Speaker 1: Hey, hey, hey, psych, let me stop. It's me and
Speaker 1: Mandy and we're fine, and this is Brown and Doude
Speaker 1: soon soon. Oh my god, it's crazy. I'm not gonna lie.
Speaker 1: I'm taking it super seriously. I have not I'm well.
Speaker 1: Y'all know that I'm I normally self quarantine anyway, just
Speaker 1: because I'm always a part. But honestly, it's it's crazy.
Speaker 1: Mandy one of my friends, and you know who you are, friend,
Speaker 1: you might listen. I don't know if he's a promoter.
Speaker 1: So he had like a lounge night and then brunched
Speaker 1: the next day and had the nerve to have on
Speaker 1: gloves and brunch like I just saw I just know
Speaker 1: via like his Instagram stories.
Speaker 2: I'm like, sir, maybe don't go to brunch, but if
Speaker 2: you're gonna do brunch, you know, bringing gloves is not
Speaker 2: the worst idea. As you guys know, we're talking about
Speaker 2: what everyone's talking about right now, which is coronavirus COVID nineteen.
Speaker 2: It seems like we've been top of the show talking
Speaker 2: about at the last few shows, and no matter what,
Speaker 2: every day it gets more intense. Every day it's more intense.
Speaker 2: The anxiety level at least in New York City. I
Speaker 2: don't know about Jersey, but it reached its peak the
Speaker 2: last week. I officially started working from home, I would
Speaker 2: say last Monday. And since then, you know, offices have
Speaker 2: been closing, businesses have been closing. You know, the virus
Speaker 2: is spreading all over the city. In the suburbs where
Speaker 2: I am, everything is a ghost town. You know. My
Speaker 2: husband was still going into the office until the end
Speaker 2: of last week. Now he's working from home, quote unquote
Speaker 2: working He actually can't do his job from home, so
Speaker 2: he's been here in the house creating how home improvement
Speaker 2: projects to do instead. But that's beside the point. But
Speaker 2: has said that the trains are just, you know, completely empty,
Speaker 2: and it feels, you know, nless you're a grocery store.
Speaker 2: It feels like everything is sort of abandoned, which seems
Speaker 2: to be the best thing to do, you know. Like
Speaker 2: I don't know, I you know, I saw a couple
Speaker 2: of my guy friends on Saturday night.
Speaker 1: We're out at a bar, and I'm like, can you
Speaker 1: go home? Like this is so yeah, that's what I mean.
Speaker 1: I was making a joke with my friend, but I
Speaker 1: was like, bruh, honestly, go home. It's weird in Jersey
Speaker 1: because public transportation is not like a big thing like
Speaker 1: it is in New York. So I want to go
Speaker 1: make sure my parents were good. Yesterday, they wanted to
Speaker 1: come from for a hug, but I was like social distance.
Speaker 1: My dad is in his seventies, my mom is in
Speaker 1: her sixties. But I wanted to make sure that they
Speaker 1: had enough water. My mom, I mean, she's been playing
Speaker 1: her whole life for this as an African woman with
Speaker 1: a deep freezer that's six feet off. Yeah, she said,
Speaker 1: we have enough food for a lifetime, which they do.
Speaker 1: But my concern was they didn't have enough water. So
Speaker 1: I dropped off some water, and I just felt like
Speaker 1: a filter was probably best for them anyway. But I
Speaker 1: remember I was on the road and it looked like
Speaker 1: a normal Tuesday afternoon on the road, like people are
Speaker 1: still driving places. So I'll say that. I mean, I
Speaker 1: haven't been out out like that was really the only
Speaker 1: outing is to make sure my parents are fine and
Speaker 1: check in on my sister. But yeah, as far as driving,
Speaker 1: it looked it wasn't. There were people out and about
Speaker 1: what about the stores?
Speaker 2: I mean, do you feel like there's men? So I'll
Speaker 2: say that I've been to the grocery store and the
Speaker 2: things that are missing our meat, and you know, I
Speaker 2: want to chicken tacos for dinner last Thursday, and I
Speaker 2: was like, call my mom's, like, we might have to
Speaker 2: change our plan because there is like a few said
Speaker 2: turkey breast filets here and like the most random meat
Speaker 2: selection TP is gone, cleaning supply is gone. It just
Speaker 2: feels like all this panic shopping. Can we talk with
Speaker 2: that for a second, the panic shopping. You know, a
Speaker 2: few weeks ago, my mom and I went to Sam's
Speaker 2: Club and got some essentials. I was worried because we
Speaker 2: didn't have children's tile and all or ibuprofen. You know,
Speaker 2: like if we were going to get sick and you
Speaker 2: don't want to go out and spread germs, like having
Speaker 2: some medicines at home seem like a good idea. And
Speaker 2: we did get like dipe and essentials, but we just
Speaker 2: basically did grocery shopping. It feels like people are out
Speaker 2: there shopping for the end of the world and that
Speaker 2: is causing all these shortages, which to me, like and
Speaker 2: you know, the government, uh local governments here have you know,
Speaker 2: officials have said it's not necessary you know, at a
Speaker 2: minimum or a maximum's you know, good enough for a
Speaker 2: couple of weeks. But they're not going to be closing
Speaker 2: down grocery stores. If anything, those are the essential businesses
Speaker 2: that will you know, remain remain open.
