was. It

744
00:36:16,120 --> 00:36:19,640
Speaker 2: really helped us communicate better, and we had someone who

745
00:36:19,800 --> 00:36:23,120
Speaker 2: was directing us versus us kind of arguing with one another.

746
00:36:23,200 --> 00:36:25,480
Speaker 2: So you know, if you guys feel if you feel

747
00:36:25,520 --> 00:36:27,400
Speaker 2: like you're not really if he's not really hearing you,

748
00:36:27,440 --> 00:36:29,760
Speaker 2: even when you bring the bring the math to the table.

749
00:36:29,800 --> 00:36:32,600
Speaker 2: After what Tiff and I have said, you know, consider

750
00:36:32,640 --> 00:36:34,040
Speaker 2: that as an option, you don't have to hire a

751
00:36:34,040 --> 00:36:38,040
Speaker 2: financial planner for forever. Get a fee only planner, you

752
00:36:38,040 --> 00:36:41,160
Speaker 2: know who charges you an hourly rate just to have

753
00:36:41,760 --> 00:36:44,759
Speaker 2: the same kind of conversation and see if that helps.

754
00:36:45,719 --> 00:36:48,160
Speaker 1: Yeah. No, so yeah, I think that's a really good

755
00:36:48,160 --> 00:36:50,080
Speaker 1: idea too. It is. That's why I ask you know,

756
00:36:50,120 --> 00:36:52,279
Speaker 1: like I said, I asked more because sometimes you're right.

757
00:36:52,360 --> 00:36:56,160
Speaker 1: It is hard to get past your own kind of

758
00:36:56,200 --> 00:36:58,680
Speaker 1: like wall, and it's hard to hear from someone. I

759
00:36:58,719 --> 00:37:01,759
Speaker 1: feel like around the world are like rolling their eyes

760
00:37:01,800 --> 00:37:04,560
Speaker 1: because like somebody will tell me something and I'll come

761
00:37:04,560 --> 00:37:06,080
Speaker 1: home and be like, oh my god, superman. So I

762
00:37:06,080 --> 00:37:07,840
Speaker 1: was thinking we should do this. He's like, I just

763
00:37:08,200 --> 00:37:13,560
Speaker 1: I just I'm like, did you you know I'm the

764
00:37:13,600 --> 00:37:14,840
Speaker 1: worst of that. I'm like, did you say that?

765
00:37:15,680 --> 00:37:18,319
Speaker 2: So were sounded better when someone else said it? Yeah?

766
00:37:20,960 --> 00:37:23,080
Speaker 1: Ah so yeah, so maybe you need to, like if

767
00:37:23,120 --> 00:37:26,160
Speaker 1: you are cool with her family, like tell my wife.

768
00:37:26,400 --> 00:37:28,759
Speaker 1: So no, but yeah, those are really good. That was

769
00:37:28,840 --> 00:37:29,799
Speaker 1: really good advice. Manby.

770
00:37:30,760 --> 00:37:33,759
Speaker 2: Thank you all right, well, thank thank you James, thanks

771
00:37:33,800 --> 00:37:36,239
Speaker 2: for listening, get your wife to listen, bring her on

772
00:37:36,360 --> 00:37:40,279
Speaker 2: to the Brown Mission train. And to Simone, thanks for

773
00:37:40,320 --> 00:37:42,120
Speaker 2: your question too. Again, you guys hit us up at

774
00:37:42,120 --> 00:37:46,000
Speaker 2: Brownambission podcast dot com with your questions. We love taking them.

775
00:37:46,520 --> 00:37:48,279
Speaker 1: I just feel like you guys have been asking really

776
00:37:48,280 --> 00:37:51,000
Speaker 1: great questions. Sometimes I am always afraid every week, like

777
00:37:51,000 --> 00:37:52,959
Speaker 1: are they going to be like the same questions? But nope,

778
00:37:53,400 --> 00:37:55,520
Speaker 1: you know, all these years later, you guys bring dope

779
00:37:55,520 --> 00:37:56,360
Speaker 1: and awesome questions.

780
00:37:56,360 --> 00:37:59,120
Speaker 2: So keep them coming, keep them coming, especially more. I

781
00:37:59,200 --> 00:38:02,640
Speaker 2: want more questions from small business owners and entrepreneurs. I

782
00:38:02,680 --> 00:38:04,719
Speaker 2: think that that's some of the most those are. That's

783
00:38:04,760 --> 00:38:06,120
Speaker 2: what I want to answer. That's what I want to

784
00:38:06,120 --> 00:38:06,840
Speaker 2: get into.

785
00:38:06,680 --> 00:38:12,520
Speaker 1: Because that's oh yeah, yes, bring it on, all.

786
00:38:12,480 --> 00:38:14,839
Speaker 2: Right, miss Tiff, another fabulous show.

787
00:38:15,760 --> 00:38:20,120
Speaker 1: Yes, and now it's signed to say goodbye to all

788
00:38:20,239 --> 00:38:23,320
Speaker 1: our companies. Name name that show, Mandy, let's see millennial.

789
00:38:23,600 --> 00:38:24,240
Speaker 1: Name the show.

790
00:38:24,640 --> 00:38:26,919
Speaker 2: This is Mickey Mounce Club. This is why we need

791
00:38:27,520 --> 00:38:29,960
Speaker 2: insurance because you're gonna get a sued for the rights

792
00:38:29,960 --> 00:38:31,000
Speaker 2: for singing these songs I.

793
00:38:30,920 --> 00:38:34,000
Speaker 1: Don't belong to us. Well, you know what, I only

794
00:38:34,000 --> 00:38:36,120
Speaker 1: did a line, and I think as long as you

795
00:38:36,239 --> 00:38:39,120
Speaker 1: sing it and we're not playing the actual recording, we

796
00:38:39,120 --> 00:38:39,920
Speaker 1: should be fine.

797
00:38:40,040 --> 00:38:41,600
Speaker 2: Okay, put me in my place.

798
00:38:41,680 --> 00:38:45,239
Speaker 1: Guy, I'm saying that, but I have no idea.

799
00:38:45,920 --> 00:38:49,080
Speaker 2: It sounds smart though, and you're not married to me,

800
00:38:49,200 --> 00:38:53,560
Speaker 2: so you obviously I trust you.

801
00:38:58,520 --> 00:39:01,319
Speaker 1: What I just said, that this is not from me,

802
00:39:01,560 --> 00:39:02,000
Speaker 1: well no,