1 00:00:06,080 --> 00:00:09,360 Speaker 1: It's time for the b a q a A, the 2 00:00:09,440 --> 00:00:11,800 Speaker 1: b a q A What to say, the b a 3 00:00:12,080 --> 00:00:14,560 Speaker 1: q A with Manda, the b a q eight with 4 00:00:14,600 --> 00:00:20,800 Speaker 1: Tipp and a the b a q A today. Yes, 5 00:00:21,440 --> 00:00:24,320 Speaker 1: it is Brown and busion. Question and answers. You have questions, 6 00:00:24,600 --> 00:00:26,799 Speaker 1: We have some answers. Although we're not your attorney, your 7 00:00:26,840 --> 00:00:30,200 Speaker 1: financial advisor, so go see your grandma, not us. But 8 00:00:30,280 --> 00:00:32,800 Speaker 1: we are two smart brown girls who know a thing 9 00:00:32,880 --> 00:00:36,960 Speaker 1: or two or three about personal finance, about entrepreneurship, and 10 00:00:37,040 --> 00:00:41,920 Speaker 1: about business. And today we welcome Gabrielle Read into the 11 00:00:42,040 --> 00:00:43,320 Speaker 1: bound of Bison Studio. 12 00:00:45,000 --> 00:00:49,760 Speaker 2: Hi girls, Oh my god, I just adore what you 13 00:00:49,760 --> 00:00:52,840 Speaker 2: guys do and how you do it is the thing 14 00:00:53,000 --> 00:00:55,200 Speaker 2: and that that's what I think, what really catches all 15 00:00:55,240 --> 00:00:57,880 Speaker 2: of us. And you're just so perfect and I'm just 16 00:00:57,920 --> 00:01:00,000 Speaker 2: I'm so glad to be a part of this right now. 17 00:01:00,600 --> 00:01:01,320 Speaker 3: I agree. 18 00:01:01,440 --> 00:01:01,880 Speaker 4: We are. 19 00:01:03,960 --> 00:01:08,160 Speaker 3: Well welcome. You are calling in, you are in, You're 20 00:01:08,200 --> 00:01:10,280 Speaker 3: in the heights. You're so New York City local. 21 00:01:10,040 --> 00:01:11,160 Speaker 2: Girl, Washington Nights. 22 00:01:11,240 --> 00:01:14,360 Speaker 3: Yeah, love that I lived there for you know, long 23 00:01:14,480 --> 00:01:17,360 Speaker 3: enough with my in laws. Loved enough, That's what I'll say. 24 00:01:18,000 --> 00:01:22,160 Speaker 3: But I do love the heights, all right, Gabrielle. So 25 00:01:22,280 --> 00:01:24,160 Speaker 3: you know that Dreel. We'd love to hear your question. 26 00:01:24,319 --> 00:01:26,280 Speaker 3: Let us know what's going on and how we can 27 00:01:26,319 --> 00:01:26,680 Speaker 3: help you. 28 00:01:26,880 --> 00:01:27,920 Speaker 4: Okay, so you have. 29 00:01:27,920 --> 00:01:28,800 Speaker 3: Yourself shake her out. 30 00:01:29,120 --> 00:01:31,560 Speaker 2: I literally took notes about myself so I can leave 31 00:01:31,600 --> 00:01:35,720 Speaker 2: anything out. So I am soon to be forty three, 32 00:01:36,000 --> 00:01:38,320 Speaker 2: and I'm a mom and a wife of a three 33 00:01:38,360 --> 00:01:40,880 Speaker 2: year old son. And my husband and I are both 34 00:01:40,920 --> 00:01:46,200 Speaker 2: actor performers, and I would categorize us as middle class actors. 35 00:01:46,520 --> 00:01:49,000 Speaker 2: We're not household names and you wouldn't see us some 36 00:01:49,000 --> 00:01:50,480 Speaker 2: Starbucks and be like, oh my god, is that that 37 00:01:50,520 --> 00:01:53,720 Speaker 2: girl and that thing. But we've had some amazing wins. 38 00:01:54,040 --> 00:01:56,800 Speaker 2: I was in the original cast of Beautiful on Broadway, 39 00:01:56,840 --> 00:01:59,320 Speaker 2: and I've had over ten national commercials, and I had 40 00:01:59,320 --> 00:02:02,040 Speaker 2: a guest are on Blue Blood. So yeah, I've had 41 00:02:02,040 --> 00:02:06,400 Speaker 2: some good times, but there's some in between times where 42 00:02:06,520 --> 00:02:08,200 Speaker 2: maybe the phone isn't ringing quite as much as I 43 00:02:08,200 --> 00:02:10,959 Speaker 2: wanted to in X y Z. So we've been definitely 44 00:02:11,000 --> 00:02:13,200 Speaker 2: doing some things to like, you know, set up our 45 00:02:13,320 --> 00:02:17,360 Speaker 2: future my Wanda, my future Wanda, and you know, we 46 00:02:17,480 --> 00:02:21,400 Speaker 2: both opened roth Iras. We did some investments in stocks, 47 00:02:21,440 --> 00:02:25,080 Speaker 2: which obviously right now, but that was long game. And 48 00:02:25,160 --> 00:02:29,280 Speaker 2: we also opened an online uh college in business to 49 00:02:29,280 --> 00:02:31,519 Speaker 2: start bringing in some more money, which is great. That's 50 00:02:31,560 --> 00:02:33,840 Speaker 2: actually covering like our bases right now and we're always 51 00:02:33,840 --> 00:02:35,919 Speaker 2: working to get that more. So, like I said, I 52 00:02:36,000 --> 00:02:38,560 Speaker 2: have some thoughts for you about your your your Pyramids 53 00:02:38,560 --> 00:02:40,919 Speaker 2: game episode. Anyway, we'll come come back to that list. 54 00:02:41,200 --> 00:02:44,480 Speaker 2: So coming back to the act, this is leading into 55 00:02:44,520 --> 00:02:47,160 Speaker 2: my question. As an actor, you will book a job, 56 00:02:47,560 --> 00:02:50,040 Speaker 2: you'll get that first session fee, which is great, you know, 57 00:02:50,080 --> 00:02:53,880 Speaker 2: however much you negotiated and that's usually taxed normally, and 58 00:02:54,000 --> 00:02:58,160 Speaker 2: residuals are typically built into the contract depending on what 59 00:02:58,360 --> 00:03:01,280 Speaker 2: level of contract you're doing, so say for instance, with 60 00:03:01,280 --> 00:03:03,799 Speaker 2: a national commercial. And also you have no idea when 61 00:03:03,840 --> 00:03:05,760 Speaker 2: these residuals are coming all of a sudden. You might 62 00:03:05,800 --> 00:03:08,600 Speaker 2: just get a direct deposit of like some money. So 63 00:03:08,840 --> 00:03:11,959 Speaker 2: recently I got a residual that was about forty five 64 00:03:12,040 --> 00:03:17,080 Speaker 2: hundred dollars. Yay, what a director, Because it was like 65 00:03:17,440 --> 00:03:21,840 Speaker 2: twenty three hundred dollars. It was taxed at forty five percent. 66 00:03:22,440 --> 00:03:25,440 Speaker 2: Then I still have to pay my agents on top 67 00:03:25,520 --> 00:03:28,920 Speaker 2: of that, and that's ten percent of the gross amount. 68 00:03:29,600 --> 00:03:32,440 Speaker 2: So in the end of a forty five hundred dollars 69 00:03:32,480 --> 00:03:34,800 Speaker 2: check I kept eighteen hundred. 