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Speaker 1: Hey, hey, via fam, Welcome to Brown Ambition. And I

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Speaker 1: still haven't decided which day this episode's going to fall.

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Speaker 1: I'm gonna have to like have the conversation and then

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Speaker 1: decided it's.

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Speaker 2: A wash day. Woosaw?

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Speaker 1: Is this ba qa? Is this Brown table? I don't

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Speaker 1: know because I'm in you know, I have I have

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Speaker 1: a familiar face here in the studio and the rules

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Speaker 1: just don't apply whenever.

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Speaker 2: Tiffany's swing vine to say hello.

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Speaker 1: And I love the timing of this, Tiffany, because it

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Speaker 1: has been a year since you dumped me. Oh my god,

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Speaker 1: it's been a year since you told me you were leaving.

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Speaker 1: And I'm just so happy that we love each other

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Speaker 1: more than ever and you're back.

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Speaker 3: I am. I Remember's funny because you actually called me

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Speaker 3: when I was in Martha's because I called, we spoke,

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Speaker 3: and it happened when I was in Martha's vineyard. You know,

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Speaker 3: I felt like the I heard the voice of the

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Speaker 3: vine it's time to leave Brown and Bisson And I

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Speaker 3: was like what because Made and I were just turing like.

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Speaker 4: New false time It's time to live.

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Speaker 3: So Mandy called me when I was back this year

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Speaker 3: in Martha's vineyard, and I was like yeah, and then

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Speaker 3: she was like, so, how do you feel now that

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Speaker 3: there's been a year since you've dumpy. I'm like, oh

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Speaker 3: my god, girl, they'll say that, but yeah, I feel

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Speaker 3: like I see you.

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Speaker 1: Now happier than ever, Like, look, how good I'm doing.

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Speaker 4: Now.

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Speaker 3: I'm I feel like we actually talk more now. I

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Speaker 3: feel like, you know, because we're not talking about business,

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Speaker 3: you know, and yeah, yeah, and I feel like I

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Speaker 3: see you more now, so which is great.

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Speaker 1: So well, this has been a couple of months in

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Speaker 1: the making. And ba fam, I know y'all remember Tiffany.

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Speaker 1: Of course you do. She is Brown Ambition. But Angelie,

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Speaker 1: you don't know this, but you have been like a

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Speaker 1: character in the Brown Ambition universe for years. And if

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Speaker 1: your nose used to like itch, that's the thing we

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Speaker 1: do in the South, like if your nose itches, company's

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Speaker 1: over or someone's talking about you. If your nose used

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Speaker 1: to itch, like every Monday, that's probably why. Because Tiffany

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Speaker 1: was saying, Angelia and tiff is not alone. If you're watching,

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Speaker 1: you can see we have a third beautiful face here

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Speaker 1: in the studio.

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Speaker 2: We have Tiffany's.

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Speaker 1: Well, you're not only Tiffany's financial advisor, but you are

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Speaker 1: an incredible wealth manager, financial advisor. It's Angelie, y'all, she's

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Speaker 1: a celebrity.

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Speaker 2: Welcome on.

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Speaker 5: Having me, guys.

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Speaker 1: It's nice to put a face to the name and

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Speaker 1: have you here. So we're going to get into y'all's relationship.

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Speaker 1: I know, Tiffany, when we first sort of we're talking

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Speaker 1: about this show a couple of months ago, you were

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Speaker 1: in the middle of one of these big transactions. You're

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Speaker 1: buying another property. Oh too property, Okay, buying two properties.

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Speaker 1: And it became sort of a theme whenever you would

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Speaker 1: talk about like a big financial choice you were making,

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Speaker 1: or like something big you had to pay for. You know,

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Speaker 1: you have old Tiffany that you would talk about, like

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Speaker 1: dealing with you, Tiffany who was foreclosed on, Tiffany who

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Speaker 1: survived the recession, and you know, carrying that trauma with you.

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Speaker 1: And like, I always had the impression that Angelie was

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Speaker 1: a really key figure for you and helping you make smart,

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Speaker 1: savvy financial choices without letting old Tiffany's trauma like get

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Speaker 1: in the way. So I think we should we should

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Speaker 1: start there, Like, let's talk about why you sought out

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Speaker 1: an Julie, where you were at emotionally around money at

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Speaker 1: the time, and how y'all's relationship has grown over the

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Speaker 1: six years that y'all have been working together.

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Speaker 4: Well, I'll start. So I posted on Facebook.

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Speaker 3: I was like, I need a find angel advisor because

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Speaker 3: I I was making good money in the business and

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Speaker 3: I had, even though I knew better, I had so

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Speaker 3: much of it in savings because I was I hadn't

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Speaker 3: made and y'all you know, if you listen, I made

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Speaker 3: all these mistakes in my twenties and it just all

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Speaker 3: these investment mistakes, and I was scared to do that again.

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Speaker 3: I did not trust myself with the wealth I was making,

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Speaker 3: and so I just was like, I'm just gonna save

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Speaker 3: it like a little old lady and put the money

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Speaker 3: under my mattress, which was just my ally savings account.

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Speaker 3: But I was like, Okay, Tiffany, you're about to You're

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Speaker 3: gonna have seven figures in here.

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Speaker 4: You keep it up, and it's ridiculous.

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Speaker 3: So I post sit on Facebook and a bunch of

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Speaker 3: people set me financial advisors and certified financial planners that

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Speaker 3: they suggested, and I want to say it was maybe

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Speaker 3: like twenty of them. So of the twenty I because

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Speaker 3: I was like, okay, how do I bet? So I

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Speaker 3: created this document that I used to call my soul

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Speaker 3: called financial Life, where it was like my whole life

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Speaker 3: in a Google doc.

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Speaker 4: Like how much did I make?

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Speaker 3: What I had in savings, credit card to anything by

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Speaker 3: myself and my late husband for drew everything and including

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Speaker 3: our goals. And so I sent it to each of

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Speaker 3: these financial advisors, and about the twenty of them, maybe

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Speaker 3: like ten or eleven or something like.

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Speaker 4: That, said I think I could help you.

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Speaker 3: Because so I wanted to at least let people kind

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Speaker 3: of self select themselves. And then I literally set up

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Speaker 3: over a two week span. It was ectic a call,

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Speaker 3: like a two calls a day. So and then I

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Speaker 3: had this list of questions to ask. So I was

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Speaker 3: looking for a mix of things. I was looking for

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Speaker 3: someone who won. I felt like, was knowledgeable obviously who

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Speaker 3: also too. They had to be able to they had

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Speaker 3: to have clients that both had like personal stuff. But

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Speaker 3: I was I had a business, so I wanted that.

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Speaker 3: And then but then deeper than that, I wanted somebody.

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Speaker 3: I ideally I wanted a woman, but you know, it

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Speaker 3: wasn't like it had to be. But I wanted that

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Speaker 3: because there's a deeper like understanding that I feel like

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Speaker 3: women navigate differently, and I really wanted somebody that was

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Speaker 3: a teacher, like, because don't just tell me this is

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Speaker 3: what I'm doing, like, but why and how? And I

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Speaker 3: wouldn't feel ashamed of asking those questions. And so the

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Speaker 3: funny thing is Angelie was not on that initial list.

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Speaker 3: So as I was interviewing these like eleven twelve people,

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Speaker 3: like every fourth person someone would be like because they

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Speaker 3: could tell I was a lot. Every fourth person was like, yeah, girl,

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Speaker 3: I can't help.

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Speaker 4: You, but you know who you should talk to? Anali.

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Speaker 4: I'm like, who's that? So I wrote her name down.

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Speaker 4: I'm like, we'll see.

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Speaker 3: Because I was very much like jaded, like none of

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Speaker 3: these people are good enough for me, because I'd been like,

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Speaker 3: you know, I had not had good experiences with financial

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Speaker 3: advisors before, and so yeah, the.

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Speaker 1: Fact they just weren't used to like, what was it

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Speaker 1: that wasn't what was making them be like I'm not

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Speaker 1: the right planner for you? And what was it that

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Speaker 1: how did you know they weren't the right one?

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Speaker 4: Well, they let them like.

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Speaker 3: So so one woman that was like, oh, I specialize

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Speaker 3: the divorced women. I was like, okay, that's not me,

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Speaker 3: or oh, you have a business. I didn't realize that, okay,

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Speaker 3: that's not me, or I think I was just like

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Speaker 3: the kind of questions I was asking, you know, And

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Speaker 3: so it was like so it it came down to

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Speaker 3: maybe like two women, but even that other woman, like

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Speaker 3: I can't remember her name, she.

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Speaker 4: Also yeah kaya. She also suggested that. I was like, well, Dag,

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Speaker 4: who is this Antolie? A woman?

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Speaker 3: She's like the financial advisor's financial advisor like nas is

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Speaker 3: like the rappers rapper, you know.

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Speaker 1: And I was like, well, so she was your favorite

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Speaker 1: financial advisor is financial?

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Speaker 2: Yeah?

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Speaker 1: But literally wait your favorite your financial advisor's favorite advice.

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Speaker 2: Yes.

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Speaker 3: And so I was like okay, and so I added

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Speaker 3: her to the list. And she was the last person

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Speaker 3: that I interviewed, and right away she we just uh connected.

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Speaker 4: I just thought like, okay, she's really nice.

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Speaker 3: She explains things, and I was very afraid and I

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Speaker 3: wanted to do everything myself and maintain control, and she

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Speaker 3: pretended like that's how it was going to go. So

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Speaker 3: I was like ooh great, and yeah, so right away,

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Speaker 3: I mean, you know, I told Youurelle this is what

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Speaker 3: we're doing. He was like, ugh, but it was important

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Speaker 3: to me too that he felt comfortable and right away,

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Speaker 3: you know, Angelie made him feel comfortable too, and so yeah,

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Speaker 3: it just was like a really great match right away.

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Speaker 3: And so that's how we met. It was because other

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Speaker 3: people suggested her, and because what I like about Angelie, right,

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Speaker 3: because you have your CPA, right, you're a certified So

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Speaker 3: she has a CPA, which means she's got this you know,

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Speaker 3: strong accounting background.

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Speaker 4: But also she's.

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Speaker 1: AKA, which means she is a the.

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Speaker 3: Gold standard of financial advisors. And so there was all

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Speaker 3: these components for me. Everyone doesn't need all of that,

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Speaker 3: but because I knew I wanted somebody who can help

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Speaker 3: me navigate the business stuff as well as the personal stuff.

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Speaker 3: All of her like you know, the letters behind her name,

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Speaker 3: was like, okay, this is great.

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Speaker 2: For me and Angelie.

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Speaker 1: On your end, you're an entrepreneur in your own right,

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Speaker 1: you have your own practice. Where where were you at

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Speaker 1: when you came across Tiffany? And were you I know

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Speaker 1: that you specialized in working with like business owners and physicians.

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Speaker 2: I believe yes, so was Tiffany like.

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Speaker 1: Your ideal client? Were you immediately like, oh yes, yeah.

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Speaker 6: I mean so like for me, I you know, like

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Speaker 6: there's boxes that need to be checked in terms of

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Speaker 6: like who I can help, in terms of the person

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Speaker 6: can utilize all of my service offerings, right, So Tiffany

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Speaker 6: checked the box for that. But the relationship is one

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Speaker 6: in which it needs to be a fit on both sides,

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Speaker 6: So like, I also want to make sure that every

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Speaker 6: person I was working with there's a personality fit. Tiffany

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Speaker 6: sent me her like fifty page Google doc, right, and

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Speaker 6: when we did the call, and I was like, okay, cool.

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Speaker 6: And when we did the call, she's like, shall we

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Speaker 6: walk through the document?

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Speaker 5: And I was like no.

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Speaker 6: I was like, why don't you tell me what why

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Speaker 6: you're seeking out a financial advisor and why it hasn't

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Speaker 6: worked out in the past, right, And honestly, we just

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Speaker 6: talked about all the emotional side of money, right, And

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Speaker 6: Tiffany went through like She's like, well, I worry about this,

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Speaker 6: I worry about that, and I'm sitting on this butt

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Speaker 6: of cash and I don't know what to do.

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Speaker 5: And I was like okay.

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Speaker 6: I was like, well, and you know, part of it

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Speaker 6: is like from a technical standpoint, if nearready evet in

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Speaker 6: me so she knows I can do the job. The

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Speaker 6: question is can I build that trust and relationship with

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Speaker 6: her to help her give up a little bit of

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Speaker 6: that control so that she feels empowered to make better

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Speaker 6: financial decisions right and when? And I talked to Tiffany first,

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Speaker 6: and then I told her, look, I have to make

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Speaker 6: sure it's serve.

