1
00:00:02,480 --> 00:00:07,680
Speaker 1: Hey, hey, hey, we're back. We're black.

2
00:00:07,760 --> 00:00:13,120
Speaker 2: Wait, actually it's this is the b a q a

3
00:00:13,119 --> 00:00:15,920
Speaker 2: A the b a q a which to say the

4
00:00:16,000 --> 00:00:18,560
Speaker 2: b a q a with tiffin a the b a

5
00:00:18,920 --> 00:00:21,560
Speaker 2: q a eight no man day the b a.

6
00:00:21,600 --> 00:00:26,119
Speaker 3: Q a just may Okay, Hey, I am back in

7
00:00:26,200 --> 00:00:28,560
Speaker 3: this too. Manday's not here today, but that's okay.

8
00:00:28,600 --> 00:00:30,080
Speaker 1: I got you. We're gonna do a little b a

9
00:00:30,160 --> 00:00:30,400
Speaker 1: q A.

10
00:00:30,520 --> 00:00:33,640
Speaker 3: That's when I or myself or and Manday and I

11
00:00:33,760 --> 00:00:40,320
Speaker 3: answered you were questions about business, personal finance career to

12
00:00:40,400 --> 00:00:42,959
Speaker 3: the best of our black and brown ability that you're

13
00:00:42,960 --> 00:00:45,000
Speaker 3: gonna take with the smallest green of salt because you

14
00:00:45,040 --> 00:00:47,960
Speaker 3: do not pay us too. So we're not your attorney,

15
00:00:48,000 --> 00:00:51,360
Speaker 3: we're not your doctor, we're not your your mama. But

16
00:00:51,440 --> 00:00:56,640
Speaker 3: we are your favorite qtie pie internet cousins answering financial questions.

17
00:00:56,760 --> 00:00:59,600
Speaker 1: Okay, okay, so let's start out with some questions.

18
00:00:59,600 --> 00:01:03,200
Speaker 3: If you have questions, you can go to brannibisionpodcast dot com.

19
00:01:03,400 --> 00:01:06,399
Speaker 3: There's like a contact us button or whatever they're You

20
00:01:06,400 --> 00:01:08,600
Speaker 3: can ask a question there. You can slide into the

21
00:01:08,680 --> 00:01:16,720
Speaker 3: dms on Instagram, Brianna Vision Podcast, Twitter, THEBA Podcast, Brannibisionpodcasts

22
00:01:16,760 --> 00:01:18,800
Speaker 3: at gmail dot com. You can email us, you know,

23
00:01:19,360 --> 00:01:24,800
Speaker 3: ask your questions. All right, so let's start with dum.

24
00:01:25,840 --> 00:01:27,160
Speaker 1: Okay, let me see who's this.

25
00:01:27,959 --> 00:01:32,560
Speaker 3: Oh hold up, it looks like we have two dudes

26
00:01:32,760 --> 00:01:34,080
Speaker 3: in the STU today.

27
00:01:34,959 --> 00:01:36,760
Speaker 1: Okay, so we're gonna start with Rob.

28
00:01:36,880 --> 00:01:40,440
Speaker 3: Hey Rob, Rob says, Hey, ladies, I'm a fan of

29
00:01:40,480 --> 00:01:43,520
Speaker 3: you both. By the way, my sister who by way

30
00:01:43,560 --> 00:01:46,000
Speaker 3: of my sister who encouraged me to listen to your podcast.

31
00:01:46,000 --> 00:01:48,400
Speaker 3: Shout out to Robin or Okay, see what your parents

32
00:01:48,440 --> 00:01:49,360
Speaker 3: are there, Robin, Robin.

33
00:01:49,480 --> 00:01:49,960
Speaker 1: I love it.

34
00:01:51,000 --> 00:01:53,240
Speaker 3: I thoroughly enjoyed the topics, and I have learned a

35
00:01:53,280 --> 00:01:53,920
Speaker 3: lot so far.

36
00:01:54,000 --> 00:01:54,480
Speaker 1: We love that.

37
00:01:55,520 --> 00:01:58,560
Speaker 3: I had a serious question pertaining to debt management. I'm

38
00:01:58,600 --> 00:02:01,560
Speaker 3: currently twenty eight and I work for the financial industry

39
00:02:01,960 --> 00:02:03,480
Speaker 3: and I'm making good money.

40
00:02:03,520 --> 00:02:04,480
Speaker 1: However, I have.

41
00:02:04,440 --> 00:02:08,200
Speaker 3: A ton of debt due to poor decisions and being taken.

42
00:02:08,440 --> 00:02:09,600
Speaker 1: Advantage of my family.

43
00:02:09,760 --> 00:02:13,359
Speaker 3: Oh wow, Okay, this debt has been lingering for years,

44
00:02:13,520 --> 00:02:17,480
Speaker 3: and recently my wages were garnished. Okay, I can't afford

45
00:02:17,520 --> 00:02:19,880
Speaker 3: that at the moment, in addition to repayment of my

46
00:02:19,919 --> 00:02:24,120
Speaker 3: student loans beginning in October, because y'all know, know the

47
00:02:24,200 --> 00:02:27,720
Speaker 3: goopid told the president we got to stop paying okay,

48
00:02:28,600 --> 00:02:31,200
Speaker 3: the student loans that he paused, those payments that he paused.

49
00:02:32,120 --> 00:02:35,679
Speaker 3: She says, I'm actively seeking an attorney to explore options

50
00:02:35,720 --> 00:02:38,239
Speaker 3: to stop garnishment and how to manage to eliminate other

51
00:02:38,280 --> 00:02:41,080
Speaker 3: existing debts. I saw something pertaining to bankruptcy, and it

52
00:02:41,080 --> 00:02:43,600
Speaker 3: looks like it may be extremely helpful, but I'm horrified

53
00:02:43,760 --> 00:02:47,240
Speaker 3: at how it could potentially affect my credit, especially when

54
00:02:47,320 --> 00:02:49,440
Speaker 3: I'm working in the industry that pays attention to that

55
00:02:49,600 --> 00:02:52,239
Speaker 3: when it comes to promoting. Do you guys have any

56
00:02:52,240 --> 00:02:55,320
Speaker 3: knowledge about bankruptcies or any other alternatives to debt management

57
00:02:56,320 --> 00:02:57,480
Speaker 3: when it's gotten pretty bad?

58
00:02:57,760 --> 00:03:00,880
Speaker 1: Thanks? Rob, Well, Rob.

59
00:03:00,720 --> 00:03:03,040
Speaker 3: First, I want to say I'm so sorry that you've been,

60
00:03:03,120 --> 00:03:06,000
Speaker 3: you know, taking advantage of by some family, you know.

61
00:03:06,160 --> 00:03:08,440
Speaker 3: Good on you for acknowledging that, you know, sometimes you

62
00:03:08,480 --> 00:03:10,840
Speaker 3: make mistakes and we're here as a result of that,

63
00:03:11,560 --> 00:03:13,359
Speaker 3: and those things happen because Shah I have been there,

64
00:03:13,400 --> 00:03:14,960
Speaker 3: done that, literally.

65
00:03:14,520 --> 00:03:15,440
Speaker 1: Wrote the book about it.

66
00:03:15,480 --> 00:03:18,920
Speaker 3: Okay, So I just want to acknowledge that first and foremost,

67
00:03:19,320 --> 00:03:21,800
Speaker 3: and I would say.

68
00:03:21,639 --> 00:03:23,959
Speaker 1: I want you to be very clear when you file

69
00:03:24,040 --> 00:03:24,840
Speaker 1: for bankruptcy.

70
00:03:25,080 --> 00:03:27,480
Speaker 3: Is not easy, guy, is not as easy as it

71
00:03:27,600 --> 00:03:30,800
Speaker 3: used to be because when you because there are like

72
00:03:31,440 --> 00:03:34,840
Speaker 3: two ways that you could file for bankruptcy, Chapter seven

73
00:03:35,400 --> 00:03:40,600
Speaker 3: and chapter thirteen. So bankruptcy as we know it gives

74
00:03:40,600 --> 00:03:43,000
Speaker 3: you the opportunity to pay down a portion of your

75
00:03:43,040 --> 00:03:46,360
Speaker 3: debts over time or have some of them eliminated entirely.

76
00:03:46,720 --> 00:03:49,840
Speaker 1: Right. So, either way, when you.

77
00:03:49,800 --> 00:03:53,320
Speaker 3: Declare bankruptcy, it grants what's called an automatic stay, which

78
00:03:53,400 --> 00:03:56,800
Speaker 3: basically means a block on your debts to keep creditors

79
00:03:56,840 --> 00:03:59,120
Speaker 3: from trying to collect. They can't deduct money from your

80
00:03:59,120 --> 00:04:01,360
Speaker 3: bank account, they can't go your wages, they can't go

81
00:04:01,400 --> 00:04:06,520
Speaker 3: after other assets potentially, and so you you'll have time

82
00:04:06,560 --> 00:04:08,600
Speaker 3: to work with the courts and your credits to determine

83
00:04:08,600 --> 00:04:10,480
Speaker 3: what the next steps look like. That's what happens when

84
00:04:10,480 --> 00:04:14,120
Speaker 3: you when you declare bankruptcy, right, and so the two

85
00:04:14,800 --> 00:04:18,440
Speaker 3: main types of like I said, individual are Chapter seven

86
00:04:19,200 --> 00:04:25,000
Speaker 3: in chapter thirteen. So Chapter seven bankruptcy is what they

87
00:04:25,120 --> 00:04:27,320
Speaker 3: often like when you think about following for bankruptcy, they

88
00:04:27,320 --> 00:04:31,920
Speaker 3: sometimes will call it liquidation bankruptcy because for in order

89
00:04:31,960 --> 00:04:34,159
Speaker 3: to chile for chapter seven, you're gonna likely need to

90
00:04:34,200 --> 00:04:37,160
Speaker 3: sell off some of your assets so that when you

91
00:04:37,200 --> 00:04:38,880
Speaker 3: can pay back some of the people. So let's just

92
00:04:38,880 --> 00:04:40,479
Speaker 3: say you had a house and a car, and you

93
00:04:40,480 --> 00:04:43,520
Speaker 3: had jewelry and you had you would literally they would

94
00:04:43,600 --> 00:04:45,680
Speaker 3: leave you with something because they know you have to live.

