Speaker 1: It's time for the b a qa a. The b
Speaker 1: a q a.
Speaker 2: Okay, the big a q a. What you said, Brian, ambition,
Speaker 2: question and answer. You have questions, we have answers. Ish,
Speaker 2: But we're not your financial advisor, you're attorney, you're a doctor.
Speaker 2: But we're two smart brown girls who have something to say.
Speaker 2: But take it with the grain of salt. Don't suit us,
Speaker 2: no way?
Speaker 3: Oh say that, Say that's that's the new that's the
Speaker 3: new theme song or b a q a. I don't
Speaker 3: know where you get your energy from, my friends, I.
Speaker 1: Don't know either, you know, I feel like the tide
Speaker 1: of more.
Speaker 2: I'm literally like a little kid, you know, like the
Speaker 2: more tired they get, the wall that they get.
Speaker 1: That's me.
Speaker 3: Oh my god, yes, well, yes, yes, we had to
Speaker 3: get up for early flight yesterday, so yes, I know,
Speaker 3: my my. I was laughing so hard at Rio. We
Speaker 3: were so tired, Like he was tired. I was so tired.
Speaker 3: Everything he did was hilarious. He went running off the plane,
Speaker 3: he banged into the gate, he banged into the desk
Speaker 3: at the gate and whacked his head and fell down.
Speaker 3: And I almost I mean, I'm not even gonna lie.
Speaker 3: I peed myself a little bit. I was laughing so hard.
Speaker 3: Up my child. He was strolled on the floor and
Speaker 3: Enrinka is nowhere to be found. And to everyone who
Speaker 3: was standing in the c terminal Alagordia for the American
Speaker 3: Airline flight from Saint Louis around whatever noon yesterday, I'm
Speaker 3: not insane and I don't hate my child. It was
Speaker 3: just so tired, so so tired.
Speaker 1: Oh, I know what I'm gonna send Rio. Did he
Speaker 1: have his own luggage? Yes, he does.
Speaker 3: He has a cute little he doesn't say it himself.
Speaker 2: No, No, I'm going to I was gonna say, I
Speaker 2: just found a really cute luggage set. I was gonna
Speaker 2: say he's into dinosaurs because I just bought one for
Speaker 2: Roman and like this unicorn set for a Milia and
Speaker 2: they're so cute. It comes with a book bag, little
Speaker 2: hardshell book bag and a roly that's perfectly like their size.
Speaker 1: And I was like, ooh, I'll send him, But you
Speaker 1: say he has it's like a cute sick because it's so.
Speaker 3: Yeah whole, and let him know Auntie Tiffany loves him. Okay, yeah,
Speaker 3: he has a little teeny. He has a miniature like
Speaker 3: it has buses and cars and construction trucks because that's
Speaker 3: his jam. Anything with wheels, Uh, he's into. But what
Speaker 3: what a delightful human I have breized, That's all I
Speaker 3: gotta say. I don't have these questions today.
Speaker 2: Yes, we're going to be leaning into the money questions
Speaker 2: we did career last time. Actually, can we get an update?
Speaker 2: Do we have any update? Because if you didn't listen
Speaker 2: our last BAQA, which comes out every Friday, we had
Speaker 2: such a great question from frustrated and tired husband Kevin.
Speaker 2: Kevin chat o Kevin. Did Kevin ever write back?
Speaker 3: Kevin has not written us back, according to these questions
Speaker 3: that we've gotten. But y'all were so funny on Instagram
Speaker 3: with some of y'all's comments. Yes, Maggie Angelica on Ig said,
Speaker 3: y'all answer this question so well and remind you Kevin
Speaker 3: was contacting us because you go back to last week
Speaker 3: and listen to it. His wife Life didn't want to
Speaker 3: go for promotion at work, and Kevin was concerned, and
Speaker 3: Kevin wanted her to be a good influence for their daughter,
Speaker 3: and Kevin meant well, but Kevin was you know, Kevin
Speaker 3: was not entirely in the right. Maggie Angelica said, yell,
Speaker 3: answer the question so well. I have had opportunities to
Speaker 3: take on management roles with pay increases, and I'm just
Speaker 3: not interested in giving up the time and mental energy
Speaker 3: that it would cost. Amen to that. Mandy Pandy, Hey,
Speaker 3: Mandy Pandy, she says, Mandy Pandy, and Ig says she
Speaker 3: sounds just like me. I don't want to be responsible
Speaker 3: for other people. Okay, y'all, it's okay. Lean into that.