70 00:03:34,920 --> 00:03:37,960 Speaker 4: So it's closed into my question, what. 71 00:03:38,200 --> 00:03:43,880 Speaker 2: Are the advantages and disadvantages of incorporating a person as 72 00:03:43,920 --> 00:03:46,280 Speaker 2: the business. I have a lot of actor friends who 73 00:03:46,320 --> 00:03:51,000 Speaker 2: are you know, John Smith Incorporated. They are now their 74 00:03:51,120 --> 00:03:53,160 Speaker 2: target and they and I know they have to pay 75 00:03:53,520 --> 00:03:55,880 Speaker 2: taxes and they have to pay into unemployment and all 76 00:03:55,880 --> 00:03:58,000 Speaker 2: that kind of stuff. And I've also heard that you 77 00:03:58,040 --> 00:04:01,840 Speaker 2: can sometimes keep more of your money doing that. But 78 00:04:02,200 --> 00:04:03,880 Speaker 2: other than that, I literally know. 79 00:04:04,040 --> 00:04:05,040 Speaker 4: Nothing about it. 80 00:04:05,560 --> 00:04:10,720 Speaker 2: So to incorporate or not to incorporate, disadvantage and advantages 81 00:04:10,760 --> 00:04:14,480 Speaker 2: of it? And when would you kind of advise a 82 00:04:14,520 --> 00:04:17,880 Speaker 2: middle class actor to do so? 83 00:04:19,480 --> 00:04:20,279 Speaker 4: Oh god, I. 84 00:04:20,440 --> 00:04:23,239 Speaker 3: Love this question. I'm fascinated by how you get paid, 85 00:04:23,800 --> 00:04:27,080 Speaker 3: and I have so many followups, but to you're also I. 86 00:04:27,600 --> 00:04:30,000 Speaker 1: Think a little digging just to get like a Basically, 87 00:04:30,040 --> 00:04:32,240 Speaker 1: I have a lot of like active friends, so out 88 00:04:32,279 --> 00:04:36,560 Speaker 1: to you evon Org She's my favorite, and so so 89 00:04:36,720 --> 00:04:41,320 Speaker 1: typically you want to once you get to the about 90 00:04:41,520 --> 00:04:44,960 Speaker 1: seventy five to one hundred thousand dollars mark, that's that's 91 00:04:45,000 --> 00:04:48,680 Speaker 1: when the it will make sense to consider. So seventy 92 00:04:48,680 --> 00:04:51,200 Speaker 1: five at the lowest, that's like that's just been the 93 00:04:51,760 --> 00:04:53,360 Speaker 1: like I started like doing a little bit of digging. 94 00:04:53,480 --> 00:04:55,240 Speaker 1: That's what it seems like that that magic number is. 95 00:04:55,279 --> 00:04:58,120 Speaker 1: It's like, am I annually taking in seventy five thousand 96 00:04:58,160 --> 00:05:00,360 Speaker 1: dollars a year? Then I just start to get consider 97 00:05:00,520 --> 00:05:02,520 Speaker 1: anything above six figures. This is just even in business 98 00:05:02,560 --> 00:05:04,440 Speaker 1: as well. This is what my accountant has told me. 99 00:05:04,560 --> 00:05:06,240 Speaker 1: Once I got the six figures, gurr your bug, and 100 00:05:06,279 --> 00:05:08,240 Speaker 1: you had better have a business, you know, like you 101 00:05:08,320 --> 00:05:10,760 Speaker 1: better incorporate your business. You know that this is more 102 00:05:10,760 --> 00:05:13,680 Speaker 1: than a hobby. Money is coming in, Questions will be asked, 103 00:05:14,560 --> 00:05:18,520 Speaker 1: and so that's one so too some of the I mean, 104 00:05:18,520 --> 00:05:21,720 Speaker 1: there's some obvious benefits and that there are some tax 105 00:05:21,720 --> 00:05:24,440 Speaker 1: write offs you can take. Right, So let's just say, 106 00:05:25,080 --> 00:05:28,000 Speaker 1: like as an actor, you're showing up because these are 107 00:05:28,000 --> 00:05:30,240 Speaker 1: some tax riders I take when I do things when 108 00:05:30,279 --> 00:05:31,839 Speaker 1: I'm going to be on a camera, I get my 109 00:05:31,920 --> 00:05:35,360 Speaker 1: makeup done, and you know that's you know, that's a 110 00:05:35,400 --> 00:05:37,080 Speaker 1: write off certain clothes. 111 00:05:37,880 --> 00:05:38,080 Speaker 4: Right. 112 00:05:38,600 --> 00:05:41,640 Speaker 1: One thing my accountant did tell me that that it's 113 00:05:41,720 --> 00:05:43,880 Speaker 1: easier to write off not so much the clothes you 114 00:05:43,920 --> 00:05:46,440 Speaker 1: went to buy a marshals because there's a little thin line. 115 00:05:46,520 --> 00:05:48,880 Speaker 1: He said, but I so what I got instaid was 116 00:05:48,880 --> 00:05:51,960 Speaker 1: a rent the runway specifically for budget needs to close. 117 00:05:52,080 --> 00:05:54,560 Speaker 1: He said, now that because then you can prove I'm 118 00:05:54,560 --> 00:05:55,359 Speaker 1: not keeping those clothes. 119 00:05:55,360 --> 00:05:56,120 Speaker 4: It's not fortivity. 120 00:05:56,640 --> 00:05:58,599 Speaker 1: I just ordered them temporarily and said, and so my 121 00:05:58,640 --> 00:06:00,960 Speaker 1: rent the runway is written off, you know. 122 00:06:01,400 --> 00:06:02,640 Speaker 4: So it will allow you. 123 00:06:03,720 --> 00:06:07,480 Speaker 1: Typically businesses will allow you to keep more of the 124 00:06:07,480 --> 00:06:10,560 Speaker 1: money or to use more of the money for yourself. 125 00:06:11,360 --> 00:06:13,799 Speaker 1: So that's some of the benefits of having a business 126 00:06:13,839 --> 00:06:15,200 Speaker 1: because at the end of the day, you get to 127 00:06:15,200 --> 00:06:18,120 Speaker 1: tell the government where your taxes are versus them telling you. 128 00:06:18,400 --> 00:06:20,359 Speaker 1: So if I'm a preschool teacher and my tax my 129 00:06:20,480 --> 00:06:23,360 Speaker 1: tax rate is say twenty one percent or whatever, thirty percent, 130 00:06:23,720 --> 00:06:25,919 Speaker 1: you know, then it's like, you make one hundred thousand 131 00:06:25,920 --> 00:06:28,240 Speaker 1: dollars a year, You're right. As a preschool teacher, I'm 132 00:06:28,279 --> 00:06:30,919 Speaker 1: just doing simple math. They keep thirty percent of it. 133 00:06:30,920 --> 00:06:32,640 Speaker 1: It's thirty thousand dollars there keeping You're not going to 134 00:06:32,720 --> 00:06:34,800 Speaker 1: you know, so I'm only going to take home seventy thousand. 135 00:06:34,880 --> 00:06:38,520 Speaker 1: But as a business owner, I get to say, hey, 136 00:06:38,560 --> 00:06:40,440 Speaker 1: I made one hundred thousand, and they're like, oh, your 137 00:06:40,839 --> 00:06:43,719 Speaker 1: your tax rate is thirty percent. I'm like, I spent 138 00:06:43,880 --> 00:06:47,279 Speaker 1: ten thousand on Uber rides to my auditions. Oh, you 139 00:06:47,320 --> 00:06:51,279 Speaker 1: made ninety thousand, so your tax rate is thirty percent 140 00:06:51,279 --> 00:06:53,960 Speaker 1: of ninety Wait. Wait, I also bought a laptop so 141 00:06:54,040 --> 00:06:57,280 Speaker 1: I could do zoom because because of COVID and whatever. 142 00:06:57,560 --> 00:06:59,960 Speaker 1: And then I also got my hair done and before 143 00:06:59,960 --> 00:07:01,880 Speaker 1: you know that, one hundred percent is I made ten 144 00:07:01,880 --> 00:07:05,320 Speaker 1: thousand dollars. So now you're paying taxes on the ten thousand, 145 00:07:05,760 --> 00:07:09,000 Speaker 1: not the hundred thousand. And so but it's not like 146 00:07:09,080 --> 00:07:10,760 Speaker 1: money in the bank, shorty, what you think, because that 147 00:07:10,760 --> 00:07:13,080 Speaker 1: money doesn't have to be spent, you know what I mean. 148 00:07:13,080 --> 00:07:16,200 Speaker 1: So it's not like oh woo, So it's like but 149 00:07:16,680 --> 00:07:19,160 Speaker 1: still this is money that you normally would would have 150 00:07:19,200 --> 00:07:20,800 Speaker 1: to pay taxes on it. You would be spending that 151 00:07:20,840 --> 00:07:24,120 Speaker 1: money anyway, you know. And so that's so that's a benefit. 