Speaker 1: Yeah.
Speaker 2: So I don't know if the panic shopping, if you
Speaker 2: guys are out there doing it, I understand why, but
Speaker 2: try to only take what you need.
Speaker 1: I'll say this that I was fortunate in that I
Speaker 1: had just honestly went food shopping probably like a week
Speaker 1: before the panic shopping started, because I was like, oh,
Speaker 1: I knew, you know obviously, like the coronavirus. Were talking
Speaker 1: about it on the news, and I just remember thinking, like,
Speaker 1: I don't even have regular food. Let me just go
Speaker 1: regular food shopping. And I feel like I went regular
Speaker 1: food shopping the day before it all went crazy. I
Speaker 1: went on a Tuesday, and I remember like, there's plenty
Speaker 1: of water on the shells and things like that, and
Speaker 1: I was but I had bought because my sister always
Speaker 1: sys I over food shop, which I do, so I
Speaker 1: didn't have enough space to put water on the cart.
Speaker 1: And I was like, I'll just come back tomorrow for
Speaker 1: the water Manye I came back the next day, I'm like,
Speaker 1: what did the zombie apocalypse happen? Yeah, it was so coral.
Speaker 1: It just I couldn't and I was just honestly grateful
Speaker 1: that I had gone regular food shopping. But I will say, actually, know,
Speaker 1: I'm gonna save it for my brown boost about like
Speaker 1: who has been bay during this time? But yeah, it's
Speaker 1: just honestly, it's been crazy. But aside from just the
Speaker 1: health kind of like fear fear stuff, there's also the
Speaker 1: financial stuff that's happening as a result. I mean, the
Speaker 1: sky is literally falling when it comes to the market.
Speaker 1: I'm like, I was looking today like, oh my goodness.
Speaker 1: I mean, it's just crazy. I'm like, I don't know, I've.
Speaker 2: Tried, I've looked, but I've kind of looked like, oh,
Speaker 2: this is a moment in history and I'm just going
Speaker 2: to see, you know what happening. I'm just looking at
Speaker 2: the data. The data is like why did I even
Speaker 2: bother saving in the past year. I mean, you know,
Speaker 2: and for those of you, you know, the past few episodes,
Speaker 2: we have been saying it's getting a lot harder to
Speaker 2: do this, but we have saying, don't you know your
Speaker 2: four to one k is like your face, don't touch it.
Speaker 2: It's yeah, but the anxiety over not just you know,
Speaker 2: your four to one k anymore, but it's like the
Speaker 2: economy itself. People who are the small business owners who've
Speaker 2: had to close down, you know, everyone from like my
Speaker 2: hairdresser who just opened her salon a couple of years ago,
Speaker 2: you know, canceling appointments, to the woman who was going
Speaker 2: to paint my son's room having to cancel all her
Speaker 2: clients this month. The bar owners and restaurants that are
Speaker 2: having to be closed down, the people who work there, waitresses,
Speaker 2: hostesses like you know that those type of gig economy
Speaker 2: are like wage workers are really the ones who are
Speaker 2: going to be floored by this whole situation. And I
Speaker 2: think where the anxiety comes to is like where's the
Speaker 2: leadership from the top, Yeah, you know, who's looking out
Speaker 2: for these people? And you know, Trump has not necessarily
Speaker 2: been a small business president. He's been a big business president.
Speaker 2: And I feel like much in you know, in the
Speaker 2: last recession, it was very much all about the big
Speaker 2: banks getting the bailout. But there needs to be some
Speaker 2: sort of bailout. Congress needs to work. I know they
Speaker 2: canceled their recess and they came back this week, which
Speaker 2: is good, but like it still feels like too much
Speaker 2: politics and we need to create some sort of safety
Speaker 2: net and tell people you're going to be okay, we're
Speaker 2: going to make government work for you, and you know
Speaker 2: your bills will be delayed or.
Speaker 1: You won't have to make payments on stuff for a while.
Speaker 2: There's been stories of oh sorry, real quick there. I
Speaker 2: know there's a story of like a landlord who knew
Speaker 2: that his tenants worked in the restaurant industry and said, Okay,
Speaker 2: I'm going to cut your rent in half for the
Speaker 2: next couple of months, which is so generous, but like,
Speaker 2: we need something. We need a relief package from the
Speaker 2: top for these people so that the panic and the
Speaker 2: anxiety can lessen for those people.