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Speaker 5: Fit for both people. So I want another follow up

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Speaker 5: call with Durell.

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Speaker 6: On that call to make sure he also is comfortable

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Speaker 6: with me, because we're not going to work in a vacuum.

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Speaker 5: I work with both people because both people should be involved.

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Speaker 6: I know their financial situation, so yeah, I mean it

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Speaker 6: was It's been a great fit. I work with a

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Speaker 6: lot of immigrants and children of immigrants, so there is

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Speaker 6: that like money trauma there. I have money trauma, right,

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Speaker 6: so I can identify it and I know what hindrance

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Speaker 6: and barriers are created for me as I I was

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Speaker 6: evolving in my financial life. So part of it is

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Speaker 6: like the passion I get working with clients who also

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Speaker 6: have a similar level of like trauma, discomfort, whatever the.

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Speaker 5: Case may be. Because it's really we.

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Speaker 6: Have to really be able to separate like that emotional

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Speaker 6: aspect with money in order to make better financial decisions.

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Speaker 6: And I'm big on education, So I don't like telling

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Speaker 6: clients what to do. If I tell them what to do,

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Speaker 6: they're not going to listen to me anyways. So if

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Speaker 6: I educate them, then they feel empowered to make those

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Speaker 6: decisions for themselves.

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Speaker 1: How would y'all characterize your immigrants? So, Angelie, you're the

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Speaker 1: child of immigrants or you are.

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Speaker 5: I'm a child of immigrants, So what is.

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Speaker 1: It about because I'm not a child of immigrants. I'm

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Speaker 1: curious because I've heard Tiffany's side of things, But like,

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Speaker 1: how would you characterize if you work with a lot

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Speaker 1: of child of children of immigrants? What are some of

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Speaker 1: the hang ups that you know they can have?

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Speaker 6: Yeah, I mean so a lot of children of immigrants, right,

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Speaker 6: Like when you have immigrant parents, like they have made

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Speaker 6: such like huge sacrifices to come over and their biggest

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Speaker 6: concern is financial security. Right, So, like you're raised with

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Speaker 6: a lot of like you know, needing to be responsible,

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Speaker 6: needing to like get a good education, make sure picking

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Speaker 6: a career that's financially stable, so.

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Speaker 5: A lot of your identity becomes.

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Speaker 6: Goals driven, Like, Okay, I need to achieve this I

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Speaker 6: need to achieve that I need to achieve this financially,

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Speaker 6: and so it's hard sometimes to separate that emotional trigger

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Speaker 6: when it comes to money from just being able to

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Speaker 6: make like an unbiased decision. And to be honest, it's

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Speaker 6: very hard to make unbiased decisions when it's your own money.

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Speaker 6: It's why my husband and I have a financial advisor,

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Speaker 6: because even though I do this for a living and

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Speaker 6: I've gone through therapy about it, it still comes up right.

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Speaker 5: So you need someone impartial to do that.

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Speaker 6: I'm also the oldest daughter, so there's another added layer

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Speaker 6: when you're the oldest daughter of immigrants or the only daughter.

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Speaker 6: There's just a lot of components there that make it

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Speaker 6: really hard.

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Speaker 5: And we, you know, kind of just get through.

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Speaker 6: Childhood and we're like, Okay, it's fine, and then as

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Speaker 6: adults we realize like, actually, no, like this is probably

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Speaker 6: not healthy in terms of how I'm approaching this. So

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Speaker 6: how do I do that work to unwind it? And

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Speaker 6: how do I find the right advisor who understands it?

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Speaker 6: Because if the person doesn't understand it, the dynamic is

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Speaker 6: a lot harder to navigate because they just don't know

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Speaker 6: where you're coming from.

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Speaker 1: Right, Hey, ba fam, we got to take a quick break,

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Speaker 1: pay some bills, and we'll be right back. All right,

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Speaker 1: ba fam, We're back.

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Speaker 2: Okay.

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Speaker 1: So you meet Tiffany y'aller show starting to work together. So,

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Speaker 1: like tiff in those early stages with Angelie, what were

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Speaker 1: some of your like how long did it take before

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Speaker 1: you started to feel comfortable and what helped you get

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Speaker 1: more comfortable with Anguli?

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Speaker 3: Well, I'm really good. I think financial advisor. You know,

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Speaker 3: they don't just jump into now give me your money,

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Speaker 3: you know. And so it was really like cause that's

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Speaker 3: what I was bracing for.

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Speaker 4: So I was ready like oh no, no, no, I'm

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Speaker 4: gonna do all the transfers myself.

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Speaker 3: Really, the first I don't know, six months a year

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Speaker 3: was just collecting stuff.

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Speaker 4: So we would meet.

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Speaker 3: I don't know we were meeting quarterly, not monthly certainly,

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Speaker 3: but I think it was quarterly, and.

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Speaker 4: Then in the beginning it's monthly, okay.

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Speaker 3: So it was just a lot of okay, I need

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Speaker 3: this bank statement and stuff that you don't think about

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Speaker 3: like im like I thought financial advisors. It was a

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Speaker 3: lot of just your money, how do we make it more?

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Speaker 3: But it was really like no, no, no, holistically, let

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Speaker 3: me see your insurance policies.

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Speaker 4: I was like, oh, I don't even know what my

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Speaker 4: insurance policies are.

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Speaker 3: And I remember that number of the first thing on

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Speaker 3: Julie told me, for example, was that I was severely

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Speaker 3: under insured because I had honestly gotten an insurance policy

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Speaker 3: when I was like twenty eight and that was it.

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Speaker 3: And by then I was thirty nine, you know, by

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Speaker 3: the time we started to work together. And so just

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Speaker 3: pulling out and finding all of those documents some stuff

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Speaker 3: you don't even think about. And so that was like,

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Speaker 3: I want to say, the first six months to a year,

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Speaker 3: just like and here's this, like Darrell had a pension,

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Speaker 3: and we had life insurance and we had this, and

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Speaker 3: we had so pulling all of that out and then

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Speaker 3: kind of making sense of like, now here's your holistic

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Speaker 3: financial picture, you know. So that that's how it started.

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Speaker 3: And then it was like, okay, so where do you

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Speaker 3: want to be and when? So that's what was so

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Speaker 3: great about it. It was just like, oh, well, by fifty,

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Speaker 3: I'd love to retire, and what does retirement look like

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Speaker 3: finance like money wise, you know, and so that was

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Speaker 3: just really helpful.

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Speaker 4: We didn't really get into.

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Speaker 3: Like like literally investing into the market. I would say

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Speaker 3: for at least six months to a year because it

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Speaker 3: just took that much time.

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Speaker 4: So that process is.

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Speaker 3: What helped me to decompress and trust because we didn't

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Speaker 3: jump right into give me your money, you know that.

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Speaker 4: It was like, let's collect everything I can.

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Speaker 3: Know, learn about you and your husband, see where you are,

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Speaker 3: present it back to you so you can see where

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Speaker 3: you are. Let's get clear about your goals, and now

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Speaker 3: let's holistically work towards your goals. So one of the

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Speaker 3: things that you worry about sometimes with the financial advisor

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Speaker 3: is that they're going to sell you stuff. So I

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Speaker 3: remember the first time Antulie said you're under in short,

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Speaker 3: I'm like.

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Speaker 2: Oh, here we go.

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Speaker 4: She's about to sell me.

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Speaker 3: And she's like, okay, go to your you know, your

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Speaker 3: your insurance company asked that was wait, I gotta go

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Speaker 3: to them. She's like, well, you can see me on

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Speaker 3: the email. I was like, Oh, she's not gonna tell

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Speaker 3: me anything. It's just you know, increase your insurance with

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Speaker 3: your insurance company, and I can have the conversation if

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Speaker 3: you want me to. And so that's when I was

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Speaker 3: like okay, So those instances built trust, so by the

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Speaker 3: time it was time to invest, I felt really comfortable.

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Speaker 3: I'm like, remember I said I was gonna make all

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Speaker 3: the transfers and all that. Yeah, I'm not gonna do that,

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Speaker 3: So here's my money, okay bye? And so yeah, it

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Speaker 3: just because also too along the way, you know, like

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Speaker 3: Angelie was explaining things, not just to me, but to Draw.

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Speaker 3: I can tell in the beginning Draw, especially with his background,

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Speaker 3: he didn't he felt uncomfortable, but I'd be like, no,

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Speaker 3: ask the question. And she was really good at like explaining,

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Speaker 3: like because I'm like I don't know what she's saying either,

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Speaker 3: you know, like I'm like, okay, explain to me, like

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Speaker 3: I'm six.

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Speaker 2: Oh okay.

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Speaker 3: So after a while I loved that because he could

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Speaker 3: have his own questions to ask and we got really

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Speaker 3: clear about like like, for example, the future he wanted

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Speaker 3: for Alyssa and what did that look like? And I

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Speaker 3: would love that because he was like we got to

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Speaker 3: ask Angeliae. I'm like, oh, you have financial because even

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Speaker 3: in listen now so cute, Ala didn't even tell you,

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Speaker 3: but she text me like, so that money the other

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Speaker 3: money that I have with Angelie, when do I get

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Speaker 3: access I was like, girl, get off my phone and

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Speaker 3: well after college.

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Speaker 1: So Alyssa works with Angelina, that's so great and so

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Speaker 1: the aam he doesn't remember Alissa is Tiffany's bonus down.

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Speaker 4: She's eighteen going on forty five.

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Speaker 3: And I already know why she's asking because the next

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Speaker 3: sentence was for my birthday, I want to do a

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Speaker 3: party bus.

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Speaker 4: Can you imagine she wants to use her inheritance.

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Speaker 3: I was like, Lisa, now that money you work and

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Speaker 3: you get allowede from your uncle and like that you

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Speaker 3: gotta like I just thought that was hilarious. So she

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Speaker 3: was asking about her inheritance because her birthday's coming up now,

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Speaker 3: party bus time.

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Speaker 4: So anyway, yeah, wait.

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Speaker 1: So Angelie, when you're working with a client like Tiffany

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Speaker 1: who initially is not like you're not actively investing her assets,

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Speaker 1: are you charging a flat rate for that those first

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Speaker 1: six months? And then does that convert to like a

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Speaker 1: percentage of assets under managed meant down the line?

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Speaker 2: How does that work?

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Speaker 5: Yeah?

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Speaker 6: So, because like my with the work that my team

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Speaker 6: and I do is holistic planning. Like the planning is

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Speaker 6: such a big component, right, Investment management is just one

401
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Speaker 6: piece of the puzzle. So we charge a flat retainer

402
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Speaker 6: based on complexity, and it covers the first million of

403
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Speaker 6: assets that I directly manage, and then I just the

404
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Speaker 6: feet annually if the assets exceed a million, and then

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Speaker 6: it kind of just gets tacked onto that retainer fee.

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Speaker 6: So for me, it's not really you know, I want

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Speaker 6: to invest client money because I want their money to

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Speaker 6: start working with them for our process.

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Speaker 5: Right, Like, we don't even like talk about.

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Speaker 6: Investments till like kind of the tail end of the onboarding,

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Speaker 6: Like we do really heavy goals discussion because I don't

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Speaker 6: even want to give recommendations until I really understand what's

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Speaker 6: important to my clients, right, Because the example I always

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Speaker 6: give is, like I'm Indian. Indian people pay for their

415
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Speaker 6: kids college. They will sacrifice other goals, but they always

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Speaker 6: want to pay for kids college.

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Speaker 5: So if I know that I'm not.

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Speaker 6: Going to set up a plan in which they're underfunded

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Speaker 6: on college funding, they may have to work longer or

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Speaker 6: do other things, but they are well aware of that.

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Speaker 5: So that's why for me, the trust building.

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Speaker 6: Is the most important piece of it because you know,

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Speaker 6: majority of.

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Speaker 5: My clients have been with me long term.

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Speaker 6: Right, We have pretty low turnover because I'm trying to

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Speaker 6: build like a very long lasting relationship. So whether we

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Speaker 6: invest like three months in, six months and twelve months

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Speaker 6: in on the grand scheme of things, it's not really

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Speaker 6: a big deal as long as I feel like we're

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Speaker 6: making progress on the plan and the clients feel like

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Speaker 6: they trust me and can come to me right. And

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Speaker 6: Tiffan and Gerel when we start working together, I was like,

433
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Speaker 6: you come with to me with every question you have.

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Speaker 6: There are no dumb questions. I also want to know

435
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Speaker 6: like aspirations, like if you're like I'm thinking about XYZ,

436
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Speaker 6: we want to know, right, because the more we get

437
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Speaker 6: that detailed information. I'm a details person. I'm a tax accountant.