152 00:07:24,320 --> 00:07:26,520 Speaker 1: And I would say, I don't know some disadvantages. This 153 00:07:26,560 --> 00:07:27,960 Speaker 1: is why you want to wait until you're making a 154 00:07:28,000 --> 00:07:32,200 Speaker 1: decent enough money, because there are costs associated with having 155 00:07:32,240 --> 00:07:33,920 Speaker 1: to do taxes, you know. 156 00:07:34,040 --> 00:07:37,080 Speaker 3: And la so like God, yes, the band labor, yeah 157 00:07:37,160 --> 00:07:41,800 Speaker 3: it is sent and your bookkeeper and they down their jobs. 158 00:07:41,640 --> 00:07:43,480 Speaker 4: Yes it is. It's a riggable. 159 00:07:44,160 --> 00:07:47,200 Speaker 1: So that's why that so, so it's not just like ooh, 160 00:07:47,240 --> 00:07:49,520 Speaker 1: set it and forget it. Because typically too, when you 161 00:07:49,560 --> 00:07:53,800 Speaker 1: get to like a six figures and gross, you're looking 162 00:07:53,840 --> 00:07:56,240 Speaker 1: at you're wanting to pay quarterly, so you have to 163 00:07:56,320 --> 00:07:56,680 Speaker 1: keep up. 164 00:07:56,720 --> 00:07:59,000 Speaker 4: Like I just paid my quarterly taxes and I was like, 165 00:07:59,040 --> 00:08:01,280 Speaker 4: I was late. I'm just late. 166 00:08:03,160 --> 00:08:05,320 Speaker 1: But you know, but then late means now probably owe 167 00:08:05,320 --> 00:08:07,720 Speaker 1: a backfeet and I'm not gonna lie. There's always some 168 00:08:07,800 --> 00:08:10,520 Speaker 1: letter in the mail from the IRS saying, hey, you know, 169 00:08:10,600 --> 00:08:11,040 Speaker 1: did you do this? 170 00:08:11,160 --> 00:08:11,360 Speaker 4: Did you do? 171 00:08:11,640 --> 00:08:15,120 Speaker 1: So there are there are there's paperwork, there are fees, 172 00:08:15,520 --> 00:08:18,520 Speaker 1: and there's complicated things and like you knowlved and then 173 00:08:18,520 --> 00:08:21,120 Speaker 1: there's also hiring someone. So that's why it won't make 174 00:08:21,120 --> 00:08:24,040 Speaker 1: sense if you're making say ten thousand dollars annually, because 175 00:08:24,040 --> 00:08:26,840 Speaker 1: maybe your accountants charging you four thousand, you know what 176 00:08:26,880 --> 00:08:28,520 Speaker 1: I mean. So it's just like, so that's why that's 177 00:08:28,520 --> 00:08:31,640 Speaker 1: seventy five to one hundred thousand dollars to just seventy 178 00:08:31,680 --> 00:08:33,600 Speaker 1: five to consider. Once you get to a hundred, it's 179 00:08:33,760 --> 00:08:36,040 Speaker 1: it's probably a decent idea. So those are just some 180 00:08:36,080 --> 00:08:39,320 Speaker 1: things to keep in mind, you know, when you're making 181 00:08:39,320 --> 00:08:39,920 Speaker 1: that decision. 182 00:08:40,960 --> 00:08:43,800 Speaker 3: Can't you add to that you mentioned Wanda, which is 183 00:08:43,840 --> 00:08:46,640 Speaker 3: you know, Tiffany's future self. What's what's your Wanda's name? 184 00:08:46,679 --> 00:08:48,880 Speaker 3: You gotta have your own name, you know. 185 00:08:48,920 --> 00:08:49,760 Speaker 2: I've never named her. 186 00:08:49,960 --> 00:08:52,920 Speaker 4: I've never named her. Let's call it Priscilla Good. 187 00:08:53,280 --> 00:08:57,920 Speaker 5: I like that, Priscilla, Priscilla. I like that too, Gabrielle Priscilla. 188 00:08:58,080 --> 00:09:00,920 Speaker 5: I feel like they set you up for drama. So 189 00:09:01,000 --> 00:09:03,760 Speaker 5: for me, what I love is that you have you 190 00:09:03,760 --> 00:09:06,480 Speaker 5: can still invest for yourself for retirement. And I feel 191 00:09:06,520 --> 00:09:09,319 Speaker 5: like since you're a you're a you're self employed. You know, 192 00:09:09,320 --> 00:09:11,280 Speaker 5: you're getting your own gigs. You mentioned that your husband 193 00:09:11,280 --> 00:09:14,960 Speaker 5: had you had opened up roth iris. If you incorporate, 194 00:09:15,000 --> 00:09:17,680 Speaker 5: you become an LLC, then you have the option of 195 00:09:17,720 --> 00:09:19,880 Speaker 5: like opening up a solo for a one K. So 196 00:09:20,000 --> 00:09:22,520 Speaker 5: for my business, for example, I just did this last year. 197 00:09:22,559 --> 00:09:27,240 Speaker 5: I opened up a self employed IRA. And I'm not 198 00:09:27,320 --> 00:09:29,080 Speaker 5: an expert in that. But the reason I did it 199 00:09:29,120 --> 00:09:31,720 Speaker 5: is because I was too late i opened up the STEP. 200 00:09:31,800 --> 00:09:33,960 Speaker 5: I was starting to do it too late in the year. 201 00:09:34,120 --> 00:09:36,880 Speaker 5: So my advisor was like, just open up a step IRA, 202 00:09:37,559 --> 00:09:39,680 Speaker 5: and they it was some kind of percentage of my 203 00:09:39,760 --> 00:09:42,400 Speaker 5: earnings and I put like ten k you know, for 204 00:09:42,480 --> 00:09:45,200 Speaker 5: the year into that, which helped reduce like Tiffany was saying, 205 00:09:45,320 --> 00:09:47,079 Speaker 5: how much I owed to Texas. So the same way 206 00:09:47,120 --> 00:09:49,400 Speaker 5: you can like deduct some of your expenses, you can 207 00:09:49,440 --> 00:09:54,600 Speaker 5: also deduct your retirement contributions or some of them from 208 00:09:54,640 --> 00:09:57,200 Speaker 5: your like total earnings. And so for this year, I 209 00:09:57,200 --> 00:09:59,199 Speaker 5: opened a solo for one k, and I can actually 210 00:09:59,200 --> 00:10:01,160 Speaker 5: contribute the same mount that like someone working in a 211 00:10:01,240 --> 00:10:03,080 Speaker 5: nine to five could contribute. I think for this year 212 00:10:03,120 --> 00:10:06,920 Speaker 5: it's like twenty thousand, five hundred. Now it's not so 213 00:10:07,120 --> 00:10:09,000 Speaker 5: fun because like it's not money in my account. I 214 00:10:09,040 --> 00:10:11,600 Speaker 5: got to sink it into the stock market. But it's 215 00:10:11,640 --> 00:10:14,520 Speaker 5: an option that's available to me. And you know the 216 00:10:14,559 --> 00:10:16,160 Speaker 5: downside is that I had to figure out how to 217 00:10:16,240 --> 00:10:18,400 Speaker 5: do it myself and go to Vanguard and fill out 218 00:10:18,400 --> 00:10:20,679 Speaker 5: the form and choose my funds. I don't have a 219 00:10:20,760 --> 00:10:22,840 Speaker 5: nice cute company neither do you. Right, you don't have 220 00:10:22,880 --> 00:10:26,959 Speaker 5: like a cute company employee benefits package as a successful 221 00:10:27,000 --> 00:10:29,920 Speaker 5: middle middle class actor, which I love because you're proving 222 00:10:29,960 --> 00:10:31,840 Speaker 5: you could do it as a life, like as a 223 00:10:31,840 --> 00:10:34,520 Speaker 5: as a source of income. Shout out to actors and artists. 