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Speaker 1: Listen sound bite for today's this There was a difference

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Speaker 1: between being broke and being poor. Dead as dead as.

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Speaker 1: I like that. I like that. Now that we've purchased

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Speaker 1: our home, I'm trying to find out how we can

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Speaker 1: replenish the bank account. Okay, Hey, I'm Cadine and I'm

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Speaker 1: Devoured and we're the ellis Is. You may know us

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Speaker 1: from posting funny videos with our boys and reading each

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Speaker 1: other publicly as a form of therapy. Wait, I'll make

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Speaker 1: you need therapy most days. Wow. And one more important

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Speaker 1: thing to mention, we're married. We are. We created this

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Speaker 1: podcast to open dialogue about some of life's most taboo topics,

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Speaker 1: things most folks don't want to talk about through the

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Speaker 1: lens of a millennium married couple. Dead adds is the

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Speaker 1: term that we say every day. So when we say

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Speaker 1: dead ass, we're actually saying facts, the truth, the whole truth,

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Speaker 1: and nothing but the truth. We bought take pillow Top

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Speaker 1: to a whole new level. Dead as starts right now.

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Speaker 1: This story is going to take me back two two

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Speaker 1: thousand and twelve. Okay, de Val gets a little bit

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Speaker 1: of knowledge about Facebook going public, right and at this

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Speaker 1: point in my life, um. We had lost money in

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Speaker 1: the stock market. We lost money doing all of these things,

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Speaker 1: um investments, buying property. But while I was starting to

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Speaker 1: rebuild my bank account, but I was broke. Wasn't poor

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Speaker 1: because I had everything that I needed in life. I

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Speaker 1: didn't have everything that I wanted, but I was broke.

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Speaker 1: It's funny because the story comes around I was. I

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Speaker 1: was broke, so I had and it's gonna sound funny

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Speaker 1: because you know, money is all relative. But I had

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Speaker 1: about dollars that I had saved up over doing all

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Speaker 1: my training and stuff like that that I was like,

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Speaker 1: know what, this is money and I can play with.

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Speaker 1: So I got tipped that Facebook was going to go public.

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Speaker 1: So I went and took the twenty dollars and I

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Speaker 1: invested it in Facebook. Right. I invested in Facebook, and

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Speaker 1: initially Facebook started to drop first, Remember people put it,

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Speaker 1: I think about thirty nine dollars. Put my money in

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Speaker 1: that thirty nine dollars. It dropped, right. I was like, dang.

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Speaker 1: At one point I got down to like fifteen dollars

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Speaker 1: or share. But I had put all the money I

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Speaker 1: had saved on it, so I couldn't double down. So

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Speaker 1: I was just letting it sit there, letting it sit there,

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Speaker 1: and after a while it started to come back up,

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Speaker 1: and it got back up to I think about twenty

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Speaker 1: six dollars. And at that point my t K was

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Speaker 1: at around k And it was around the time of

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Speaker 1: your birthday. And no a matter of fact, it was

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Speaker 1: your birthday. It was the ten year and averses right,

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Speaker 1: two thousand twelve, um. It was a ten year anniversary

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Speaker 1: of the day we first met. And I wanted to

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Speaker 1: do something nice for you. So I took out that

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Speaker 1: dollars and you didn't I upgraded your wedding ring. Are

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Speaker 1: you serious? Yes? I did, because to be honest, I

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Speaker 1: didn't listen. I had you know, I told you not

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Speaker 1: to do that. I told you to leave that right there.

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Speaker 1: So but this is I'm gonna gonna tell you why

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Speaker 1: that happened. Right. I had a poor relationship with money

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Speaker 1: because I was doing all the right things when I

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Speaker 1: was in the league, and I didn't trust the stock market,

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Speaker 1: I didn't trust real estate, and I had lost my money.

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Speaker 1: So at this point I was like, you know what,

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Speaker 1: I got this money. I want to do something nice

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Speaker 1: for you. And I was like fuck it. I was like,

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Speaker 1: fuck it, it's you know it's money I saved, I

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Speaker 1: lost a little bit of it. Let me upgrade her ring.

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Speaker 1: So I upgraded your ring and Facebook skyrocketed like shortly

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Speaker 1: after that. Some of the issues of being broke. When

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Speaker 1: you broke, you make broke people decisions. As y'all know,

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Speaker 1: tomorrow is my birthday. You know I'm the aries baby people. Second. Yes,

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Speaker 1: So I'm gonna give you an exciting song today that

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Speaker 1: my wife loves. I'm gonna start with the beat. I'm

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Speaker 1: gonna let you do the ad libs. Let me see,

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Speaker 1: let me see, let me see. No, no, no, no no,

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Speaker 1: Now what you wanna do? Wanna be ballers? Shot callers,

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Speaker 1: broers who beat them in and on the loaf from

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Speaker 1: the jake, the tourists trying to give my hands some

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Speaker 1: grants like horast, you're living the roa deal, three course meals, spaghetti,

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Speaker 1: that Genie deal, steal, everything's really in the field and

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Speaker 1: what you can't have now leaven you will. But don't

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Speaker 1: knock me for trying to bury seven zeros over rio.

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Speaker 1: Diy ain't nobody here, but I want to be heard

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Speaker 1: or yat not seven every day. That's my word. Women

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Speaker 1: with ther own Condomenium five plus five, who dropped millennium

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Speaker 1: for the months hand Karns nice On the hand, I

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Speaker 1: already spent my money on you. I could have had

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Speaker 1: more Facebook, How could have could have had about a

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Speaker 1: hundred thousand dollars right now instead? So you know what

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Speaker 1: coming out of karaoke back to your story time, I

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Speaker 1: feel like we're even now. You know why we even now.

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Speaker 1: I'm gonna tell y'all why we're even now because I

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Speaker 1: didn't know anything about this story right. I was just like, oh,

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Speaker 1: my baby just upgraded my ring. Oh, this was so sweet,

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Speaker 1: not knowing that he made a poor decision, much like

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Speaker 1: my poor decision when it came to the wedding versus

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Speaker 1: the property. This is how I'm gonna explain to you'all

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Speaker 1: how women make no sense. Oh my god, listen, she

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Speaker 1: now says, we even right. Listen to how we even.

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Speaker 1: She made a more economic decision to get something she wanted.

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Speaker 1: I made a poor economic decision to get her something

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Speaker 1: she wanted, But we eveny I didn't make it? Makes sense,

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Speaker 1: Make it make sense, be fair. I didn't even know

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Speaker 1: the upgrade was coming. That was a surprise. And had

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Speaker 1: I known that money invested. At the point we were

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Speaker 1: in our life, I would have been like, you know what, babe,

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Speaker 1: not maybe you should leave that money there lines. But

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Speaker 1: that's not the point. The point is when there's someone

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Speaker 1: going to make a poor economic decision to give me

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Speaker 1: something I want. I've done, That's that's when. Then we'll be.

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Speaker 1: Then we'll be even when you did that several times,

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Speaker 1: don't you know? At this point in our life, not

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Speaker 1: want me making no poor economic decisions. And that's why

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Speaker 1: we brought our guests back today because what we ain't

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Speaker 1: doing is making bad decision be lying to the people lying.

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Speaker 1: This is supposed to be dead ass, and you lying

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Speaker 1: talking about economic decisions to get me stuff. I've made

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Speaker 1: some in my tix. Okay, wait, just watch watch what

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Speaker 1: I'm not going even tell you how I got you

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Speaker 1: that Rolex. But it's all right. You did get me right.

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Speaker 1: You don't right. You want to be digging up dirt.

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Speaker 1: Don't don't think too deep, don't think too deep? All right,

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Speaker 1: all right, you're gonna find points. Is happening when you

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Speaker 1: when you get married. You don't know how to say this,

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Speaker 1: but you have to say you're right, and it give

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Speaker 1: me the look that you always give me thank you thanks.

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Speaker 1: So today we're talking, of course, more money, we're talking

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Speaker 1: less problems, more money and less problems, especially where we

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Speaker 1: are right now, we're pretty much a full year into

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Speaker 1: this pandemic. Spoken about what people are doing now that

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Speaker 1: you know jobs are lost and you know that noodle

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Speaker 1: budget that we spoke about in season four with Tiffany

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Speaker 1: Lecha maybe dwindling down. So um, there's so many things

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Speaker 1: to talk about when it comes to finances. By now,

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Speaker 1: many of us are familiar with the app called robin Hood,

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Speaker 1: which I was not really privy too, but we're gonna

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Speaker 1: learn more about what exactly happened with that. Um it's

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Speaker 1: the stock market, stock trading app, um, the investment app,

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Speaker 1: and there was some controversy around there. So we're going

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Speaker 1: to talk to Tiffany a little bit about that book,

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Speaker 1: her book, her day absolutely investing money in different ways

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Speaker 1: to financially plan for the future. Um. And it's always

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Speaker 1: a good time with her. And understand too, this is

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Speaker 1: a young lady who doesn't just talk to talk, she

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Speaker 1: walks the wall. Absolutely very very successful. And it's supportant

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Speaker 1: for us to say that because there's so many people

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Speaker 1: who say I don't know what I can be because

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Speaker 1: I don't see anyone who looks like to do those

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Speaker 1: things or people giving advice and themselves. It's like it's

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Speaker 1: like having a an outer shape trainer. It's like, how

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Speaker 1: you would be training me to be in the best

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Speaker 1: shape of my life. However, well, I mean sometimes they

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Speaker 1: say those who can't teach, So that's you know, that's motivate.

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Speaker 1: It's not just about that. But the great thing with

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Speaker 1: Tiffany is that I feel like she's wrapped up all

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Speaker 1: in one. She's engaging, she motivates, she gives also step

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Speaker 1: by step very successful, yes, very successful give and she's

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Speaker 1: failed before. Yes, So it's not a story where it's

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Speaker 1: like she was just a child prodigy, went to Harvard,

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Speaker 1: was intellectual that she got this from the Mud. And

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Speaker 1: that's why you know, we like bring her on. No,

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Speaker 1: we definitely rock with her and appreciate her. So let's

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Speaker 1: welcome back Tiffany Elean. Yes, and we're welcoming back to

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Speaker 1: the show for the m team time. And I'm just

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Speaker 1: so happy it's time because she's become our resident guest here.

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Speaker 1: Tiffany Elic the budget knee stuff, what's up Tiffany, Hey,

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Speaker 1: you know I have to come back, and that's all

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Speaker 1: Mary had a little lass reside. Absolutely, wherever the money's residing,

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Speaker 1: we want to have you there to talk about how

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Speaker 1: we can keep it there. But whatever the money reside,

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Speaker 1: that's what t is. That is true, that is true.

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Speaker 1: And at this point the money no longer resides in

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Speaker 1: our bank account because we purchased this home and now

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Speaker 1: I'm like, how do we rebuild it? Let's call Tiffany

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Speaker 1: back on the show and ask her. But I'm so

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Speaker 1: proud of y'all. Think it's a beutiful, beautiful, beautiful house.

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Speaker 1: And folks have to understand that home ownership is a

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Speaker 1: cornerstone for wealth, and especially for black wealth. So that's

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Speaker 1: what you guys are building. So that's awesome. Thank you.

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Speaker 1: We actually did a whole podcast on on why we

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Speaker 1: purchased a home and how this was more of a

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Speaker 1: legacy move than a stunt move, right exactly, So these

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Speaker 1: baby boys have, you know, something to hold on too.

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Speaker 1: And I also said talked about the importance of education,

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Speaker 1: which is why we want to have Tiffany back each

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Speaker 1: season to educate us on how to continue to grow

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Speaker 1: this money. Because what these kids ain't gonna do is

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Speaker 1: take this house and then we pass on and I'll

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Speaker 1: just piss it away somewhere. So if we want to

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Speaker 1: make sure that the generations to come know how to

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Speaker 1: be financially savvy. And of course Tiffany has a new

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Speaker 1: book which is fresh out just drop cut off the press,

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Speaker 1: Get Good with Money, Um, that just came out a

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Speaker 1: couple of days ago. So congratulations tiff Yes, thank you.

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Speaker 1: I think I'm like I just gave birth. I was

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Speaker 1: the blood, sweat, tears, labor that goes into something like that. Absolutely,

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Speaker 1: and you should be super proud of yourself, and we

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Speaker 1: are proud of you. Thank you, thank you. I really

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Speaker 1: wanted to create like I was like, Yo, it's where

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Speaker 1: is the manual to really help walk you through, step

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Speaker 1: by step how to literally get good with your money?

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Speaker 1: And um, but in a way that speaks like how

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Speaker 1: we speak. It doesn't feel like overwhelming. And y'all know

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Speaker 1: I used to be a teacher for over ten years

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Speaker 1: and like that really walks you through. I give you

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Speaker 1: a little bit of homework, I bring in other instructors.

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Speaker 1: It's truly like this like classroom in a book. But

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Speaker 1: you're like, oh, I got it. I could do that,

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Speaker 1: I could do that, I got this. No, that's right.

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Speaker 1: I think sometimes when you talk about finances, a lot

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Speaker 1: of the jargone is just very overwhelming. So being able

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Speaker 1: to have someone break it down for us, and at

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Speaker 1: this point nobody's in classes and really no one's in

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Speaker 1: school like that, we're virtually learning. So we're gonna learn

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Speaker 1: through this book about financial wholeness. Yeah, talk to us

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Speaker 1: a little bit about about financial homes and how you

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Speaker 1: can become whole. Uh and and not necessarily an expert,

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Speaker 1: but how you can just become whole financially because Knee

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Speaker 1: and I learned through this home buying process that you

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Speaker 1: know you have to be prepared even to to begin

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Speaker 1: to look at property. So how do you become financially whole? Well,

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Speaker 1: financial wholeness is when all ten aspects of your financial

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Speaker 1: life are working together for your I call it your

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Speaker 1: greatest good, your biggest benefit, and your richest life. So

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Speaker 1: there's these ten components, right, So most people think of

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Speaker 1: like financial freedom. I'm good, but I can tell you

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Speaker 1: as someone who achieved financial freedom, meaning if I didn't

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Speaker 1: want to work anymore, I didn't have to, I don't

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Speaker 1: have to financially technically work anymore. But I was still

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Speaker 1: a whole financial mess. Like I didn't have an estate

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Speaker 1: plan and something happened to me, what was gonna happen

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Speaker 1: to my coin? You know, I didn't have enough insurance.

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Speaker 1: If someone came to my house and send my neck,

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Speaker 1: my back, my neck and my back, I was you know,

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Speaker 1: you know, I didn't have a I didn't have a

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Speaker 1: proper guidance. So although I know how to manage my

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Speaker 1: day to day money, I definitely struggled with like the

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Speaker 1: larger plan. And so that's when I it clicked to

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Speaker 1: me that like financial freedom is not enough. That is,

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Speaker 1: it is a small component of maybe what you should

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Speaker 1: be working towards, but financial homeless is what everyone should

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Speaker 1: work towards. So the ten steps are one building a

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Speaker 1: budget to saving three digging out of debt for your

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Speaker 1: credit five um learning how to increase your income. These

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Speaker 1: are the finance the foundational components of financial wholeness. Then

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Speaker 1: we work on the next level of financial wholeness. So

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Speaker 1: six investing for both retirement and wealth. Seven getting good

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Speaker 1: with your insurance, eight increasing your net worth. Nine picking

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Speaker 1: your money team. You have to have financial professionals on

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Speaker 1: your team, and ten estate planning leaving the legacy. Those

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Speaker 1: are the ten components and get good with Money um um.

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Speaker 1: Ten simple steps to becoming financially whole walks you through

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Speaker 1: what does it? What do you have to do to

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Speaker 1: achieve this component? How to achieve it? All the tools

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Speaker 1: and resources you need. If I need to bring in

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Speaker 1: a specific expert, like, for example, a state planning, I'm

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Speaker 1: not an attorney, so I had to bring in my attorney,

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Speaker 1: Tony Moore. She's super dope, got her like doctorate in law,

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Speaker 1: and so I was like, Tony, let's walk the people

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Speaker 1: through what does the state planning look like if you're twenty,

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Speaker 1: if you're thirty, if you have kids, if you don't

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Speaker 1: have kids. But to take it from like this like

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Speaker 1: attorney's brain, but then make it that you and I

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Speaker 1: could be like, oh God, to God, to God, to

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Speaker 1: God it this is what I need to do. Well,

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Speaker 1: that's what That's what get go of money does. Quick

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Speaker 1: question because a lot of people I speak to, especially

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Speaker 1: you know, in my family, how I grew up their

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Speaker 1: idea of being financially whole is I paid my bills

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Speaker 1: on time? Like that's where a lot of people get

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Speaker 1: stuck and they don't know how to get out of

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Speaker 1: that level of because even that's not even financial freedom.

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Speaker 1: Just paying your bills on time is not financial freedom.

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Speaker 1: But a lot of people find themselves, especially in this

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Speaker 1: capitalist country, stuck there. How did they get from that

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Speaker 1: level to move to the next level? Yeah, because I

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Speaker 1: didn't even know there were ten. When she said there

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Speaker 1: was ten, I was like, well, how many people? You

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Speaker 1: started listening to them? I was like, all right, we

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Speaker 1: dipping dab in a couple. But we're in the proce

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Speaker 1: us state planning right, right, Because as we got to

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Speaker 1: the point now where we were able to make money

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Speaker 1: and we have different foundations stuff done, yeah and income,

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Speaker 1: we're at a point now where we don't we still

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Speaker 1: have to work, but don't give me. We still have

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Speaker 1: to work, but now we do have money that's working

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Speaker 1: for us. So that will be in a position where

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Speaker 1: at some points, said you know what, we don't have

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Speaker 1: to get up and quote unquote punch of clients. But

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Speaker 1: for those who are, you know, just pay bills to survive,

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Speaker 1: where can they go from there? So if you're just

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Speaker 1: just starting, I'd like to start with like mindset, right,

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Speaker 1: So you know, our people we like to season our meat.