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Speaker 6: That was my first career. The better plan my team

439
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Speaker 6: and I can do, it's really like for me, it

440
00:19:02,080 --> 00:19:04,280
Speaker 6: was really like, let's build that trust. And I knew

441
00:19:04,440 --> 00:19:06,720
Speaker 6: Tiffany would come around, Like I already knew that from

442
00:19:06,720 --> 00:19:08,800
Speaker 6: our first call. I was like, that's fine, we'll go,

443
00:19:08,960 --> 00:19:11,840
Speaker 6: we'll go your place for now and then and then

444
00:19:11,880 --> 00:19:13,679
Speaker 6: she'll be like, here you go. And I was like,

445
00:19:13,760 --> 00:19:14,359
Speaker 6: isn't it better.

446
00:19:15,480 --> 00:19:17,600
Speaker 1: I'm not curious Tiffany because you said you didn't really

447
00:19:17,640 --> 00:19:20,560
Speaker 1: trust yourself, because you had that you had foreclosure, and

448
00:19:20,600 --> 00:19:22,679
Speaker 1: like you had that, you know you've talked about and

449
00:19:22,680 --> 00:19:24,280
Speaker 1: in your book too, you talk about the credit card

450
00:19:24,280 --> 00:19:26,760
Speaker 1: scam like early in your twenties, but you.

451
00:19:26,920 --> 00:19:27,720
Speaker 2: Didn't trust yourself.

452
00:19:27,760 --> 00:19:29,560
Speaker 1: But you also in a way didn't trust Was it

453
00:19:29,560 --> 00:19:32,720
Speaker 1: that you didn't trust Angelie or that you like what

454
00:19:32,760 --> 00:19:34,119
Speaker 1: was it that was making you want to hold on

455
00:19:34,160 --> 00:19:35,400
Speaker 1: to control of everything?

456
00:19:36,520 --> 00:19:39,080
Speaker 3: Well, just in general, like this is bigger than finance.

457
00:19:39,160 --> 00:19:40,840
Speaker 3: I was actually talking to friend about that today. That

458
00:19:40,920 --> 00:19:44,320
Speaker 3: to me, control equal safety and so like in every

459
00:19:44,359 --> 00:19:47,040
Speaker 3: area of my life, you know, like you know, remember

460
00:19:47,080 --> 00:19:48,000
Speaker 3: you came over to my house.

461
00:19:48,000 --> 00:19:49,639
Speaker 4: You're like, girl, mess this place up a little bit.

462
00:19:49,680 --> 00:19:51,600
Speaker 4: I'm like, no, it's neat. I'm always tore ready.

463
00:19:52,000 --> 00:19:55,160
Speaker 6: That's also like a child of immigrant things as well,

464
00:19:55,720 --> 00:19:58,400
Speaker 6: the need for contry, yes, because so much is out

465
00:19:58,400 --> 00:20:00,800
Speaker 6: of our controls, so we have to control every aspect

466
00:20:00,960 --> 00:20:01,320
Speaker 6: we can.

467
00:20:01,760 --> 00:20:03,680
Speaker 3: And so it's why, like I mean, if I look

468
00:20:03,720 --> 00:20:06,040
Speaker 3: across the board, so it wasn't just the financial thing,

469
00:20:06,280 --> 00:20:09,160
Speaker 3: it was just it manifested itself here, but it manifested

470
00:20:09,200 --> 00:20:11,119
Speaker 3: itself across the board in so many areas of my

471
00:20:11,160 --> 00:20:14,520
Speaker 3: life where I'm learning to relinquish some of that control.

472
00:20:14,560 --> 00:20:18,119
Speaker 3: But it's easier I can relinquish control if I can

473
00:20:18,240 --> 00:20:22,240
Speaker 3: establish trust with someone. I'm like, oh, okay, I trust Mandy,

474
00:20:22,320 --> 00:20:25,000
Speaker 3: she's going to do it, so I can say you

475
00:20:25,040 --> 00:20:28,200
Speaker 3: got it, Branda mission Okay, Oh I trust Angelie. I'm like, Okay,

476
00:20:28,359 --> 00:20:31,000
Speaker 3: So I don't feel I'm not scared in that space

477
00:20:31,040 --> 00:20:34,320
Speaker 3: anymore because there's a safety that we've created here. But

478
00:20:34,400 --> 00:20:36,520
Speaker 3: if I don't feel safe, oh, then I'm stepping in.

479
00:20:36,560 --> 00:20:37,320
Speaker 4: I'm doing everything.

480
00:20:37,640 --> 00:20:39,320
Speaker 3: And so that's really what it was. That it was

481
00:20:39,359 --> 00:20:41,000
Speaker 3: just like I worked so hard to get to this

482
00:20:41,080 --> 00:20:44,480
Speaker 3: place and to dig myself out that I didn't want

483
00:20:44,520 --> 00:20:48,320
Speaker 3: to relinquish control and therefore wipe all of that out again.

484
00:20:49,000 --> 00:20:50,960
Speaker 3: And so I was terrified. I much rather have a

485
00:20:50,960 --> 00:20:54,679
Speaker 3: million dollars sitting in savings than like to like and

486
00:20:54,720 --> 00:20:58,640
Speaker 3: trust someone who would you know, like, you know, take

487
00:20:58,640 --> 00:21:00,840
Speaker 3: advantage of like of my us, or leave me or

488
00:21:00,880 --> 00:21:03,000
Speaker 3: lead me astray. And so once I realized that, okay,

489
00:21:03,000 --> 00:21:05,439
Speaker 3: that was not Angulie. And I think because I knew

490
00:21:05,760 --> 00:21:08,160
Speaker 3: she was a child of immigrants, there are certain things

491
00:21:08,200 --> 00:21:10,560
Speaker 3: she understood that didn't have to say. So if I

492
00:21:10,680 --> 00:21:12,000
Speaker 3: was like, oh, this is how much money I said

493
00:21:12,000 --> 00:21:13,800
Speaker 3: to my parents every month. It wasn't like but why

494
00:21:14,359 --> 00:21:16,040
Speaker 3: what do you say that. It's like, well, yes, we know,

495
00:21:16,119 --> 00:21:18,840
Speaker 3: this is what we do. We're someplace else I'd have

496
00:21:18,880 --> 00:21:21,000
Speaker 3: to explain, you know, like well, you know, as a

497
00:21:21,040 --> 00:21:22,920
Speaker 3: child of immigrants, we take care of our family and

498
00:21:22,960 --> 00:21:23,240
Speaker 3: did it.

499
00:21:23,240 --> 00:21:25,000
Speaker 4: And I don't have to explain those things, you know.

500
00:21:26,359 --> 00:21:28,359
Speaker 3: And so yeah, so that that was very helpful that

501
00:21:28,400 --> 00:21:30,639
Speaker 3: there was a and also to a Julie being a

502
00:21:30,680 --> 00:21:32,560
Speaker 3: woman of color. It's just there's certain things I could

503
00:21:32,600 --> 00:21:35,399
Speaker 3: just relax into and know that like, okay, there is

504
00:21:35,440 --> 00:21:38,520
Speaker 3: a sense of like, okay, we have enough commonality that

505
00:21:38,560 --> 00:21:40,600
Speaker 3: I don't have to explain, so the new things I

506
00:21:40,600 --> 00:21:41,720
Speaker 3: could just focus on that.

507
00:21:42,560 --> 00:21:46,560
Speaker 1: So what sorts of strategies on Julie are you using

508
00:21:46,720 --> 00:21:49,720
Speaker 1: with a client like Tiffany, Like, what are some I

509
00:21:49,760 --> 00:21:51,240
Speaker 1: know you had to build up to it, but y'all

510
00:21:51,280 --> 00:21:54,280
Speaker 1: work together for six years, Tiffany's business has been booming

511
00:21:55,080 --> 00:21:56,280
Speaker 1: and booming.

512
00:21:56,320 --> 00:21:57,320
Speaker 4: Girls has been tight.

513
00:21:57,880 --> 00:22:02,159
Speaker 1: Okay, it's been business has been businessing because we have

514
00:22:02,240 --> 00:22:06,080
Speaker 1: our Okay, we're still in business. I mean you've been

515
00:22:06,119 --> 00:22:12,160
Speaker 1: through so much, Tiffany. Obviously, Jerell's untimely passing a few

516
00:22:12,200 --> 00:22:15,800
Speaker 1: years ago, and you know, you've been making lots of

517
00:22:15,800 --> 00:22:18,320
Speaker 1: you were making lots of changes with you know, your

518
00:22:18,359 --> 00:22:22,960
Speaker 1: business structure. Over the last couple of years you've gone

519
00:22:23,000 --> 00:22:25,960
Speaker 1: through You've kept your property, you've had with Jerell, You've

520
00:22:25,960 --> 00:22:30,800
Speaker 1: purchased your rich your rich Anti layer, your rich antipad,

521
00:22:31,000 --> 00:22:35,680
Speaker 1: which is stunning. You've wanted to purchase additional properties, and

522
00:22:35,760 --> 00:22:38,520
Speaker 1: like it's come up in our conversations when you've been

523
00:22:38,880 --> 00:22:43,040
Speaker 1: working with Angelie that you're starting to learn some I

524
00:22:43,040 --> 00:22:45,159
Speaker 1: don't know if cheat codes is the right way, right

525
00:22:45,240 --> 00:22:48,960
Speaker 1: way to frame it, but like some loopholes some some

526
00:22:48,960 --> 00:22:54,680
Speaker 1: some like yeah, cheat codes, some little side doors, back entrances.

527
00:22:55,040 --> 00:22:57,160
Speaker 1: Here's some secret knowledge that it feels like the rest

528
00:22:57,200 --> 00:23:00,280
Speaker 1: of us don't know that has enabled you to you know,

529
00:23:00,440 --> 00:23:04,359
Speaker 1: grow your wealth, leverage your wealth and new ways. And

530
00:23:04,400 --> 00:23:07,280
Speaker 1: so can we kind of break some of those strategies down,

531
00:23:07,680 --> 00:23:11,440
Speaker 1: Ajulie or Tiffany to kind of loop us in on

532
00:23:11,480 --> 00:23:14,159
Speaker 1: where you're where you're at now, as comfortable as you

533
00:23:14,560 --> 00:23:16,359
Speaker 1: as as transparently as you want to to.

534
00:23:17,240 --> 00:23:18,600
Speaker 5: Yes, what do you right?

535
00:23:19,240 --> 00:23:19,640
Speaker 1: You say?

536
00:23:19,680 --> 00:23:21,840
Speaker 3: No, they know obviously have all my business so you

537
00:23:21,840 --> 00:23:23,960
Speaker 3: can hear how like so I was there's these two

538
00:23:23,960 --> 00:23:26,760
Speaker 3: properties I wanted to They just kind of came on

539
00:23:26,800 --> 00:23:29,120
Speaker 3: the market, and so one of them was like such

540
00:23:29,119 --> 00:23:31,359
Speaker 3: a great deal. In particular, it's two bedroom to bath,

541
00:23:31,400 --> 00:23:34,360
Speaker 3: and I thought, Okay, Melissa is in her freshman year,

542
00:23:34,359 --> 00:23:37,560
Speaker 3: maybe by her junior year, this could be like her apartment,

543
00:23:38,760 --> 00:23:40,600
Speaker 3: so she has separate money that she can use to

544
00:23:40,600 --> 00:23:43,320
Speaker 3: buy property for herself when she graduates. So this is

545
00:23:43,359 --> 00:23:45,680
Speaker 3: more so I could keep an eye on her, and

546
00:23:45,760 --> 00:23:47,960
Speaker 3: like you know, and and and the lift. The cost

547
00:23:48,000 --> 00:23:50,680
Speaker 3: to me is nominal, So it's too bad to bath.

548
00:23:51,640 --> 00:23:53,919
Speaker 3: It's a newer close to where I live. And it

549
00:23:54,000 --> 00:23:56,520
Speaker 3: was one fifty. So the guy who sold it to me,

550
00:23:56,800 --> 00:23:58,480
Speaker 3: it was just kind of one of these legacy sales.

551
00:23:58,480 --> 00:24:01,120
Speaker 3: His mom is in her nineties. She owned all these properties.

