Speaker 1: Hey, hey, bafam, I am so excited to invite you
Speaker 1: to my Career Pivot Masterclass. It's going down July sixteenth, Tuesday,
Speaker 1: July sixteenth at eight pm Eastern Standard Time. I'm like,
Speaker 1: what are time zones? Eight pm Eastern Time. I will
Speaker 1: be offering a replay. But get this, I am only
Speaker 1: doing the live Q and A for people who show
Speaker 1: up in person. I do not do Q and as
Speaker 1: about career stuff outside of my Mandy money Makers community
Speaker 1: and the once or twice a month on the show.
Speaker 1: So please come. You can register at Mandy money dot com.
Speaker 1: You can also go to my Instagram at Mandy Money
Speaker 1: and click the link in my profile. I hope to
Speaker 1: see y' all there. It's going to be so incredible.
Speaker 1: I'm sharing my key strategy for pivoting, called pivot in place,
Speaker 1: so that you are not ending up stuck and waiting
Speaker 1: for the perfect moment or worse, the worst moment in
Speaker 1: your career to finally make a change. We got to
Speaker 1: take control of our narrative right. We got to make
Speaker 1: the changes that we deserve, and we can't wait for
Speaker 1: someone to give us permission to start a new chapter.
Speaker 1: I hope to see y'all there again, July sixteenth, at
Speaker 1: Tuesday Virtual at eight pm Eastern.
Speaker 2: Bye, it's time for the b a q a a
Speaker 2: b a q which is the a q a man Day,
Speaker 2: the b a q awa Ti find a the b.
Speaker 3: A qa a. Hey, major, how you doing girl?
Speaker 1: I'm doing well? Long time, no see, I'm excited for
Speaker 1: the question this week. We haven't talked about this topic in.
Speaker 4: A minute, but before we do, because this is a
Speaker 4: financial question, remember that we are not you'll financially advise us,
Speaker 4: and we're not your attorney, and we're not even your mama,
Speaker 4: but we are to really keep brown girls you can
Speaker 4: girls friends though we could be friends. But what that
Speaker 4: means is this is not professional advice. It's purely for
Speaker 4: entertainment only. You're going to lean it to the people
Speaker 4: that you pay for hardcore financial advice. Okay, you gonna
Speaker 4: take this with the smallest of the smallest grains of.
Speaker 5: Salt aka suya Granny not us?
Speaker 1: Okay, okay, please for Granny.
Speaker 3: Well, I got to get.
Speaker 1: Sued, all right, Okay, this question? Shall I read it?
Speaker 3: Yeah?
Speaker 1: All right? We got a good juicy money question today
Speaker 1: from Instagram. Oh, by the way, did we tell them
Speaker 1: how to send a question.
Speaker 3: No, please do.
Speaker 1: You can go to brand Ambition Podcast on IG and
Speaker 1: slide into our d MS. We love that. But also,
Speaker 1: if you like the old fashioned way, you can email
Speaker 1: us broad Ambision Podcast at gmail dot com.
Speaker 4: Dot com or go to Broadambisi podcast dot com and
Speaker 4: click contact.
Speaker 1: Yeah may so it's the way, all right. This is
Speaker 1: from IG from listener Adriel. Adriel says, Hello, I'm a
Speaker 1: longtime listener, first time DM er. Y'all have helped me
Speaker 1: get my life together and I'm on track to maxing
Speaker 1: out my four oh one K and my HSA for
Speaker 1: the first time ever. Thank you. I'll go, Adriel. My
Speaker 1: question is about HSA. She says, I'm in my thirty
Speaker 1: early thirties and I'm generally healthy with no plans to
Speaker 1: use my HSA. What are your thoughts on investing part
Speaker 1: of my HSA balance into a portfolio of mutual funds?
Speaker 4: Well, question, First, let's talk about what it's in HSA.
Speaker 1: Yeah, a little recapy cup.
Speaker 4: So, just so you know, HSA stands for help Savings Account.
Speaker 4: White people love it is because it's tax advantage savings.