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Speaker 1: I mean, you know, no judgment if you don't. But

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Speaker 1: so mindset is like mindset right, because I'm African and

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Speaker 1: I know contine that your West Indian season right, clean clean?

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Speaker 1: We season to me, yes, So I like to call

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Speaker 1: your your brain like your meat, right. So there has

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Speaker 1: to be a mindset adjustment. And so that mindset adjustment

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Speaker 1: is when you're seasoning your brain because you know, we

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Speaker 1: both know that if you don't see someon to me,

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Speaker 1: it's gonna be bland. You know, you're not gonna be

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Speaker 1: able to see your meal through. And so I I

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Speaker 1: say that wherever you are, and this is what I

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Speaker 1: start within the book, is that we start with a

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Speaker 1: mindset shift. You know, we take a moment to rethink about, yes,

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Speaker 1: like where you are, how you got there? Is it?

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Speaker 1: Is it your family members that are that are impacting

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Speaker 1: your mindset? Did you have some past financial trauma whatever

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Speaker 1: that is? I teach you how to kind of let

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Speaker 1: that go so you can introduce new material and navigate differently.

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Speaker 1: And so then we start really working on each step.

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Speaker 1: So each step, so as a teacher, we used to

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Speaker 1: have like this um this we have like this a

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Speaker 1: layout of how we teach a lesson. It's plan do review.

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Speaker 1: So plan means I like, um, this is like, let's

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Speaker 1: just say I was teaching preschool again, I'd be like, hey,

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Speaker 1: boys and girls, we're gonna learn our A B c's today.

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Speaker 1: But for the book, it's Hey, for this step, we're

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Speaker 1: gonna learn how to budget. We're gonna learn specifically how

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Speaker 1: to automate this budget. You know. So I give you

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Speaker 1: like because I think adults need to know what's what's happening?

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Speaker 1: What am I read it? It's a novel, you know,

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Speaker 1: so this is not a Harry Potter book. We're trying

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Speaker 1: to figure out. Don't tell me what happened to the end.

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Speaker 1: I need to go right right, So that's the plan

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Speaker 1: for right. Then the due part is the actual lesson,

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Speaker 1: how like how exactly do I make what you said

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Speaker 1: we're gonna do happen step by step by step by

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Speaker 1: step by step, you know. And then um, then the

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Speaker 1: review is checking for understanding, like, hey, we said we're

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Speaker 1: gonna do it, did you do your thing? Are you

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Speaker 1: good to go? Then we're ready to move on. And

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Speaker 1: so that's how each of the chapters has laid out plan,

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Speaker 1: do review. There's homework with each step. Again, like I said,

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Speaker 1: if the step requires an additional educator, I bring them

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Speaker 1: in for the technical things like insurance and the state planning.

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Speaker 1: I bring that person in to kind of walk us through.

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Speaker 1: But it's like a light, easy read, honestly, but it's

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Speaker 1: perfect if you're like, Okay, I'm just graduating college, or

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Speaker 1: what do I what do I do? Or I have

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Speaker 1: a life change. You know, I purchased a home and

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Speaker 1: I realized that my life has shifted. So a state planning,

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Speaker 1: for example, a twenty year old might be my mom

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Speaker 1: was on my bank account. But for y'all, a state

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Speaker 1: planning is you have to have a will because you

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Speaker 1: have the babies. Babies, but you know, you know, a

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Speaker 1: state planning for y'all. It's like your So, y'all have

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Speaker 1: a business, you know the Ballum convene, right, so who

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Speaker 1: what does? What does business? What does that look like?

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Speaker 1: If something happens to you to your business? You know?

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Speaker 1: And so it's great, especially if you had to shift

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Speaker 1: or you've never laid a solid financial foundation. I wanted

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Speaker 1: to create something that you can almost like if you

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Speaker 1: used to watch um like I used to watch this

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Speaker 1: with my um with my mom when I was younger, Like, uh,

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Speaker 1: soap operas, right, so you can watch from the very

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Speaker 1: beginning and keep watching and get value. But if you

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Speaker 1: just have to jump into this episode, you still get value. Yeah.

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Speaker 1: The same thing with the book, Like if you like

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Speaker 1: look and you're like, I don't need budgeting, I don't

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Speaker 1: need credit, you can literally jump to the part that

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Speaker 1: you need. But it also builds upon each other if

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Speaker 1: you do need all the building blocks. So that's what

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Speaker 1: I'm really excited because I think we've been we've been

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Speaker 1: lacking an adult in an adulting guide. No. Absolutely, there

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Speaker 1: is no guide to adults. And you actually get kicked

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Speaker 1: out of college um a lot of times and canna

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Speaker 1: and not talk about this. With education, there are certain

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Speaker 1: things you go to school for and you pay all

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Speaker 1: this money to go to school, and they don't teach

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Speaker 1: you how to be an adult. Like they teach you

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Speaker 1: how to you know, pass tests even in college and

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Speaker 1: how to write papers, but they don't teach you how

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Speaker 1: to become an adult. And that leads me to my question,

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Speaker 1: is there a minimum amount of money you need to have,

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Speaker 1: you need to make in order to say, you know,

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Speaker 1: what this book has value for me because some people say, oh,

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Speaker 1: you know, I want to get into financial planning, but

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Speaker 1: I don't even have the finances to start to plan.

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Speaker 1: Is there a minimum for someone No, not at all. Honestly,

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Speaker 1: if you are gainfully employed, I would say probably more

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Speaker 1: so a minimumount of responsibilities. So I wouldn't say this

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Speaker 1: book is for a fourteen year old even if your babysitting.

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Speaker 1: You know, there are some things that you know might

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Speaker 1: be able to help. But I will say that if

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Speaker 1: you are about to graduate, so you might be you,

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Speaker 1: you might be eighteen and helping to support your family. Perfect,

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Speaker 1: you might be I'm about to graduate college and get

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Speaker 1: my first job. Perfect. You know, there's not a minimum

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Speaker 1: amount that you have to have because no matter how

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Speaker 1: much you have, mindset is still critical. Saving is still

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Speaker 1: important to learn even if you can't currently save. Learning

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Speaker 1: how to pay down debt is critical to learn even

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Speaker 1: if you don't have the finances to pay down debt.

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Speaker 1: I believe that you should be pre prepared for what

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Speaker 1: you're rolling into. So even if like you're unemployed, is

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Speaker 1: actually a perfect book right now because that way, because

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Speaker 1: employment is coming, will you be ready for that? Oh?

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Speaker 1: It's it's funny you said, you know, it's perfect for

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Speaker 1: people who unemployed. I mean, we're in a recession and

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Speaker 1: a lot of jobs have been lost, so now people

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Speaker 1: are trying to consider what would be the job I

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Speaker 1: take that can take me out of this debt that

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Speaker 1: I've accrued over the last year. And I wonder how

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Speaker 1: the noodle budgets are going. I remember that from our

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Speaker 1: last time, because that's in the book to you have

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Speaker 1: you have the noodle budget? Yeah, I have. I have

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Speaker 1: literally I have the I call a health and safety budget,

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Speaker 1: the broke broke budget the noodle budget, because sometimes I

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Speaker 1: feel like they're not enough. Books don't assume like you're

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Speaker 1: kind of good. It's like, no, says that's why I'm reading.

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Speaker 1: I literally have a sex and that says what happens

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Speaker 1: if you're broke broke, because I have been broke broke,

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Speaker 1: you know, not like you know how people say like candy,

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Speaker 1: They're like, oh, I'm broke, But if you look at

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Speaker 1: your purse you can find a dollar or two. You

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Speaker 1: have some money in saving. It just means you don't

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Speaker 1: have no. No, no, I have been broke broke where

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Speaker 1: I was like, I hope I find a quarter in

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Speaker 1: one of these pockets, you know, where there's no money,

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Speaker 1: where my retirement fund drained, save his account drained, Um,

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Speaker 1: there's nothing in checking like broke broke? What do you

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Speaker 1: do then? And I addressed that because that's real, especially

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Speaker 1: with all that's happening now, because you know it's being

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Speaker 1: broke broke is terrifying. And then what happens is even

425
00:21:38,600 --> 00:21:41,879
Speaker 1: after let's just say you do find some sort of income,

426
00:21:42,240 --> 00:21:45,200
Speaker 1: there is a shame attached to being broke broke or

427
00:21:45,280 --> 00:21:48,880
Speaker 1: making pregnancial mistakes that keeps you in that broke broke mindset.

428
00:21:49,800 --> 00:21:52,719
Speaker 1: And I have been there where I was navigating from

429
00:21:52,800 --> 00:21:56,560
Speaker 1: this place as if I was still fighting being broke broke,

430
00:21:56,720 --> 00:21:59,800
Speaker 1: even though you know, I was, like, you know, financially

431
00:21:59,840 --> 00:22:02,040
Speaker 1: solid and stable. So I can't think. I don't think

432
00:22:02,080 --> 00:22:06,320
Speaker 1: we can under under estimate the power of what shame

433
00:22:06,359 --> 00:22:08,520
Speaker 1: could do, because I always say that shame is a liar.

434
00:22:09,040 --> 00:22:11,800
Speaker 1: Shame tells you you're a mistake. To all, you're a mistake,

435
00:22:12,640 --> 00:22:16,120
Speaker 1: not you've made a mistake, you know, And so when

436
00:22:16,160 --> 00:22:19,000
Speaker 1: you feel like you're a mistake, you don't tell anybody,

437
00:22:19,119 --> 00:22:21,040
Speaker 1: you don't share with anybody, and shame loves it. It

438
00:22:21,119 --> 00:22:24,320
Speaker 1: gets stronger with your silence, with your fear. It gets

439
00:22:24,359 --> 00:22:26,959
Speaker 1: stronger when you're solitary and you and you don't lean

440
00:22:27,000 --> 00:22:30,040
Speaker 1: into folks. But I show you how to expel shame,

441
00:22:30,160 --> 00:22:32,040
Speaker 1: which really the only way to do so, the only

442
00:22:32,200 --> 00:22:37,920
Speaker 1: antidote to shame is voice. You have, yes, tell your

443
00:22:38,000 --> 00:22:41,000
Speaker 1: your boo, tell your your your work wife, tell your

444
00:22:41,000 --> 00:22:44,160
Speaker 1: work husband, tell your work mom, tell your sister, your cousin,

445
00:22:44,359 --> 00:22:47,000
Speaker 1: somebody that you can expel that too, so that way

446
00:22:47,040 --> 00:22:49,919
Speaker 1: you can start working towards the solutions, especially for our

447
00:22:49,960 --> 00:22:54,080
Speaker 1: black and brown communities. I think that if we there

448
00:22:54,200 --> 00:22:57,240
Speaker 1: is a racial wealth gap that needs a number of

449
00:22:57,320 --> 00:23:02,720
Speaker 1: things right, so it needs let's just let's just lation. Absolutely. Yeah.

450
00:23:02,760 --> 00:23:04,399
Speaker 1: I'm actually working on a new one right now with

451
00:23:04,920 --> 00:23:07,560
Speaker 1: my friend Angela Vie mcnight assembly Woman. Angela, do it,

452
00:23:07,960 --> 00:23:09,600
Speaker 1: do it right now, because you know I wrote that

453
00:23:09,760 --> 00:23:11,520
Speaker 1: law for for the for the kids, like you know

454
00:23:11,640 --> 00:23:13,840
Speaker 1: in New Jersey that we have to get financial education.

455
00:23:14,440 --> 00:23:18,720
Speaker 1: But you guys purchased your home, but like appraisals on

456
00:23:19,000 --> 00:23:22,240
Speaker 1: like this little dark secret, talk about it. You know

457
00:23:22,480 --> 00:23:26,000
Speaker 1: that process that people's homes like y'all have this beautiful

458
00:23:26,080 --> 00:23:28,080
Speaker 1: house let's just say I'm making up a number. You

459
00:23:28,160 --> 00:23:30,600
Speaker 1: brought up a five hundred thousand dollars, you put two

460
00:23:30,680 --> 00:23:33,240
Speaker 1: hundred thousand dollars working to it. Because you're black and brown,

461
00:23:33,320 --> 00:23:36,520
Speaker 1: you are likely to be under praise by absolutely well,

462
00:23:36,560 --> 00:23:38,399
Speaker 1: you know, we spoke to um, when we spoke to

463
00:23:38,640 --> 00:23:41,280
Speaker 1: President Biden, now President Biden about it, he said for

464
00:23:41,400 --> 00:23:44,040
Speaker 1: a fact that he could have the same exact home

465
00:23:44,200 --> 00:23:46,000
Speaker 1: as Kadeina and I and it will get a praise

466
00:23:46,119 --> 00:23:49,200
Speaker 1: higher and it also won't be ensured as high because

467
00:23:49,280 --> 00:23:53,440
Speaker 1: we're black, and because he admitted that he admitted that

468
00:23:54,119 --> 00:23:56,919
Speaker 1: he admitted and so that is so discouraging. So that's legislation.

469
00:23:57,040 --> 00:23:59,359
Speaker 1: So these are the things to fix, right legislation. So

470
00:23:59,520 --> 00:24:01,600
Speaker 1: I'm the law I'm working on is an appraisal law

471
00:24:01,680 --> 00:24:04,160
Speaker 1: for the state of New Jersey to make that illegal,

472
00:24:05,320 --> 00:24:06,840
Speaker 1: and not just only to make it illegal, but to

473
00:24:06,960 --> 00:24:09,800
Speaker 1: make it mandatory that the appraiser and the realtor have

474
00:24:10,040 --> 00:24:13,160
Speaker 1: to give you, the buyer a checklist or the seller

475
00:24:13,400 --> 00:24:15,680
Speaker 1: a checklist of like what to be looking for in

476
00:24:15,720 --> 00:24:18,320
Speaker 1: the appraisal. And if they think it's unfairly done, here

477
00:24:18,560 --> 00:24:21,280
Speaker 1: here's here are the remedies. So that way their praiser knows.

478
00:24:21,640 --> 00:24:24,720
Speaker 1: I know, bro, we we're here now. You know, that's

479
00:24:24,800 --> 00:24:29,399
Speaker 1: one legislation too. There has to be education in our

480
00:24:29,440 --> 00:24:33,000
Speaker 1: community for us to change our financial situation. So this

481
00:24:33,160 --> 00:24:35,280
Speaker 1: is why books like Get Good with Money. You know,

482
00:24:35,480 --> 00:24:38,080
Speaker 1: you guys having these um these talks and having me

483
00:24:38,200 --> 00:24:41,680
Speaker 1: on you know, um my Facebook group, Dream Catchers, my

484
00:24:41,880 --> 00:24:44,840
Speaker 1: podcast Brown Ambition, Like, that's why financial education has to

485
00:24:44,920 --> 00:24:48,080
Speaker 1: be normalized in our community, because you can't do better

486
00:24:48,240 --> 00:24:52,960
Speaker 1: until you know better. And third, us folks who have

487
00:24:53,160 --> 00:24:56,720
Speaker 1: the opportunity to grow wealth have to then give back

488
00:24:57,000 --> 00:25:01,320
Speaker 1: to the community. That absolutely absolutely, you know, like we

489
00:25:01,640 --> 00:25:04,680
Speaker 1: have to put on our super Women Superman capes and

490
00:25:05,359 --> 00:25:07,679
Speaker 1: you know, like are we giving to you know, are

491
00:25:07,720 --> 00:25:10,200
Speaker 1: are we sending students black and brown students you know,

492
00:25:10,320 --> 00:25:13,040
Speaker 1: to college? Or you know, is there a fund? Um?

493
00:25:13,240 --> 00:25:16,000
Speaker 1: Are we? I'm talking about actual money? Like you know,

494
00:25:16,320 --> 00:25:17,800
Speaker 1: what does that look like? You know? I have a

495
00:25:17,920 --> 00:25:20,399
Speaker 1: friend who she shared me that she's on track to

496
00:25:20,520 --> 00:25:25,680
Speaker 1: make fifty million dollars this year, and I was like what,

497
00:25:26,200 --> 00:25:28,520
Speaker 1: and I was she was like, honestly, though, Tiffany, I'm

498
00:25:28,560 --> 00:25:32,520
Speaker 1: good with three, she said, but I aim to make

499
00:25:32,600 --> 00:25:36,240
Speaker 1: that fifty because I want to pour back heavily into

500
00:25:36,720 --> 00:25:40,160
Speaker 1: into our competing because like, you know, no one's coming

501
00:25:40,200 --> 00:25:43,119
Speaker 1: to save us. You know no one's coming to save us.

502
00:25:43,280 --> 00:25:47,240
Speaker 1: So pouring back into your community, knowledge and legislation. I

503
00:25:47,320 --> 00:25:49,719
Speaker 1: think those are the three corners don't really transforming um

504
00:25:50,280 --> 00:25:52,760
Speaker 1: black and brown wealth. Now I agree with you because

505
00:25:53,119 --> 00:25:54,840
Speaker 1: you know when we when you talked about being broke.

506
00:25:56,080 --> 00:25:58,840
Speaker 1: Just for clarification, there's a difference between being broke and

507
00:25:58,920 --> 00:26:02,040
Speaker 1: being poor, right, and people don't understand that being broke

508
00:26:02,520 --> 00:26:04,600
Speaker 1: um form For a lot of black and brown people.