552
00:24:01,119 --> 00:24:03,399
Speaker 3: He's kind of off boarding and wanted to sell it

553
00:24:03,840 --> 00:24:07,280
Speaker 3: to somebody who would honor, you know, like that. He

554
00:24:07,320 --> 00:24:08,720
Speaker 3: loved the fact that I was going to have family

555
00:24:08,760 --> 00:24:11,560
Speaker 3: move in, you know, so he so we were just

556
00:24:11,560 --> 00:24:14,600
Speaker 3: negotiating last year. He wonted two fifty four, and he said,

557
00:24:14,760 --> 00:24:16,320
Speaker 3: if I decided to sell, I'll let you know. We

558
00:24:16,320 --> 00:24:18,399
Speaker 3: were just talking casually, head, why should come back upstairs

559
00:24:18,440 --> 00:24:21,000
Speaker 3: and see it. He's like I told my family members,

560
00:24:21,040 --> 00:24:23,639
Speaker 3: I'd tell him to once for one seventy five. I said, well,

561
00:24:23,640 --> 00:24:26,200
Speaker 3: what about one fifty? This is me Casually he said okay.

562
00:24:26,280 --> 00:24:30,480
Speaker 3: I was like wait what okay, And so a few

563
00:24:30,480 --> 00:24:32,520
Speaker 3: weeks later I had purchased it, and then there was

564
00:24:32,560 --> 00:24:34,720
Speaker 3: a second property that came up.

565
00:24:35,119 --> 00:24:36,840
Speaker 1: So when you're purchasing this, this is something you have to

566
00:24:36,840 --> 00:24:39,360
Speaker 1: like go check with Angelie about Well.

567
00:24:39,440 --> 00:24:41,520
Speaker 4: I told him okay, but I had not talked to Angela. Yeah.

568
00:24:41,520 --> 00:24:42,879
Speaker 4: I was like okay.

569
00:24:43,000 --> 00:24:48,800
Speaker 1: So it probably came up almost.

570
00:24:47,040 --> 00:24:47,680
Speaker 4: The same day.

571
00:24:47,880 --> 00:24:51,040
Speaker 3: And this property is similar to mine, beautiful in the

572
00:24:51,040 --> 00:24:52,480
Speaker 3: same building New.

573
00:24:52,480 --> 00:24:53,120
Speaker 4: York City Views.

574
00:24:53,119 --> 00:24:55,199
Speaker 3: It's like seventy five percent of mine as far as

575
00:24:55,200 --> 00:24:59,440
Speaker 3: size wise, and that property probably is worth five twenty

576
00:24:59,600 --> 00:25:00,639
Speaker 3: fir or whatever.

577
00:25:01,280 --> 00:25:02,400
Speaker 4: But I got it for four.

578
00:25:02,359 --> 00:25:05,640
Speaker 3: Sixty two because there was a couple who she inherited

579
00:25:05,680 --> 00:25:07,960
Speaker 3: from her father who passed away some years ago. And

580
00:25:08,080 --> 00:25:10,439
Speaker 3: same thing. They didn't this is all off market. It

581
00:25:10,480 --> 00:25:13,240
Speaker 3: wasn't on you know, realtor dot com. They wanted to

582
00:25:13,280 --> 00:25:16,560
Speaker 3: sell it to someone who was going to honor and

583
00:25:16,680 --> 00:25:18,480
Speaker 3: like love this property like they did, so they sold

584
00:25:18,520 --> 00:25:21,240
Speaker 3: it to me. So when I got those two numbers,

585
00:25:21,359 --> 00:25:23,440
Speaker 3: you know, Like, certainly what I love about Angelie is

586
00:25:23,480 --> 00:25:26,680
Speaker 3: that I can share with her. Hey, here's the properties.

587
00:25:26,960 --> 00:25:28,600
Speaker 3: Do you think these are fair prices? So those are

588
00:25:28,680 --> 00:25:32,359
Speaker 3: questions that you can ask. But then two we talked

589
00:25:32,359 --> 00:25:34,480
Speaker 3: through based upon like Angeline knows what my goals are,

590
00:25:34,920 --> 00:25:37,400
Speaker 3: what is the best way to buy this, Like do

591
00:25:37,440 --> 00:25:39,960
Speaker 3: I pay cash? Do I get mortgages?

592
00:25:40,160 --> 00:25:40,359
Speaker 4: You know?

593
00:25:40,400 --> 00:25:42,560
Speaker 3: And so you know, so angel You're free to share,

594
00:25:42,640 --> 00:25:44,159
Speaker 3: you know, I'll give you the permission, Like I've like,

595
00:25:44,240 --> 00:25:46,320
Speaker 3: what was your thought process in like advising me about

596
00:25:46,320 --> 00:25:47,720
Speaker 3: what you thought it was the best way to purchase

597
00:25:47,760 --> 00:25:48,360
Speaker 3: this property?

598
00:25:48,520 --> 00:25:54,080
Speaker 6: These yes, So, because Tiffany has had, you know, some

599
00:25:54,200 --> 00:25:56,880
Speaker 6: major financial things happened to her, there is some fear

600
00:25:56,920 --> 00:25:59,440
Speaker 6: around debt. Right, So for a really long time, Tiffany

601
00:25:59,520 --> 00:26:01,760
Speaker 6: was like, no, dead, I will pay cash for everything.

602
00:26:01,920 --> 00:26:04,280
Speaker 5: I was like, okay, let's do that for a while.

603
00:26:05,359 --> 00:26:08,320
Speaker 6: Then you know, there comes a point where we always

604
00:26:08,320 --> 00:26:09,480
Speaker 6: talk about good deb bat dead.

605
00:26:09,640 --> 00:26:09,840
Speaker 4: Right.

606
00:26:10,000 --> 00:26:12,960
Speaker 6: So I'm like, the death that Tiffany will take on

607
00:26:13,480 --> 00:26:16,240
Speaker 6: is not going to bankrupt her. Right, There's enough there,

608
00:26:16,280 --> 00:26:18,520
Speaker 6: There's enough of a safety net, there's enough of a cushion.

609
00:26:18,520 --> 00:26:21,320
Speaker 6: So when we started talking about these properties right. I

610
00:26:21,359 --> 00:26:24,240
Speaker 6: was like, well, why don't we consider a pledged asset line?

611
00:26:24,240 --> 00:26:26,359
Speaker 6: And Tiffany's like, ooh, what's that right, and so she

612
00:26:26,440 --> 00:26:28,639
Speaker 6: did her own research on that. So with the pledged

613
00:26:28,640 --> 00:26:31,840
Speaker 6: asset line, what happens is is that instead of when

614
00:26:31,880 --> 00:26:34,960
Speaker 6: you get a mortgage, your collateral is the home, right,

615
00:26:35,040 --> 00:26:37,120
Speaker 6: so the bank gives you the mortgage, if you can't pay,

616
00:26:37,200 --> 00:26:39,600
Speaker 6: they will take your home. With the pledged asset line,

617
00:26:39,640 --> 00:26:42,320
Speaker 6: the collateral is actually your brokerage account. So if your

618
00:26:42,320 --> 00:26:47,080
Speaker 6: brokerage account is at certain levels, the custodian or the

619
00:26:47,119 --> 00:26:51,080
Speaker 6: bank will give you an asset line similar to a heelock,

620
00:26:51,560 --> 00:26:53,360
Speaker 6: at a very competitive interest rate.

621
00:26:53,760 --> 00:26:56,199
Speaker 5: So we started talking to Tiffany about it. I was like,

622
00:26:56,359 --> 00:26:57,360
Speaker 5: this is going to be the rate.

623
00:26:57,760 --> 00:27:01,320
Speaker 6: I'm like, I sugest we explore this option because if

624
00:27:01,320 --> 00:27:03,640
Speaker 6: we were going to pull money out of your portfolio,

625
00:27:03,960 --> 00:27:07,479
Speaker 6: your portfolio through June of this year's up like twelve

626
00:27:07,520 --> 00:27:09,639
Speaker 6: to fifteen percent, you're going to pay five and a

627
00:27:09,680 --> 00:27:11,439
Speaker 6: half percent on the pledged asset line.

628
00:27:11,520 --> 00:27:13,480
Speaker 5: So for just looking at it from a peer.

629
00:27:13,320 --> 00:27:17,479
Speaker 6: Numbers perspective, you can be your own bank instead of

630
00:27:17,720 --> 00:27:20,239
Speaker 6: using a bank, which a lot of people we have

631
00:27:20,440 --> 00:27:23,320
Speaker 6: issues and concerns with banks and their fees and everything

632
00:27:23,320 --> 00:27:25,199
Speaker 6: else that goes with it. And I was like, and

633
00:27:25,200 --> 00:27:27,920
Speaker 6: then we let your assets grow, so this is going

634
00:27:27,960 --> 00:27:30,280
Speaker 6: to build more wealth for you over the short term

635
00:27:30,280 --> 00:27:32,320
Speaker 6: and long term. And then I explained to her. I

636
00:27:32,359 --> 00:27:34,200
Speaker 6: was like, this is what billionaires do, and she's like,

637
00:27:34,240 --> 00:27:37,720
Speaker 6: what do you mean. I was like, billionaires, like anyone

638
00:27:37,720 --> 00:27:41,879
Speaker 6: who's a billionaire who has huge stock concentration portfolios, this

639
00:27:41,920 --> 00:27:43,840
Speaker 6: is what they do. They get a pledge asset line,

640
00:27:43,920 --> 00:27:46,960
Speaker 6: They pay all of their expenses through the pledge asset line,

641
00:27:47,000 --> 00:27:49,960
Speaker 6: they take enough of a salary from their business to

642
00:27:50,080 --> 00:27:53,560
Speaker 6: pay the interest, and they just let that line keep going.

643
00:27:53,840 --> 00:27:57,080
Speaker 6: And then when they pass away and their air is inherited,

644
00:27:57,520 --> 00:28:00,600
Speaker 6: they get a step up in basis they can sell assets,

645
00:28:00,840 --> 00:28:02,639
Speaker 6: they pay no tax on it, and they pay off

646
00:28:02,680 --> 00:28:05,760
Speaker 6: that pledged asset line. And that's how generational wealth gets built.

647
00:28:05,920 --> 00:28:06,120
Speaker 5: Right.

648
00:28:06,240 --> 00:28:10,280
Speaker 6: So it's starting to like for Tiffany, right, because Tiffany

649
00:28:10,480 --> 00:28:15,120
Speaker 6: has come from, you know, like middle class, humble background,

650
00:28:15,320 --> 00:28:19,200
Speaker 6: She's made financial mistakes. This is a totally different world

651
00:28:19,200 --> 00:28:22,679
Speaker 6: to navigate. So it's not like I pushed her to

652
00:28:22,720 --> 00:28:24,479
Speaker 6: say this is what you should do, but to just

653
00:28:24,560 --> 00:28:27,800
Speaker 6: let Tiffany be aware of, like, here's other options available

654
00:28:27,800 --> 00:28:30,560
Speaker 6: to you now that you're in this level of wealth

655
00:28:30,560 --> 00:28:33,199
Speaker 6: and this stage in your life. So let's explore it

656
00:28:33,240 --> 00:28:35,119
Speaker 6: and see where you feel comfortable with it.

657
00:28:35,320 --> 00:28:35,520
Speaker 5: Right.

658
00:28:35,600 --> 00:28:38,000
Speaker 6: So those are the things that we started working through,

659
00:28:38,440 --> 00:28:40,400
Speaker 6: you know, and then also figuring out like from a

660
00:28:40,440 --> 00:28:44,880
Speaker 6: tax perspective, from a legal perspective, from an estate planning perspective,

661
00:28:44,880 --> 00:28:46,440
Speaker 6: because when someone comes to me and they're like on

662
00:28:46,480 --> 00:28:49,000
Speaker 6: a purchase a property, it's not we are looking at

663
00:28:49,120 --> 00:28:51,479
Speaker 6: is this a good investment, We're also looking at how

664
00:28:51,520 --> 00:28:54,240
Speaker 6: it's going to fit into your overall financial picture. Right,

665
00:28:54,320 --> 00:28:57,000
Speaker 6: So those are the components that like Tiffany and I

666
00:28:57,200 --> 00:29:00,800
Speaker 6: worked through when she was deciding on interesting these two

667
00:29:00,840 --> 00:29:03,080
Speaker 6: which you know, I think you still have to send

668
00:29:03,080 --> 00:29:03,880
Speaker 6: me the documentation.

669
00:29:07,160 --> 00:29:09,120
Speaker 3: So yes, I just close on the other one, like

670
00:29:09,160 --> 00:29:11,360
Speaker 3: I don't know, like a week ago or whatever, so

671
00:29:11,440 --> 00:29:14,280
Speaker 3: I have to send like, hey, I bought it because

672
00:29:14,280 --> 00:29:16,520
Speaker 3: also too, so really good. You have to think about

673
00:29:16,520 --> 00:29:20,840
Speaker 3: your your financial planner. They're like the the.