95
00:04:45,720 --> 00:04:47,760
Speaker 3: But they would say, basically.

96
00:04:47,920 --> 00:04:48,640
Speaker 1: You belong to me.

97
00:04:48,720 --> 00:04:51,359
Speaker 3: Now I'm the captain, now you know. So Chapter seven

98
00:04:51,480 --> 00:04:56,080
Speaker 3: can be very aggressive. So it depends on what state

99
00:04:56,120 --> 00:04:58,680
Speaker 3: that you're in. It's going to determine like what assets,

100
00:04:59,040 --> 00:05:01,720
Speaker 3: like you're retiring an account. Maybe like I said, I

101
00:05:01,760 --> 00:05:03,440
Speaker 3: know I mentioned your house in your car, but some

102
00:05:03,480 --> 00:05:05,839
Speaker 3: of them are exempt from liquidation depending on your state.

103
00:05:06,080 --> 00:05:08,720
Speaker 3: So you would check with an attorney depending on your

104
00:05:08,720 --> 00:05:11,240
Speaker 3: state to find out what you'd be allowed to keep.

105
00:05:11,240 --> 00:05:16,320
Speaker 3: If you were considering chapter seven, Chapter thirteen, you don't

106
00:05:16,360 --> 00:05:18,680
Speaker 3: actually need to worry about selling off and if your

107
00:05:18,720 --> 00:05:23,200
Speaker 3: property instead, they're your debt would be reorganized so you

108
00:05:23,200 --> 00:05:26,640
Speaker 3: can pay them off partially or in full for the

109
00:05:26,680 --> 00:05:28,680
Speaker 3: next three to five years. So the thing is the

110
00:05:28,720 --> 00:05:31,880
Speaker 3: benefit of chapter seven, if there is a benefit, is

111
00:05:31,920 --> 00:05:35,960
Speaker 3: that if you are willing to liquidate whatever up to

112
00:05:36,040 --> 00:05:38,520
Speaker 3: whatever the state allows, those debts that you owe, you

113
00:05:38,600 --> 00:05:43,760
Speaker 3: no longer owe. Chapter thirteen is you're actually not you

114
00:05:43,839 --> 00:05:46,799
Speaker 3: won't not owe. It will just reorganize in a way

115
00:05:47,240 --> 00:05:49,359
Speaker 3: to set you up to pay off, you know, in

116
00:05:49,400 --> 00:05:50,520
Speaker 3: the next three to five years.

117
00:05:50,560 --> 00:05:52,320
Speaker 1: So but keep in mind if you.

118
00:05:52,279 --> 00:05:54,960
Speaker 3: Don't pay, like, if you don't align with the payment plan,

119
00:05:55,279 --> 00:05:58,279
Speaker 3: they can come after other stuff like if we're chapter thirteen.

120
00:05:58,440 --> 00:05:58,760
Speaker 1: Okay.

121
00:05:59,520 --> 00:06:04,800
Speaker 3: Now, the issue to your point, Rob, is if you

122
00:06:04,800 --> 00:06:07,240
Speaker 3: your credit is going to be for the most part,

123
00:06:07,400 --> 00:06:14,719
Speaker 3: severely affected if you especially chapter thirty, chapter seven, you know,

124
00:06:15,320 --> 00:06:17,479
Speaker 3: and so it's going to stay on your credit report

125
00:06:17,480 --> 00:06:20,280
Speaker 3: for up to ten years.

126
00:06:20,320 --> 00:06:21,880
Speaker 1: And so Chapter thirteen.

127
00:06:22,920 --> 00:06:26,120
Speaker 3: Although it will affect your credit like as well, it's

128
00:06:26,200 --> 00:06:28,760
Speaker 3: viewed a little bit more favorably because you're still paying

129
00:06:28,760 --> 00:06:30,440
Speaker 3: off at least some of your debts versus just getting

130
00:06:30,480 --> 00:06:33,760
Speaker 3: them like wiped away. The bankruptcy still stays on your

131
00:06:33,760 --> 00:06:34,920
Speaker 3: credit for a very long.

132
00:06:34,839 --> 00:06:36,200
Speaker 1: Time, very long time.

133
00:06:37,520 --> 00:06:42,840
Speaker 3: And now here is the thing. Bankruptcies are publicly filed.

134
00:06:42,960 --> 00:06:46,680
Speaker 3: They're considered public record. Now doesn't mean that you know

135
00:06:46,800 --> 00:06:49,880
Speaker 3: they're going to be like sending a letter to your mama.

136
00:06:50,279 --> 00:06:54,920
Speaker 3: But oftentimes I think it was like I I read

137
00:06:54,920 --> 00:06:59,479
Speaker 3: a statistic it's like up to twenty nine percent of

138
00:06:59,560 --> 00:07:01,520
Speaker 3: employers do check your credit.

139
00:07:01,560 --> 00:07:03,320
Speaker 1: And especially I'm not gonna lie to Rob.

140
00:07:03,320 --> 00:07:08,000
Speaker 3: You're in the financial industry, so filing for bankruptcy because

141
00:07:08,000 --> 00:07:10,200
Speaker 3: you're in the financial industry and you're very young, you

142
00:07:10,240 --> 00:07:11,840
Speaker 3: didn't say how much you owed makes.

143
00:07:11,720 --> 00:07:13,840
Speaker 1: Me feel a little bit new this.

144
00:07:15,240 --> 00:07:17,880
Speaker 3: Because although you have a job, so it might not

145
00:07:17,920 --> 00:07:18,640
Speaker 3: keep you from a job.

146
00:07:18,720 --> 00:07:19,600
Speaker 1: I've actually heard people.

147
00:07:19,600 --> 00:07:21,400
Speaker 3: I remember a friend of mine was working like a

148
00:07:21,440 --> 00:07:25,240
Speaker 3: trucking company and couldn't get a promotion because what she

149
00:07:25,400 --> 00:07:28,000
Speaker 3: did was she handled, like I guess accounts and things

150
00:07:28,000 --> 00:07:29,600
Speaker 3: like that, and they felt like, if you have bad credit,

151
00:07:29,680 --> 00:07:31,960
Speaker 3: you might be more likely to steal, and so she

152
00:07:31,960 --> 00:07:34,160
Speaker 3: couldn't get a promotion until she got her credit score up.

153
00:07:34,520 --> 00:07:37,920
Speaker 3: I had another friend who really my mentee. She just

154
00:07:37,920 --> 00:07:40,840
Speaker 3: got to graduated law school and they let her know

155
00:07:40,840 --> 00:07:43,040
Speaker 3: because she had an internship. Until you get your credit

156
00:07:43,120 --> 00:07:45,800
Speaker 3: score up, we can't hire you as an attorney. And so,

157
00:07:46,240 --> 00:07:49,760
Speaker 3: especially in your space, I cannot see how filing for

158
00:07:49,800 --> 00:07:52,040
Speaker 3: bankruptcy is not going to affect your ability to climb

159
00:07:52,040 --> 00:07:52,960
Speaker 3: the corporate ladder.

160
00:07:53,040 --> 00:07:54,480
Speaker 1: And like I said, that's this on your credit for

161
00:07:54,680 --> 00:07:55,200
Speaker 1: ten years.

162
00:07:55,240 --> 00:07:59,160
Speaker 3: Rob, you young, sir, You're young, so I'm not here

163
00:07:59,200 --> 00:08:00,360
Speaker 3: to tell you what to do, but I'm here to

164
00:08:00,360 --> 00:08:02,440
Speaker 3: tell you what I would do, which is I follow

165
00:08:02,480 --> 00:08:05,880
Speaker 3: for bankruptcy. You know, like unless I owed a million dollars,

166
00:08:05,880 --> 00:08:08,400
Speaker 3: ten million dollars something crazy, then I'm like that makes sense.

167
00:08:08,880 --> 00:08:11,440
Speaker 3: People be following for bankruptcy for some old ten thousand dollars.

168
00:08:11,480 --> 00:08:14,760
Speaker 3: No not you know and you you know you got

169
00:08:14,760 --> 00:08:18,560
Speaker 3: seven kids and you're eighty five. No, Rob, you're twenty eight.

170
00:08:19,240 --> 00:08:21,240
Speaker 3: I'm sure you don't own a million or a million dollars.

171
00:08:21,800 --> 00:08:25,840
Speaker 3: And so there are other alternatives to follow for bankruptcy

172
00:08:25,840 --> 00:08:28,560
Speaker 3: that won't curtail your ability to make money.

173
00:08:28,680 --> 00:08:30,480
Speaker 1: You want to know something some of them? Here you go.

174
00:08:30,880 --> 00:08:35,400
Speaker 3: There's credit counseling right there are literally certified nonprofit credit

175
00:08:35,400 --> 00:08:39,360
Speaker 3: counseling agencies that help you basically similarly due to what

176
00:08:39,480 --> 00:08:42,200
Speaker 3: Chapter thirteen would do, which is helped to reorganize your

177
00:08:42,280 --> 00:08:45,040
Speaker 3: dat One of my favorite is write this down, Rob,

178
00:08:45,080 --> 00:08:48,839
Speaker 3: you got your pen NFCC dot org. Actually gonna be

179
00:08:48,920 --> 00:08:51,280
Speaker 3: just like typeing in so I can't remember, I can't

180
00:08:51,280 --> 00:08:57,320
Speaker 3: look at it. N f n FCC dorg.

181
00:08:58,520 --> 00:09:03,960
Speaker 1: And they are the wh do they call themselves?

