WEBVTT - Change My Mind Fund (BA Q&A) 0:00:04.800 --> 0:00:08.879 It's time for the b a q a a a 0:00:09.360 --> 0:00:13.120 q a with the b a q manday the b 0:00:13.240 --> 0:00:19.880 a q a withs today the b a q a A. 0:00:18.880 --> 0:00:20.040 Hey, Mandy, how are you doing? 0:00:21.000 --> 0:00:22.880 I always feel so much better doing the b a 0:00:23.000 --> 0:00:24.759 q a than I do during the show, because like 0:00:24.800 --> 0:00:27.520 the b a the regular show gets me all like, 0:00:28.160 --> 0:00:30.040 get all my demons out, and then I just come 0:00:30.240 --> 0:00:32.360 so much happier enjoyful to the v a q a. 0:00:32.840 --> 0:00:34.200 It's like the sprinkles on top. 0:00:35.000 --> 0:00:38.479 Sprinkle sprinkle, sprinkle sprinkle it this that lady on TikTok 0:00:38.880 --> 0:00:46.000 that sounds like sprinkle sprinkle. Let's answer some moulah baby questions. 0:00:47.520 --> 0:00:49.440 So I got some good ones today, Yeah, we do, 0:00:50.240 --> 0:00:52.120 all right, So do you want to go first? You 0:00:52.120 --> 0:00:53.440 want to go first, but you want to do a 0:00:53.560 --> 0:00:55.920 lawyer bay or we're not. 0:00:55.960 --> 0:00:57.840 The lawyer bad You can go ahead. You could do 0:00:57.920 --> 0:00:58.400 lawyer bay. 0:00:58.680 --> 0:01:01.120 Oh well, thank you? All right? Before we do, we 0:01:01.120 --> 0:01:04.440 did the usual disclaimer because it's good girl. 0:01:04.600 --> 0:01:09.440 Okay, So hey, we love your questions. If you have 0:01:09.520 --> 0:01:13.920 questions about business, personal finance, career and more even just 0:01:13.920 --> 0:01:15.360 a personal life child, you know we all here in 0:01:15.400 --> 0:01:18.880 these streets. You could ask us you can go to 0:01:20.280 --> 0:01:23.200 Brown Ambition Podcasts at gmail dot com and email us 0:01:23.200 --> 0:01:28.200 there Bronibition podcast dot com. We're Brown Ambition Podcast on 0:01:28.240 --> 0:01:32.640 ig the BA podcast on Twitter. But remember we are 0:01:32.800 --> 0:01:36.520 too smart brown girls, your faves, the cutest, the brown 0:01:36.520 --> 0:01:38.119 is the cutest. You know. We're just all the things. 0:01:38.120 --> 0:01:41.319 But what we're not is your financial advisor. We're not 0:01:41.360 --> 0:01:44.760 your doctor, we are not your attorney. We are just 0:01:44.920 --> 0:01:47.800 like just too smart brown checks. And you're going to 0:01:47.880 --> 0:01:50.000 take our advice with the smallest sprinkle of salt and 0:01:50.000 --> 0:01:51.680 then bring that salt to the person that you pay 0:01:51.920 --> 0:01:55.920 for the advanced knowledge that you're needing in that particular topic. Okay, akay, 0:01:56.120 --> 0:01:57.960 sue your mama, not us. 0:02:00.440 --> 0:02:04.600 All right, thank you for that disclaimer, Tiffany. Let's get 0:02:04.640 --> 0:02:09.200 into lawyer Bay's question. This is juicy, okay. Lawyer Bay says, 0:02:09.320 --> 0:02:11.799 I am a brown lawyer in my late twenties, making 0:02:11.840 --> 0:02:15.880 one hundred and twenty five thousand US dollars a year 0:02:15.919 --> 0:02:19.960 with no debt bless. I currently contribute to the maximum. 0:02:20.040 --> 0:02:22.480 I currently contribute the maximum of my four oh one 0:02:22.560 --> 0:02:24.880 K and I'm looking for advice on what things I 0:02:24.880 --> 0:02:27.040 can do to build wealth. I have an Old Faithful 0:02:27.120 --> 0:02:30.920 car Okay, Tiffany, just like in your early days, and 0:02:31.000 --> 0:02:33.120 I'm slowly saving for a new car, but I'm not 0:02:33.200 --> 0:02:36.400 pressed about it. I'm in a long distance relationship, not married. 