224 00:10:34,600 --> 00:10:37,360 Speaker 3: We deserve a little breaky break, all right, let's take 225 00:10:37,400 --> 00:10:43,000 Speaker 3: a break. I'm curious, so, do you have access to 226 00:10:43,080 --> 00:10:46,000 Speaker 3: like I always hear about the union, you know and actors' unions. 227 00:10:46,000 --> 00:10:48,520 Speaker 3: Do they give you any sort of benefits like that 228 00:10:48,559 --> 00:10:51,760 Speaker 3: where you can invest or you have even like accounting 229 00:10:51,760 --> 00:10:53,559 Speaker 3: support or something like that through those unions. 230 00:10:53,640 --> 00:10:56,600 Speaker 2: Yes, they do have things like where they will have 231 00:10:56,679 --> 00:11:00,600 Speaker 2: people that will do your taxes for free during season. 232 00:11:01,160 --> 00:11:03,480 Speaker 2: I have never looked into whether or not they actually 233 00:11:03,480 --> 00:11:05,720 Speaker 2: do investment things like that because we even just started 234 00:11:05,720 --> 00:11:08,760 Speaker 2: investing ourselves over the last maybe year and a half, 235 00:11:09,200 --> 00:11:11,520 Speaker 2: So I can't exactly answer that one for you. But 236 00:11:11,880 --> 00:11:14,400 Speaker 2: outside of that, like as far as even as far 237 00:11:14,440 --> 00:11:18,000 Speaker 2: as you know, getting a job, that's definitely not the 238 00:11:18,000 --> 00:11:21,559 Speaker 2: way our unions work. Our unions more work for contract 239 00:11:21,600 --> 00:11:24,760 Speaker 2: negotiation for the job that we're going in for. That's 240 00:11:24,800 --> 00:11:27,680 Speaker 2: what the agents are for, an agent or managers for 241 00:11:28,320 --> 00:11:31,000 Speaker 2: committing you for the job. And then hopefully you get 242 00:11:31,000 --> 00:11:33,480 Speaker 2: the audition, hopefully you get a call back, hopefully you 243 00:11:33,520 --> 00:11:37,120 Speaker 2: book the job, and hopefully the job even happens. Because 244 00:11:37,120 --> 00:11:38,760 Speaker 2: I've had multiple times where you book a job and 245 00:11:38,800 --> 00:11:41,440 Speaker 2: it doesn't even happen, or you shoot the job and 246 00:11:41,520 --> 00:11:42,760 Speaker 2: you end up on the cutting room floor. 247 00:11:43,120 --> 00:11:44,280 Speaker 4: Yes, that has happened to me. 248 00:11:44,480 --> 00:11:45,800 Speaker 3: Still that happens. 249 00:11:46,080 --> 00:11:47,760 Speaker 2: We do get paid the question fee, which you don't 250 00:11:47,800 --> 00:11:49,640 Speaker 2: get paid the residuals if you get cut. 251 00:11:49,800 --> 00:11:52,240 Speaker 3: What I also like is I follow this. I consider 252 00:11:52,360 --> 00:11:54,360 Speaker 3: us friends, but you would just follow each other on TikTok. 253 00:11:54,400 --> 00:11:57,800 Speaker 3: There's this Broadway actor called Kaysha and she I follow 254 00:11:57,840 --> 00:11:59,480 Speaker 3: her on TikTok and she opens up. She has a 255 00:11:59,520 --> 00:12:01,679 Speaker 3: nine to five job and she is a she's a 256 00:12:01,679 --> 00:12:04,640 Speaker 3: performer and an artist on the side, and she's trying 257 00:12:04,640 --> 00:12:06,240 Speaker 3: to be full time, trying to make it in Broadway. 258 00:12:06,400 --> 00:12:08,280 Speaker 3: And she opened up about she opens up, but her 259 00:12:08,320 --> 00:12:11,560 Speaker 3: finances too. But she also opened me up to this 260 00:12:11,679 --> 00:12:15,360 Speaker 3: idea that oh fudge, I'm losing my train of thought. 261 00:12:15,559 --> 00:12:16,640 Speaker 4: Call it my brain. 262 00:12:17,600 --> 00:12:18,640 Speaker 2: I know it will. 263 00:12:21,760 --> 00:12:23,240 Speaker 4: Okay, it's sucking. 264 00:12:23,600 --> 00:12:27,120 Speaker 3: Oh okay, Yes, I'm back, I got it. Don't talk 265 00:12:27,120 --> 00:12:28,600 Speaker 3: to me, don't look at me, don't look at me. 266 00:12:28,679 --> 00:12:31,760 Speaker 3: I still I have a thought that when you're an actor, 267 00:12:31,800 --> 00:12:34,160 Speaker 3: there's they don't look at me. There's other streams of 268 00:12:34,200 --> 00:12:37,440 Speaker 3: income besides just acting, And then if you're incorporated then 269 00:12:37,480 --> 00:12:39,640 Speaker 3: that can like it makes it easier if you're Gabriel 270 00:12:39,720 --> 00:12:43,080 Speaker 3: read LLC to then take on those like influencer you 271 00:12:43,120 --> 00:12:46,760 Speaker 3: know work for example, Kaisha maybe sometimes gets brand deals 272 00:12:46,800 --> 00:12:49,599 Speaker 3: through her TikTok presence. Yes, like you know, promote X 273 00:12:49,720 --> 00:12:52,120 Speaker 3: y Z, get invited or come speak on this panel. 274 00:12:53,000 --> 00:12:55,360 Speaker 3: So and it almost is similar to I feel like 275 00:12:55,360 --> 00:12:58,000 Speaker 3: the budget Neista or Mandy money. The stuff that we 276 00:12:58,080 --> 00:13:01,400 Speaker 3: do as influencers could give you like one nice cute 277 00:13:01,400 --> 00:13:04,040 Speaker 3: little house for all of those projects to live in, 278 00:13:04,400 --> 00:13:05,720 Speaker 3: exactly right. 279 00:13:05,800 --> 00:13:07,400 Speaker 2: And that part makes a lot of sense to me, 280 00:13:07,559 --> 00:13:09,360 Speaker 2: is that it's the of their part that I'm a 281 00:13:09,400 --> 00:13:12,120 Speaker 2: little bit confused on, like as far as like how 282 00:13:12,160 --> 00:13:14,280 Speaker 2: what you actually answered it when you talked about like 283 00:13:14,360 --> 00:13:18,640 Speaker 2: the tax accountant and the all the sort of labor 284 00:13:18,720 --> 00:13:20,480 Speaker 2: fees and things like that that can kind of guss 285 00:13:20,640 --> 00:13:22,839 Speaker 2: behind it. And I certainly didn't know about the thing 286 00:13:22,840 --> 00:13:25,680 Speaker 2: that you have to actually spend a certain amount of 287 00:13:25,679 --> 00:13:28,760 Speaker 2: money in order to only pay such amount of money. 288 00:13:28,840 --> 00:13:30,320 Speaker 4: I did not know that at all. Well, it's not 289 00:13:30,440 --> 00:13:32,000 Speaker 4: that you have to spend I'll say this. 290 00:13:32,400 --> 00:13:34,800 Speaker 1: One of the biggest chackras to me when I had 291 00:13:34,840 --> 00:13:39,360 Speaker 1: my own business was the goal is almost the opposite 292 00:13:39,960 --> 00:13:42,840 Speaker 1: in a comical way for personal finance and business finance. 293 00:13:43,000 --> 00:13:45,360 Speaker 1: Personal finance, you're trying to save as much as possible, 294 00:13:46,200 --> 00:13:48,760 Speaker 1: that's the goal. Save as much as possible, that's the benefit. 295 00:13:49,080 --> 00:13:51,400 Speaker 1: Business finance, you're trying to spend as much as possible 296 00:13:51,840 --> 00:13:54,240 Speaker 1: because anything saved is going to be taxed within edge 297 00:13:54,240 --> 00:13:58,200 Speaker 1: of its life. So for me, like on the surface, 298 00:13:59,160 --> 00:14:01,280 Speaker 1: within reason, beuse. You have to have somebody left over. 299 00:14:01,720 --> 00:14:05,520 Speaker 1: But the BUDGETNISA, on the surface was doing so great 300 00:14:05,800 --> 00:14:07,640 Speaker 1: because I was talking, I had made all these changes. 