Speaker 1: I would love for us to just kind of explore,
Speaker 1: like what does some of these things mean. So I'm
Speaker 1: saying there's a lot which actually have shocked me. I
Speaker 1: don't know if you've seen this, but on social people
Speaker 1: are like, should I pull all my money out of
Speaker 1: the bank. I'm like, what, No, I'm actually really shocked
Speaker 1: that that's what a lot of like. Honestly, some young
Speaker 1: people are thinking that, and I'm like, well, the last
Speaker 1: time there was a huge run on the bank, so
Speaker 1: it was the nineteen twenties, nineteen thirties, and that's why
Speaker 1: they created the FDIIC. So you can have insurance up
Speaker 1: to two hundred and fifty thousand dollars for your like
Speaker 1: the amount of money that you have up to two
Speaker 1: fifty meaning that if that bank were to go under,
Speaker 1: the federal government will give you back your money up
Speaker 1: to two hundred and fifty thousand, and if you have
Speaker 1: a joint account, it doubles to five hundred thousand, and
Speaker 1: you know, if you have more than that, you're certainly
Speaker 1: welcome to say, you know what I actually have, you know,
Speaker 1: six hundred thousand, So I'm going to put another one
Speaker 1: hundred thousand in a different bank so I get coverage
Speaker 1: that way. I can understand that. But pulling out your
Speaker 1: money and putting it at home is probably one of
Speaker 1: the worst things that you can do, or was sharing
Speaker 1: you know that with I can't believe how many people
Speaker 1: were really that, you know, that that was they thought
Speaker 1: was a viable option. I'm like, don't do that, like,
Speaker 1: you know, it's bad enough that you're you know, we're
Speaker 1: not going to be earning much an interest, but now
Speaker 1: you're guaranteeing you earn nothing. And the problem with money
Speaker 1: that's not earning, it's actually losing because of something called inflation,
Speaker 1: which is basically the devaluing of money over time, meaning
Speaker 1: that your dollar can do less over time. Think about
Speaker 1: how much candy used to be able to buy for
Speaker 1: a dollar when you were a kid. Think about how
Speaker 1: much candy you could buy now with that same dollar.
Speaker 1: The candas to candies are saying, I used to love
Speaker 1: sweetish fish, and it used to be like ten cents
Speaker 1: for a sweetish fish, and now it's twenty five cents
Speaker 1: for that same little pack, same sweedis fish, same size,
Speaker 1: same dollar. So why is it that my dollar can
Speaker 1: do less? I used to be able to buy ten,
Speaker 1: Now I could buy four. That's inflation. So if your
Speaker 1: money is actually not earning, it's by nature losing its
Speaker 1: value due to inflation. So you don't want to pull
Speaker 1: your money out of any little bit of earnings that
Speaker 1: you could possibly But I will say, if you are
Speaker 1: in retirement, or if you are in close to retirement,
Speaker 1: like within five ten years, then I mean we're kind
Speaker 1: of here now I don't even know about switching up now.
Speaker 1: But if that's you really sitting there with your financial
Speaker 1: planner advisor to talk about what should I do. Hopefully
Speaker 1: they've reached out to you before now if you have one,
Speaker 1: because some moves you know should have been made. But
Speaker 1: if you have over ten years before you retire, so fifteen, twenty,
Speaker 1: whatever you are going to be, I'm gonna use air
Speaker 1: quotes fine in that the market is cyclical. Just ten
Speaker 1: years ago we had the Great Recession and then we
Speaker 1: had you know, last like what how many years of prosperity,
Speaker 1: And that the market does is up down, down, down down,
Speaker 1: up up, down, down down. So if you have over
Speaker 1: ten years, you will see it go back up again,
Speaker 1: and you should be fine. It's those people who have less,
Speaker 1: or those people who are already in retirement, that I probably
Speaker 1: worry about most.
Speaker 2: I'm just and I hope people who are nearing retirement
Speaker 2: were already de leveraging themselves, like taking themselves out of
Speaker 2: the market. You know, I'm not gonna lie. I just
Speaker 2: in real time have checked my four to one K
Speaker 2: because today the market's rebounded a little bit. They are
Speaker 2: up like four percent, which in any other day would
Speaker 2: have been a huge gain. And I'm like, what does
Speaker 2: four percent mean? Because I checked the other day in
Speaker 2: my four when K was down seventeen percent. Y'all, my
Speaker 2: return since January is down twenty six percent. I have
Speaker 2: lost a fourth of my savings. Why am I not
Speaker 2: doing anything? Though? Okay, because, like Tiffany said, I feel
Speaker 2: like I am young, I feel like I have time
Speaker 2: on my side. I have a bit of a hard
Speaker 2: time like telling myself, Okay, for sure, you're gonna be okay,
Speaker 2: because honestly, this is un This is unprecedented precedent, none
Speaker 2: of us kind of It's an interesting experiment, is kind
Speaker 2: of how I'm looking at it. How will the US
Speaker 2: economy bounce back from this?
Speaker 1: We're gonna really.
Speaker 2: Need, I think, you know, the typical tools that our
Speaker 2: government has used to, you know, protect from crises like this,
Speaker 2: like the FED slashing interest rates as they have been
Speaker 2: aren't necessarily working like they have in the past. So
Speaker 2: it's going to be interesting to see how and when
Speaker 2: and how soon we bounce back. But for now, I
Speaker 2: am taking my own advice. I'm not touching anything. I'm
Speaker 2: still contributing to my four O one K. I want
Speaker 2: to believe that we'll find a way out of this.
Speaker 2: The people who are thinking about taking your money out
Speaker 2: of the bank, I mean at least in the bank.
Speaker 2: Like Tiffany said, you have FDIC insurance. Your money is
Speaker 2: protected up to two hundred fifty thousand dollars per account,
Speaker 2: per institution. So putting it under your mattress is about
Speaker 2: the dumbest thing you can possibly do. Someone please convince
Speaker 2: my dad of this. I've been trying for twenty years now.
Speaker 1: It's tough.
