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Speaker 1: It's time for the b a qa a. The b

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Speaker 1: a q a.

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Speaker 2: Okay, the big a q a. What you said, Brian, ambition,

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Speaker 2: question and answer. You have questions, we have answers. Ish,

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Speaker 2: But we're not your financial advisor, you're attorney, you're a doctor.

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Speaker 2: But we're two smart brown girls who have something to say.

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Speaker 2: But take it with the grain of salt. Don't suit us,

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Speaker 2: no way?

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Speaker 3: Oh say that, Say that's that's the new that's the

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Speaker 3: new theme song or b a q a. I don't

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Speaker 3: know where you get your energy from, my friends, I.

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Speaker 1: Don't know either, you know, I feel like the tide

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Speaker 1: of more.

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Speaker 2: I'm literally like a little kid, you know, like the

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Speaker 2: more tired they get, the wall that they get.

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Speaker 1: That's me.

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Speaker 3: Oh my god, yes, well, yes, yes, we had to

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Speaker 3: get up for early flight yesterday, so yes, I know,

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Speaker 3: my my. I was laughing so hard at Rio. We

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Speaker 3: were so tired, Like he was tired. I was so tired.

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Speaker 3: Everything he did was hilarious. He went running off the plane,

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Speaker 3: he banged into the gate, he banged into the desk

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Speaker 3: at the gate and whacked his head and fell down.

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Speaker 3: And I almost I mean, I'm not even gonna lie.

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Speaker 3: I peed myself a little bit. I was laughing so hard.

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Speaker 3: Up my child. He was strolled on the floor and

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Speaker 3: Enrinka is nowhere to be found. And to everyone who

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Speaker 3: was standing in the c terminal Alagordia for the American

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Speaker 3: Airline flight from Saint Louis around whatever noon yesterday, I'm

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Speaker 3: not insane and I don't hate my child. It was

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Speaker 3: just so tired, so so tired.

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Speaker 1: Oh, I know what I'm gonna send Rio. Did he

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Speaker 1: have his own luggage? Yes, he does.

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Speaker 3: He has a cute little he doesn't say it himself.

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Speaker 2: No, No, I'm going to I was gonna say, I

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Speaker 2: just found a really cute luggage set. I was gonna

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Speaker 2: say he's into dinosaurs because I just bought one for

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Speaker 2: Roman and like this unicorn set for a Milia and

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Speaker 2: they're so cute. It comes with a book bag, little

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Speaker 2: hardshell book bag and a roly that's perfectly like their size.

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Speaker 1: And I was like, ooh, I'll send him, But you

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Speaker 1: say he has it's like a cute sick because it's so.

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Speaker 3: Yeah whole, and let him know Auntie Tiffany loves him. Okay, yeah,

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Speaker 3: he has a little teeny. He has a miniature like

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Speaker 3: it has buses and cars and construction trucks because that's

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Speaker 3: his jam. Anything with wheels, Uh, he's into. But what

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Speaker 3: what a delightful human I have breized, That's all I

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Speaker 3: gotta say. I don't have these questions today.

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Speaker 2: Yes, we're going to be leaning into the money questions

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Speaker 2: we did career last time. Actually, can we get an update?

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Speaker 2: Do we have any update? Because if you didn't listen

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Speaker 2: our last BAQA, which comes out every Friday, we had

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Speaker 2: such a great question from frustrated and tired husband Kevin.

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Speaker 2: Kevin chat o Kevin. Did Kevin ever write back?

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Speaker 3: Kevin has not written us back, according to these questions

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Speaker 3: that we've gotten. But y'all were so funny on Instagram

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Speaker 3: with some of y'all's comments. Yes, Maggie Angelica on Ig said,

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Speaker 3: y'all answer this question so well and remind you Kevin

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Speaker 3: was contacting us because you go back to last week

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Speaker 3: and listen to it. His wife Life didn't want to

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Speaker 3: go for promotion at work, and Kevin was concerned, and

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Speaker 3: Kevin wanted her to be a good influence for their daughter,

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Speaker 3: and Kevin meant well, but Kevin was you know, Kevin

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Speaker 3: was not entirely in the right. Maggie Angelica said, yell,

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Speaker 3: answer the question so well. I have had opportunities to

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Speaker 3: take on management roles with pay increases, and I'm just

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Speaker 3: not interested in giving up the time and mental energy

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Speaker 3: that it would cost. Amen to that. Mandy Pandy, Hey,

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Speaker 3: Mandy Pandy, she says, Mandy Pandy, and Ig says she

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Speaker 3: sounds just like me. I don't want to be responsible

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Speaker 3: for other people. Okay, y'all, it's okay. Lean into that.