509
00:26:04,640 --> 00:26:08,000
Speaker 1: It's a disease because you grow up working your tail

510
00:26:08,040 --> 00:26:10,240
Speaker 1: off and you're broke because you're constantly trying to find

511
00:26:10,320 --> 00:26:12,840
Speaker 1: ways to make more money. You're not poor because you're working.

512
00:26:12,880 --> 00:26:15,400
Speaker 1: You're able to survive. You have everything that you need,

513
00:26:15,520 --> 00:26:17,200
Speaker 1: but you don't have everything you walk so you don't

514
00:26:17,240 --> 00:26:19,000
Speaker 1: have anything you want, So you're broke. You're not poor.

515
00:26:19,280 --> 00:26:21,360
Speaker 1: Poor people don't even have the things that they need,

516
00:26:22,000 --> 00:26:24,480
Speaker 1: you know. But when you're walking around broke as a

517
00:26:24,520 --> 00:26:27,359
Speaker 1: black or brown person in America, that disease gets to

518
00:26:27,400 --> 00:26:28,840
Speaker 1: you where you're like, you know, I don't want people

519
00:26:28,880 --> 00:26:30,560
Speaker 1: to know that I'm broke because the shame that you

520
00:26:30,640 --> 00:26:32,920
Speaker 1: talked about comes in so the first time they do

521
00:26:33,040 --> 00:26:34,680
Speaker 1: get a little bit of money out of being broke,

522
00:26:34,800 --> 00:26:37,440
Speaker 1: they have to buy something to show people that I'm

523
00:26:37,520 --> 00:26:40,359
Speaker 1: not broke. So rather than investing in something that's gonna

524
00:26:40,400 --> 00:26:42,479
Speaker 1: make them more money, it's like, let me get these

525
00:26:42,520 --> 00:26:44,760
Speaker 1: Louis Hutton shoes, let me get this Gucci belt, let

526
00:26:44,840 --> 00:26:47,040
Speaker 1: me buy this chain to show people I'm not broke,

527
00:26:47,400 --> 00:26:50,240
Speaker 1: but you still broke. And I think that's where the

528
00:26:50,400 --> 00:26:54,879
Speaker 1: lack of business acumen and the financial education you need

529
00:26:54,960 --> 00:26:57,640
Speaker 1: to get out of that broke mindset is needed, because

530
00:26:57,680 --> 00:26:59,520
Speaker 1: if we can get out of that disease as a people,

531
00:26:59,800 --> 00:27:03,000
Speaker 1: we would be able to live a fruitful life without

532
00:27:03,040 --> 00:27:05,480
Speaker 1: feeling shame because we were broke for a little bit

533
00:27:05,560 --> 00:27:07,920
Speaker 1: of time. We've all been broken. I've been broke. I

534
00:27:08,000 --> 00:27:09,560
Speaker 1: made a lot of money and tried to invest in

535
00:27:09,640 --> 00:27:13,080
Speaker 1: some stuff, became broke, made more money and was planning

536
00:27:13,160 --> 00:27:14,920
Speaker 1: and saving. I had money in my account, but I

537
00:27:15,040 --> 00:27:17,280
Speaker 1: was broke, like I couldn't do things. So I get

538
00:27:17,320 --> 00:27:18,679
Speaker 1: what you're saying, and I think it's important for us

539
00:27:18,680 --> 00:27:21,320
Speaker 1: as a people to know that. Yeah, for sure, Um,

540
00:27:21,560 --> 00:27:25,119
Speaker 1: the robin Hood app I'm not too familiar with that

541
00:27:25,200 --> 00:27:27,480
Speaker 1: I don't know you wanted to talk together because there

542
00:27:27,600 --> 00:27:30,879
Speaker 1: was there was a big scandal that happened early in

543
00:27:30,920 --> 00:27:35,240
Speaker 1: the year. Because the the regular investor, and i'll say

544
00:27:35,240 --> 00:27:37,200
Speaker 1: a regular investor because none of us here have hedge

545
00:27:37,240 --> 00:27:39,919
Speaker 1: Funestifficy maybe the only one of us who could possibly

546
00:27:42,640 --> 00:27:47,159
Speaker 1: yet not yet, but the casual the casual investor started

547
00:27:47,200 --> 00:27:49,920
Speaker 1: to get involved during the pandemic because people were looking

548
00:27:50,000 --> 00:27:52,760
Speaker 1: for ways to make money and for the first time,

549
00:27:52,880 --> 00:27:55,680
Speaker 1: realistically in history, because of social media, people started to

550
00:27:55,720 --> 00:27:58,320
Speaker 1: communicate with each other and say, you know what, um

551
00:27:58,520 --> 00:28:01,679
Speaker 1: this this uh style is about to jump up. Everyone

552
00:28:01,720 --> 00:28:03,879
Speaker 1: should you know. But then people started to play the

553
00:28:03,960 --> 00:28:05,920
Speaker 1: same game the billionaires play. They said, you know what,

554
00:28:06,080 --> 00:28:08,960
Speaker 1: we can short this stock. If everyone you know buys

555
00:28:09,000 --> 00:28:10,240
Speaker 1: in and we can short that, we can make a

556
00:28:10,280 --> 00:28:12,640
Speaker 1: lot of money. But the billionaires started to lose money.

557
00:28:13,040 --> 00:28:16,680
Speaker 1: So as the billionaire started exactly, they was just like, no,

558
00:28:16,880 --> 00:28:19,440
Speaker 1: this can't happen. So they shut down the app and

559
00:28:19,560 --> 00:28:21,560
Speaker 1: shut down all the trading, which a lot of people

560
00:28:21,680 --> 00:28:24,640
Speaker 1: was like, it's illegal for you to completely shut down

561
00:28:25,080 --> 00:28:27,119
Speaker 1: all of the trading and pretty much cut out the

562
00:28:27,160 --> 00:28:30,440
Speaker 1: smoke the little guy, how can we as the casual

563
00:28:30,520 --> 00:28:33,159
Speaker 1: investors avoid these type of traps, and can you explain

564
00:28:33,200 --> 00:28:36,360
Speaker 1: a little bit about what happened so our our listeners

565
00:28:36,400 --> 00:28:40,080
Speaker 1: can understand what happened in that case. Yes, so yes.

566
00:28:40,240 --> 00:28:42,680
Speaker 1: Robin Hood is an app where you can buy, sell,

567
00:28:42,800 --> 00:28:46,520
Speaker 1: and trade stocks. I was using it before I dance

568
00:28:46,520 --> 00:28:49,840
Speaker 1: anymore after this um so um so yeah. It was

569
00:28:49,880 --> 00:28:52,120
Speaker 1: super easy and you could literally look up you know,

570
00:28:52,440 --> 00:28:54,200
Speaker 1: like you know, you could type in you know, I

571
00:28:54,240 --> 00:28:56,880
Speaker 1: don't know, like for example, games, games, the type of game,

572
00:28:56,920 --> 00:28:59,520
Speaker 1: stop right, and then they would tell you the symbol,

573
00:28:59,520 --> 00:29:00,760
Speaker 1: tell you how US do you want to buy? Do

574
00:29:00,760 --> 00:29:02,960
Speaker 1: you want to sell? If it's during trading hours, you

575
00:29:03,000 --> 00:29:06,040
Speaker 1: can instantly you know, buy seller, trade um. If it's after,

576
00:29:06,160 --> 00:29:08,400
Speaker 1: you could put in um, you can put in a

577
00:29:08,520 --> 00:29:11,240
Speaker 1: request and when when trading hours open back up, it

578
00:29:11,280 --> 00:29:13,400
Speaker 1: would do it for you. So what happened was that

579
00:29:13,600 --> 00:29:18,080
Speaker 1: um that head funds. They're so terrible, these rich mostly

580
00:29:18,160 --> 00:29:21,320
Speaker 1: white dudes. They look at companies that they are pretty

581
00:29:21,360 --> 00:29:24,960
Speaker 1: sure are gonna go under and they do something called shorting,

582
00:29:25,160 --> 00:29:28,240
Speaker 1: which is when you basically bet on the loss. You know,

583
00:29:28,320 --> 00:29:30,200
Speaker 1: you play like you know, the US to play football.

584
00:29:30,480 --> 00:29:32,600
Speaker 1: So some people like bet like, okay, you know, the

585
00:29:32,640 --> 00:29:34,920
Speaker 1: Bucks are gonna win against the Patriot, you know, but

586
00:29:35,120 --> 00:29:38,240
Speaker 1: there are people who are betting on the loss, like

587
00:29:38,560 --> 00:29:41,560
Speaker 1: I'm guessing that they're gonna lose by twelve points. And

588
00:29:41,720 --> 00:29:44,600
Speaker 1: that shorting is similar to that that like you get

589
00:29:44,680 --> 00:29:48,600
Speaker 1: in you you purchase and you know that you can

590
00:29:48,840 --> 00:29:52,000
Speaker 1: um so basically exchange your purchase at a at a

591
00:29:52,080 --> 00:29:54,040
Speaker 1: lower like lower than what you bought it for so

592
00:29:54,200 --> 00:29:58,280
Speaker 1: you can collect collecting, you know, and so like they were.

593
00:29:58,520 --> 00:30:00,800
Speaker 1: But the problem is it's one thing because it's already

594
00:30:00,960 --> 00:30:03,400
Speaker 1: like imagine you guys have a business. Imagine if there

595
00:30:03,440 --> 00:30:06,640
Speaker 1: are people they were like, oh Thelan cuisine, Okay, they

596
00:30:06,680 --> 00:30:09,239
Speaker 1: don't just look at real Oh they got a house girl.

597
00:30:09,240 --> 00:30:12,000
Speaker 1: They're about to lose, let me invest in their loss.

598
00:30:12,280 --> 00:30:15,920
Speaker 1: That's terrible, like morally. But then some of these headphones

599
00:30:15,960 --> 00:30:21,080
Speaker 1: actually encourage, like meaning do things um to to help

600
00:30:21,160 --> 00:30:23,280
Speaker 1: the company lose more quickly so they can get their

601
00:30:23,280 --> 00:30:26,640
Speaker 1: money sooner, which is even worse. Right, that's his headphones

602
00:30:26,640 --> 00:30:28,280
Speaker 1: dive and they make they've been doing this forever making

603
00:30:29,200 --> 00:30:32,520
Speaker 1: they're so bold, they make lists of their losing losing,

604
00:30:32,720 --> 00:30:35,280
Speaker 1: Oh we're about to bankrupt these people. And these people

605
00:30:35,360 --> 00:30:38,600
Speaker 1: like how arrogant, right, So then what happened is read

606
00:30:38,640 --> 00:30:41,000
Speaker 1: it and read it is like, um, it's a um.

607
00:30:41,840 --> 00:30:45,200
Speaker 1: It's like a community board, you know, where like there's

608
00:30:45,200 --> 00:30:48,920
Speaker 1: all of these like different communities you can talk about anything, cats, dogs, investments,

609
00:30:48,960 --> 00:30:50,640
Speaker 1: But there was a community board I forget the name

610
00:30:50,680 --> 00:30:52,680
Speaker 1: of it where they were. They've been like kind of

611
00:30:52,720 --> 00:30:55,720
Speaker 1: helping each other out as they've been struggling with their finances,

612
00:30:55,800 --> 00:31:00,520
Speaker 1: but they talked investing, and somebody realized, like, hum, you

613
00:31:00,600 --> 00:31:03,840
Speaker 1: know these this headge fund in particular has been talking

614
00:31:04,000 --> 00:31:07,400
Speaker 1: about game Stop um and shorting it. But you know,

615
00:31:07,520 --> 00:31:09,600
Speaker 1: I like game Stop. I I you know who else

616
00:31:09,640 --> 00:31:12,800
Speaker 1: likes game Stop? What if we invest in games Stop

617
00:31:13,320 --> 00:31:16,160
Speaker 1: and stop them from going down? Because what happens is

618
00:31:16,240 --> 00:31:19,360
Speaker 1: that you only win at the stock goes down. If

619
00:31:19,440 --> 00:31:22,320
Speaker 1: the stock goes up, you oh, if the stock goes down,

620
00:31:22,480 --> 00:31:25,680
Speaker 1: you receive Yeah. So they're like, so, and the way

621
00:31:25,720 --> 00:31:28,680
Speaker 1: a stock goes up, it's all about supplying demand. The

622
00:31:28,760 --> 00:31:32,040
Speaker 1: more demand of a stock, the more the stock price rises.

623
00:31:32,240 --> 00:31:33,920
Speaker 1: So they're like, what if we just start buying game stock.

624
00:31:34,000 --> 00:31:36,120
Speaker 1: Let's let's let's let's make the demand go up. Game

625
00:31:36,200 --> 00:31:38,280
Speaker 1: Stop I think was trading at first at like thirty dollars,

626
00:31:38,600 --> 00:31:40,160
Speaker 1: then fifty and a hundred. I think it went all

627
00:31:40,160 --> 00:31:42,880
Speaker 1: the way up to like four or five dollars. Now

628
00:31:43,200 --> 00:31:46,800
Speaker 1: these um let's just say, for example, that the Hedgecomb

629
00:31:46,840 --> 00:31:51,360
Speaker 1: guys said they bought it at fifty dollars and said,

630
00:31:51,640 --> 00:31:54,000
Speaker 1: um or they wanted to short at at thirty. So

631
00:31:54,040 --> 00:31:55,960
Speaker 1: they're like, Okay, for every stock that we have a fifty,

632
00:31:56,200 --> 00:31:58,200
Speaker 1: we're gonna short at at thirty. We're gonna get twenty

633
00:31:58,200 --> 00:32:00,480
Speaker 1: dollars per stock. And we have millions of these stocks.

634
00:32:00,960 --> 00:32:04,840
Speaker 1: Now you've got it at fifty, it's now five hundred,

635
00:32:05,320 --> 00:32:11,640
Speaker 1: so you're not getting twenty you owe four and per stock, yes,

636
00:32:11,840 --> 00:32:15,280
Speaker 1: per stock, yes, And so that was that's what was happening,

637
00:32:15,320 --> 00:32:16,920
Speaker 1: and so it was going and going. So basically it

638
00:32:17,040 --> 00:32:18,240
Speaker 1: was stand up. I don't know if you ever seen

639
00:32:18,280 --> 00:32:20,560
Speaker 1: like the didd the didd he meme when like, um,

640
00:32:20,640 --> 00:32:22,600
Speaker 1: it's like the four show, when did he looking at

641
00:32:22,600 --> 00:32:26,000
Speaker 1: the dude with blond hair and they're like, that's really

642
00:32:26,120 --> 00:32:30,480
Speaker 1: what's happening. It was like so because it's basically whoever,

643
00:32:30,720 --> 00:32:35,120
Speaker 1: because if if the game stoppers had stopped investing in

644
00:32:35,200 --> 00:32:37,320
Speaker 1: game Stop, it would have tumbled down. So they had

645
00:32:37,360 --> 00:32:39,480
Speaker 1: to keep buying and keep buying and keep buying. So

646
00:32:39,600 --> 00:32:41,680
Speaker 1: it's like who's gonna basically say all right, all right,

647
00:32:41,760 --> 00:32:44,240
Speaker 1: you got it first. Who's gonna stop staring first? And

648
00:32:44,400 --> 00:32:47,560
Speaker 1: so the heads from guys was like, y'all, y'all money

649
00:32:47,600 --> 00:32:50,320
Speaker 1: too low. Eventually you're you're one of the money. Keep

650
00:32:50,320 --> 00:32:55,360
Speaker 1: buying the stock. But the games, the yes just keep

651
00:32:55,440 --> 00:32:58,440
Speaker 1: buying and buying and buying, and people people stepped in

652
00:32:58,520 --> 00:33:00,640
Speaker 1: to encourage them, like um Elon Musk, you know, the

653
00:33:00,680 --> 00:33:04,000
Speaker 1: owner of basically like Go Guys Go, and they was

654
00:33:04,080 --> 00:33:15,080
Speaker 1: like okay, so came yeah, exactly, who's next? And so

655
00:33:16,240 --> 00:33:18,239
Speaker 1: as a result, but that here's a problem because being right.

656
00:33:18,280 --> 00:33:20,640
Speaker 1: So let's let's just say that you want to jump

657
00:33:20,680 --> 00:33:22,680
Speaker 1: in and you're like, oh, game Stop at a hundred dollars,

658
00:33:22,800 --> 00:33:25,040
Speaker 1: because there's no way to know that the day that

659
00:33:25,120 --> 00:33:27,000
Speaker 1: it actually because game Stop actually was a company that

660
00:33:27,080 --> 00:33:29,920
Speaker 1: was struggling. You could have put in ten thousand dollars

661
00:33:30,080 --> 00:33:31,880
Speaker 1: and the next day that's going to drop you like nah,

662
00:33:32,920 --> 00:33:35,400
Speaker 1: Or you could have put in your ten and it

663
00:33:35,440 --> 00:33:37,240
Speaker 1: went up to thirty thou you're like, so there's no

664
00:33:37,360 --> 00:33:40,600
Speaker 1: way to know. So there's some people who made millions

665
00:33:40,640 --> 00:33:42,280
Speaker 1: of dollars. One dude was like, yeo, I made like

666
00:33:42,320 --> 00:33:44,000
Speaker 1: one point two million dollars. I put a hundred something

667
00:33:44,000 --> 00:33:47,040
Speaker 1: thousand dollars in, took it out the next day. But

668
00:33:47,120 --> 00:33:50,880
Speaker 1: there's no way to know. Very volatile because you don't

669
00:33:50,960 --> 00:33:53,720
Speaker 1: know who's going to win the staring contest, you know,

670
00:33:54,360 --> 00:33:56,320
Speaker 1: and you don't know are the game are the regular

671
00:33:56,360 --> 00:33:59,479
Speaker 1: guys gonna run out of money or are the headphone

672
00:33:59,480 --> 00:34:01,720
Speaker 1: guy's gonna say okay, okay okay. So the heads funk

673
00:34:01,720 --> 00:34:04,120
Speaker 1: guys gave in sooner because they're like, if it keeps

674
00:34:04,160 --> 00:34:06,920
Speaker 1: going higher, we literally don't have the money already to

675
00:34:07,040 --> 00:34:09,560
Speaker 1: cover what's gonna this loss is gonna cost us. They

676
00:34:09,640 --> 00:34:13,680
Speaker 1: had to basically get an emergency um injection of money

677
00:34:13,960 --> 00:34:21,160
Speaker 1: to cover millions and millions of millions. Yes, but the

678
00:34:21,200 --> 00:34:23,759
Speaker 1: only issue is this is that so right now the

679
00:34:23,800 --> 00:34:26,200
Speaker 1: game stops, like oh it ain't good and then and

680
00:34:26,320 --> 00:34:30,399
Speaker 1: then um Um robin Hood was like, actually, y'all can't

681
00:34:30,440 --> 00:34:33,120
Speaker 1: buy and sell um or y'all can't Yeah, y'all can't

682
00:34:33,120 --> 00:34:35,239
Speaker 1: buy um robin Hood, I mean not robin Hood games.

