WEBVTT - BA Q&A: Have You Heard Of House Hacking? 0:00:06.160 --> 0:00:09.600 It's time forward. The b a q a A, the 0:00:09.680 --> 0:00:12.119 b a q A what is saying the b a 0:00:12.520 --> 0:00:15.160 q eight with Manda, the b a q a with 0:00:15.200 --> 0:00:15.640 to today. 0:00:15.880 --> 0:00:19.040 Let b a q a A. 0:00:20.000 --> 0:00:22.800 Welcome to Brade bish question answers. You have questions, We 0:00:22.880 --> 0:00:25.480 have some answers. Although we're not your mom and your cousin, 0:00:26.200 --> 0:00:30.760 your financial Adidas all your lawyer are two very smart, 0:00:31.120 --> 0:00:34.040 brilliant dare I say brown girls who know a little 0:00:34.040 --> 0:00:38.400 thing about career, money, personal finances. You know what I'm saying, entrepreneurship. 0:00:38.760 --> 0:00:40.600 So you know we're here to answer some questions. 0:00:41.000 --> 0:00:43.280 Well, that's a dead of winter. I'm a dead of winter, 0:00:43.360 --> 0:00:44.360 so I don't know if I still fit in the 0:00:44.360 --> 0:00:47.560 brown category. I'm still pale. 0:00:49.080 --> 0:00:50.080 You're broad and spieling. 0:00:52.760 --> 0:00:55.200 Anyway, we have some lovely questions. If you guys want 0:00:55.240 --> 0:00:57.920 to be have your questions answer on the show, just 0:00:57.960 --> 0:01:00.240 slide into our d ms on ig. We're at brand 0:01:00.240 --> 0:01:03.560 Amission Podcast or you can email us Bredandmission Podcast at 0:01:03.560 --> 0:01:07.919 gmail dot com. Yeah, so let's get into it. Hey Taylor, 0:01:07.920 --> 0:01:10.520 all right? Our first question comes from Taylor, who says, 0:01:10.560 --> 0:01:13.000 I just got engaged and I'm looking for advice on 0:01:13.040 --> 0:01:16.400 how to start planning financially. We currently live together and 0:01:16.440 --> 0:01:19.440 split our household bills fifty to fifty depends on the 0:01:19.440 --> 0:01:21.559 season and if we use the AC or not. Okay, 0:01:22.680 --> 0:01:26.360 conet is crazy. We take turns getting groceries for the house, 0:01:26.400 --> 0:01:28.360 although I shop a bit more since I'm working in 0:01:28.400 --> 0:01:31.120 the office and don't always pack a lunch. We make 0:01:31.240 --> 0:01:33.920 just about the same amount of money and have kept 0:01:33.920 --> 0:01:37.320 our finances separate. I'm planning to do pre mariital counseling 0:01:37.319 --> 0:01:39.759 with my fiance and wonder if financials will be brought 0:01:39.800 --> 0:01:43.440 up in those convos. We both have trauma around a 0:01:43.520 --> 0:01:47.119 parent abusing household finances. I know I prefer to keep 0:01:47.160 --> 0:01:49.720 all household bills in one bucket and the rest separate. 0:01:50.320 --> 0:01:53.040 How do you all start to share finances with partners? 0:01:53.520 --> 0:01:56.000 Were there any strategies you employed to start saving for 0:01:56.080 --> 0:01:59.520 a wedding? Do you have recommendations on the best or 0:01:59.520 --> 0:02:03.600 easiest joint accounts? Ally keeps popping up? Thanks for any 0:02:03.600 --> 0:02:05.600 insights you can provide. Y'all are the bomb. 0:02:05.960 --> 0:02:08.240 Ooh first of all day day. 0:02:09.280 --> 0:02:13.480 It's what it? Yeah, it's engagement season. Congrests. Oh my goodness, 0:02:13.480 --> 0:02:14.360 this takes me back. 0:02:15.000 --> 0:02:19.359 Yes, to early day introduced like combining finances with my 0:02:19.520 --> 0:02:21.120 husbe too soon. 0:02:22.440 --> 0:02:24.760 I was like I was in my I had just 0:02:25.000 --> 0:02:26.720 you know, when we met in twenty fourteen, I had 0:02:26.760 --> 0:02:28.440 been a few years into my career as a personal 0:02:28.520 --> 0:02:33.040 finance journalist, poor Husbee or Enrique at the time, because 0:02:33.080 --> 0:02:35.320 I was just I was kind of preachy. I was 0:02:35.440 --> 0:02:37.320 very preachy. I used to really put people off my 0:02:37.360 --> 0:02:39.600 friends and family because I'd be, like, what you should 0:02:39.600 --> 0:02:41.880 do is I'm just like a hermione. I just know 0:02:41.960 --> 0:02:44.040 it all and I want everyone to know. And I 0:02:44.240 --> 0:02:46.120 had a good place like I was coming from. You know, 0:02:46.240 --> 0:02:49.760 I wanted to help, but I hadn't yet learned how 0:02:49.800 --> 0:02:52.320 to wait for them to ask me for help. But 0:02:52.360 --> 0:02:55.640 I remember our early before moving in together, which we 0:02:55.639 --> 0:02:57.560 