182
00:09:04,200 --> 00:09:08,000
Speaker 3: They are that I believe they're the National except National

183
00:09:08,080 --> 00:09:12,640
Speaker 3: Foundation for Credit Counseling and I like them because one

184
00:09:13,640 --> 00:09:18,480
Speaker 3: they it's a nonprofit organization and they have partners in

185
00:09:18,559 --> 00:09:23,000
Speaker 3: every state that these certified nonprofit credit counseling agencies in

186
00:09:23,040 --> 00:09:25,480
Speaker 3: every state, so you can find one in your state

187
00:09:26,120 --> 00:09:28,320
Speaker 3: then and from what I remember the last time, I mean,

188
00:09:28,320 --> 00:09:30,160
Speaker 3: I don't know if they do now, but it would

189
00:09:30,200 --> 00:09:32,400
Speaker 3: be like they used to do, like a sliding scale,

190
00:09:32,640 --> 00:09:35,559
Speaker 3: like helping you anywhere from free to whatever you can afford.

191
00:09:35,559 --> 00:09:36,480
Speaker 1: I don't know if that's still the case.

192
00:09:36,480 --> 00:09:38,960
Speaker 3: You would have to obviously call connect with the counselor

193
00:09:39,360 --> 00:09:42,000
Speaker 3: you can connect like VA. You know, you can call them,

194
00:09:42,080 --> 00:09:45,720
Speaker 3: you can connect with them online. But that is my favorite.

195
00:09:45,760 --> 00:09:48,439
Speaker 3: I have never heard anything bad about them. I love

196
00:09:48,480 --> 00:09:51,040
Speaker 3: the NFC and I've been recommending them for like the

197
00:09:51,080 --> 00:09:52,960
Speaker 3: last ten years and everybody always comes back and says

198
00:09:53,000 --> 00:09:57,600
Speaker 3: thank you so much. So credit counseling is a is

199
00:09:57,640 --> 00:10:02,240
Speaker 3: an alternative. Also two, the debt consolidation. That's a second alternative.

200
00:10:02,480 --> 00:10:06,400
Speaker 3: So debt consolidation basically means like looking at your debt,

201
00:10:07,360 --> 00:10:11,360
Speaker 3: like listing it in a way that you can kind

202
00:10:11,360 --> 00:10:13,439
Speaker 3: of see all you owe, who you owe, what percentage

203
00:10:13,600 --> 00:10:15,679
Speaker 3: you know, what's your interest rate, all of that, and

204
00:10:15,720 --> 00:10:18,080
Speaker 3: then ask yourself. Like say, for example, you've got three

205
00:10:18,160 --> 00:10:20,320
Speaker 3: or four credit cards, depending I don't know what your

206
00:10:20,320 --> 00:10:23,280
Speaker 3: credit score is looking like now, but seeing if you

207
00:10:23,280 --> 00:10:27,280
Speaker 3: could qualify for either a credit card or a loan

208
00:10:28,000 --> 00:10:33,199
Speaker 3: that's less than the average of the interest rate. So

209
00:10:33,559 --> 00:10:36,280
Speaker 3: for example, let's just say you have three credit cards.

210
00:10:36,280 --> 00:10:38,480
Speaker 3: One is a ten percent interest rate, when is twenty

211
00:10:38,520 --> 00:10:42,079
Speaker 3: one is fifteen? Right, And because your credit score is

212
00:10:42,120 --> 00:10:45,560
Speaker 3: pretty decent, you're able to either get a credit card

213
00:10:45,760 --> 00:10:48,719
Speaker 3: or to get a loan from ideally like a credit union.

214
00:10:50,200 --> 00:10:52,440
Speaker 1: That says we can give you an interest rate of

215
00:10:52,520 --> 00:10:53,520
Speaker 1: eight percent or whatever.

216
00:10:53,679 --> 00:10:56,160
Speaker 3: So it's like, okay, that's less than what I'm paying now,

217
00:10:56,600 --> 00:10:59,040
Speaker 3: and that loan you used to pay off the three

218
00:10:59,160 --> 00:11:00,520
Speaker 3: or four people that you ow, oh, and you're just

219
00:11:00,520 --> 00:11:05,520
Speaker 3: paying this one person now, this one credit union, you know,

220
00:11:05,760 --> 00:11:08,400
Speaker 3: or sometimes people do this with roll of transferring balances

221
00:11:08,440 --> 00:11:10,800
Speaker 3: to a credit card you can roll over, you know,

222
00:11:10,880 --> 00:11:13,520
Speaker 3: sometimes some cards, if you have excellent credit, we'll say

223
00:11:13,559 --> 00:11:16,520
Speaker 3: you pay a zero percent interest rate for like, you know,

224
00:11:16,600 --> 00:11:20,040
Speaker 3: twelve months, fifteen months, and so you're literally all the

225
00:11:20,040 --> 00:11:22,560
Speaker 3: money that you're paying goes directly to the card and

226
00:11:22,640 --> 00:11:24,319
Speaker 3: not to any interest. But the key is you got

227
00:11:24,360 --> 00:11:26,720
Speaker 3: to read the fine print because sometimes they have a

228
00:11:26,720 --> 00:11:30,600
Speaker 3: three percent transfer fee, you know, and then on top

229
00:11:30,640 --> 00:11:32,480
Speaker 3: of that, you want to make sure that there's no

230
00:11:32,840 --> 00:11:34,120
Speaker 3: if you don't pay us back by the end of

231
00:11:34,120 --> 00:11:36,360
Speaker 3: twelve months, you have to pay all the interest that

232
00:11:36,360 --> 00:11:37,800
Speaker 3: we didn't that we didn't charge you.

233
00:11:38,240 --> 00:11:39,600
Speaker 1: So consider that consolidation.

234
00:11:39,679 --> 00:11:42,600
Speaker 3: That's getting a loan from a credit union, ideally a

235
00:11:42,640 --> 00:11:45,000
Speaker 3: credit union that's going to provide you with a better

236
00:11:45,000 --> 00:11:47,000
Speaker 3: interest rate. If you're not a member of a credit union,

237
00:11:47,080 --> 00:11:49,280
Speaker 3: google credit union near me, you can someplace you can

238
00:11:49,400 --> 00:11:52,840
Speaker 3: join today and apply today. Consider balanced transfers, you know,

239
00:11:53,800 --> 00:11:56,120
Speaker 3: to like if you have multiple credit cards. So that's

240
00:11:56,160 --> 00:12:01,800
Speaker 3: another alternative. And so like also to a debt management plan.

241
00:12:01,920 --> 00:12:04,040
Speaker 3: So if you go to that, like I said, NFCC

242
00:12:05,040 --> 00:12:08,560
Speaker 3: dot org, oftentimes they have something called the DMP, which

243
00:12:08,600 --> 00:12:11,800
Speaker 3: is a repayment program that a certified credit counsel can

244
00:12:11,920 --> 00:12:15,000
Speaker 3: organize for you. And so that's like, you know, that's

245
00:12:15,120 --> 00:12:17,160
Speaker 3: maybe like one point, you know, instead of like the

246
00:12:17,200 --> 00:12:21,680
Speaker 3: third alternative, This is an alternative that like kind of

247
00:12:21,760 --> 00:12:26,120
Speaker 3: tax onto getting credit counseling, like literally they will not

248
00:12:26,280 --> 00:12:28,839
Speaker 3: only oh like it's not just that they're on.

249
00:12:28,840 --> 00:12:31,200
Speaker 1: Paper, say Hey, Rob, here's the way you should pay

250
00:12:31,240 --> 00:12:31,680
Speaker 1: off your debt.

251
00:12:31,720 --> 00:12:35,280
Speaker 3: They will reach out to your creditors for you, negotiate

252
00:12:35,400 --> 00:12:40,640
Speaker 3: better repayment terms, negotiate lower interest, and then say, okay, Rob,

253
00:12:40,679 --> 00:12:41,680
Speaker 3: we've done all this work.

254
00:12:41,840 --> 00:12:44,360
Speaker 1: Here's how much you have to pay who and when?

255
00:12:44,600 --> 00:12:46,480
Speaker 1: Does that make sense? Okay?

256
00:12:47,360 --> 00:12:51,920
Speaker 3: And then like, lastly, you can do debt settlement or

257
00:12:51,960 --> 00:12:54,520
Speaker 3: debt relief, you know, and so what that means. And

258
00:12:54,559 --> 00:12:56,880
Speaker 3: I've done this, so I owed. I remember one time,

259
00:12:57,000 --> 00:12:59,520
Speaker 3: like child, like, I dyed my hair. I did not

260
00:12:59,640 --> 00:13:01,120
Speaker 3: know I was alert to a black guy. And when

261
00:13:01,120 --> 00:13:02,880
Speaker 3: I say my face blew up, it was a hot

262
00:13:02,880 --> 00:13:06,719
Speaker 3: air ballode. I mean my face blew up. It looked crazy.

263
00:13:06,760 --> 00:13:08,520
Speaker 3: And I was broke at the time, and I was

264
00:13:08,559 --> 00:13:09,719
Speaker 3: like At first, I was like, oh, it's just a

265
00:13:09,760 --> 00:13:12,319
Speaker 3: little puffy, and then it just kept growing bigger and bigger,

266
00:13:12,840 --> 00:13:14,760
Speaker 3: and I was like, I don't have any money to

267
00:13:14,840 --> 00:13:17,360
Speaker 3: go to the doctor, to the hospital. My mom was like, so,

268
00:13:18,200 --> 00:13:20,079
Speaker 3: do you want to wake up tomorrow or not? And

269
00:13:20,120 --> 00:13:21,240
Speaker 3: so I went to the hospital.

270
00:13:22,400 --> 00:13:22,600
Speaker 1: Child.

271
00:13:22,640 --> 00:13:25,160
Speaker 3: They gave me the equivalent of a Bendadryll and a drip.

272
00:13:25,200 --> 00:13:28,360
Speaker 3: I was so mad. Eight hundred dollars later, I was like, Dad,

273
00:13:28,400 --> 00:13:31,480
Speaker 3: I don't have eight hundred dollars. So I just ignored them,

274
00:13:31,480 --> 00:13:33,240
Speaker 3: and they were calling and calling and sending letters. I

275
00:13:33,320 --> 00:13:34,199
Speaker 3: just ignored it because.

