Speaker 1: Listen sound bite for today's this There was a difference
Speaker 1: between being broke and being poor. Dead as dead as.
Speaker 1: I like that. I like that. Now that we've purchased
Speaker 1: our home, I'm trying to find out how we can
Speaker 1: replenish the bank account. Okay, Hey, I'm Cadine and I'm
Speaker 1: Devoured and we're the ellis Is. You may know us
Speaker 1: from posting funny videos with our boys and reading each
Speaker 1: other publicly as a form of therapy. Wait, I'll make
Speaker 1: you need therapy most days. Wow. And one more important
Speaker 1: thing to mention, we're married. We are. We created this
Speaker 1: podcast to open dialogue about some of life's most taboo topics,
Speaker 1: things most folks don't want to talk about through the
Speaker 1: lens of a millennium married couple. Dead adds is the
Speaker 1: term that we say every day. So when we say
Speaker 1: dead ass, we're actually saying facts, the truth, the whole truth,
Speaker 1: and nothing but the truth. We bought take pillow Top
Speaker 1: to a whole new level. Dead as starts right now.
Speaker 1: This story is going to take me back two two
Speaker 1: thousand and twelve. Okay, de Val gets a little bit
Speaker 1: of knowledge about Facebook going public, right and at this
Speaker 1: point in my life, um. We had lost money in
Speaker 1: the stock market. We lost money doing all of these things,
Speaker 1: um investments, buying property. But while I was starting to
Speaker 1: rebuild my bank account, but I was broke. Wasn't poor
Speaker 1: because I had everything that I needed in life. I
Speaker 1: didn't have everything that I wanted, but I was broke.
Speaker 1: It's funny because the story comes around I was. I
Speaker 1: was broke, so I had and it's gonna sound funny
Speaker 1: because you know, money is all relative. But I had
Speaker 1: about dollars that I had saved up over doing all
Speaker 1: my training and stuff like that that I was like,
Speaker 1: know what, this is money and I can play with.
Speaker 1: So I got tipped that Facebook was going to go public.
Speaker 1: So I went and took the twenty dollars and I
Speaker 1: invested it in Facebook. Right. I invested in Facebook, and
Speaker 1: initially Facebook started to drop first, Remember people put it,
Speaker 1: I think about thirty nine dollars. Put my money in
Speaker 1: that thirty nine dollars. It dropped, right. I was like, dang.
Speaker 1: At one point I got down to like fifteen dollars
Speaker 1: or share. But I had put all the money I
Speaker 1: had saved on it, so I couldn't double down. So
Speaker 1: I was just letting it sit there, letting it sit there,
Speaker 1: and after a while it started to come back up,
Speaker 1: and it got back up to I think about twenty
Speaker 1: six dollars. And at that point my t K was
Speaker 1: at around k And it was around the time of
Speaker 1: your birthday. And no a matter of fact, it was
Speaker 1: your birthday. It was the ten year and averses right,
Speaker 1: two thousand twelve, um. It was a ten year anniversary
Speaker 1: of the day we first met. And I wanted to
Speaker 1: do something nice for you. So I took out that
Speaker 1: dollars and you didn't I upgraded your wedding ring. Are
Speaker 1: you serious? Yes? I did, because to be honest, I
Speaker 1: didn't listen. I had you know, I told you not
Speaker 1: to do that. I told you to leave that right there.
Speaker 1: So but this is I'm gonna gonna tell you why
Speaker 1: that happened. Right. I had a poor relationship with money
Speaker 1: because I was doing all the right things when I
Speaker 1: was in the league, and I didn't trust the stock market,
Speaker 1: I didn't trust real estate, and I had lost my money.
Speaker 1: So at this point I was like, you know what,
Speaker 1: I got this money. I want to do something nice
Speaker 1: for you. And I was like fuck it. I was like,
Speaker 1: fuck it, it's you know it's money I saved, I
Speaker 1: lost a little bit of it. Let me upgrade her ring.
Speaker 1: So I upgraded your ring and Facebook skyrocketed like shortly
Speaker 1: after that. Some of the issues of being broke. When
Speaker 1: you broke, you make broke people decisions. As y'all know,
Speaker 1: tomorrow is my birthday. You know I'm the aries baby people. Second. Yes,
Speaker 1: So I'm gonna give you an exciting song today that
Speaker 1: my wife loves. I'm gonna start with the beat. I'm
Speaker 1: gonna let you do the ad libs. Let me see,
Speaker 1: let me see, let me see. No, no, no, no no,
Speaker 1: Now what you wanna do? Wanna be ballers? Shot callers,
Speaker 1: broers who beat them in and on the loaf from
Speaker 1: the jake, the tourists trying to give my hands some
Speaker 1: grants like horast, you're living the roa deal, three course meals, spaghetti,
Speaker 1: that Genie deal, steal, everything's really in the field and
Speaker 1: what you can't have now leaven you will. But don't
Speaker 1: knock me for trying to bury seven zeros over rio.
Speaker 1: Diy ain't nobody here, but I want to be heard
Speaker 1: or yat not seven every day. That's my word. Women
Speaker 1: with ther own Condomenium five plus five, who dropped millennium
Speaker 1: for the months hand Karns nice On the hand, I
Speaker 1: already spent my money on you. I could have had
Speaker 1: more Facebook, How could have could have had about a
Speaker 1: hundred thousand dollars right now instead? So you know what
Speaker 1: coming out of karaoke back to your story time, I
Speaker 1: feel like we're even now. You know why we even now.
Speaker 1: I'm gonna tell y'all why we're even now because I
Speaker 1: didn't know anything about this story right. I was just like, oh,
Speaker 1: my baby just upgraded my ring. Oh, this was so sweet,
Speaker 1: not knowing that he made a poor decision, much like
Speaker 1: my poor decision when it came to the wedding versus
Speaker 1: the property. This is how I'm gonna explain to you'all
Speaker 1: how women make no sense. Oh my god, listen, she
Speaker 1: now says, we even right. Listen to how we even.
Speaker 1: She made a more economic decision to get something she wanted.
Speaker 1: I made a poor economic decision to get her something
Speaker 1: she wanted, But we eveny I didn't make it? Makes sense,
Speaker 1: Make it make sense, be fair. I didn't even know
Speaker 1: the upgrade was coming. That was a surprise. And had
Speaker 1: I known that money invested. At the point we were
Speaker 1: in our life, I would have been like, you know what, babe,
Speaker 1: not maybe you should leave that money there lines. But
Speaker 1: that's not the point. The point is when there's someone
Speaker 1: going to make a poor economic decision to give me
Speaker 1: something I want. I've done, That's that's when. Then we'll be.
Speaker 1: Then we'll be even when you did that several times,
Speaker 1: don't you know? At this point in our life, not
Speaker 1: want me making no poor economic decisions. And that's why
Speaker 1: we brought our guests back today because what we ain't
Speaker 1: doing is making bad decision be lying to the people lying.
Speaker 1: This is supposed to be dead ass, and you lying
Speaker 1: talking about economic decisions to get me stuff. I've made
Speaker 1: some in my tix. Okay, wait, just watch watch what
Speaker 1: I'm not going even tell you how I got you
Speaker 1: that Rolex. But it's all right. You did get me right.
Speaker 1: You don't right. You want to be digging up dirt.
Speaker 1: Don't don't think too deep, don't think too deep? All right,
Speaker 1: all right, you're gonna find points. Is happening when you
Speaker 1: when you get married. You don't know how to say this,
Speaker 1: but you have to say you're right, and it give
Speaker 1: me the look that you always give me thank you thanks.
Speaker 1: So today we're talking, of course, more money, we're talking
Speaker 1: less problems, more money and less problems, especially where we
Speaker 1: are right now, we're pretty much a full year into
Speaker 1: this pandemic. Spoken about what people are doing now that
Speaker 1: you know jobs are lost and you know that noodle
Speaker 1: budget that we spoke about in season four with Tiffany
Speaker 1: Lecha maybe dwindling down. So um, there's so many things
Speaker 1: to talk about when it comes to finances. By now,
Speaker 1: many of us are familiar with the app called robin Hood,
Speaker 1: which I was not really privy too, but we're gonna
Speaker 1: learn more about what exactly happened with that. Um it's
Speaker 1: the stock market, stock trading app, um, the investment app,
Speaker 1: and there was some controversy around there. So we're going
Speaker 1: to talk to Tiffany a little bit about that book,
Speaker 1: her book, her day absolutely investing money in different ways
Speaker 1: to financially plan for the future. Um. And it's always
Speaker 1: a good time with her. And understand too, this is
Speaker 1: a young lady who doesn't just talk to talk, she
Speaker 1: walks the wall. Absolutely very very successful. And it's supportant
Speaker 1: for us to say that because there's so many people
Speaker 1: who say I don't know what I can be because
Speaker 1: I don't see anyone who looks like to do those
Speaker 1: things or people giving advice and themselves. It's like it's
Speaker 1: like having a an outer shape trainer. It's like, how
Speaker 1: you would be training me to be in the best
Speaker 1: shape of my life. However, well, I mean sometimes they
Speaker 1: say those who can't teach, So that's you know, that's motivate.
Speaker 1: It's not just about that. But the great thing with
Speaker 1: Tiffany is that I feel like she's wrapped up all
Speaker 1: in one. She's engaging, she motivates, she gives also step
Speaker 1: by step very successful, yes, very successful give and she's
Speaker 1: failed before. Yes, So it's not a story where it's
Speaker 1: like she was just a child prodigy, went to Harvard,
Speaker 1: was intellectual that she got this from the Mud. And
Speaker 1: that's why you know, we like bring her on. No,
Speaker 1: we definitely rock with her and appreciate her. So let's
Speaker 1: welcome back Tiffany Elean. Yes, and we're welcoming back to
Speaker 1: the show for the m team time. And I'm just
Speaker 1: so happy it's time because she's become our resident guest here.
Speaker 1: Tiffany Elic the budget knee stuff, what's up Tiffany, Hey,
Speaker 1: you know I have to come back, and that's all
Speaker 1: Mary had a little lass reside. Absolutely, wherever the money's residing,
Speaker 1: we want to have you there to talk about how
Speaker 1: we can keep it there. But whatever the money reside,
Speaker 1: that's what t is. That is true, that is true.
Speaker 1: And at this point the money no longer resides in
Speaker 1: our bank account because we purchased this home and now
Speaker 1: I'm like, how do we rebuild it? Let's call Tiffany
Speaker 1: back on the show and ask her. But I'm so
Speaker 1: proud of y'all. Think it's a beutiful, beautiful, beautiful house.
Speaker 1: And folks have to understand that home ownership is a
Speaker 1: cornerstone for wealth, and especially for black wealth. So that's
Speaker 1: what you guys are building. So that's awesome. Thank you.