Speaker 3: I don't want to be a boss. Snuggy ninety nine said,
Speaker 3: as a new supervisor myself, this position can be a nightmare.
Speaker 2: Yes, first of all, the misrel banks is hillar. She said,
Speaker 2: that's the response. Okay, girls, She said, I've given this
Speaker 2: response to too over the years, to many managers and
Speaker 2: executives when I'm asked why I'm not either a manager
Speaker 2: or an executive. Besides, they look stressed all the way,
Speaker 2: and I wrote, child, because if it looks like what.
Speaker 1: You look like, I'll pass. She was like, okay.
Speaker 2: My last manager was cool, and when he asked me
Speaker 2: why I responded that way, I said, sir, you look exhausted.
Speaker 3: I don't need that type of energy in my life.
Speaker 1: So if you are not following.
Speaker 2: Us on on ig, you should Brown and Bison podcast
Speaker 2: because we we will post little clips of you know,
Speaker 2: some of our favorite moments on Brown and bishon so
Speaker 2: you can get your life in the comments as well.
Speaker 3: We hit fifteen k on ig by the way.
Speaker 1: Ooh to b a Okay.
Speaker 3: I remember it was just my birthday. Last year we
Speaker 3: hit ten K, so I were at fifteen K. So exciting.
Speaker 2: Yes, So we're gonna take so many questions today. So
Speaker 2: first question comes from and sidebar. Thank you so much
Speaker 2: for validating me y'all who loved Gem and the Holograms,
Speaker 2: because y'all was tweeting me all the all the every
Speaker 2: day like tivity, Gem and holiday was it was.
Speaker 3: It was a cultural mode and so producer Tanya was
Speaker 3: so geeked when you mentioned it.
Speaker 2: So I was like, yo, when I got so many
Speaker 2: tweets about Gem and the Holograms, I just.
Speaker 1: Want to say, I feel seen, I feel heard.
Speaker 2: Okay and so yeah too Hot in Texas says hey, lovelies,
Speaker 2: please consider answering this on your next baqa. I want
Speaker 2: to take a loan from my four oh one K
Speaker 2: to do the following one payoff school debt and re
Speaker 2: enroll in the fall. Two pay off credit card debt.
Speaker 2: Three for the school debt, I owe sixteen thousand. Should
Speaker 2: I pay the balance or the two with the high
Speaker 2: interest credit card rate? If you read this over your podcasts,
Speaker 2: I prefer to me anamous. That's why two hot of Texas.
Speaker 2: So yeah, she said I could, I could be too hot,
Speaker 2: too hot in Texas, and I'm strictly referring to the
Speaker 2: fact that it's currently one hundred and six so basically
Speaker 2: too hot. Wants to take money from her fur one
Speaker 2: k to pay off student loan debt and to pay
Speaker 2: off her credit card debt. And she wants to know
Speaker 2: one is that a good idea? And if it is
Speaker 2: a good idea, which way should she do it?
Speaker 1: What say you, Mandra?
Speaker 3: She needs to take a cold shower first and foremost,
Speaker 3: cold shower. Too hat in Texas. The sun is addling
Speaker 3: your brain. The heat is interfering with your with your
Speaker 3: logic right now. But my first reaction is, oh no,
Speaker 3: please don't dip into your four one k. I think
Speaker 3: your four one k is I mean, in very very
Speaker 3: few circumstances, it should feel like a vault. It should
Speaker 3: feel like a treasure chest, a vault for your future self.
Speaker 3: We don't like to touch him, especially because we're investing
Speaker 3: through our four and one K, right, so we need
Speaker 3: time for that to marinade. It'd be like stopping the
Speaker 3: slow cooker before the chili was done. Like, no one
Speaker 3: wants slow cooker chili. After thirty minutes, it's gonna taste
Speaker 3: like trash, right, we want that nice. And I'm stealing
Speaker 3: this metaphor from Deli and the money coach who just
Speaker 3: uses to describe investing the other day, so I have
Speaker 3: to give her all the props, but I love it
Speaker 3: slow cooker investing. Yeah.
