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Speaker 1: Welcome to the Therapy for Black Girls Podcast, a weekly

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Speaker 1: conversation about mental health, personal development, and all the small

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Speaker 1: decisions we can make to become the best possible versions

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Speaker 1: of ourselves. I'm your host, Dr Joy Hard and Bradford,

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Speaker 1: a licensed psychologist in Atlanta, Georgia. For more information or

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Speaker 1: to find a therapist in your area, visit our website

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Speaker 1: at Therapy for Black Girls dot com. While I hope

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Speaker 1: you love listening to and learning from the podcast, it

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Speaker 1: is not meant to be a substitute for a relationship

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Speaker 1: with a licensed mental health professional. Hey, y'all, thanks so

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Speaker 1: much for joining me for session to ninety one of

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Speaker 1: the Therapy a Black Girls Podcast. We'll get right into

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Speaker 1: our conversation after a word from our sponsors than what

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Speaker 1: did did he and Missy say? It's all about the

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Speaker 1: Benjamin's baby. There's no better time than the start of

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Speaker 1: the new year to get your financial house in order. Budgeting, retirement,

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Speaker 1: emergency savings, and investing are all keywords we throw around

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Speaker 1: when talking about money, but how can we apply them

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Speaker 1: to our lives today? I'm joined by Tiffany the Budget

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Speaker 1: Nissa Elija, America's favorite personal financial educator and author of

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Speaker 1: the New York Times bestseller Get Good with Money. Tiffany

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Speaker 1: got candid about financial planning, gave us tips to prepare

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Speaker 1: for a recession and ten components of financial wholeness. If

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Speaker 1: something resonates with you while enjoying our conversation, please share

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Speaker 1: with us on social media using the hashtag tv G

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Speaker 1: in Session, or come on over and join us in

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Speaker 1: the sister circles to talk about the episode. You can

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Speaker 1: join us at community dot therapy for Black Girls dot com.

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Speaker 1: Here's our conversation. I'm so excited to be chatting with

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Speaker 1: you today, Tiffany. I'm excited to be here. Yes, it

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Speaker 1: feels like we are way overdue for it to get

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Speaker 1: money together. Yes. So you are affectionately known as the

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Speaker 1: Phil Jackson of financial education and a lot of our

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Speaker 1: community and was very excited to hear that we were

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Speaker 1: chatting with you. And I just personally love your approach

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Speaker 1: because I feel like whenever you talk about money, like

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Speaker 1: I don't feel embarrassed or ashamed like I feel like

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Speaker 1: some people approach this very critically, and I feel like

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Speaker 1: you do it in a very loving, in inviting, but

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Speaker 1: very serious way. And so people are wanting to start

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Speaker 1: working with maybe like a financial culture or somebody. What

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Speaker 1: kinds of accreditations or training should people look for to

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Speaker 1: make sure they're working with somebody who's like credible and knowledgeable.

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Speaker 1: So this is actually a really great question that I

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Speaker 1: get all the time, Dr Joy, and it's important to

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Speaker 1: understand that. So, like I'm a financial educator, and so

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Speaker 1: I typically don't work one on one with people, but

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Speaker 1: if I was going to, it would be on the basics,

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Speaker 1: so like this is how you budget save, this is

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Speaker 1: how you raise your credit. But if you're wanting someone

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Speaker 1: who's going to take a deeper dive for things like

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Speaker 1: investing in insurance, so I highly suggest getting someone who's

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Speaker 1: not just a financial advisor that's like in general, they've

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Speaker 1: passed some tests. You're gonna want the gold standard, which

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Speaker 1: is a certified financial planner. So their financial advisor that's

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Speaker 1: had a certain number of years in has passed a

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Speaker 1: certain number of tests, and so it's certified financial planner

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Speaker 1: will holistically look at your life, Like I have a

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Speaker 1: dope sister Angelie who is my certified financial planner. And

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Speaker 1: even me, with all that I know about personal finance,

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Speaker 1: I just assumed we were gonna get right to the

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Speaker 1: money and get right to the investing, and no we

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Speaker 1: didn't for the first year. The first year we worked

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Speaker 1: on getting my insurance together and figuring out what my

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Speaker 1: goals were and looking even at my businesses because actually

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Speaker 1: helps with that too financially. And so that's what you're

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Speaker 1: looking for, a certified financial planner, if you're wanting someone

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Speaker 1: to to walk you through the router to the tutor

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Speaker 1: when it comes see your money, love it, love it.

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Speaker 1: Thank you for that. Adding on the antiphany, I do

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Speaker 1: feel like money can be something that a lot of

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Speaker 1: people feel like they can kind of just talk about

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Speaker 1: without necessarily having the appropriate like accreditations and training and

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Speaker 1: stuff like that, or their ways that we can be

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Speaker 1: careful or real flags we should look out for scams

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Speaker 1: related to people who want to be financial planning, financial

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Speaker 1: co chinning, that kind of thing. Absolutely, anyone who makes

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Speaker 1: it seem that you're going to be able to be

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Speaker 1: rich overnight, because there are some people, as the kids say,

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Speaker 1: who hit a lick. You get famous on social media

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Speaker 1: overnight and you've made some money. But typically financial transformation

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Speaker 1: takes time. So someone who does not acknowledge that it

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Speaker 1: takes time, that's a red flag someone who is irritated

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Speaker 1: by your questions. And so I was a school teacher

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Speaker 1: before I started the Budgetista, and so I love educating

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Speaker 1: and teaching, so I look for an educator. But why,

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Speaker 1: but when? But how like when I first met Angelie,

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Speaker 1: I thought that she was gonna be like, girl, get

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Speaker 1: off my line. Because I like to ask a lot

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Speaker 1: of questions. Whether it's a social media person that you

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Speaker 1: are reaching out to or someone that you're working with intimately,

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Speaker 1: they should be educating. Can they explain something simply, because

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Speaker 1: that's a hard mark that they understand the thing. If

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Speaker 1: I can't explain it to my five year old niece Samelia,

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Speaker 1: then I don't know it well enough. And also if

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Speaker 1: they're selling too much of like this rich lifestyle, not

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Speaker 1: to say that they don't know what they're talking about,

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Speaker 1: but I caution people to think that that is something

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Speaker 1: they're going to be able to replicate. A few years ago,

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Speaker 1: I stopped talking and teaching about financial freedom because I

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Speaker 1: felt like the educator and me was like, will the

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Speaker 1: average person have a lump sum of money one day

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Speaker 1: where they never have to work? And for many people,

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Speaker 1: that's not going to be the reality, and the teacher

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Speaker 1: and me likes to teach to where every student can succeed.

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Speaker 1: And so I came up with something else called financial wholeness,

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Speaker 1: which is where these ten components of your financial life,

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Speaker 1: if you master them, you might not have that lump son,

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Speaker 1: but you'll still be able to go on vacation, You'll

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Speaker 1: still be able to look after your parents and your

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Speaker 1: friends and your family. You'll still be able to be

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Speaker 1: okay and live well now. And so you want someone

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Speaker 1: who is not just teaching to the tiny one percent

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Speaker 1: that their lessons and their tasks and the things that

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Speaker 1: they're teaching you really can apply to a wider range

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Speaker 1: of people. So that's what you're gonna look for. So

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Speaker 1: can you give us a crash course in these ten

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Speaker 1: components of financial wholeness? I sircus, you know, let me

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Speaker 1: go ahead and get Good with money. This is my

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Speaker 1: day in a black moment. There we go. So this

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Speaker 1: is my New York continuest selling book, Get Good with Money.

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Speaker 1: And I wrote it in response to the literally tens

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Speaker 1: of thousands of questions I used to get every day.

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Speaker 1: And the teacher and me was just like, oh, man,

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Speaker 1: like I wish I had like a tool to give

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Speaker 1: people when I'm not here. I wanted something like a

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Speaker 1: legacy that they could hear my voice and go through

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Speaker 1: the lessons without having me to sit next to them

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Speaker 1: like I used to when I first started budgetes staff.

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Speaker 1: So the first thing is budgeting. You have to get

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Speaker 1: your budget under control. That's number one, and each of

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Speaker 1: these ten will let you know if you have reached

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Speaker 1: a hundred percent of financial wholeness. So do you have

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Speaker 1: a budget it? Is it semi automated? Two is saving?

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Speaker 1: Have you mastered saving? And is that on made it

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Speaker 1: as well? Three is debt. You don't have to be

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Speaker 1: debt free, but do you have a debt plan in

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Speaker 1: place that is actively working on your behalf automated as well,

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Speaker 1: So you have to set it and SETI forget it,

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Speaker 1: So you have a debt plan in place that's working

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Speaker 1: for you. Four is your credit. Ideally you want to

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Speaker 1: have a credit score of seven forty or above. Seven

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Speaker 1: forty is the beginning of perfect credit. Some of your

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Speaker 1: friends like, oh, I got eight hundred, it's like that's cute,

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Speaker 1: says we don't need all that. Once you have a

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Speaker 1: seven forty, you and I can get the same interest rate,

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Speaker 1: So that's four. Five is learning to earn, and so

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Speaker 1: this is critical because I think everyone thinks that the

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Speaker 1: key to mastering their money, especially for black folks, is

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Speaker 1: to spend less, and that's not true. You have to

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Speaker 1: sometimes learn to bring more income in. Sometimes that's the solution.