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Speaker 3: I don't want to be a boss. Snuggy ninety nine said,

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Speaker 3: as a new supervisor myself, this position can be a nightmare.

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Speaker 2: Yes, first of all, the misrel banks is hillar. She said,

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Speaker 2: that's the response. Okay, girls, She said, I've given this

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Speaker 2: response to too over the years, to many managers and

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Speaker 2: executives when I'm asked why I'm not either a manager

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Speaker 2: or an executive. Besides, they look stressed all the way,

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Speaker 2: and I wrote, child, because if it looks like what.

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Speaker 1: You look like, I'll pass. She was like, okay.

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Speaker 2: My last manager was cool, and when he asked me

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Speaker 2: why I responded that way, I said, sir, you look exhausted.

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Speaker 3: I don't need that type of energy in my life.

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Speaker 1: So if you are not following.

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Speaker 2: Us on on ig, you should Brown and Bison podcast

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Speaker 2: because we we will post little clips of you know,

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Speaker 2: some of our favorite moments on Brown and bishon so

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Speaker 2: you can get your life in the comments as well.

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Speaker 3: We hit fifteen k on ig by the way.

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Speaker 1: Ooh to b a Okay.

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Speaker 3: I remember it was just my birthday. Last year we

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Speaker 3: hit ten K, so I were at fifteen K. So exciting.

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Speaker 2: Yes, So we're gonna take so many questions today. So

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Speaker 2: first question comes from and sidebar. Thank you so much

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Speaker 2: for validating me y'all who loved Gem and the Holograms,

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Speaker 2: because y'all was tweeting me all the all the every

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Speaker 2: day like tivity, Gem and holiday was it was.

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Speaker 3: It was a cultural mode and so producer Tanya was

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Speaker 3: so geeked when you mentioned it.

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Speaker 2: So I was like, yo, when I got so many

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Speaker 2: tweets about Gem and the Holograms, I just.

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Speaker 1: Want to say, I feel seen, I feel heard.

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Speaker 2: Okay and so yeah too Hot in Texas says hey, lovelies,

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Speaker 2: please consider answering this on your next baqa. I want

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Speaker 2: to take a loan from my four oh one K

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Speaker 2: to do the following one payoff school debt and re

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Speaker 2: enroll in the fall. Two pay off credit card debt.

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Speaker 2: Three for the school debt, I owe sixteen thousand. Should

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Speaker 2: I pay the balance or the two with the high

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Speaker 2: interest credit card rate? If you read this over your podcasts,

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Speaker 2: I prefer to me anamous. That's why two hot of Texas.

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Speaker 2: So yeah, she said I could, I could be too hot,

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Speaker 2: too hot in Texas, and I'm strictly referring to the

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Speaker 2: fact that it's currently one hundred and six so basically

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Speaker 2: too hot. Wants to take money from her fur one

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Speaker 2: k to pay off student loan debt and to pay

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Speaker 2: off her credit card debt. And she wants to know

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Speaker 2: one is that a good idea? And if it is

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Speaker 2: a good idea, which way should she do it?

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Speaker 1: What say you, Mandra?

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Speaker 3: She needs to take a cold shower first and foremost,

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Speaker 3: cold shower. Too hat in Texas. The sun is addling

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Speaker 3: your brain. The heat is interfering with your with your

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Speaker 3: logic right now. But my first reaction is, oh no,

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Speaker 3: please don't dip into your four one k. I think

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Speaker 3: your four one k is I mean, in very very

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Speaker 3: few circumstances, it should feel like a vault. It should

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Speaker 3: feel like a treasure chest, a vault for your future self.

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Speaker 3: We don't like to touch him, especially because we're investing

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Speaker 3: through our four and one K, right, so we need

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Speaker 3: time for that to marinade. It'd be like stopping the

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Speaker 3: slow cooker before the chili was done. Like, no one

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Speaker 3: wants slow cooker chili. After thirty minutes, it's gonna taste

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Speaker 3: like trash, right, we want that nice. And I'm stealing

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Speaker 3: this metaphor from Deli and the money coach who just

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Speaker 3: uses to describe investing the other day, so I have

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Speaker 3: to give her all the props, but I love it

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Speaker 3: slow cooker investing. Yeah.