276
00:13:34,000 --> 00:13:36,959
Speaker 1: I was scared. It was like maybe fifteen ten, fifteen

277
00:13:37,000 --> 00:13:37,400
Speaker 1: years ago.

278
00:13:38,760 --> 00:13:41,559
Speaker 3: And then my sister, who worked in the medical field,

279
00:13:41,640 --> 00:13:43,560
Speaker 3: was like, girl, you can negotiate for less.

280
00:13:43,920 --> 00:13:45,079
Speaker 1: You know, what do you have. I was like, I

281
00:13:45,080 --> 00:13:45,319
Speaker 1: don't know.

282
00:13:45,360 --> 00:13:46,839
Speaker 3: I have like three or four hundred dollars. And so

283
00:13:47,559 --> 00:13:49,280
Speaker 3: I called the hospital back and was like, I don't

284
00:13:49,320 --> 00:13:51,520
Speaker 3: have eight hundred dollars. I have three hundred dollars. And

285
00:13:51,559 --> 00:13:54,960
Speaker 3: they were like okay. They were able to offer me

286
00:13:55,000 --> 00:13:57,800
Speaker 3: a settlement for less money because I said I had

287
00:13:57,840 --> 00:14:01,240
Speaker 3: this in lump some and so you can actually negotiate

288
00:14:01,280 --> 00:14:02,880
Speaker 3: with your creditors and say I don't have this, but

289
00:14:02,920 --> 00:14:04,800
Speaker 3: this is what I can do. The more that you

290
00:14:04,800 --> 00:14:06,480
Speaker 3: can pay in a lump sum, the more likely they

291
00:14:06,520 --> 00:14:09,040
Speaker 3: are to say, yes, you know, no one wants to

292
00:14:09,080 --> 00:14:10,640
Speaker 3: hear I don't have ten thousand, but I can pay

293
00:14:10,679 --> 00:14:13,760
Speaker 3: you two thousand over the next two years. Now they

294
00:14:13,800 --> 00:14:16,199
Speaker 3: want to hear I don't have ten thousand, but I

295
00:14:16,240 --> 00:14:18,720
Speaker 3: can pay you two thousand today. Does that make sense?

296
00:14:18,960 --> 00:14:22,640
Speaker 3: So you can like reach out and look. Now, now

297
00:14:22,640 --> 00:14:24,240
Speaker 3: that is gonna affect your credit score a little bit,

298
00:14:24,280 --> 00:14:28,880
Speaker 3: but it won't not like bankruptcy. Okay, so let's recap

299
00:14:28,920 --> 00:14:36,000
Speaker 3: some alternatives. Okay, credit counseling NFCC dot org. Debt consolidation.

300
00:14:36,200 --> 00:14:39,360
Speaker 3: That's either be a balanced transfer credit card or a

301
00:14:39,360 --> 00:14:44,400
Speaker 3: consolidation loan from like your favorite neighborhood credit union. A

302
00:14:44,440 --> 00:14:47,280
Speaker 3: debt management plan. This is a not just a plan

303
00:14:47,360 --> 00:14:50,080
Speaker 3: on paper, but a plan that a credit counselor will

304
00:14:50,080 --> 00:14:54,000
Speaker 3: help to negotiate with your creditors on your behalf and

305
00:14:54,040 --> 00:14:56,000
Speaker 3: then like on the last but not least because it's

306
00:14:56,000 --> 00:14:59,160
Speaker 3: still gonna affect your credit score or negatively, but debt

307
00:14:59,160 --> 00:15:02,280
Speaker 3: settlement like or you know, asking for debt relief.

308
00:15:03,080 --> 00:15:06,360
Speaker 1: Kay, I hope that was helpful.

309
00:15:06,120 --> 00:15:11,000
Speaker 3: Whatever, Yeah, because I know you know these things happen,

310
00:15:11,080 --> 00:15:13,120
Speaker 3: and you know we're not here to beat anybody up.

311
00:15:14,080 --> 00:15:15,479
Speaker 1: We're just here to offer solutions.

312
00:15:15,520 --> 00:15:19,320
Speaker 3: So we're gonna take a quick break and we're gonna

313
00:15:19,320 --> 00:15:23,040
Speaker 3: come back and answer the second question from another dude.

314
00:15:23,920 --> 00:15:29,000
Speaker 1: Okay, it's rain, and then hallelujah, it's rain. Let me stop.

315
00:15:29,040 --> 00:15:32,520
Speaker 3: Anyway, we'll be back in black in a moment, so

316
00:15:32,560 --> 00:15:34,840
Speaker 3: we can pay some bills and I can answer your next.

317
00:15:34,800 --> 00:15:41,280
Speaker 1: Question, and we're back and black and we are here.

318
00:15:42,080 --> 00:15:44,320
Speaker 3: Like I said, you know, you know Briann abishing typically

319
00:15:44,360 --> 00:15:46,920
Speaker 3: because you know me and many are two. Hey ladies,

320
00:15:47,920 --> 00:15:51,080
Speaker 3: let's usual your audience. But I don't know the guys

321
00:15:51,120 --> 00:15:54,640
Speaker 3: are representing today. You know, we answered Rob's question, and

322
00:15:54,680 --> 00:15:58,720
Speaker 3: now we have a question from Todd. I don't know

323
00:15:58,760 --> 00:16:00,160
Speaker 3: if that's your real name, but that's what you put

324
00:16:00,200 --> 00:16:05,600
Speaker 3: in the email. So child, that's your business. So Todd

325
00:16:05,640 --> 00:16:07,720
Speaker 3: as a listener, So let's see what Todd has to say. Hi,

326
00:16:07,760 --> 00:16:10,320
Speaker 3: Tiffany and Mandy, my name is Todd. I just wanted

327
00:16:10,360 --> 00:16:12,600
Speaker 3: to start off by saying I love the show. I'm

328
00:16:12,640 --> 00:16:15,760
Speaker 3: also a black man who enjoys listening. Yes, Tid, we

329
00:16:15,840 --> 00:16:18,040
Speaker 3: love a black man over here. Okay, I listened to

330
00:16:18,120 --> 00:16:20,440
Speaker 3: the audio experience all the time, and I'm a huge fan.

331
00:16:20,960 --> 00:16:24,520
Speaker 3: My question is about Whole Life insurance. I wanted to

332
00:16:24,560 --> 00:16:28,480
Speaker 3: know when you had remat Sethi in the still. Okay,

333
00:16:28,640 --> 00:16:31,680
Speaker 3: I see you taking on my language. He briefly touched

334
00:16:31,680 --> 00:16:33,560
Speaker 3: on whole Life insurance and it sounded like he was

335
00:16:33,600 --> 00:16:35,480
Speaker 3: against it. Likely he was because all of us with

336
00:16:35,640 --> 00:16:39,400
Speaker 3: CeNSE R. But we'll talk, We'll continue. But he didn't

337
00:16:39,440 --> 00:16:41,680
Speaker 3: finish a point he was trying to make about life insurance,

338
00:16:41,720 --> 00:16:44,640
Speaker 3: so I didn't want to assume anything. I was wondering

339
00:16:44,680 --> 00:16:48,120
Speaker 3: if you guys can continue that discussion, Well, probably not

340
00:16:48,160 --> 00:16:51,280
Speaker 3: with Remat, but I can continue the discussion. We'd love

341
00:16:51,320 --> 00:16:53,080
Speaker 3: to hear his thoughts and of course your thoughts on

342
00:16:53,120 --> 00:16:55,880
Speaker 3: whole life insurance or life insurance in general, as I

343
00:16:55,920 --> 00:16:57,600
Speaker 3: hear a lot of people say that it's a wealth

344
00:16:57,640 --> 00:17:00,920
Speaker 3: building tool. Ooh, Chad Todd, No one made me hot

345
00:17:00,960 --> 00:17:03,080
Speaker 3: up in here. So one I can almost guarantee you

346
00:17:03,080 --> 00:17:06,160
Speaker 3: one hundred thousand percent that Remat was saying whole life

347
00:17:06,560 --> 00:17:10,080
Speaker 3: is whole trash because and you know, I've just heard

348
00:17:10,160 --> 00:17:12,400
Speaker 3: him say that, and quite honestly, us in the financial

349
00:17:12,400 --> 00:17:15,879
Speaker 3: space who believe in what's fair for y'all, that's what

350
00:17:15,920 --> 00:17:18,119
Speaker 3: we say. So I actually have a whole chapter in

351
00:17:18,119 --> 00:17:21,719
Speaker 3: my book, Get Good with Money about life insurance. So

352
00:17:22,119 --> 00:17:26,320
Speaker 3: there are two types of well, yeah, there's two basic

353
00:17:26,359 --> 00:17:27,320
Speaker 3: types of life insurance.

354
00:17:27,400 --> 00:17:27,560
Speaker 1: Right.

355
00:17:27,800 --> 00:17:32,600
Speaker 3: There is term and term life insurance is issue for

356
00:17:32,600 --> 00:17:37,360
Speaker 3: a specific number of years, like for a specific timeframe, right,

357
00:17:37,400 --> 00:17:39,360
Speaker 3: and you pay a premium monthly, like, so you might

358
00:17:39,359 --> 00:17:44,000
Speaker 3: pay like, I don't know, for twenty years or whatever,

359
00:17:44,080 --> 00:17:45,520
Speaker 3: you know, like and then you get a payout a

360
00:17:45,560 --> 00:17:49,080
Speaker 3: death benefit that's guaranteed to your beneficiaries if you died

361
00:17:49,200 --> 00:17:50,960
Speaker 3: between that timeframe.

362
00:17:51,000 --> 00:17:52,000
Speaker 1: That's why it's called term.