moved in together less than a year after dating. I 0:02:57.600 --> 0:03:01.440 think just because like Lisa's New York kind of rush 0:03:01.520 --> 0:03:04.960 you into decisions sooner than you may otherwise rush. But 0:03:05.400 --> 0:03:12.320 we had dinner and I broached the subject of like 0:03:12.400 --> 0:03:16.880 our finance is at that dinner and it was fine. 0:03:16.880 --> 0:03:19.080 Like we talked about splitting rent fifty to fifty. We 0:03:19.160 --> 0:03:20.960 talked about how much do you earn? Here's what I 0:03:21.000 --> 0:03:24.799 earn and also moving in together, Like we talked about 0:03:24.960 --> 0:03:26.840 is this a long term do you see a future 0:03:26.840 --> 0:03:28.320 with me? You know, I didn't want to live with 0:03:28.360 --> 0:03:30.440 him if he didn't think he'd one day marry me, 0:03:31.000 --> 0:03:35.680 bless his heart. And then I would say around that time, 0:03:35.760 --> 0:03:37.480 I just got more feisty. I was like, show me 0:03:37.520 --> 0:03:39.760 your credits core. I want to see your credits core. 0:03:40.160 --> 0:03:41.800 Why don't you show me your credits cor? And I 0:03:41.800 --> 0:03:43.600 think it was more my o. I think he might 0:03:43.640 --> 0:03:46.360 have just shown me or told me if I hadn't 0:03:46.360 --> 0:03:48.920 been so much like we must find if you don't 0:03:48.960 --> 0:03:50.760 show me, you don't trust me, you don't let me. 0:03:51.320 --> 0:03:54.680 I was just a little extra. So yeah, I had 0:03:54.720 --> 0:03:57.000 my ups and downs early in our relationship, kind of 0:03:57.080 --> 0:04:01.720 talking about finances. We did do pre mariital counseling, but 0:04:01.920 --> 0:04:04.600 finances didn't come up. I think you're gonna have to 0:04:04.680 --> 0:04:07.880 like bring that up yourselves as a topic that you 0:04:07.920 --> 0:04:11.120 want to work on, like set the intention of in therapy. 0:04:11.160 --> 0:04:12.840 This will be one of the things we talk about. 0:04:13.720 --> 0:04:16.760 We more talked about like I don't even remember. God, honestly, 0:04:16.760 --> 0:04:19.359 I think it was premarital counseling is fine, but I 0:04:19.360 --> 0:04:22.080 almost feel like don't forget about that when you get 0:04:22.120 --> 0:04:24.920 like year five, you know, six seven, like you need 0:04:24.960 --> 0:04:27.720 more counseling. So we started counseling again just earlier this year. 0:04:27.800 --> 0:04:31.600 But yeah, that was that was our early early arguments 0:04:31.640 --> 0:04:34.120 about it. We're around me just being a little too intense. 0:04:34.120 --> 0:04:37.080 Yo, Mandy, there's a reason why we are friends. Because 0:04:37.440 --> 0:04:41.680 that was there almost to the tea, including in the 0:04:41.680 --> 0:04:43.359 credit score. He was like, I don't know. I was like, 0:04:43.400 --> 0:04:45.000 let's sideup for a credit carma right. 0:04:44.839 --> 0:04:50.640 Now, Like get in your laptop and you're I did 0:04:50.640 --> 0:04:53.320 that girl of a miracle that they put up with 0:04:53.320 --> 0:04:56.680 the pools anyway, Yeah, so to Mandy's point, I was 0:04:56.720 --> 0:04:58.560 also aggressive and very annoying. 0:04:59.200 --> 0:05:00.800 I was just like with my family and friends saying. 0:05:00.839 --> 0:05:03.440 I was like, girl, I know the things you know now, 0:05:03.480 --> 0:05:07.359 I don't do that much. I was like, you know, 0:05:07.440 --> 0:05:09.920 because also there was just a lot of things that 0:05:09.960 --> 0:05:12.760 I knew that he didn't know. So for example, he 0:05:12.800 --> 0:05:15.360 had gotten a secured card and he was like, oh, 0:05:15.400 --> 0:05:16.840 they told me that you like, you know, run it 0:05:16.920 --> 0:05:18.960 up and just pay a little bit a month. And 0:05:19.000 --> 0:05:20.400 I was like, who told you that? The people who 0:05:20.440 --> 0:05:23.359 are charging you interest? Now, I was say paid off 0:05:23.480 --> 0:05:24.960 in full. Do you have the money? It was maybe 0:05:25.000 --> 0:05:26.880 like four or five hundred dollars. He said, yeah, he 0:05:26.920 --> 0:05:29.400 paid it off. Credit score jumped over one hundred points 0:05:29.560 --> 0:05:33.320 because he didn't have much credit history. So when you 0:05:33.320 --> 0:05:35.240 don't have a ton of credit history, one really great 0:05:35.240 --> 0:05:38.280 decision can make a huge impact because your credit history 0:05:38.320 --> 0:05:40.599 is an average of your choices. So if you only 0:05:40.600 --> 0:05:43.280 have two grades, one A will make a B and 0:05:43.360 --> 0:05:47.400 A you know. And so so what we started to do, though, 0:05:47.520 --> 0:05:50.760 is so I had to learn because my aggressive ways 0:05:50.760 --> 0:05:52.800 we're not working. I remember he used to call me 0:05:52.839 --> 0:05:55.960 budget East to bully. He said, everybody, Oh, we knew 0:05:56.120 --> 0:05:57.599 you are Budget Easter bully. 