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Speaker 2: So.

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Speaker 3: And the fact that it's school debt, So I'm going

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Speaker 3: to assume here you haven't told us what kind of

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Speaker 3: debt it is. But if it's federal, those typically have

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Speaker 3: really flexible repayment plans, so there's not a lot of

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Speaker 3: and the interest rate can be a lot lower than

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Speaker 3: what you can gain by keeping your money invested in

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Speaker 3: the market. I can understand how between school debt and

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Speaker 3: your credit card debt, you're feeling a little bit stressed out,

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Speaker 3: you know, you feel like you want to get rid

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Speaker 3: of this debt. But I would say how can we

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Speaker 3: increase your income and save more, put more aside to

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Speaker 3: pay off these paid on those debt, the debt that

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Speaker 3: you have, versus dipping into your your little baby nest egg. Yeah,

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Speaker 3: she mess to marinate some more.

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Speaker 2: I agree, because if you would draw that money, and

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Speaker 2: here's the thing, there's that thirty percent because I'm assuming

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Speaker 2: you're not fifty nine and a half two lot of dixes.

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Speaker 2: So with the penalties, Yeah, it's like a thirty percent

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Speaker 2: penalty if you don't pay it back within I think

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Speaker 2: it's a year. So if you're just barring it in

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Speaker 2: your like it's sometimes people will borrow because they're like,

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Speaker 2: I need it temporarily, but I'm going to pay it

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Speaker 2: back before the you know, before the end of the

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Speaker 2: tax year, so that way I won't incur the taxes.

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Speaker 2: That's one because you're gonna have to pay taxes on

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Speaker 2: that income. And two the penalty because you you've withdrawn

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Speaker 2: that money before you're quote unquote old enough to withdraw

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Speaker 2: that money.

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Speaker 1: Don't do it. I did it. I did it. I

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Speaker 1: did it, and I regret it.

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Speaker 2: I had thirty thousand dollars in my four one K.

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Speaker 2: The recession hit and I said I was going to

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Speaker 2: use it to pay off debt, and YadA, YadA, YadA, Sayspumbada.

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Speaker 2: I didn't get thirty thousand. I got thirty thousand minus

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Speaker 2: taxes minus thirty percent.

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Speaker 1: I was like, don't stop me. The narrow.

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Speaker 2: And so it was like it felt like it was half,

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Speaker 2: you know, like I think I got back like a

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Speaker 2: little under twenty thousand dollars and I was just like, yike,

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Speaker 2: that was money that like basically I lost. So you know,

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Speaker 2: unless you're literally like drowning, and it's like I call

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Speaker 2: it like if you're going to be without a home,

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Speaker 2: if it's going to make you unsafe to not pay something,

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Speaker 2: or if it's going to make you, you know, you

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Speaker 2: will be hungry as a result that I obviously understandably

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Speaker 2: we get that. But if it's something that it's like, okay,

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Speaker 2: it's just going to require more time. The other way,

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Speaker 2: you know, me and manager both are on the on

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Speaker 2: the lead a money alone train.

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Speaker 3: Yeah, and thanks for mentioning. I'm looking back at her question.

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Speaker 3: She does say she wants to take out a four

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Speaker 3: to one k loan, and another downside to taking out

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Speaker 3: a loan is that like if you were to get

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Speaker 3: if you were to get let go or you were

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Speaker 3: to leave your job yourself, you could you will owe

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Speaker 3: that loan back like in full. So it's taking a gamble.

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Speaker 3: And you know me and maa mantra, no job is stable,

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Speaker 3: so it's taking a bit of a gamble there. So

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Speaker 3: I would also take that into consideration. Now, as far

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Speaker 3: as credit card debt, you know, there's other ways you

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Speaker 3: could pay that down without dipping into your four to

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Speaker 3: one K. You could consolidate it through a balanced transfer,

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Speaker 3: you know, get a small installment loan from a credit

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Speaker 3: union to pay on that credit card debt. But I

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Speaker 3: would tackle the debt. Take that cold shower, chill out,

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Speaker 3: leave that money alone in your four one k for now.