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Speaker 1: So learning to earn, whether it's getting a raised at

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Speaker 1: work or finding external income from your normal job. Six

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Speaker 1: is investing for both retirement and wealth. There's a this

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Speaker 1: sinction because when you invest for retirement, that is so

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Speaker 1: you can maintain your current lifestyle. So look around. This

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Speaker 1: is how you're gonna live when you are older, your

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Speaker 1: current lifestyle. Investing for wealth, though, allows you to increase

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Speaker 1: your lifestyle and to leave a legacy, but retirement comes first,

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Speaker 1: So solidify your current lifestyle first. Six is getting good

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Speaker 1: with insurance. So many people don't understand the power and

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Speaker 1: the purpose of insurance. Insurance is there to protect your assets.

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Speaker 1: So when I first started working with Angelie, she was like, girl,

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Speaker 1: you are in short like your twenty five. I was like,

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Speaker 1: but I love twenty five. She's like, but you're not.

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Speaker 1: So she was like, you now have this successful business,

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Speaker 1: you have properties, and you don't have enough insurance to

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Speaker 1: protect your assets in case when something happens to you

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Speaker 1: or to something happens on your properties, And so I

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Speaker 1: had to increase my insurance. So understanding and having enough insurance.

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Speaker 1: Seven is net worth. So your net worth is just

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Speaker 1: what you own minus what you owe, and you want

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Speaker 1: to have a positive network. You want to own more

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Speaker 1: than you owe. You do this by increasing your assets

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Speaker 1: and decreasing your liabilities. Eight is your financial team. Money

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Speaker 1: is a team sport. You should not be out here

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Speaker 1: doing it alone. At the very least, you should have

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Speaker 1: an accountability partner. It could be your work hubby, It

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Speaker 1: could be your best to, your cousin, your mom, or

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Speaker 1: your dad, someone that you're connected with that wants to

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Speaker 1: see you win and you want to see them win

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Speaker 1: as well. But also it might be an insurance agent.

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Speaker 1: It might be a certified financial planner. It might be

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Speaker 1: your accountant, it might be an attorney. But having a

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Speaker 1: financial team in place is going to be critical. And

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Speaker 1: let's not least. Ten is a state planning. So this

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Speaker 1: is really important, especially for us as a black community,

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Speaker 1: because so many of us don't have the estate in place.

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Speaker 1: That is something should happen to us. Many of you know.

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Speaker 1: My husband passed away like a little over a year ago,

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Speaker 1: and candidly, we didn't have a will because he was

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Speaker 1: forty one and we were literally working on it two

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Speaker 1: weeks before he passed away, Like Anteline was like, you

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Speaker 1: guys really need to get your will together, just because

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Speaker 1: we had been working through all of our finances, and

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Speaker 1: we were like, okay, okay, okay, because you think to yourself,

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Speaker 1: no one passes away at forty one, but he had

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Speaker 1: an aneurysm and he was here on Tuesday and gone

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Speaker 1: by Saturday. Of all the components of financial wholeness, that's

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Speaker 1: the one component that we dragged our feet on. Thankfully,

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Speaker 1: because we did have the nine other components of financial

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Speaker 1: wholeness done that it made the financial transition of him

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Speaker 1: not being here not as hard. But that little part

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Speaker 1: that the will cover, it made me realize I got

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Speaker 1: mine together. Within a week of him passing away. I

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Speaker 1: sat down with my parents and made them get their's together.

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Speaker 1: They had one, but not since my sisters and I

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Speaker 1: were kids. My trust is finally complete because my own businesses.

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Speaker 1: So that estate planning component, you might think to yourself, well,

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Speaker 1: I don't have an estate but do you have children,

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Speaker 1: What do you want to happen with your children? Do

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Speaker 1: you own a home, maybe you have like a jewelry collection.

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Speaker 1: You want to be able to say that when you're

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Speaker 1: no longer here, your family can just miss you. I'm grateful.

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Speaker 1: I have an amazing black therapist, and Dr Green has

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Speaker 1: reminded me through all of this that I am allowed

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Speaker 1: to feel gratefulness even through the grief. And so that's

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Speaker 1: the space that I'm in now because of all of

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Speaker 1: the financial choices that we make collectively and individually, I

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Speaker 1: get to just miss my husband. And I want that

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Speaker 1: for everyone because death is the most uncommon common thing.

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Speaker 1: It's like everyone passes away at one point, but it

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Speaker 1: feels like not your people until they do, and so

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Speaker 1: I want us to be prepared for that. M thank

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Speaker 1: you so much for that, and I do think so

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Speaker 1: we've heard raving reviews. I have a copy if You're

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Speaker 1: book and love it, so definitely would encourage people to

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Speaker 1: dig more into the ten components that you shared, but

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Speaker 1: we will talk I'm sure about some more of those

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Speaker 1: today as well. So I know that you have been

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Speaker 1: paying attention on social media and just probably in your

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Speaker 1: own grocery stores to the rising prices of everything. Right,

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Speaker 1: so all the jokes about eggs and we're gonna have

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Speaker 1: to paint potatoes for Easter this year, right, all of

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Speaker 1: the things like there's clearly, you know, lots of inflation.

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Speaker 1: People are preparing for a recession, and so what kinds

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Speaker 1: of things would you advise people to do in terms

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Speaker 1: of like making a tighter grocery budget as they prepare

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Speaker 1: for a recession, even before recession has ever come, you

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Speaker 1: should have mentally and just even physically, have something that

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Speaker 1: I call a noodle budget prepared. This is your break

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Speaker 1: the glass in case of emergency budget. You're not to

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Speaker 1: live at your noodle budget, but you should know what

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Speaker 1: it is. And I call it like your Ramen noodle budget,

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Speaker 1: meaning that if you had to cut out the bells

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Speaker 1: and whistles of your life. So it's like, you know,

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Speaker 1: I'm just going to take care of my necessities, you know,

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Speaker 1: bills and things I have to maintain. How much what

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Speaker 1: my life cost me? So knowing what that is, so

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Speaker 1: that way, when something happens you lose your job, of

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Speaker 1: a session comes, you can quickly drop down and get

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Speaker 1: your new long girl. Because too many of us when

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Speaker 1: financial trauma happens, still live at that same level for

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Speaker 1: far too long. So that's what I would suggest, first

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Speaker 1: and foremost. Even if you're like, I've got a great job,

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Speaker 1: even with the rise and prices, I'm still able to maintain.

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Speaker 1: You should still know what your noodle of budget is

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Speaker 1: because it's just the preparation tool that you can temporarily

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Speaker 1: live at while you ride the way through whatever financial

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Speaker 1: hardships are happening externally. That's first and foremost. Second, if

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Speaker 1: you're still gainfully employed, I want you to be mindful

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Speaker 1: about beefing up your emergency savings. So you have to

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Speaker 1: get a little creative. My mom and dad raised five girls,

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Speaker 1: and my mom went to the butcher for me, the

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Speaker 1: baker for bread. Know, there are places you could go

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Speaker 1: to cut back on prices. Ask yourself to the kids

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Speaker 1: really need fruit loops? Isn't there a fruity Oh, you

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Speaker 1: know a generic brand that you can do. My mom

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Speaker 1: needs to put the fruitios in the fruit loops box

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Speaker 1: or else we way you eat it. And so like

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Speaker 1: leaning in and also too, there's so many meal preps

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Speaker 1: and meal plans of things that you can make with

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Speaker 1: relatively inexpensive things like rice and beans, and like cutting

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Speaker 1: back on your groceries intentionally, but using that extra money

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Speaker 1: if you do have it to beef up your emergency savings.

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Speaker 1: At least three months is what you want to have

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Speaker 1: as a baseline. And then you ask yourself, hey, self,

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Speaker 1: based upon the industry, young man, this is how quickly

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Speaker 1: I could get new income should I lose my job.

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Speaker 1: Let's just say you're a nurse. My mom is a

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Speaker 1: nurse before she retired, so for her three months it's

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Speaker 1: plenty because nurses back then and now are in super

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Speaker 1: high demand. She's if you a nurse, you are never

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Speaker 1: gonna have a job. But my sister is a mechanical engineer,

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Speaker 1: as a black woman, it's her two years to get

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Speaker 1: her first job. She might need six months to a

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Speaker 1: year's worth of emergency savings. So the baseline is three

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Speaker 1: And then you look at your industry. So I want, like,

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Speaker 1: before we hit this with seemingly looking like a pretty

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Speaker 1: bad recession, if you have the means to really start

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Speaker 1: stacking up your emergency fund so you have it with

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Speaker 1: you and start having the conversations with your family, especially

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Speaker 1: if you have children. I think that we think that

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Speaker 1: it's especially in black folks, how we are when it

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Speaker 1: comes to talking to kids about money. We think that

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Speaker 1: it's inappropriate to talk to our kids about money. And

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Speaker 1: I say it's inappropriate not to because just because the

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Speaker 1: kids don't hear you doesn't mean they don't feel the

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Speaker 1: financial crunch. And so there's ways to do it in

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Speaker 1: a way that's age appropriate. My father, who was a CFO,

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Speaker 1: this is where I learned all of my financial things

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Speaker 1: as a child. He would talk to us. We would

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Speaker 1: have weekly family meetings about homework, about chores, but also

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Speaker 1: about the state of our family's finances. And it was

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Speaker 1: never from a place of deprivation and fear, just a

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Speaker 1: matter of fact, here's where we stand. It was always

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Speaker 1: goal oriented to you, guys, said, you want to go

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Speaker 1: to Disneyland, but the light bill keeps going up and

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Speaker 1: up and up. Do you know if you turn the

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Speaker 1: lights off, the bill goes down and down to that

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Speaker 1: And if you do that, then we could put the

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Speaker 1: money in our our vacation jar and we can go

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Speaker 1: to Disneyland. So I didn't hear, oh my gosh, we're

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Speaker 1: spending too much in the light bill. I heard, we're

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Speaker 1: going to Disney, you know. So that's a great way

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Speaker 1: to phrase it and position it for younger kids. And

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Speaker 1: as your child is older, you can use allowance if

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Speaker 1: that's something that you do to help have the conversation.