Speaker 1: We actually did a whole podcast on on why we
Speaker 1: purchased a home and how this was more of a
Speaker 1: legacy move than a stunt move, right exactly, So these
Speaker 1: baby boys have, you know, something to hold on too.
Speaker 1: And I also said talked about the importance of education,
Speaker 1: which is why we want to have Tiffany back each
Speaker 1: season to educate us on how to continue to grow
Speaker 1: this money. Because what these kids ain't gonna do is
Speaker 1: take this house and then we pass on and I'll
Speaker 1: just piss it away somewhere. So if we want to
Speaker 1: make sure that the generations to come know how to
Speaker 1: be financially savvy. And of course Tiffany has a new
Speaker 1: book which is fresh out just drop cut off the press,
Speaker 1: Get Good with Money, Um, that just came out a
Speaker 1: couple of days ago. So congratulations tiff Yes, thank you.
Speaker 1: I think I'm like I just gave birth. I was
Speaker 1: the blood, sweat, tears, labor that goes into something like that. Absolutely,
Speaker 1: and you should be super proud of yourself, and we
Speaker 1: are proud of you. Thank you, thank you. I really
Speaker 1: wanted to create like I was like, Yo, it's where
Speaker 1: is the manual to really help walk you through, step
Speaker 1: by step how to literally get good with your money?
Speaker 1: And um, but in a way that speaks like how
Speaker 1: we speak. It doesn't feel like overwhelming. And y'all know
Speaker 1: I used to be a teacher for over ten years
Speaker 1: and like that really walks you through. I give you
Speaker 1: a little bit of homework, I bring in other instructors.
Speaker 1: It's truly like this like classroom in a book. But
Speaker 1: you're like, oh, I got it. I could do that,
Speaker 1: I could do that, I got this. No, that's right.
Speaker 1: I think sometimes when you talk about finances, a lot
Speaker 1: of the jargone is just very overwhelming. So being able
Speaker 1: to have someone break it down for us, and at
Speaker 1: this point nobody's in classes and really no one's in
Speaker 1: school like that, we're virtually learning. So we're gonna learn
Speaker 1: through this book about financial wholeness. Yeah, talk to us
Speaker 1: a little bit about about financial homes and how you
Speaker 1: can become whole. Uh and and not necessarily an expert,
Speaker 1: but how you can just become whole financially because Knee
Speaker 1: and I learned through this home buying process that you
Speaker 1: know you have to be prepared even to to begin
Speaker 1: to look at property. So how do you become financially whole? Well,
Speaker 1: financial wholeness is when all ten aspects of your financial
Speaker 1: life are working together for your I call it your
Speaker 1: greatest good, your biggest benefit, and your richest life. So
Speaker 1: there's these ten components, right, So most people think of
Speaker 1: like financial freedom. I'm good, but I can tell you
Speaker 1: as someone who achieved financial freedom, meaning if I didn't
Speaker 1: want to work anymore, I didn't have to, I don't
Speaker 1: have to financially technically work anymore. But I was still
Speaker 1: a whole financial mess. Like I didn't have an estate
Speaker 1: plan and something happened to me, what was gonna happen
Speaker 1: to my coin? You know, I didn't have enough insurance.
Speaker 1: If someone came to my house and send my neck,
Speaker 1: my back, my neck and my back, I was you know,
Speaker 1: you know, I didn't have a I didn't have a
Speaker 1: proper guidance. So although I know how to manage my
Speaker 1: day to day money, I definitely struggled with like the
Speaker 1: larger plan. And so that's when I it clicked to
Speaker 1: me that like financial freedom is not enough. That is,
Speaker 1: it is a small component of maybe what you should
Speaker 1: be working towards, but financial homeless is what everyone should
Speaker 1: work towards. So the ten steps are one building a
Speaker 1: budget to saving three digging out of debt for your
Speaker 1: credit five um learning how to increase your income. These
Speaker 1: are the finance the foundational components of financial wholeness. Then
Speaker 1: we work on the next level of financial wholeness. So
Speaker 1: six investing for both retirement and wealth. Seven getting good
Speaker 1: with your insurance, eight increasing your net worth. Nine picking
Speaker 1: your money team. You have to have financial professionals on
Speaker 1: your team, and ten estate planning leaving the legacy. Those
Speaker 1: are the ten components and get good with Money um um.
Speaker 1: Ten simple steps to becoming financially whole walks you through
Speaker 1: what does it? What do you have to do to
Speaker 1: achieve this component? How to achieve it? All the tools
Speaker 1: and resources you need. If I need to bring in
Speaker 1: a specific expert, like, for example, a state planning, I'm
Speaker 1: not an attorney, so I had to bring in my attorney,
Speaker 1: Tony Moore. She's super dope, got her like doctorate in law,
Speaker 1: and so I was like, Tony, let's walk the people
Speaker 1: through what does the state planning look like if you're twenty,
Speaker 1: if you're thirty, if you have kids, if you don't
Speaker 1: have kids. But to take it from like this like
Speaker 1: attorney's brain, but then make it that you and I
Speaker 1: could be like, oh God, to God, to God, to
Speaker 1: God it this is what I need to do. Well,
Speaker 1: that's what That's what get go of money does. Quick
Speaker 1: question because a lot of people I speak to, especially
Speaker 1: you know, in my family, how I grew up their
Speaker 1: idea of being financially whole is I paid my bills
Speaker 1: on time? Like that's where a lot of people get
Speaker 1: stuck and they don't know how to get out of
Speaker 1: that level of because even that's not even financial freedom.
Speaker 1: Just paying your bills on time is not financial freedom.
Speaker 1: But a lot of people find themselves, especially in this
Speaker 1: capitalist country, stuck there. How did they get from that
Speaker 1: level to move to the next level? Yeah, because I
Speaker 1: didn't even know there were ten. When she said there
Speaker 1: was ten, I was like, well, how many people? You
Speaker 1: started listening to them? I was like, all right, we
Speaker 1: dipping dab in a couple. But we're in the proce
Speaker 1: us state planning right, right, Because as we got to
Speaker 1: the point now where we were able to make money
Speaker 1: and we have different foundations stuff done, yeah and income,
Speaker 1: we're at a point now where we don't we still
Speaker 1: have to work, but don't give me. We still have
Speaker 1: to work, but now we do have money that's working
Speaker 1: for us. So that will be in a position where
Speaker 1: at some points, said you know what, we don't have
Speaker 1: to get up and quote unquote punch of clients. But
Speaker 1: for those who are, you know, just pay bills to survive,
Speaker 1: where can they go from there? So if you're just
Speaker 1: just starting, I'd like to start with like mindset, right,
Speaker 1: So you know, our people we like to season our meat.
Speaker 1: I mean, you know, no judgment if you don't. But
Speaker 1: so mindset is like mindset right, because I'm African and
Speaker 1: I know contine that your West Indian season right, clean clean?
Speaker 1: We season to me, yes, So I like to call
Speaker 1: your your brain like your meat, right. So there has
Speaker 1: to be a mindset adjustment. And so that mindset adjustment
Speaker 1: is when you're seasoning your brain because you know, we
Speaker 1: both know that if you don't see someon to me,
Speaker 1: it's gonna be bland. You know, you're not gonna be
Speaker 1: able to see your meal through. And so I I
Speaker 1: say that wherever you are, and this is what I
Speaker 1: start within the book, is that we start with a
Speaker 1: mindset shift. You know, we take a moment to rethink about, yes,
Speaker 1: like where you are, how you got there? Is it?
Speaker 1: Is it your family members that are that are impacting
Speaker 1: your mindset? Did you have some past financial trauma whatever
Speaker 1: that is? I teach you how to kind of let
Speaker 1: that go so you can introduce new material and navigate differently.
Speaker 1: And so then we start really working on each step.
Speaker 1: So each step, so as a teacher, we used to
Speaker 1: have like this um this we have like this a
Speaker 1: layout of how we teach a lesson. It's plan do review.
Speaker 1: So plan means I like, um, this is like, let's
Speaker 1: just say I was teaching preschool again, I'd be like, hey,
Speaker 1: boys and girls, we're gonna learn our A B c's today.
Speaker 1: But for the book, it's Hey, for this step, we're
Speaker 1: gonna learn how to budget. We're gonna learn specifically how
Speaker 1: to automate this budget. You know. So I give you
Speaker 1: like because I think adults need to know what's what's happening?
Speaker 1: What am I read it? It's a novel, you know,
Speaker 1: so this is not a Harry Potter book. We're trying
Speaker 1: to figure out. Don't tell me what happened to the end.
Speaker 1: I need to go right right, So that's the plan
Speaker 1: for right. Then the due part is the actual lesson,
Speaker 1: how like how exactly do I make what you said
Speaker 1: we're gonna do happen step by step by step by
Speaker 1: step by step, you know. And then um, then the
Speaker 1: review is checking for understanding, like, hey, we said we're
Speaker 1: gonna do it, did you do your thing? Are you
Speaker 1: good to go? Then we're ready to move on. And
Speaker 1: so that's how each of the chapters has laid out plan,
Speaker 1: do review. There's homework with each step. Again, like I said,
Speaker 1: if the step requires an additional educator, I bring them
Speaker 1: in for the technical things like insurance and the state planning.
Speaker 1: I bring that person in to kind of walk us through.
Speaker 1: But it's like a light, easy read, honestly, but it's
Speaker 1: perfect if you're like, Okay, I'm just graduating college, or
Speaker 1: what do I what do I do? Or I have
Speaker 1: a life change. You know, I purchased a home and
Speaker 1: I realized that my life has shifted. So a state planning,
Speaker 1: for example, a twenty year old might be my mom
Speaker 1: was on my bank account. But for y'all, a state
Speaker 1: planning is you have to have a will because you
Speaker 1: have the babies. Babies, but you know, you know, a
Speaker 1: state planning for y'all. It's like your So, y'all have
Speaker 1: a business, you know the Ballum convene, right, so who
Speaker 1: what does? What does business? What does that look like?
Speaker 1: If something happens to you to your business? You know?
Speaker 1: And so it's great, especially if you had to shift
Speaker 1: or you've never laid a solid financial foundation. I wanted
Speaker 1: to create something that you can almost like if you
Speaker 1: used to watch um like I used to watch this
Speaker 1: with my um with my mom when I was younger, Like, uh,
Speaker 1: soap operas, right, so you can watch from the very
Speaker 1: beginning and keep watching and get value. But if you
Speaker 1: just have to jump into this episode, you still get value. Yeah.