Speaker 2: It's tough for me to see that loss, but I
Speaker 2: also remember when I started to invest at twenty three,
Speaker 2: twenty two years old, right at the recession kind of hit,
Speaker 2: and I've seen the value and starting to invest at
Speaker 2: a time when the markets were down, because as they
Speaker 2: go back up, you know you've got a bigger share
Speaker 2: than your money is going further. Today, it's sort of
Speaker 2: like it's sort of like there's a clearance sale on
Speaker 2: stock right now. If you look at it that way,
Speaker 2: and if you invest now, the idea is that when
Speaker 2: those stocks go back up, when those assets go back
Speaker 2: up in value, you know, maybe you're able to buy
Speaker 2: ten shares of whatever you're trying to invest in today,
Speaker 2: but because things are on sale, but like last year,
Speaker 2: you maybe could only afford one. You know, when that
Speaker 2: asset or stock increases in value, You've got ten now,
Speaker 2: so your growth is potentially ten times as great. Now,
Speaker 2: this is all hypothetical. I have no idea if it's
Speaker 2: actually going to happen, but I'm gonna be optimistic. I
Speaker 2: have emergency savings, like I know Tiffany has as well.
Speaker 2: I do have cash that's liquid that we can tap
Speaker 2: into in some sort of crisis. So for me, I'm
Speaker 2: fine with my four one K sitting there struggling strugs defunk,
Speaker 2: and I just hope that it bounces back. I worry
Speaker 2: more for the people who don't have just cash on hand,
Speaker 2: you know. For this is you know, a situation like this,
Speaker 2: and I'm curious to see what happens. It's like people
Speaker 2: are not going to be spending like they used to
Speaker 2: store grocery stores. Yes, are struggling to meet demand, but
Speaker 2: people aren't out, you know, using and feeding the economy,
Speaker 2: fueling it with their spending in the way that we
Speaker 2: have been before. And girl, I have no freaking idea.
Speaker 2: And if experts tell you they have an idea, no
Speaker 2: one knows.
Speaker 1: They don't, no one knows. So what we've been doing
Speaker 1: is that. Like I was like, okay, what can I
Speaker 1: do to be proactive? So I gathered my babe finance
Speaker 1: folks and ask them this current week, if you're listening,
Speaker 1: like when the show just comes out, even if you're not,
Speaker 1: it'll still be available for replay. I asked them if
Speaker 1: they could teach a class to their specialty for free,
Speaker 1: no upselling, no nothing, just for free. And so last
Speaker 1: night we had Tila talk about stocks, like how do
Speaker 1: you buy stocks, you know when the market crashes, And
Speaker 1: she talked about she's not buying stocks currently right now,
Speaker 1: she's waiting, and she showed like how to look at
Speaker 1: a stock chard and what to do, so she was amazing.
Speaker 1: And then tonight I'm teaching how do you budget and
Speaker 1: save during an economic downturn? And then on Wednesday, Sandy
Speaker 1: is teaching how do you make money from home? So
Speaker 1: I think that's critical. And then on Thursday, the final
Speaker 1: class is Kara Stevens, the frugal Feminista. She's teaching how
Speaker 1: do you because Kara does a lot of wellness, you know,
Speaker 1: how do you manage your wellness and your money during
Speaker 1: a crisis, because I think it's really important to end
Speaker 1: with that component. There's a lot of anxiousness going out.
Speaker 1: So all of that is happening on the budget Insta
Speaker 1: Facebook page. The good thing is if you miss it
Speaker 1: or whatever it will be, it's the replays are always
Speaker 1: pinned to the top of the page, so you can
Speaker 1: watch Tila's By the time you listen to this, mine
Speaker 1: will have already gone out if you haven't joined already,
Speaker 1: and if you just wanted to get like updates as
Speaker 1: we do more, because I'm going to do more of
Speaker 1: these with other experts, like I'm sure i'll have someone
Speaker 1: how do you teach your kids at home? So I'm
Speaker 1: just trying to do my part. But if you go
Speaker 1: to a budget NISA goodies, so that's budget mestaya, y'all
Speaker 1: should not spell that, but Goodies is g oo d
Speaker 1: e s dot com. I'm just sending out notifications, reminders
Speaker 1: and links to the free classes. So because people keep asking,
Speaker 1: like on my social you know where and where? So
Speaker 1: I'm like, you know what, it's just easy and if
Speaker 1: that's just my email list, and what it is is
Speaker 1: that I send out like hey, classes tonight at nine pm.
Speaker 1: Here's the link to join. So, yeah, it's just you're right,
Speaker 1: there is no answer. I will say, now is the
Speaker 1: time to drop down and get your frugal on, girl,
Speaker 1: like for real, like it's time to really. The biggest,
Speaker 1: biggest regret that I had during the last recession is
Speaker 1: that I didn't get frugal enough fast enough. And now
Speaker 1: I'm not a big spender anyway. I think you like
Speaker 1: y'all know that me and Mayor are not like these
Speaker 1: big old spenders and we're pretty are like, you know,
Speaker 1: it's pretty frugal already. But there were things that could
Speaker 1: have done, that could have trimmed up a little faster.