Speaker 3: It's a tax evand savings.
Speaker 4: Account that lets you set aside pre tax money. So
Speaker 4: what that means is that, like, hello, this money like
Speaker 4: your four one k. It means that you won't pay
Speaker 4: taxes on the money right now, which would lower your
Speaker 4: taxes currently, and then later you'll pay taxes.
Speaker 1: Leader.
Speaker 3: Well no, actually, wa pay taxes leader, not if you
Speaker 3: use it for quality.
Speaker 1: Like a triple tax benefit. So it's the Yeah, you
Speaker 1: don't pay taxes on it as long as you use
Speaker 1: it for medical expenses, retirement. I think that's like the thing.
Speaker 4: Yes, yeah, And so the goal is to help you
Speaker 4: save money for medical expenses that your health insurance company
Speaker 4: might not fully cover.
Speaker 3: You can use HSA funds to pay for like deductibles,
Speaker 3: co payments, co insurance, prescriptions, dental care, contacts, eye glasses, bandages,
Speaker 3: X ray girl on the worps do works.
Speaker 4: So the girls love HSA. It's like a win win,
Speaker 4: win win win. Now here's the thing about HSA that's
Speaker 4: also really great is that, unlike an FSSA, a flexible
Speaker 4: spending account right, that hsas don't have a use it
Speaker 4: or lose it rule. Because with the FSA right isn't
Speaker 4: if you don't use it.
Speaker 3: They're like, girl, you.
Speaker 1: Thought so you sometimes okay, yeah, sometimes you need to
Speaker 1: like ask because yes, most of the time, I think
Speaker 1: up until a certain amount, it's like if you have
Speaker 1: more than five hundred, I think you lose it. Yeah,
Speaker 1: sometimes it can a little bit can roll over to
Speaker 1: the next year, but typically it is like a use
Speaker 1: most of it or lose it kind of situation.
Speaker 4: So hsas don't have that, which is great. So any
Speaker 4: used funds and your HSA will automatically roll over to
Speaker 4: the next year and to continue to grow tax free,
Speaker 4: which is great. So then you can still use these
Speaker 4: funds for medical expenses. So with that being said, what
Speaker 4: I really like about it too, you can keep your
Speaker 4: account even if you change jobs, retire, or are terminated.
Speaker 3: Okay, So they're portable, which is really great.
Speaker 4: And hsas can also be invested, which I don't think
Speaker 4: you know, which sounds like crazy, but it's really awesome.
Speaker 4: So you can invest a portion of your HSA balance
Speaker 4: once you have at least a thousand dollars in your
Speaker 4: account before you can open though an investment account. Most
Speaker 4: HSA's are going to require you to maintain a minimum
Speaker 4: cast balance to come for healthcare costs, and so just
Speaker 4: keeping keep that in mind. Yeah, So here's the thing.
Speaker 4: So you can definitely invest in mutual funds. Sometimes you
Speaker 4: can invest in index funds, even dividend funds. Individual stocks,
Speaker 4: some of them won't let you do. Now here's the thing,
Speaker 4: young young whipper snapper who is like.
Speaker 3: Should I you know, like, I don't need it.
Speaker 4: I'm I'm healthy, which is great because you can run
Speaker 4: it over year by year.
Speaker 3: What's young and healthy one year? Is I need the
Speaker 3: money the next year. So it's something to keep in mind.
Speaker 4: So for example, I just went to the dentist and
Speaker 4: your girl has a crown that I've had for quite
Speaker 4: some time, and I should have had a replace, but honestly,
Speaker 4: I was grieving.
Speaker 3: Girl wasn't the right thinking about that.
Speaker 4: And so as a result, I now have to like
Speaker 4: get it taken off because I have like that there's
Speaker 4: some like cavity underneath it and blah blah blah blah,
Speaker 4: and it's costing me more than what my insurance is
Speaker 4: going to cover. So I have to come out of pocket,
Speaker 4: I don't know, like twelve hundred dollars or something like that.
Speaker 1: Toile insurance is notoriously the worst and least useful.