Speaker 1: The same thing with the book, Like if you like
Speaker 1: look and you're like, I don't need budgeting, I don't
Speaker 1: need credit, you can literally jump to the part that
Speaker 1: you need. But it also builds upon each other if
Speaker 1: you do need all the building blocks. So that's what
Speaker 1: I'm really excited because I think we've been we've been
Speaker 1: lacking an adult in an adulting guide. No. Absolutely, there
Speaker 1: is no guide to adults. And you actually get kicked
Speaker 1: out of college um a lot of times and canna
Speaker 1: and not talk about this. With education, there are certain
Speaker 1: things you go to school for and you pay all
Speaker 1: this money to go to school, and they don't teach
Speaker 1: you how to be an adult. Like they teach you
Speaker 1: how to you know, pass tests even in college and
Speaker 1: how to write papers, but they don't teach you how
Speaker 1: to become an adult. And that leads me to my question,
Speaker 1: is there a minimum amount of money you need to have,
Speaker 1: you need to make in order to say, you know,
Speaker 1: what this book has value for me because some people say, oh,
Speaker 1: you know, I want to get into financial planning, but
Speaker 1: I don't even have the finances to start to plan.
Speaker 1: Is there a minimum for someone No, not at all. Honestly,
Speaker 1: if you are gainfully employed, I would say probably more
Speaker 1: so a minimumount of responsibilities. So I wouldn't say this
Speaker 1: book is for a fourteen year old even if your babysitting.
Speaker 1: You know, there are some things that you know might
Speaker 1: be able to help. But I will say that if
Speaker 1: you are about to graduate, so you might be you,
Speaker 1: you might be eighteen and helping to support your family. Perfect,
Speaker 1: you might be I'm about to graduate college and get
Speaker 1: my first job. Perfect. You know, there's not a minimum
Speaker 1: amount that you have to have because no matter how
Speaker 1: much you have, mindset is still critical. Saving is still
Speaker 1: important to learn even if you can't currently save. Learning
Speaker 1: how to pay down debt is critical to learn even
Speaker 1: if you don't have the finances to pay down debt.
Speaker 1: I believe that you should be pre prepared for what
Speaker 1: you're rolling into. So even if like you're unemployed, is
Speaker 1: actually a perfect book right now because that way, because
Speaker 1: employment is coming, will you be ready for that? Oh?
Speaker 1: It's it's funny you said, you know, it's perfect for
Speaker 1: people who unemployed. I mean, we're in a recession and
Speaker 1: a lot of jobs have been lost, so now people
Speaker 1: are trying to consider what would be the job I
Speaker 1: take that can take me out of this debt that
Speaker 1: I've accrued over the last year. And I wonder how
Speaker 1: the noodle budgets are going. I remember that from our
Speaker 1: last time, because that's in the book to you have
Speaker 1: you have the noodle budget? Yeah, I have. I have
Speaker 1: literally I have the I call a health and safety budget,
Speaker 1: the broke broke budget the noodle budget, because sometimes I
Speaker 1: feel like they're not enough. Books don't assume like you're
Speaker 1: kind of good. It's like, no, says that's why I'm reading.
Speaker 1: I literally have a sex and that says what happens
Speaker 1: if you're broke broke, because I have been broke broke,
Speaker 1: you know, not like you know how people say like candy,
Speaker 1: They're like, oh, I'm broke, But if you look at
Speaker 1: your purse you can find a dollar or two. You
Speaker 1: have some money in saving. It just means you don't
Speaker 1: have no. No, no, I have been broke broke where
Speaker 1: I was like, I hope I find a quarter in
Speaker 1: one of these pockets, you know, where there's no money,
Speaker 1: where my retirement fund drained, save his account drained, Um,
Speaker 1: there's nothing in checking like broke broke? What do you
Speaker 1: do then? And I addressed that because that's real, especially
Speaker 1: with all that's happening now, because you know it's being
Speaker 1: broke broke is terrifying. And then what happens is even
Speaker 1: after let's just say you do find some sort of income,
Speaker 1: there is a shame attached to being broke broke or
Speaker 1: making pregnancial mistakes that keeps you in that broke broke mindset.
Speaker 1: And I have been there where I was navigating from
Speaker 1: this place as if I was still fighting being broke broke,
Speaker 1: even though you know, I was, like, you know, financially
Speaker 1: solid and stable. So I can't think. I don't think
Speaker 1: we can under under estimate the power of what shame
Speaker 1: could do, because I always say that shame is a liar.
Speaker 1: Shame tells you you're a mistake. To all, you're a mistake,
Speaker 1: not you've made a mistake, you know, And so when
Speaker 1: you feel like you're a mistake, you don't tell anybody,
Speaker 1: you don't share with anybody, and shame loves it. It
Speaker 1: gets stronger with your silence, with your fear. It gets
Speaker 1: stronger when you're solitary and you and you don't lean
Speaker 1: into folks. But I show you how to expel shame,
Speaker 1: which really the only way to do so, the only
Speaker 1: antidote to shame is voice. You have, yes, tell your
Speaker 1: your boo, tell your your your work wife, tell your
Speaker 1: work husband, tell your work mom, tell your sister, your cousin,
Speaker 1: somebody that you can expel that too, so that way
Speaker 1: you can start working towards the solutions, especially for our
Speaker 1: black and brown communities. I think that if we there
Speaker 1: is a racial wealth gap that needs a number of
Speaker 1: things right, so it needs let's just let's just lation. Absolutely. Yeah.
Speaker 1: I'm actually working on a new one right now with
Speaker 1: my friend Angela Vie mcnight assembly Woman. Angela, do it,
Speaker 1: do it right now, because you know I wrote that
Speaker 1: law for for the for the kids, like you know
Speaker 1: in New Jersey that we have to get financial education.
Speaker 1: But you guys purchased your home, but like appraisals on
Speaker 1: like this little dark secret, talk about it. You know
Speaker 1: that process that people's homes like y'all have this beautiful
Speaker 1: house let's just say I'm making up a number. You
Speaker 1: brought up a five hundred thousand dollars, you put two
Speaker 1: hundred thousand dollars working to it. Because you're black and brown,
Speaker 1: you are likely to be under praise by absolutely well,
Speaker 1: you know, we spoke to um, when we spoke to
Speaker 1: President Biden, now President Biden about it, he said for
Speaker 1: a fact that he could have the same exact home
Speaker 1: as Kadeina and I and it will get a praise
Speaker 1: higher and it also won't be ensured as high because
Speaker 1: we're black, and because he admitted that he admitted that
Speaker 1: he admitted and so that is so discouraging. So that's legislation.
Speaker 1: So these are the things to fix, right legislation. So
Speaker 1: I'm the law I'm working on is an appraisal law
Speaker 1: for the state of New Jersey to make that illegal,
Speaker 1: and not just only to make it illegal, but to
Speaker 1: make it mandatory that the appraiser and the realtor have
Speaker 1: to give you, the buyer a checklist or the seller
Speaker 1: a checklist of like what to be looking for in
Speaker 1: the appraisal. And if they think it's unfairly done, here
Speaker 1: here's here are the remedies. So that way their praiser knows.
Speaker 1: I know, bro, we we're here now. You know, that's
Speaker 1: one legislation too. There has to be education in our
Speaker 1: community for us to change our financial situation. So this
Speaker 1: is why books like Get Good with Money. You know,
Speaker 1: you guys having these um these talks and having me
Speaker 1: on you know, um my Facebook group, Dream Catchers, my
Speaker 1: podcast Brown Ambition, Like, that's why financial education has to
Speaker 1: be normalized in our community, because you can't do better
Speaker 1: until you know better. And third, us folks who have
Speaker 1: the opportunity to grow wealth have to then give back
Speaker 1: to the community. That absolutely absolutely, you know, like we
Speaker 1: have to put on our super Women Superman capes and
Speaker 1: you know, like are we giving to you know, are
Speaker 1: are we sending students black and brown students you know,
Speaker 1: to college? Or you know, is there a fund? Um?
Speaker 1: Are we? I'm talking about actual money? Like you know,
Speaker 1: what does that look like? You know? I have a
Speaker 1: friend who she shared me that she's on track to
Speaker 1: make fifty million dollars this year, and I was like what,
Speaker 1: and I was she was like, honestly, though, Tiffany, I'm
Speaker 1: good with three, she said, but I aim to make
Speaker 1: that fifty because I want to pour back heavily into
Speaker 1: into our competing because like, you know, no one's coming
Speaker 1: to save us. You know no one's coming to save us.
Speaker 1: So pouring back into your community, knowledge and legislation. I
Speaker 1: think those are the three corners don't really transforming um
Speaker 1: black and brown wealth. Now I agree with you because
Speaker 1: you know when we when you talked about being broke.
Speaker 1: Just for clarification, there's a difference between being broke and
Speaker 1: being poor, right, and people don't understand that being broke
Speaker 1: um form For a lot of black and brown people.
Speaker 1: It's a disease because you grow up working your tail
Speaker 1: off and you're broke because you're constantly trying to find
Speaker 1: ways to make more money. You're not poor because you're working.
Speaker 1: You're able to survive. You have everything that you need,
Speaker 1: but you don't have everything you walk so you don't
Speaker 1: have anything you want, So you're broke. You're not poor.
Speaker 1: Poor people don't even have the things that they need,
Speaker 1: you know. But when you're walking around broke as a
Speaker 1: black or brown person in America, that disease gets to
Speaker 1: you where you're like, you know, I don't want people
Speaker 1: to know that I'm broke because the shame that you
Speaker 1: talked about comes in so the first time they do
Speaker 1: get a little bit of money out of being broke,
Speaker 1: they have to buy something to show people that I'm
Speaker 1: not broke. So rather than investing in something that's gonna
Speaker 1: make them more money, it's like, let me get these
Speaker 1: Louis Hutton shoes, let me get this Gucci belt, let
Speaker 1: me buy this chain to show people I'm not broke,
Speaker 1: but you still broke. And I think that's where the
Speaker 1: lack of business acumen and the financial education you need
Speaker 1: to get out of that broke mindset is needed, because
Speaker 1: if we can get out of that disease as a people,
Speaker 1: we would be able to live a fruitful life without
Speaker 1: feeling shame because we were broke for a little bit
Speaker 1: of time. We've all been broken. I've been broke. I
Speaker 1: made a lot of money and tried to invest in
Speaker 1: some stuff, became broke, made more money and was planning
Speaker 1: and saving. I had money in my account, but I
Speaker 1: was broke, like I couldn't do things. So I get
Speaker 1: what you're saying, and I think it's important for us
Speaker 1: as a people to know that. Yeah, for sure, Um,
Speaker 1: the robin Hood app I'm not too familiar with that
Speaker 1: I don't know you wanted to talk together because there
Speaker 1: was there was a big scandal that happened early in
Speaker 1: the year. Because the the regular investor, and i'll say
Speaker 1: a regular investor because none of us here have hedge
Speaker 1: Funestifficy maybe the only one of us who could possibly
Speaker 1: yet not yet, but the casual the casual investor started
Speaker 1: to get involved during the pandemic because people were looking
Speaker 1: for ways to make money and for the first time,
Speaker 1: realistically in history, because of social media, people started to
Speaker 1: communicate with each other and say, you know what, um
Speaker 1: this this uh style is about to jump up. Everyone
Speaker 1: should you know. But then people started to play the
Speaker 1: same game the billionaires play. They said, you know what,
Speaker 1: we can short this stock. If everyone you know buys
Speaker 1: in and we can short that, we can make a
Speaker 1: lot of money. But the billionaires started to lose money.