Speaker 2: So.
Speaker 3: And the fact that it's school debt, So I'm going
Speaker 3: to assume here you haven't told us what kind of
Speaker 3: debt it is. But if it's federal, those typically have
Speaker 3: really flexible repayment plans, so there's not a lot of
Speaker 3: and the interest rate can be a lot lower than
Speaker 3: what you can gain by keeping your money invested in
Speaker 3: the market. I can understand how between school debt and
Speaker 3: your credit card debt, you're feeling a little bit stressed out,
Speaker 3: you know, you feel like you want to get rid
Speaker 3: of this debt. But I would say how can we
Speaker 3: increase your income and save more, put more aside to
Speaker 3: pay off these paid on those debt, the debt that
Speaker 3: you have, versus dipping into your your little baby nest egg. Yeah,
Speaker 3: she mess to marinate some more.
Speaker 2: I agree, because if you would draw that money, and
Speaker 2: here's the thing, there's that thirty percent because I'm assuming
Speaker 2: you're not fifty nine and a half two lot of dixes.
Speaker 2: So with the penalties, Yeah, it's like a thirty percent
Speaker 2: penalty if you don't pay it back within I think
Speaker 2: it's a year. So if you're just barring it in
Speaker 2: your like it's sometimes people will borrow because they're like,
Speaker 2: I need it temporarily, but I'm going to pay it
Speaker 2: back before the you know, before the end of the
Speaker 2: tax year, so that way I won't incur the taxes.
Speaker 2: That's one because you're gonna have to pay taxes on
Speaker 2: that income. And two the penalty because you you've withdrawn
Speaker 2: that money before you're quote unquote old enough to withdraw
Speaker 2: that money.
Speaker 1: Don't do it. I did it. I did it. I
Speaker 1: did it, and I regret it.
Speaker 2: I had thirty thousand dollars in my four one K.
Speaker 2: The recession hit and I said I was going to
Speaker 2: use it to pay off debt, and YadA, YadA, YadA, Sayspumbada.
Speaker 2: I didn't get thirty thousand. I got thirty thousand minus
Speaker 2: taxes minus thirty percent.
Speaker 1: I was like, don't stop me. The narrow.
Speaker 2: And so it was like it felt like it was half,
Speaker 2: you know, like I think I got back like a
Speaker 2: little under twenty thousand dollars and I was just like, yike,
Speaker 2: that was money that like basically I lost. So you know,
Speaker 2: unless you're literally like drowning, and it's like I call
Speaker 2: it like if you're going to be without a home,
Speaker 2: if it's going to make you unsafe to not pay something,
Speaker 2: or if it's going to make you, you know, you
Speaker 2: will be hungry as a result that I obviously understandably
Speaker 2: we get that. But if it's something that it's like, okay,
Speaker 2: it's just going to require more time. The other way,
Speaker 2: you know, me and manager both are on the on
Speaker 2: the lead a money alone train.
Speaker 3: Yeah, and thanks for mentioning. I'm looking back at her question.
Speaker 3: She does say she wants to take out a four
Speaker 3: to one k loan, and another downside to taking out
Speaker 3: a loan is that like if you were to get
Speaker 3: if you were to get let go or you were
Speaker 3: to leave your job yourself, you could you will owe
Speaker 3: that loan back like in full. So it's taking a gamble.
Speaker 3: And you know me and maa mantra, no job is stable,
Speaker 3: so it's taking a bit of a gamble there. So
Speaker 3: I would also take that into consideration. Now, as far
Speaker 3: as credit card debt, you know, there's other ways you
Speaker 3: could pay that down without dipping into your four to
Speaker 3: one K. You could consolidate it through a balanced transfer,
Speaker 3: you know, get a small installment loan from a credit
Speaker 3: union to pay on that credit card debt. But I
Speaker 3: would tackle the debt. Take that cold shower, chill out,
Speaker 3: leave that money alone in your four one k for now.