0:02:36.480 --> 0:02:40.120 I have ten K in my emergency fund and fifteen 0:02:40.360 --> 0:02:43.120 K save for a car in the future or if 0:02:43.200 --> 0:02:46.160 Old Faithful breaks down. My rent is seventeen fifty. I 0:02:46.240 --> 0:02:49.760 travel frequently because it's my favorite thing to do. Not 0:02:49.840 --> 0:02:51.960 interested in purchasing ta a home right now because of 0:02:52.000 --> 0:02:54.720 how often I travel, and I don't know if I'll 0:02:54.760 --> 0:02:58.280 stay in my current city. I'm grateful for I'm grateful 0:02:58.320 --> 0:03:01.799 for the position that I'm in, especially having no debt, 0:03:01.919 --> 0:03:05.320 but I feel immen's personal pressure to not squander this 0:03:05.440 --> 0:03:08.680 time where I could really be building wealth. What I'd 0:03:08.680 --> 0:03:10.640 like to know from you all is what things I 0:03:10.639 --> 0:03:12.440 can be doing right now that will set me up 0:03:12.520 --> 0:03:16.240 for wealth in the future. PS. I love y'all's disclaimers 0:03:16.240 --> 0:03:19.120 for the BAQA. My attorney brain is always like, yes, 0:03:19.240 --> 0:03:20.680 tell the folks, did you. 0:03:20.680 --> 0:03:22.359 Hear she said right here? She said, I just want 0:03:22.360 --> 0:03:24.160 to be sure I have all the I have the 0:03:24.200 --> 0:03:26.520 whole picture, so you can give me your best. In 0:03:26.639 --> 0:03:31.200 quotations non professional advice because she knows like, this is 0:03:31.240 --> 0:03:34.639 not professional advice, this is just some lawyer bay. First 0:03:34.639 --> 0:03:39.160 of all, snaps, we love a brown smart just like 0:03:39.240 --> 0:03:42.560 all around, it sounds like you are doing just about 0:03:42.560 --> 0:03:45.880 everything right, which is awesome. And so I just have 0:03:45.920 --> 0:03:48.400 a few quick, little, quick little tweaks that you can 0:03:48.440 --> 0:03:51.800 do to like enhance. So one, I'm curious to know 0:03:53.160 --> 0:03:58.000 how many months is your you know, the you have 0:03:58.040 --> 0:04:02.119 a ten thousand dollars save for emergency funds? You know 0:04:02.640 --> 0:04:05.080 how many months saved is that? Is that at least 0:04:05.080 --> 0:04:07.600 three months? And as an attorney, how long did it 0:04:07.600 --> 0:04:09.400 take you to get your job? And how quickly do 0:04:09.440 --> 0:04:12.080 you think you can replace that job? So if you're 0:04:12.120 --> 0:04:15.280 like to be on a super safe side five months, 0:04:15.320 --> 0:04:17.320 I could definitely get a new job whatever that is. 0:04:17.400 --> 0:04:18.919 I would just want you to make sure that that 0:04:19.000 --> 0:04:23.840 emergency fund is at least three months and ideally the 0:04:23.960 --> 0:04:26.039 amount of months you think it would take for you 0:04:26.080 --> 0:04:28.920 to secure another job with similar income, So that'd be one. 0:04:29.160 --> 0:04:30.720 And you might be like, we good on that, Like 0:04:30.839 --> 0:04:32.240 it's three months, and I can get a job with 0:04:32.279 --> 0:04:33.080 three months to. 0:04:33.080 --> 0:04:35.719 Be three because her rent is seventeen fifties, that's what 0:04:35.720 --> 0:04:39.000 I'm thinking almost six times her rent, and I'm assuming 0:04:39.160 --> 0:04:41.359 the rest is for like, you know, some room for 0:04:41.400 --> 0:04:44.360 her lifestyle, has a car note it sounds like. 0:04:44.520 --> 0:04:46.280 Which is great. That's why I said, I'm pretty sure. 0:04:46.279 --> 0:04:47.480 I just want to make sure that something you just 0:04:47.520 --> 0:04:49.680 want to tap into, just to make sure. And then 0:04:49.839 --> 0:04:52.840 I love that you're maxing out your four O one K. 0:04:53.360 --> 0:04:57.360 And so there are two types of investments you are. 0:04:57.800 --> 0:05:00.000 I hate people say safe for retirement because you're really 0:05:00.080 --> 0:05:03.720 investing for retirement. So there's investing for retirement and then 0:05:03.720 --> 0:05:06.840 there's investing for wealth. So it looks like you have 0:05:06.920 --> 0:05:10.840 the investing for retirement part down, and so you've maxed 0:05:10.839 --> 0:05:12.760 out your four one K. You might want to sit 