683
00:34:36,239 --> 00:34:39,000
Speaker 1: So the whole game like I can't buy, So you

684
00:34:39,120 --> 00:34:41,359
Speaker 1: know what happens about like I said, it's supplying the man.

685
00:34:41,560 --> 00:34:44,520
Speaker 1: If I can't buy, the price is gonna drop. So

686
00:34:44,719 --> 00:34:47,320
Speaker 1: that's what ended up happening, is that like you know,

687
00:34:47,400 --> 00:34:48,880
Speaker 1: a lot of people lost a lot of money. But

688
00:34:48,960 --> 00:34:53,680
Speaker 1: it wasn't fair if that Robin Hood was like, hey, basically,

689
00:34:53,800 --> 00:34:56,000
Speaker 1: y'all are winning, let's change the rules of the game exactly.

690
00:34:56,120 --> 00:34:58,920
Speaker 1: You know, you know, you know it's not green, you

691
00:34:59,120 --> 00:35:01,919
Speaker 1: gotta wear blue now It's like wait what all the time?

692
00:35:02,640 --> 00:35:05,160
Speaker 1: You know? And so that's really what's been happening. There's

693
00:35:05,200 --> 00:35:07,239
Speaker 1: like a lot of basically because you're not allowed to

694
00:35:07,280 --> 00:35:10,120
Speaker 1: manipulate the market. That is illegal. That's the question is

695
00:35:10,719 --> 00:35:13,239
Speaker 1: first of all, headphones do it all the time. That

696
00:35:13,440 --> 00:35:15,840
Speaker 1: all the time, but they're like basically with these regulars

697
00:35:15,920 --> 00:35:18,560
Speaker 1: Joe Schmall's are they manipulating the market? Is that one

698
00:35:18,600 --> 00:35:21,080
Speaker 1: person saying hey, guys, hey, or can people just talk

699
00:35:21,080 --> 00:35:23,600
Speaker 1: about stocks that you normally do? You're not talking about

700
00:35:23,600 --> 00:35:27,279
Speaker 1: it now, I'm not manipulating the market absolutely, that's yes.

701
00:35:27,640 --> 00:35:30,880
Speaker 1: And so like so we're going to kind of exactly

702
00:35:31,000 --> 00:35:32,840
Speaker 1: so we're going to kind of see like what happens

703
00:35:32,880 --> 00:35:35,840
Speaker 1: as a result, because big money people don't like losing,

704
00:35:35,960 --> 00:35:38,919
Speaker 1: especially not the small money people. A small money people

705
00:35:39,000 --> 00:35:42,319
Speaker 1: have now stepped into their powers, say oh, we've got

706
00:35:42,360 --> 00:35:44,360
Speaker 1: a little power here, So I'll be very interested to

707
00:35:44,520 --> 00:35:48,040
Speaker 1: see what investing looks like moving forward. Speaking of stepping in,

708
00:35:48,200 --> 00:35:51,040
Speaker 1: I've been hearing a lot about bitcoin cryptocurrency. To me,

709
00:35:51,239 --> 00:35:54,600
Speaker 1: it's all literally a foreign language thing, um. And even

710
00:35:54,680 --> 00:35:57,160
Speaker 1: when I've had explanations a couple of times, I'm still like,

711
00:35:57,360 --> 00:35:59,399
Speaker 1: but what well, I mean, it's it's not like it's

712
00:35:59,680 --> 00:36:02,960
Speaker 1: once set thing. It's constantly evolving. So you're being confused

713
00:36:02,960 --> 00:36:07,600
Speaker 1: about it as normal because I've been asking the same questions. Basis, Basically,

714
00:36:08,360 --> 00:36:13,400
Speaker 1: that bigcoin is money that doesn't belong to a company,

715
00:36:13,680 --> 00:36:16,080
Speaker 1: not company, doesn't belong to a country. Most of us

716
00:36:16,160 --> 00:36:18,200
Speaker 1: have like you know, like every country has its own currency,

717
00:36:18,880 --> 00:36:20,719
Speaker 1: you know, whether like we have a dollar, the yeah,

718
00:36:20,920 --> 00:36:24,640
Speaker 1: the whatever. People have another places the pound, you know, yeah, right,

719
00:36:24,719 --> 00:36:27,560
Speaker 1: So bitcoin doesn't have that. It's decentralized. There is no

720
00:36:27,680 --> 00:36:30,560
Speaker 1: country that backs it so um. For example, in the

721
00:36:30,719 --> 00:36:33,320
Speaker 1: United States, our dollar used to be back by gold,

722
00:36:33,760 --> 00:36:36,359
Speaker 1: so we knew we have this many dollars based upon

723
00:36:36,440 --> 00:36:38,439
Speaker 1: how much goal we had set up. Then they took

724
00:36:38,440 --> 00:36:41,279
Speaker 1: away the gold standard, and now our dollar is not

725
00:36:41,360 --> 00:36:43,839
Speaker 1: really backed by gold, it's just backed by like the US,

726
00:36:43,960 --> 00:36:47,000
Speaker 1: the United States promise that we got you. That's really

727
00:36:47,040 --> 00:36:50,240
Speaker 1: where dollars backed on, like that we're a strong company,

728
00:36:50,480 --> 00:36:55,160
Speaker 1: we got you, right exactly. So, but bitcoin is really

729
00:36:55,280 --> 00:36:58,680
Speaker 1: based upon like supply and demand, like it's it's it's worth.

730
00:36:59,040 --> 00:37:02,239
Speaker 1: It's based upon how much people um either want it

731
00:37:02,320 --> 00:37:04,120
Speaker 1: or don't want it. I'm so mad at myself because

732
00:37:04,120 --> 00:37:06,279
Speaker 1: I jumped into bigcoin. Remember there was like a big

733
00:37:06,320 --> 00:37:10,279
Speaker 1: bitcoin thing, maybe like two thousand eighteen or right, So

734
00:37:10,360 --> 00:37:12,920
Speaker 1: I bought like one for like it was like a

735
00:37:13,000 --> 00:37:15,080
Speaker 1: thousand dollars something like that at the time, and then

736
00:37:15,120 --> 00:37:16,960
Speaker 1: it went down to seven eight hundred. I got shook.

737
00:37:16,960 --> 00:37:18,680
Speaker 1: I was like, I'm scared. I took my money out,

738
00:37:18,760 --> 00:37:22,919
Speaker 1: lost my three hundred. While bigcoiners like like fifty would

739
00:37:22,920 --> 00:37:27,840
Speaker 1: have a coin right now, I would have had fifty

740
00:37:28,040 --> 00:37:31,279
Speaker 1: thousand dollars for my little one thousand dollars. You know.

741
00:37:31,360 --> 00:37:34,880
Speaker 1: I'm like, we was scared. Money don't make no money, right,

742
00:37:35,840 --> 00:37:38,839
Speaker 1: you know. So that's so so Really the reason why

743
00:37:38,840 --> 00:37:41,600
Speaker 1: bigcoin is looking a little more serious now is because

744
00:37:41,880 --> 00:37:44,160
Speaker 1: banks at first we're like we don't care what y'all

745
00:37:44,160 --> 00:37:46,399
Speaker 1: doing over there in these internet streets. We're not rocking

746
00:37:46,440 --> 00:37:48,280
Speaker 1: with it. If it's not a dollar again, a pound

747
00:37:48,520 --> 00:37:51,480
Speaker 1: or whatever, a ruby. You know, we don't, we don't,

748
00:37:51,520 --> 00:37:53,759
Speaker 1: we don't, you know, we don't recognize it, you know.

749
00:37:54,160 --> 00:37:57,279
Speaker 1: But now you have banks like Chas saying, well, you know,

750
00:37:57,600 --> 00:37:59,480
Speaker 1: I think we're gonna jump into the bitcoin thing, which

751
00:37:59,600 --> 00:38:02,800
Speaker 1: I helped to legitimize it. Because the thing about bitcoin

752
00:38:02,880 --> 00:38:06,200
Speaker 1: is there's a limited amount of bitcoin. They only create.

753
00:38:06,800 --> 00:38:09,799
Speaker 1: There's only a limited amountain. So what happens is once

754
00:38:09,840 --> 00:38:13,480
Speaker 1: that amount is fully mined, like it's only about you know,

755
00:38:13,520 --> 00:38:14,920
Speaker 1: you can only buy and sell like kind of like

756
00:38:15,040 --> 00:38:17,080
Speaker 1: what's out there. So we'll see what's going to happen.

757
00:38:17,520 --> 00:38:19,720
Speaker 1: Is it like getting the clubhouse invite? I need somebody

758
00:38:19,760 --> 00:38:24,040
Speaker 1: to invitecoin? Yeah, it is, honestly, it's like even like

759
00:38:24,120 --> 00:38:27,880
Speaker 1: the sooner you got in basically the better, you know,

760
00:38:28,760 --> 00:38:31,279
Speaker 1: because you have more people following you and so like.

761
00:38:31,719 --> 00:38:33,560
Speaker 1: So we'll see, Like I mean, I don't think bitcoin

762
00:38:33,680 --> 00:38:36,120
Speaker 1: is going anywhere at all, Um, It'll be curious to

763
00:38:36,200 --> 00:38:38,719
Speaker 1: see like what happens because you know, right now is

764
00:38:38,760 --> 00:38:40,880
Speaker 1: deregulated and governments don't like that because you know, they

765
00:38:40,960 --> 00:38:44,400
Speaker 1: want their peace, you know. Um, that's why bigcoin is

766
00:38:44,440 --> 00:38:47,040
Speaker 1: like beloved by like, you know, international smugglers and drug

767
00:38:47,080 --> 00:38:49,759
Speaker 1: dealers because there's no way to really trace it. And

768
00:38:50,200 --> 00:38:52,239
Speaker 1: but the problem bitcoin is that if you get locked

769
00:38:52,280 --> 00:38:56,640
Speaker 1: out of your bigcoin wallet, that's it. Yeah, that's that's

770
00:38:58,120 --> 00:39:00,920
Speaker 1: there's no there's no real security. Someone can take your

771
00:39:00,960 --> 00:39:03,319
Speaker 1: bigcoin and there's nowhere to go to get it back

772
00:39:03,480 --> 00:39:07,200
Speaker 1: because it's not government regulated. It's gone. Sorry, that's you

773
00:39:07,320 --> 00:39:09,160
Speaker 1: just lost your fift That's what makes the bigcoin a

774
00:39:09,200 --> 00:39:11,560
Speaker 1: little bit like that. People like you know like that

775
00:39:11,719 --> 00:39:14,000
Speaker 1: that big banks and governments have shied away from it

776
00:39:14,000 --> 00:39:16,239
Speaker 1: because there's nothing they don't there's nothing they could do

777
00:39:16,320 --> 00:39:18,319
Speaker 1: to control it. And so like there's a dude now

778
00:39:19,000 --> 00:39:21,279
Speaker 1: who has like something like I don't know, it was

779
00:39:21,320 --> 00:39:23,840
Speaker 1: something crazy like three million dollars worth a bitcoin, and

780
00:39:24,200 --> 00:39:28,080
Speaker 1: he forgot his logging and he's on he's on guest

781
00:39:28,200 --> 00:39:30,360
Speaker 1: number two because you only get three. So he's like,

782
00:39:30,480 --> 00:39:35,359
Speaker 1: oh my god, I know, can you imagine? So he's

783
00:39:35,400 --> 00:39:39,200
Speaker 1: like I don't even know what he's gonna do, but yeah,

784
00:39:39,320 --> 00:39:41,000
Speaker 1: so you just have to be so I have to

785
00:39:41,080 --> 00:39:43,360
Speaker 1: say this, this is what I say about investing, because

786
00:39:43,400 --> 00:39:45,840
Speaker 1: even in the book Getting with Money, I have a chapter,

787
00:39:46,120 --> 00:39:49,279
Speaker 1: chapter seven is about investing investing for retirement, which is

788
00:39:49,360 --> 00:39:53,080
Speaker 1: different than investing for wealth. Investing for retirement is basically,

789
00:39:53,239 --> 00:39:56,200
Speaker 1: you wanted to maintain your current lifestyle when you're no

790
00:39:56,320 --> 00:39:58,799
Speaker 1: longer working. So I called my no longer working south

791
00:39:58,880 --> 00:40:01,440
Speaker 1: Wanda because I found like, like, like not that I'm

792
00:40:01,480 --> 00:40:02,880
Speaker 1: gonna be old when I no longer work, but I

793
00:40:02,960 --> 00:40:04,960
Speaker 1: just feel like Wanda is a sassy old lady. She

794
00:40:05,000 --> 00:40:07,640
Speaker 1: got a little flavor. Ye what she's gonna be like,

795
00:40:07,719 --> 00:40:10,040
Speaker 1: I'm sorry, you do your ball in my backyard again?

796
00:40:10,200 --> 00:40:15,600
Speaker 1: What do we say about that? It's my analysis, right, Yeah,

797
00:40:16,080 --> 00:40:18,160
Speaker 1: I can't wait. I can't wait to be old lady

798
00:40:18,239 --> 00:40:28,120
Speaker 1: rude Anchorage. Now everybody okay, right, and everybody's business like

799
00:40:28,440 --> 00:40:31,480
Speaker 1: you're natural blonde. You're sure girl, because then Ruth say otherwise,

800
00:40:32,160 --> 00:40:35,960
Speaker 1: But I'm sorry. So, so you want to retire for

801
00:40:36,160 --> 00:40:37,960
Speaker 1: I mean, you want to invest for a retirement that's

802
00:40:37,960 --> 00:40:40,480
Speaker 1: just to maintain your current lifestyle and when you're no

803
00:40:40,560 --> 00:40:44,000
Speaker 1: longer working. That's the purpose of investing for retirement. Then

804
00:40:44,040 --> 00:40:46,279
Speaker 1: you also want to invest for wealth. Once you start

805
00:40:46,320 --> 00:40:50,080
Speaker 1: investing for retirement, which means to increase your current lifestyle

806
00:40:50,560 --> 00:40:53,239
Speaker 1: and to help to leave a greater legacy for those

807
00:40:53,280 --> 00:40:55,520
Speaker 1: that you're your heirs. You know, So if you're wanting

808
00:40:55,560 --> 00:40:57,560
Speaker 1: that private island, that's investing for a while. If you

809
00:40:57,640 --> 00:41:00,279
Speaker 1: wanted to leave money to the kids, that's investing for wealth.

810
00:41:00,440 --> 00:41:02,919
Speaker 1: Investing for retirement is not about leaving money for the kids.

811
00:41:03,080 --> 00:41:05,080
Speaker 1: It's not about the private island in the private jet.

812
00:41:05,160 --> 00:41:07,680
Speaker 1: And you know because because investing for retirement it's just

813
00:41:07,719 --> 00:41:09,719
Speaker 1: bare bones, like I'm not eating cat food when I

814
00:41:09,760 --> 00:41:12,800
Speaker 1: no longer working. That's what that is, right. So like

815
00:41:12,920 --> 00:41:15,800
Speaker 1: in the and get it with money Chapter seven, I

816
00:41:15,920 --> 00:41:19,200
Speaker 1: walk you through how to do both. Because it is

817
00:41:19,280 --> 00:41:23,880
Speaker 1: important to that you must invest. I just cannot stress

818
00:41:23,960 --> 00:41:27,319
Speaker 1: that enough. That whatever that looks like for some people, y'all,

819
00:41:27,480 --> 00:41:30,279
Speaker 1: it might be like we invest in our in real estate,

820
00:41:30,920 --> 00:41:34,400
Speaker 1: we invest in our actual business, you know, um, investing

821
00:41:34,400 --> 00:41:36,680
Speaker 1: in the market. I'm not gonna lie, especially now there's

822
00:41:36,680 --> 00:41:38,800
Speaker 1: a lot of money to be made. I know a trader.

823
00:41:38,880 --> 00:41:42,480
Speaker 1: They make some million dollars a month because she trade.