Speaker 1: So as the billionaire started exactly, they was just like, no,
Speaker 1: this can't happen. So they shut down the app and
Speaker 1: shut down all the trading, which a lot of people
Speaker 1: was like, it's illegal for you to completely shut down
Speaker 1: all of the trading and pretty much cut out the
Speaker 1: smoke the little guy, how can we as the casual
Speaker 1: investors avoid these type of traps, and can you explain
Speaker 1: a little bit about what happened so our our listeners
Speaker 1: can understand what happened in that case. Yes, so yes.
Speaker 1: Robin Hood is an app where you can buy, sell,
Speaker 1: and trade stocks. I was using it before I dance
Speaker 1: anymore after this um so um so yeah. It was
Speaker 1: super easy and you could literally look up you know,
Speaker 1: like you know, you could type in you know, I
Speaker 1: don't know, like for example, games, games, the type of game,
Speaker 1: stop right, and then they would tell you the symbol,
Speaker 1: tell you how US do you want to buy? Do
Speaker 1: you want to sell? If it's during trading hours, you
Speaker 1: can instantly you know, buy seller, trade um. If it's after,
Speaker 1: you could put in um, you can put in a
Speaker 1: request and when when trading hours open back up, it
Speaker 1: would do it for you. So what happened was that
Speaker 1: um that head funds. They're so terrible, these rich mostly
Speaker 1: white dudes. They look at companies that they are pretty
Speaker 1: sure are gonna go under and they do something called shorting,
Speaker 1: which is when you basically bet on the loss. You know,
Speaker 1: you play like you know, the US to play football.
Speaker 1: So some people like bet like, okay, you know, the
Speaker 1: Bucks are gonna win against the Patriot, you know, but
Speaker 1: there are people who are betting on the loss, like
Speaker 1: I'm guessing that they're gonna lose by twelve points. And
Speaker 1: that shorting is similar to that that like you get
Speaker 1: in you you purchase and you know that you can
Speaker 1: um so basically exchange your purchase at a at a
Speaker 1: lower like lower than what you bought it for so
Speaker 1: you can collect collecting, you know, and so like they were.
Speaker 1: But the problem is it's one thing because it's already
Speaker 1: like imagine you guys have a business. Imagine if there
Speaker 1: are people they were like, oh Thelan cuisine, Okay, they
Speaker 1: don't just look at real Oh they got a house girl.
Speaker 1: They're about to lose, let me invest in their loss.
Speaker 1: That's terrible, like morally. But then some of these headphones
Speaker 1: actually encourage, like meaning do things um to to help
Speaker 1: the company lose more quickly so they can get their
Speaker 1: money sooner, which is even worse. Right, that's his headphones
Speaker 1: dive and they make they've been doing this forever making
Speaker 1: they're so bold, they make lists of their losing losing,
Speaker 1: Oh we're about to bankrupt these people. And these people
Speaker 1: like how arrogant, right, So then what happened is read
Speaker 1: it and read it is like, um, it's a um.
Speaker 1: It's like a community board, you know, where like there's
Speaker 1: all of these like different communities you can talk about anything, cats, dogs, investments,
Speaker 1: But there was a community board I forget the name
Speaker 1: of it where they were. They've been like kind of
Speaker 1: helping each other out as they've been struggling with their finances,
Speaker 1: but they talked investing, and somebody realized, like, hum, you
Speaker 1: know these this headge fund in particular has been talking
Speaker 1: about game Stop um and shorting it. But you know,
Speaker 1: I like game Stop. I I you know who else
Speaker 1: likes game Stop? What if we invest in games Stop
Speaker 1: and stop them from going down? Because what happens is
Speaker 1: that you only win at the stock goes down. If
Speaker 1: the stock goes up, you oh, if the stock goes down,
Speaker 1: you receive Yeah. So they're like, so, and the way
Speaker 1: a stock goes up, it's all about supplying demand. The
Speaker 1: more demand of a stock, the more the stock price rises.
Speaker 1: So they're like, what if we just start buying game stock.
Speaker 1: Let's let's let's let's make the demand go up. Game
Speaker 1: Stop I think was trading at first at like thirty dollars,
Speaker 1: then fifty and a hundred. I think it went all
Speaker 1: the way up to like four or five dollars. Now
Speaker 1: these um let's just say, for example, that the Hedgecomb
Speaker 1: guys said they bought it at fifty dollars and said,
Speaker 1: um or they wanted to short at at thirty. So
Speaker 1: they're like, Okay, for every stock that we have a fifty,
Speaker 1: we're gonna short at at thirty. We're gonna get twenty
Speaker 1: dollars per stock. And we have millions of these stocks.
Speaker 1: Now you've got it at fifty, it's now five hundred,
Speaker 1: so you're not getting twenty you owe four and per stock, yes,
Speaker 1: per stock, yes, And so that was that's what was happening,
Speaker 1: and so it was going and going. So basically it
Speaker 1: was stand up. I don't know if you ever seen
Speaker 1: like the didd the didd he meme when like, um,
Speaker 1: it's like the four show, when did he looking at
Speaker 1: the dude with blond hair and they're like, that's really
Speaker 1: what's happening. It was like so because it's basically whoever,
Speaker 1: because if if the game stoppers had stopped investing in
Speaker 1: game Stop, it would have tumbled down. So they had
Speaker 1: to keep buying and keep buying and keep buying. So
Speaker 1: it's like who's gonna basically say all right, all right,
Speaker 1: you got it first. Who's gonna stop staring first? And
Speaker 1: so the heads from guys was like, y'all, y'all money
Speaker 1: too low. Eventually you're you're one of the money. Keep
Speaker 1: buying the stock. But the games, the yes just keep
Speaker 1: buying and buying and buying, and people people stepped in
Speaker 1: to encourage them, like um Elon Musk, you know, the
Speaker 1: owner of basically like Go Guys Go, and they was
Speaker 1: like okay, so came yeah, exactly, who's next? And so
Speaker 1: as a result, but that here's a problem because being right.
Speaker 1: So let's let's just say that you want to jump
Speaker 1: in and you're like, oh, game Stop at a hundred dollars,
Speaker 1: because there's no way to know that the day that
Speaker 1: it actually because game Stop actually was a company that
Speaker 1: was struggling. You could have put in ten thousand dollars
Speaker 1: and the next day that's going to drop you like nah,
Speaker 1: Or you could have put in your ten and it
Speaker 1: went up to thirty thou you're like, so there's no
Speaker 1: way to know. So there's some people who made millions
Speaker 1: of dollars. One dude was like, yeo, I made like
Speaker 1: one point two million dollars. I put a hundred something
Speaker 1: thousand dollars in, took it out the next day. But
Speaker 1: there's no way to know. Very volatile because you don't
Speaker 1: know who's going to win the staring contest, you know,
Speaker 1: and you don't know are the game are the regular
Speaker 1: guys gonna run out of money or are the headphone
Speaker 1: guy's gonna say okay, okay okay. So the heads funk
Speaker 1: guys gave in sooner because they're like, if it keeps
Speaker 1: going higher, we literally don't have the money already to
Speaker 1: cover what's gonna this loss is gonna cost us. They
Speaker 1: had to basically get an emergency um injection of money
Speaker 1: to cover millions and millions of millions. Yes, but the
Speaker 1: only issue is this is that so right now the
Speaker 1: game stops, like oh it ain't good and then and
Speaker 1: then um Um robin Hood was like, actually, y'all can't
Speaker 1: buy and sell um or y'all can't Yeah, y'all can't
Speaker 1: buy um robin Hood, I mean not robin Hood games.
Speaker 1: So the whole game like I can't buy, So you
Speaker 1: know what happens about like I said, it's supplying the man.
Speaker 1: If I can't buy, the price is gonna drop. So
Speaker 1: that's what ended up happening, is that like you know,
Speaker 1: a lot of people lost a lot of money. But
Speaker 1: it wasn't fair if that Robin Hood was like, hey, basically,
Speaker 1: y'all are winning, let's change the rules of the game exactly.
Speaker 1: You know, you know, you know it's not green, you
Speaker 1: gotta wear blue now It's like wait what all the time?
Speaker 1: You know? And so that's really what's been happening. There's
Speaker 1: like a lot of basically because you're not allowed to
Speaker 1: manipulate the market. That is illegal. That's the question is
Speaker 1: first of all, headphones do it all the time. That
Speaker 1: all the time, but they're like basically with these regulars
Speaker 1: Joe Schmall's are they manipulating the market? Is that one
Speaker 1: person saying hey, guys, hey, or can people just talk
Speaker 1: about stocks that you normally do? You're not talking about
Speaker 1: it now, I'm not manipulating the market absolutely, that's yes.
Speaker 1: And so like so we're going to kind of exactly
Speaker 1: so we're going to kind of see like what happens
Speaker 1: as a result, because big money people don't like losing,
Speaker 1: especially not the small money people. A small money people
Speaker 1: have now stepped into their powers, say oh, we've got
Speaker 1: a little power here, So I'll be very interested to
Speaker 1: see what investing looks like moving forward. Speaking of stepping in,
Speaker 1: I've been hearing a lot about bitcoin cryptocurrency. To me,
Speaker 1: it's all literally a foreign language thing, um. And even
Speaker 1: when I've had explanations a couple of times, I'm still like,
Speaker 1: but what well, I mean, it's it's not like it's
Speaker 1: once set thing. It's constantly evolving. So you're being confused
Speaker 1: about it as normal because I've been asking the same questions. Basis, Basically,
Speaker 1: that bigcoin is money that doesn't belong to a company,
Speaker 1: not company, doesn't belong to a country. Most of us
Speaker 1: have like you know, like every country has its own currency,
Speaker 1: you know, whether like we have a dollar, the yeah,
Speaker 1: the whatever. People have another places the pound, you know, yeah, right,
Speaker 1: So bitcoin doesn't have that. It's decentralized. There is no
Speaker 1: country that backs it so um. For example, in the
Speaker 1: United States, our dollar used to be back by gold,
Speaker 1: so we knew we have this many dollars based upon
Speaker 1: how much goal we had set up. Then they took
Speaker 1: away the gold standard, and now our dollar is not
Speaker 1: really backed by gold, it's just backed by like the US,
Speaker 1: the United States promise that we got you. That's really
Speaker 1: where dollars backed on, like that we're a strong company,
Speaker 1: we got you, right exactly. So, but bitcoin is really
Speaker 1: based upon like supply and demand, like it's it's it's worth.