0:05:12.800 --> 0:05:14.960 with a financial advisor to make sure that there's no 0:05:15.120 --> 0:05:18.440 other tax advantage maxing out that you can do. You 0:05:18.520 --> 0:05:20.880 might just be under the threshold where you can potentially 0:05:21.440 --> 0:05:23.960 put money into a rowth IRA. But I don't know 0:05:24.520 --> 0:05:26.159 like you would want to, you know, like look at 0:05:26.200 --> 0:05:29.320 those numbers, because I laughed when I checked. It was like, yeah, 0:05:29.360 --> 0:05:32.280 it was like it was like one thirty nine as 0:05:32.279 --> 0:05:34.320 long as you made under that. But I can't remember 0:05:34.360 --> 0:05:37.240 if that was like a couple or a single person. 0:05:38.080 --> 0:05:40.400 And also too, I don't know how much money you're putting, 0:05:40.800 --> 0:05:43.159 Like what when you say you max out, I don't 0:05:43.160 --> 0:05:46.479 know how much money you are putting in your four 0:05:46.520 --> 0:05:49.440 one K because there is a max in general when 0:05:49.680 --> 0:05:55.000 you can put money into a tax advantage retirement account. 0:05:55.040 --> 0:05:56.640 So I would want you to max out across the 0:05:56.640 --> 0:05:59.320 board if you have the excess, to max out all 0:05:59.360 --> 0:06:03.200 that you can when it comes to tax advantage retirement accounts, 0:06:03.720 --> 0:06:06.880 whether it's four one K, roth ira ira whatever, that 0:06:06.920 --> 0:06:09.560 looks like, okay, so that's one, so that's two actually. 0:06:09.600 --> 0:06:12.000 And then the third thing is I would want you 0:06:12.600 --> 0:06:15.080 if you are like, no, girl, I'm retirement is max. 0:06:15.160 --> 0:06:17.440 There's nothing else I can do? Great, then I would 0:06:17.440 --> 0:06:20.480 want you to look at investing for wealth so you 0:06:20.560 --> 0:06:23.080 are in the position to do so. This means that 0:06:23.160 --> 0:06:26.880 it could be a brokerage account just like it's similar 0:06:26.880 --> 0:06:29.320 to your four one K, but you know you would 0:06:29.360 --> 0:06:32.960 be in you might be in the market via ets, 0:06:33.080 --> 0:06:34.919 mutual funds. This is something that you would want to 0:06:34.920 --> 0:06:37.600 sit with a financial advisor to kound and decide what's 0:06:37.680 --> 0:06:39.880 best for you. You are in a space where you would 0:06:39.880 --> 0:06:44.320 want to ask yourself, Hey, financial advisors. So there are 0:06:44.360 --> 0:06:48.320 there are sites like x y z x Y planning right, 0:06:48.360 --> 0:06:50.640 there's like that's where you can find financial advisors. There 0:06:50.680 --> 0:06:55.040 are sites like wealth Ramp is one of them. There 0:06:55.080 --> 0:06:57.359 are sites like I have one called my Money. No, 0:06:57.480 --> 0:06:59.760 your moneymatch dot com is one of them. I know 0:07:00.400 --> 0:07:02.320 is one way Mandy that you work with. 0:07:03.400 --> 0:07:08.359 Yeah, facet there's investor dot com. Thankfully there's becoming. But 0:07:08.400 --> 0:07:11.880 the key is like are you talking about for her? 0:07:12.000 --> 0:07:14.360 Because you're talking about like investing for wealth. Then you 0:07:14.440 --> 0:07:17.960 want to ask, so I will discustment advisor, yes. 0:07:17.840 --> 0:07:20.600 To help walk you through, like, hey, here are the 0:07:20.600 --> 0:07:23.840 places that I am and now I have some space 0:07:23.880 --> 0:07:26.880 and leeway and by the time I'm fifty, i'd like 0:07:26.920 --> 0:07:30.760 to be here. And so you want a certified financial 0:07:30.800 --> 0:07:33.960 planner that is the gold standard of financial advisors that 0:07:34.080 --> 0:07:37.000 you want them to reverse engineer. Here's what you have 0:07:37.080 --> 0:07:39.800 to do now consistently to get to where you want 0:07:39.840 --> 0:07:41.600 to be by forty five to fifty or whatever number 0:07:41.640 --> 0:07:43.720 that you kind of tell them. So that's the position 0:07:43.800 --> 0:07:45.760 that you are in now where it's like it seems 0:07:45.800 --> 0:07:48.720 like you have the foundational things down pat which is great. 