301 00:14:07,679 --> 00:14:10,480 Speaker 1: I was talking about CFO. She said, girl, you are 302 00:14:10,559 --> 00:14:13,959 Speaker 1: eighty percent profit. I was like, Eh, that's terrible because 303 00:14:14,000 --> 00:14:16,600 Speaker 1: that means if I make the say one hundred thousand 304 00:14:16,640 --> 00:14:20,320 Speaker 1: dollars eighty thousand dollars, almost half that gonna. 305 00:14:20,120 --> 00:14:20,840 Speaker 4: Be gone to taxes. 306 00:14:21,160 --> 00:14:24,040 Speaker 1: I can hire someone for that forty thousand. You see 307 00:14:24,040 --> 00:14:25,760 Speaker 1: what I mean, So why would I want to give 308 00:14:25,760 --> 00:14:28,280 Speaker 1: half of my eighty to the government. So, but you 309 00:14:28,400 --> 00:14:32,240 Speaker 1: also don't want to be ten percent profit because and 310 00:14:32,360 --> 00:14:35,280 Speaker 1: that means you're too close to not making enough money 311 00:14:35,320 --> 00:14:36,040 Speaker 1: to cover your bills. 312 00:14:36,720 --> 00:14:38,760 Speaker 4: So there I was like, what's the sweet spot? 313 00:14:38,800 --> 00:14:40,560 Speaker 1: I was asking her the other day for my business 314 00:14:40,800 --> 00:14:45,200 Speaker 1: and she was like, probably between forty to sixty. That's 315 00:14:45,240 --> 00:14:47,280 Speaker 1: the sweet spot where there's enough of a buffer if 316 00:14:47,280 --> 00:14:48,840 Speaker 1: you have a rough month or rough couple of months 317 00:14:48,880 --> 00:14:50,240 Speaker 1: or whatever, that you have enough. 318 00:14:50,080 --> 00:14:51,600 Speaker 4: Of a buffer that you make more than you need. 319 00:14:51,960 --> 00:14:54,920 Speaker 1: But also you're not making so much in such excess 320 00:14:55,160 --> 00:14:58,080 Speaker 1: that you're literally giving the government hundreds of thousands of dollars, 321 00:14:58,160 --> 00:14:59,520 Speaker 1: if not millions of taxes. 322 00:15:00,000 --> 00:15:00,480 Speaker 4: See what I means. 323 00:15:00,480 --> 00:15:02,920 Speaker 1: So it's not that you have to spend, it's just 324 00:15:03,280 --> 00:15:05,200 Speaker 1: anything not spent in a business. 325 00:15:05,280 --> 00:15:07,720 Speaker 4: Because this is what you're likely. 326 00:15:07,520 --> 00:15:09,760 Speaker 1: Going to if you're going to register yourself as a business, 327 00:15:09,880 --> 00:15:12,600 Speaker 1: gabriel read, you're going to be like an LLC. And 328 00:15:12,680 --> 00:15:14,840 Speaker 1: as an LLC, you're going to be unless you're doing 329 00:15:14,880 --> 00:15:16,440 Speaker 1: with your husband, that would be a partnership. 330 00:15:16,560 --> 00:15:20,080 Speaker 4: If you're doing it alone, that would be a SOB proprietor. 331 00:15:20,240 --> 00:15:21,480 Speaker 4: So that's what it's probably going to be. 332 00:15:21,920 --> 00:15:26,560 Speaker 1: And so as an LLC, that means that it is 333 00:15:26,560 --> 00:15:31,160 Speaker 1: a pass through entity. So that means this that Gabrielle read, 334 00:15:31,320 --> 00:15:35,640 Speaker 1: the business makes one hundred thousand dollars, and Gabrielle, you 335 00:15:35,720 --> 00:15:38,480 Speaker 1: read the business spends fifty thousand to make the one 336 00:15:38,520 --> 00:15:42,520 Speaker 1: hundred thousand, because you bought clothes, hair, nails, all these things, right, 337 00:15:42,640 --> 00:15:46,040 Speaker 1: that fifty thousand left over. Let's just say your husband 338 00:15:46,120 --> 00:15:49,120 Speaker 1: had an amazing year in book to like a movie, 339 00:15:49,200 --> 00:15:51,200 Speaker 1: and like you're like, you don't even need your fifty 340 00:15:51,440 --> 00:15:53,560 Speaker 1: So you're like, ooh bet, I'm going to keep that 341 00:15:53,600 --> 00:15:55,720 Speaker 1: fifty thousand at gabriel read Inc. 342 00:15:56,120 --> 00:15:56,320 Speaker 4: LLC. 343 00:15:56,680 --> 00:15:58,800 Speaker 1: I'm not even gonna take it out because Sue, we 344 00:15:58,920 --> 00:16:00,680 Speaker 1: live it off this. Let me keep that money in 345 00:16:00,720 --> 00:16:02,400 Speaker 1: the business to like handle some other business. 346 00:16:02,680 --> 00:16:02,880 Speaker 4: Right. 347 00:16:03,440 --> 00:16:06,160 Speaker 1: The issue is the government does not care about your plans, 348 00:16:06,440 --> 00:16:11,080 Speaker 1: they said Gabrielle read the person that's a pass through entity, 349 00:16:11,560 --> 00:16:14,360 Speaker 1: did the business spend that fifty If it did not, 350 00:16:14,720 --> 00:16:17,800 Speaker 1: you owe me taxes on the unspent business. You, as 351 00:16:17,880 --> 00:16:21,680 Speaker 1: the person, only taxes on the money the business didn't spend. 352 00:16:21,800 --> 00:16:23,840 Speaker 4: So I did not learn this until. 353 00:16:23,560 --> 00:16:27,920 Speaker 1: One year we was doing good and my tax like 354 00:16:27,960 --> 00:16:31,000 Speaker 1: I remember my for the like one time one of 355 00:16:31,040 --> 00:16:33,800 Speaker 1: my well I make this now, but one time one 356 00:16:33,800 --> 00:16:37,040 Speaker 1: of my my tax refund, not my tax refund, my 357 00:16:37,320 --> 00:16:39,400 Speaker 1: uh what I feel like Maddy, Now I don't have it. 358 00:16:39,400 --> 00:16:42,640 Speaker 1: I didn't get billed to her baby, not my tax refund, 359 00:16:42,720 --> 00:16:45,720 Speaker 1: my taxes returns. One time one of my tax returns 360 00:16:46,240 --> 00:16:51,640 Speaker 1: said I made one point two million. I was like, other, hew, 361 00:16:51,960 --> 00:16:54,760 Speaker 1: And then on that one point two million, I owed 362 00:16:54,840 --> 00:16:56,160 Speaker 1: like five hundred thousand dollars. 363 00:16:56,360 --> 00:16:58,720 Speaker 4: I was like, did I make I didn't I need? What? 364 00:16:58,800 --> 00:16:58,920 Speaker 2: Wait? 365 00:16:59,000 --> 00:16:59,400 Speaker 4: Two million? 366 00:16:59,600 --> 00:17:01,920 Speaker 1: It's not that I made one point two million, is 367 00:17:01,920 --> 00:17:04,560 Speaker 1: that the business did really well and we ended up 368 00:17:04,600 --> 00:17:06,919 Speaker 1: saving a lot of money in the business because like 369 00:17:06,920 --> 00:17:11,160 Speaker 1: I'd like to have a chunky savings account for the business. 