Speaker 1: It's based upon how much people um either want it
Speaker 1: or don't want it. I'm so mad at myself because
Speaker 1: I jumped into bigcoin. Remember there was like a big
Speaker 1: bitcoin thing, maybe like two thousand eighteen or right, So
Speaker 1: I bought like one for like it was like a
Speaker 1: thousand dollars something like that at the time, and then
Speaker 1: it went down to seven eight hundred. I got shook.
Speaker 1: I was like, I'm scared. I took my money out,
Speaker 1: lost my three hundred. While bigcoiners like like fifty would
Speaker 1: have a coin right now, I would have had fifty
Speaker 1: thousand dollars for my little one thousand dollars. You know.
Speaker 1: I'm like, we was scared. Money don't make no money, right,
Speaker 1: you know. So that's so so Really the reason why
Speaker 1: bigcoin is looking a little more serious now is because
Speaker 1: banks at first we're like we don't care what y'all
Speaker 1: doing over there in these internet streets. We're not rocking
Speaker 1: with it. If it's not a dollar again, a pound
Speaker 1: or whatever, a ruby. You know, we don't, we don't,
Speaker 1: we don't, you know, we don't recognize it, you know.
Speaker 1: But now you have banks like Chas saying, well, you know,
Speaker 1: I think we're gonna jump into the bitcoin thing, which
Speaker 1: I helped to legitimize it. Because the thing about bitcoin
Speaker 1: is there's a limited amount of bitcoin. They only create.
Speaker 1: There's only a limited amountain. So what happens is once
Speaker 1: that amount is fully mined, like it's only about you know,
Speaker 1: you can only buy and sell like kind of like
Speaker 1: what's out there. So we'll see what's going to happen.
Speaker 1: Is it like getting the clubhouse invite? I need somebody
Speaker 1: to invitecoin? Yeah, it is, honestly, it's like even like
Speaker 1: the sooner you got in basically the better, you know,
Speaker 1: because you have more people following you and so like.
Speaker 1: So we'll see, Like I mean, I don't think bitcoin
Speaker 1: is going anywhere at all, Um, It'll be curious to
Speaker 1: see like what happens because you know, right now is
Speaker 1: deregulated and governments don't like that because you know, they
Speaker 1: want their peace, you know. Um, that's why bigcoin is
Speaker 1: like beloved by like, you know, international smugglers and drug
Speaker 1: dealers because there's no way to really trace it. And
Speaker 1: but the problem bitcoin is that if you get locked
Speaker 1: out of your bigcoin wallet, that's it. Yeah, that's that's
Speaker 1: there's no there's no real security. Someone can take your
Speaker 1: bigcoin and there's nowhere to go to get it back
Speaker 1: because it's not government regulated. It's gone. Sorry, that's you
Speaker 1: just lost your fift That's what makes the bigcoin a
Speaker 1: little bit like that. People like you know like that
Speaker 1: that big banks and governments have shied away from it
Speaker 1: because there's nothing they don't there's nothing they could do
Speaker 1: to control it. And so like there's a dude now
Speaker 1: who has like something like I don't know, it was
Speaker 1: something crazy like three million dollars worth a bitcoin, and
Speaker 1: he forgot his logging and he's on he's on guest
Speaker 1: number two because you only get three. So he's like,
Speaker 1: oh my god, I know, can you imagine? So he's
Speaker 1: like I don't even know what he's gonna do, but yeah,
Speaker 1: so you just have to be so I have to
Speaker 1: say this, this is what I say about investing, because
Speaker 1: even in the book Getting with Money, I have a chapter,
Speaker 1: chapter seven is about investing investing for retirement, which is
Speaker 1: different than investing for wealth. Investing for retirement is basically,
Speaker 1: you wanted to maintain your current lifestyle when you're no
Speaker 1: longer working. So I called my no longer working south
Speaker 1: Wanda because I found like, like, like not that I'm
Speaker 1: gonna be old when I no longer work, but I
Speaker 1: just feel like Wanda is a sassy old lady. She
Speaker 1: got a little flavor. Ye what she's gonna be like,
Speaker 1: I'm sorry, you do your ball in my backyard again?
Speaker 1: What do we say about that? It's my analysis, right, Yeah,
Speaker 1: I can't wait. I can't wait to be old lady
Speaker 1: rude Anchorage. Now everybody okay, right, and everybody's business like
Speaker 1: you're natural blonde. You're sure girl, because then Ruth say otherwise,
Speaker 1: But I'm sorry. So, so you want to retire for
Speaker 1: I mean, you want to invest for a retirement that's
Speaker 1: just to maintain your current lifestyle and when you're no
Speaker 1: longer working. That's the purpose of investing for retirement. Then
Speaker 1: you also want to invest for wealth. Once you start
Speaker 1: investing for retirement, which means to increase your current lifestyle
Speaker 1: and to help to leave a greater legacy for those
Speaker 1: that you're your heirs. You know, So if you're wanting
Speaker 1: that private island, that's investing for a while. If you
Speaker 1: wanted to leave money to the kids, that's investing for wealth.
Speaker 1: Investing for retirement is not about leaving money for the kids.
Speaker 1: It's not about the private island in the private jet.
Speaker 1: And you know because because investing for retirement it's just
Speaker 1: bare bones, like I'm not eating cat food when I
Speaker 1: no longer working. That's what that is, right. So like
Speaker 1: in the and get it with money Chapter seven, I
Speaker 1: walk you through how to do both. Because it is
Speaker 1: important to that you must invest. I just cannot stress
Speaker 1: that enough. That whatever that looks like for some people, y'all,
Speaker 1: it might be like we invest in our in real estate,
Speaker 1: we invest in our actual business, you know, um, investing
Speaker 1: in the market. I'm not gonna lie, especially now there's
Speaker 1: a lot of money to be made. I know a trader.
Speaker 1: They make some million dollars a month because she trade.
Speaker 1: So to trade is um. Most people, I suggested them
Speaker 1: long term investing. You know, you buy apple, you hold apple,
Speaker 1: ten years from now. You sell apple. Right, trading is
Speaker 1: you buy apple at nine am and it's a hundred
Speaker 1: and fifty dollars and then at nine, um, nine thirty,
Speaker 1: it's one seventy and you pull it out and you
Speaker 1: put it back in. So that's trading. It's by sell
Speaker 1: by cell sometimes during the day, like day trading people,
Speaker 1: so people do right, So she does that and because
Speaker 1: her the amount that she's putting in and out, it's
Speaker 1: seven million dollars. She's making a million dollars now. But
Speaker 1: it's not for the faint of heart. Because she said
Speaker 1: one time she was trading and she was waiting for like,
Speaker 1: you know, like her let's just say it was apple.
Speaker 1: She knew that it's likely by nine to go to
Speaker 1: you know, one fifty, and she could pull out her money.
Speaker 1: Her mama calls, She's like, oh yeah, girl missed it.
Speaker 1: So now all of a sudden, so yeah, girl, that's
Speaker 1: seven million, ain't eight now is six? So she gotta
Speaker 1: wait again. But do you see, Like so it's not
Speaker 1: for the faint of heart, you know, um, But there
Speaker 1: are other ways to trade, Like you know, you could
Speaker 1: trade options, and you can you can you can trade
Speaker 1: in a way that you kind of like set parameters
Speaker 1: and it kind of does it for you automatically, but
Speaker 1: you don't have to do that. But just know that
Speaker 1: investing in the market is an additional way to invest,
Speaker 1: and quite honestly, it's it expedites you're investing. So I'm
Speaker 1: not super comfortable. I'm not going to pretend like I
Speaker 1: am investing in the market, but I do, and I
Speaker 1: do more long term investing like buy and hold good companies,
Speaker 1: right because I understand that I want to have real estate,
Speaker 1: which I do. I want to have my businesses, which
Speaker 1: I do, but I also know what the market can
Speaker 1: really generate, Like I'm you know, I'm a last time
Speaker 1: I check, I'm up over a hundred percent, you know,
Speaker 1: and so in my business I might not be up
Speaker 1: over And so I think that learning to invest, even
Speaker 1: if it's the most simplest form, like you're just looking
Speaker 1: at index funds for example, an index fund is just
Speaker 1: the basket of investments UM typically like a basket of
Speaker 1: stock sometimes bonds UM that mirror the market. So you
Speaker 1: your market is something like the SMP five hundred that
Speaker 1: down Jones and marketing just basically think about it like
Speaker 1: a supermarket, but instead of food, it's stock selling, you know,
Speaker 1: so like different markets sell like we know, Whole Foods,
Speaker 1: Whole Paycheck sells like healthy food, right. And so the
Speaker 1: SMP five hundred, the type of quote unquote food stocks
Speaker 1: they sell are UM five hundred of the one of
Speaker 1: the biggest um companies in the United States. That's the
Speaker 1: spy sell there, right. So you can literally say, I'm
Speaker 1: going to buy an index fund that does what that
Speaker 1: what that market does the sp five hundred right, So
Speaker 1: I can you can literally condem you can literally say, okay,
Speaker 1: this typed in index fund um um SMP five hundred
Speaker 1: index fund. You find one, and you say, I'm gonna
Speaker 1: put fifty bucks a month in. And when the SMP
Speaker 1: five hundred is up. So when Whole Foods is selling
Speaker 1: a lot of whole food, you up. When Whole Foods
Speaker 1: is selling a little bit food, you down. But the
Speaker 1: magic of it is is that we all know Whole
Speaker 1: Foods always wins, even if they have a bad day,
Speaker 1: they always have a good year. Even if they have
Speaker 1: bad year, they always have a good decade. And so
Speaker 1: it's the same thing with the market that even if
Speaker 1: the market has a bad day, Over the last hundred years,
Speaker 1: the market has been is up ten percent. Over the
Speaker 1: thirty years, the market has been up on average seven
Speaker 1: to eight percent, meaning that if you just put your
Speaker 1: money automatically in an index fund, you're gonna go up.
Speaker 1: You're gonna have some bad days and maybe some bad years,
Speaker 1: but over time you're going to go walk. And that's
Speaker 1: one of the easiest things you could do. Set it
Speaker 1: and forget it in an index fund that mirrors the market.
Speaker 1: I love that, and tit tifficy. You don't got no
Speaker 1: time to be sitting down there putting money in and
Speaker 1: out like a double dutch game. And girl, and I
Speaker 1: was like teaching financial planning as a resource. She's doing
Speaker 1: all the things. Okay, so why you but don't get
Speaker 1: what I was tepted. I said, wait, he was, how
Speaker 1: you trade? Again? I don't even a lot of you.