363
00:17:52,400 --> 00:17:56,280
Speaker 3: But what I really want you to understand that term

364
00:17:56,359 --> 00:18:00,840
Speaker 3: life insurance is like regular insurance. Meaning think about when

365
00:18:00,840 --> 00:18:02,800
Speaker 3: you have insurance for your car.

366
00:18:03,440 --> 00:18:05,360
Speaker 1: It is term, right.

367
00:18:05,359 --> 00:18:08,920
Speaker 3: Because typically people get insurance for a car, it's annual

368
00:18:09,000 --> 00:18:10,080
Speaker 3: and you've renew annually.

369
00:18:10,440 --> 00:18:11,000
Speaker 1: You know, like you.

370
00:18:11,040 --> 00:18:13,320
Speaker 3: Might pay monthly, but it's like if this is only

371
00:18:13,359 --> 00:18:15,439
Speaker 3: good for this year, and every year they reassess and

372
00:18:15,440 --> 00:18:18,200
Speaker 3: you pay right. So even though they make this big

373
00:18:18,240 --> 00:18:20,400
Speaker 3: differentiator like oh, what's term? No, No, I just want

374
00:18:20,400 --> 00:18:22,080
Speaker 3: you to think of every other insurance in your life

375
00:18:22,600 --> 00:18:28,080
Speaker 3: health insurance, dental insurance, petitan insurance, homeowner's insurance, of car insurance.

376
00:18:28,280 --> 00:18:32,440
Speaker 3: It's basically term, and the way is the same way

377
00:18:32,480 --> 00:18:36,679
Speaker 3: it works with these other insurances. If something happens and

378
00:18:36,760 --> 00:18:39,919
Speaker 3: you are fully paid up within the term, then a

379
00:18:39,960 --> 00:18:42,320
Speaker 3: payment is paid out. The reason why people get all

380
00:18:42,359 --> 00:18:44,320
Speaker 3: freaked out is because the thing that has to happen

381
00:18:44,320 --> 00:18:46,400
Speaker 3: for life insurance is for you to pass away. Don't

382
00:18:46,400 --> 00:18:48,880
Speaker 3: nobody want to talk about that. But here we're talking

383
00:18:48,880 --> 00:18:51,760
Speaker 3: about it. But like in cars, right, Like it's like

384
00:18:51,800 --> 00:18:55,200
Speaker 3: the other day. Literally, just yesterday, somebody hit my sister's car.

385
00:18:55,280 --> 00:18:57,920
Speaker 3: It was parked and some kid was driving a beag

386
00:18:57,960 --> 00:18:59,879
Speaker 3: out in his car. He got spooked and he hit.

387
00:19:00,680 --> 00:19:02,480
Speaker 3: You know, he was honest. You know, his insurance is

388
00:19:02,480 --> 00:19:06,480
Speaker 3: taking care of it. YadA, YadA, YadA. But essentially she

389
00:19:06,640 --> 00:19:10,000
Speaker 3: has insurance like he has insurance. She's gonna go through

390
00:19:10,000 --> 00:19:13,359
Speaker 3: his insurance. They're gonna pay because he has insurance for

391
00:19:13,440 --> 00:19:15,720
Speaker 3: the year that he pays for a likely monthly or

392
00:19:15,800 --> 00:19:17,600
Speaker 3: quarterly or whatever. I like to pay my insurance up

393
00:19:17,600 --> 00:19:19,280
Speaker 3: for the year, but you know you have up to

394
00:19:19,280 --> 00:19:24,479
Speaker 3: pay it monthly and it lasts for the year period.

395
00:19:25,119 --> 00:19:27,800
Speaker 3: That's term. It is very familiar insurance. It's the way

396
00:19:27,880 --> 00:19:30,720
Speaker 3: insurance works in every other area of our life. But

397
00:19:30,760 --> 00:19:34,240
Speaker 3: when it comes to life insurance, these tricky little insurance

398
00:19:34,240 --> 00:19:36,240
Speaker 3: companies have figured it out how to get you all

399
00:19:36,280 --> 00:19:40,680
Speaker 3: freaked out by also offering what's called permanent life insurance.

400
00:19:40,960 --> 00:19:44,639
Speaker 3: And so oftentimes permanent life insurance is called universal or

401
00:19:44,720 --> 00:19:47,480
Speaker 3: whole life. Whole life being very this is what you mentioned.

402
00:19:47,520 --> 00:19:50,600
Speaker 3: But what you're really talking about is permanent, and it's

403
00:19:50,640 --> 00:19:53,360
Speaker 3: not for a year. You pay it indefinitely until you're

404
00:19:53,359 --> 00:19:58,440
Speaker 3: no longer here. Now, the issue or the difference between

405
00:19:58,560 --> 00:20:01,040
Speaker 3: term and whole life is that one you know, once

406
00:20:01,080 --> 00:20:02,919
Speaker 3: the term of term is up unless you renew it

407
00:20:02,960 --> 00:20:03,680
Speaker 3: or whatever.

408
00:20:04,000 --> 00:20:04,440
Speaker 1: That's it.

409
00:20:04,800 --> 00:20:07,760
Speaker 3: And people say, when I didn't die in thirty years,

410
00:20:07,800 --> 00:20:10,880
Speaker 3: I just wasted my money. Which to that, I say,

411
00:20:11,280 --> 00:20:13,280
Speaker 3: when you didn't get in the car insurance this year?

412
00:20:13,320 --> 00:20:15,920
Speaker 3: Did you waste your money when my house didn't burn down?

413
00:20:16,000 --> 00:20:18,440
Speaker 3: Did you waste your money when my dog is still alive?

414
00:20:18,640 --> 00:20:21,800
Speaker 3: Did you waste your money on pet insurance when I

415
00:20:21,840 --> 00:20:23,399
Speaker 3: still have my teeth? Did you waste your money on

416
00:20:23,480 --> 00:20:24,120
Speaker 3: dental insurance?

417
00:20:24,160 --> 00:20:24,200
Speaker 1: Like?

418
00:20:24,240 --> 00:20:27,119
Speaker 3: Come on, now, you know, like that's how insurance works.

419
00:20:27,560 --> 00:20:30,679
Speaker 3: It is there to protect you in case. But we

420
00:20:30,760 --> 00:20:35,280
Speaker 3: don't say it wasn't worth the money because I didn't

421
00:20:35,359 --> 00:20:39,040
Speaker 3: have the incident. But with life insurance, insurance companies have

422
00:20:39,080 --> 00:20:42,520
Speaker 3: gotten very good, especially insurance brokers who sell it have

423
00:20:42,560 --> 00:20:45,399
Speaker 3: gotten very good and making you feel bad for not dying.

424
00:20:45,920 --> 00:20:49,159
Speaker 3: Oh keep back, child, So what happens if you were

425
00:20:49,160 --> 00:20:51,200
Speaker 3: alive in thirty years? You don't waste your money, child?

426
00:20:51,560 --> 00:20:52,200
Speaker 3: Are you raising?

427
00:20:52,840 --> 00:20:55,080
Speaker 1: I want to be here in thirty years. But so

428
00:20:55,160 --> 00:20:56,240
Speaker 1: they pushed his whole life.

429
00:20:56,240 --> 00:20:59,879
Speaker 3: Now, the problem with whole life is that the expense

430
00:21:00,240 --> 00:21:02,040
Speaker 3: is not just that much more. I want you to

431
00:21:02,080 --> 00:21:03,760
Speaker 3: think about what happens when you fly. So I just

432
00:21:03,800 --> 00:21:06,800
Speaker 3: came back from from Europe. I went to London Paris,

433
00:21:06,880 --> 00:21:10,080
Speaker 3: and I went to the Amafi coast and I flew

434
00:21:10,160 --> 00:21:12,800
Speaker 3: business class, which is first class, and I use points

435
00:21:12,800 --> 00:21:15,640
Speaker 3: because anybody paying out of pocket. But when I looked

436
00:21:15,640 --> 00:21:18,200
Speaker 3: at the price, if I was going to fly economy,

437
00:21:18,760 --> 00:21:22,440
Speaker 3: I don't even know, Like let's just say economy, I

438
00:21:22,480 --> 00:21:25,439
Speaker 3: don't know. I'm just making up to London is eight

439
00:21:25,560 --> 00:21:31,360
Speaker 3: hundred dollars. Business Class to London is like, say.

440
00:21:31,160 --> 00:21:31,959
Speaker 1: Like four thousand.

441
00:21:31,960 --> 00:21:35,439
Speaker 3: I'm just making it up right that the difference is

442
00:21:35,440 --> 00:21:39,720
Speaker 3: not like eight hundred for economy sixteen hundred for business. No, no, no, no,

443
00:21:39,880 --> 00:21:42,200
Speaker 3: they make the difference astronomical.

444
00:21:43,320 --> 00:21:45,840
Speaker 1: So that way like it.

445
00:21:45,880 --> 00:21:48,040
Speaker 3: Because if it was just double, then everybody would just

446
00:21:48,119 --> 00:21:50,080
Speaker 3: be like I just figure out how to five. Business

447
00:21:50,160 --> 00:21:53,840
Speaker 3: is way more comfortable. It's similar to term and whole

448
00:21:53,920 --> 00:21:57,159
Speaker 3: life that term. I'll give you an example. I am

449
00:21:57,280 --> 00:22:00,040
Speaker 3: forty I'm about to be forty four this year for

450
00:22:00,040 --> 00:22:02,960
Speaker 3: forty year old, healthy woman who does not smoke for

451
00:22:03,000 --> 00:22:05,320
Speaker 3: a thirty year policy. Last time I checked, it was

452
00:22:05,440 --> 00:22:10,600
Speaker 3: like if I wanted a thirty year term insurance plan

453
00:22:11,160 --> 00:22:12,000
Speaker 3: life insurance plan.

454
00:22:12,040 --> 00:22:13,600
Speaker 1: I think it was like forty bucks a month.

455
00:22:13,840 --> 00:22:15,760
Speaker 3: That's how much it would cost a forty year old

456
00:22:15,760 --> 00:22:17,480
Speaker 3: woman who doesn't smoke to get a thirty year plan.