370 00:17:11,320 --> 00:17:14,399 Speaker 1: So of the one point two probably eight hundred thousand 371 00:17:14,480 --> 00:17:16,680 Speaker 1: I kept in the business and I then so my 372 00:17:16,760 --> 00:17:18,959 Speaker 1: take home was really like four hundred thousand. So I'm like, 373 00:17:19,000 --> 00:17:21,000 Speaker 1: how do I owe six hundred five hundred thousand? And 374 00:17:21,000 --> 00:17:23,280 Speaker 1: I only received four hundred because that's what I paid 375 00:17:23,280 --> 00:17:26,320 Speaker 1: myself that year. It's because the business didn't spend it, 376 00:17:26,480 --> 00:17:30,040 Speaker 1: so it passed through to my personal taxes, and I 377 00:17:30,119 --> 00:17:33,280 Speaker 1: was like, what am I? So the first year it 378 00:17:33,320 --> 00:17:35,520 Speaker 1: wasn't to that amount. The first year I was actually 379 00:17:35,640 --> 00:17:38,560 Speaker 1: starting to pay that out of pocket until like my CFO, 380 00:17:38,640 --> 00:17:41,040 Speaker 1: girl was like, Girl, that's not how that works. The 381 00:17:41,080 --> 00:17:43,320 Speaker 1: business will pay give you that tax money because you 382 00:17:43,480 --> 00:17:45,840 Speaker 1: never gave you the money. So like the business is like, girl, 383 00:17:46,080 --> 00:17:48,080 Speaker 1: we gave you four hundred thousand, pay your taxes on 384 00:17:48,080 --> 00:17:51,160 Speaker 1: the four hundred thousand, but the extra eight hundred thousand 385 00:17:51,160 --> 00:17:54,400 Speaker 1: that you did not receive, here's that tax money from 386 00:17:54,440 --> 00:17:54,960 Speaker 1: the business. 387 00:17:55,000 --> 00:17:56,680 Speaker 4: Here's that two three, four hundred thousand. 388 00:17:56,920 --> 00:17:58,280 Speaker 1: They're gonna give it to me, and I'm gonna give 389 00:17:58,280 --> 00:18:00,640 Speaker 1: it right to the IRS, but as Tiffany the person, 390 00:18:01,160 --> 00:18:03,800 Speaker 1: because the IRS does not received tax money from the business. 391 00:18:03,960 --> 00:18:06,399 Speaker 1: Because I have an LLC, and like right now i'm 392 00:18:06,440 --> 00:18:09,680 Speaker 1: an escorp, but it's an LLC. Underlying that the meaning 393 00:18:09,760 --> 00:18:12,679 Speaker 1: like it's a pass through Now a C corp is 394 00:18:12,680 --> 00:18:14,879 Speaker 1: not a pass through entity, meaning so one of my 395 00:18:14,920 --> 00:18:18,840 Speaker 1: companies now I'm keeping one as an escorp because one 396 00:18:18,840 --> 00:18:21,080 Speaker 1: of the benefits of having an LLC or an es 397 00:18:21,119 --> 00:18:24,760 Speaker 1: corp or is that you can pull a lot of 398 00:18:24,800 --> 00:18:26,480 Speaker 1: money out of the company even though. 399 00:18:26,320 --> 00:18:26,880 Speaker 4: There's a tax. 400 00:18:26,880 --> 00:18:28,639 Speaker 1: You know, there's tax liability, there's some things you can 401 00:18:28,680 --> 00:18:30,400 Speaker 1: do get around some of that, but you can pull 402 00:18:30,440 --> 00:18:32,520 Speaker 1: a lot of money out of it, so that the 403 00:18:32,520 --> 00:18:37,840 Speaker 1: budget neis the fattens my pocket to. 404 00:18:36,760 --> 00:18:38,920 Speaker 4: Reach my retirement goals. 405 00:18:39,320 --> 00:18:42,560 Speaker 1: But then the Literature Academy, which is another company that 406 00:18:42,560 --> 00:18:45,439 Speaker 1: I have, I'm going to transform that into a C corp. 407 00:18:46,320 --> 00:18:48,600 Speaker 1: And so that company allows me to do something else. 408 00:18:48,880 --> 00:18:52,080 Speaker 1: With a C corp will at least the entity that 409 00:18:52,080 --> 00:18:54,320 Speaker 1: we're entering into, like again a sea corp, that it 410 00:18:54,400 --> 00:18:57,320 Speaker 1: will not be a pass through entity, meaning I can 411 00:18:57,400 --> 00:19:00,400 Speaker 1: save the million dollars in the company and it does 412 00:19:00,440 --> 00:19:03,439 Speaker 1: not pass you to Tiffany Lelyche because it's now a 413 00:19:03,480 --> 00:19:03,920 Speaker 1: sea corp. 414 00:19:04,320 --> 00:19:04,840 Speaker 4: You see. 415 00:19:05,080 --> 00:19:06,639 Speaker 1: And so like I'm just sharing those things because I 416 00:19:06,720 --> 00:19:10,040 Speaker 1: always think like one of my account my one of 417 00:19:10,040 --> 00:19:12,399 Speaker 1: my mentors I call my big mentor, always blows me 418 00:19:12,480 --> 00:19:15,120 Speaker 1: all the way out and then we do some shrinkage. 419 00:19:15,200 --> 00:19:17,400 Speaker 4: So it's good for you to hear like, okay, seacorp. 420 00:19:18,000 --> 00:19:19,760 Speaker 1: You know, okay, you might not ever do that whatever, 421 00:19:19,760 --> 00:19:23,119 Speaker 1: but you know it might be ten twenty years now. 422 00:19:23,680 --> 00:19:25,480 Speaker 2: No, you can't see corp. 423 00:19:26,920 --> 00:19:28,000 Speaker 4: Like, no, I believe I don't. 424 00:19:28,040 --> 00:19:30,320 Speaker 1: Look typically you have like maybe people on like I 425 00:19:30,400 --> 00:19:32,320 Speaker 1: own my company, but I can have people on my team. 426 00:19:32,359 --> 00:19:34,080 Speaker 1: With a sea corp, you likely have a team, you 427 00:19:34,160 --> 00:19:35,959 Speaker 1: might have a board. But it's good to just know 428 00:19:36,080 --> 00:19:38,560 Speaker 1: these big kind of like oh but but and then 429 00:19:38,600 --> 00:19:41,359 Speaker 1: to bring it all back into to this shrinkage, which 430 00:19:41,400 --> 00:19:44,240 Speaker 1: is if you're going to start, if you're at one 431 00:19:44,280 --> 00:19:47,520 Speaker 1: hundred thousand dollars a year pretty consistently lean into heavily 432 00:19:47,920 --> 00:19:51,359 Speaker 1: seventy five considering, and you're likely going to be an 433 00:19:51,560 --> 00:19:54,600 Speaker 1: LLC and you're going to be a sole proprietor, and 434 00:19:54,760 --> 00:19:57,119 Speaker 1: just know that, like probably you know you want to 435 00:19:57,160 --> 00:20:00,119 Speaker 1: start sitting before you consider sitting with an accountant and 436 00:20:00,119 --> 00:20:02,520 Speaker 1: some financial people now get them locked in before you 437 00:20:02,560 --> 00:20:04,440 Speaker 1: move forward to even ask is this it's a good 438 00:20:04,440 --> 00:20:05,160 Speaker 1: idea right now? 439 00:20:05,240 --> 00:20:07,080 Speaker 4: Because they can actually run both. 440 00:20:07,560 --> 00:20:11,440 Speaker 1: They can run numbers for Gabrielle if you are LLC, 441 00:20:11,640 --> 00:20:14,600 Speaker 1: your taxes Gabrielle as just yourself as taxes, and you 442 00:20:14,600 --> 00:20:17,280 Speaker 1: can see those numbers literally year after year to say, 443 00:20:17,359 --> 00:20:22,000 Speaker 1: mm I actually save if I stay just myself. Ooh 444 00:20:22,080 --> 00:20:24,520 Speaker 1: this year I crossed over. Now I would save more 445 00:20:24,720 --> 00:20:27,399 Speaker 1: if I became an LLC. So they can run those. 446 00:20:27,280 --> 00:20:27,880 Speaker 4: Numbers for you. 447 00:20:27,880 --> 00:20:29,160 Speaker 2: You can flip flop each year. 448 00:20:29,640 --> 00:20:32,280 Speaker 1: No no, no, meaning like you can have the numbers 449 00:20:32,359 --> 00:20:34,879 Speaker 1: run to decide is it time to switch? 