824
00:41:42,560 --> 00:41:45,640
Speaker 1: So to trade is um. Most people, I suggested them

825
00:41:45,680 --> 00:41:48,120
Speaker 1: long term investing. You know, you buy apple, you hold apple,

826
00:41:48,400 --> 00:41:51,080
Speaker 1: ten years from now. You sell apple. Right, trading is

827
00:41:51,560 --> 00:41:54,080
Speaker 1: you buy apple at nine am and it's a hundred

828
00:41:54,080 --> 00:41:57,640
Speaker 1: and fifty dollars and then at nine, um, nine thirty,

829
00:41:57,760 --> 00:42:00,040
Speaker 1: it's one seventy and you pull it out and you

830
00:42:00,120 --> 00:42:02,319
Speaker 1: put it back in. So that's trading. It's by sell

831
00:42:02,400 --> 00:42:04,799
Speaker 1: by cell sometimes during the day, like day trading people,

832
00:42:04,840 --> 00:42:08,200
Speaker 1: so people do right, So she does that and because

833
00:42:08,360 --> 00:42:10,759
Speaker 1: her the amount that she's putting in and out, it's

834
00:42:10,840 --> 00:42:14,960
Speaker 1: seven million dollars. She's making a million dollars now. But

835
00:42:15,040 --> 00:42:17,160
Speaker 1: it's not for the faint of heart. Because she said

836
00:42:17,239 --> 00:42:20,239
Speaker 1: one time she was trading and she was waiting for like,

837
00:42:20,400 --> 00:42:22,280
Speaker 1: you know, like her let's just say it was apple.

838
00:42:22,600 --> 00:42:25,160
Speaker 1: She knew that it's likely by nine to go to

839
00:42:25,520 --> 00:42:27,439
Speaker 1: you know, one fifty, and she could pull out her money.

840
00:42:27,600 --> 00:42:30,200
Speaker 1: Her mama calls, She's like, oh yeah, girl missed it.

841
00:42:31,440 --> 00:42:37,080
Speaker 1: So now all of a sudden, so yeah, girl, that's

842
00:42:37,080 --> 00:42:40,479
Speaker 1: seven million, ain't eight now is six? So she gotta

843
00:42:40,480 --> 00:42:42,320
Speaker 1: wait again. But do you see, Like so it's not

844
00:42:42,400 --> 00:42:44,719
Speaker 1: for the faint of heart, you know, um, But there

845
00:42:44,760 --> 00:42:46,520
Speaker 1: are other ways to trade, Like you know, you could

846
00:42:46,560 --> 00:42:49,040
Speaker 1: trade options, and you can you can you can trade

847
00:42:49,080 --> 00:42:50,880
Speaker 1: in a way that you kind of like set parameters

848
00:42:50,920 --> 00:42:52,600
Speaker 1: and it kind of does it for you automatically, but

849
00:42:53,040 --> 00:42:54,960
Speaker 1: you don't have to do that. But just know that

850
00:42:55,080 --> 00:42:58,600
Speaker 1: investing in the market is an additional way to invest,

851
00:42:59,000 --> 00:43:03,440
Speaker 1: and quite honestly, it's it expedites you're investing. So I'm

852
00:43:03,520 --> 00:43:05,560
Speaker 1: not super comfortable. I'm not going to pretend like I

853
00:43:05,680 --> 00:43:08,759
Speaker 1: am investing in the market, but I do, and I

854
00:43:08,880 --> 00:43:12,080
Speaker 1: do more long term investing like buy and hold good companies,

855
00:43:12,480 --> 00:43:16,239
Speaker 1: right because I understand that I want to have real estate,

856
00:43:16,280 --> 00:43:18,960
Speaker 1: which I do. I want to have my businesses, which

857
00:43:19,000 --> 00:43:20,799
Speaker 1: I do, but I also know what the market can

858
00:43:20,880 --> 00:43:23,200
Speaker 1: really generate, Like I'm you know, I'm a last time

859
00:43:23,200 --> 00:43:25,520
Speaker 1: I check, I'm up over a hundred percent, you know,

860
00:43:26,040 --> 00:43:27,560
Speaker 1: and so in my business I might not be up

861
00:43:27,600 --> 00:43:31,239
Speaker 1: over And so I think that learning to invest, even

862
00:43:31,320 --> 00:43:33,759
Speaker 1: if it's the most simplest form, like you're just looking

863
00:43:33,800 --> 00:43:37,040
Speaker 1: at index funds for example, an index fund is just

864
00:43:37,160 --> 00:43:40,239
Speaker 1: the basket of investments UM typically like a basket of

865
00:43:40,760 --> 00:43:44,920
Speaker 1: stock sometimes bonds UM that mirror the market. So you

866
00:43:45,080 --> 00:43:47,440
Speaker 1: your market is something like the SMP five hundred that

867
00:43:47,520 --> 00:43:50,279
Speaker 1: down Jones and marketing just basically think about it like

868
00:43:50,320 --> 00:43:54,680
Speaker 1: a supermarket, but instead of food, it's stock selling, you know,

869
00:43:55,080 --> 00:43:57,959
Speaker 1: so like different markets sell like we know, Whole Foods,

870
00:43:58,000 --> 00:44:01,920
Speaker 1: Whole Paycheck sells like healthy food, right. And so the

871
00:44:02,120 --> 00:44:04,960
Speaker 1: SMP five hundred, the type of quote unquote food stocks

872
00:44:05,040 --> 00:44:08,279
Speaker 1: they sell are UM five hundred of the one of

873
00:44:08,480 --> 00:44:11,239
Speaker 1: the biggest um companies in the United States. That's the

874
00:44:11,360 --> 00:44:15,560
Speaker 1: spy sell there, right. So you can literally say, I'm

875
00:44:15,600 --> 00:44:18,640
Speaker 1: going to buy an index fund that does what that

876
00:44:18,960 --> 00:44:22,080
Speaker 1: what that market does the sp five hundred right, So

877
00:44:22,280 --> 00:44:25,120
Speaker 1: I can you can literally condem you can literally say, okay,

878
00:44:25,640 --> 00:44:29,680
Speaker 1: this typed in index fund um um SMP five hundred

879
00:44:29,680 --> 00:44:32,000
Speaker 1: index fund. You find one, and you say, I'm gonna

880
00:44:32,000 --> 00:44:33,959
Speaker 1: put fifty bucks a month in. And when the SMP

881
00:44:34,040 --> 00:44:36,080
Speaker 1: five hundred is up. So when Whole Foods is selling

882
00:44:36,120 --> 00:44:38,160
Speaker 1: a lot of whole food, you up. When Whole Foods

883
00:44:38,160 --> 00:44:40,120
Speaker 1: is selling a little bit food, you down. But the

884
00:44:40,239 --> 00:44:42,680
Speaker 1: magic of it is is that we all know Whole

885
00:44:42,719 --> 00:44:46,000
Speaker 1: Foods always wins, even if they have a bad day,

886
00:44:46,280 --> 00:44:48,360
Speaker 1: they always have a good year. Even if they have

887
00:44:48,480 --> 00:44:50,640
Speaker 1: bad year, they always have a good decade. And so

888
00:44:50,760 --> 00:44:53,920
Speaker 1: it's the same thing with the market that even if

889
00:44:53,960 --> 00:44:57,439
Speaker 1: the market has a bad day, Over the last hundred years,

890
00:44:57,520 --> 00:44:59,800
Speaker 1: the market has been is up ten percent. Over the

891
00:45:00,160 --> 00:45:02,600
Speaker 1: thirty years, the market has been up on average seven

892
00:45:02,640 --> 00:45:05,000
Speaker 1: to eight percent, meaning that if you just put your

893
00:45:05,040 --> 00:45:07,880
Speaker 1: money automatically in an index fund, you're gonna go up.

894
00:45:07,960 --> 00:45:09,879
Speaker 1: You're gonna have some bad days and maybe some bad years,

895
00:45:09,920 --> 00:45:12,560
Speaker 1: but over time you're going to go walk. And that's

896
00:45:12,560 --> 00:45:14,279
Speaker 1: one of the easiest things you could do. Set it

897
00:45:14,360 --> 00:45:16,800
Speaker 1: and forget it in an index fund that mirrors the market.

898
00:45:17,520 --> 00:45:19,640
Speaker 1: I love that, and tit tifficy. You don't got no

899
00:45:19,719 --> 00:45:21,279
Speaker 1: time to be sitting down there putting money in and

900
00:45:21,360 --> 00:45:24,520
Speaker 1: out like a double dutch game. And girl, and I

901
00:45:24,680 --> 00:45:28,279
Speaker 1: was like teaching financial planning as a resource. She's doing

902
00:45:28,360 --> 00:45:30,920
Speaker 1: all the things. Okay, so why you but don't get

903
00:45:31,000 --> 00:45:32,799
Speaker 1: what I was tepted. I said, wait, he was, how

904
00:45:32,920 --> 00:45:35,719
Speaker 1: you trade? Again? I don't even a lot of you.

905
00:45:36,080 --> 00:45:37,960
Speaker 1: I have a couple of mouneis who trade, and I

906
00:45:38,120 --> 00:45:40,400
Speaker 1: was just like, you know, Mohammed trades. He's telling me

907
00:45:40,440 --> 00:45:42,080
Speaker 1: about this. He's the first person to tell me about

908
00:45:42,120 --> 00:45:45,640
Speaker 1: Facebook going public years ago. And he quit his job

909
00:45:45,680 --> 00:45:47,400
Speaker 1: and all he does his trade and he got a

910
00:45:47,719 --> 00:45:50,120
Speaker 1: fat crib. You know, he's just doing it. And I'm

911
00:45:50,160 --> 00:45:51,680
Speaker 1: just like a lot of money in it. It is,

912
00:45:52,000 --> 00:45:57,120
Speaker 1: but he'd be on that computer. Imagine you be on

913
00:45:57,200 --> 00:45:59,680
Speaker 1: set somewhere and you're joint just drops like you can

914
00:45:59,719 --> 00:46:04,040
Speaker 1: eat it to your phone. Still, Oh my Goodness's why

915
00:46:04,080 --> 00:46:07,080
Speaker 1: I said, Like, you know, investing is for everyone. Choosing

916
00:46:07,160 --> 00:46:09,160
Speaker 1: how to invest is for you to decide, like we

917
00:46:09,360 --> 00:46:12,560
Speaker 1: must as black and brown people, we must invest. But

918
00:46:12,680 --> 00:46:14,759
Speaker 1: if you're not comfortable with the market, fine, do you

919
00:46:14,880 --> 00:46:17,400
Speaker 1: have real estate? Do you have a business? You know?

920
00:46:17,680 --> 00:46:19,920
Speaker 1: Like you know you have to must, must must invest.

921
00:46:20,160 --> 00:46:23,680
Speaker 1: Investing just means growing your money because if your money

922
00:46:24,000 --> 00:46:26,120
Speaker 1: that same hundred dollars, Like, so y'all from New York.

923
00:46:26,120 --> 00:46:31,600
Speaker 1: Remember quarter waters right, the little like right they right now?

924
00:46:31,760 --> 00:46:37,000
Speaker 1: Like I don't know how must now I don't drink

925
00:46:37,680 --> 00:46:42,560
Speaker 1: What was that like? Literally when I was a little kid,

926
00:46:42,760 --> 00:46:46,120
Speaker 1: straight sugar water, Like let me get the blue meant

927
00:46:46,160 --> 00:46:48,080
Speaker 1: that blue does not even occur in nature anywhere? What

928
00:46:48,160 --> 00:46:51,160
Speaker 1: does that? But where they getting that blue color from?

929
00:46:51,239 --> 00:46:56,640
Speaker 1: But die? We don't even know death? Right, So quarter

930
00:46:56,719 --> 00:46:59,760
Speaker 1: wards are a perfect They're a perfect example of inflation.

931
00:47:00,120 --> 00:47:03,520
Speaker 1: Inflation is the devaluing of money over time, meaning that

932
00:47:03,640 --> 00:47:07,640
Speaker 1: your money has less power over time. Well we were kids, Um,

933
00:47:08,320 --> 00:47:12,640
Speaker 1: your quarter could buy that that little water. Now your kids,

934
00:47:12,680 --> 00:47:14,719
Speaker 1: if they wanted it, might have to pay thirty five

935
00:47:14,760 --> 00:47:18,560
Speaker 1: to fifty cents for the same quarter water. Your money

936
00:47:18,640 --> 00:47:20,719
Speaker 1: is worth less over time. So if you just keep

937
00:47:20,719 --> 00:47:23,440
Speaker 1: your hundred dollars in your shoe box or the safetess account,

938
00:47:23,640 --> 00:47:26,160
Speaker 1: that a hundred dollars in, like maybe next year is

939
00:47:26,200 --> 00:47:28,279
Speaker 1: worth ninety nine dollars, and ten years, maybe it's worth

940
00:47:28,360 --> 00:47:31,120
Speaker 1: ninety five dollars in thirty years, maybe it's worth fifty dollars.

941
00:47:31,160 --> 00:47:33,280
Speaker 1: You see what I mean. So if you don't actually

942
00:47:33,320 --> 00:47:36,120
Speaker 1: invest to raise it, so you have to just invest

943
00:47:36,360 --> 00:47:38,440
Speaker 1: just to keep your money worth what it's worth. So

944
00:47:38,719 --> 00:47:41,440
Speaker 1: you would have to invest that cents just to get

945
00:47:41,480 --> 00:47:43,120
Speaker 1: it to thirty five cents just so you can buy

946
00:47:43,120 --> 00:47:44,919
Speaker 1: the same water. So if that is not even about

947
00:47:44,960 --> 00:47:47,600
Speaker 1: getting rich, it's just about just maintaining the status quo.

948
00:47:48,280 --> 00:47:51,279
Speaker 1: That's why investing is so critically important. Honestly, that's why

949
00:47:51,320 --> 00:47:53,400
Speaker 1: books like Get Good with Money are so important because

950
00:47:54,080 --> 00:47:56,000
Speaker 1: I think that folks will understand that what I'm trying

951
00:47:56,000 --> 00:47:57,800
Speaker 1: to teach is this is that I want you to

952
00:47:57,840 --> 00:48:00,839
Speaker 1: get financially sound with the budgeting and saving and dead

953
00:48:00,920 --> 00:48:05,400
Speaker 1: and credit, so you have excess money to invest, and

954
00:48:05,440 --> 00:48:09,200
Speaker 1: so you can invest to grow excess money and so like.

955
00:48:09,840 --> 00:48:13,279
Speaker 1: Because the purpose of of working, and Dame Dash said

956
00:48:13,320 --> 00:48:16,080
Speaker 1: it best in some interview I saw him, it's to own.

957
00:48:17,160 --> 00:48:20,440
Speaker 1: That's yeah, that's the purpose of work to own because

958
00:48:20,760 --> 00:48:24,399
Speaker 1: you ownership is how you yield wealth because the things

959
00:48:24,440 --> 00:48:26,279
Speaker 1: that you own will go to work for you. Your

960
00:48:26,320 --> 00:48:29,600
Speaker 1: own real estate, that house works for you, stocks, those

961
00:48:29,640 --> 00:48:32,120
Speaker 1: stocks work for you. You know, so some of us,

962
00:48:32,160 --> 00:48:34,040
Speaker 1: to your point of old like, that's what broke is

963
00:48:34,360 --> 00:48:37,040
Speaker 1: is when you're working to work, not working to own.

964
00:48:37,880 --> 00:48:41,719
Speaker 1: That is probably the best definity of the broke working

965
00:48:41,760 --> 00:48:43,759
Speaker 1: to own. Every night, before the kids go to bed,

966
00:48:43,840 --> 00:48:45,520
Speaker 1: what do we say to each other? I say, why

967
00:48:45,560 --> 00:48:47,759
Speaker 1: do we go to work to build capital? Why do

968
00:48:47,840 --> 00:48:49,800
Speaker 1: we build capital to make our money work for you?

969
00:48:50,600 --> 00:48:52,680
Speaker 1: Every night I make the kids say that to me,

970
00:48:52,800 --> 00:48:54,800
Speaker 1: and they're they're repeating it now and they're repeating it,

971
00:48:54,840 --> 00:48:56,759
Speaker 1: but at some point they're going to get it. At

972
00:48:56,800 --> 00:48:58,480
Speaker 1: some point they're going to get it in That's that's

973
00:48:58,520 --> 00:49:02,080
Speaker 1: really the American dream. People think, especially black and brown people,

974
00:49:02,160 --> 00:49:04,040
Speaker 1: think the American dream is to have a good job.

975
00:49:04,560 --> 00:49:06,200
Speaker 1: I have a good job. I pay all my bills.

976
00:49:06,640 --> 00:49:09,400
Speaker 1: Once again, that's what that is. A broke mindset you

977
00:49:09,520 --> 00:49:12,600
Speaker 1: all you work to own. That's a fact. So in

978
00:49:12,680 --> 00:49:15,080
Speaker 1: addition to this phenomenal book that I have to get

979
00:49:15,120 --> 00:49:17,400
Speaker 1: because listen, I was an excellent student. I don't know

980
00:49:17,400 --> 00:49:19,960
Speaker 1: about Devalu, but I used to go to class and signament.