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Speaker 3: You got some time to figure it out. Yes, my

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Speaker 3: dog is losing her damn mind. Molly said no. All right, y'all,

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Speaker 3: We will be right back with another question, this one

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Speaker 3: coming from listener Sidney. Right after the break. All right, y'all,

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Speaker 3: we are back ba Fam with your next question. It

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Speaker 3: comes from listener Sydney, who says, hello, my beautiful black

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Speaker 3: money queens, thank you. I'm gonna get a placard that

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Speaker 3: says that just weird. I am someone whose anxiety makes

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Speaker 3: her very anal about keeping her money organized and making

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Speaker 3: sure I do not spend money allotted for one thing

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Speaker 3: on something else. Over time, I've ended up with four

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Speaker 3: checking accounts and three savings accounts. Savings accounts checking one

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Speaker 3: is for routine transactions. Checking two gets fifty dollars per

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Speaker 3: paycheck and I put that towards travel. Checking account number

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Speaker 3: three is a joint account with my fiance where we

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Speaker 3: each deposit and I use that money to pay the

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Speaker 3: bills for our home, and Checking account number four get

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Speaker 3: seventy five dollars per paycheck that I put towards medical

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Speaker 3: bills because I have annoyingly high copays no matter which

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Speaker 3: insurance plan I pick, When is enough enough? How do

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Speaker 3: I condense all of these accounts but still make sure

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Speaker 3: I have the appropriate amount of money allotted for things?

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Speaker 3: Are there considerations I should take into account when condensing

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Speaker 3: my accounts? Since I'm getting married next year? Girls help?

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Speaker 1: First of all, I want to say, girl, you's not

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Speaker 1: like me. I love it. Girl. I used to have

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Speaker 1: the seven accounts too.

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Speaker 3: What is it about looking number seven?

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Speaker 2: But I'll say this, there's nothing wrong as long as

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Speaker 2: it's you. Like, as long as you it's organized for you,

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Speaker 2: it's okay to have multiple accounts. But they and here's

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Speaker 2: the thing. The banks were noticing that we were doing this,

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Speaker 2: and then they created what is that thing called mandy

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Speaker 2: where it's like the same account, but it's like.

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Speaker 3: Dropped down like yeah, sub accounts, yes, so little.

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Speaker 2: You can have one checking account, but then they have

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Speaker 2: sub accounts under that checking account, so all the money

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Speaker 2: is really in that account, but you can almost like

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Speaker 2: it's the envelope, the digital envelope system.

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Speaker 1: So so you have accounts.

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Speaker 2: Under your one checking account.

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Speaker 1: Now here's the thing. You can do that.

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Speaker 2: But because I'm forty two and stuck in my ways

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Speaker 2: and I've got gray lashes, I don't do that. I

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Speaker 2: say you should have came up with sub accounts fifteen

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Speaker 2: years ago when I started this process. I still have

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Speaker 2: my seven accounts. So I say all that to say

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Speaker 2: that it's okay. You know that you've done that. If

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Speaker 2: you want to switch over to sub accounts, and that's

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Speaker 2: your business.

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Speaker 1: The only thing I.

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Speaker 2: Will say is it would behoove you to have sub

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Speaker 2: accounts like my checking accounts. I've done some like loopy

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Speaker 2: loops where I don't have to pay the monthly fee.

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Speaker 2: So that is the downside of having multiple checking accounts,

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Speaker 2: because you might pay that ten dollars or whatever that

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Speaker 2: fee is. So if you're paying that fee, you might

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Speaker 2: want to combine into sub accounts. And if you're not

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Speaker 2: and it's working for you, then that's fine. The only

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Speaker 2: account that I might consider is you have this checking

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Speaker 2: account for travel, la la, and I think that honestly,

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Speaker 2: I probably make my my travel account a savings account

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Speaker 2: because I'm assuming you don't dip into it regularly. So

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Speaker 2: if you have a savings account, you know, for travel,

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Speaker 2: you might be able or at least a little bit

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Speaker 2: of you know, interest on that savings account. But you

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Speaker 2: talking to the wrong one if you want me to

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Speaker 2: talk you out to have a multiple accounts assist. I

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Speaker 2: live by my multiple accounts. I've got my deposit account,

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Speaker 2: that's what I call it, where all the money kind

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Speaker 2: of lands and I and and I also call it

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Speaker 2: my allowance acount because I leave enough money there to pay,

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Speaker 2: like to pay for cash things. I've got a a

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Speaker 2: bill's account, which is also a checking account. That's for

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Speaker 2: my husband and I. We used to deposit our like

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Speaker 2: you know, money there to pay bills together. I've got

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Speaker 2: a long term savings account and so I put that

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Speaker 2: money there, and when I get a lump some of it,

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Speaker 2: I hit up my financial advisor and she pulls it

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Speaker 2: out and puts it into the market for me invests.