0:07:48.960 --> 0:07:51.120 Now you get to kind of future plan and say 0:07:51.440 --> 0:07:53.840 by fifty, I don't want to work anymore. By fifty, 0:07:53.920 --> 0:07:56.960 I want to live in you know, BALI whatever that is. 0:07:57.400 --> 0:08:00.240 And a certified financial planner can help reverse engineer. But 0:08:00.320 --> 0:08:02.440 not only that, because that's only a small piece of 0:08:02.440 --> 0:08:04.680 what they do. I want because you are starting to 0:08:04.720 --> 0:08:07.360 grow well for yourself. A certified financial planner is going 0:08:07.440 --> 0:08:10.960 to help to holistically look at your life. They might say, 0:08:11.160 --> 0:08:15.080 are you fully insured for where you are now? You know, 0:08:15.160 --> 0:08:17.600 like do you have enough insurance? They're going to look 0:08:17.640 --> 0:08:20.560 at like, you know, depending on what other assets you have. 0:08:20.680 --> 0:08:22.880 Do you need do you have a will? I know? 0:08:23.240 --> 0:08:25.960 You know have children right now? You know, does it 0:08:26.000 --> 0:08:27.800 make sense for you to get a trust? It might 0:08:27.840 --> 0:08:29.680 not for where you are because you're still in your twenties. 0:08:29.720 --> 0:08:32.600 But a certified financial planner is going to look holistically 0:08:32.640 --> 0:08:35.120 at your life and find any holes and help you 0:08:35.160 --> 0:08:37.520 to plug them, and you can kind of it is 0:08:37.600 --> 0:08:39.319 possible literally to get to a point this is where 0:08:39.320 --> 0:08:41.760 I am in my financial journey where there's nothing quote 0:08:41.800 --> 0:08:44.080 unquote left to do other than to continue on the 0:08:44.080 --> 0:08:47.079 path that I'm on, because it's like nexting out on 0:08:47.160 --> 0:08:48.120 my retirement. 0:08:48.160 --> 0:08:49.400 Acount Angel mountaintop. 0:08:49.679 --> 0:08:51.680 Yes, it's just like now, I'm just like Angelie. My 0:08:51.720 --> 0:08:55.680 financial planner is just like, just continue. That's literally it like, 0:08:55.679 --> 0:08:57.120 if you continue like this, you're going to hit your 0:08:57.120 --> 0:08:59.440 goal by age fifty. Like you want to just continue. 0:08:59.480 --> 0:09:01.800 So that's what I would suggest for you those three things. 0:09:02.000 --> 0:09:05.319 Make sure you're retired, your emergency account is fully funded, 0:09:05.640 --> 0:09:07.840 make sure your retirement account is fully funded on both 0:09:07.840 --> 0:09:10.840 sides of the aisle, and sit with a certified financial 0:09:10.880 --> 0:09:13.600 planner to plug in any of the holes and continue 0:09:13.600 --> 0:09:16.040 to enjoy your amazing, fabulous life. 0:09:16.960 --> 0:09:22.439 Yeah, and honestly, the pressure that you're feeling, release a 0:09:22.480 --> 0:09:26.520 little bit of that, I would say, And I feel 0:09:26.520 --> 0:09:29.120 like you're so young. I mean, you say late twenties, 0:09:29.160 --> 0:09:31.920 but it's very young. Yes, And if I could give 0:09:31.920 --> 0:09:35.160 any advice to my late twenties self, I would say, 0:09:35.480 --> 0:09:37.000 you do not know if you're going to want to 0:09:37.080 --> 0:09:39.520 keep doing that thing in ten more years. Ten years 0:09:39.559 --> 0:09:41.840 is a long time. Thirty nine is very different than 0:09:41.840 --> 0:09:44.079 twenty nine. I'm not even there yet. Thirty six is 0:09:44.080 --> 0:09:47.000 different than twenty nine. And I mean the way I 0:09:47.120 --> 0:09:50.000 was at twenty nine versus now is just so fundamentally different. 