674
00:29:19,800 --> 00:29:22,360
Speaker 4: They're like your your general what is it? What does

675
00:29:22,360 --> 00:29:22,960
Speaker 4: the doctor called?

676
00:29:23,000 --> 00:29:26,960
Speaker 3: Like, You're not your general practitioner, your primary care right,

677
00:29:27,040 --> 00:29:30,000
Speaker 3: so they will then send you to other places, right, So,

678
00:29:30,040 --> 00:29:32,560
Speaker 3: but everyone has to talk to your primary care, you

679
00:29:32,600 --> 00:29:37,240
Speaker 3: know doctor. So Angeli knows Tony my attorney. So Tony

680
00:29:37,320 --> 00:29:39,320
Speaker 3: did my trust, so she might be like, did you

681
00:29:39,760 --> 00:29:42,240
Speaker 3: transfer this to your trust yet? You know, But Angeli

682
00:29:42,320 --> 00:29:45,840
Speaker 3: also talks to Georgie. Georgie is like our CFO financial

683
00:29:45,880 --> 00:29:49,080
Speaker 3: manager for our company. And so even when Georgia's making

684
00:29:49,120 --> 00:29:52,440
Speaker 3: decisions for the company, sometimes, you know, Angeli, she also

685
00:29:52,520 --> 00:29:55,719
Speaker 3: chimes in there and says, well, you know what and

686
00:29:55,840 --> 00:29:58,480
Speaker 3: what I don't know, like what retirement plans do you

687
00:29:58,560 --> 00:30:01,040
Speaker 3: guys have, what benefits? And so you guys choose Unduli

688
00:30:01,080 --> 00:30:04,000
Speaker 3: helped to us to choose those plans based upon I

689
00:30:04,080 --> 00:30:06,560
Speaker 3: know what Tiffany is needing and so does that make

690
00:30:06,560 --> 00:30:09,680
Speaker 3: sense for the company? And so in all areas, like

691
00:30:09,760 --> 00:30:12,840
Speaker 3: you know, she gets all areas financially, she gets involved

692
00:30:12,840 --> 00:30:15,000
Speaker 3: because we also have an accountant. By accountant does our

693
00:30:15,080 --> 00:30:18,240
Speaker 3: business accounting but also my personal So Angeli is just

694
00:30:18,280 --> 00:30:22,320
Speaker 3: actually reviewing like our accounting, like you know, our tax

695
00:30:22,360 --> 00:30:25,400
Speaker 3: return now, to make sure that everything is aligned. But

696
00:30:25,480 --> 00:30:28,200
Speaker 3: she's looking at it from a perspective of like Tiffany

697
00:30:28,240 --> 00:30:30,840
Speaker 3: is the bottom line and does it all flow up

698
00:30:30,880 --> 00:30:33,080
Speaker 3: to what makes sense there. So the pledge ACCID line

699
00:30:33,200 --> 00:30:35,520
Speaker 3: was so great about it is that literally I get

700
00:30:35,520 --> 00:30:40,720
Speaker 3: to borrow against myself without having to disturb like the

701
00:30:40,800 --> 00:30:42,680
Speaker 3: money that I have invested, so I don't have to

702
00:30:42,680 --> 00:30:45,400
Speaker 3: trigger a tax response, you know, I don't lose out

703
00:30:45,440 --> 00:30:49,040
Speaker 3: on money growing, and I could just pay the interest

704
00:30:49,080 --> 00:30:51,680
Speaker 3: back if I want to, which I'm currently doing right now.

705
00:30:51,720 --> 00:30:52,680
Speaker 4: I've chosen to do that.

706
00:30:53,400 --> 00:30:57,360
Speaker 3: And it's so crazy because my interest rate is lower

707
00:30:57,400 --> 00:30:58,160
Speaker 3: than what a mortgage is.

708
00:30:58,280 --> 00:31:00,200
Speaker 1: I's not to say five point five, what are it's

709
00:31:00,240 --> 00:31:03,200
Speaker 1: like seven percent these days it's yeah.

710
00:31:03,160 --> 00:31:04,560
Speaker 5: Yeah, six six point two.

711
00:31:04,840 --> 00:31:06,560
Speaker 3: And the more money that I had, like I could

712
00:31:06,600 --> 00:31:08,360
Speaker 3: have gotten lower if I had even more money in

713
00:31:08,400 --> 00:31:10,280
Speaker 3: my brokerage account. So the more money you have in

714
00:31:10,280 --> 00:31:12,320
Speaker 3: your brokege account, the lower that industry would have been.

715
00:31:12,840 --> 00:31:14,360
Speaker 4: And so it's just really crazy.

716
00:31:14,440 --> 00:31:17,280
Speaker 1: Yeah, with a pledged asset line on Julie, how much

717
00:31:17,360 --> 00:31:19,160
Speaker 1: do you need to have in your brokerage account to

718
00:31:19,240 --> 00:31:20,440
Speaker 1: qualify gender is? It?

719
00:31:20,480 --> 00:31:21,600
Speaker 2: Does it vary by thank.

720
00:31:21,680 --> 00:31:25,280
Speaker 6: They all, I mean, they'll give you you know, whatever amount,

721
00:31:25,360 --> 00:31:28,520
Speaker 6: but there's usually you want at least like half a

722
00:31:28,600 --> 00:31:30,960
Speaker 6: million where the interest rate makes sense because if it's

723
00:31:30,960 --> 00:31:33,040
Speaker 6: too small. The interest rate can be like close to

724
00:31:33,160 --> 00:31:36,400
Speaker 6: nine percent and then it's not really worth doing. A

725
00:31:36,680 --> 00:31:39,040
Speaker 6: million is like a nice sweet spot, and then anything

726
00:31:39,040 --> 00:31:43,640
Speaker 6: above that there's usually breakpoints that are provided. We use Schwab,

727
00:31:43,760 --> 00:31:46,200
Speaker 6: but Schwab has their break points, like here's where you

728
00:31:46,240 --> 00:31:49,240
Speaker 6: get and they're variable, right, there's still a variable interest rate,

729
00:31:49,240 --> 00:31:49,800
Speaker 6: but they.

730
00:31:49,680 --> 00:31:52,120
Speaker 5: Are okay, yeah, but we're.

731
00:31:53,480 --> 00:31:55,720
Speaker 6: Yeah, Well, it's like it's a kind of a line

732
00:31:55,760 --> 00:31:58,520
Speaker 6: of credit. So usually all lines of credit have that

733
00:31:58,600 --> 00:32:01,959
Speaker 6: variable interest rate, which is fine, right, It's like we

734
00:32:02,080 --> 00:32:05,959
Speaker 6: understand the risks and the main thing is like whatever

735
00:32:06,160 --> 00:32:08,560
Speaker 6: line you receive, you don't want to pull all of

736
00:32:08,600 --> 00:32:11,360
Speaker 6: it because if you if the market dips and your

737
00:32:11,400 --> 00:32:14,000
Speaker 6: portfolio dips, you may have a call in which you

738
00:32:14,080 --> 00:32:16,440
Speaker 6: have to fund that different So for clients we set

739
00:32:16,480 --> 00:32:19,880
Speaker 6: it up, they give you the max available, but we

740
00:32:19,960 --> 00:32:23,000
Speaker 6: never want clients to draw all of it, right, So

741
00:32:23,040 --> 00:32:25,680
Speaker 6: that's where it also helps. Like the more there's and assets,

742
00:32:25,720 --> 00:32:28,360
Speaker 6: the larger the line, you have more flexibility in terms

743
00:32:28,360 --> 00:32:30,880
Speaker 6: of how much you can pull and still feel safe

744
00:32:30,880 --> 00:32:33,600
Speaker 6: and comfortable that the market or the portfolio is not

745
00:32:33,600 --> 00:32:35,120
Speaker 6: going to dip to a point in which you need

746
00:32:35,160 --> 00:32:36,640
Speaker 6: to do a big cash influx.

747
00:32:38,520 --> 00:32:41,160
Speaker 1: Heyba fam, we going to take a quick break, pay

748
00:32:41,200 --> 00:32:43,000
Speaker 1: some bills, and we'll be right back.

749
00:32:44,000 --> 00:32:46,080
Speaker 2: It makes me a little nervous.

750
00:32:45,600 --> 00:32:47,440
Speaker 1: Because like it's like you have this access to this

751
00:32:47,520 --> 00:32:49,719
Speaker 1: line of credit, right, and that's why you said it's

752
00:32:49,760 --> 00:32:52,320
Speaker 1: kind of like a helock. So for like a regular homeowner,

753
00:32:52,440 --> 00:32:54,240
Speaker 1: like I have a bunch of equity in my home,

754
00:32:54,280 --> 00:32:56,920
Speaker 1: I'm getting the letters in the mail like helocks and

755
00:32:56,960 --> 00:33:01,800
Speaker 1: cash out refise and I'm like, no, I don't trust

756
00:33:01,880 --> 00:33:04,520
Speaker 1: myself with that right now, honestly. But so you have

757
00:33:04,600 --> 00:33:06,200
Speaker 1: access to a line of credit, you don't have to

758
00:33:06,280 --> 00:33:09,240
Speaker 1: use it all. So then Tiffany, like, is it ever

759
00:33:09,360 --> 00:33:12,080
Speaker 1: tempting for you? What's the is there? Now?

760
00:33:12,840 --> 00:33:13,800
Speaker 4: I'm a cheap bro you know.

761
00:33:13,760 --> 00:33:16,280
Speaker 6: A che brow. I mean that's funny, is like all

762
00:33:16,320 --> 00:33:17,880
Speaker 6: my class I have a lot of clients who have

763
00:33:17,920 --> 00:33:20,040
Speaker 6: it now. They're all like the ones who have it

764
00:33:20,080 --> 00:33:23,840
Speaker 6: are all like very responsible, which explains why they have.

765
00:33:23,760 --> 00:33:25,280
Speaker 5: Such large Brokeridge accounts.

766
00:33:25,520 --> 00:33:28,760
Speaker 6: And there's so much still, there's so much like uneasiness

767
00:33:28,760 --> 00:33:32,400
Speaker 6: because it's different, right, they're not used to it. It's

768
00:33:32,440 --> 00:33:35,800
Speaker 6: not like their friends and family members have been doing this.

769
00:33:35,880 --> 00:33:39,080
Speaker 6: So because it's navigating like a kind of a different world.

770
00:33:39,480 --> 00:33:42,400
Speaker 6: There is hesitation, right, And it's like I had a

771
00:33:42,400 --> 00:33:44,880
Speaker 6: client where the same thing was happening, and I was like,

772
00:33:45,520 --> 00:33:48,640
Speaker 6: he's he was thinking about buying the building for his

773
00:33:48,760 --> 00:33:50,760
Speaker 6: business and he's like, well, this is what the bank

774
00:33:50,800 --> 00:33:51,960
Speaker 6: is giving me. And I was like, do you want

775
00:33:51,960 --> 00:33:53,680
Speaker 6: to just be your own bank? And he's your pledged

776
00:33:53,720 --> 00:33:56,120
Speaker 6: asset line and he's like, how will that work? And

777
00:33:56,200 --> 00:33:58,480
Speaker 6: I did a spreadsheet. I was like, here's how it works.

778
00:33:58,520 --> 00:34:00,440
Speaker 6: If you do this versus this is to have much

779
00:34:00,440 --> 00:34:03,040
Speaker 6: assets you will still have in ten years. And he's like, oh,

780
00:34:03,080 --> 00:34:07,280
Speaker 6: like no brainer, right, But it takes like like kind

781
00:34:07,320 --> 00:34:10,879
Speaker 6: of rethinking and reshifting on like how you view your

782
00:34:11,000 --> 00:34:14,040
Speaker 6: assets in order to feel comfort, and even then there's

783
00:34:14,080 --> 00:34:17,120
Speaker 6: still discomfort there. So for someone like Tiffany, I'm not

784
00:34:17,160 --> 00:34:20,440
Speaker 6: worried about her being like yay money, money, money, right,

785
00:34:20,600 --> 00:34:23,760
Speaker 6: because she's not going to do that, and I'm there

786
00:34:23,840 --> 00:34:26,399
Speaker 6: to provide those guardrails. So if she's like, hey, I'm

787
00:34:26,440 --> 00:34:29,040
Speaker 6: thinking about doing pulling this because I just want to

788
00:34:29,040 --> 00:34:31,719
Speaker 6: spend it, like we're going to have a conversation around that.