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Speaker 1: I have a sixteen year old boldest daughter. She just

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Speaker 1: here with me this week, so I've hired her to

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Speaker 1: do my TikTok's. Although I don't even want to be

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Speaker 1: on TikTok, but it's an opportunity for us to talk

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Speaker 1: about money. So I told her, I'm like, now you

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Speaker 1: have a job, we can start setting aside for retirement

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Speaker 1: or what's that? Why is my check lower? So it

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Speaker 1: opens up that conversation. And so that's what I would

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Speaker 1: say is intentionally reducing your expenses by being creative when

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Speaker 1: it comes to food shopping and food planning. Know what

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Speaker 1: your noodle budget is. You don't have to live there,

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Speaker 1: but know what it is. So if you do experience

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Speaker 1: financial trauma, you can quickly get to it. Start having

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Speaker 1: the conversations with your family. That should just be something

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Speaker 1: you want to do anyway and make that normal. More

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Speaker 1: from our conversation after the break, so you talked a

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Speaker 1: lot about preparing for the loss of a job, right,

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Speaker 1: and unfortunately, we know that even recently there have been

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Speaker 1: significant amounts of layoffs, and so I would imagine there

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Speaker 1: may be some people listening who were maybe preparing to

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Speaker 1: put this plan in place and now have found themselves

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Speaker 1: without a total loss of income. So are there other

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Speaker 1: suggestions besides the things that you share, that you would

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Speaker 1: offer to someone who is maybe facing a recent layoff.

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Speaker 1: So during the last major session, the one in two

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Speaker 1: thousand nine, two thousand ten, I was a school teacher

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Speaker 1: and I suddenly lost my job about three days before

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Speaker 1: the school year started. And the things I did right

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Speaker 1: where that, like I immediately lowered my home expenses. I

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Speaker 1: was fortunate that can move back home. I know everyone

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Speaker 1: does not have that option, but you have to make

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Speaker 1: drastic changes. Is that getting a roommate, is that moving

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Speaker 1: to a smaller place, Is that seeing as their family

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Speaker 1: that you can move in with, Because unemployment, as we

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Speaker 1: all know, is not going to enable you to manage.

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Speaker 1: So one making committing to making drastic changes and trying

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Speaker 1: not to wait to reaching out to your service providers,

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Speaker 1: like your electric bill, you're any bill that you're paying.

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Speaker 1: One good thing that COVID brought into the zeigeist is

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Speaker 1: that almost every provider has some sort of plan in

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00:19:53,160 --> 00:19:56,800
Speaker 1: place for you ain't got it, So you could start

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Speaker 1: to have that conversation now and say, here's what's happened,

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Speaker 1: and what plan do you have to help me see

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Speaker 1: this through. Everyone came up with a plant. There were

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00:20:04,920 --> 00:20:08,520
Speaker 1: places like credit card companies and mortgage companies they had something,

364
00:20:08,680 --> 00:20:11,280
Speaker 1: but now everyone has that, So don't be afraid to

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Speaker 1: have that conversation. And three, if you are in dire straits,

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Speaker 1: then I want you to forget the noodle budget. You're

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Speaker 1: gonna get down to your health and safety budget. That

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Speaker 1: is when you only pay for things that are related

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Speaker 1: to your safety and your health. Meaning I need to

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Speaker 1: pay my rent because where will I live. I don't

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Speaker 1: want to be unhoused. I need my asthma medication because

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Speaker 1: this allows me to breathe. You know, one this other bill,

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Speaker 1: like maybe my cable bill, I'm wanting to cancel it,

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Speaker 1: and I did cancel it, but I'm back old. Let

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Speaker 1: it be back old. I know it sounds crazy to say.

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Speaker 1: I can't tell you how many people didn't get their

377
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Speaker 1: money because I didn't have it and I had to

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Speaker 1: be okay with temporarily saying when I get it, you

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Speaker 1: get it that right now, I'm focused on my health

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Speaker 1: and safety expenses, so I give you the permission to

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Speaker 1: be late, because to be late is better than for

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Speaker 1: you to be unsafe and unhealthy. And then once you

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Speaker 1: start to rebuild, you revisit with them, so you don't

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Speaker 1: want to just stop paying. You want to have the

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Speaker 1: conversation and saying I'm not going to be able to

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Speaker 1: send this in. Is there something you can do to

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Speaker 1: help if not? If the answer is no, it's like, well,

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Speaker 1: when I have it, I'll reach back out again. And

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Speaker 1: if you find that people are harassing you, because I

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Speaker 1: want you to understand and hear me, well, just because

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Speaker 1: you owe someone does not mean they have the right

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Speaker 1: to harass you. You're going to get something called a

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Speaker 1: cease and desist letter. And this is what I had

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Speaker 1: to do myself because my phone was blowing up with

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Speaker 1: dead collectors. When I did when I was on my

396
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Speaker 1: health and safety budget, I found a cease and desist

397
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Speaker 1: letter online and I went to Staples and facts them

398
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Speaker 1: that what you're not gonna do is because by law,

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Speaker 1: there are a set of laws in place that do

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Speaker 1: not allow creditors to harass you in that way, you

401
00:21:53,359 --> 00:21:55,440
Speaker 1: send them a cease and desist letter and say here's

402
00:21:55,480 --> 00:21:59,040
Speaker 1: how you can communicate with me via email, via written letter.

403
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Speaker 1: You have to let them commun dicate with you, but

404
00:22:00,840 --> 00:22:02,359
Speaker 1: you can say you are not allowed to call me

405
00:22:03,119 --> 00:22:05,959
Speaker 1: and instantly. I like the facting is better than anything

406
00:22:06,000 --> 00:22:09,679
Speaker 1: else because although it's very old school, it gives you

407
00:22:09,720 --> 00:22:12,879
Speaker 1: that return receipt and they know if we go to

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Speaker 1: court and you bring that return receipt, they will be

409
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Speaker 1: found liable for harassment. They're not allowed to do that.

410
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Speaker 1: Those season assist letters will allow your phone to be quiet.

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Speaker 1: You'll still get those letters in the mail and your emails,

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Speaker 1: but that's fine. And when you're ready to pay, then

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Speaker 1: you do. And so like, that's what I would suggest

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Speaker 1: if you find yourself in dire straits, is that sometimes

415
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Speaker 1: it looks like you have to just huddle down, be still,

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Speaker 1: and actively work toward finding a job, but not putting

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Speaker 1: yourself in further harm's way. Thank you for that. I

418
00:22:41,320 --> 00:22:43,159
Speaker 1: did not know about the set of law that do

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Speaker 1: not allow for harassment. I think that's super helpful. So

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Speaker 1: you talked a little bit about one of your components

421
00:22:48,080 --> 00:22:50,200
Speaker 1: was around like investing in saving, and I do feel

422
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Speaker 1: like there's some confusion, you know. I've often heard people

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00:22:52,680 --> 00:22:54,280
Speaker 1: say like, oh, don't save your money because it will

424
00:22:54,359 --> 00:22:56,680
Speaker 1: end up losing you money in the long run. Can

425
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Speaker 1: you talk to us about the benefits of saving as

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Speaker 1: we are in an economy that's ebbing and flowing. Yeah,

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Speaker 1: So I dont want people to think about a saving

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00:23:05,320 --> 00:23:09,200
Speaker 1: the way you think about a seat belt. Right, Savings

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00:23:09,520 --> 00:23:13,440
Speaker 1: is here as a protective tool. It is not there

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Speaker 1: to make you money. It is not there to gain

431
00:23:16,960 --> 00:23:19,679
Speaker 1: or whatever. We get it. We know inflation happens. But

432
00:23:19,880 --> 00:23:23,800
Speaker 1: if you invest your savings and then the water heater

433
00:23:23,880 --> 00:23:27,680
Speaker 1: goes out, what you're gonna do Since the purpose of saving.

434
00:23:27,720 --> 00:23:30,040
Speaker 1: That's why having your three months or whatever it is

435
00:23:30,160 --> 00:23:33,880
Speaker 1: that you think you're gonna need, that's necessary to hold

436
00:23:33,920 --> 00:23:36,199
Speaker 1: you over until you find another job. That is the

437
00:23:36,200 --> 00:23:39,280
Speaker 1: purpose of savings. It's a seat belt. It is not

438
00:23:39,359 --> 00:23:42,119
Speaker 1: your cute Gucci belt, Like no one ever says, well,

439
00:23:42,119 --> 00:23:44,439
Speaker 1: I'm not wearing a seatbelt, girl, is not cute. It's like,

440
00:23:44,520 --> 00:23:47,080
Speaker 1: it saves lives. That's what it's here for. So allows

441
00:23:47,080 --> 00:23:50,520
Speaker 1: savings to save you during those times. I think what

442
00:23:50,600 --> 00:23:53,480
Speaker 1: people are confusing savings with is that there are people

443
00:23:53,480 --> 00:23:56,280
Speaker 1: who oversave. I'm raising my hands. It's like the law

444
00:23:56,359 --> 00:23:59,760
Speaker 1: of depreciating return up to a certain limit. It's not

445
00:24:00,000 --> 00:24:02,760
Speaker 1: helpful anymore. Like at one point, I have two years

446
00:24:02,800 --> 00:24:07,000
Speaker 1: worth the savings, Why, Tiffany, Why So now I have

447
00:24:07,080 --> 00:24:08,639
Speaker 1: one year, which is still too much, but I'm like,

448
00:24:08,680 --> 00:24:11,040
Speaker 1: I need it because i have post traumatic broke syndrome.