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Speaker 2: And then I have a short term savings account and

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Speaker 2: that's my my uh like emergency fund. So I have

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Speaker 2: a year's worth of emergency fund save there. But I

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Speaker 2: also have account for taxes because I am self employed,

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Speaker 2: so I have to set aside money for taxes. And

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Speaker 2: then I even have like like there's nothing in it

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Speaker 2: right now because I'm not saving for anything. But I

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Speaker 2: also have like this account where I'm like saving for something,

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Speaker 2: so maybe it's a car or a home or whatever.

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Speaker 2: And so I like having the separate accounts. I like

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Speaker 2: naming them because I like, I'm not super organized in

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Speaker 2: my day to day life. But cha, my money will

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Speaker 2: never be funny. So I say all that to say

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Speaker 2: that if it's working for you, it's okay. Just don't

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Speaker 2: pay extra fees unnecessarily.

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Speaker 3: Yeah, I mean, I feel like the question one is

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Speaker 3: enough enough?

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Speaker 1: Enough?

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Speaker 3: Is enough when it starts being when it starts being

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Speaker 3: a stick that you kind of beat yourself up with.

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Speaker 3: Then I think enough is too much. Like maybe if

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Speaker 3: it's starting to get too stressful for you and you

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Speaker 3: can't management manage it, then just like do something different.

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Speaker 3: You can consolidate some of them into one. Personally, I

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Speaker 3: did have a bunch of accounts, but they were mostly

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Speaker 3: savings accounts. Like I would have different long term savings

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Speaker 3: goals and I would like call them different things, but

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Speaker 3: I always just had one bucket of cash. And because

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Speaker 3: I automated my savings contributions, so I would get paid

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Speaker 3: or I would, you know, take an income and then

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Speaker 3: I would automate you know this trans this gets transferred

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Speaker 3: to that account, this much gets transferred to this other account.

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Speaker 3: Then I knew whatever was left over in my checking

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Speaker 3: I could use for my other expenses, and that just

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Speaker 3: gave me peace of mind. But to be honest, I

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Speaker 3: lost track of that life a long time ago. I

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Speaker 3: put everything on credit cards and it's paid off in

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Speaker 3: fool each month. I'm just like too lazy for all

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Speaker 3: that now, So I don't know if I can be

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Speaker 3: of much help. But when you're ready to consolidate things,

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Speaker 3: I mean condense them, consolidate them. Yeah, just find maybe,

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Speaker 3: just find a bank like Tiffany said, that offers sub

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Speaker 3: accounts for free, doesn't charge you any fees, and be happy.

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Speaker 1: Yeah.

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Speaker 3: Also shout out to your fiance for actually contributing to

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Speaker 3: that that separate account, because that's sometimes the hardest thing

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Speaker 3: is getting them to cooperate.

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Speaker 1: And congrats on getting married. It's awesome. When it's good,

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Speaker 1: it's good. So congrats on getting well.

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Speaker 3: If you guys want your questions read on the BAQA,

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Speaker 3: you can hit us up Brand Ambition Podcast at gmail

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00:15:57,200 --> 00:16:00,600
Speaker 3: dot com com. You can also slid into our dms

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Speaker 3: like dojacat and go to Brown Ambition Podcast on ig

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Speaker 3: and Oh what's the third way? Oh Brownambision Podcast dot

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Speaker 3: com dot com.

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Speaker 1: Yeah, we love answering your question.

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Speaker 2: We'd like to flip flop back and forth between money

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Speaker 2: questions and career questions, but they're all welcome here.

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Speaker 3: See y'all next week.

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Speaker 2: Bye.

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Speaker 3: Hey, ba fan, we could not do this show without

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Speaker 3: your support or the support of our team behind the scenes.

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Speaker 3: The Brown Ambision Podcast is produced by Cumulus Podcast Network.

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Speaker 3: It's edited by the wonderful Emani Crosby and produced by

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Speaker 3: Tanya Bustos, Dennis Stimplinsky is our in house tech guru,

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Speaker 3: and I am Bandy Woodrid Santos your co host, and

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Speaker 3: I will see y'all next week.