457
00:22:17,600 --> 00:22:20,160
Speaker 3: Forty bucks a month for a million dollar plan.

458
00:22:20,240 --> 00:22:21,000
Speaker 1: Sorry for clarity.

459
00:22:21,160 --> 00:22:23,160
Speaker 3: So if something happens to this forty year old woman

460
00:22:23,200 --> 00:22:25,160
Speaker 3: in the next thirty years, by the time she's seven,

461
00:22:25,520 --> 00:22:27,680
Speaker 3: if she is not here anymore, her family will get

462
00:22:27,680 --> 00:22:30,800
Speaker 3: a million dollars. That same woman who wants to get

463
00:22:30,840 --> 00:22:34,680
Speaker 3: a million dollar policy in a permanent whole life or

464
00:22:34,760 --> 00:22:38,280
Speaker 3: universal or whatever those are just like the same that's

465
00:22:38,280 --> 00:22:42,280
Speaker 3: calling it permanent. It's about a seven hundred and forty dollars,

466
00:22:42,960 --> 00:22:45,679
Speaker 3: so it's not even comparable. So it's like, what do

467
00:22:45,760 --> 00:22:47,800
Speaker 3: I get for paying an extra seven hundred dollars?

468
00:22:48,119 --> 00:22:49,440
Speaker 1: A hoodache is what you get?

469
00:22:49,480 --> 00:22:52,840
Speaker 3: People will say, well, you get it for life, for life.

470
00:22:53,160 --> 00:22:58,159
Speaker 3: The purpose of life insurance is not so you can

471
00:22:58,760 --> 00:23:01,600
Speaker 3: you can get it for life life. The purpose really

472
00:23:02,000 --> 00:23:06,480
Speaker 3: of life insurance is to protect your dependence for when

473
00:23:06,520 --> 00:23:10,639
Speaker 3: you can no longer be there for them financially now,

474
00:23:11,119 --> 00:23:12,200
Speaker 3: So meaning.

475
00:23:12,359 --> 00:23:13,680
Speaker 1: Thirty years should be enough.

476
00:23:14,760 --> 00:23:19,120
Speaker 3: Because if you have a child and by the if

477
00:23:19,119 --> 00:23:21,560
Speaker 3: you get life insurance for them the year that or

478
00:23:21,600 --> 00:23:23,520
Speaker 3: you get life insurance for yourself the year they're born,

479
00:23:24,240 --> 00:23:27,080
Speaker 3: and it's thirty years by the time they're thirty, the

480
00:23:27,119 --> 00:23:29,439
Speaker 3: assumption is this child can go on and take care

481
00:23:29,440 --> 00:23:30,040
Speaker 3: of themselves.

482
00:23:30,640 --> 00:23:31,440
Speaker 1: Do you see what I mean?

483
00:23:32,200 --> 00:23:35,119
Speaker 3: So you know, like unless you have like a special

484
00:23:35,200 --> 00:23:38,560
Speaker 3: needs child that's gonna need that's gonna need looking after

485
00:23:38,600 --> 00:23:40,760
Speaker 3: for life, then you can talk differently with your financial

486
00:23:40,800 --> 00:23:43,240
Speaker 3: advisor about maybe whole life might be a choice. But

487
00:23:43,560 --> 00:23:47,440
Speaker 3: really for most people, term is fine. And the difference

488
00:23:47,800 --> 00:23:50,920
Speaker 3: that's seven hundred dollars difference. It's gonna make a difference

489
00:23:50,960 --> 00:23:54,119
Speaker 3: in lifestyle, it's gonna make a difference in your ability

490
00:23:54,119 --> 00:23:56,840
Speaker 3: to invest, it's gonna make a difference in your ability

491
00:23:57,280 --> 00:24:00,160
Speaker 3: to purchase like a home and pay for college.

492
00:24:00,560 --> 00:24:01,679
Speaker 1: That's seven hundred dollars.

493
00:24:01,800 --> 00:24:04,399
Speaker 3: Them insurance ages be just giggling all the way to

494
00:24:04,440 --> 00:24:07,919
Speaker 3: the bank, honey, you know, because they know that, like

495
00:24:07,920 --> 00:24:09,720
Speaker 3: it's so much money in their pocket. So I actually have,

496
00:24:09,840 --> 00:24:11,440
Speaker 3: like in the Bookicko of Money. So if you actually

497
00:24:11,440 --> 00:24:12,960
Speaker 3: have my book Gicker of Money, I want you to

498
00:24:14,000 --> 00:24:16,399
Speaker 3: go ahead on in the over and mosor mosy on

499
00:24:16,480 --> 00:24:19,160
Speaker 3: over to page two forty eight in the physical book,

500
00:24:19,440 --> 00:24:22,440
Speaker 3: and I have here. If an insurance broker says permanent

501
00:24:22,480 --> 00:24:25,640
Speaker 3: life insurance acts as a tax deferral because you put

502
00:24:25,640 --> 00:24:28,560
Speaker 3: money in and you can essentially take out a tax

503
00:24:28,600 --> 00:24:31,240
Speaker 3: free loan for the amount, and what I say is

504
00:24:31,359 --> 00:24:33,560
Speaker 3: child what you need to know that while that's true,

505
00:24:33,640 --> 00:24:35,200
Speaker 3: it doesn't mean it's the best way for you to.

506
00:24:35,119 --> 00:24:36,960
Speaker 1: Get a tax referral tax deferral.

507
00:24:37,359 --> 00:24:39,760
Speaker 3: You know, make sure you're already taking advantage of like

508
00:24:40,000 --> 00:24:43,360
Speaker 3: pre tax deferral accounts like your four win k on Ira.

509
00:24:44,000 --> 00:24:46,639
Speaker 3: You know, a permanent life insurance policy is not the

510
00:24:46,680 --> 00:24:49,000
Speaker 3: only tax planning strategy, and honestly, it's not even the best.

511
00:24:49,160 --> 00:24:51,960
Speaker 1: And it's the most expensive. So you can pay seven hundred.

512
00:24:51,720 --> 00:24:54,040
Speaker 3: Dollars to save what ten dollars of taxes like it

513
00:24:54,040 --> 00:24:56,960
Speaker 3: doesn't make sense because they'll tell you own like it's

514
00:24:56,960 --> 00:25:00,439
Speaker 3: a it's a tax defral deferral strategy. But there are

515
00:25:00,440 --> 00:25:03,160
Speaker 3: other strategies that are way better and less expensive.

516
00:25:03,600 --> 00:25:04,240
Speaker 1: Another one.

517
00:25:04,320 --> 00:25:07,639
Speaker 3: If the insurance broker says it's building value because it

518
00:25:07,680 --> 00:25:10,840
Speaker 3: has cash value, what you need to know is that

519
00:25:10,880 --> 00:25:12,960
Speaker 3: there are better ways. This is the number one way

520
00:25:13,119 --> 00:25:15,399
Speaker 3: they tell you it builds cast value. There are better

521
00:25:15,480 --> 00:25:18,320
Speaker 3: ways to build your wealth. Do some quick math. What's

522
00:25:18,400 --> 00:25:21,120
Speaker 3: the difference between what you would pay for term per

523
00:25:21,200 --> 00:25:24,000
Speaker 3: year versus the permanent policy with the same death benefit

524
00:25:24,359 --> 00:25:25,600
Speaker 3: right at the same pad amount.

525
00:25:26,080 --> 00:25:27,359
Speaker 1: You know what would that cost you?

526
00:25:27,720 --> 00:25:29,520
Speaker 3: The difference of amount, if you put that into the

527
00:25:29,560 --> 00:25:32,320
Speaker 3: stock market, that would be more than the cash value.

528
00:25:32,359 --> 00:25:33,880
Speaker 1: So if I put let's do let's.

529
00:25:33,680 --> 00:25:35,320
Speaker 3: Do some maid, I'm about to pull up, Let me

530
00:25:35,359 --> 00:25:37,160
Speaker 3: pull let me pull out my phone because you know town,

531
00:25:38,280 --> 00:25:39,800
Speaker 3: because the people be getting me hot when they be

532
00:25:39,800 --> 00:25:43,560
Speaker 3: talking about a whole life. Seven hundred dollars chiund times

533
00:25:43,720 --> 00:25:48,560
Speaker 3: twelve months equals eight thousand, four hundred. That's the difference

534
00:25:48,920 --> 00:25:50,919
Speaker 3: in that term policy I mentioned for a forty year

535
00:25:50,920 --> 00:25:54,119
Speaker 3: old black woman, a forty old woman, and you know,

536
00:25:54,200 --> 00:25:57,080
Speaker 3: for a term of a million dollar policy term versus

537
00:25:57,080 --> 00:26:01,320
Speaker 3: whole eight thousand, set, eight thousand, four hundred dollars, that

538
00:26:01,480 --> 00:26:04,680
Speaker 3: is the amount of money that that person can then

539
00:26:04,800 --> 00:26:08,879
Speaker 3: put into the market, and on average, the stock market

540
00:26:08,960 --> 00:26:11,720
Speaker 3: on the low end for the last thirty years has

541
00:26:11,800 --> 00:26:14,600
Speaker 3: yielded seven to eight percent. Really about ten percent, but

542
00:26:14,600 --> 00:26:18,000
Speaker 3: if we be keeping it real cute seven to eight percent.

543
00:26:18,080 --> 00:26:21,280
Speaker 3: Do you want to know what the cash value like

544
00:26:21,640 --> 00:26:23,800
Speaker 3: the rate of return on that cast value if you

545
00:26:23,960 --> 00:26:26,359
Speaker 3: if you put that money that's seven hundred dollars instead

546
00:26:26,359 --> 00:26:28,480
Speaker 3: of the market that on the low end yields seven

547
00:26:28,560 --> 00:26:32,200
Speaker 3: percent in a whole life policy like.

548
00:26:32,840 --> 00:26:35,200
Speaker 1: This is according to consumer.