449
00:24:11,400 --> 00:24:13,879
Speaker 1: I'm not going back. So honestly, it's slowly easy and

450
00:24:13,960 --> 00:24:15,639
Speaker 1: my hands open to be like, let's just get the

451
00:24:15,640 --> 00:24:20,280
Speaker 1: six months. I'm like, we're gonna see. But past a year,

452
00:24:21,000 --> 00:24:24,280
Speaker 1: anything excess I do not allow myself to save. I invest.

453
00:24:24,640 --> 00:24:27,919
Speaker 1: So if yours is three months, anything in excess, you

454
00:24:27,960 --> 00:24:31,080
Speaker 1: can invest. And so that's the key is that you

455
00:24:31,240 --> 00:24:33,760
Speaker 1: save first so you can have that safety in the

456
00:24:33,880 --> 00:24:36,280
Speaker 1: in case of an emergency, and then go ahead and

457
00:24:36,320 --> 00:24:38,639
Speaker 1: get you that Gucci belt for cuteness. But the purpose

458
00:24:38,720 --> 00:24:41,000
Speaker 1: of savings is to literally save you. It is not

459
00:24:41,040 --> 00:24:45,000
Speaker 1: to make you money. God it So we have sisters

460
00:24:45,080 --> 00:24:48,960
Speaker 1: in our community from early twenties well into their sixties

461
00:24:49,000 --> 00:24:51,280
Speaker 1: and maybe sometimes even older. And I love that you

462
00:24:51,359 --> 00:24:53,960
Speaker 1: already talked about talking to your sixteen year old about

463
00:24:54,280 --> 00:24:56,760
Speaker 1: setting up for retirement. And so that's something I would

464
00:24:56,760 --> 00:24:59,320
Speaker 1: love for you to share with our community. So if

465
00:24:59,359 --> 00:25:01,639
Speaker 1: there's one here that you could give two sisters in

466
00:25:01,680 --> 00:25:04,480
Speaker 1: each of those clusters. So in your twenties and your thirties,

467
00:25:04,520 --> 00:25:07,000
Speaker 1: and your forties, and your fifties and your sixties, what

468
00:25:07,160 --> 00:25:11,040
Speaker 1: should they be doing to prepare for retirement. So in

469
00:25:11,080 --> 00:25:14,920
Speaker 1: your twenties, you're likely getting your first real job, cute test, right,

470
00:25:15,280 --> 00:25:17,320
Speaker 1: so I want you to start, because you ain't have

471
00:25:17,400 --> 00:25:20,600
Speaker 1: no money now anyway, start maxing out your retirement account.

472
00:25:20,880 --> 00:25:22,680
Speaker 1: Because once you get grown, you have some grown people,

473
00:25:22,720 --> 00:25:25,760
Speaker 1: bills and kids. It's hard to max out. But if

474
00:25:25,760 --> 00:25:27,639
Speaker 1: you're twenty one, is your first job, max it out

475
00:25:27,680 --> 00:25:30,760
Speaker 1: sis you've been broke, like you have not seen that money.

476
00:25:30,840 --> 00:25:33,880
Speaker 1: Start the practice of maxing out right now. I think

477
00:25:33,920 --> 00:25:36,960
Speaker 1: it's six thousand or maybe sixty is what you can

478
00:25:36,960 --> 00:25:38,440
Speaker 1: put in the max through your if you have a

479
00:25:38,440 --> 00:25:42,160
Speaker 1: four one CA at work and so or a raw irm.

480
00:25:42,280 --> 00:25:44,280
Speaker 1: What you want to think about is that if your

481
00:25:44,280 --> 00:25:48,240
Speaker 1: company matches, then put up to the match at your

482
00:25:48,280 --> 00:25:52,280
Speaker 1: current company. If it doesn't, then I would open up

483
00:25:52,280 --> 00:25:55,760
Speaker 1: an external roth IRA, and I raise an individual retirement

484
00:25:55,800 --> 00:26:00,800
Speaker 1: account and a ROTH IRA is money set aside for

485
00:26:00,880 --> 00:26:05,439
Speaker 1: retirement from your your take home pay money, so meaning

486
00:26:05,480 --> 00:26:08,080
Speaker 1: like the government has already taken their taxes and everything else,

487
00:26:08,119 --> 00:26:10,680
Speaker 1: and this is what's landing your actual paycheck, and then

488
00:26:10,720 --> 00:26:14,119
Speaker 1: you put some of it into your retirement account. And

489
00:26:14,160 --> 00:26:16,159
Speaker 1: the beauty of a raw IRA is when you go

490
00:26:16,240 --> 00:26:19,360
Speaker 1: to retire, you can withdraw the money tax free even

491
00:26:19,400 --> 00:26:21,960
Speaker 1: though it's grown, because they're like when you pay taxes

492
00:26:22,280 --> 00:26:24,920
Speaker 1: on the back end, so you can withdraw the money

493
00:26:24,920 --> 00:26:28,440
Speaker 1: you put in plus the interest that it's earned, tax free. Now.

494
00:26:28,480 --> 00:26:34,200
Speaker 1: A traditional IRA is something where the government says, okay,

495
00:26:34,280 --> 00:26:38,600
Speaker 1: you can put money that you make at work before taxes,

496
00:26:39,040 --> 00:26:41,679
Speaker 1: so it will actually lower your current taxes because the

497
00:26:41,680 --> 00:26:44,680
Speaker 1: way taxes work is you get tax on what's left over. Right,

498
00:26:44,720 --> 00:26:47,359
Speaker 1: It's like I made a hundred thousand, I put six

499
00:26:47,359 --> 00:26:50,280
Speaker 1: thousand in my IRA, and so the government says, we're

500
00:26:50,280 --> 00:26:51,880
Speaker 1: not gonna tax you on a hundred, We're gonna tax

501
00:26:51,920 --> 00:26:56,119
Speaker 1: you on thousand, So it lowers your taxes currently now.

502
00:26:56,280 --> 00:26:58,920
Speaker 1: But I like putting my money in a raw first

503
00:26:58,920 --> 00:27:02,320
Speaker 1: because with raw typically there is a cap of how

504
00:27:02,400 --> 00:27:04,760
Speaker 1: much you can make before you can't do a roth anymore.

505
00:27:04,760 --> 00:27:08,200
Speaker 1: Although there's something called backdoor wroth. But if I'm speaking plainly,

506
00:27:08,280 --> 00:27:10,040
Speaker 1: that there's a cap and last my check it was

507
00:27:10,040 --> 00:27:12,600
Speaker 1: like a hundred and thirty nine thousand dollars that after that,

508
00:27:12,640 --> 00:27:14,000
Speaker 1: they don't like you to put money in a row

509
00:27:14,040 --> 00:27:17,680
Speaker 1: fire rate, So twenty year old, put your money in retirement.

510
00:27:18,040 --> 00:27:20,199
Speaker 1: Max it out, start with a roth first if your

511
00:27:20,200 --> 00:27:23,480
Speaker 1: company doesn't match, and then do that. In your thirties,

512
00:27:23,880 --> 00:27:27,760
Speaker 1: I want you to focus on earning because this is

513
00:27:27,800 --> 00:27:30,639
Speaker 1: when like maybe you have your second degree, you may

514
00:27:30,720 --> 00:27:34,320
Speaker 1: or may not be considering getting married, maybe you're considering children,

515
00:27:34,840 --> 00:27:38,480
Speaker 1: but this is really your peak. Focus on making sure

516
00:27:38,520 --> 00:27:41,160
Speaker 1: that every single interview you are maxing. Now you should

517
00:27:41,160 --> 00:27:43,360
Speaker 1: be doing this anyway, but like, no matter what your age,

518
00:27:43,400 --> 00:27:46,760
Speaker 1: but you are squeezing as much as you can out

519
00:27:46,800 --> 00:27:49,600
Speaker 1: of the job that you have. So get your raises

520
00:27:49,720 --> 00:27:51,960
Speaker 1: asked for them. Create a go meet file where you

521
00:27:52,000 --> 00:27:53,560
Speaker 1: have a file of all the things that you do

522
00:27:53,600 --> 00:27:56,880
Speaker 1: and you bring to the company and quantify because of me,

523
00:27:57,400 --> 00:27:59,840
Speaker 1: We've made this much. Because of me, I saved you

524
00:27:59,880 --> 00:28:01,680
Speaker 1: this much. So I'm not only asking for a raise,

525
00:28:01,920 --> 00:28:04,119
Speaker 1: We're just trying to even playing field here. And so

526
00:28:04,200 --> 00:28:07,040
Speaker 1: your thirties focused on earning. Ask yourself, what else can