Speaker 1: And that was one of my big, I guess regrets
Speaker 1: because I could have had a little more more money
Speaker 1: to last me. I think I still had cable on
Speaker 1: until like the last minute, and I was like, girl,
Speaker 1: this was like two hundred bucks a month for the
Speaker 1: last six months. You know that's a lot. That's twelve
Speaker 1: hundred dollars you could have used, you know, so really
Speaker 1: considering looking at your finances tonight and say what is
Speaker 1: not a necessity and removing as much as you can
Speaker 1: while still being able to maintain a decent, like you know,
Speaker 1: standard of living, but having access to cash and savings
Speaker 1: is really going to be ideal right now, because you
Speaker 1: don't know. I thought that when during the last recession
Speaker 1: two thousand and nine, I thought as a teacher, I
Speaker 1: could not lose my job because teachers didn't lose jobs,
Speaker 1: and then I did and I wasn't really prepared. This time,
Speaker 1: I am prepared because I know anything can happen, like
Speaker 1: despite that, like you know that my business does well
Speaker 1: in financial kind of turmoil because people are looking for
Speaker 1: answer that there's no guarantee that the budget needs to
Speaker 1: will still be here. So I'm really conscious the fact that,
Speaker 1: like what do I do if if, like you know,
Speaker 1: the business tanks and like what does that look like
Speaker 1: for me and my family? So living frugally, saving as
Speaker 1: much as you can. I honestly I see people are
Speaker 1: going hard with paying off their debt. Normally, I'm like, yes,
Speaker 1: go hard. I wouldn't right now that extra money you
Speaker 1: need to be setting inside for yourself to pay bills
Speaker 1: in the future. I would not be putting like I'm
Speaker 1: normally me and men are normally like, go hard with
Speaker 1: your debt. I would not be giving my debt double
Speaker 1: and triple. If that's what you've been doing, I would
Speaker 1: be preserving capital and making sure I had enough money
Speaker 1: to last me. Should your income decrease or be eliminated
Speaker 1: in the next couple of months, now's really time to
Speaker 1: hunker down.
Speaker 2: Quite honestly, no, I completely agree, and let's take let's
Speaker 2: take a quick break, and I kind of want to
Speaker 2: do this show a little bit differently because we have
Speaker 2: been getting questions which are pretty much along those lines,
Speaker 2: you know, what should we be doing. And of course
Speaker 2: Tiffany and I have been focusing a little bit on
Speaker 2: mostly on your four one K and investments the past
Speaker 2: couple of shows. But let's talk about like kitchen table
Speaker 2: finances and how you can talk about this as a
Speaker 2: family and plan ahead for whatever there is to come.
Speaker 2: So you want to take a quick break and we'll
Speaker 2: come back and do a quick we can just continue
Speaker 2: talking about, you know, families and how you can be
Speaker 2: doing this, and I'll share how we've been handling in
Speaker 2: my household as well. Okay, all right, we are back.
Speaker 2: So we were talking about, you know, Tiffany, very very wisely,
Speaker 2: like us, the budget needs to or something is talking
Speaker 2: about like people who people need to hear this. It
Speaker 2: is time to resist the temptation. You know what's funny,
Speaker 2: I can tell that retailers are trying to take advantage
Speaker 2: of the folks sitting at home, bored out of their
Speaker 2: vimes because I have gotten so many alerts. H and
Speaker 2: M's having a sale. Bye Bye Baby sent me a coupon,
Speaker 2: Bert's Baby sent me something like. It seems like these
Speaker 2: businesses are like, oh, you're at home, you bored, you
Speaker 2: want to buy something. And I am really trying to
Speaker 2: resist because, like Tiffany said, yes, I have savings and
Speaker 2: I do feel prepared. But you know, even my job
Speaker 2: in the financial sector, anything could happen. You know, if
Speaker 2: people you know and I have always been in that position,
Speaker 2: we all are. Look at the folks who work for airlines.
Speaker 2: You know, airlines are already having layoffs because of what's happening. So,
Speaker 2: you know, without creating another sort of panic, let's talk
Speaker 2: about looking at your budget today and looking at what
Speaker 2: you can cut back on. So personally, my husband and I,
Speaker 2: he didn't really want to do it, but of course
Speaker 2: I kind of forced him to sat down and we
Speaker 2: looked at our finances. You know, what do we have
Speaker 2: coming in, and what are our expenses like right now,
Speaker 2: and what can we start thinking about might be on
Speaker 2: the chopping block cable, Well, certainly one of them are
Speaker 2: eating out budget, thank goodness. You know we're naturally not
Speaker 2: going to be using that anymore. So I was trying
Speaker 2: to find money in our budget to start putting more
Speaker 2: into our emergency savings account. And we don't have a
Speaker 2: ton of debt right now. We have like a low
Speaker 2: we have a zero interest loans still we're paying off relating.
Speaker 1: To the house.
Speaker 2: But like Tiff said, like if you have loans out there,
Speaker 2: I would you know, what do you think, like make
Speaker 2: your minimum payments, but maybe don't aggret, like try rethinking
Speaker 2: potentially aggressively paying them down and keeping that money in
Speaker 2: savings until things kind of level out and we have
Speaker 2: some you know, some more certainty and how things are
Speaker 2: working out right now.
Speaker 1: Yeah, paying off.
Speaker 2: Debt, I mean it's good, but again, you want to
Speaker 2: have more liquidity. You want to have cash in case
Speaker 2: in case things don't get better quickly. You know, it
Speaker 2: could be a couple more months of this insanity. We
Speaker 2: just don't know, and you want to have that cash
Speaker 2: on hand.