Speaker 3: You got some time to figure it out. Yes, my
Speaker 3: dog is losing her damn mind. Molly said no. All right, y'all,
Speaker 3: We will be right back with another question, this one
Speaker 3: coming from listener Sidney. Right after the break. All right, y'all,
Speaker 3: we are back ba Fam with your next question. It
Speaker 3: comes from listener Sydney, who says, hello, my beautiful black
Speaker 3: money queens, thank you. I'm gonna get a placard that
Speaker 3: says that just weird. I am someone whose anxiety makes
Speaker 3: her very anal about keeping her money organized and making
Speaker 3: sure I do not spend money allotted for one thing
Speaker 3: on something else. Over time, I've ended up with four
Speaker 3: checking accounts and three savings accounts. Savings accounts checking one
Speaker 3: is for routine transactions. Checking two gets fifty dollars per
Speaker 3: paycheck and I put that towards travel. Checking account number
Speaker 3: three is a joint account with my fiance where we
Speaker 3: each deposit and I use that money to pay the
Speaker 3: bills for our home, and Checking account number four get
Speaker 3: seventy five dollars per paycheck that I put towards medical
Speaker 3: bills because I have annoyingly high copays no matter which
Speaker 3: insurance plan I pick, When is enough enough? How do
Speaker 3: I condense all of these accounts but still make sure
Speaker 3: I have the appropriate amount of money allotted for things?
Speaker 3: Are there considerations I should take into account when condensing
Speaker 3: my accounts? Since I'm getting married next year? Girls help?
Speaker 1: First of all, I want to say, girl, you's not
Speaker 1: like me. I love it. Girl. I used to have
Speaker 1: the seven accounts too.
Speaker 3: What is it about looking number seven?
Speaker 2: But I'll say this, there's nothing wrong as long as
Speaker 2: it's you. Like, as long as you it's organized for you,
Speaker 2: it's okay to have multiple accounts. But they and here's
Speaker 2: the thing. The banks were noticing that we were doing this,
Speaker 2: and then they created what is that thing called mandy
Speaker 2: where it's like the same account, but it's like.
Speaker 3: Dropped down like yeah, sub accounts, yes, so little.
Speaker 2: You can have one checking account, but then they have
Speaker 2: sub accounts under that checking account, so all the money
Speaker 2: is really in that account, but you can almost like
Speaker 2: it's the envelope, the digital envelope system.
Speaker 1: So so you have accounts.
Speaker 2: Under your one checking account.
Speaker 1: Now here's the thing. You can do that.
Speaker 2: But because I'm forty two and stuck in my ways
Speaker 2: and I've got gray lashes, I don't do that. I
Speaker 2: say you should have came up with sub accounts fifteen
Speaker 2: years ago when I started this process. I still have
Speaker 2: my seven accounts. So I say all that to say
Speaker 2: that it's okay. You know that you've done that. If
Speaker 2: you want to switch over to sub accounts, and that's
Speaker 2: your business.
Speaker 1: The only thing I.
Speaker 2: Will say is it would behoove you to have sub
Speaker 2: accounts like my checking accounts. I've done some like loopy
Speaker 2: loops where I don't have to pay the monthly fee.
Speaker 2: So that is the downside of having multiple checking accounts,
Speaker 2: because you might pay that ten dollars or whatever that
Speaker 2: fee is. So if you're paying that fee, you might
Speaker 2: want to combine into sub accounts. And if you're not
Speaker 2: and it's working for you, then that's fine. The only
Speaker 2: account that I might consider is you have this checking
Speaker 2: account for travel, la la, and I think that honestly,
Speaker 2: I probably make my my travel account a savings account
Speaker 2: because I'm assuming you don't dip into it regularly. So
Speaker 2: if you have a savings account, you know, for travel,
Speaker 2: you might be able or at least a little bit
Speaker 2: of you know, interest on that savings account. But you
Speaker 2: talking to the wrong one if you want me to
Speaker 2: talk you out to have a multiple accounts assist. I
Speaker 2: live by my multiple accounts. I've got my deposit account,
Speaker 2: that's what I call it, where all the money kind
Speaker 2: of lands and I and and I also call it
Speaker 2: my allowance acount because I leave enough money there to pay,
Speaker 2: like to pay for cash things. I've got a a
Speaker 2: bill's account, which is also a checking account. That's for
Speaker 2: my husband and I. We used to deposit our like
Speaker 2: you know, money there to pay bills together. I've got
Speaker 2: a long term savings account and so I put that
Speaker 2: money there, and when I get a lump some of it,
Speaker 2: I hit up my financial advisor and she pulls it
Speaker 2: out and puts it into the market for me invests.