0:09:50.679 --> 0:09:59.000 I would say save additionally on top of your emergency 0:09:59.040 --> 0:10:03.840 fund for like the what if I want to change 0:10:03.840 --> 0:10:06.079 my mind fund? Like can we just have a change 0:10:06.080 --> 0:10:09.760 my mind fund a pivot fund and what you don't 0:10:09.800 --> 0:10:11.000 have to have a name for it or have a 0:10:11.040 --> 0:10:13.600 plan for it. But I would be like, as you're 0:10:13.640 --> 0:10:17.080 continuing to invest in build wealth, that's true, But I 0:10:17.200 --> 0:10:23.560 just feel like the financial elasticity, the financial flexibility to 0:10:23.600 --> 0:10:25.760 grab some money that you just have and then just 0:10:25.840 --> 0:10:28.640 make something new, like do something new, whether it's starting 0:10:28.679 --> 0:10:31.960 a business, buying some property, whatever. Just having a little 0:10:31.960 --> 0:10:35.840 bit of that, not a little bit, but having some 0:10:35.920 --> 0:10:37.640 of that on the side or at least acknowledging that 0:10:37.679 --> 0:10:39.280 you may want to have it on the side, is 0:10:39.559 --> 0:10:42.719 just Yeah, it's a game changer, I think for your 0:10:42.760 --> 0:10:45.959 mentality and also like get you out of that that 0:10:46.040 --> 0:10:48.679 cycle of like, oh, this is my job period. I'm 0:10:48.720 --> 0:10:50.800 going to do this job and do this job and 0:10:50.840 --> 0:10:52.559 do this job and do this job forever and ever 0:10:52.640 --> 0:10:58.560 because it might just change down the line. And yeah, 0:10:58.720 --> 0:11:01.000 I think we all have that personal pressure we should 0:11:01.000 --> 0:11:04.800 always be doing more, always be doing more, Yeah, I 0:11:04.800 --> 0:11:07.760 would say, And I think Tiff and I we talked 0:11:07.760 --> 0:11:10.480 about all the time, like there's what people are doing, 0:11:10.520 --> 0:11:12.720 and there's sort of like what helps you sleep at night? Yes, 0:11:13.080 --> 0:11:15.560 so what other people are doing maybe not is not 0:11:15.720 --> 0:11:18.160 enough for you for your level of peace that you want. 0:11:18.720 --> 0:11:21.600 So learn all the things like you've been doing and 0:11:21.640 --> 0:11:24.920 then do it your own way, you know, do it whatever, 0:11:25.120 --> 0:11:28.280 do whatever you need to feel safe and secure. And 0:11:28.760 --> 0:11:29.960 I'm super proud of you. 0:11:30.040 --> 0:11:33.640 Yeah we are, yeah, law your bag so proud. 0:11:34.040 --> 0:11:36.040 All right, well let's take a quick little break break 0:11:36.040 --> 0:11:39.520 and we'll be back with another juicy money question right 0:11:39.559 --> 0:11:45.120 here on the baqa. 0:11:44.000 --> 0:11:48.080 And we are back. Okay, we have a question. I'm 0:11:48.080 --> 0:11:50.040 not sure you want to say. Well, I'm going to 0:11:50.120 --> 0:11:52.080 call you lady die because I'm not sure like how 0:11:52.160 --> 0:11:55.200 much of your name you want to see you? So, hey, ladies, 0:11:55.480 --> 0:11:58.960 I'm a new listener. Welcome girl. My therapist recommended your 0:11:59.000 --> 0:12:02.040 podcast to me after I express the stress I have 0:12:02.520 --> 0:12:05.600 been experiencing from financial instability. For first of all, shout 0:12:05.600 --> 0:12:09.920 out to your therapist, girl. Yes, before listening. 0:12:09.679 --> 0:12:12.520 You're great to be co signed by a therapist, you 0:12:12.520 --> 0:12:12.959 know what I mean. 0:12:13.480 --> 0:12:19.440 Yes, Okay, before listening, I had no savings. I finally 0:12:19.440 --> 0:12:21.680 opened a savings account and have saved one thousand dollars 0:12:21.720 --> 0:12:24.880 so far. Yes, lady Die, what type of advice would 0:12:24.880 --> 0:12:27.320 you recommend this twenty six year old? Oh, it's the 0:12:27.760 --> 0:12:30.959 it's the podcast of the twenties. What type of advice 0:12:31.000 --> 0:12:33.560 would you recommend this twenty six year old when it 0:12:33.600 --> 0:12:37.240 comes to fighting the urge to not touch those savings? Awesome? 