789
00:34:31,760 --> 00:34:35,160
Speaker 6: Because it's also like out of character for someone like Tiffany,

790
00:34:35,200 --> 00:34:38,040
Speaker 6: So I want to have a better understanding, right, So

791
00:34:38,120 --> 00:34:40,480
Speaker 6: when a client emails me and they're like, I'm.

792
00:34:40,280 --> 00:34:42,160
Speaker 5: Thinking about this, Like what do you think?

793
00:34:42,239 --> 00:34:45,280
Speaker 6: Like, we warrants a call because I want to really understand,

794
00:34:45,320 --> 00:34:48,320
Speaker 6: like where's Tiffany at, where's her mindset at? Because a

795
00:34:48,320 --> 00:34:51,200
Speaker 6: lot of times when Tiffany and I've been working together

796
00:34:51,280 --> 00:34:53,719
Speaker 6: for six years and there's been such an evolution and

797
00:34:53,800 --> 00:34:57,239
Speaker 6: where she started and where she is now, that there

798
00:34:57,160 --> 00:35:00,640
Speaker 6: are shifts that happen right in terms of we are

799
00:35:01,239 --> 00:35:03,840
Speaker 6: personally in our career and in our life.

800
00:35:04,480 --> 00:35:05,759
Speaker 5: So I want to I want to.

801
00:35:05,760 --> 00:35:08,000
Speaker 6: Make sure I always have a gauge on that because

802
00:35:08,440 --> 00:35:10,120
Speaker 6: you know, for a while, Tiffany's like, I want to

803
00:35:10,120 --> 00:35:10,520
Speaker 6: step back.

804
00:35:10,560 --> 00:35:11,800
Speaker 5: I want to focus on myself.

805
00:35:11,840 --> 00:35:13,719
Speaker 6: And I was like, perfect, let's figure out how we're

806
00:35:13,719 --> 00:35:14,960
Speaker 6: going to make that work for you, right, And then

807
00:35:15,000 --> 00:35:15,600
Speaker 6: Tiffany is like.

808
00:35:15,880 --> 00:35:17,279
Speaker 5: I'm good, I'm gonna be back in it.

809
00:35:17,320 --> 00:35:19,400
Speaker 6: I was like, okay, perfect, let's figure out how you

810
00:35:19,440 --> 00:35:21,920
Speaker 6: come back to it but still keep that work life balance.

811
00:35:21,960 --> 00:35:24,200
Speaker 6: That's really important. That it was like what you really

812
00:35:24,239 --> 00:35:26,160
Speaker 6: wanted from the start of us working together.

813
00:35:26,560 --> 00:35:28,839
Speaker 5: So it's you know, the advisor.

814
00:35:28,360 --> 00:35:30,920
Speaker 6: Is checking in on all the money aspects, but I

815
00:35:30,960 --> 00:35:34,560
Speaker 6: also am checking in where my clients are, like emotionally,

816
00:35:35,080 --> 00:35:37,719
Speaker 6: because if things have shifted emotionally, then we need to

817
00:35:37,760 --> 00:35:40,799
Speaker 6: revisit the plan and how we're thinking about things, because

818
00:35:40,840 --> 00:35:44,080
Speaker 6: I don't want to keep everything status quo if things

819
00:35:44,080 --> 00:35:47,080
Speaker 6: have evolved and changed. So that's where like the ongoing

820
00:35:47,080 --> 00:35:50,960
Speaker 6: communication is also really important to make sure that like

821
00:35:51,080 --> 00:35:53,640
Speaker 6: we're all on the same page. So I continue to

822
00:35:53,640 --> 00:35:57,200
Speaker 6: give like advice that's helpful for Tiffany and whoever I'm

823
00:35:57,239 --> 00:35:57,600
Speaker 6: working with.

824
00:35:57,760 --> 00:35:59,640
Speaker 1: So are you allowed to draw on that line of

825
00:35:59,680 --> 00:36:03,800
Speaker 1: credit without Angelie's check of approval stamp of approval?

826
00:36:04,400 --> 00:36:05,880
Speaker 4: I guess I don't even know. I wouldn't even know

827
00:36:05,960 --> 00:36:06,480
Speaker 4: is it would not?

828
00:36:06,760 --> 00:36:08,359
Speaker 2: What do they give you a debit card? Credit card?

829
00:36:08,680 --> 00:36:09,239
Speaker 2: How do you do it?

830
00:36:09,440 --> 00:36:10,080
Speaker 4: I don't even know.

831
00:36:10,200 --> 00:36:12,480
Speaker 6: You can get a checkbook if you want, but usually

832
00:36:12,480 --> 00:36:14,600
Speaker 6: our clients are just like, hey, I'm thinking about this,

833
00:36:14,960 --> 00:36:17,319
Speaker 6: and we just initiate the requests for them.

834
00:36:17,400 --> 00:36:19,600
Speaker 5: But you can get a check book, and you.

835
00:36:19,600 --> 00:36:22,000
Speaker 1: Have like an access to the Schwab account. You can

836
00:36:22,000 --> 00:36:24,040
Speaker 1: get in there and move funds around.

837
00:36:24,040 --> 00:36:24,520
Speaker 5: He can do that.

838
00:36:24,560 --> 00:36:25,600
Speaker 1: Oh, you can do it, Tiffany.

839
00:36:25,719 --> 00:36:27,439
Speaker 4: Okay, But yeah, I don't. I don't.

840
00:36:27,719 --> 00:36:30,719
Speaker 3: To me, this was a like I see it as

841
00:36:30,719 --> 00:36:32,799
Speaker 3: a if there was something I wanted to invest in,

842
00:36:33,320 --> 00:36:35,759
Speaker 3: because to me, that money is there to make me money.

843
00:36:35,840 --> 00:36:37,279
Speaker 4: So even though like.

844
00:36:37,239 --> 00:36:39,520
Speaker 3: The second property that I purchased, I'm probably going to

845
00:36:39,600 --> 00:36:43,759
Speaker 3: have my sisters move in and it doesn't maybe like

846
00:36:43,840 --> 00:36:46,160
Speaker 3: I don't, I won't get like rant in a traditional

847
00:36:46,239 --> 00:36:48,200
Speaker 3: sense still cover the carrying costs, like my other sister

848
00:36:48,239 --> 00:36:51,440
Speaker 3: doesn't house, so it doesn't cost me anything, but that

849
00:36:51,520 --> 00:36:54,040
Speaker 3: the value of the property will have raised. Like the

850
00:36:54,080 --> 00:36:55,839
Speaker 3: place I live in now, I bought it for five twenty.

851
00:36:55,920 --> 00:36:59,239
Speaker 3: I'll remember I put maybe like one hundred and twenty

852
00:36:59,320 --> 00:37:01,640
Speaker 3: thousand dollars in two but now it's been evaluated at

853
00:37:02,800 --> 00:37:05,880
Speaker 3: eight twenty, so like you know, like a significant like

854
00:37:06,280 --> 00:37:08,000
Speaker 3: I don't know, almost two thousand dollars.

855
00:37:08,280 --> 00:37:09,960
Speaker 1: I got to it warm without my children.

856
00:37:11,000 --> 00:37:12,680
Speaker 3: But then the other place I bought for one fifty,

857
00:37:12,719 --> 00:37:15,200
Speaker 3: it was already there's already equity built in just from

858
00:37:15,200 --> 00:37:15,680
Speaker 3: the purchase.

859
00:37:15,880 --> 00:37:16,120
Speaker 2: Gotch.

860
00:37:16,719 --> 00:37:18,239
Speaker 3: So I just say all that to say that, like

861
00:37:19,520 --> 00:37:21,520
Speaker 3: the space that I make my financial choices from, at

862
00:37:21,600 --> 00:37:25,200
Speaker 3: least these two properties are not just It's not just

863
00:37:25,239 --> 00:37:27,960
Speaker 3: for I'm not flipping these properties. So they're heart choices

864
00:37:28,040 --> 00:37:31,040
Speaker 3: with smart financial backing, you know. And so that's what

865
00:37:31,080 --> 00:37:32,759
Speaker 3: Andelie helps to like, Oh I think I'm going to

866
00:37:32,800 --> 00:37:34,880
Speaker 3: do this. It's like okay, Like that's what I love.

867
00:37:35,080 --> 00:37:36,160
Speaker 3: She'll ask anything.

868
00:37:35,880 --> 00:37:37,719
Speaker 4: New and I'm like, oh no, no, no with you.

869
00:37:38,440 --> 00:37:40,160
Speaker 1: So that way often are you guys chatting to you

870
00:37:40,280 --> 00:37:42,200
Speaker 1: like a regular standing monthly?

871
00:37:42,760 --> 00:37:46,760
Speaker 6: I think I have four times a year scheduled with tip. Okay,

872
00:37:47,800 --> 00:37:49,680
Speaker 6: but they'll be like, you know, her and I are

873
00:37:49,680 --> 00:37:51,840
Speaker 6: talking later today because I'm like, hey, I have another

874
00:37:51,840 --> 00:37:54,000
Speaker 6: investment thing that we should talk to her, and there's

875
00:37:54,000 --> 00:37:56,160
Speaker 6: some tax planning we should do, so let's just do

876
00:37:56,239 --> 00:38:00,880
Speaker 6: it now, right, So it's there, we have scheduled that

877
00:38:00,920 --> 00:38:02,800
Speaker 6: I want to make sure we meet at this frequency,

878
00:38:02,840 --> 00:38:05,359
Speaker 6: but there's always going to be other things that come

879
00:38:05,440 --> 00:38:07,120
Speaker 6: up that we'll talk, right. I don't have like a

880
00:38:07,200 --> 00:38:09,800
Speaker 6: cap on how often I meet with clients, and sometimes

881
00:38:09,800 --> 00:38:11,640
Speaker 6: it's not that much. Sometimes it's a lot if they're

882
00:38:11,640 --> 00:38:13,399
Speaker 6: going through a life change, right, So it just kind

883
00:38:13,440 --> 00:38:14,000
Speaker 6: of dependents.

884
00:38:14,000 --> 00:38:16,080
Speaker 5: So we try to keep it flexible.

885
00:38:16,600 --> 00:38:19,080
Speaker 1: So how else could you use a pledged asset line

886
00:38:19,239 --> 00:38:21,319
Speaker 1: on Julie and the in Tiffany's case, you're using it

887
00:38:21,360 --> 00:38:24,680
Speaker 1: for these additional properties. But is that a typical use.

888
00:38:25,040 --> 00:38:26,440
Speaker 5: Yeah, that can be a typical use.

889
00:38:26,640 --> 00:38:28,760
Speaker 1: Or is it like Elon Musk who's going to buy Twitter,

890
00:38:28,960 --> 00:38:29,840
Speaker 1: probably using.

891
00:38:29,760 --> 00:38:31,919
Speaker 5: Right, It could be that.

892
00:38:32,080 --> 00:38:35,280
Speaker 6: It could be you're your own bank, so like Tiffany

893
00:38:35,800 --> 00:38:37,760
Speaker 6: is doing, you can do that on the business side.

894
00:38:37,880 --> 00:38:41,160
Speaker 6: And that one is interesting because instead of the bank,

895
00:38:41,280 --> 00:38:43,400
Speaker 6: you're you're the bank.

896
00:38:43,480 --> 00:38:44,400
Speaker 5: For your business.

897
00:38:44,440 --> 00:38:47,520
Speaker 6: Your business is paying you, you know, whatever interest rate

898
00:38:47,560 --> 00:38:50,120
Speaker 6: you want to charge for that loan. So there's like

899
00:38:50,520 --> 00:38:53,880
Speaker 6: interesting ways you can structure things for a tax benefit.

900
00:38:54,000 --> 00:38:55,680
Speaker 6: That was another thing with the property was.

901
00:38:55,840 --> 00:38:58,759
Speaker 1: My mind just when you were just saying.

902
00:38:58,480 --> 00:39:01,839
Speaker 6: That, yeah, yeah, and you could you know, you if

903
00:39:01,840 --> 00:39:04,319
Speaker 6: your your rate is like five and a half, but

904
00:39:04,480 --> 00:39:08,680
Speaker 6: the business you're charging them six seven, that's still competitive

905
00:39:08,920 --> 00:39:11,640
Speaker 6: compared to a bank. You're not paying all those fees, right,

906
00:39:11,840 --> 00:39:13,960
Speaker 6: and just little things like the property.

907
00:39:14,040 --> 00:39:18,400
Speaker 7: You know, you keep the money all in your area,

908
00:39:18,520 --> 00:39:21,800
Speaker 7: that realm, realm because then your business is paying you

909
00:39:21,880 --> 00:39:26,160
Speaker 7: the fees crapped and that's just fine.

910
00:39:28,400 --> 00:39:29,240
Speaker 4: It's so crazy.