549
00:26:34,800 --> 00:26:39,000
Speaker 3: Reports, the average annual rate of return for a whole

550
00:26:39,080 --> 00:26:44,080
Speaker 3: life guarantee cash value is one point five percent. You

551
00:26:44,160 --> 00:26:46,920
Speaker 3: might as well put it in grandma's own mattress one

552
00:26:46,960 --> 00:26:49,159
Speaker 3: point five percent. Banks are giving more than that. You

553
00:26:49,320 --> 00:26:51,920
Speaker 3: literally can just put your money instead the set of

554
00:26:51,960 --> 00:26:54,840
Speaker 3: a whole life insurance policy into a savings account. Right now,

555
00:26:54,880 --> 00:26:57,040
Speaker 3: savings accounts are giving up to four percent, if not

556
00:26:57,080 --> 00:26:59,640
Speaker 3: more so that whole cast value that you get who

557
00:26:59,680 --> 00:27:00,359
Speaker 3: was cast value?

558
00:27:00,359 --> 00:27:00,560
Speaker 1: Cats?

559
00:27:00,600 --> 00:27:00,760
Speaker 2: Right?

560
00:27:01,080 --> 00:27:06,639
Speaker 3: No in inflation which, honey, know what is the inflation rate?

561
00:27:06,720 --> 00:27:06,840
Speaker 1: Now?

562
00:27:06,840 --> 00:27:12,440
Speaker 3: We're about to find out inflation rate USA USA rate.

563
00:27:13,720 --> 00:27:18,359
Speaker 1: Of inflation. Let's see what's the inflation rate currently? Right now?

564
00:27:18,640 --> 00:27:21,040
Speaker 3: The bag the US the r inflation rate is three

565
00:27:21,080 --> 00:27:25,640
Speaker 3: point one eight, meaning your money is losing its value

566
00:27:25,960 --> 00:27:29,600
Speaker 3: at a little over three percent. So if they are

567
00:27:29,680 --> 00:27:32,800
Speaker 3: making you richer by one point five percent, but your

568
00:27:32,840 --> 00:27:36,840
Speaker 3: money is decreasing by three point eight percent, you losing money.

569
00:27:37,400 --> 00:27:38,760
Speaker 1: Whereas if you put your money.

570
00:27:38,600 --> 00:27:42,159
Speaker 3: In the market and the market is generating seven to

571
00:27:42,200 --> 00:27:45,360
Speaker 3: eight to ten percent on average annually over the last

572
00:27:45,400 --> 00:27:49,080
Speaker 3: thirty thirty years or so, like you're going to you'll

573
00:27:49,200 --> 00:27:54,240
Speaker 3: be up like four percent because the market is generating

574
00:27:54,359 --> 00:28:00,560
Speaker 3: say eight percent, and you are losing three percent due

575
00:28:00,560 --> 00:28:04,640
Speaker 3: to inflation. So the difference in that is five percent, right,

576
00:28:04,720 --> 00:28:06,200
Speaker 3: So that means you'll be up five percent.

577
00:28:06,320 --> 00:28:07,520
Speaker 1: But if Whole.

578
00:28:07,320 --> 00:28:09,760
Speaker 3: Life says we'll give you one point five percent, but

579
00:28:09,800 --> 00:28:11,919
Speaker 3: you're gonna lose three percent of inflation, that means you're

580
00:28:12,000 --> 00:28:13,560
Speaker 3: down one point five percent.

581
00:28:13,640 --> 00:28:15,720
Speaker 1: That doesn't make sense, honestly.

582
00:28:15,760 --> 00:28:17,919
Speaker 3: That's why it irritates me so because I'm like that

583
00:28:17,960 --> 00:28:19,400
Speaker 3: whole cast value cash value.

584
00:28:20,080 --> 00:28:21,160
Speaker 1: You're not giving any.

585
00:28:20,920 --> 00:28:24,480
Speaker 3: Interest with cash value. That extra seven hundred dollars just

586
00:28:24,480 --> 00:28:26,199
Speaker 3: goes to people's pockets. That's why they be pushing it

587
00:28:26,240 --> 00:28:29,639
Speaker 3: so hard, because I mean, I've spoken to insurance agents.

588
00:28:29,680 --> 00:28:32,160
Speaker 1: The amount of money they make on Whole Life job.

589
00:28:33,040 --> 00:28:35,600
Speaker 3: It makes their whole life, and that's been at least

590
00:28:35,720 --> 00:28:38,000
Speaker 3: if they say you'll have this benefit that can provide

591
00:28:38,120 --> 00:28:39,840
Speaker 3: that you can provide to your children no matter what,

592
00:28:39,880 --> 00:28:42,320
Speaker 3: even if you don't have any other assets, they get

593
00:28:42,320 --> 00:28:44,880
Speaker 3: this life insurance policy from you. I want you to

594
00:28:44,960 --> 00:28:48,160
Speaker 3: know that this guarantee you comes at a significant cost

595
00:28:48,600 --> 00:28:50,840
Speaker 3: that most it doesn't make most sense for most people.

596
00:28:51,280 --> 00:28:54,160
Speaker 3: It comes at significant costs because yes, you will be

597
00:28:54,200 --> 00:28:56,160
Speaker 3: able to leave this money to your children, but what

598
00:28:56,240 --> 00:28:57,520
Speaker 3: about when your kids are alive.

599
00:28:57,880 --> 00:28:59,480
Speaker 1: I bet you that's seven.

600
00:28:59,400 --> 00:29:02,200
Speaker 3: Hundred dollars month would be more helpful for when you're

601
00:29:02,240 --> 00:29:06,760
Speaker 3: actually alive than a potential one day hopefully million dollars

602
00:29:06,840 --> 00:29:08,680
Speaker 3: if you pass away at eighty Does that make sense?

603
00:29:08,720 --> 00:29:10,360
Speaker 3: And who knows what a million dollars will be by then?

604
00:29:10,720 --> 00:29:13,320
Speaker 3: So I just hope that you understand that, like I

605
00:29:13,400 --> 00:29:15,200
Speaker 3: promise you. I mean, I can't speak for Remat, but

606
00:29:15,320 --> 00:29:17,000
Speaker 3: you can go ahead of Twitter and type in Remat

607
00:29:17,040 --> 00:29:18,880
Speaker 3: set the whole life, and I promise you will see

608
00:29:18,960 --> 00:29:25,040
Speaker 3: him lambosting it, lambasting you know, because I believe in

609
00:29:25,080 --> 00:29:29,760
Speaker 3: life insurance, you know, But I'm just saying that, like

610
00:29:29,960 --> 00:29:35,080
Speaker 3: you want, you know, life insurance is there specifically for

611
00:29:35,200 --> 00:29:38,160
Speaker 3: your earning years to take care of your dependence when

612
00:29:38,160 --> 00:29:38,600
Speaker 3: you're not here.

613
00:29:38,960 --> 00:29:40,040
Speaker 1: That's his core thing.

614
00:29:40,600 --> 00:29:45,800
Speaker 3: Now, certainly you can use life insurance to help boost

615
00:29:45,800 --> 00:29:46,680
Speaker 3: your family to grow wealth.

616
00:29:46,720 --> 00:29:48,400
Speaker 1: So I'll give you an example how I'm using it now.

617
00:29:48,480 --> 00:29:51,520
Speaker 3: So most people know that my husband passed away suddenly

618
00:29:51,520 --> 00:29:55,280
Speaker 3: from aneurism, like two years ago, and we had life insurance.

619
00:29:55,280 --> 00:29:56,640
Speaker 3: I had it, like, oh, I think I have like

620
00:29:56,640 --> 00:29:59,760
Speaker 3: a three million dollar policy because of like the budgetista

621
00:29:59,760 --> 00:30:02,320
Speaker 3: has done very well. We have property and all this

622
00:30:02,400 --> 00:30:04,520
Speaker 3: other stuff. So I wanted to make sure that, like

623
00:30:04,640 --> 00:30:06,880
Speaker 3: you know, he worked for the city and I made

624
00:30:06,880 --> 00:30:09,120
Speaker 3: significantly more than him, and I wanted to make sure that,

625
00:30:10,200 --> 00:30:13,680
Speaker 3: excuse me, that if I was not here for whatever reason,

626
00:30:13,840 --> 00:30:16,400
Speaker 3: you know, he can maintain the life that we've built

627
00:30:16,600 --> 00:30:20,440
Speaker 3: because you know, working for the city doesn't pay a

628
00:30:20,480 --> 00:30:24,640
Speaker 3: ton of money, right, and so he is no longer here,

629
00:30:25,040 --> 00:30:27,520
Speaker 3: and so he did have life insurance policies from his

630
00:30:27,600 --> 00:30:30,440
Speaker 3: job and personal ones and that have paid out to myself,

631
00:30:30,480 --> 00:30:32,520
Speaker 3: his family, and my stepdaughter.

632
00:30:34,160 --> 00:30:35,239
Speaker 1: So that was good he did that.

633
00:30:35,280 --> 00:30:36,800
Speaker 3: And so just so you know, too, you don't have

634
00:30:36,800 --> 00:30:38,800
Speaker 3: to have a lot of money to prepare, you know,

635
00:30:38,840 --> 00:30:42,600
Speaker 3: because his life insurance policy largely is making sure unless

636
00:30:42,600 --> 00:30:44,720
Speaker 3: of my bonus daughter doesn't have to worry about paying

637
00:30:44,720 --> 00:30:47,080
Speaker 3: for school and the money that I put up for too,

638
00:30:47,120 --> 00:30:48,680
Speaker 3: she doesn't have to worry about her first home.

639
00:30:49,240 --> 00:30:51,400
Speaker 1: So, like, you know, I am not anti.