527
00:28:07,080 --> 00:28:10,400
Speaker 1: I do to increase my income? Not necessarily more work

528
00:28:10,480 --> 00:28:14,119
Speaker 1: for you, but getting more clever about earning more in

529
00:28:14,160 --> 00:28:17,520
Speaker 1: your thirties. In your forties, I want you to really

530
00:28:17,520 --> 00:28:22,040
Speaker 1: start thinking about how do you want life to go

531
00:28:22,760 --> 00:28:25,639
Speaker 1: because once we once you really hit your forties, hopefully

532
00:28:25,680 --> 00:28:27,400
Speaker 1: you've earned a good amount of money. You have money

533
00:28:27,400 --> 00:28:30,240
Speaker 1: set aside for retirement. Maybe by now you're married and

534
00:28:30,280 --> 00:28:32,800
Speaker 1: you have children, and you can start to see that

535
00:28:32,840 --> 00:28:34,720
Speaker 1: your kids are going to be going off to school

536
00:28:35,240 --> 00:28:38,040
Speaker 1: maybe in ten years or so, and start to really

537
00:28:38,080 --> 00:28:39,880
Speaker 1: you might start to be thinking about, like, I'm in

538
00:28:39,920 --> 00:28:41,600
Speaker 1: my Shade era. I used to be in my Beyonce

539
00:28:41,720 --> 00:28:44,120
Speaker 1: era by any means necessary, Girl, I'm out here working,

540
00:28:44,480 --> 00:28:47,280
Speaker 1: and now I'm forty three, I'm in my Shade era

541
00:28:47,320 --> 00:28:48,600
Speaker 1: where I just want to come out with the album

542
00:28:48,600 --> 00:28:51,120
Speaker 1: every ten years. And we saw a little bit. And

543
00:28:51,160 --> 00:28:53,320
Speaker 1: so in your forties, I want you to start thinking

544
00:28:53,400 --> 00:28:57,479
Speaker 1: forward because retirement is closer than you think. So in

545
00:28:57,480 --> 00:28:59,160
Speaker 1: your forties you might want to sit down and say,

546
00:28:59,200 --> 00:29:01,080
Speaker 1: you know what, I think we should get a financial planner.

547
00:29:01,560 --> 00:29:03,240
Speaker 1: You know, I think it's time to update. Maybe we

548
00:29:03,280 --> 00:29:05,600
Speaker 1: need a trust because now we have more wealth, Let's

549
00:29:05,600 --> 00:29:08,160
Speaker 1: start thinking about what our assets look like. Let's start

550
00:29:08,200 --> 00:29:11,440
Speaker 1: really dreaming. We're either by yourself or with a partner,

551
00:29:11,640 --> 00:29:14,800
Speaker 1: about how we want life to to move forward. In

552
00:29:14,840 --> 00:29:19,160
Speaker 1: your fifties, you should really be It's hard to say

553
00:29:19,160 --> 00:29:21,960
Speaker 1: because I'm not fifty yet. In my fifties, I would

554
00:29:21,960 --> 00:29:26,560
Speaker 1: say for myself, I would really like to be really

555
00:29:26,600 --> 00:29:31,040
Speaker 1: focused on leaving what my financial legacy is going to be. Like, Okay,

556
00:29:31,080 --> 00:29:34,560
Speaker 1: I've got nieces, I've got a nephew, my parents are

557
00:29:34,600 --> 00:29:36,560
Speaker 1: still here and God willing, they'll still be here in

558
00:29:36,560 --> 00:29:39,320
Speaker 1: my fifties, and like, what do I really want my

559
00:29:39,360 --> 00:29:43,160
Speaker 1: financial legacy to be, not just internally with my family,

560
00:29:43,240 --> 00:29:46,600
Speaker 1: but externally. I just came back from Kenya and it

561
00:29:46,680 --> 00:29:49,480
Speaker 1: was an amazing, amazing trip. It was a treat for

562
00:29:49,520 --> 00:29:51,880
Speaker 1: black women and it just was awesome. We did a

563
00:29:51,880 --> 00:29:55,520
Speaker 1: service project where we went to this compound, this home

564
00:29:55,680 --> 00:29:57,920
Speaker 1: for young teen moms and some of them are young

565
00:29:57,960 --> 00:30:02,160
Speaker 1: as eleven twelve years old, really taken advantage of And

566
00:30:03,000 --> 00:30:05,680
Speaker 1: it was then I was asking, like, because in Africa

567
00:30:05,840 --> 00:30:08,400
Speaker 1: for all those school is free, you have to pay

568
00:30:08,440 --> 00:30:11,320
Speaker 1: school fees in order to advance to the next grade,

569
00:30:11,400 --> 00:30:14,239
Speaker 1: to get your exam results, and I wanted to know

570
00:30:14,440 --> 00:30:16,360
Speaker 1: how much do the school fees cost for all the

571
00:30:16,400 --> 00:30:18,640
Speaker 1: girls here? And then I paid them and I really

572
00:30:18,680 --> 00:30:20,760
Speaker 1: have the intention of doing that every year. And I

573
00:30:20,840 --> 00:30:23,760
Speaker 1: was like, that's the next level for me in my fifties.

574
00:30:23,760 --> 00:30:27,560
Speaker 1: It's like what is my external legacy financially and putting

575
00:30:27,560 --> 00:30:29,880
Speaker 1: those things in place now that you hopefully have taken

576
00:30:29,920 --> 00:30:33,440
Speaker 1: care of your family, and then in your sixties and beyond,

577
00:30:34,160 --> 00:30:37,320
Speaker 1: hopefully unless you're wanting you don't have to work anymore,

578
00:30:37,920 --> 00:30:41,480
Speaker 1: and you're revisiting your finances to make sure they can

579
00:30:41,480 --> 00:30:44,880
Speaker 1: see you through your updating any wills, any trusts and

580
00:30:44,920 --> 00:30:48,360
Speaker 1: things like that, and you're really just leaning into day

581
00:30:48,360 --> 00:30:50,920
Speaker 1: to day life, you know, with your personal finances. I

582
00:30:51,000 --> 00:30:53,480
Speaker 1: like working a little bit but figuring out, like in

583
00:30:53,520 --> 00:30:56,840
Speaker 1: your sixties, like Okay, now that I'm here, what do

584
00:30:56,880 --> 00:30:58,480
Speaker 1: I want to leave behind? But what do I also

585
00:30:58,520 --> 00:31:01,320
Speaker 1: want to enjoy? Because you know what, like someone gonna

586
00:31:01,320 --> 00:31:04,160
Speaker 1: spend that money since you worked hard for it, Like

587
00:31:04,280 --> 00:31:06,360
Speaker 1: you know, you don't have to leave the family all

588
00:31:06,400 --> 00:31:08,520
Speaker 1: the money, you know what I mean? I would really

589
00:31:08,520 --> 00:31:10,800
Speaker 1: be leaning into enjoying like the hard work that I

590
00:31:10,840 --> 00:31:12,920
Speaker 1: put in, and so that's what I see for like

591
00:31:12,960 --> 00:31:16,400
Speaker 1: those age ranges. Perfect. Thank you so much for their Tiffany.

592
00:31:16,760 --> 00:31:19,920
Speaker 1: So now we do have some questions from our community. Again,

593
00:31:19,960 --> 00:31:21,640
Speaker 1: they were super excited to hear that you were coming,

594
00:31:21,680 --> 00:31:24,720
Speaker 1: so they submitted some questions to us for you. So

595
00:31:24,760 --> 00:31:28,880
Speaker 1: the first one is Stacy is thirty five. She recently

596
00:31:28,920 --> 00:31:31,480
Speaker 1: picked up some high interest loans because she had several

597
00:31:31,520 --> 00:31:35,440
Speaker 1: unexpected bills simultaneously hit her. She's an hourly worker and

598
00:31:35,480 --> 00:31:38,120
Speaker 1: doesn't have large sums of money coming in anytime soon

599
00:31:38,280 --> 00:31:42,840
Speaker 1: or fast. She's considering enrolling in the debt consolidation program.

600
00:31:42,880 --> 00:31:46,200
Speaker 1: She's unsure how to tell what programs are beneficial and

601
00:31:46,240 --> 00:31:52,000
Speaker 1: which are predatory. What financial advice would you have for Stacy? So, Stacy,

602
00:31:52,080 --> 00:31:55,040
Speaker 1: you're right, there are many that consolidation programs that are

603
00:31:55,080 --> 00:31:58,520
Speaker 1: the worst. But there is one called oh what is that?