911
00:39:29,960 --> 00:39:30,720
Speaker 1: It's not crazy.

912
00:39:30,719 --> 00:39:32,880
Speaker 2: It's great. I'm like, oh, yeah, screw the banks.

913
00:39:33,680 --> 00:39:34,680
Speaker 1: I didn't have more.

914
00:39:34,560 --> 00:39:38,160
Speaker 5: Money so frustrating and you don't go through underririsk.

915
00:39:37,600 --> 00:39:40,520
Speaker 1: Though, what's the risk if you're Yeah, the risk.

916
00:39:40,400 --> 00:39:42,440
Speaker 5: Is if you pulled too much on your portfolio.

917
00:39:42,520 --> 00:39:45,960
Speaker 6: Like let's take elon Musk right when the price of

918
00:39:46,000 --> 00:39:49,360
Speaker 6: Twitter collapsed, right, and then the price of Tesla collapsed,

919
00:39:49,400 --> 00:39:52,640
Speaker 6: and then he overpaid for Twitter. There wasn't everyone kept

920
00:39:52,640 --> 00:39:55,080
Speaker 6: saying like they wanted the price of Tesla to crash

921
00:39:55,200 --> 00:39:57,480
Speaker 6: enough so he had to make a call, meaning he

922
00:39:57,560 --> 00:40:00,160
Speaker 6: had to put in an influx of money or all

923
00:40:00,280 --> 00:40:03,319
Speaker 6: his positions in order to make the line to the

924
00:40:03,440 --> 00:40:07,000
Speaker 6: value in which the bank was okay with. So that's

925
00:40:07,000 --> 00:40:09,319
Speaker 6: the risk is like you don't want to pull so

926
00:40:09,520 --> 00:40:12,880
Speaker 6: much where a decrease in value is going to impact that.

927
00:40:13,280 --> 00:40:17,480
Speaker 6: Tiffany is invested in a diversified portfolio, so her portfolio

928
00:40:17,600 --> 00:40:20,240
Speaker 6: is not going to swing the way like Tesla stock

929
00:40:20,280 --> 00:40:23,359
Speaker 6: would swing, right, So there's a little bit of there's

930
00:40:23,400 --> 00:40:26,399
Speaker 6: a little bit of safety there, and that's what I'm

931
00:40:26,440 --> 00:40:28,439
Speaker 6: there for to be like, hey, you're getting pretty close

932
00:40:28,480 --> 00:40:32,040
Speaker 6: to the line. Let's like revisit this or let's consider

933
00:40:32,160 --> 00:40:35,400
Speaker 6: other methods. Right, So that's the main risk is really

934
00:40:35,520 --> 00:40:39,080
Speaker 6: just like keeping a prize of the value and making

935
00:40:39,120 --> 00:40:42,040
Speaker 6: sure you're not overpulling. But outside of that, right Like,

936
00:40:42,640 --> 00:40:45,600
Speaker 6: there's the same level of risk with a bank, there's

937
00:40:45,680 --> 00:40:49,080
Speaker 6: less flexibility with a bank. Right Like, there's just so

938
00:40:49,120 --> 00:40:54,359
Speaker 6: many benefits of of you being your bank, you being

939
00:40:54,440 --> 00:40:58,239
Speaker 6: your asset manager, you being your real estate investor, right Like,

940
00:40:58,320 --> 00:41:00,759
Speaker 6: you keep everything kind of in how you just have

941
00:41:00,800 --> 00:41:04,080
Speaker 6: more control and overall you spend less money because you're

942
00:41:04,120 --> 00:41:07,399
Speaker 6: just not tied up in fees at banks charge or

943
00:41:07,480 --> 00:41:09,680
Speaker 6: this or that. Right Like, Tiffany can buy these properties.

944
00:41:09,680 --> 00:41:11,920
Speaker 6: She doesn't have to pay realtor's commissions. She's just doing

945
00:41:11,960 --> 00:41:15,879
Speaker 6: these internal deals on her own. Like people don't think

946
00:41:15,880 --> 00:41:19,080
Speaker 6: about all those hidden internal costs, but they add up

947
00:41:19,160 --> 00:41:22,560
Speaker 6: over a lifetime. So these are just ways in which

948
00:41:22,600 --> 00:41:27,000
Speaker 6: you can reduce those costs and just have more portfolio

949
00:41:27,160 --> 00:41:28,479
Speaker 6: assets and weld at.

950
00:41:28,400 --> 00:41:31,840
Speaker 1: The end of the day. So for bea fan who's listening,

951
00:41:32,080 --> 00:41:33,799
Speaker 1: and I know we have a lot of listeners because

952
00:41:33,800 --> 00:41:35,759
Speaker 1: we are they've been listening for ten years now and

953
00:41:35,800 --> 00:41:39,240
Speaker 1: we've been stacking our coins and investing. And you're curious

954
00:41:39,280 --> 00:41:42,359
Speaker 1: about this concept pledge asset line and whether or not

955
00:41:42,400 --> 00:41:46,560
Speaker 1: you have a financial advisor already. What would you say

956
00:41:46,760 --> 00:41:50,080
Speaker 1: to do next as a listener, to learn more, to

957
00:41:50,239 --> 00:41:52,400
Speaker 1: educate yourself to actually like see if this could be

958
00:41:52,440 --> 00:41:53,160
Speaker 1: an option for you.

959
00:41:53,719 --> 00:41:56,399
Speaker 6: Yeah, so I would say, wherever your brokerage account is at,

960
00:41:56,400 --> 00:42:00,759
Speaker 6: whether it's at Shuah, Fidelity, Vanguard, call them up and say, hey,

961
00:42:00,960 --> 00:42:02,319
Speaker 6: I'm interested in a pledge asset.

962
00:42:02,400 --> 00:42:03,480
Speaker 5: W do you offer that?

963
00:42:03,760 --> 00:42:03,920
Speaker 4: Right?

964
00:42:04,040 --> 00:42:06,399
Speaker 6: And so then they'll go into the details. You can

965
00:42:06,400 --> 00:42:08,719
Speaker 6: ask them what the interest rate will be. The nice

966
00:42:08,719 --> 00:42:10,920
Speaker 6: part is those lines can be opened in a few days,

967
00:42:11,000 --> 00:42:13,800
Speaker 6: So that's the other benefit. Like for Tiffany, she needed

968
00:42:13,800 --> 00:42:15,719
Speaker 6: to close really quickly. I was like, cool, we can

969
00:42:15,760 --> 00:42:18,440
Speaker 6: get this open in like less than a week, so

970
00:42:18,480 --> 00:42:21,719
Speaker 6: she's not bound to like a thirty forty five day

971
00:42:21,800 --> 00:42:23,879
Speaker 6: closing escro that would be required if we were going

972
00:42:23,920 --> 00:42:25,320
Speaker 6: to go traditional financing.

973
00:42:25,400 --> 00:42:27,240
Speaker 5: So that's always a great first step.

974
00:42:27,400 --> 00:42:30,600
Speaker 1: Yeah, and no credit check necessary, No, isn't that crazy?

975
00:42:31,320 --> 00:42:33,120
Speaker 1: All the advice we give is like, make sure you

976
00:42:33,160 --> 00:42:35,319
Speaker 1: don't take on any new debt six months before you

977
00:42:35,320 --> 00:42:35,879
Speaker 1: buy a home.

978
00:42:36,040 --> 00:42:38,600
Speaker 6: Yeah, I make sure the debt is you know, you

979
00:42:38,719 --> 00:42:42,960
Speaker 6: have to have a stable financial framework, right, So if

980
00:42:43,040 --> 00:42:47,439
Speaker 6: your framework is stable and you've done and you've checked

981
00:42:47,480 --> 00:42:51,400
Speaker 6: all the boxes on that, then debt is just another tool,

982
00:42:51,760 --> 00:42:55,279
Speaker 6: yeah in your financial picture, right, Debt provides leverage. There's

983
00:42:55,280 --> 00:42:56,880
Speaker 6: a lot of benefits in debt, but you have to

984
00:42:56,880 --> 00:42:59,520
Speaker 6: get the foundation set first. Once the foundation is set,

985
00:42:59,680 --> 00:43:01,399
Speaker 6: then use that to your advantage.

986
00:43:01,600 --> 00:43:03,840
Speaker 1: What is that foundation? How would you define that?

987
00:43:04,239 --> 00:43:07,719
Speaker 6: So that would be you know, are you well insured,

988
00:43:08,120 --> 00:43:10,719
Speaker 6: are you saving in all of your buckets? Are you

989
00:43:10,880 --> 00:43:14,040
Speaker 6: boxing out retirement, doing your backdoor rods? Are you building

990
00:43:14,040 --> 00:43:19,200
Speaker 6: your brokerage account? So before even Tiffany was exploring investment properties,

991
00:43:19,440 --> 00:43:21,759
Speaker 6: I was like, we need to build your core portfolio, right,

992
00:43:21,760 --> 00:43:23,840
Speaker 6: that's your brokerage account and your retirement accounts.

993
00:43:23,920 --> 00:43:26,120
Speaker 5: We need to build that first. That is the piece

994
00:43:26,160 --> 00:43:28,000
Speaker 5: that's always going to be liquid for you.

995
00:43:28,400 --> 00:43:31,800
Speaker 6: So even if you take if you want financial independence

996
00:43:31,800 --> 00:43:35,480
Speaker 6: at fifty, we need liquid buckets of money for you

997
00:43:35,520 --> 00:43:39,319
Speaker 6: to get access to things like alternative investments, real estate.

998
00:43:39,400 --> 00:43:42,480
Speaker 6: Those are ill liquid. So those are great components to

999
00:43:42,520 --> 00:43:45,560
Speaker 6: a portfolio, but we can't really explore those until your

1000
00:43:45,560 --> 00:43:48,640
Speaker 6: core portfolio is set. So once Tiffany established the core

1001
00:43:48,719 --> 00:43:52,080
Speaker 6: portfolio right and well ensured we got the estate planning

1002
00:43:52,080 --> 00:43:55,239
Speaker 6: documents that we kind of did all of the foundations

1003
00:43:55,239 --> 00:43:57,600
Speaker 6: of financial planning. Then She's like, now what do I do?

1004
00:43:57,640 --> 00:43:59,000
Speaker 6: And I was like, the nice part is you could

1005
00:43:59,000 --> 00:44:01,520
Speaker 6: do whatever you want. At this point, I don't care

1006
00:44:01,719 --> 00:44:04,080
Speaker 6: because you're doing all the things you need to do

1007
00:44:04,200 --> 00:44:06,400
Speaker 6: so we can be creative now, right, So I'm like,

1008
00:44:06,960 --> 00:44:09,000
Speaker 6: do you want to buy real estate? Do you want

1009
00:44:09,040 --> 00:44:11,480
Speaker 6: to invest in startups? Right that you just have so

1010
00:44:11,520 --> 00:44:14,919
Speaker 6: many more opportunities, and then it becomes fun because now

1011
00:44:14,960 --> 00:44:17,920
Speaker 6: you get to invest in things that you're passionate about,

1012
00:44:18,040 --> 00:44:21,399
Speaker 6: that you are really interested in. Tiffany gets to buy

1013
00:44:21,400 --> 00:44:23,600
Speaker 6: these properties that her sisters get to live in and

1014
00:44:23,640 --> 00:44:25,560
Speaker 6: they have a nice place, they're close to her. So

1015
00:44:25,920 --> 00:44:28,360
Speaker 6: you just have you just have the ability.

1016
00:44:27,960 --> 00:44:29,600
Speaker 5: To do a lot more.

1017
00:44:30,760 --> 00:44:34,320
Speaker 6: But it came with hard work on Tiffany's and on

1018
00:44:34,480 --> 00:44:37,120
Speaker 6: making sure she did all the necessary steps to be

1019
00:44:37,160 --> 00:44:40,120
Speaker 6: able to allow her to have that creativity and flexibility.

1020
00:44:40,160 --> 00:44:42,560
Speaker 1: Now years and years how many years?

1021
00:44:42,640 --> 00:44:44,000
Speaker 3: And I'll say this that like one of them, and

1022
00:44:44,000 --> 00:44:46,520
Speaker 3: I know you have to like hot Mandy, but one

1023
00:44:46,560 --> 00:44:49,400
Speaker 3: of the if you're thinking about financial advisor, but if

1024
00:44:49,400 --> 00:44:52,279
Speaker 3: you're married with kids, I mean, I think it's really

1025
00:44:52,400 --> 00:44:55,000
Speaker 3: essential because when honestly, when Jirelle passed away, I don't

1026
00:44:55,000 --> 00:44:55,640
Speaker 3: know what I would.