0:12:37.840 --> 0:12:40.800 How would one go about finding a financial advisor? Any 0:12:41.080 --> 0:12:44.400 and all advice will be greatly appreciated. Oh maybe, what 0:12:44.400 --> 0:12:45.720 do you say for lady Die? 0:12:46.400 --> 0:12:48.760 Oh? Goodness, well I was you. I feel like at 0:12:48.800 --> 0:12:52.360 twenty six with you know, have finally doing the right 0:12:52.400 --> 0:12:54.280 thing and then you collect a nice thing click are 0:12:54.320 --> 0:12:56.960 those dollars in your account? And then things about making 0:12:57.040 --> 0:12:59.160 your twenty is it's like there's always going to be 0:12:59.240 --> 0:13:03.280 something that to gobble that money up. Something it's a wedding, 0:13:03.800 --> 0:13:07.200 it's a baby shower, it's I just got a promotion. 0:13:07.320 --> 0:13:09.520 Let's get the next biggest apartment with like a in 0:13:09.760 --> 0:13:13.720 unit washer dryer, Like why not, it's the brunches, et cetera. 0:13:13.880 --> 0:13:16.839 So for me, what was crucial in my twenties was 0:13:17.559 --> 0:13:21.000 creating a savings fund that was hard to get to. 0:13:21.400 --> 0:13:23.520 So I mean a separate like I literally had a 0:13:23.559 --> 0:13:26.680 separate bank account and I had my I had my 0:13:27.000 --> 0:13:29.280 primary bank, which was I don't know, I'm not gonna 0:13:29.320 --> 0:13:31.360 name names. It was blue. And then I had my 0:13:31.760 --> 0:13:34.880 this is my savings bank, which is purple. And I 0:13:35.120 --> 0:13:40.080 made sure that when I got paid everything was automatically 0:13:40.240 --> 0:13:42.760 like it would automatically go to my and my online 0:13:42.760 --> 0:13:45.520 savings was where I kept my emergency fund. You can 0:13:45.559 --> 0:13:47.880 get to it, but it's not as easy to get to. 0:13:49.040 --> 0:13:51.720 I didn't carry the debit card in my wallet, and 0:13:52.000 --> 0:13:53.960 you know, little things like that, so it wasn't really 0:13:53.960 --> 0:13:57.280 easy to get to. This was before you can just 0:13:57.320 --> 0:14:00.400 pay with your face and it's so freaking easy top money. 0:14:00.440 --> 0:14:03.280 Now there's nothing we can do. But yeah, keeping a 0:14:03.280 --> 0:14:06.280 little bit far away, at least mentally for me was great. 0:14:06.320 --> 0:14:09.360 So I logged into my primary bank account and I 0:14:09.360 --> 0:14:11.800 would know this is the money I can spend because 0:14:11.920 --> 0:14:15.840 all my other bills to myself have been paid. And 0:14:16.440 --> 0:14:19.760 giving a name, like, for example, at that online savings 0:14:20.200 --> 0:14:23.040 I created, you can create sub accounts of that main 0:14:23.120 --> 0:14:25.880 saving so you can have you know, a savings for 0:14:26.600 --> 0:14:29.440 my down payment, which I say, for a savings account 0:14:29.440 --> 0:14:34.200 for maybe holiday spending, student debt, payoff whatever it may be, 0:14:34.800 --> 0:14:36.920 and then having a name attached to it just reminds 0:14:36.960 --> 0:14:40.040 you of what you're saving for. That's the biggest thing. 0:14:40.280 --> 0:14:43.320 And you know, paying myself first, automating those savings and 0:14:43.440 --> 0:14:47.600 keeping it separate and apart from my main checking account 0:14:48.000 --> 0:14:51.280 was a huge reason that I was able to do 0:14:51.320 --> 0:14:54.160 things like pay for my wedding in cash and buy 0:14:54.160 --> 0:14:57.480 a home, you know, with a huge debt with a 0:14:57.560 --> 0:15:01.120 huge a twenty percent down payment too. You can pay 0:15:01.160 --> 0:15:03.920 for a car in cash, like these things that I 0:15:04.120 --> 0:15:07.360 think should be celebrated, right along with getting a big 0:15:07.480 --> 0:15:09.520 raise or getting a new job and things like that. 0:15:10.920 --> 0:15:14.760 I agree. I like to say that make your money inconvenient, 0:15:15.080 --> 0:15:18.200 because inconvenient money gets saved. So yeah, so same as 