Speaker 3: I'm just like I just it just allowed me to
Speaker 3: say I'm here.
Speaker 4: So I'm just saying that to say that, like, even
Speaker 4: though you're young and all the other stuff that you
Speaker 4: don't know, you don't know what life can bring, so
Speaker 4: you want to be mindful that.
Speaker 3: Like the good thing about HSA is that it can
Speaker 3: build and build and build.
Speaker 4: So not all money it's meant to be put to work.
Speaker 4: Some money is meant to protect you, you know, in
Speaker 4: an evident because inevitably everyone needs some sort of health
Speaker 4: like coverage. So I just would just say, just be
Speaker 4: mindful before putting it all into the market, really asking
Speaker 4: yourself how much do you want to have set aside,
Speaker 4: because no one wants to come out of pocket two, three,
Speaker 4: four or five six thousand dollars, you know, when that
Speaker 4: money can been sitting in your HSA waiting for you.
Speaker 1: Well, I just wanted to point out some fine print
Speaker 1: with the HSA because I've actually never had an HSA
Speaker 1: because I was never I never chose the high deductible
Speaker 1: health plan. So typically when you have you have to
Speaker 1: your company wherever you get your insurance, you typically need
Speaker 1: to have a high deductible health plan, and that for example,
Speaker 1: that is when you have a health plan that is
Speaker 1: typically a lower premium each out of your paycheck or
Speaker 1: each month that you pay and in exchange for that,
Speaker 1: so it's cheaper. A lot of young people go for
Speaker 1: the HSA because they don't have a lot of health
Speaker 1: issues and they don't mind having that high deductible, you know.
Speaker 1: It seems like a cost benefit of like, well, I'll
Speaker 1: save money in the short term by not having high premiums,
Speaker 1: but then you have that like little bit of a
Speaker 1: risk of what if something does happen, and then your
Speaker 1: deductible is like, I don't know, eight thousand dollars and
Speaker 1: you have to come out of pocket for that. So
Speaker 1: that's something to consider in order to even be eligible
Speaker 1: for an HSA. And the other thing is that there's
Speaker 1: a limit on it. I just looked it up because
Speaker 1: my info is so old from back when I was
Speaker 1: reporting on this kind of stuff. Now, the limit, I
Speaker 1: think back when I was reporting on it was about
Speaker 1: three thousand. Now the limit is four thousand and one
Speaker 1: hundred and fifty dollars per year for twenty twenty four
Speaker 1: and for a family it's eight thousand, three hundred dollars.
Speaker 1: So the good news is that that limit has been
Speaker 1: increasing definitely, probably due to inflation and all of that,
Speaker 1: but just some quid pro ques you will.
Speaker 4: Yeah, and so like, Honestly, HSA is just one of
Speaker 4: the best accounts for saving for retirement, for setting time
Speaker 4: money for potential.
Speaker 1: Help them fire.
Speaker 4: People love it, they do, honey, because honestly, where are
Speaker 4: you going to find a triple tax advantage account where
Speaker 4: you know that like, one, you know you save, I'm
Speaker 4: paying taxes now, Two it's allowed to grow tax free,
Speaker 4: and three if you use in a specific way, you
Speaker 4: don't have to pay tax on it later.
Speaker 3: It's like bam, bam bam.
Speaker 4: Because typically for example, your four one K, they're you
Speaker 4: know the tax benefit is, Hey, it lowers my taxes now,
Speaker 4: but I pay taxes later when I retire.
Speaker 3: A row IRA is the opposite.
Speaker 4: It's like, I pay taxes on it now, but I
Speaker 4: don't have to pay taxes on the growth and pull
Speaker 4: it out later. But this is like way you don't
Speaker 4: play taxes on when I put it in, I don't
Speaker 4: play taxes on the growth, and I don't play taxes
Speaker 4: when I take it out if I use it in
Speaker 4: a specific way. So it's it's one of these rare
Speaker 4: accounts that you have one maximizing it isn't your best
Speaker 4: interest because you know they don't come along. You know,
Speaker 4: it's like a triple what like it's like Beyonce sing
Speaker 4: dance you know and act product.