1027
00:44:55,440 --> 00:44:56,280
Speaker 4: Have done with Ali.

1028
00:44:56,480 --> 00:44:58,560
Speaker 3: She like created like a coalition of like all the

1029
00:44:59,400 --> 00:45:01,719
Speaker 3: all of the people I look at my life, my

1030
00:45:01,760 --> 00:45:02,960
Speaker 3: financial team is like all women.

1031
00:45:03,719 --> 00:45:05,800
Speaker 4: You know. It was her, it was Tony.

1032
00:45:05,520 --> 00:45:08,920
Speaker 3: It was George, it was our accountant at the time,

1033
00:45:10,120 --> 00:45:12,319
Speaker 3: and it was just like she would spoon feed me,

1034
00:45:12,400 --> 00:45:14,480
Speaker 3: this is what you need to do next. Like I

1035
00:45:14,480 --> 00:45:18,080
Speaker 3: remember you were like Alyssa's mom is going to be

1036
00:45:18,080 --> 00:45:20,960
Speaker 3: able to get Social Security for her. And the thing

1037
00:45:20,960 --> 00:45:23,279
Speaker 3: about social Security is that there is no back seats,

1038
00:45:23,360 --> 00:45:26,239
Speaker 3: there's no retro pay that if you don't apply now,

1039
00:45:26,320 --> 00:45:29,000
Speaker 3: you don't get if you wait six months because you're grieving,

1040
00:45:29,080 --> 00:45:31,200
Speaker 3: you're not going to get that six months back. And

1041
00:45:31,239 --> 00:45:33,840
Speaker 3: it was like, here's the phone number, here's who to call,

1042
00:45:33,960 --> 00:45:35,840
Speaker 3: here's what needs to be done. And so I passed

1043
00:45:35,840 --> 00:45:38,120
Speaker 3: it on to Melissa's mom and she was able to

1044
00:45:38,160 --> 00:45:40,400
Speaker 3: do that and you know, be able to financially provide

1045
00:45:40,400 --> 00:45:43,160
Speaker 3: for her with Drell not being here, and it was like, okay, next, Tiffany.

1046
00:45:43,280 --> 00:45:45,400
Speaker 3: But it was just spoon fed in a way because

1047
00:45:45,440 --> 00:45:48,480
Speaker 3: Angelie had all of our financial paperwork. It was just like,

1048
00:45:48,719 --> 00:45:51,279
Speaker 3: Direll has a pension, this is what's coming to you.

1049
00:45:51,280 --> 00:45:53,480
Speaker 3: You know, there's a life insurance policy. This is what's

1050
00:45:53,640 --> 00:45:55,799
Speaker 3: I wouldn't have. I just want It would have been too

1051
00:45:55,880 --> 00:45:57,799
Speaker 3: much for me to navigate during that time, but also

1052
00:45:57,920 --> 00:46:00,319
Speaker 3: too it was confusing to me. But she had all

1053
00:46:00,360 --> 00:46:02,960
Speaker 3: of that, and so it made it easier for me

1054
00:46:03,000 --> 00:46:05,799
Speaker 3: to like, Okay, well like let me make that call

1055
00:46:05,880 --> 00:46:08,400
Speaker 3: and see where that check is or let me let

1056
00:46:08,480 --> 00:46:10,239
Speaker 3: me you know, I know something is coming in for

1057
00:46:10,360 --> 00:46:13,480
Speaker 3: so having someone that knows like all of your financial

1058
00:46:13,560 --> 00:46:16,319
Speaker 3: kind of like goings on, it made that I got

1059
00:46:16,320 --> 00:46:18,400
Speaker 3: to just miss Jorell in that time and not have

1060
00:46:18,480 --> 00:46:20,840
Speaker 3: to figure out, well, what do I need to do

1061
00:46:20,880 --> 00:46:22,319
Speaker 3: for this and when you know, because you had someone

1062
00:46:22,320 --> 00:46:24,719
Speaker 3: who was doing that for you. So that alone was

1063
00:46:24,760 --> 00:46:27,279
Speaker 3: like worth its weight in gold. I don't know that

1064
00:46:27,360 --> 00:46:29,319
Speaker 3: I could have navigated that time. I have friends who

1065
00:46:29,719 --> 00:46:33,440
Speaker 3: lost their husband and lost their house, you know, and

1066
00:46:33,520 --> 00:46:35,920
Speaker 3: so like no, I really, I mean, I'm so grateful

1067
00:46:35,920 --> 00:46:38,239
Speaker 3: because I really got to just miss him because I

1068
00:46:38,239 --> 00:46:40,360
Speaker 3: didn't have to navigate all those things by myself. Like

1069
00:46:40,440 --> 00:46:42,960
Speaker 3: Tony came to my house, was like, let's sit down,

1070
00:46:43,200 --> 00:46:45,319
Speaker 3: let's now you know, like whatever you need, we're going

1071
00:46:45,400 --> 00:46:48,120
Speaker 3: to navigate this. She would come regularly like house visits

1072
00:46:48,160 --> 00:46:51,160
Speaker 3: from your attorney, you know. And so I don't know

1073
00:46:51,160 --> 00:46:52,520
Speaker 3: what I would have done if I didn't have that

1074
00:46:52,600 --> 00:46:55,080
Speaker 3: team in place prior, because they were I'm sure they

1075
00:46:55,080 --> 00:46:56,920
Speaker 3: were talking when I wasn't even there to be like

1076
00:46:56,960 --> 00:46:57,879
Speaker 3: what else needs to be done?

1077
00:46:57,880 --> 00:46:59,279
Speaker 4: So I'm just really grateful for that.

1078
00:47:00,600 --> 00:47:03,960
Speaker 1: Oh it's nice to give Angelie and your team their flowers. Yes,

1079
00:47:04,040 --> 00:47:07,200
Speaker 1: of course, not be getting emotional, I know.

1080
00:47:07,200 --> 00:47:07,719
Speaker 4: I'm not gonna lie.

1081
00:47:09,480 --> 00:47:13,920
Speaker 6: I'm well, I trust is so important in the relationship, right,

1082
00:47:14,000 --> 00:47:15,680
Speaker 6: Like I think I was the first or I think

1083
00:47:15,680 --> 00:47:18,200
Speaker 6: I was the second call when it happened, right, So

1084
00:47:18,239 --> 00:47:20,359
Speaker 6: I'm like, and I tell clients, I was like, we're

1085
00:47:20,400 --> 00:47:22,480
Speaker 6: the first to hear about cancer diagnosis, We're the first

1086
00:47:22,520 --> 00:47:25,520
Speaker 6: to hear about deaths and deaths in the family, whatever

1087
00:47:25,560 --> 00:47:26,080
Speaker 6: the case may be.

1088
00:47:26,239 --> 00:47:29,520
Speaker 5: You have to trust, yes, trust comfort.

1089
00:47:29,600 --> 00:47:33,279
Speaker 6: That's the most important piece of the relationship, because if

1090
00:47:33,320 --> 00:47:35,960
Speaker 6: you don't have someone you feel comfortable sharing that information with,

1091
00:47:36,120 --> 00:47:38,520
Speaker 6: it's you know, it's not good for you or them

1092
00:47:38,560 --> 00:47:40,080
Speaker 6: in terms of financial success.

1093
00:47:40,120 --> 00:47:42,439
Speaker 3: So there are things that maybe I forgot and she'd like, no, no, no,

1094
00:47:42,880 --> 00:47:46,239
Speaker 3: Remember Jirelle said this during our call, And I'm like, okay,

1095
00:47:46,640 --> 00:47:48,440
Speaker 3: you know, because you's sometimes I was trying to navigate, like, well,

1096
00:47:48,440 --> 00:47:49,239
Speaker 3: what's the best fort list?

1097
00:47:49,239 --> 00:47:50,320
Speaker 4: Say what was his desires?

1098
00:47:50,320 --> 00:47:52,640
Speaker 3: And and in the grief you can't remember everything. But

1099
00:47:52,719 --> 00:47:55,480
Speaker 3: Angelie was like this recorder to say, no, he was

1100
00:47:55,600 --> 00:47:57,319
Speaker 3: very clear about this is what he wanted for her.

1101
00:47:57,480 --> 00:47:59,200
Speaker 3: So we're able to put these things in place for her.

1102
00:47:59,239 --> 00:48:02,520
Speaker 3: And so yeah, it's just so yeah, it's it's not

1103
00:48:02,680 --> 00:48:06,640
Speaker 3: just money, you know, like it's life, and money is

1104
00:48:06,640 --> 00:48:08,600
Speaker 3: just nearly one of the tools. But having a really

1105
00:48:08,640 --> 00:48:12,319
Speaker 3: good financial advisor can help you to maintain and make

1106
00:48:12,400 --> 00:48:14,239
Speaker 3: sure that the things that you desire and want for

1107
00:48:14,239 --> 00:48:16,800
Speaker 3: your life you can have those. It's not easy, certainly,

1108
00:48:16,840 --> 00:48:19,040
Speaker 3: but yeah, I mean I tell anybody like, because I

1109
00:48:19,040 --> 00:48:19,840
Speaker 3: see a lot of people.

1110
00:48:19,680 --> 00:48:22,200
Speaker 4: Say you can do it yourself. You can, but it's

1111
00:48:22,280 --> 00:48:23,880
Speaker 4: like you have so much other things to do.

1112
00:48:24,000 --> 00:48:24,279
Speaker 6: Love you.

1113
00:48:24,360 --> 00:48:26,279
Speaker 4: I okay, my bad.

1114
00:48:26,880 --> 00:48:28,520
Speaker 1: Anyway you were looking down.

1115
00:48:28,560 --> 00:48:33,120
Speaker 2: I'm like, look at me. I wish I had more time.

1116
00:48:33,200 --> 00:48:34,120
Speaker 4: No, this is great.

1117
00:48:34,400 --> 00:48:38,920
Speaker 1: I have you back again. I don't even know if

1118
00:48:38,920 --> 00:48:42,759
Speaker 1: I gave you a proper intropator Angli Jariwala. You can

1119
00:48:42,800 --> 00:48:46,800
Speaker 1: find her at fitadvisors dot com. Check her out. Although

1120
00:48:46,840 --> 00:48:48,800
Speaker 1: I'm sure you were booked and busy, but if you'd

1121
00:48:48,840 --> 00:48:52,319
Speaker 1: like to be to check more about Angulie and y'all

1122
00:48:52,360 --> 00:48:55,000
Speaker 1: know where to find Tiffany. Come on now all over

1123
00:48:55,040 --> 00:48:57,279
Speaker 1: the internet streets. Thank y'all so much for joining. This

1124
00:48:57,280 --> 00:48:58,719
Speaker 1: has been so much fun. We'll have you back again

1125
00:48:58,760 --> 00:49:02,640
Speaker 1: soon and we'll leave it there. Thank y'all. Thanks ba Fam,

1126
00:49:02,719 --> 00:49:07,759
Speaker 1: You're welcome. Thank you, okay va fam, thank you so

1127
00:49:07,880 --> 00:49:10,160
Speaker 1: much for listening to this week's show. I want to

1128
00:49:10,200 --> 00:49:14,640
Speaker 1: shout out to our production team, Courtney, our editor, Carla,

1129
00:49:14,800 --> 00:49:18,759
Speaker 1: our fearless leader for idea to launch productions. I want

1130
00:49:18,800 --> 00:49:23,040
Speaker 1: to shout out my assistant Lauda Escalante and Cameron McNair

1131
00:49:23,480 --> 00:49:25,759
Speaker 1: for helping me put the show together. It is not

1132
00:49:26,160 --> 00:49:29,520
Speaker 1: a one person project, as much as I have tried

1133
00:49:29,560 --> 00:49:33,080
Speaker 1: to make it so these past ten years. I need help, y'all,

1134
00:49:33,480 --> 00:49:35,720
Speaker 1: and thank goodness I've been able to put this team

1135
00:49:35,840 --> 00:49:38,640
Speaker 1: around me to support me on this journey. And to

1136
00:49:38,760 --> 00:49:41,800
Speaker 1: y'all bea fam. I love you so so so so much.

1137
00:49:42,440 --> 00:49:44,960
Speaker 1: Please rate, review, subscribe, make sure you sign up to

1138
00:49:45,000 --> 00:49:48,600
Speaker 1: the newsletter to get all the latest updates on upcoming episodes.

1139
00:49:48,719 --> 00:49:53,839
Speaker 1: Our ten year anniversary celebrations to come, and until next time,

1140
00:49:54,200 --> 00:49:55,560
Speaker 1: talk to you soon via guy