Speaker 2: And then I have a short term savings account and
Speaker 2: that's my my uh like emergency fund. So I have
Speaker 2: a year's worth of emergency fund save there. But I
Speaker 2: also have account for taxes because I am self employed,
Speaker 2: so I have to set aside money for taxes. And
Speaker 2: then I even have like like there's nothing in it
Speaker 2: right now because I'm not saving for anything. But I
Speaker 2: also have like this account where I'm like saving for something,
Speaker 2: so maybe it's a car or a home or whatever.
Speaker 2: And so I like having the separate accounts. I like
Speaker 2: naming them because I like, I'm not super organized in
Speaker 2: my day to day life. But cha, my money will
Speaker 2: never be funny. So I say all that to say
Speaker 2: that if it's working for you, it's okay. Just don't
Speaker 2: pay extra fees unnecessarily.
Speaker 3: Yeah, I mean, I feel like the question one is
Speaker 3: enough enough?
Speaker 1: Enough?
Speaker 3: Is enough when it starts being when it starts being
Speaker 3: a stick that you kind of beat yourself up with.
Speaker 3: Then I think enough is too much. Like maybe if
Speaker 3: it's starting to get too stressful for you and you
Speaker 3: can't management manage it, then just like do something different.
Speaker 3: You can consolidate some of them into one. Personally, I
Speaker 3: did have a bunch of accounts, but they were mostly
Speaker 3: savings accounts. Like I would have different long term savings
Speaker 3: goals and I would like call them different things, but
Speaker 3: I always just had one bucket of cash. And because
Speaker 3: I automated my savings contributions, so I would get paid
Speaker 3: or I would, you know, take an income and then
Speaker 3: I would automate you know this trans this gets transferred
Speaker 3: to that account, this much gets transferred to this other account.
Speaker 3: Then I knew whatever was left over in my checking
Speaker 3: I could use for my other expenses, and that just
Speaker 3: gave me peace of mind. But to be honest, I
Speaker 3: lost track of that life a long time ago. I
Speaker 3: put everything on credit cards and it's paid off in
Speaker 3: fool each month. I'm just like too lazy for all
Speaker 3: that now, So I don't know if I can be
Speaker 3: of much help. But when you're ready to consolidate things,
Speaker 3: I mean condense them, consolidate them. Yeah, just find maybe,
Speaker 3: just find a bank like Tiffany said, that offers sub
Speaker 3: accounts for free, doesn't charge you any fees, and be happy.
Speaker 1: Yeah.
Speaker 3: Also shout out to your fiance for actually contributing to
Speaker 3: that that separate account, because that's sometimes the hardest thing
Speaker 3: is getting them to cooperate.
Speaker 1: And congrats on getting married. It's awesome. When it's good,
Speaker 1: it's good. So congrats on getting well.
Speaker 3: If you guys want your questions read on the BAQA,
Speaker 3: you can hit us up Brand Ambition Podcast at gmail
Speaker 3: dot com com. You can also slid into our dms
Speaker 3: like dojacat and go to Brown Ambition Podcast on ig
Speaker 3: and Oh what's the third way? Oh Brownambision Podcast dot
Speaker 3: com dot com.
Speaker 1: Yeah, we love answering your question.
Speaker 2: We'd like to flip flop back and forth between money
Speaker 2: questions and career questions, but they're all welcome here.
Speaker 3: See y'all next week.
Speaker 2: Bye.
Speaker 3: Hey, ba fan, we could not do this show without
Speaker 3: your support or the support of our team behind the scenes.
Speaker 3: The Brown Ambision Podcast is produced by Cumulus Podcast Network.
Speaker 3: It's edited by the wonderful Emani Crosby and produced by
Speaker 3: Tanya Bustos, Dennis Stimplinsky is our in house tech guru,
Speaker 3: and I am Bandy Woodrid Santos your co host, and
Speaker 3: I will see y'all next week.