Speaker 3: I was gonna say, no, who is it? Kik who's
Speaker 3: a good one?
Speaker 1: And y'all know I love me some by Kiki. Yes,
Speaker 1: she's a triple threat. Beyonce's triple threat is hair care.
Speaker 4: Yeah, I get, but I feel like Kiki, I canna
Speaker 4: say Brandy, but Brandy can't dance because she can see
Speaker 4: is You're not the best actress either.
Speaker 1: I saw her Hallmark movie No Come On.
Speaker 4: Now, not Moesha. Well, I don't know if that was
Speaker 4: great acting, but we all love movies.
Speaker 1: You love Brandy and always will forever. And well, what
Speaker 1: were we talking about?
Speaker 4: I'm like triple threats because we're talking about a triple threat.
Speaker 4: But do we know who the trouble thread of these days? Honestly,
Speaker 4: Kiki Palmer is a.
Speaker 1: Really good one because that bitch can do everything and.
Speaker 5: Bitch, I mean like she it's true, but I'm not
Speaker 5: dang we what about her?
Speaker 1: Her? Herd Oh does it have to be dancing. I
Speaker 1: thought it was singing acting. Oh okay, never mind. Yeah,
Speaker 1: Tianna Taylor, Tiana Taylor, Taylor acted her ass. Yes in
Speaker 1: one thousand and one. That's a beautiful film. And I
Speaker 1: don't know why she didn't get nominated for anything.
Speaker 3: Taylor, she's one of the few.
Speaker 4: And I would say Mary, I mean because we love
Speaker 4: Mary's dance.
Speaker 3: I mean I don't know her a dancer, remember she
Speaker 3: almost does she get that? Ask her because the acting
Speaker 3: was her point.
Speaker 4: But I don't know if dancing and singing it depends
Speaker 4: on favorite.
Speaker 1: There's only that have like a handful of reels that
Speaker 1: I go back to you on a rainy day when
Speaker 1: I just need to be cheered up. And it's not
Speaker 1: even her, but it's like the Merry impersonation. The boots,
Speaker 1: but she had those, like she has those really expensive
Speaker 1: boots now, like there rose something. Yes, I don't know
Speaker 1: what brand it is, but there are thousands of dollars, yes,
Speaker 1: and there's one of a girl dancing in those and
Speaker 1: it's like the dance moves came as well.
Speaker 4: Yes, there are not many triple threats, y'all know. Some
Speaker 4: triple threats sign our DMS and let us know or
Speaker 4: tweet us DBA podcasts and because I loved, like, what
Speaker 4: is a choice a true triple threat? Man?
Speaker 1: Would you call Jennifer low peznger girl?
Speaker 3: Stop because where is the singing? The dancing?
Speaker 4: Yes?
Speaker 3: No, we're left.
Speaker 1: Real singing there. Yea's beautiful because.
Speaker 4: First of all, I've heard her set skin of no
Speaker 4: we all the acting, no, the singing.
Speaker 1: Question on the record, defending j Lo and many times.
Speaker 1: And dance.
Speaker 3: I think she could dance?
Speaker 1: Can she dance?
Speaker 3: That is okay, we're gonna give her dancing all right.
Speaker 1: Other triple threats I google it. We have Lady Gaga.
Speaker 1: That's a good one.
Speaker 3: Oh yes, yeah, she definite act. Yeah that's true. Okay,
Speaker 3: who else?
Speaker 1: Alicia Keys is not?
Speaker 5: I mean who said that?
Speaker 4: You know what?
Speaker 1: Tiff like, I think that you were including dance and
Speaker 1: I don't think it'll dance is necessarily. I think triple
Speaker 1: threat is like three page that's true because like Zendaya
Speaker 1: is here, although she can do all those things and
Speaker 1: Deya is a good one her as off. You saw
Speaker 1: her Bruno Mars tribute karaoke, so her and Tom Holland
Speaker 1: both went on that karaoke dance show with John Kristinski
Speaker 1: or whoever Jimmy fallon one of them. Yeah, and she
Speaker 1: was Bruno Mars and she did the most epic impersonation.