Speaker 1: Exactly that's I think that that was my biggest like,
Speaker 1: oh if I knowing what I know. I used to
Speaker 1: literally like as I was sleeping in my middle school
Speaker 1: bed at home with my parents, I would like mentally
Speaker 1: add up all of the bs that I had bought
Speaker 1: the year before. Like if I would have added not
Speaker 1: pay for this and I would have cut that off,
Speaker 1: I would have had this additional money right here, right now.
Speaker 1: So and the thing is, you know, we had clues.
Speaker 1: It wasn't like I needed a crystal ball. It was like, oh,
Speaker 1: we're here now, But I didn't. I didn't, like I said,
Speaker 1: I mean, I make a joke of it, like drop
Speaker 1: down to get your frugal on. As soon as like
Speaker 1: we're here now, you should be making this decision tonight
Speaker 1: like hey bay, hey, hey self, what are we going
Speaker 1: to cut out tonight? So that was like, you know
Speaker 1: that that's a huge component also too if you do
Speaker 1: have income, like I'm looking to get a little bit
Speaker 1: more liquid. So I said to myself, you know what,
Speaker 1: I this is the opportunity for those who are in
Speaker 1: a solid position, those are this is the opportunity for
Speaker 1: me to invest more heavily when like the market finally
Speaker 1: starts stops dropping. It's a little more stable. Y'all know
Speaker 1: that I purchased the house my husband. I purchased this
Speaker 1: house and we paid for it cash, and so that
Speaker 1: means we don't have a mortgage. But I'm going to
Speaker 1: pull out some of the money from the house to
Speaker 1: set aside to potentially invest alongside with my financial plan.
Speaker 1: And we talked about it, because what that means is like,
Speaker 1: you know, you have a unique opportunity when things go
Speaker 1: really low, for when they go back to normal, to
Speaker 1: be able to get certain investment investments pennies on the dollar.
Speaker 1: Like for example, in two thousand and in ten, my
Speaker 1: house that I bought my condos that about for two
Speaker 1: twenty was sold for one fifty. So the condo was
Speaker 1: not worth one fifty. It was because of the times
Speaker 1: we were in it was procession, and so that person
Speaker 1: bought it for one fifty and then five years later
Speaker 1: it went back up to two hundred thousand, so they
Speaker 1: bought and they were able to say, woo, I made
Speaker 1: a fifty thousand dollar profit. So I want to put
Speaker 1: position myself and my family to be able to do that.
Speaker 1: Now that's only people are wanting to invest but you
Speaker 1: don't have an emergency savings. You want to make sure
Speaker 1: that you shouldn't be putting necessity money toward risky investments.
Speaker 1: I mean, we're not I'm not going to make risky
Speaker 1: investments anyway, but do you know what I mean? Like,
Speaker 1: it's not like I because I feel like I'm not
Speaker 1: gonna lie. This is a bad habit that I have
Speaker 1: that I've been positioning myself like I always work from
Speaker 1: a place of fear when it comes to my finances
Speaker 1: because the recession totally jacked me up. So I've been like,
Speaker 1: I feel like I've been prepared for this day, like
Speaker 1: I have my zombie bunker. I'm like, what all the
Speaker 1: bad habits that I have about stashing too much cash,
Speaker 1: about buying everything in cash, the things that normally are
Speaker 1: and honestly not the greatest in a recession. I'm like,
Speaker 1: oh yeah.
Speaker 2: The system moment I was raped, everything is going to share.
Speaker 1: That's like my mom, who's a nurse. Oh my god.
Speaker 1: I'm like, Okay, Sylvia, we get it. O. I told
Speaker 1: you guys, washing your hands. I never she this is
Speaker 1: her time to shine. Boy, she is ready, and so
Speaker 1: I feel like paranoia. Tiffany this was the moment, but honestly,
Speaker 1: it wasn't good when we had, like you know, our
Speaker 1: prosperity times. But I'm just sharing that to say that,
Speaker 1: like that's the key. Now save safe, save keep as
Speaker 1: much of your money as you can. If you are
Speaker 1: in a pretty decent spot, considering getting a little bit
Speaker 1: more liquid if you can, so you can, you know,
Speaker 1: invest in the market, real estate, whatever is going to
Speaker 1: be the thing that you could get pennies on the
Speaker 1: dollar because those opportunities are coming. Some of them have
Speaker 1: already come. Like for example, there's some stock and I
Speaker 1: won't say well, because I don't want you to be
Speaker 1: like I want to go buy it. There's some stock
Speaker 1: where I noticed that, like huh last year. The stock
Speaker 1: was because I follow certain stock on my on my
Speaker 1: robinhood app and I was like, oh, this stock is
Speaker 1: pretty strong, and I was considering investing because I saw
Speaker 1: it was on the way up. It dropped nearly half,
Speaker 1: but I know that it dropped because of the current coronavirus,
Speaker 1: not because it's not a strong company. Because I've been
Speaker 1: following that company for a while, So that might be
Speaker 1: stocked that I would invest some money in because I
Speaker 1: know that it's a value company that just happens to
Speaker 1: be undervalued right now because of the times we live in.
Speaker 1: But I'm still watching to see and so it's things
Speaker 1: like that. But that is for like I said, that
Speaker 1: is for folks who are already in a decent place
Speaker 1: with their budget and their savings if you don't know
Speaker 1: what to do when it comes to stock. Like Teala's
Speaker 1: free class yesterday was perfect. It was great. Teala's pretty conservative.