Speaker 1: I have a couple of mouneis who trade, and I
Speaker 1: was just like, you know, Mohammed trades. He's telling me
Speaker 1: about this. He's the first person to tell me about
Speaker 1: Facebook going public years ago. And he quit his job
Speaker 1: and all he does his trade and he got a
Speaker 1: fat crib. You know, he's just doing it. And I'm
Speaker 1: just like a lot of money in it. It is,
Speaker 1: but he'd be on that computer. Imagine you be on
Speaker 1: set somewhere and you're joint just drops like you can
Speaker 1: eat it to your phone. Still, Oh my Goodness's why
Speaker 1: I said, Like, you know, investing is for everyone. Choosing
Speaker 1: how to invest is for you to decide, like we
Speaker 1: must as black and brown people, we must invest. But
Speaker 1: if you're not comfortable with the market, fine, do you
Speaker 1: have real estate? Do you have a business? You know?
Speaker 1: Like you know you have to must, must must invest.
Speaker 1: Investing just means growing your money because if your money
Speaker 1: that same hundred dollars, Like, so y'all from New York.
Speaker 1: Remember quarter waters right, the little like right they right now?
Speaker 1: Like I don't know how must now I don't drink
Speaker 1: What was that like? Literally when I was a little kid,
Speaker 1: straight sugar water, Like let me get the blue meant
Speaker 1: that blue does not even occur in nature anywhere? What
Speaker 1: does that? But where they getting that blue color from?
Speaker 1: But die? We don't even know death? Right, So quarter
Speaker 1: wards are a perfect They're a perfect example of inflation.
Speaker 1: Inflation is the devaluing of money over time, meaning that
Speaker 1: your money has less power over time. Well we were kids, Um,
Speaker 1: your quarter could buy that that little water. Now your kids,
Speaker 1: if they wanted it, might have to pay thirty five
Speaker 1: to fifty cents for the same quarter water. Your money
Speaker 1: is worth less over time. So if you just keep
Speaker 1: your hundred dollars in your shoe box or the safetess account,
Speaker 1: that a hundred dollars in, like maybe next year is
Speaker 1: worth ninety nine dollars, and ten years, maybe it's worth
Speaker 1: ninety five dollars in thirty years, maybe it's worth fifty dollars.
Speaker 1: You see what I mean. So if you don't actually
Speaker 1: invest to raise it, so you have to just invest
Speaker 1: just to keep your money worth what it's worth. So
Speaker 1: you would have to invest that cents just to get
Speaker 1: it to thirty five cents just so you can buy
Speaker 1: the same water. So if that is not even about
Speaker 1: getting rich, it's just about just maintaining the status quo.
Speaker 1: That's why investing is so critically important. Honestly, that's why
Speaker 1: books like Get Good with Money are so important because
Speaker 1: I think that folks will understand that what I'm trying
Speaker 1: to teach is this is that I want you to
Speaker 1: get financially sound with the budgeting and saving and dead
Speaker 1: and credit, so you have excess money to invest, and
Speaker 1: so you can invest to grow excess money and so like.
Speaker 1: Because the purpose of of working, and Dame Dash said
Speaker 1: it best in some interview I saw him, it's to own.
Speaker 1: That's yeah, that's the purpose of work to own because
Speaker 1: you ownership is how you yield wealth because the things
Speaker 1: that you own will go to work for you. Your
Speaker 1: own real estate, that house works for you, stocks, those
Speaker 1: stocks work for you. You know, so some of us,
Speaker 1: to your point of old like, that's what broke is
Speaker 1: is when you're working to work, not working to own.
Speaker 1: That is probably the best definity of the broke working
Speaker 1: to own. Every night, before the kids go to bed,
Speaker 1: what do we say to each other? I say, why
Speaker 1: do we go to work to build capital? Why do
Speaker 1: we build capital to make our money work for you?
Speaker 1: Every night I make the kids say that to me,
Speaker 1: and they're they're repeating it now and they're repeating it,
Speaker 1: but at some point they're going to get it. At
Speaker 1: some point they're going to get it in That's that's
Speaker 1: really the American dream. People think, especially black and brown people,
Speaker 1: think the American dream is to have a good job.
Speaker 1: I have a good job. I pay all my bills.
Speaker 1: Once again, that's what that is. A broke mindset you
Speaker 1: all you work to own. That's a fact. So in
Speaker 1: addition to this phenomenal book that I have to get
Speaker 1: because listen, I was an excellent student. I don't know
Speaker 1: about Devalu, but I used to go to class and signament.
Speaker 1: So what I'll do is I'll get the book, and
Speaker 1: I will get my my, my, my post it's and
Speaker 1: my colored highlighters like I used to back in the day,
Speaker 1: and I will break it down for us to see
Speaker 1: how we can take these things to a whole another level,
Speaker 1: you know what I mean. Um So, in addition to
Speaker 1: the book, Tiffany, just um let people know how you
Speaker 1: can be a resource to them other surfaces us sorry,
Speaker 1: services that you offer on your team, offers where people
Speaker 1: can find the book, you know, close this out with
Speaker 1: all the goods. Yeah, so I am the budget de
Speaker 1: so all the platforms so you could always tweet me, Instagram,
Speaker 1: Facebook me. Um so, yes, as far as resources, We've
Speaker 1: got a a financial group on Facebook. It is almost
Speaker 1: half a million of us, mostly women, but we do
Speaker 1: have some dudes in there, and mostly women of color.
Speaker 1: It's a safe space to ask questions to get feedback
Speaker 1: from your peers. It's called dream Catchers, Live Richer with
Speaker 1: a Budget EASTA certainly check that out. UM and UM
Speaker 1: and and I have a podcast where I we talked
Speaker 1: heavily myself, Mandy Santos and I another sister. UM. It's
Speaker 1: called Brown Ambition, and we talk about career, money, UM,
Speaker 1: life in this brown skin, like how do you navigate?
Speaker 1: We answer a lot of financial questions and so feel
Speaker 1: free to We're on all the social platforms you know, UM,
Speaker 1: not social platforms, but you know podcast platforms. UM And
Speaker 1: Then to get the book Get Good with Money tend
Speaker 1: Simple Steps to becoming financially whole. The website is literally
Speaker 1: get Good with Money. So, but I also have to
Speaker 1: have a gift for you if you go to Get
Speaker 1: Good with Money, UM, you know, get the book, But
Speaker 1: right away I want you to get your financial holeless checklist,
Speaker 1: because there if you scroll down on that, on that page,
Speaker 1: there is a quiz, a too minute quiz that you
Speaker 1: can take to see what level of financial holeness have
Speaker 1: you already achieved ten? So you can get clear like,
Speaker 1: but I want people to do that, honestly, almost even
Speaker 1: before they read the book, so they know, like, dang,
Speaker 1: this is what I gotta work on. As soon as
Speaker 1: you take the quiz, I email you the financial Holeness checklist,
Speaker 1: and so you could be reading the book and understanding,
Speaker 1: like I really need to work on my assurance yourself
Speaker 1: a gift. Tomorrow's my birthday, So make sure that I'm
Speaker 1: gonna send you all. I'm gonna here's what I ask
Speaker 1: you have, Like, you know, send me your your your your,
Speaker 1: your mailing address. I'm gonna send you guys a book,
Speaker 1: and then I'm gonna put a little sticky you know,
Speaker 1: like let me know, like honestly, we're really struggling with
Speaker 1: estate planning or picking a money team or whatever. And
Speaker 1: so what I've been doing for my friends is I've
Speaker 1: been like literally adding like little notes where you should
Speaker 1: look directly so you don't have to be like fumbling around. Right,
Speaker 1: I'm like, go to this page. This is what specifically
Speaker 1: I know that y'all would would find value from. So
Speaker 1: send me your your your mailing address, and a and
Speaker 1: like what your financial pain points all. And I got
Speaker 1: you all, but the rest of you go to get
Speaker 1: Good with Money dot Com go because y'all are not
Speaker 1: her friends yet Tiffany is our friends over my friend.
Speaker 1: Thank you so much, Tiffany, I I you know, we
Speaker 1: appreciate you being here with this season after season. You have,
Speaker 1: like I said, been a staple um in the Dead
Speaker 1: as podcast realm, and we appreciate you and we love
Speaker 1: you and continue to grow into greatness and help us
Speaker 1: to do the same for sure. And congratulations once again,
Speaker 1: first eight figure year. You know, it's just dope. It's dope,
Speaker 1: and we have to um once again. That's not stunting
Speaker 1: for people understand that this is a possibility. For we
Speaker 1: can't believe that we can do things unless we see it.
Speaker 1: And when I look at Tiffany and she says things
Speaker 1: like that, that just inspires me to be like, you
Speaker 1: know what Tiffany did, that's all I'm gonna do it,
Speaker 1: you know what I'm saying. So we need to give
Speaker 1: people their flowers while they're here, congratulate them and just say, look,
Speaker 1: if she did it, I can do it. So that's
Speaker 1: dope possible. Thank you, Thank you, Thank you. Tim. Look,
Speaker 1: every time I feel like I could speak to Tiffany
Speaker 1: for hours, you know, I just so many questions I
Speaker 1: want to ask. Yeah. I think what I love about
Speaker 1: Tiffany the most too, is that she, like she said,
Speaker 1: started as a teacher, So I feel like her methods
Speaker 1: methods are very digestible, you know. It's it's a bunch
Speaker 1: of knowledge. Like I said earlier, it's a lot of
Speaker 1: charger on that is surrounded um finances and how to
Speaker 1: be privy about, you know, the next move to make
Speaker 1: or what to do UM. But I love that everything
Speaker 1: is like a step by step with her, and it's
Speaker 1: it's it's something that's um systematic, like you can do it,
Speaker 1: and you can follow these steps and guarantee to get success.
Speaker 1: And I just I love the fact that she is
Speaker 1: just She's just us, you know, She's she's not this
Speaker 1: entertainer that got all her money performing. She's not an
Speaker 1: athlete that was six nine pounds. She's got a ton
Speaker 1: of money. She really got everything from the mud and
Speaker 1: started to build all these different streams of revenue, which
Speaker 1: shows us that it's possible, you know, and she's paying
Speaker 1: it forward by giving us the tea, the whole spire
Speaker 1: teeth pot you know what, Let's go to break right
Speaker 1: now so that way we can pay some ads. I
Speaker 1: could text her pay some ads. Please don't pay. No,
Speaker 1: that's not what we do. Get us paid. That that part,
Speaker 1: that's why I always do this podcast. She's trying to
Speaker 1: get more money away. You see this. We gotta pay
Speaker 1: some bills, take some bill by getting these ads. That's
Speaker 1: the fact. And I'm going to text her now our
Speaker 1: mailing address so we could get that coy. There you go.
Speaker 1: We'll be back with listening to letters after this. All right, baby,
Speaker 1: So we're back with your favorite portion of the show.