0:15:18.200 --> 0:15:21.960 Mandy having a separate online only bank, you know, just 0:15:22.000 --> 0:15:24.080 for savings. So like at your regular bank you have 0:15:24.120 --> 0:15:27.520 your checking there, and at this other bank that's online, 0:15:27.600 --> 0:15:30.320 you can't roll upon it in person. And the reason 0:15:30.320 --> 0:15:33.040 why that's so critical is that if you're going to 0:15:33.120 --> 0:15:36.480 transfer savings from this savings account at this online only 0:15:36.560 --> 0:15:39.360 bank to this checking account at this regular bank, you're 0:15:39.400 --> 0:15:43.200 looking at minimum twenty four hours, maximum seventy two hours. 0:15:43.200 --> 0:15:45.440 Depending when you do it, you're transferred, so like if 0:15:45.480 --> 0:15:48.280 it's a holiday or whatever. So that means if you 0:15:48.560 --> 0:15:50.640 are at Target, like me, oh, I just love me 0:15:50.680 --> 0:15:52.200 some Target. It was just thinking about what I want 0:15:52.200 --> 0:15:55.720 to go back. If you're at Target, Oh, it's cute. 0:15:56.120 --> 0:15:58.520 And so if you are at Target like me and 0:15:58.600 --> 0:16:01.720 Nady's baby police and your checking account says gird now 0:16:01.760 --> 0:16:04.880 you know, daggone, Well, ain't no money in here like that. Normally, 0:16:05.000 --> 0:16:07.040 if your savings was at the same bank, you would 0:16:07.040 --> 0:16:10.160 just make a quick transfer within seconds, your savings money 0:16:10.160 --> 0:16:12.200 will go to your checking account and you could swipe. 0:16:12.720 --> 0:16:15.480 But if your savings is at a separate bank, unless 0:16:15.520 --> 0:16:18.520 you're rolling out like a sleeping bag, you know, because 0:16:18.560 --> 0:16:20.920 it's gonna take twenty four hours minimum to go from 0:16:20.960 --> 0:16:24.120 your savings to your checking account at a different bank, 0:16:24.360 --> 0:16:26.360 and it's going to force you to say, isn't even 0:16:26.360 --> 0:16:29.800 that serious? Girl? Likely it isn't. So that's one that like, 0:16:29.840 --> 0:16:32.360 I agree. So and then what I will say is, 0:16:32.400 --> 0:16:39.280 oftentimes people dip into savings because they are not honest 0:16:39.360 --> 0:16:42.200 with the way they're wanting to spend. So if you 0:16:42.360 --> 0:16:46.560 set aside some spend money for yourself, it will reduce 0:16:46.640 --> 0:16:48.640 your desire to dip into savings, meaning like I give 0:16:48.680 --> 0:16:51.880 myself an allowance, you know, because if not, I used 0:16:51.880 --> 0:16:55.360 to put almost everything into saving, being super ambitious, right 0:16:55.400 --> 0:16:57.800 like you get paid and it's like I have bills 0:16:57.800 --> 0:17:01.960 in savings. That's it. Like bo wait, I want to pizzas. 0:17:02.040 --> 0:17:05.720 Kept going on a restrictive diet girl like Keto, you know, 0:17:06.320 --> 0:17:09.879 I always you get all bread. And then you were 0:17:09.920 --> 0:17:11.320 looking in for a cute little minute. 0:17:11.480 --> 0:17:14.399 I was. And then what happened was and vegan to me, 0:17:14.640 --> 0:17:16.840 I mean, no, shady all vegans. It was too restrictive 0:17:16.880 --> 0:17:18.840 for me. I had one little piece of chicken. I 0:17:18.840 --> 0:17:21.280 remember Tracy made wing flings and she said, can you 0:17:21.280 --> 0:17:23.719 taste it? See's too spicy or something she said, and 0:17:23.760 --> 0:17:25.680 I was like, no, I'm vegan. She's like girl, oh bye, 0:17:26.000 --> 0:17:28.320 just taste it. Girl. I had that piece of chicken 0:17:28.640 --> 0:17:30.200 and never went back that. 0:17:31.480 --> 0:17:34.200 She like there was a werewolf transformation and he turned 0:17:34.200 --> 0:17:35.160 back into a carnival. 