604
00:31:58,520 --> 00:32:01,320
Speaker 1: One called oh I know what? N f CC dot

605
00:32:01,440 --> 00:32:05,960
Speaker 1: org got it. That's the Foundation of Credit. Yes, notional

606
00:32:05,960 --> 00:32:10,320
Speaker 1: Foundation of Credit Counseling and f CC dot org will

607
00:32:10,360 --> 00:32:13,720
Speaker 1: have like sister nonprofits in different states, so you'll be

608
00:32:13,720 --> 00:32:16,160
Speaker 1: able to reach out to them and they will be

609
00:32:16,200 --> 00:32:18,680
Speaker 1: able to find you their sister nonprofit in your state

610
00:32:18,760 --> 00:32:21,400
Speaker 1: or even in your city. And so I think that's

611
00:32:21,440 --> 00:32:24,360
Speaker 1: not necessarily a bad idea. But the key with debt

612
00:32:24,360 --> 00:32:28,160
Speaker 1: consolidation is you cannot open up new debt because in

613
00:32:28,240 --> 00:32:30,760
Speaker 1: your old that plus this new debt, and it's just

614
00:32:30,880 --> 00:32:34,360
Speaker 1: like and so like, yes, I think that that might

615
00:32:34,400 --> 00:32:36,600
Speaker 1: be a good idea for you if you promised to

616
00:32:36,680 --> 00:32:39,400
Speaker 1: me and yourself that you're not gonna incur, You're not

617
00:32:39,400 --> 00:32:42,400
Speaker 1: gonna borrow additional debt. And it sounds like to me, Stacy,

618
00:32:42,440 --> 00:32:44,520
Speaker 1: you have a don't make enough issue. So I want

619
00:32:44,600 --> 00:32:46,160
Speaker 1: you to ask yourself, what are ways that I can

620
00:32:46,200 --> 00:32:49,360
Speaker 1: bring additional income into my life? Is it a raise

621
00:32:49,400 --> 00:32:53,160
Speaker 1: where I currently work? Do you have a LinkedIn page

622
00:32:53,320 --> 00:32:56,160
Speaker 1: where you're like, I can update this to find additional work?

623
00:32:56,520 --> 00:32:59,960
Speaker 1: Mike podcast partner for Brown Ambition Mandy. You should follow

624
00:33:00,040 --> 00:33:02,760
Speaker 1: her Mandy Money on Everything, Mandy with an Eye. She

625
00:33:02,800 --> 00:33:06,680
Speaker 1: teaches negotiating but also how to look for additional work

626
00:33:06,720 --> 00:33:08,960
Speaker 1: that pays more. She's awesome at that, Like you could

627
00:33:08,960 --> 00:33:11,240
Speaker 1: just follow on social She's gives some great tips about

628
00:33:11,440 --> 00:33:14,560
Speaker 1: how do I increase my income because that's what it

629
00:33:14,560 --> 00:33:18,640
Speaker 1: sounds like you're needing to do. Thank you more from

630
00:33:18,640 --> 00:33:34,280
Speaker 1: our conversation after the break. Kim is a vivacious fifty

631
00:33:34,360 --> 00:33:37,880
Speaker 1: year old. She's single and the hottest grandma you've ever witnessed.

632
00:33:38,320 --> 00:33:40,800
Speaker 1: Due to a lack of resources, always taking care of

633
00:33:40,800 --> 00:33:43,840
Speaker 1: other folks and some poor planning, she has no retirement

634
00:33:43,840 --> 00:33:46,560
Speaker 1: account to look forward to you. She wants to retire

635
00:33:46,600 --> 00:33:49,240
Speaker 1: with dignity and have a fly and fabulous funeral when

636
00:33:49,240 --> 00:33:52,160
Speaker 1: the Lord finally calls her home. What kinds of services

637
00:33:52,240 --> 00:33:54,320
Speaker 1: or programs might she want to look into to help

638
00:33:54,360 --> 00:33:58,000
Speaker 1: secure her future? So one Kim, I would say, do

639
00:33:58,080 --> 00:34:01,239
Speaker 1: you have life insurance? You're flying, you're healthy, you can

640
00:34:01,280 --> 00:34:03,760
Speaker 1: still get life insurance. So that way, one of the

641
00:34:03,800 --> 00:34:07,480
Speaker 1: core purposes of life insurance is one, yes, to look

642
00:34:07,520 --> 00:34:09,919
Speaker 1: after your family when you're no longer here. If you're

643
00:34:10,120 --> 00:34:12,520
Speaker 1: flying single, I don't know if maybe have grown kids,

644
00:34:12,560 --> 00:34:15,319
Speaker 1: but your life insurance can be the policy that they

645
00:34:15,320 --> 00:34:17,920
Speaker 1: can use to put you in way in the fashion

646
00:34:17,960 --> 00:34:20,040
Speaker 1: that you'd like to be put away. And so that's

647
00:34:20,080 --> 00:34:24,080
Speaker 1: one consider life insurance for that component term life insurance.

648
00:34:24,080 --> 00:34:26,799
Speaker 1: I know some of my financial advisors who sell Whole

649
00:34:26,840 --> 00:34:30,120
Speaker 1: Life are like now, I'm like Bill Tomato, Tomato, Now,

650
00:34:30,400 --> 00:34:33,279
Speaker 1: I don't like Whole Life. It's super expensive, and the

651
00:34:33,320 --> 00:34:35,600
Speaker 1: purpose of term life insurance is supposed to be for

652
00:34:35,600 --> 00:34:39,040
Speaker 1: a term, Like it's so frustrating, Dr Joy because it's

653
00:34:39,080 --> 00:34:41,840
Speaker 1: like when you get insurance for your car, you don't say,

654
00:34:41,960 --> 00:34:44,080
Speaker 1: oh wait, I didn't get to a car accident, giving

655
00:34:44,160 --> 00:34:47,120
Speaker 1: my money back. So why is life insurance Because it's

656
00:34:47,120 --> 00:34:48,879
Speaker 1: a difference between term and whole life. Is that whole

657
00:34:48,880 --> 00:34:51,320
Speaker 1: life you keep paying and it never expires or whatever.

658
00:34:51,719 --> 00:34:55,680
Speaker 1: But for a term, it's meant to expire because it's

659
00:34:55,680 --> 00:34:59,279
Speaker 1: meant to be for specific time period, typically the time

660
00:34:59,320 --> 00:35:02,640
Speaker 1: period like twenty or thirty years when you're actively taking

661
00:35:02,680 --> 00:35:05,560
Speaker 1: care of your family financially by the time you're fifty

662
00:35:05,640 --> 00:35:07,879
Speaker 1: or sixty, Like if my parents don't leave me, life

663
00:35:07,880 --> 00:35:12,000
Speaker 1: in shorts okay, because I'm not ten anymore, and it's

664
00:35:12,080 --> 00:35:15,200
Speaker 1: way less expensive. Like at forty year old woman who

665
00:35:15,239 --> 00:35:17,719
Speaker 1: doesn't smoke, a million dollar policy for turn you're looking

666
00:35:17,760 --> 00:35:20,080
Speaker 1: at forty bucks a month. A forty year old woman

667
00:35:20,120 --> 00:35:22,520
Speaker 1: who doesn't smoke a million dollar policy for whole life,

668
00:35:22,520 --> 00:35:25,800
Speaker 1: you're looking at seven forty a month. That's seven hundred

669
00:35:25,800 --> 00:35:28,560
Speaker 1: dollars that that woman can use to make her life

670
00:35:28,560 --> 00:35:31,839
Speaker 1: better now and invest. So anyway, so what I would say,

671
00:35:31,920 --> 00:35:35,920
Speaker 1: Miss fifty and Vivations Life Insurance you because you're fifty,

672
00:35:36,080 --> 00:35:38,840
Speaker 1: they have this catch up policy when it comes to retirement,

673
00:35:39,239 --> 00:35:41,640
Speaker 1: meaning that you can put in more. I think it's

674
00:35:41,640 --> 00:35:44,760
Speaker 1: about like a thousand dollars more or fifteen hundred dollars

675
00:35:44,760 --> 00:35:47,520
Speaker 1: more into a retirement account. So I'll be sitting down

676
00:35:47,520 --> 00:35:51,720
Speaker 1: with a financial advisers to ask like, Okay, I'm assuming

677
00:35:51,719 --> 00:35:54,840
Speaker 1: you're still working, how do you max out your retirement

678
00:35:54,920 --> 00:35:57,880
Speaker 1: because you have fifteen years before you officially retired as

679
00:35:57,920 --> 00:36:00,160
Speaker 1: far as the government is concerned, and so how all

680
00:36:00,200 --> 00:36:02,560
Speaker 1: for the next fifteen years, how can you max out

681
00:36:02,560 --> 00:36:04,719
Speaker 1: your retirement funds to make sure that you can see

682
00:36:04,760 --> 00:36:10,360
Speaker 1: yourself through? Perfect and then one last one? So Peach

683
00:36:10,600 --> 00:36:13,680
Speaker 1: is eighteen and just graduated from high school. She's not

684
00:36:13,719 --> 00:36:15,960
Speaker 1: planning to go to college because she's already been offered

685
00:36:15,960 --> 00:36:18,200
Speaker 1: a full time salary job in the industry she wants

686
00:36:18,200 --> 00:36:21,520
Speaker 1: to work in. She's motivated to build financial wealth, but

687
00:36:21,600 --> 00:36:24,279
Speaker 1: doesn't want to become a CEO the world's tenth black

688
00:36:24,280 --> 00:36:27,080
Speaker 1: woman billionaire to do it. Peach wants to know is

689
00:36:27,120 --> 00:36:29,839
Speaker 1: there a way to become financially independent for folks who

690
00:36:29,880 --> 00:36:31,960
Speaker 1: just want to do a job and don't want to

691
00:36:32,000 --> 00:36:36,520
Speaker 1: own a business. Absolutely, you don't have to own a business.