450 00:20:35,520 --> 00:20:37,560 Speaker 4: Oh, like where do I save more money? Yes? 451 00:20:37,640 --> 00:20:41,960 Speaker 1: Once you switch your yes that's what. But I would 452 00:20:41,960 --> 00:20:43,800 Speaker 1: have the numbers run and just be like, where would 453 00:20:43,840 --> 00:20:45,760 Speaker 1: I say the most money? And then that way you 454 00:20:45,760 --> 00:20:47,440 Speaker 1: can make the choice not based upon what you think, 455 00:20:47,480 --> 00:20:48,120 Speaker 1: but what you know. 456 00:20:48,400 --> 00:20:50,720 Speaker 2: That makes sense a lot too, and your your thought 457 00:20:50,760 --> 00:20:53,480 Speaker 2: of separating the two as a business and as a 458 00:20:53,520 --> 00:20:56,480 Speaker 2: personal I never thought about it that way. I didn't 459 00:20:56,520 --> 00:20:59,240 Speaker 2: know that that was that was a difference. Like with 460 00:20:59,280 --> 00:21:00,840 Speaker 2: the whole pastor pass through thing. 461 00:21:00,880 --> 00:21:04,120 Speaker 1: I definitely had that pass through, yes, because that's that's 462 00:21:04,160 --> 00:21:05,440 Speaker 1: the labor involved. 463 00:21:05,720 --> 00:21:07,879 Speaker 4: Because you might be like, wait, it's said I made 464 00:21:07,920 --> 00:21:08,560 Speaker 4: a hundred I. 465 00:21:08,600 --> 00:21:11,320 Speaker 1: Did it because and you're like, oh, the company made 466 00:21:11,320 --> 00:21:13,520 Speaker 1: it and didn't pay it to me, because I'm saving 467 00:21:13,640 --> 00:21:16,679 Speaker 1: for you know, maybe you're saving for an acting coach, 468 00:21:17,440 --> 00:21:19,520 Speaker 1: and the acting coach you're actually not paying her until 469 00:21:19,560 --> 00:21:23,000 Speaker 1: next year, and so you saved her twenty thousand dollars 470 00:21:23,160 --> 00:21:25,119 Speaker 1: p I'm just making up numbers. You saved it in 471 00:21:25,119 --> 00:21:28,479 Speaker 1: twenty twenty two for twenty twenty three. Government, don't care 472 00:21:28,480 --> 00:21:30,520 Speaker 1: about that. You didn't not spend it in twenty twenty 473 00:21:30,560 --> 00:21:33,199 Speaker 1: eight ten. You had a you Gabrielle, the person you 474 00:21:33,240 --> 00:21:35,400 Speaker 1: owe us the book percentage of that money, and so youah, 475 00:21:35,440 --> 00:21:38,960 Speaker 1: Numania and I were always like, all the taxes. 476 00:21:38,680 --> 00:21:41,600 Speaker 3: It's not fun and I wish I'm not even going 477 00:21:41,640 --> 00:21:43,760 Speaker 3: to romanticize it. Because I get I got a scary 478 00:21:43,840 --> 00:21:46,640 Speaker 3: letter in the mail just last night this past month 479 00:21:46,760 --> 00:21:50,160 Speaker 3: saying I owed eighteen thousand dollars for workers compensation insurance 480 00:21:50,160 --> 00:21:52,520 Speaker 3: that I wasn't paying, which I don't actually owe. And 481 00:21:52,560 --> 00:21:54,440 Speaker 3: I got to pay my accountant three hundred and seventy 482 00:21:54,480 --> 00:21:56,480 Speaker 3: five dollars to fight it. But I don't even owe 483 00:21:56,480 --> 00:21:58,760 Speaker 3: it in the first place. And it's just like stress 484 00:21:58,760 --> 00:22:01,119 Speaker 3: of the letter. Plus husband opened it, he's like, what's 485 00:22:01,160 --> 00:22:04,159 Speaker 3: this back? I know he's stressed. I don't know what 486 00:22:04,200 --> 00:22:06,560 Speaker 3: I'm talking about. I'm texting my account and like, what 487 00:22:06,680 --> 00:22:08,840 Speaker 3: is this? Then I got another one that now I 488 00:22:08,920 --> 00:22:12,239 Speaker 3: underpaid unemployment insurance and I'm like, you know it's and 489 00:22:12,280 --> 00:22:14,520 Speaker 3: it's you gotta wait on call with the IRS and 490 00:22:14,560 --> 00:22:16,399 Speaker 3: the Department of Labor New York State. I was on 491 00:22:16,440 --> 00:22:18,760 Speaker 3: the call with them this morning just to have some 492 00:22:18,840 --> 00:22:21,280 Speaker 3: guy be like, your account should have done it. Why 493 00:22:21,280 --> 00:22:21,800 Speaker 3: are you calling me? 494 00:22:21,840 --> 00:22:22,360 Speaker 4: I don't know why. 495 00:22:22,359 --> 00:22:24,520 Speaker 3: He had a Southern accent. It's New York State Department 496 00:22:24,520 --> 00:22:26,040 Speaker 3: of Labor. But I didn't ask questions. 497 00:22:26,280 --> 00:22:26,760 Speaker 4: Thanks fact. 498 00:22:26,880 --> 00:22:28,760 Speaker 3: Yeah, So I mean, I'm I'm not trying to make it, 499 00:22:28,760 --> 00:22:30,960 Speaker 3: of course, I'm just like you asked for the disadvantages. 500 00:22:31,040 --> 00:22:33,920 Speaker 3: So there is there is a learning curve. I'm only 501 00:22:33,920 --> 00:22:36,480 Speaker 3: in my first year. Tiffany is like a great resource. 502 00:22:36,080 --> 00:22:36,960 Speaker 4: Pan and I'm still learning. 503 00:22:37,080 --> 00:22:40,080 Speaker 1: Girl, please, I just got to be seventeen thousand, one 504 00:22:40,160 --> 00:22:43,720 Speaker 1: hundred and ten. That wud you feel better from twenty eighteen? Like, girl, 505 00:22:43,840 --> 00:22:46,320 Speaker 1: you had messed up? And I was like, so I literally. 506 00:22:46,080 --> 00:22:47,920 Speaker 4: Called my three years to come get to you, right 507 00:22:48,000 --> 00:22:52,520 Speaker 4: and what does it want me? 508 00:22:52,920 --> 00:22:54,600 Speaker 2: On October fifteenth? But you want to come back to 509 00:22:54,640 --> 00:22:55,400 Speaker 2: me three years later? 510 00:22:57,000 --> 00:22:58,639 Speaker 1: So I just say all that to say that, like, 511 00:22:59,440 --> 00:23:02,600 Speaker 1: I have made so many mistakes that I think. She 512 00:23:02,760 --> 00:23:04,480 Speaker 1: was like, because you could do this thing called like 513 00:23:04,480 --> 00:23:06,719 Speaker 1: a transcript manager, so you know, like like you know, 514 00:23:06,800 --> 00:23:09,119 Speaker 1: like your accountant can call the irs and get a 515 00:23:09,160 --> 00:23:12,119 Speaker 1: transcript of like where am I? So she was like, 516 00:23:12,320 --> 00:23:14,600 Speaker 1: because it's been years of me back paid, back pay, 517 00:23:14,680 --> 00:23:18,360 Speaker 1: back pay, and so like, so I think after hundreds 518 00:23:18,400 --> 00:23:20,840 Speaker 1: of thousands of dollars in back pay because the mistakes 519 00:23:20,840 --> 00:23:24,520 Speaker 1: made in prior years, I think I finally paid. 520 00:23:24,359 --> 00:23:26,920 Speaker 4: Up hundreds of thousands. 521 00:23:27,640 --> 00:23:31,159 Speaker 1: So I just I just have it so something like 522 00:23:31,200 --> 00:23:34,520 Speaker 1: don't look at me for like I'm not your lotle model. 