Speaker 1: You know, she didn't give like any stock tips. It
Speaker 1: wasn't about that. She really talked about when to buy,
Speaker 1: what platform to use, how do you know that a stock?
Speaker 1: How does she even pick her stock? So it was
Speaker 1: just a really great free class. Like I said, it's
Speaker 1: on the budget needs to Facebook page. You could take
Speaker 1: a look and watch, and she just gave so much
Speaker 1: free value and even she gave us like this free
Speaker 1: link to a tutorial where if you want to learn
Speaker 1: how to read a stock chart, Tila has this free
Speaker 1: tutorial how to do. So what I love is that
Speaker 1: so many people are just stepping up and using their
Speaker 1: gifts and talents and service to others. So it's just
Speaker 1: been that part has been amazing.
Speaker 2: I'm definitely gonna post a link in the show notes
Speaker 2: to the Budgeonese to Facebook page. That sounds awesome. And
Speaker 2: speaking of stepping up, do you want to do Brown
Speaker 2: Boost Brown Break? I know, yeah, maybe it's a shorter show,
Speaker 2: but yeah, let's let's segue over because I have something
Speaker 2: in that vein to talk about from my boost.
Speaker 1: Okay, so it's time to boost a break. I feel like, honestly,
Speaker 1: I don't want us to break for a little walk.
Speaker 1: Something we got not break it. So are you gonna
Speaker 1: boost manager or are you gonna be break?
Speaker 2: I'll do a boost. I have to say, I'm going
Speaker 2: to do a two boosts real quick. So I work
Speaker 2: with a team where most of half of my team
Speaker 2: is remote anyway, but then the other half of us
Speaker 2: who work in offices. Last week we went fully remote
Speaker 2: just to be on the safe side. And I have
Speaker 2: to say, I just it came to me Friday. It
Speaker 2: was a really weird week. I was talking with people
Speaker 2: on Slack and doing zoom calls and it just felt
Speaker 2: like everyone was really anxious. And I talked to my
Speaker 2: number two and I said, you know, do you think
Speaker 2: it would be a good idea for us to just
Speaker 2: have one big zoom call, like just call it a
Speaker 2: happy hour optional half an hour on Friday afternoon at
Speaker 2: four pm, Like, why don't we just give people a
Speaker 2: chance to come and vent?
Speaker 1: And it ended up being the.
Speaker 2: Most cathartic, really like time to spend with my team
Speaker 2: and just acknowledge that they're humans and to see their
Speaker 2: puppies and to see their kids in the background making
Speaker 2: noise because schools have closed and has left them with
Speaker 2: no childcare. And all I've gotten back from people is
Speaker 2: just gratitude for taking the time to do that.
Speaker 1: So I encourage you.
Speaker 2: If you guys are working remotely now and you're feeling
Speaker 2: like disconnected or isolated from your you know, your work
Speaker 2: family because you see these people all the time, I
Speaker 2: hope that you consider doing something like that because I
Speaker 2: really feel like it benefited people to just talk and
Speaker 2: just you know, acknowledge that we're all stressed the hell
Speaker 2: out and we're all you know, in line at Costco
Speaker 2: like everybody else and trying to figure out you know,
Speaker 2: childcare and things like that. So a boost for that
Speaker 2: and an encouragement to those of you working online ask
Speaker 2: for that if you feel like you know you can't
Speaker 2: host it yourself, or consider hosting an online happy hour yourself,
Speaker 2: just to be connected. My other boost was just to
Speaker 2: encourage people to check.
Speaker 1: In on your neighbors.
Speaker 2: We're in a neighborhood, but my block is kind of short,
Speaker 2: and I know everybody on the block and it's sort
Speaker 2: of sesame street style, But we have been doing our
Speaker 2: daily walks and just so we have FaceTime with neighbors
Speaker 2: and we keep our distance. But you know, I left
Speaker 2: a note from my elderly neighbor Rosemary, who I know
Speaker 2: is probably in her late eighties early nineties, lives on
Speaker 2: her own. Left her note just with our phone number
Speaker 2: if she needs anything to let us know. And I
Speaker 2: saw my other neighbor Joe, checking in on Rosemary too,
Speaker 2: And I feel a really nice sense of camaraderie with
Speaker 2: our neighbors right now, like people will check in on
Speaker 2: us and we'll check in on each other. And I
Speaker 2: feel that's helped me with the anxiety around the situation,
Speaker 2: because you know, I can't cure coronavirus, I can't solve
Speaker 2: the economic crisis that we're in right now, but I
Speaker 2: can check in on my neighbors, and those stories have
Speaker 2: been trickling in with the other kind of headlines in
Speaker 2: the media right now. But just try and embrace your
Speaker 2: neighbors and be a good neighbor yourself, and and hopefully
Speaker 2: we can just get through this together.
Speaker 1: Now. I love that. So my boost is the Bordigas.
Speaker 2: So you know, my husband's dad owns the book.