981
00:49:20,080 --> 00:49:21,680
Speaker 1: So what I'll do is I'll get the book, and

982
00:49:21,760 --> 00:49:24,000
Speaker 1: I will get my my, my, my post it's and

983
00:49:24,120 --> 00:49:26,440
Speaker 1: my colored highlighters like I used to back in the day,

984
00:49:27,040 --> 00:49:28,640
Speaker 1: and I will break it down for us to see

985
00:49:28,680 --> 00:49:30,640
Speaker 1: how we can take these things to a whole another level,

986
00:49:30,800 --> 00:49:32,880
Speaker 1: you know what I mean. Um So, in addition to

987
00:49:32,880 --> 00:49:35,000
Speaker 1: the book, Tiffany, just um let people know how you

988
00:49:35,080 --> 00:49:38,480
Speaker 1: can be a resource to them other surfaces us sorry,

989
00:49:38,560 --> 00:49:41,960
Speaker 1: services that you offer on your team, offers where people

990
00:49:42,000 --> 00:49:43,719
Speaker 1: can find the book, you know, close this out with

991
00:49:43,800 --> 00:49:46,480
Speaker 1: all the goods. Yeah, so I am the budget de

992
00:49:46,560 --> 00:49:49,400
Speaker 1: so all the platforms so you could always tweet me, Instagram,

993
00:49:49,480 --> 00:49:52,839
Speaker 1: Facebook me. Um so, yes, as far as resources, We've

994
00:49:52,880 --> 00:49:56,480
Speaker 1: got a a financial group on Facebook. It is almost

995
00:49:56,520 --> 00:49:58,120
Speaker 1: half a million of us, mostly women, but we do

996
00:49:58,239 --> 00:50:00,480
Speaker 1: have some dudes in there, and mostly women of color.

997
00:50:00,800 --> 00:50:03,280
Speaker 1: It's a safe space to ask questions to get feedback

998
00:50:03,320 --> 00:50:07,040
Speaker 1: from your peers. It's called dream Catchers, Live Richer with

999
00:50:07,120 --> 00:50:12,200
Speaker 1: a Budget EASTA certainly check that out. UM and UM

1000
00:50:12,320 --> 00:50:14,960
Speaker 1: and and I have a podcast where I we talked

1001
00:50:15,000 --> 00:50:18,879
Speaker 1: heavily myself, Mandy Santos and I another sister. UM. It's

1002
00:50:18,880 --> 00:50:23,040
Speaker 1: called Brown Ambition, and we talk about career, money, UM,

1003
00:50:23,360 --> 00:50:25,280
Speaker 1: life in this brown skin, like how do you navigate?

1004
00:50:25,320 --> 00:50:27,680
Speaker 1: We answer a lot of financial questions and so feel

1005
00:50:27,719 --> 00:50:30,040
Speaker 1: free to We're on all the social platforms you know, UM,

1006
00:50:30,120 --> 00:50:33,360
Speaker 1: not social platforms, but you know podcast platforms. UM And

1007
00:50:33,440 --> 00:50:36,279
Speaker 1: Then to get the book Get Good with Money tend

1008
00:50:36,320 --> 00:50:39,920
Speaker 1: Simple Steps to becoming financially whole. The website is literally

1009
00:50:40,120 --> 00:50:43,239
Speaker 1: get Good with Money. So, but I also have to

1010
00:50:43,280 --> 00:50:44,640
Speaker 1: have a gift for you if you go to Get

1011
00:50:44,680 --> 00:50:47,040
Speaker 1: Good with Money, UM, you know, get the book, But

1012
00:50:47,280 --> 00:50:51,000
Speaker 1: right away I want you to get your financial holeless checklist,

1013
00:50:51,560 --> 00:50:54,200
Speaker 1: because there if you scroll down on that, on that page,

1014
00:50:54,440 --> 00:50:56,360
Speaker 1: there is a quiz, a too minute quiz that you

1015
00:50:56,440 --> 00:50:59,120
Speaker 1: can take to see what level of financial holeness have

1016
00:50:59,239 --> 00:51:03,080
Speaker 1: you already achieved ten? So you can get clear like,

1017
00:51:03,520 --> 00:51:05,480
Speaker 1: but I want people to do that, honestly, almost even

1018
00:51:05,520 --> 00:51:07,759
Speaker 1: before they read the book, so they know, like, dang,

1019
00:51:07,840 --> 00:51:09,600
Speaker 1: this is what I gotta work on. As soon as

1020
00:51:09,640 --> 00:51:12,840
Speaker 1: you take the quiz, I email you the financial Holeness checklist,

1021
00:51:13,120 --> 00:51:14,960
Speaker 1: and so you could be reading the book and understanding,

1022
00:51:15,000 --> 00:51:19,800
Speaker 1: like I really need to work on my assurance yourself

1023
00:51:20,560 --> 00:51:25,200
Speaker 1: a gift. Tomorrow's my birthday, So make sure that I'm

1024
00:51:25,239 --> 00:51:27,120
Speaker 1: gonna send you all. I'm gonna here's what I ask

1025
00:51:27,160 --> 00:51:30,359
Speaker 1: you have, Like, you know, send me your your your your,

1026
00:51:30,440 --> 00:51:32,680
Speaker 1: your mailing address. I'm gonna send you guys a book,

1027
00:51:32,680 --> 00:51:33,880
Speaker 1: and then I'm gonna put a little sticky you know,

1028
00:51:34,000 --> 00:51:36,440
Speaker 1: like let me know, like honestly, we're really struggling with

1029
00:51:36,880 --> 00:51:39,200
Speaker 1: estate planning or picking a money team or whatever. And

1030
00:51:39,280 --> 00:51:41,080
Speaker 1: so what I've been doing for my friends is I've

1031
00:51:41,120 --> 00:51:43,960
Speaker 1: been like literally adding like little notes where you should

1032
00:51:44,040 --> 00:51:46,759
Speaker 1: look directly so you don't have to be like fumbling around. Right,

1033
00:51:46,760 --> 00:51:49,640
Speaker 1: I'm like, go to this page. This is what specifically

1034
00:51:49,719 --> 00:51:51,759
Speaker 1: I know that y'all would would find value from. So

1035
00:51:52,000 --> 00:51:54,320
Speaker 1: send me your your your mailing address, and a and

1036
00:51:54,440 --> 00:51:56,759
Speaker 1: like what your financial pain points all. And I got

1037
00:51:56,880 --> 00:51:58,359
Speaker 1: you all, but the rest of you go to get

1038
00:51:58,440 --> 00:52:01,000
Speaker 1: Good with Money dot Com go because y'all are not

1039
00:52:01,120 --> 00:52:06,160
Speaker 1: her friends yet Tiffany is our friends over my friend.

1040
00:52:08,600 --> 00:52:11,360
Speaker 1: Thank you so much, Tiffany, I I you know, we

1041
00:52:11,640 --> 00:52:14,160
Speaker 1: appreciate you being here with this season after season. You have,

1042
00:52:14,360 --> 00:52:16,680
Speaker 1: like I said, been a staple um in the Dead

1043
00:52:16,719 --> 00:52:18,960
Speaker 1: as podcast realm, and we appreciate you and we love

1044
00:52:19,040 --> 00:52:23,040
Speaker 1: you and continue to grow into greatness and help us

1045
00:52:23,120 --> 00:52:26,200
Speaker 1: to do the same for sure. And congratulations once again,

1046
00:52:26,280 --> 00:52:28,799
Speaker 1: first eight figure year. You know, it's just dope. It's dope,

1047
00:52:28,840 --> 00:52:31,640
Speaker 1: and we have to um once again. That's not stunting

1048
00:52:31,719 --> 00:52:35,360
Speaker 1: for people understand that this is a possibility. For we

1049
00:52:35,480 --> 00:52:38,040
Speaker 1: can't believe that we can do things unless we see it.

1050
00:52:38,880 --> 00:52:40,799
Speaker 1: And when I look at Tiffany and she says things

1051
00:52:40,840 --> 00:52:42,320
Speaker 1: like that, that just inspires me to be like, you

1052
00:52:42,360 --> 00:52:43,920
Speaker 1: know what Tiffany did, that's all I'm gonna do it,

1053
00:52:44,080 --> 00:52:46,040
Speaker 1: you know what I'm saying. So we need to give

1054
00:52:46,080 --> 00:52:48,719
Speaker 1: people their flowers while they're here, congratulate them and just say, look,

1055
00:52:48,760 --> 00:52:50,600
Speaker 1: if she did it, I can do it. So that's

1056
00:52:50,640 --> 00:52:56,200
Speaker 1: dope possible. Thank you, Thank you, Thank you. Tim. Look,

1057
00:52:56,360 --> 00:52:58,440
Speaker 1: every time I feel like I could speak to Tiffany

1058
00:52:58,560 --> 00:53:01,080
Speaker 1: for hours, you know, I just so many questions I

1059
00:53:01,200 --> 00:53:02,879
Speaker 1: want to ask. Yeah. I think what I love about

1060
00:53:02,880 --> 00:53:04,879
Speaker 1: Tiffany the most too, is that she, like she said,

1061
00:53:04,920 --> 00:53:07,280
Speaker 1: started as a teacher, So I feel like her methods

1062
00:53:07,480 --> 00:53:10,160
Speaker 1: methods are very digestible, you know. It's it's a bunch

1063
00:53:10,200 --> 00:53:11,719
Speaker 1: of knowledge. Like I said earlier, it's a lot of

1064
00:53:11,800 --> 00:53:14,680
Speaker 1: charger on that is surrounded um finances and how to

1065
00:53:14,960 --> 00:53:17,200
Speaker 1: be privy about, you know, the next move to make

1066
00:53:17,280 --> 00:53:19,560
Speaker 1: or what to do UM. But I love that everything

1067
00:53:19,680 --> 00:53:22,600
Speaker 1: is like a step by step with her, and it's

1068
00:53:22,680 --> 00:53:27,480
Speaker 1: it's it's something that's um systematic, like you can do it,

1069
00:53:27,560 --> 00:53:30,640
Speaker 1: and you can follow these steps and guarantee to get success.

1070
00:53:31,400 --> 00:53:33,279
Speaker 1: And I just I love the fact that she is

1071
00:53:33,440 --> 00:53:36,279
Speaker 1: just She's just us, you know, She's she's not this

1072
00:53:36,440 --> 00:53:39,360
Speaker 1: entertainer that got all her money performing. She's not an

1073
00:53:39,400 --> 00:53:42,759
Speaker 1: athlete that was six nine pounds. She's got a ton

1074
00:53:42,800 --> 00:53:44,960
Speaker 1: of money. She really got everything from the mud and

1075
00:53:44,960 --> 00:53:47,520
Speaker 1: started to build all these different streams of revenue, which

1076
00:53:47,560 --> 00:53:50,680
Speaker 1: shows us that it's possible, you know, and she's paying

1077
00:53:50,719 --> 00:53:53,600
Speaker 1: it forward by giving us the tea, the whole spire

1078
00:53:53,680 --> 00:53:55,799
Speaker 1: teeth pot you know what, Let's go to break right

1079
00:53:55,840 --> 00:53:57,520
Speaker 1: now so that way we can pay some ads. I

1080
00:53:57,560 --> 00:53:59,840
Speaker 1: could text her pay some ads. Please don't pay. No,

1081
00:54:00,960 --> 00:54:03,520
Speaker 1: that's not what we do. Get us paid. That that part,

1082
00:54:03,640 --> 00:54:05,520
Speaker 1: that's why I always do this podcast. She's trying to

1083
00:54:05,560 --> 00:54:09,440
Speaker 1: get more money away. You see this. We gotta pay

1084
00:54:09,480 --> 00:54:12,480
Speaker 1: some bills, take some bill by getting these ads. That's

1085
00:54:12,480 --> 00:54:14,319
Speaker 1: the fact. And I'm going to text her now our

1086
00:54:14,360 --> 00:54:17,400
Speaker 1: mailing address so we could get that coy. There you go.

1087
00:54:18,120 --> 00:54:33,000
Speaker 1: We'll be back with listening to letters after this. All right, baby,

1088
00:54:33,040 --> 00:54:35,879
Speaker 1: So we're back with your favorite portion of the show.

1089
00:54:36,560 --> 00:54:40,839
Speaker 1: A very long media show. But you have to letters here. Yeah,

1090
00:54:40,880 --> 00:54:44,040
Speaker 1: it was. I'm not going to repeat that. I'm not

1091
00:54:44,080 --> 00:54:47,839
Speaker 1: going to repeat that. Hey, Canina Devo. I'm a big

1092
00:54:47,880 --> 00:54:50,040
Speaker 1: fan of your show and very inspired by your success

1093
00:54:50,040 --> 00:54:54,240
Speaker 1: as entrepreneurs. Thank you. I'm in my early thirties, single

1094
00:54:54,320 --> 00:54:56,080
Speaker 1: and doing well in my career. I want to learn

1095
00:54:56,120 --> 00:54:57,719
Speaker 1: how to manage my money better, but I don't know

1096
00:54:57,760 --> 00:55:00,600
Speaker 1: where to start. I make k year with my nine

1097
00:55:00,680 --> 00:55:03,320
Speaker 1: to five, my credit scores under six hundred, and I

1098
00:55:03,480 --> 00:55:07,719
Speaker 1: live and pay all my bills alone in an expensive

1099
00:55:07,800 --> 00:55:12,239
Speaker 1: city about a month for rent and utilities. Oh man,

1100
00:55:12,680 --> 00:55:14,800
Speaker 1: I have about seventy k in student debt that I

1101
00:55:15,000 --> 00:55:19,480
Speaker 1: haven't even began to pay back ten years after graduating college.

1102
00:55:19,920 --> 00:55:23,879
Speaker 1: But that's only the debt. That's the only debt. Okay,

1103
00:55:23,960 --> 00:55:28,160
Speaker 1: got you I have. I have one thousand dollars in

1104
00:55:28,200 --> 00:55:31,719
Speaker 1: available credit to me, but I don't have any and

1105
00:55:31,800 --> 00:55:34,480
Speaker 1: I mean any money saved except for my for a

1106
00:55:34,600 --> 00:55:38,120
Speaker 1: one k. Yeah. I'm watching my friends by homes in

1107
00:55:38,200 --> 00:55:40,759
Speaker 1: less expensive cities and starting families, and I'm realizing it's

1108
00:55:40,760 --> 00:55:42,960
Speaker 1: time for me to get serious about my finances and

1109
00:55:43,360 --> 00:55:45,920
Speaker 1: my future. But I feel so far behind that I

1110
00:55:46,000 --> 00:55:48,000
Speaker 1: get overwhelmed and don't know where to start. What advice

1111
00:55:48,080 --> 00:55:51,040
Speaker 1: can you give me about where to start? It sounds silly,

1112
00:55:51,080 --> 00:55:52,680
Speaker 1: but my dream is to have at least a seven

1113
00:55:52,800 --> 00:55:56,120
Speaker 1: hundred credit scores. That's not silly, um, and enough money

1114
00:55:56,200 --> 00:55:59,080
Speaker 1: to pay bills for one year by two. Do you

1115
00:55:59,160 --> 00:56:02,719
Speaker 1: think that's tangible? Yes, I do think it's tangible. The

1116
00:56:02,760 --> 00:56:05,960
Speaker 1: first thing, um, young lady, the first thing I'm going

1117
00:56:06,080 --> 00:56:09,279
Speaker 1: to say to you, is welcome to the real world.

1118
00:56:09,719 --> 00:56:12,399
Speaker 1: There are a vast majority of people in New York

1119
00:56:12,440 --> 00:56:14,560
Speaker 1: because that's where we spend the last ten years while life.

1120
00:56:15,000 --> 00:56:17,359
Speaker 1: Um living the same way. You know, I remember growing

1121
00:56:17,440 --> 00:56:19,439
Speaker 1: up thinking that the minute I hit six figures I'll

1122
00:56:19,440 --> 00:56:21,200
Speaker 1: be good and then, um, I have a lot of

1123
00:56:21,280 --> 00:56:25,400
Speaker 1: friends who make over six figures, and they make six figures.

1124
00:56:25,480 --> 00:56:27,319
Speaker 1: They make six figures, and they're like, I still live

1125
00:56:27,360 --> 00:56:30,640
Speaker 1: paycheck to paycheck because rent is so expensive. They have

1126
00:56:30,800 --> 00:56:33,560
Speaker 1: student loans and they just feel like they can't get

1127
00:56:33,600 --> 00:56:35,440
Speaker 1: off the hamst to where they're just running in a circle.

1128
00:56:35,520 --> 00:56:38,080
Speaker 1: So you're not alone, um, But the first thing we

1129
00:56:38,120 --> 00:56:39,800
Speaker 1: do have to do is understand that that's part of

1130
00:56:40,239 --> 00:56:43,520
Speaker 1: the system, the capitalist system. Right. You make people feel

1131
00:56:43,600 --> 00:56:45,719
Speaker 1: comfortable so they can continue to work for you, so

1132
00:56:45,880 --> 00:56:48,080
Speaker 1: that they can continue to build their dreams while you're

1133
00:56:48,120 --> 00:56:50,760
Speaker 1: constantly working, and you have to work until you sixty

1134
00:56:51,000 --> 00:56:54,239
Speaker 1: before you retire. Um. The first thing we can do

1135
00:56:54,320 --> 00:56:58,120
Speaker 1: is change the mindset. Right, you pay a month for

1136
00:56:58,239 --> 00:57:01,400
Speaker 1: rent and utilities, probably because you felt like if I

1137
00:57:01,480 --> 00:57:04,879
Speaker 1: make seventy five K a month, I'm seventy K a year.

1138
00:57:05,239 --> 00:57:09,480
Speaker 1: That's around six thousand a month, right, six thousand in

1139
00:57:09,480 --> 00:57:12,440
Speaker 1: a month. That's seventy two um thousand a year. But

1140
00:57:12,640 --> 00:57:15,520
Speaker 1: after taxes, that six K a month will probably be

1141
00:57:15,600 --> 00:57:18,520
Speaker 1: down to about four K a month. So if you

1142
00:57:18,600 --> 00:57:21,800
Speaker 1: think it's four k man, and I want being being generous,

1143
00:57:21,880 --> 00:57:24,760
Speaker 1: now you make four K a month. Twenty three of

1144
00:57:24,880 --> 00:57:28,360
Speaker 1: those of those goals to rent and utility. So now

1145
00:57:28,440 --> 00:57:31,240
Speaker 1: you have seventeen hundred dollars left. I don't know if

1146
00:57:31,280 --> 00:57:33,520
Speaker 1: you drive, you got to eat, you want to go out.