692
00:36:36,840 --> 00:36:40,239
Speaker 1: It sometimes can expedite it just because the tax code

693
00:36:40,280 --> 00:36:42,719
Speaker 1: is written for business owners, because this is the way

694
00:36:42,760 --> 00:36:45,320
Speaker 1: the government looks. So when I was a teacher, Tiffany,

695
00:36:45,520 --> 00:36:48,239
Speaker 1: the government said, oh, Tiffany, you made I was making

696
00:36:48,280 --> 00:36:50,959
Speaker 1: like thirty six thousand dollars a year, and they said,

697
00:36:51,080 --> 00:36:53,560
Speaker 1: if you put money in your retirement account, say six thousand,

698
00:36:53,640 --> 00:36:56,719
Speaker 1: we're gonna tax you on thirty thou dollars. And it's like, uh,

699
00:36:56,840 --> 00:36:59,240
Speaker 1: I don't have a choice. That's what it is. Now,

700
00:36:59,440 --> 00:37:02,239
Speaker 1: business owner, tipty, the government says, I'm just making up

701
00:37:02,239 --> 00:37:05,080
Speaker 1: a number. You make five hundred thousand dollars a year,

702
00:37:05,480 --> 00:37:07,759
Speaker 1: like in business? Well, actually the budget needs that we're

703
00:37:07,760 --> 00:37:09,360
Speaker 1: talking about you needs to the budget needs to make

704
00:37:09,400 --> 00:37:12,040
Speaker 1: multiple million dollars a year in business. But I'm like,

705
00:37:12,120 --> 00:37:15,799
Speaker 1: before you text me, I just bought this car for

706
00:37:15,840 --> 00:37:18,359
Speaker 1: the business. And they're like, okay, well now you made

707
00:37:18,360 --> 00:37:21,000
Speaker 1: a little less. And I bought this building, and I

708
00:37:21,000 --> 00:37:24,439
Speaker 1: pay the salary, and I redid my office and and

709
00:37:24,440 --> 00:37:27,439
Speaker 1: and and and and and so you can make ten

710
00:37:27,480 --> 00:37:30,959
Speaker 1: million dollars in business, spend nine point nine and what's

711
00:37:31,000 --> 00:37:33,560
Speaker 1: left over is a hundred thousand dollars. That's what you

712
00:37:33,600 --> 00:37:38,200
Speaker 1: get taxed on. That's why it's typically faster to grow

713
00:37:38,200 --> 00:37:40,120
Speaker 1: wealth as a business owner, but it's not impossible to

714
00:37:40,120 --> 00:37:42,600
Speaker 1: grow wealth as someone who is not a business owner.

715
00:37:42,680 --> 00:37:45,360
Speaker 1: The key is I love this eighteen year old. The

716
00:37:45,440 --> 00:37:48,560
Speaker 1: key is this is the one. You have to have

717
00:37:48,560 --> 00:37:50,560
Speaker 1: an income, which you have the salary, which is great,

718
00:37:50,880 --> 00:37:54,200
Speaker 1: but I caution you to in your field, find a

719
00:37:54,280 --> 00:37:57,719
Speaker 1: mentor in your field to see what additional education might

720
00:37:57,719 --> 00:38:00,239
Speaker 1: be required to make more money. In my not be

721
00:38:00,239 --> 00:38:02,360
Speaker 1: a cause degree, but it might be a certificate or something.

722
00:38:02,760 --> 00:38:04,319
Speaker 1: If you want to move up the ladder and make more,

723
00:38:04,400 --> 00:38:06,920
Speaker 1: consider that. So one, you have to make income too.

724
00:38:07,239 --> 00:38:09,520
Speaker 1: You have to spend less than you make. My dad

725
00:38:09,560 --> 00:38:11,920
Speaker 1: would always say, you cut your coat according to your size.

726
00:38:12,760 --> 00:38:15,319
Speaker 1: You have to spend less than you make, and with

727
00:38:15,400 --> 00:38:18,680
Speaker 1: the excess the between what I make and what I spend,

728
00:38:18,880 --> 00:38:21,759
Speaker 1: you're going to save some until you get your emergency

729
00:38:21,800 --> 00:38:24,680
Speaker 1: fund funded, and then you're going to invest. It's the

730
00:38:24,840 --> 00:38:28,879
Speaker 1: investing that's going to grow you wealth. So I wish

731
00:38:28,880 --> 00:38:32,080
Speaker 1: more people understood that the purpose of working, aside from

732
00:38:32,080 --> 00:38:35,759
Speaker 1: paying your bills and things is to own, it is

733
00:38:35,800 --> 00:38:37,799
Speaker 1: to work. You pay your bills, you're on vacation, you

734
00:38:37,800 --> 00:38:40,319
Speaker 1: have a little fund, you saved some, and then you

735
00:38:40,480 --> 00:38:44,239
Speaker 1: invest to own, whether you invest in real estate, in

736
00:38:44,280 --> 00:38:47,240
Speaker 1: the marketing, in the business, but you invest to own.

737
00:38:47,719 --> 00:38:50,319
Speaker 1: And if you keep doing that, eventually the thing that

738
00:38:50,400 --> 00:38:53,000
Speaker 1: you own will make you enough money to put you

739
00:38:53,000 --> 00:38:55,840
Speaker 1: out of business, to put you out of work. And

740
00:38:55,920 --> 00:38:58,440
Speaker 1: so now me, as Tiffany at four d three, I

741
00:38:58,480 --> 00:38:59,920
Speaker 1: don't have to work anymore if I don't want to,

742
00:39:00,320 --> 00:39:03,960
Speaker 1: because the things that I own work for me. And

743
00:39:03,960 --> 00:39:05,920
Speaker 1: so if you keep that in mind, young eighteen year old,

744
00:39:05,960 --> 00:39:09,120
Speaker 1: and you will be just fine. Make your money, spend

745
00:39:09,160 --> 00:39:11,600
Speaker 1: lesson you, make save some until you get to your

746
00:39:11,680 --> 00:39:14,799
Speaker 1: savings account, invest the rest. If you don't know how

747
00:39:14,800 --> 00:39:19,000
Speaker 1: to invest, your eighteen girl, get a book. Is a book,

748
00:39:19,280 --> 00:39:22,720
Speaker 1: it's reading Rainbow like take a classic of course, Start

749
00:39:22,760 --> 00:39:25,640
Speaker 1: to learn to invest and invest to own, and you

750
00:39:25,640 --> 00:39:27,279
Speaker 1: will be just fine. And you know, I'll see you

751
00:39:27,360 --> 00:39:34,279
Speaker 1: on Wealth Islands. Is it's cute over here? Thank you

752
00:39:34,320 --> 00:39:37,440
Speaker 1: so much for that. So you have been dropping resources

753
00:39:37,520 --> 00:39:40,920
Speaker 1: the whole conversation. But are there other like people we

754
00:39:40,960 --> 00:39:44,319
Speaker 1: should follow books besides your own, other podcasts that people

755
00:39:44,360 --> 00:39:46,600
Speaker 1: should be tempted too to learn more about the things

756
00:39:46,800 --> 00:39:50,440
Speaker 1: that you've been discussing. I love earn your leisure right.

757
00:39:50,480 --> 00:39:53,040
Speaker 1: Those young brothers are like doing a great job. They

758
00:39:53,040 --> 00:39:55,880
Speaker 1: have something called Market Mondays with Ian Dunlap who's the

759
00:39:55,920 --> 00:39:59,400
Speaker 1: master Investor, so he really breaks down like the market

760
00:39:59,440 --> 00:40:02,680
Speaker 1: and what's happened in a simple way. I love Josh Brett.

761
00:40:02,960 --> 00:40:07,400
Speaker 1: I think it's sing he's on Instagram. It's a minority mindset.

762
00:40:07,520 --> 00:40:10,359
Speaker 1: That's a really great especially for beginners because he breaks down,

763
00:40:10,360 --> 00:40:13,480
Speaker 1: like what's happened in the economy, what's the economy and so,

764
00:40:13,560 --> 00:40:16,480
Speaker 1: like minority mindset is awesome if you're just looking for

765
00:40:16,520 --> 00:40:19,000
Speaker 1: budgets stuff. The Budget Mom her name is Camuko. I

766
00:40:19,000 --> 00:40:21,400
Speaker 1: really like her. I like her first one Hunter k

767
00:40:21,640 --> 00:40:25,000
Speaker 1: Tory Dunlap. She's very much like down with the patriarchy.

768
00:40:25,080 --> 00:40:27,160
Speaker 1: So if you know you need that pro girl sisterhood,

769
00:40:27,600 --> 00:40:33,520
Speaker 1: she's great. Some books to read. I really like David Back.

770
00:40:33,600 --> 00:40:36,520
Speaker 1: This is very throwback, but David Back is like he

771
00:40:36,600 --> 00:40:38,960
Speaker 1: doesn't do as much as with books anymore, but he's

772
00:40:39,000 --> 00:40:41,680
Speaker 1: got this great series called Live Rich, so he has

773
00:40:42,000 --> 00:40:45,640
Speaker 1: Smart Women, Finish Rich, the Automatic Millionaire. Those are great

774
00:40:45,640 --> 00:40:48,279
Speaker 1: books that I've read when I was very young. He

775
00:40:48,320 --> 00:40:51,160
Speaker 1: actually inspired the way I show up because I knew

776
00:40:51,200 --> 00:40:53,359
Speaker 1: I was silly and fun, and I've read this book.

777
00:40:53,360 --> 00:40:55,920
Speaker 1: It was like, this doesn't seem stuffy and mean, and

778
00:40:55,920 --> 00:40:58,480
Speaker 1: so I love the David Bach books, so definitely look

779
00:40:58,520 --> 00:41:05,320
Speaker 1: into those. Yeah, and also too, I like in general,

780
00:41:05,480 --> 00:41:08,399
Speaker 1: if you're wanting like just success in general, it's really

781
00:41:08,400 --> 00:41:12,200
Speaker 1: an internal job. So it's not just working on your money.