Speaker 1: A very long media show. But you have to letters here. Yeah,
Speaker 1: it was. I'm not going to repeat that. I'm not
Speaker 1: going to repeat that. Hey, Canina Devo. I'm a big
Speaker 1: fan of your show and very inspired by your success
Speaker 1: as entrepreneurs. Thank you. I'm in my early thirties, single
Speaker 1: and doing well in my career. I want to learn
Speaker 1: how to manage my money better, but I don't know
Speaker 1: where to start. I make k year with my nine
Speaker 1: to five, my credit scores under six hundred, and I
Speaker 1: live and pay all my bills alone in an expensive
Speaker 1: city about a month for rent and utilities. Oh man,
Speaker 1: I have about seventy k in student debt that I
Speaker 1: haven't even began to pay back ten years after graduating college.
Speaker 1: But that's only the debt. That's the only debt. Okay,
Speaker 1: got you I have. I have one thousand dollars in
Speaker 1: available credit to me, but I don't have any and
Speaker 1: I mean any money saved except for my for a
Speaker 1: one k. Yeah. I'm watching my friends by homes in
Speaker 1: less expensive cities and starting families, and I'm realizing it's
Speaker 1: time for me to get serious about my finances and
Speaker 1: my future. But I feel so far behind that I
Speaker 1: get overwhelmed and don't know where to start. What advice
Speaker 1: can you give me about where to start? It sounds silly,
Speaker 1: but my dream is to have at least a seven
Speaker 1: hundred credit scores. That's not silly, um, and enough money
Speaker 1: to pay bills for one year by two. Do you
Speaker 1: think that's tangible? Yes, I do think it's tangible. The
Speaker 1: first thing, um, young lady, the first thing I'm going
Speaker 1: to say to you, is welcome to the real world.
Speaker 1: There are a vast majority of people in New York
Speaker 1: because that's where we spend the last ten years while life.
Speaker 1: Um living the same way. You know, I remember growing
Speaker 1: up thinking that the minute I hit six figures I'll
Speaker 1: be good and then, um, I have a lot of
Speaker 1: friends who make over six figures, and they make six figures.
Speaker 1: They make six figures, and they're like, I still live
Speaker 1: paycheck to paycheck because rent is so expensive. They have
Speaker 1: student loans and they just feel like they can't get
Speaker 1: off the hamst to where they're just running in a circle.
Speaker 1: So you're not alone, um, But the first thing we
Speaker 1: do have to do is understand that that's part of
Speaker 1: the system, the capitalist system. Right. You make people feel
Speaker 1: comfortable so they can continue to work for you, so
Speaker 1: that they can continue to build their dreams while you're
Speaker 1: constantly working, and you have to work until you sixty
Speaker 1: before you retire. Um. The first thing we can do
Speaker 1: is change the mindset. Right, you pay a month for
Speaker 1: rent and utilities, probably because you felt like if I
Speaker 1: make seventy five K a month, I'm seventy K a year.
Speaker 1: That's around six thousand a month, right, six thousand in
Speaker 1: a month. That's seventy two um thousand a year. But
Speaker 1: after taxes, that six K a month will probably be
Speaker 1: down to about four K a month. So if you
Speaker 1: think it's four k man, and I want being being generous,
Speaker 1: now you make four K a month. Twenty three of
Speaker 1: those of those goals to rent and utility. So now
Speaker 1: you have seventeen hundred dollars left. I don't know if
Speaker 1: you drive, you got to eat, you want to go out.
Speaker 1: You literally have no money left, even though you make
Speaker 1: seventy K a year, which is not bad. You know,
Speaker 1: which is not bad. The first thing I will say
Speaker 1: to do is get a roommate. Get a roommate so
Speaker 1: you can split your expenses. The vast majority of people
Speaker 1: who can't save money don't save money because they spend
Speaker 1: over thirty per tot of their revenue that they make
Speaker 1: on living expenses. And then it gets once you get
Speaker 1: to travel. It's up to six percent is on living
Speaker 1: and travel. You haven't even eaten yet and you've spent
Speaker 1: six of your money. Get a roommate. Part of the
Speaker 1: reason why Codein and I was able to bounce back
Speaker 1: after we had all that money that we lost in
Speaker 1: the NFL and when K wasn't working, was because we
Speaker 1: moved back to Brooklyn and we lived with my my
Speaker 1: best friend Balau and my brother Brian. So the apartment
Speaker 1: was big enough then where we didn't have any kids.
Speaker 1: It was me and cadein in one room below and
Speaker 1: his girlfriend in one room, and my brother was in
Speaker 1: running room. So we split the rent by three people.
Speaker 1: Sacrifice time because sacrifice. Yeah, I mean you don't think
Speaker 1: that people necessarily want to have to live with her roommate.
Speaker 1: That's never really did. But it's a matter of trying
Speaker 1: to get out of a situation that we were in. Yeah,
Speaker 1: it was. It was changing your mindset from from getting
Speaker 1: rid of that disease where you're broke. You're not poor,
Speaker 1: you're broke, but in order to show people that I'm
Speaker 1: not broke, you spend money unnecessarily on things. So for example,
Speaker 1: I gotta have this nice apartment to show people that
Speaker 1: I'm not broke. Meanwhile, you can't save money, and then
Speaker 1: you're spending all your money for this apartment. Get a roommate,
Speaker 1: Get a roommate, say that you split that with someone.
Speaker 1: Now you have what that you just put in your pocket.
Speaker 1: Now eleven fifty that you put in your pocket, Now
Speaker 1: that you can save every month to make sure that
Speaker 1: you put that towards something to the end of the year.
Speaker 1: That's an additional thirteen K that you can put towards something,
Speaker 1: and you save thirteen K for five years. Now you're
Speaker 1: looking at sixty five dollars that you can now put
Speaker 1: a down payment on a condoor home. That's something that
Speaker 1: you own, that you invest in yourself. So the first
Speaker 1: thing I would say is get a roommate. Second thing
Speaker 1: I would say is check your credit score and find
Speaker 1: out why your credit score is under six hundred. I
Speaker 1: wonder if it's because she hasn't began to pay back
Speaker 1: her student loan debt. Well, I know you can defer
Speaker 1: your student loans, so your student loans shouldn't really affect
Speaker 1: your credit. So you can defer your student loans. Yeah,
Speaker 1: you may need a credit clean up, find out if
Speaker 1: if there's any fraud on your account, because I even
Speaker 1: had credit issues and it was after I feel like
Speaker 1: we're at a point where financially we were stable, we
Speaker 1: were paying bills on time. Come to find out that
Speaker 1: I closed out a credit card that I shouldn't have
Speaker 1: closed out because of keeping that line of credit open.
Speaker 1: Not knowing again, not having the financial or business acumen
Speaker 1: to know that closing out of credit card could then
Speaker 1: be a detrimentally score. You don't have credits. Now, you
Speaker 1: don't have credit, so there's Yeah, there's a lot of
Speaker 1: things that um factor into that. And also your debt
Speaker 1: to income ratio will affect your credit score. So since
Speaker 1: you make seventy k, but your living expenses start with
Speaker 1: your your rent and utilities, you really don't have a
Speaker 1: lot of money to play with. So that's going to
Speaker 1: bring down your credit score because you don't have any
Speaker 1: any available and available credit and you don't have the
Speaker 1: cash monthly coming in to pay for the credit, So
Speaker 1: that's going to affect your credit score. So it is
Speaker 1: tangible for you to be able to save money. The
Speaker 1: first thing I would say is get a roommate, someone
Speaker 1: that you trust, someone or if it's a possibility with
Speaker 1: the nine to five, I'm not sure what career feels
Speaker 1: she's in, if it makes sense to be able to
Speaker 1: move out of that city or move a little bit
Speaker 1: on the outskirts. A lot of people are working from
Speaker 1: home now, so that kind of made it easy for us,
Speaker 1: for example, to move from cities that are more expensive
Speaker 1: to live into somewhere where we can afford a little
Speaker 1: bit more for our money and then have ability to
Speaker 1: work from home. So at this point, I feel like
Speaker 1: there's no real cookie cutter way to do things, especially
Speaker 1: after you know the coronavirus hit and the pandemic. People
Speaker 1: are doing things a lot more unconventionally now and it's
Speaker 1: kind of becoming like the normal, which I didn't hope for.
Speaker 1: But since you mentioned that there was another thing she
Speaker 1: can do, which we did, get another job. Getting a
Speaker 1: nine to five will help you pay your bills, but
Speaker 1: you will not be able to save money unless you
Speaker 1: have a second job. And there was at one point
Speaker 1: we were trying to get out of our financial issue.
Speaker 1: I had like four jobs. I was working full ten
Speaker 1: hour days at the gym. I was doing commercials. I
Speaker 1: was doing color commentating on the weekends. Um, I was
Speaker 1: doing personal training. Like I was just hustling, working a
Speaker 1: lot of hours, not sleeping. And I told myself, if
Speaker 1: I invest five years of my life into doing this,
Speaker 1: I'll be able to do what I want to do.
Speaker 1: And it wasn't just me. Codeine was doing the same thing.
Speaker 1: You were doing makeup, you were doing hosting, You're working
Speaker 1: at mac freeker at Mac like use this time while
Speaker 1: you're in your early thirties. Um, I don't know if
Speaker 1: you're single or not, but if you're single and you
Speaker 1: have extra time, find another job and take that job
Speaker 1: and put all that money you make and save it,
Speaker 1: and you'll be good. There you go. I hope that helps. Yeah,
Speaker 1: and of course Tiffany's book will be a good way
Speaker 1: to stay absolutely, yeah, you can learn all right. Number two.
Speaker 1: My husband and I got married in March, before the
Speaker 1: start of the pandemic after being together for nearly five years.
Speaker 1: We congratulation talked about Yeah, we frequently talked about starting
Speaker 1: a family, but it's been a bit of a touchy
Speaker 1: subject for me lately. I was hesitant to start right
Speaker 1: after we got married because of the pandemic, and I
Speaker 1: was really motivated to finish my bachelor's before having a child.
Speaker 1: We also decided that we would wait a little longer
Speaker 1: after getting married so we can enjoy life as a
Speaker 1: married couple. Ye. I finally, I'm finally on board to
Speaker 1: starting a family, but I think my husband needs to
Speaker 1: make more money first. I work as a paralegal and
Speaker 1: I currently make a lot more money than my husband,
Speaker 1: and my husband talks about going to trade school and
Speaker 1: advancing his career, but he never gets off his ass
Speaker 1: and works towards his goal quote unquote. He currently works
Speaker 1: from works for municipality yep, and the pay is okay,
Speaker 1: but not the best. He received a promotion since he started,
Speaker 1: but not much of a pay raise. Last year after
Speaker 1: his evaluation, his raise was only about seven dred and
Speaker 1: fifty dollars. He knows that I would like to stay
Speaker 1: home once we have a child until they're at least one.