Speaker 1: And then Tom Holland was Rihanna and he also did
Speaker 1: a it was hard. They were so good.
Speaker 3: Okay, so we got some people.
Speaker 1: Yeah, what were Queen Latifa? Donald Glove? I love Queen
Speaker 1: Latifa Rihanna herself, she asks.
Speaker 4: I say, we just know she's that bitch, but I
Speaker 4: don't know if she's that bitch. Bitch bitch, you know
Speaker 4: what I mean?
Speaker 1: And once again I have landed, Like I'm on the
Speaker 1: boat with you and I'm rowing, do you know what
Speaker 1: I mean? Like? I support this trip? But where are
Speaker 1: we going?
Speaker 3: No, because we're just so much.
Speaker 1: Are we going on this boat?
Speaker 4: Because we're saying the HSA is a trip friend and
Speaker 4: so we're gonna bring it on back.
Speaker 3: All right, y'all?
Speaker 1: Any other land I see land right?
Speaker 3: If you have any other financial triple threats, let us
Speaker 3: know before we sign off. Do we have any new
Speaker 3: reviews that we want to read?
Speaker 1: Oh? I think yes, we have a new one. Let
Speaker 1: me just shake up my.
Speaker 3: Mind while she's While Mandy is finding the reviews. Please
Speaker 3: leave us.
Speaker 4: Some glorious reviews wherever you listen, but especially if you
Speaker 4: are listening on Apple podcasts, because it helps the girls
Speaker 4: find us, it helps you know the algorithm algorithm in
Speaker 4: our favor, and plus we just love reading that you
Speaker 4: might get read out land.
Speaker 1: Okay, Okay, It just means a lot because a lot
Speaker 1: of people take their time to leave both shit on
Speaker 1: the internet and like you know, negativity and you guys
Speaker 1: have taken some time to just put some positive vibes
Speaker 1: out there, and I love you for that. Today, the
Speaker 1: day after America's Birthday, Kaises two thousand got on Apple
Speaker 1: Podcasts and said this about brand ambition, and we just
Speaker 1: thank you. She says, down to earth, relatable and informative,
Speaker 1: all in one. You two are life ladies. The weekly
Speaker 1: informational key key is much needed everything from financial, business
Speaker 1: advice to family You ladies are a breath of fresh
Speaker 1: air each week sharing your real life experiences. Keep it coming.
Speaker 1: Years later and you're still blazing with informative and educational
Speaker 1: info that holds our retention and makes us think about
Speaker 1: how finance, personal growth, and business are essential to this
Speaker 1: thing we call adult Tank. Thanks ladies and another triple
Speaker 1: excavation mark. Yeah, oh look at.
Speaker 3: Hous getting one two three, Okay, we're two love that
Speaker 3: that could be all. I'll see you see that.
Speaker 4: We can be reading and pouring life back into you
Speaker 4: as well if you left this review and we'll see
Speaker 4: you on Monday, because you know.
Speaker 3: We are trouble. Thre it Monday, Wednesday, Friday, b A.
Speaker 1: The best things come in threes. It's the power of
Speaker 1: threes is truly very strong. Do we need a third
Speaker 1: co host? Okay, it's great, Thank you, BA fan, that's
Speaker 1: so amazing. Again, Brand Ambission Podcast on ig you can
Speaker 1: leave us a review on Apple Podcasts. That is the
Speaker 1: place to do it. Five stars would be wonderful. Believe
Speaker 1: honest reviews too, because I don't read them before I
Speaker 1: read them on the show. So if you say some
Speaker 1: you know, feedback is fine. Feedback is fine, but thank you,
Speaker 1: so keep it compute. Yeah, you can also d m
Speaker 1: us you know what I mean, like on the Private Way.
Speaker 1: Thank y'all so much so, and we'll see you Monday, Wednesday, Friday.
Speaker 1: Bye bye,