1147
00:57:33,560 --> 00:57:36,160
Speaker 1: You literally have no money left, even though you make

1148
00:57:36,520 --> 00:57:38,640
Speaker 1: seventy K a year, which is not bad. You know,

1149
00:57:39,880 --> 00:57:41,800
Speaker 1: which is not bad. The first thing I will say

1150
00:57:41,840 --> 00:57:44,440
Speaker 1: to do is get a roommate. Get a roommate so

1151
00:57:44,480 --> 00:57:47,320
Speaker 1: you can split your expenses. The vast majority of people

1152
00:57:47,680 --> 00:57:51,440
Speaker 1: who can't save money don't save money because they spend

1153
00:57:51,560 --> 00:57:55,080
Speaker 1: over thirty per tot of their revenue that they make

1154
00:57:55,560 --> 00:57:58,720
Speaker 1: on living expenses. And then it gets once you get

1155
00:57:58,800 --> 00:58:01,240
Speaker 1: to travel. It's up to six percent is on living

1156
00:58:01,560 --> 00:58:03,959
Speaker 1: and travel. You haven't even eaten yet and you've spent

1157
00:58:04,040 --> 00:58:07,240
Speaker 1: six of your money. Get a roommate. Part of the

1158
00:58:07,320 --> 00:58:10,240
Speaker 1: reason why Codein and I was able to bounce back

1159
00:58:10,280 --> 00:58:12,440
Speaker 1: after we had all that money that we lost in

1160
00:58:12,520 --> 00:58:14,560
Speaker 1: the NFL and when K wasn't working, was because we

1161
00:58:14,720 --> 00:58:17,560
Speaker 1: moved back to Brooklyn and we lived with my my

1162
00:58:17,640 --> 00:58:20,640
Speaker 1: best friend Balau and my brother Brian. So the apartment

1163
00:58:20,720 --> 00:58:22,680
Speaker 1: was big enough then where we didn't have any kids.

1164
00:58:22,720 --> 00:58:24,960
Speaker 1: It was me and cadein in one room below and

1165
00:58:25,040 --> 00:58:26,600
Speaker 1: his girlfriend in one room, and my brother was in

1166
00:58:26,720 --> 00:58:29,000
Speaker 1: running room. So we split the rent by three people.

1167
00:58:29,320 --> 00:58:32,960
Speaker 1: Sacrifice time because sacrifice. Yeah, I mean you don't think

1168
00:58:33,000 --> 00:58:35,400
Speaker 1: that people necessarily want to have to live with her roommate.

1169
00:58:35,760 --> 00:58:38,400
Speaker 1: That's never really did. But it's a matter of trying

1170
00:58:38,480 --> 00:58:40,480
Speaker 1: to get out of a situation that we were in. Yeah,

1171
00:58:40,520 --> 00:58:42,640
Speaker 1: it was. It was changing your mindset from from getting

1172
00:58:42,720 --> 00:58:45,320
Speaker 1: rid of that disease where you're broke. You're not poor,

1173
00:58:45,440 --> 00:58:47,720
Speaker 1: you're broke, but in order to show people that I'm

1174
00:58:47,760 --> 00:58:50,840
Speaker 1: not broke, you spend money unnecessarily on things. So for example,

1175
00:58:50,840 --> 00:58:52,880
Speaker 1: I gotta have this nice apartment to show people that

1176
00:58:52,960 --> 00:58:55,480
Speaker 1: I'm not broke. Meanwhile, you can't save money, and then

1177
00:58:55,520 --> 00:58:58,880
Speaker 1: you're spending all your money for this apartment. Get a roommate,

1178
00:58:59,360 --> 00:59:03,040
Speaker 1: Get a roommate, say that you split that with someone.

1179
00:59:03,320 --> 00:59:08,360
Speaker 1: Now you have what that you just put in your pocket.

1180
00:59:08,400 --> 00:59:10,400
Speaker 1: Now eleven fifty that you put in your pocket, Now

1181
00:59:10,440 --> 00:59:12,680
Speaker 1: that you can save every month to make sure that

1182
00:59:12,760 --> 00:59:14,240
Speaker 1: you put that towards something to the end of the year.

1183
00:59:14,280 --> 00:59:17,120
Speaker 1: That's an additional thirteen K that you can put towards something,

1184
00:59:17,200 --> 00:59:19,720
Speaker 1: and you save thirteen K for five years. Now you're

1185
00:59:19,720 --> 00:59:23,440
Speaker 1: looking at sixty five dollars that you can now put

1186
00:59:23,440 --> 00:59:25,520
Speaker 1: a down payment on a condoor home. That's something that

1187
00:59:25,600 --> 00:59:27,680
Speaker 1: you own, that you invest in yourself. So the first

1188
00:59:27,680 --> 00:59:29,520
Speaker 1: thing I would say is get a roommate. Second thing

1189
00:59:29,520 --> 00:59:31,400
Speaker 1: I would say is check your credit score and find

1190
00:59:31,440 --> 00:59:34,600
Speaker 1: out why your credit score is under six hundred. I

1191
00:59:34,600 --> 00:59:36,720
Speaker 1: wonder if it's because she hasn't began to pay back

1192
00:59:36,720 --> 00:59:38,959
Speaker 1: her student loan debt. Well, I know you can defer

1193
00:59:39,040 --> 00:59:41,480
Speaker 1: your student loans, so your student loans shouldn't really affect

1194
00:59:41,520 --> 00:59:45,040
Speaker 1: your credit. So you can defer your student loans. Yeah,

1195
00:59:45,040 --> 00:59:46,600
Speaker 1: you may need a credit clean up, find out if

1196
00:59:46,680 --> 00:59:49,080
Speaker 1: if there's any fraud on your account, because I even

1197
00:59:49,120 --> 00:59:51,440
Speaker 1: had credit issues and it was after I feel like

1198
00:59:51,480 --> 00:59:53,360
Speaker 1: we're at a point where financially we were stable, we

1199
00:59:53,440 --> 00:59:55,440
Speaker 1: were paying bills on time. Come to find out that

1200
00:59:55,440 --> 00:59:57,080
Speaker 1: I closed out a credit card that I shouldn't have

1201
00:59:57,120 --> 00:59:59,120
Speaker 1: closed out because of keeping that line of credit open.

1202
00:59:59,240 --> 01:00:02,520
Speaker 1: Not knowing again, not having the financial or business acumen

1203
01:00:02,600 --> 01:00:04,840
Speaker 1: to know that closing out of credit card could then

1204
01:00:04,880 --> 01:00:07,000
Speaker 1: be a detrimentally score. You don't have credits. Now, you

1205
01:00:07,040 --> 01:00:08,960
Speaker 1: don't have credit, so there's Yeah, there's a lot of

1206
01:00:09,000 --> 01:00:12,920
Speaker 1: things that um factor into that. And also your debt

1207
01:00:13,000 --> 01:00:16,280
Speaker 1: to income ratio will affect your credit score. So since

1208
01:00:16,320 --> 01:00:20,600
Speaker 1: you make seventy k, but your living expenses start with

1209
01:00:20,680 --> 01:00:23,040
Speaker 1: your your rent and utilities, you really don't have a

1210
01:00:23,080 --> 01:00:25,200
Speaker 1: lot of money to play with. So that's going to

1211
01:00:25,280 --> 01:00:27,480
Speaker 1: bring down your credit score because you don't have any

1212
01:00:28,080 --> 01:00:31,160
Speaker 1: any available and available credit and you don't have the

1213
01:00:31,280 --> 01:00:33,520
Speaker 1: cash monthly coming in to pay for the credit, So

1214
01:00:33,560 --> 01:00:35,800
Speaker 1: that's going to affect your credit score. So it is

1215
01:00:35,880 --> 01:00:38,560
Speaker 1: tangible for you to be able to save money. The

1216
01:00:38,600 --> 01:00:40,160
Speaker 1: first thing I would say is get a roommate, someone

1217
01:00:40,240 --> 01:00:42,360
Speaker 1: that you trust, someone or if it's a possibility with

1218
01:00:42,400 --> 01:00:44,280
Speaker 1: the nine to five, I'm not sure what career feels

1219
01:00:44,280 --> 01:00:46,240
Speaker 1: she's in, if it makes sense to be able to

1220
01:00:47,000 --> 01:00:49,000
Speaker 1: move out of that city or move a little bit

1221
01:00:49,000 --> 01:00:50,960
Speaker 1: on the outskirts. A lot of people are working from

1222
01:00:51,000 --> 01:00:53,520
Speaker 1: home now, so that kind of made it easy for us,

1223
01:00:53,560 --> 01:00:56,080
Speaker 1: for example, to move from cities that are more expensive

1224
01:00:56,120 --> 01:00:58,280
Speaker 1: to live into somewhere where we can afford a little

1225
01:00:58,280 --> 01:01:00,360
Speaker 1: bit more for our money and then have ability to

1226
01:01:00,440 --> 01:01:02,560
Speaker 1: work from home. So at this point, I feel like

1227
01:01:02,600 --> 01:01:06,000
Speaker 1: there's no real cookie cutter way to do things, especially

1228
01:01:06,080 --> 01:01:09,280
Speaker 1: after you know the coronavirus hit and the pandemic. People

1229
01:01:09,280 --> 01:01:12,000
Speaker 1: are doing things a lot more unconventionally now and it's

1230
01:01:12,080 --> 01:01:14,600
Speaker 1: kind of becoming like the normal, which I didn't hope for.

1231
01:01:14,920 --> 01:01:18,400
Speaker 1: But since you mentioned that there was another thing she

1232
01:01:18,480 --> 01:01:22,840
Speaker 1: can do, which we did, get another job. Getting a

1233
01:01:22,960 --> 01:01:25,440
Speaker 1: nine to five will help you pay your bills, but

1234
01:01:25,560 --> 01:01:27,560
Speaker 1: you will not be able to save money unless you

1235
01:01:27,600 --> 01:01:31,160
Speaker 1: have a second job. And there was at one point

1236
01:01:32,000 --> 01:01:34,720
Speaker 1: we were trying to get out of our financial issue.

1237
01:01:34,760 --> 01:01:37,640
Speaker 1: I had like four jobs. I was working full ten

1238
01:01:37,720 --> 01:01:40,040
Speaker 1: hour days at the gym. I was doing commercials. I

1239
01:01:40,120 --> 01:01:43,120
Speaker 1: was doing color commentating on the weekends. Um, I was

1240
01:01:43,200 --> 01:01:47,480
Speaker 1: doing personal training. Like I was just hustling, working a

1241
01:01:47,560 --> 01:01:50,080
Speaker 1: lot of hours, not sleeping. And I told myself, if

1242
01:01:50,160 --> 01:01:53,120
Speaker 1: I invest five years of my life into doing this,

1243
01:01:53,640 --> 01:01:54,920
Speaker 1: I'll be able to do what I want to do.

1244
01:01:55,040 --> 01:01:57,880
Speaker 1: And it wasn't just me. Codeine was doing the same thing.

1245
01:01:57,960 --> 01:02:01,280
Speaker 1: You were doing makeup, you were doing hosting, You're working

1246
01:02:01,400 --> 01:02:05,760
Speaker 1: at mac freeker at Mac like use this time while

1247
01:02:05,760 --> 01:02:08,280
Speaker 1: you're in your early thirties. Um, I don't know if

1248
01:02:08,280 --> 01:02:10,520
Speaker 1: you're single or not, but if you're single and you

1249
01:02:10,600 --> 01:02:13,880
Speaker 1: have extra time, find another job and take that job

1250
01:02:13,920 --> 01:02:15,880
Speaker 1: and put all that money you make and save it,

1251
01:02:15,960 --> 01:02:18,360
Speaker 1: and you'll be good. There you go. I hope that helps. Yeah,

1252
01:02:18,840 --> 01:02:21,040
Speaker 1: and of course Tiffany's book will be a good way

1253
01:02:21,080 --> 01:02:24,040
Speaker 1: to stay absolutely, yeah, you can learn all right. Number two.

1254
01:02:26,320 --> 01:02:28,640
Speaker 1: My husband and I got married in March, before the

1255
01:02:28,680 --> 01:02:31,800
Speaker 1: start of the pandemic after being together for nearly five years.

1256
01:02:31,840 --> 01:02:35,080
Speaker 1: We congratulation talked about Yeah, we frequently talked about starting

1257
01:02:35,120 --> 01:02:36,640
Speaker 1: a family, but it's been a bit of a touchy

1258
01:02:36,680 --> 01:02:39,480
Speaker 1: subject for me lately. I was hesitant to start right

1259
01:02:39,560 --> 01:02:41,840
Speaker 1: after we got married because of the pandemic, and I

1260
01:02:41,960 --> 01:02:44,960
Speaker 1: was really motivated to finish my bachelor's before having a child.

1261
01:02:45,360 --> 01:02:47,240
Speaker 1: We also decided that we would wait a little longer

1262
01:02:47,320 --> 01:02:49,320
Speaker 1: after getting married so we can enjoy life as a

1263
01:02:49,360 --> 01:02:53,000
Speaker 1: married couple. Ye. I finally, I'm finally on board to

1264
01:02:53,040 --> 01:02:55,040
Speaker 1: starting a family, but I think my husband needs to

1265
01:02:55,120 --> 01:02:57,440
Speaker 1: make more money first. I work as a paralegal and

1266
01:02:57,560 --> 01:03:00,000
Speaker 1: I currently make a lot more money than my husband,

1267
01:03:00,080 --> 01:03:02,720
Speaker 1: and my husband talks about going to trade school and

1268
01:03:02,760 --> 01:03:05,200
Speaker 1: advancing his career, but he never gets off his ass

1269
01:03:05,320 --> 01:03:09,480
Speaker 1: and works towards his goal quote unquote. He currently works

1270
01:03:09,640 --> 01:03:14,960
Speaker 1: from works for municipality yep, and the pay is okay,

1271
01:03:15,200 --> 01:03:19,360
Speaker 1: but not the best. He received a promotion since he started,

1272
01:03:19,440 --> 01:03:21,520
Speaker 1: but not much of a pay raise. Last year after

1273
01:03:21,600 --> 01:03:24,880
Speaker 1: his evaluation, his raise was only about seven dred and

1274
01:03:24,920 --> 01:03:27,600
Speaker 1: fifty dollars. He knows that I would like to stay

1275
01:03:27,680 --> 01:03:30,000
Speaker 1: home once we have a child until they're at least one.

1276
01:03:30,200 --> 01:03:32,400
Speaker 1: I can't do that if he can't make enough to

1277
01:03:32,920 --> 01:03:35,560
Speaker 1: cover the bills. I've tried to express my financial concerns

1278
01:03:35,600 --> 01:03:37,919
Speaker 1: to him. He blows it off, like child care, food,

1279
01:03:38,000 --> 01:03:41,760
Speaker 1: baby clothes, diapers, et cetera. Aren't real expenses when you

1280
01:03:41,880 --> 01:03:46,160
Speaker 1: have a child. All the contrary, how do we financially

1281
01:03:46,200 --> 01:03:50,480
Speaker 1: plan for a family on a tight budget? Okay, so um,

1282
01:03:50,760 --> 01:03:55,040
Speaker 1: this is the first thing. When k and I were

1283
01:03:55,120 --> 01:03:57,840
Speaker 1: trying to plan life, we always said we want to

1284
01:03:57,880 --> 01:04:00,200
Speaker 1: wait till the right time to do things, and it

1285
01:04:00,280 --> 01:04:03,760
Speaker 1: seems like there's never a right time. So it just

1286
01:04:03,840 --> 01:04:08,120
Speaker 1: happens and then roll with it. I'm just to be honest,

1287
01:04:08,240 --> 01:04:10,240
Speaker 1: There never seems to be a time where you say,

1288
01:04:10,600 --> 01:04:13,280
Speaker 1: now we're prepared to have a child, now we're prepared

1289
01:04:13,320 --> 01:04:15,760
Speaker 1: to buy a home, Like it just seems like something

1290
01:04:15,840 --> 01:04:18,000
Speaker 1: always comes up where it's not the perfect time. So

1291
01:04:18,120 --> 01:04:21,280
Speaker 1: this feeling of uncertainty that she has, I feel it's normal,

1292
01:04:21,680 --> 01:04:23,480
Speaker 1: Like it's normal, like people always feel like, I don't

1293
01:04:23,480 --> 01:04:25,680
Speaker 1: know if I'm ready. I need to make more money. Um.