640
00:30:51,120 --> 00:30:53,920
Speaker 3: Life insurance, like it was such a useful tool in

641
00:30:54,000 --> 00:30:57,400
Speaker 3: helping us, like I didn't need the money, but really

642
00:30:57,880 --> 00:31:01,280
Speaker 3: helping us want pay for, you know, funeral expenses, but

643
00:31:01,320 --> 00:31:04,080
Speaker 3: also too, making sure it did what it's supposed to do,

644
00:31:04,360 --> 00:31:09,760
Speaker 3: making sure that you're dependent your daughter, our daughter, you know,

645
00:31:10,560 --> 00:31:13,280
Speaker 3: doesn't have to worry about certain things that we would

646
00:31:13,280 --> 00:31:15,640
Speaker 3: have taken care of with him being here. With that

647
00:31:15,760 --> 00:31:19,360
Speaker 3: being said, my financial advisor said, Tiffany, you still have

648
00:31:19,520 --> 00:31:21,440
Speaker 3: this three million dollar policy. What you want to do

649
00:31:21,440 --> 00:31:24,440
Speaker 3: with you because Jarrell's not here? She said, you can

650
00:31:24,440 --> 00:31:26,840
Speaker 3: cancel it if you want to. Now, I can't remember

651
00:31:26,880 --> 00:31:29,760
Speaker 3: how much I'm paying for the three million dollars. I

652
00:31:29,800 --> 00:31:32,200
Speaker 3: want to say, maybe twelve hundred dollars for the year.

653
00:31:32,240 --> 00:31:32,680
Speaker 1: I can't remember.

654
00:31:33,240 --> 00:31:36,040
Speaker 3: Don't get me to lie, but I can't remember how

655
00:31:36,120 --> 00:31:38,640
Speaker 3: much I'm paying, But the amount is fairly.

656
00:31:38,320 --> 00:31:41,920
Speaker 1: Nominal for my income. Now for me, I.

657
00:31:41,920 --> 00:31:45,920
Speaker 3: Said, let's keep it because I recently got it just

658
00:31:45,960 --> 00:31:48,360
Speaker 3: like a few years ago, and so I still have

659
00:31:48,400 --> 00:31:52,280
Speaker 3: thirty years on it and it doesn't hurt me financially

660
00:31:52,360 --> 00:31:54,800
Speaker 3: to pay, and it can be used as a tool

661
00:31:55,120 --> 00:31:58,040
Speaker 3: for my family so when I'm not here to set

662
00:31:58,040 --> 00:32:02,360
Speaker 3: them up for wealth. That's what you mean. Yes, it

663
00:32:02,440 --> 00:32:05,920
Speaker 3: is possible to use that as a tool, but I

664
00:32:05,960 --> 00:32:08,239
Speaker 3: don't pass that thirty years. If I'm still here, then

665
00:32:08,280 --> 00:32:10,360
Speaker 3: it's gone. You know, It's fine, it's gone. So what

666
00:32:10,440 --> 00:32:12,320
Speaker 3: I'm doing with the policies that I still have, I

667
00:32:12,320 --> 00:32:15,640
Speaker 3: have two I believe, is that it is going I

668
00:32:15,720 --> 00:32:18,760
Speaker 3: have a trust that I created. It is going to

669
00:32:18,960 --> 00:32:21,960
Speaker 3: the trust is the beneficiary to the life insurance policy.

670
00:32:22,120 --> 00:32:24,040
Speaker 3: So it we'll go into the trust if something happens

671
00:32:24,080 --> 00:32:26,840
Speaker 3: to me, and then the trust has I have the

672
00:32:26,880 --> 00:32:29,600
Speaker 3: trust set up where the beneficiary is my mom, my dad,

673
00:32:29,680 --> 00:32:32,280
Speaker 3: if they're still here, my sisters, and my stepdaughter Melissa.

674
00:32:32,880 --> 00:32:36,240
Speaker 3: That along with the other assets, my businesses, money, blah

675
00:32:36,280 --> 00:32:38,880
Speaker 3: blah blah, all of that literally goes into the trust

676
00:32:38,920 --> 00:32:40,880
Speaker 3: and the trust knows what to do. It knows what's

677
00:32:41,120 --> 00:32:43,160
Speaker 3: what to leave Alissa, what to leave my parents if

678
00:32:43,160 --> 00:32:46,840
Speaker 3: they're still here, and whatever's leftover gets split evenly between

679
00:32:46,840 --> 00:32:47,280
Speaker 3: my sisters.

680
00:32:47,280 --> 00:32:48,040
Speaker 1: I have four sisters.

681
00:32:48,520 --> 00:32:51,560
Speaker 3: So I say all that to say that, yes, life

682
00:32:51,560 --> 00:32:54,640
Speaker 3: insurance can certainly be used in that way. Want it

683
00:32:54,680 --> 00:32:57,640
Speaker 3: coverage what it's supposed to cover, which is my dependence,

684
00:32:58,280 --> 00:33:01,440
Speaker 3: who depend on me within this thirty years, twenty ten,

685
00:33:01,560 --> 00:33:05,160
Speaker 3: whatever years, and then beyond that, if it doesn't harm

686
00:33:05,240 --> 00:33:07,880
Speaker 3: you financially, certainly you can think about keeping it on

687
00:33:08,000 --> 00:33:10,440
Speaker 3: like I'm keeping it on. But I hope that makes sense. Yes,

688
00:33:10,560 --> 00:33:12,000
Speaker 3: So I'm not you know, I'm not here to tell

689
00:33:12,000 --> 00:33:13,240
Speaker 3: you what to do, but I'm here to tell.

690
00:33:13,120 --> 00:33:16,000
Speaker 1: You, y'all whole life is a whole mistake.

691
00:33:16,120 --> 00:33:20,600
Speaker 3: And if you are a broker, go someplace else, please,

692
00:33:20,640 --> 00:33:22,400
Speaker 3: because I know you're like, oh, I.

693
00:33:24,040 --> 00:33:24,280
Speaker 1: Block.

694
00:33:24,360 --> 00:33:26,400
Speaker 3: You know, I don't be y'all be writing sometimes you'd

695
00:33:26,400 --> 00:33:28,040
Speaker 3: be writing a whole solio quick, I said, poor tink

696
00:33:28,040 --> 00:33:30,640
Speaker 3: tank because I don't the moment I read any sort

697
00:33:30,680 --> 00:33:32,800
Speaker 3: of like black. Now, if you have some constructive things,

698
00:33:32,840 --> 00:33:35,000
Speaker 3: certainly you know, because I don't get everything right.

699
00:33:35,800 --> 00:33:37,080
Speaker 1: But here's the thing.

700
00:33:37,600 --> 00:33:40,200
Speaker 3: This, this part of the book, one thing of when

701
00:33:40,240 --> 00:33:42,440
Speaker 3: I wrote Get You with Money, I made sure the

702
00:33:42,480 --> 00:33:44,600
Speaker 3: parts where I am not the expert in I am

703
00:33:44,640 --> 00:33:46,480
Speaker 3: not an insurance expert but you know what I did.

704
00:33:46,720 --> 00:33:48,840
Speaker 1: I literally hired.

705
00:33:48,480 --> 00:33:51,920
Speaker 3: An insurance expert to interview for this component, to go

706
00:33:52,160 --> 00:33:55,080
Speaker 3: through all parts of life insurance and why and in

707
00:33:55,520 --> 00:33:57,440
Speaker 3: the ins and out because I ain't want to just

708
00:33:57,480 --> 00:34:00,720
Speaker 3: be talking and so when you come at me, I'm

709
00:34:00,720 --> 00:34:02,640
Speaker 3: just saying, like, this is not just like what I

710
00:34:02,680 --> 00:34:04,880
Speaker 3: pulled from the air. No, no, no, I interviewed actually

711
00:34:04,880 --> 00:34:07,680
Speaker 3: a number of people were one expert in particular, like

712
00:34:07,920 --> 00:34:09,880
Speaker 3: why what is the difference, Why is it not better?

713
00:34:09,960 --> 00:34:12,520
Speaker 3: Why shouldn't people get whole like the and so just

714
00:34:12,600 --> 00:34:15,680
Speaker 3: know that this is like a find a certified financial planner?

715
00:34:16,440 --> 00:34:20,880
Speaker 3: Who who who I tapped into for this section of

716
00:34:20,880 --> 00:34:22,719
Speaker 3: the book. Each section of the book has its own

717
00:34:22,760 --> 00:34:24,520
Speaker 3: expert the parts that I'm that's not my expertise. So

718
00:34:24,520 --> 00:34:26,759
Speaker 3: I don't have schooling in or whatever certificates in just

719
00:34:26,800 --> 00:34:29,799
Speaker 3: so you know, come from your mama, not me. Okay,

720
00:34:29,880 --> 00:34:35,160
Speaker 3: all right, So I hope that's helpful. Yeah, okay, I'm

721
00:34:35,160 --> 00:34:37,440
Speaker 3: Todd and Rob. We had a good time, if not

722
00:34:37,520 --> 00:34:38,160
Speaker 3: a long time.

723
00:34:38,320 --> 00:34:38,680
Speaker 1: All right.

724
00:34:38,719 --> 00:34:42,080
Speaker 3: So if you want your questions to be answered on

725
00:34:42,120 --> 00:34:47,600
Speaker 3: the Brando Vision podcast Brannobision Podcasts at gmail dot com,

726
00:34:47,640 --> 00:34:50,560
Speaker 3: the BA Podcast on Twitter Barnabisch and podcasts on ig

727
00:34:51,800 --> 00:34:55,400
Speaker 3: barnabischmpodcast dot com. Just contact us there and get your

728
00:34:55,480 --> 00:34:57,960
Speaker 3: questions answered. Until next time.

729
00:34:58,560 --> 00:35:04,359
Speaker 1: Goodbye, fail Awa, I do that, Ain't I do? I do? Tod?

730
00:35:04,360 --> 00:35:05,440
Speaker 1: You and you and you?

731
00:35:05,600 --> 00:35:08,880
Speaker 3: Goodbye Name that tune tweeted to me the bunch of

732
00:35:08,880 --> 00:35:09,920
Speaker 3: the stood Bye