Speaker 1: I can't do that if he can't make enough to
Speaker 1: cover the bills. I've tried to express my financial concerns
Speaker 1: to him. He blows it off, like child care, food,
Speaker 1: baby clothes, diapers, et cetera. Aren't real expenses when you
Speaker 1: have a child. All the contrary, how do we financially
Speaker 1: plan for a family on a tight budget? Okay, so um,
Speaker 1: this is the first thing. When k and I were
Speaker 1: trying to plan life, we always said we want to
Speaker 1: wait till the right time to do things, and it
Speaker 1: seems like there's never a right time. So it just
Speaker 1: happens and then roll with it. I'm just to be honest,
Speaker 1: There never seems to be a time where you say,
Speaker 1: now we're prepared to have a child, now we're prepared
Speaker 1: to buy a home, Like it just seems like something
Speaker 1: always comes up where it's not the perfect time. So
Speaker 1: this feeling of uncertainty that she has, I feel it's normal,
Speaker 1: Like it's normal, like people always feel like, I don't
Speaker 1: know if I'm ready. I need to make more money. Um.
Speaker 1: The second thing I would say is it seems as
Speaker 1: if his work ethic is not the same as hers, right,
Speaker 1: which is fine. They love each other for whatever reason
Speaker 1: they love each other for. But I will say this
Speaker 1: as a man, I honestly feel like when you start
Speaker 1: to ask a woman to have your children, it is
Speaker 1: your fiduciary responsibility to maintain all of the bills just
Speaker 1: in case your wife can't work, because it's the possibility
Speaker 1: after childbirth, application or something, she may not be able
Speaker 1: to work. And the only reason why I say that
Speaker 1: is because you did have complications after Jackson, and you
Speaker 1: were out of it for months afterwards, and you couldn't
Speaker 1: go back to doing freelance immediately, you know, and you
Speaker 1: did go back to work after maternity leave, but it
Speaker 1: was a struggle. So um, as as a man, I
Speaker 1: just feel and this maybe you know, some people may
Speaker 1: take this the wrong way, but I honestly don't give
Speaker 1: a shit. Um, you ask a woman to have your
Speaker 1: your child is your responsibility to be able to take
Speaker 1: care of all of the financial responsibilities because we bring
Speaker 1: nothing to the table at that point. They have to
Speaker 1: they have to carry the child, deliver the child, then
Speaker 1: nurse the child. If if your wife is going to breastfeed,
Speaker 1: there really is nothing for you to do at this point.
Speaker 1: And at this point, this is where you should say,
Speaker 1: you know what, let me take on this responsibility so
Speaker 1: she can focus on the child. I mean in her,
Speaker 1: in her in her conversation here too, or in the
Speaker 1: letter she says that I think she's valid in her concerns. Absolutely,
Speaker 1: She's a winner of the family, so she's definitely valid
Speaker 1: in her concern And the fact that he's kind of
Speaker 1: blowing off the things that children need is kind of like,
Speaker 1: that's not a big deal about child because she's the breadwinner.
Speaker 1: We've seen this a lot recently over the past year,
Speaker 1: right where women who are the breadwinners more financially stable.
Speaker 1: A lot of the dudes are fine taking a secondary
Speaker 1: role in the household when it comes to expenses because
Speaker 1: they don't know how to manage money. Him saying him
Speaker 1: blowing off those things seems like he doesn't understand the
Speaker 1: realities of life, because she probably handles all of that stuff,
Speaker 1: and the best way for her to teach him how
Speaker 1: to handle these things is to give him some of
Speaker 1: those responsibilities. You know what I'm saying, Like you think
Speaker 1: that these things are not real things baby clothes, food, childcare, diapers, etcetera.
Speaker 1: Let him manage that for a little bit. Let him
Speaker 1: manage a couple of the things for a little bit,
Speaker 1: because it seems like she probably takes care of everything.
Speaker 1: If he had to manage it, he would realize because
Speaker 1: we do all of our bills monthly, and in the beginning,
Speaker 1: when I was handling everything, you used to have the
Speaker 1: same You're like, oh, I didn't even realize that we
Speaker 1: were spending X Y Z on that you on. And
Speaker 1: it's just because you took it upon yourself and say,
Speaker 1: you know, I'm going to people, I'm gonna handle this,
Speaker 1: or you don't have to worry about that. You have
Speaker 1: kids and everything. But I do have a greater respect
Speaker 1: for the process. I have a greater respect for what's
Speaker 1: coming in and out of the house because I know
Speaker 1: what's going in and out absolutely, you know, So having
Speaker 1: those conversations like we have on our calendar on our phone,
Speaker 1: like we know, okay, the fifteenth of the month of
Speaker 1: the first we literally have a reminder in there and
Speaker 1: we go over the bills. We discussed everything, so we're
Speaker 1: on the same page so we understand now. Like I
Speaker 1: told Tiffany earlier, I'm like, I'm the one now that's
Speaker 1: just like I don't know if we want to buy that, yeah,
Speaker 1: every single item, you know, maybe continuing the conversation and
Speaker 1: just kind of letting him know, like, okay, babies are everything,
Speaker 1: lay everything out, put it on paper. We've put in
Speaker 1: paper for paper to pen, you know, put pen to paper.
Speaker 1: But we do think we eve a paper to pen
Speaker 1: on what you but pay be writing with the paper
Speaker 1: on top of the pen. But no, for me, I
Speaker 1: found it easier to do things monthly because bills come
Speaker 1: out monthly. Yeah, so if you change monthly, right, so
Speaker 1: if you do monthly expenses, it's so easy for people
Speaker 1: to say, ah, you know, it sounds a lot. I
Speaker 1: make seventy five dollars a year, but then when you
Speaker 1: cut it down to six thousand dollars a month, and
Speaker 1: then four thousand dollars after taxes, and then it's like
Speaker 1: they only make four dollars. That's that's a thousand dollars
Speaker 1: a week. And then you're looking at a thousand dollars
Speaker 1: a week seven days in a week. It's a little
Speaker 1: over a hundred dollars a day. And now you're like
Speaker 1: a little over a hundred dollars a day if I
Speaker 1: buy lunch and my lunch is twenty five dollars. You
Speaker 1: know what I'm saying. Every single day, now we're looking
Speaker 1: at of my check goes towards me eating lunch out,
Speaker 1: maybe I should cut back on eating lunch. And that's
Speaker 1: really how you do things to totally. So try that out,
Speaker 1: says let us know how it works out for you
Speaker 1: and how being in good luck to you guys with
Speaker 1: your family planning and all that good stuff. Yes, all right,
Speaker 1: this is a great episode today. If you would like
Speaker 1: to be featured as one of our listener letters, be
Speaker 1: sure to email us at dead as Advice at gmail
Speaker 1: dot com. That's right, that's D E A D A
Speaker 1: S S A D E V I C E at
Speaker 1: gmail dot com. Alright, moment of truth time, Do you
Speaker 1: have one readily available at the tip of your time? Yes,
Speaker 1: I have a moment of truth readily avariable. All right,
Speaker 1: My moment of truth is this, there is a difference
Speaker 1: between being broke and being poor. Understanding that being poor
Speaker 1: means that you cannot help your circumstance. You know, you
Speaker 1: you don't have everything that you want, and you definitely
Speaker 1: don't have everything that you need. But a poor person
Speaker 1: really can't help this circumstance. They may have a mental
Speaker 1: hellness issue, a mental uh, a mental health or wellness
Speaker 1: issue where they cannot work and they cannot provide for themselves.
Speaker 1: That's a poor person, right. A broke person is someone
Speaker 1: who works but cannot get ahead of themselves financially because
Speaker 1: they have a poor relationship with money. You see what
Speaker 1: I'm saying. And there's a difference between being poor and
Speaker 1: being broke. A broke person may work a lot of hours,
Speaker 1: and a broke person may make a lot of money,
Speaker 1: but they don't do the right things with their money
Speaker 1: to be able to put themselves into a situation where
Speaker 1: they have some financial stabilities, so they're constantly broke and
Speaker 1: they constantly have to work. Understand this as you change
Speaker 1: your relationship with money and you understand what it's like
Speaker 1: living in a capitalist country where people want to keep
Speaker 1: you comfortable, but keep you broke, so you're constantly working,
Speaker 1: so you're constantly building their dream. It's part of the system.
Speaker 1: It's part of the bigger plan for capitalists to make
Speaker 1: more money because the people at the top don't want
Speaker 1: to work. They want to own everything so that everyone
Speaker 1: else works. So ask yourself and my poor am broke?
Speaker 1: And if I'm broke, why am I broke? And how
Speaker 1: can I get out of this mindset of being broke?
Speaker 1: It's only you mentioned mindset as your moment of truth
Speaker 1: because I then thought about as my moment of truth
Speaker 1: when Tiffany mentioned the shame that sometimes associated around people's
Speaker 1: financial situations right and not speaking about it. And what
Speaker 1: I respect and appreciate about Tiffany is that she was
Speaker 1: like once broke, you know, like literally, like she said,
Speaker 1: she was scrounging for a change in her pocket. So
Speaker 1: my moment of truth is that money has a lot
Speaker 1: to do with your mental reality. And I feel like
Speaker 1: for so long we've been conditioned to have a very
Speaker 1: unhealthy relationship with money, whatever that looks like, whether it's
Speaker 1: having bad spending habits or finally having money and then
Speaker 1: feeling like you can't spend it, or you know, buying
Speaker 1: a piece of furniture and then feeling like you can't
Speaker 1: sit on the furniture because you spend so much money
Speaker 1: on it, and then we can't even enjoy the furniture
Speaker 1: that we purchased, Like these are things that I've seen
Speaker 1: from several different people around me. Um So, really changing
Speaker 1: the mentality and the mindset that you have with money
Speaker 1: is sometimes the start to then open your mind to
Speaker 1: educate and see how I can then now navigate this
Speaker 1: financial wholeness that I'm trying to achieve. Um So, yeah,
Speaker 1: that's my moment of truth. That's trying to change our
Speaker 1: mindset when it comes to money, and now that we
Speaker 1: are able to do that, or once you're able to
Speaker 1: do that, then looking for resources like the budget nessa
Speaker 1: her book um to be able to help to plan
Speaker 1: for the future. Right boom, that's the key right there.
Speaker 1: Find the resources to change your mindset exactly, and be
Speaker 1: sure to find us on social media at dead that's
Speaker 1: the podcast exactly. You know where to find me Cadeen
Speaker 1: I am and I am Devout And if you're listening
Speaker 1: on Apple podcast, be sure to rate, review and subscribe.
Speaker 1: Tomorrow is my birthday man, shoot me. Some shout outs
Speaker 1: on social media, right, wish me a happy birthday man again. Yeah,
Speaker 1: I love it.