1294
01:04:26,640 --> 01:04:29,960
Speaker 1: The second thing I would say is it seems as

1295
01:04:30,000 --> 01:04:33,480
Speaker 1: if his work ethic is not the same as hers, right,

1296
01:04:33,760 --> 01:04:35,800
Speaker 1: which is fine. They love each other for whatever reason

1297
01:04:35,840 --> 01:04:38,120
Speaker 1: they love each other for. But I will say this

1298
01:04:38,480 --> 01:04:41,120
Speaker 1: as a man, I honestly feel like when you start

1299
01:04:41,200 --> 01:04:43,480
Speaker 1: to ask a woman to have your children, it is

1300
01:04:43,560 --> 01:04:47,320
Speaker 1: your fiduciary responsibility to maintain all of the bills just

1301
01:04:47,520 --> 01:04:50,480
Speaker 1: in case your wife can't work, because it's the possibility

1302
01:04:50,520 --> 01:04:55,080
Speaker 1: after childbirth, application or something, she may not be able

1303
01:04:55,120 --> 01:04:56,520
Speaker 1: to work. And the only reason why I say that

1304
01:04:56,600 --> 01:04:59,080
Speaker 1: is because you did have complications after Jackson, and you

1305
01:04:59,200 --> 01:05:02,200
Speaker 1: were out of it for months afterwards, and you couldn't

1306
01:05:02,240 --> 01:05:04,880
Speaker 1: go back to doing freelance immediately, you know, and you

1307
01:05:04,960 --> 01:05:07,440
Speaker 1: did go back to work after maternity leave, but it

1308
01:05:07,560 --> 01:05:10,480
Speaker 1: was a struggle. So um, as as a man, I

1309
01:05:10,560 --> 01:05:12,560
Speaker 1: just feel and this maybe you know, some people may

1310
01:05:12,600 --> 01:05:14,560
Speaker 1: take this the wrong way, but I honestly don't give

1311
01:05:14,560 --> 01:05:16,720
Speaker 1: a shit. Um, you ask a woman to have your

1312
01:05:16,880 --> 01:05:19,360
Speaker 1: your child is your responsibility to be able to take

1313
01:05:19,360 --> 01:05:21,800
Speaker 1: care of all of the financial responsibilities because we bring

1314
01:05:21,880 --> 01:05:24,120
Speaker 1: nothing to the table at that point. They have to

1315
01:05:24,320 --> 01:05:26,800
Speaker 1: they have to carry the child, deliver the child, then

1316
01:05:26,880 --> 01:05:29,600
Speaker 1: nurse the child. If if your wife is going to breastfeed,

1317
01:05:30,000 --> 01:05:32,959
Speaker 1: there really is nothing for you to do at this point.

1318
01:05:33,080 --> 01:05:34,960
Speaker 1: And at this point, this is where you should say,

1319
01:05:34,960 --> 01:05:37,040
Speaker 1: you know what, let me take on this responsibility so

1320
01:05:37,240 --> 01:05:40,040
Speaker 1: she can focus on the child. I mean in her,

1321
01:05:40,160 --> 01:05:42,400
Speaker 1: in her in her conversation here too, or in the

1322
01:05:42,960 --> 01:05:47,040
Speaker 1: letter she says that I think she's valid in her concerns. Absolutely,

1323
01:05:47,800 --> 01:05:50,320
Speaker 1: She's a winner of the family, so she's definitely valid

1324
01:05:50,360 --> 01:05:52,240
Speaker 1: in her concern And the fact that he's kind of

1325
01:05:52,280 --> 01:05:55,280
Speaker 1: blowing off the things that children need is kind of like,

1326
01:05:55,400 --> 01:06:00,840
Speaker 1: that's not a big deal about child because she's the breadwinner.

1327
01:06:01,400 --> 01:06:03,960
Speaker 1: We've seen this a lot recently over the past year,

1328
01:06:04,080 --> 01:06:09,720
Speaker 1: right where women who are the breadwinners more financially stable.

1329
01:06:09,920 --> 01:06:12,880
Speaker 1: A lot of the dudes are fine taking a secondary

1330
01:06:13,040 --> 01:06:16,120
Speaker 1: role in the household when it comes to expenses because

1331
01:06:16,120 --> 01:06:19,120
Speaker 1: they don't know how to manage money. Him saying him

1332
01:06:19,200 --> 01:06:22,320
Speaker 1: blowing off those things seems like he doesn't understand the

1333
01:06:22,680 --> 01:06:25,520
Speaker 1: realities of life, because she probably handles all of that stuff,

1334
01:06:26,200 --> 01:06:29,200
Speaker 1: and the best way for her to teach him how

1335
01:06:29,240 --> 01:06:30,840
Speaker 1: to handle these things is to give him some of

1336
01:06:30,880 --> 01:06:34,000
Speaker 1: those responsibilities. You know what I'm saying, Like you think

1337
01:06:34,080 --> 01:06:37,880
Speaker 1: that these things are not real things baby clothes, food, childcare, diapers, etcetera.

1338
01:06:38,400 --> 01:06:40,360
Speaker 1: Let him manage that for a little bit. Let him

1339
01:06:40,360 --> 01:06:42,680
Speaker 1: manage a couple of the things for a little bit,

1340
01:06:42,680 --> 01:06:44,840
Speaker 1: because it seems like she probably takes care of everything.

1341
01:06:45,360 --> 01:06:48,320
Speaker 1: If he had to manage it, he would realize because

1342
01:06:48,360 --> 01:06:52,280
Speaker 1: we do all of our bills monthly, and in the beginning,

1343
01:06:52,360 --> 01:06:54,880
Speaker 1: when I was handling everything, you used to have the

1344
01:06:54,960 --> 01:06:58,040
Speaker 1: same You're like, oh, I didn't even realize that we

1345
01:06:58,120 --> 01:07:00,160
Speaker 1: were spending X Y Z on that you on. And

1346
01:07:00,200 --> 01:07:02,080
Speaker 1: it's just because you took it upon yourself and say,

1347
01:07:02,080 --> 01:07:04,160
Speaker 1: you know, I'm going to people, I'm gonna handle this,

1348
01:07:04,240 --> 01:07:05,360
Speaker 1: or you don't have to worry about that. You have

1349
01:07:05,560 --> 01:07:07,920
Speaker 1: kids and everything. But I do have a greater respect

1350
01:07:07,960 --> 01:07:09,800
Speaker 1: for the process. I have a greater respect for what's

1351
01:07:09,840 --> 01:07:11,680
Speaker 1: coming in and out of the house because I know

1352
01:07:12,080 --> 01:07:14,560
Speaker 1: what's going in and out absolutely, you know, So having

1353
01:07:14,600 --> 01:07:17,360
Speaker 1: those conversations like we have on our calendar on our phone,

1354
01:07:17,400 --> 01:07:18,960
Speaker 1: like we know, okay, the fifteenth of the month of

1355
01:07:19,000 --> 01:07:22,440
Speaker 1: the first we literally have a reminder in there and

1356
01:07:22,480 --> 01:07:24,480
Speaker 1: we go over the bills. We discussed everything, so we're

1357
01:07:24,480 --> 01:07:27,720
Speaker 1: on the same page so we understand now. Like I

1358
01:07:27,800 --> 01:07:29,960
Speaker 1: told Tiffany earlier, I'm like, I'm the one now that's

1359
01:07:30,000 --> 01:07:33,600
Speaker 1: just like I don't know if we want to buy that, yeah,

1360
01:07:33,720 --> 01:07:37,720
Speaker 1: every single item, you know, maybe continuing the conversation and

1361
01:07:37,800 --> 01:07:39,920
Speaker 1: just kind of letting him know, like, okay, babies are everything,

1362
01:07:40,040 --> 01:07:42,480
Speaker 1: lay everything out, put it on paper. We've put in

1363
01:07:42,520 --> 01:07:46,560
Speaker 1: paper for paper to pen, you know, put pen to paper.

1364
01:07:46,560 --> 01:07:48,160
Speaker 1: But we do think we eve a paper to pen

1365
01:07:48,240 --> 01:07:51,840
Speaker 1: on what you but pay be writing with the paper

1366
01:07:51,920 --> 01:07:54,280
Speaker 1: on top of the pen. But no, for me, I

1367
01:07:54,360 --> 01:07:57,040
Speaker 1: found it easier to do things monthly because bills come

1368
01:07:57,040 --> 01:07:59,640
Speaker 1: out monthly. Yeah, so if you change monthly, right, so

1369
01:07:59,720 --> 01:08:03,000
Speaker 1: if you do monthly expenses, it's so easy for people

1370
01:08:03,040 --> 01:08:05,840
Speaker 1: to say, ah, you know, it sounds a lot. I

1371
01:08:05,920 --> 01:08:08,680
Speaker 1: make seventy five dollars a year, but then when you

1372
01:08:08,800 --> 01:08:11,000
Speaker 1: cut it down to six thousand dollars a month, and

1373
01:08:11,040 --> 01:08:13,360
Speaker 1: then four thousand dollars after taxes, and then it's like

1374
01:08:13,960 --> 01:08:16,400
Speaker 1: they only make four dollars. That's that's a thousand dollars

1375
01:08:16,400 --> 01:08:18,800
Speaker 1: a week. And then you're looking at a thousand dollars

1376
01:08:18,840 --> 01:08:21,040
Speaker 1: a week seven days in a week. It's a little

1377
01:08:21,080 --> 01:08:23,640
Speaker 1: over a hundred dollars a day. And now you're like

1378
01:08:23,760 --> 01:08:25,360
Speaker 1: a little over a hundred dollars a day if I

1379
01:08:25,479 --> 01:08:28,640
Speaker 1: buy lunch and my lunch is twenty five dollars. You

1380
01:08:28,680 --> 01:08:30,800
Speaker 1: know what I'm saying. Every single day, now we're looking

1381
01:08:30,840 --> 01:08:35,599
Speaker 1: at of my check goes towards me eating lunch out,

1382
01:08:36,080 --> 01:08:39,200
Speaker 1: maybe I should cut back on eating lunch. And that's

1383
01:08:39,240 --> 01:08:42,160
Speaker 1: really how you do things to totally. So try that out,

1384
01:08:42,200 --> 01:08:43,680
Speaker 1: says let us know how it works out for you

1385
01:08:43,760 --> 01:08:45,600
Speaker 1: and how being in good luck to you guys with

1386
01:08:45,680 --> 01:08:49,040
Speaker 1: your family planning and all that good stuff. Yes, all right,

1387
01:08:49,320 --> 01:08:51,240
Speaker 1: this is a great episode today. If you would like

1388
01:08:51,360 --> 01:08:53,680
Speaker 1: to be featured as one of our listener letters, be

1389
01:08:53,800 --> 01:08:56,360
Speaker 1: sure to email us at dead as Advice at gmail

1390
01:08:56,640 --> 01:08:58,920
Speaker 1: dot com. That's right, that's D E A D A

1391
01:08:59,240 --> 01:09:01,720
Speaker 1: S S A D E V I C E at

1392
01:09:01,840 --> 01:09:05,920
Speaker 1: gmail dot com. Alright, moment of truth time, Do you

1393
01:09:06,040 --> 01:09:08,280
Speaker 1: have one readily available at the tip of your time? Yes,

1394
01:09:08,400 --> 01:09:11,120
Speaker 1: I have a moment of truth readily avariable. All right,

1395
01:09:11,360 --> 01:09:13,320
Speaker 1: My moment of truth is this, there is a difference

1396
01:09:13,520 --> 01:09:18,840
Speaker 1: between being broke and being poor. Understanding that being poor

1397
01:09:19,160 --> 01:09:23,120
Speaker 1: means that you cannot help your circumstance. You know, you

1398
01:09:23,120 --> 01:09:25,519
Speaker 1: you don't have everything that you want, and you definitely

1399
01:09:25,520 --> 01:09:27,479
Speaker 1: don't have everything that you need. But a poor person

1400
01:09:27,600 --> 01:09:30,080
Speaker 1: really can't help this circumstance. They may have a mental

1401
01:09:30,120 --> 01:09:33,599
Speaker 1: hellness issue, a mental uh, a mental health or wellness

1402
01:09:33,640 --> 01:09:36,360
Speaker 1: issue where they cannot work and they cannot provide for themselves.

1403
01:09:36,400 --> 01:09:39,320
Speaker 1: That's a poor person, right. A broke person is someone

1404
01:09:39,640 --> 01:09:44,360
Speaker 1: who works but cannot get ahead of themselves financially because

1405
01:09:44,400 --> 01:09:47,200
Speaker 1: they have a poor relationship with money. You see what

1406
01:09:47,240 --> 01:09:49,160
Speaker 1: I'm saying. And there's a difference between being poor and

1407
01:09:49,200 --> 01:09:51,679
Speaker 1: being broke. A broke person may work a lot of hours,

1408
01:09:52,000 --> 01:09:54,040
Speaker 1: and a broke person may make a lot of money,

1409
01:09:54,760 --> 01:09:56,400
Speaker 1: but they don't do the right things with their money

1410
01:09:56,439 --> 01:09:58,479
Speaker 1: to be able to put themselves into a situation where

1411
01:09:58,520 --> 01:10:01,519
Speaker 1: they have some financial stabilities, so they're constantly broke and

1412
01:10:01,600 --> 01:10:04,960
Speaker 1: they constantly have to work. Understand this as you change

1413
01:10:04,960 --> 01:10:07,519
Speaker 1: your relationship with money and you understand what it's like

1414
01:10:07,640 --> 01:10:10,840
Speaker 1: living in a capitalist country where people want to keep

1415
01:10:10,880 --> 01:10:13,840
Speaker 1: you comfortable, but keep you broke, so you're constantly working,

1416
01:10:14,160 --> 01:10:17,280
Speaker 1: so you're constantly building their dream. It's part of the system.

1417
01:10:17,680 --> 01:10:20,000
Speaker 1: It's part of the bigger plan for capitalists to make

1418
01:10:20,040 --> 01:10:21,960
Speaker 1: more money because the people at the top don't want

1419
01:10:22,000 --> 01:10:24,920
Speaker 1: to work. They want to own everything so that everyone

1420
01:10:25,000 --> 01:10:28,719
Speaker 1: else works. So ask yourself and my poor am broke?

1421
01:10:29,439 --> 01:10:32,599
Speaker 1: And if I'm broke, why am I broke? And how

1422
01:10:32,680 --> 01:10:34,360
Speaker 1: can I get out of this mindset of being broke?

1423
01:10:34,479 --> 01:10:36,400
Speaker 1: It's only you mentioned mindset as your moment of truth

1424
01:10:36,439 --> 01:10:38,439
Speaker 1: because I then thought about as my moment of truth

1425
01:10:38,479 --> 01:10:42,360
Speaker 1: when Tiffany mentioned the shame that sometimes associated around people's

1426
01:10:42,400 --> 01:10:46,519
Speaker 1: financial situations right and not speaking about it. And what

1427
01:10:46,640 --> 01:10:49,280
Speaker 1: I respect and appreciate about Tiffany is that she was

1428
01:10:49,439 --> 01:10:51,840
Speaker 1: like once broke, you know, like literally, like she said,

1429
01:10:51,960 --> 01:10:54,519
Speaker 1: she was scrounging for a change in her pocket. So

1430
01:10:56,200 --> 01:10:59,080
Speaker 1: my moment of truth is that money has a lot

1431
01:10:59,160 --> 01:11:01,240
Speaker 1: to do with your mental reality. And I feel like

1432
01:11:01,320 --> 01:11:03,200
Speaker 1: for so long we've been conditioned to have a very

1433
01:11:03,479 --> 01:11:07,559
Speaker 1: unhealthy relationship with money, whatever that looks like, whether it's

1434
01:11:07,600 --> 01:11:10,640
Speaker 1: having bad spending habits or finally having money and then

1435
01:11:10,960 --> 01:11:13,759
Speaker 1: feeling like you can't spend it, or you know, buying

1436
01:11:13,880 --> 01:11:15,720
Speaker 1: a piece of furniture and then feeling like you can't

1437
01:11:15,720 --> 01:11:17,559
Speaker 1: sit on the furniture because you spend so much money

1438
01:11:17,640 --> 01:11:19,479
Speaker 1: on it, and then we can't even enjoy the furniture

1439
01:11:19,520 --> 01:11:21,880
Speaker 1: that we purchased, Like these are things that I've seen

1440
01:11:22,600 --> 01:11:25,799
Speaker 1: from several different people around me. Um So, really changing

1441
01:11:25,840 --> 01:11:28,200
Speaker 1: the mentality and the mindset that you have with money

1442
01:11:28,439 --> 01:11:31,400
Speaker 1: is sometimes the start to then open your mind to

1443
01:11:31,600 --> 01:11:34,519
Speaker 1: educate and see how I can then now navigate this

1444
01:11:34,720 --> 01:11:38,559
Speaker 1: financial wholeness that I'm trying to achieve. Um So, yeah,

1445
01:11:38,600 --> 01:11:40,519
Speaker 1: that's my moment of truth. That's trying to change our

1446
01:11:40,520 --> 01:11:43,320
Speaker 1: mindset when it comes to money, and now that we

1447
01:11:43,640 --> 01:11:45,720
Speaker 1: are able to do that, or once you're able to

1448
01:11:45,800 --> 01:11:49,160
Speaker 1: do that, then looking for resources like the budget nessa

1449
01:11:49,600 --> 01:11:51,960
Speaker 1: her book um to be able to help to plan

1450
01:11:52,080 --> 01:11:54,439
Speaker 1: for the future. Right boom, that's the key right there.

1451
01:11:54,720 --> 01:11:57,840
Speaker 1: Find the resources to change your mindset exactly, and be

1452
01:11:57,920 --> 01:12:00,160
Speaker 1: sure to find us on social media at dead that's

1453
01:12:00,240 --> 01:12:02,719
Speaker 1: the podcast exactly. You know where to find me Cadeen

1454
01:12:02,840 --> 01:12:04,960
Speaker 1: I am and I am Devout And if you're listening

1455
01:12:05,000 --> 01:12:09,120
Speaker 1: on Apple podcast, be sure to rate, review and subscribe.

1456
01:12:10,200 --> 01:12:12,200
Speaker 1: Tomorrow is my birthday man, shoot me. Some shout outs

1457
01:12:12,280 --> 01:12:18,760
Speaker 1: on social media, right, wish me a happy birthday man again. Yeah,

1458
01:12:18,920 --> 01:12:19,360
Speaker 1: I love it.