782
00:41:12,600 --> 00:41:14,480
Speaker 1: You know. I'm sure Dr Joy would agree as a

783
00:41:14,560 --> 00:41:17,880
Speaker 1: therapist that like, the better I am as Tiffany, the

784
00:41:17,920 --> 00:41:21,000
Speaker 1: better I show up holistically. And a rising tide lifts

785
00:41:21,040 --> 00:41:24,080
Speaker 1: all boats. And so I spent a lot of time

786
00:41:24,680 --> 00:41:30,400
Speaker 1: getting better as me, like setting boundaries, having tough conversations,

787
00:41:30,880 --> 00:41:33,080
Speaker 1: you know, like I read to expand just the way

788
00:41:33,120 --> 00:41:36,480
Speaker 1: that I think, because in doing so, I'm able to

789
00:41:36,520 --> 00:41:40,960
Speaker 1: take advantage of financial opportunities. So it's not just money.

790
00:41:41,520 --> 00:41:44,279
Speaker 1: I love the podcast on How I Built This, you know,

791
00:41:44,280 --> 00:41:46,239
Speaker 1: even if you don't have a business, it's a great

792
00:41:46,239 --> 00:41:50,440
Speaker 1: podcast to hear how these major businesses were built, like

793
00:41:50,520 --> 00:41:53,000
Speaker 1: from the ground up, because it expands your mind to

794
00:41:53,040 --> 00:41:56,080
Speaker 1: think differently. And so that's what I really would encourage

795
00:41:56,120 --> 00:41:58,600
Speaker 1: is that, like, yes, as you're working on your finances,

796
00:41:58,600 --> 00:42:02,640
Speaker 1: that you remember that really you're working on yourself. It's discipline,

797
00:42:02,920 --> 00:42:06,840
Speaker 1: it's consistency, it's communication. These are just tools that you

798
00:42:06,840 --> 00:42:09,160
Speaker 1: can apply to your personal finances but will help you

799
00:42:09,160 --> 00:42:12,680
Speaker 1: across the board. M I definitely agree. Thank you for

800
00:42:12,760 --> 00:42:15,799
Speaker 1: the an, Tiffany. So where can we stay connected with you?

801
00:42:15,840 --> 00:42:18,239
Speaker 1: Where should we follow you online? As well as any

802
00:42:18,280 --> 00:42:21,239
Speaker 1: website you want to share. I am the budgets down

803
00:42:21,320 --> 00:42:23,799
Speaker 1: all the things right, have you seen me? TikTok? It

804
00:42:23,840 --> 00:42:26,399
Speaker 1: just knows under durest child, I could teach this girl

805
00:42:26,440 --> 00:42:29,319
Speaker 1: some blessings. She's like a gat. I'm like, I don't.

806
00:42:31,080 --> 00:42:34,120
Speaker 1: I'm on TikTok Instagram, which is my current favorite, although

807
00:42:34,160 --> 00:42:36,520
Speaker 1: I'm not there as much Facebook because I'm still old

808
00:42:36,560 --> 00:42:39,760
Speaker 1: school Twitter. I'm the budget Nesta at the budget Nesta

809
00:42:39,840 --> 00:42:42,040
Speaker 1: dot com. And if you want to get the book,

810
00:42:42,080 --> 00:42:45,279
Speaker 1: it's Get Good with Money and it's available at Get

811
00:42:45,600 --> 00:42:48,439
Speaker 1: Good with Money dot com. There's a tool kit there

812
00:42:48,440 --> 00:42:51,640
Speaker 1: that I made that's totally free and it will help you,

813
00:42:51,880 --> 00:42:53,200
Speaker 1: like even if you don't get the book. It's this

814
00:42:53,280 --> 00:42:55,919
Speaker 1: awesome tool kit with all the resources from the book

815
00:42:56,200 --> 00:42:59,840
Speaker 1: that you can like find a financial Advisor, my budget worksheet.

816
00:43:00,120 --> 00:43:01,880
Speaker 1: All of that is for free via the Kid and

817
00:43:01,920 --> 00:43:04,239
Speaker 1: I do have one more tool, dr Joy. I just

818
00:43:04,400 --> 00:43:07,680
Speaker 1: did something called the Literature Challenge with my audience and

819
00:43:07,800 --> 00:43:10,960
Speaker 1: almost three thousand people signed up for the Literature I know,

820
00:43:11,719 --> 00:43:13,279
Speaker 1: and so because you know at the beginning of the year,

821
00:43:13,320 --> 00:43:15,960
Speaker 1: everyone's hyped and so it's totally free. I used to

822
00:43:16,000 --> 00:43:18,080
Speaker 1: do them. If you're old school dream catcher, that's what

823
00:43:18,160 --> 00:43:20,200
Speaker 1: I name my audience, then you remember I used to

824
00:43:20,200 --> 00:43:23,319
Speaker 1: do the challenge every year some years ago, and I

825
00:43:23,360 --> 00:43:26,720
Speaker 1: brought it back because of this looming recession. This year's

826
00:43:26,800 --> 00:43:30,520
Speaker 1: challenge is the Savings edition. People who took the challenge

827
00:43:30,560 --> 00:43:33,840
Speaker 1: said that they were helped eighties six percent saved money.

828
00:43:34,080 --> 00:43:36,200
Speaker 1: And so if you're wanting to do it, it's totally free.

829
00:43:36,239 --> 00:43:38,359
Speaker 1: It's always been free. It's my way of giving back

830
00:43:38,640 --> 00:43:43,160
Speaker 1: to especially my community is is black women who might

831
00:43:43,200 --> 00:43:45,840
Speaker 1: not have access to tools and resources to help themselves.

832
00:43:45,840 --> 00:43:49,040
Speaker 1: So I'm always committed to keeping it free. It's available

833
00:43:49,160 --> 00:43:52,080
Speaker 1: at l r C for Literature Challenge l r C

834
00:43:52,360 --> 00:43:56,200
Speaker 1: save dot com. It's automated now because we just went

835
00:43:56,239 --> 00:43:58,880
Speaker 1: through the live version, but there's a community attached on

836
00:43:58,920 --> 00:44:01,839
Speaker 1: the back end. So I don't believe in navigating this

837
00:44:01,920 --> 00:44:04,520
Speaker 1: world alone, and so you will be surrounded by loving

838
00:44:04,560 --> 00:44:07,080
Speaker 1: sisters just like you who are also working on their finances.

839
00:44:07,120 --> 00:44:09,680
Speaker 1: So hopefully we'll see you at the challenge at LRC

840
00:44:10,320 --> 00:44:13,799
Speaker 1: save dot com perfect We'll be sure to include all

841
00:44:13,800 --> 00:44:16,320
Speaker 1: of those in the show notes. Thank you so much, Tiffany.

842
00:44:16,360 --> 00:44:19,200
Speaker 1: I really appreciate you sharing with us today now. Thanks

843
00:44:19,200 --> 00:44:25,200
Speaker 1: for having me absolutely. I'm so glad Tiffany was able

844
00:44:25,200 --> 00:44:27,120
Speaker 1: to join us today to break down the ins and

845
00:44:27,160 --> 00:44:30,839
Speaker 1: outs of personal finance. If you want more, join her

846
00:44:30,920 --> 00:44:33,919
Speaker 1: Live Richer movement, where she's helped two million women save

847
00:44:33,960 --> 00:44:36,640
Speaker 1: over three hundred and fifty million dollars and pay off

848
00:44:36,680 --> 00:44:39,799
Speaker 1: over two hundred thousand dollars in debt. To learn more

849
00:44:39,920 --> 00:44:42,680
Speaker 1: and to sign up for her challenge, visit Therapy for

850
00:44:42,719 --> 00:44:45,799
Speaker 1: Black Girls dot Com slash session to nine one and

851
00:44:45,840 --> 00:44:47,759
Speaker 1: don't forget the text two of your girls and tell

852
00:44:47,840 --> 00:44:51,040
Speaker 1: them to check out the episode right now. If you're

853
00:44:51,040 --> 00:44:53,600
Speaker 1: looking for a therapist in your area, check out our

854
00:44:53,640 --> 00:44:57,800
Speaker 1: therapist directory at Therapy for Black Girls dot com slash directory.

855
00:44:58,000 --> 00:44:59,920
Speaker 1: And if you want to continue digetting into this tip

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00:45:00,040 --> 00:45:02,919
Speaker 1: big or just be in community with other sisters. Come

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00:45:02,920 --> 00:45:05,200
Speaker 1: on over and join us in the Sister Circle. It's

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00:45:05,239 --> 00:45:08,000
Speaker 1: our cozy corner of the Internet design just for black women.

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00:45:08,520 --> 00:45:10,960
Speaker 1: You can join us at Community NOTT Therapy for Black

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00:45:11,000 --> 00:45:15,080
Speaker 1: Girls dot com. This episode was produced by FRIEDA. Lucas

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00:45:15,080 --> 00:45:18,360
Speaker 1: and Elis Ellis and editing was done by Dennis and Bradford.

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Speaker 1: Thank you all so much for joining me again this week.

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00:45:21,560 --> 00:45:23,920
Speaker 1: I look forward to continue in this conversation with you

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00:45:23,960 --> 00:45:26,239
Speaker 1: all real soon. Take you care,