Speaker 1: I don't know that. Well, he's a princess. Yeah, well
Speaker 1: tell him, I said, ola signor graassias pour two. I
Speaker 1: don't know anyway. So here's why. So yesterday I called
Speaker 1: my sister, the one that lives Biby with the two
Speaker 1: little ones. I said, are you good. She's like, yeah, girl,
Speaker 1: but you know this whole toilet paper situation. She's got
Speaker 1: two party training kids, so you already know. And she
Speaker 1: was like, you know, I didn't. I had normal toilet
Speaker 1: paper of stock, you know, but everyone's it's sold out
Speaker 1: every where. I'm not sure what to do. And I
Speaker 1: saw someone post, girl, you better hit up some of
Speaker 1: these neighborhood stores that a lot of them have great stock,
Speaker 1: and so I said, you know what, I So I
Speaker 1: went and I just kind of like drove around Newark
Speaker 1: and the first kind of like corner bodega store, I
Speaker 1: went in and they had toilet paper piled up to
Speaker 1: the ceiling, and I bought like, you know, like two
Speaker 1: packs to like I think, like two eight packs. And
Speaker 1: then I was curious that I went like around the
Speaker 1: corner there was another local neighborhood store, bodega. You know,
Speaker 1: they were playing like I don't know if it was
Speaker 1: Dominican music, but they were getting it in. Like then
Speaker 1: I was like, okay, and they had but it was
Speaker 1: just like a vibe and they had all the things.
Speaker 1: They had cases of water, they had you know, toilet
Speaker 1: tissue as well. So I didn't buy anything from there
Speaker 1: because I was all good, but I went to four
Speaker 1: stores just to look, and I posted on like my
Speaker 1: my ig stories and I said, wow, like I think
Speaker 1: it's an underutilized place, not for the people who lived there,
Speaker 1: but for people who are like racing off to these
Speaker 1: big stores that depending on where you live, if you
Speaker 1: have a local neighborhood store, bodega or otherwise, it's a
Speaker 1: potential place where where every place else is sold out,
Speaker 1: they have plenty of things. And when I tell you
Speaker 1: it was so chill, people were in there like buying
Speaker 1: like a lollipops. I'm like, no, so you're not gonna
Speaker 1: buy a water. People were coming in for like you know,
Speaker 1: like like it was just a number, like a regular
Speaker 1: ordinary day and just getting like small little things. So
Speaker 1: but like I said, it was you know, I was
Speaker 1: grateful for that, knowing that like my local like neighborhood
Speaker 1: stores had plenty of stock, and so I said, idn't.
Speaker 1: I didn't want to overdo. I just got her enough
Speaker 1: that she should be fine for two or three weeks,
Speaker 1: so I wanted to save some for other people in
Speaker 1: case it gets to that point. But it was nice
Speaker 1: to see that there wasn't this sense of panic and
Speaker 1: there was plenty, plenty, plenty.
Speaker 2: Oh I love it. Support your local small business, small
Speaker 2: store owner, for sure.
Speaker 1: I love that.
Speaker 2: Ye.
Speaker 1: Yeah.
Speaker 2: We checked in on Enrique's dad to see how business
Speaker 2: is doing, and he says business is going very well.
Speaker 2: A little worried about him, you know, being exposed to customers,
Speaker 2: but you know he's got like a plastic partition to
Speaker 2: be safe. And I was like, please wash your hands
Speaker 2: handle cash and and things like that, but you know,
Speaker 2: he would never shut that story down. And so thank
Speaker 2: you for appreciating people like here.
Speaker 1: It look really hard they do. I mean yeah, it's
Speaker 1: just like I said, it was just I thought it
Speaker 1: was awesome. I was like, wow, you gotta stopped, you know.
Speaker 1: So people hitting me my ID like where is that?
Speaker 1: I'm like, you're coming to Newark? Girl? You live in Chicago.
Speaker 1: Now go look for your own logo bodega.
Speaker 2: Yeah.
Speaker 1: Oh well stay safe, Mandra be well, be safe.
Speaker 2: Yes, take care of your mental health. You guys, those
Speaker 2: of you working at home, go for walks.
Speaker 1: I did.
Speaker 2: I hosted a girls night on FaceTime this weekend. It
Speaker 2: was kind of corny, but it was great.
Speaker 1: I love that, you know. I feel sad for the
Speaker 1: people who have to cancel their weddings.
Speaker 2: Yeah, goodness baptisms.
Speaker 1: But sacrifices have to be made. If we're going to
Speaker 1: get through this.
Speaker 2: You know, we have to start taking these drastic measures.
Speaker 1: And it's so tough.
Speaker 2: I know what. We are strong and we will get
Speaker 2: through this. We're here for you guys, and whatever small
Speaker 2: way we can be through your headphones right now, let
Speaker 2: us know how you're coping. Hit us up Brodnivision podcast
Speaker 2: at gmail dot com or send us a note on Instagram.
Speaker 2: Where a broad Envision podcast on the Gram. I'd love
Speaker 2: to hear from you guys, and and hear how you're
Speaker 2: coping with the COVID nineteen coronavirus crisis.
Speaker 1: And just so you know, we all return to normal.
Speaker 1: Superman has been downstairs doing whatever all day long. And
Speaker 1: he entered into the room because he could smell I
Speaker 1: was doing a podcast, and he's like, I looked at him.
Speaker 1: He said podcast. I'm like, yo, I don't care what
Speaker 1: day time that we take. Maybe we could do this
Speaker 1: at three am in the morning he would still wake up.
Speaker 2: Podcast.
Speaker 1: All right, y'all, Bye bye, be well.