0:17:35.920 --> 0:17:39.000 I was. I heard before I said I can't go 0:17:39.080 --> 0:17:41.560 back to that, even meat, and so now it was 0:17:42.119 --> 0:17:45.240 it was and so I will say, so something that's 0:17:45.280 --> 0:17:48.840 so restrictive makes it really hard to maintain and so 0:17:48.880 --> 0:17:50.720 I don't believe and manny and I don't believe in 0:17:50.760 --> 0:17:53.600 hyper restriction. So like, so let's just say, if you 0:17:53.680 --> 0:17:55.320 were normally gonna save, I don't know. I'm making up 0:17:55.320 --> 0:17:58.080 a number one hundred dollars a month, right, and that's 0:17:58.119 --> 0:18:00.360 all the money left over after bills. You might want 0:18:00.359 --> 0:18:03.240 to allocate twenty five of those dollars for yourself or 0:18:03.280 --> 0:18:04.840 thirty of those dollars, you know, so that way, when 0:18:04.880 --> 0:18:07.080 things come up, you feel good about being able to 0:18:07.160 --> 0:18:10.080 enjoy life now while also setting aside for savings. So 0:18:10.119 --> 0:18:11.800 that would just be my second piece of advice, which 0:18:11.840 --> 0:18:14.680 is set aside some spending money for yourself so you're 0:18:14.720 --> 0:18:16.600 not going to be dipping and then feeling bad every 0:18:16.640 --> 0:18:18.040 time you dip. It's like, well, I don't have to. 0:18:18.320 --> 0:18:20.480 You know when I did, we did. We did, lift 0:18:20.560 --> 0:18:23.040 your hands upon my hips when I did, we did, 0:18:23.080 --> 0:18:26.119 we did. So one said I love how your manage 0:18:26.119 --> 0:18:28.200 if you break it out into song, I'm like, yeah. 0:18:28.040 --> 0:18:32.880 It's tala, she loved it. So I will just say 0:18:32.920 --> 0:18:35.680 that specifically. This is what I was like, don't forget 0:18:35.680 --> 0:18:38.760 to say this. Your brain forgets things. Know your values, 0:18:38.840 --> 0:18:41.400 so when you spend that twenty five dollars, you're spending 0:18:41.400 --> 0:18:45.159 it on something that you like. Get clear on what 0:18:45.240 --> 0:18:48.919 brings you joy, what puts what fills your cup, you know, 0:18:49.080 --> 0:18:51.520 so that when you spend that twenty five dollars, it's 0:18:51.560 --> 0:18:55.000 on something that you can really feel good about, because 0:18:55.119 --> 0:18:56.800 you don't you're not going to have you're in your 0:18:56.800 --> 0:18:58.159 mid twenties, you may not have a lot of that 0:18:58.200 --> 0:18:59.960 spending money. So if it is just twenty five bucks, 0:19:00.680 --> 0:19:03.520 you know, let it be a delicious meal that you 0:19:03.560 --> 0:19:06.520 share with friends. Let it not be you know, a 0:19:06.600 --> 0:19:08.679 shake che shit. What can twenty five dollars by these 0:19:08.760 --> 0:19:11.240 days like half a shake shack Burger and like a 0:19:11.280 --> 0:19:12.840 couple frieses. 0:19:13.040 --> 0:19:14.720 In your hand, not even in the in the cup, 0:19:14.880 --> 0:19:16.640 Like yeah, that's if you pick it up. 0:19:17.119 --> 0:19:19.400 That's not with the tax tip and the travel feet 0:19:19.400 --> 0:19:22.040 and all that kind of stuff. So, yeah, just get 0:19:22.080 --> 0:19:24.600 clear on your values. And that's something that I did 0:19:24.640 --> 0:19:27.640 early in my twenties, was like I really enjoy Broadway 0:19:27.680 --> 0:19:30.560 theater and I enjoyed travel, and I can do without 0:19:30.760 --> 0:19:33.960 you know the other stuff, the h and M wandering 0:19:34.000 --> 0:19:36.560 on your lunch break and the you know, the other 0:19:36.600 --> 0:19:39.239 ways that money disappears, so I would just add that 0:19:39.280 --> 0:19:42.760 to you. But thank you twenty some things for sending 0:19:42.760 --> 0:19:48.399 in questions. Yeah yeah, I was just saying that. But 0:19:48.480 --> 0:19:50.000 when you are like your big sisters, you know what 0:19:50.080 --> 0:19:51.400 I mean, like more. 0:19:51.320 --> 0:19:53.040 Like Auntie, I'll give you big sister, but I don't 0:19:53.040 --> 0:19:54.919 mind here if a twenty year old says, hey, Auntie, 0:19:54.960 --> 0:19:57.560