523 00:23:36,640 --> 00:23:38,040 Speaker 3: I was just going to say, you mentioned some of 524 00:23:38,040 --> 00:23:40,000 Speaker 3: your actor friends have done this, so I would say you, 525 00:23:40,080 --> 00:23:42,520 Speaker 3: I would lean on for their experience, not to do 526 00:23:42,560 --> 00:23:44,960 Speaker 3: everything that they're saying, but find someone who's ten years 527 00:23:45,000 --> 00:23:47,639 Speaker 3: ahead of you, and someone who's a year with you 528 00:23:47,680 --> 00:23:50,240 Speaker 3: and a few years out, you know, so that you have. 529 00:23:49,760 --> 00:23:53,280 Speaker 4: Like almost exactly that is excellent. You just mentioned they do, yes, 530 00:23:53,359 --> 00:23:53,800 Speaker 4: And that was. 531 00:23:53,760 --> 00:23:56,080 Speaker 2: One of the reasons why when I saw this was happening, 532 00:23:56,080 --> 00:23:58,359 Speaker 2: I was like, I'm putting my voicemail and I'm. 533 00:24:00,119 --> 00:24:01,600 Speaker 4: No, good, this is good to have the good life. 534 00:24:01,680 --> 00:24:04,920 Speaker 3: Let me call two people who are not actors experience 535 00:24:05,160 --> 00:24:07,280 Speaker 3: last them what they think. 536 00:24:07,280 --> 00:24:09,320 Speaker 2: It is great to have them, but they also have 537 00:24:09,440 --> 00:24:12,440 Speaker 2: the emotion of what we go through, whereas you guys, 538 00:24:12,640 --> 00:24:15,480 Speaker 2: give me just fact in number and thought and done. 539 00:24:15,640 --> 00:24:18,840 Speaker 4: You know. Yeah, So we're gonna give your homework. 540 00:24:18,920 --> 00:24:21,000 Speaker 1: Right, So your homework is going to be you're gonna 541 00:24:21,000 --> 00:24:23,040 Speaker 1: look at the last couple of years, what have you 542 00:24:23,080 --> 00:24:26,360 Speaker 1: been consistently making annually, you know, as yourself, not as 543 00:24:26,400 --> 00:24:28,639 Speaker 1: you and your husband, right, because I'm assuming you're going 544 00:24:28,680 --> 00:24:29,560 Speaker 1: to incorporate solo. 545 00:24:30,320 --> 00:24:31,640 Speaker 4: Then you're just going to. 546 00:24:31,560 --> 00:24:33,920 Speaker 1: Start even let's just say you've been averaging fifty you're like, 547 00:24:33,960 --> 00:24:36,159 Speaker 1: I'm not quite ready yet. It's never too soon to 548 00:24:36,160 --> 00:24:39,000 Speaker 1: start just talking to some financial people to see, like, 549 00:24:39,080 --> 00:24:41,280 Speaker 1: you know, asking around who do you use as your accountant? 550 00:24:41,320 --> 00:24:44,160 Speaker 1: So you can start just just like interviewing. So that's 551 00:24:44,160 --> 00:24:46,760 Speaker 1: going to be your homework to like look at your numbers, 552 00:24:47,080 --> 00:24:49,600 Speaker 1: do some light interviewing so when you're ready, you know. 553 00:24:49,640 --> 00:24:52,120 Speaker 4: You could pop this person into place perfect. 554 00:24:52,640 --> 00:24:53,280 Speaker 2: I love it. 555 00:24:53,440 --> 00:24:53,920 Speaker 4: Yay. 556 00:24:54,440 --> 00:24:56,520 Speaker 3: You remind me of like Tabitha Brown's baby sister. 557 00:24:56,720 --> 00:25:01,119 Speaker 4: Oh my god, I love that. I love that's so sweet. 558 00:25:01,160 --> 00:25:01,520 Speaker 4: I love that. 559 00:25:01,560 --> 00:25:04,919 Speaker 2: I either get Reese Witherspood or Robin Gibvens, those are 560 00:25:04,960 --> 00:25:05,280 Speaker 2: the two. 561 00:25:06,040 --> 00:25:08,320 Speaker 4: Oh yeah, I could see it. 562 00:25:09,200 --> 00:25:11,560 Speaker 1: Yeah, because you're you know, like I could think Robert 563 00:25:11,560 --> 00:25:13,600 Speaker 1: Givens for the for your face, because she's beautiful. Guys, 564 00:25:13,640 --> 00:25:15,919 Speaker 1: if you're not watching on YouTube, you're missing out. Not 565 00:25:16,000 --> 00:25:18,240 Speaker 1: Robie Givens. I mean she's beautiful to I'm talking about Gabrielle. 566 00:25:18,240 --> 00:25:22,080 Speaker 4: It is beautiful. But Reese Witherspoon definitely the like the 567 00:25:22,200 --> 00:25:23,600 Speaker 4: like peppiness. 568 00:25:23,000 --> 00:25:25,840 Speaker 3: You know of like and the cheekbones and the eyes. 569 00:25:27,480 --> 00:25:32,040 Speaker 4: Yes, that's funny. I hope this was helpful helpful. 570 00:25:32,240 --> 00:25:36,320 Speaker 2: You guys are absolutely the best, Like literally, you can 571 00:25:36,400 --> 00:25:38,360 Speaker 2: quit doing what you're doing, but don't change what you're doing. 572 00:25:38,400 --> 00:25:38,920 Speaker 4: That's all I ask. 573 00:25:41,080 --> 00:25:43,040 Speaker 1: And then also, if you want to be on the 574 00:25:43,080 --> 00:25:45,680 Speaker 1: b a q A in the hot seat, like Gabrielle, 575 00:25:46,080 --> 00:25:48,480 Speaker 1: make sure you go to Instagram, leave us a voice 576 00:25:48,560 --> 00:25:49,440 Speaker 1: note because. 577 00:25:49,240 --> 00:25:51,880 Speaker 4: You never know, you never knew. 578 00:25:52,600 --> 00:25:56,440 Speaker 2: And leave Most time, I thought that Instagram only gives 579 00:25:56,440 --> 00:25:57,959 Speaker 2: you one minute. So I was trying to cram all 580 00:25:58,000 --> 00:25:59,200 Speaker 2: this information and I was like. 581 00:25:59,320 --> 00:26:01,000 Speaker 4: What am I doing that? There's so much more I 582 00:26:01,040 --> 00:26:01,720 Speaker 4: need to tell them. 583 00:26:04,680 --> 00:26:07,720 Speaker 1: Okay, well to see that's a good good Imani's like, 584 00:26:07,800 --> 00:26:11,760 Speaker 1: uh uh no, no, no do that. That's how is 585 00:26:11,760 --> 00:26:15,040 Speaker 1: our producer? No no, that's probably helpful, honestly, and and 586 00:26:15,200 --> 00:26:16,960 Speaker 1: just know that, like you know, you can also even 587 00:26:16,960 --> 00:26:17,960 Speaker 1: if you don't want to be the hot seat, you 588 00:26:17,960 --> 00:26:20,879 Speaker 1: can send us messages on all of our social platforms. 589 00:26:20,920 --> 00:26:24,880 Speaker 1: You can go to Brownibision podcast dot com. We answer questions. 590 00:26:25,000 --> 00:26:29,560 Speaker 1: Obviously we answer life questions, but personal finance, business and 591 00:26:29,720 --> 00:26:31,760 Speaker 1: entrepreneurship questions are a special tay. 592 00:26:32,400 --> 00:26:34,640 Speaker 4: So thank you again Gabrielle for coming on. 593 00:26:34,920 --> 00:26:39,439 Speaker 3: You much love, good luck, keep us posted, Okay, thank you. 594 00:26:39,480 --> 00:26:40,760 Speaker 3: I will for sure let me know when you're in 595 00:26:40,760 --> 00:26:42,080 Speaker 3: a show, I want to come see. 596 00:26:42,119 --> 00:26:43,800 Speaker 4: I will fingers crossed. 597 00:26:44,800 --> 00:26:47,040 Speaker 3: Hey ba fam, we could not do this show without 598 00:26:47,080 --> 00:26:50,120 Speaker 3: your support or the support of our team behind the scenes. 599 00:26:50,400 --> 00:26:54,000 Speaker 3: The Brown and Vision podcast is produced by Cumulus Podcast Network. 600 00:26:54,080 --> 00:26:57,600 Speaker 3: It's edited by the wonderful Emani Crosby and produced by 601 00:26:57,640 --> 00:27:01,359 Speaker 3: Tanya Bustos. Dennis Deplinsky is our in house tech crew, 602 00:27:01,760 --> 00:27:04,520 Speaker 3: and I am Bandy Woodard Santos your co host, and 603 00:27:04,640 --> 00:27:10,080 Speaker 3: I will see y'all next week.