0:05:58.760 --> 0:06:05.120 Everyone else thinks we're so nice. But partners, though, said down. 0:06:05.120 --> 0:06:09.279 I was like whatever. So but I learned that my 0:06:09.320 --> 0:06:13.120 bullying ways were actually not working. So I learned to 0:06:13.160 --> 0:06:15.760 find what I used to call the common denominator, like 0:06:15.880 --> 0:06:19.040 something that we both agreed upon without any push. So 0:06:19.080 --> 0:06:21.680 in the beginning I noticed that like the easiest common 0:06:21.720 --> 0:06:24.880 denominator for Jarell and I was alyssa. You know, my 0:06:24.920 --> 0:06:28.520 bonus starter that like if he spent money on something, 0:06:28.560 --> 0:06:30.320 I thought it was frivolous. I'm like, oh, that's fine, 0:06:30.360 --> 0:06:32.600 but we all still put money aside for Alyssa, right, 0:06:33.400 --> 0:06:35.640 and he would because there's never a time that he 0:06:35.680 --> 0:06:39.000 would ever say I'd rather the sneakers than put something 0:06:39.000 --> 0:06:40.520 aside for a listle. So he'd be like, oh, ooh, 0:06:40.560 --> 0:06:43.360 you're right. And so that's in the beginning to kind 0:06:43.360 --> 0:06:46.440 of loosen him up to make the financial choices that, 0:06:46.680 --> 0:06:48.400 quite honestly, I thought was the right one that you 0:06:48.440 --> 0:06:50.560 want to yes, that I would like, you know, I 0:06:50.600 --> 0:06:53.160 would like the comment when it was like, there's never 0:06:53.200 --> 0:06:55.400 any pushback when it comes to Alyssa. And then I 0:06:55.440 --> 0:06:57.920 added a new one because I was traveling and he'd 0:06:57.920 --> 0:06:59.760 be like, oh, I want to, you know, travel with you. 0:06:59.800 --> 0:07:01.960 And I be like, okay, well, I'm going to open 0:07:02.040 --> 0:07:04.280 up this online only savings account and you can open 0:07:04.360 --> 0:07:06.599 up a separate one, which she did, and when I 0:07:06.600 --> 0:07:08.600 put the money away for savings, you should too, so 0:07:08.640 --> 0:07:10.160 that way the next trip we go on, we can 0:07:10.200 --> 0:07:13.360 go together, so there's never pushback on vacation. And so 0:07:13.600 --> 0:07:16.680 I did that, quite honestly for a long time before 0:07:16.800 --> 0:07:19.720 I was able to brouch other things like I think 0:07:19.800 --> 0:07:22.360 your car noticed too high, maybe we should surrender the car. 0:07:22.600 --> 0:07:24.480 I think we should start saving for a wedding. I 0:07:24.480 --> 0:07:26.400 think we should start saving for a house. By the 0:07:26.440 --> 0:07:28.280 time we bought this house that I live in now, 0:07:29.200 --> 0:07:30.720 we were able to pay for a cash because it 0:07:30.760 --> 0:07:33.000 was like fifty percent off because it was a foreclosure. 0:07:33.560 --> 0:07:36.000 We had gotten to a really great space where we 0:07:36.000 --> 0:07:38.760 were on the same page financially because we had started 0:07:38.800 --> 0:07:42.000 with those common denominators and then learned to discuss what 0:07:42.120 --> 0:07:43.960 are our other goals and what do we need to 0:07:43.960 --> 0:07:46.360 do to reach it, you know, And so I learned 0:07:46.400 --> 0:07:48.920 to change my tone, you know, not to be such 0:07:48.960 --> 0:07:52.640 a budgetist to bully, and he learned to like be 0:07:52.760 --> 0:07:54.760 open to say, oh, this is for the betterment of 0:07:54.800 --> 0:07:58.200 both of us. So I don't know what Mandy, you know, 0:07:58.280 --> 0:08:00.200 does now. But when Darrell was here, we I had 0:08:00.240 --> 0:08:03.960 like a We had an RS and we had each other's. 0:08:04.200 --> 0:08:07.080 So I had my own checking, I had my own savings, 0:08:07.240 --> 0:08:08.960 He had his own checking, He had his own savings, 0:08:08.960 --> 0:08:12.880 and then we jointly had joint checking joint savings. The 0:08:12.960 --> 0:08:15.160 checking account was like the bills account for the house, 0:08:15.680 --> 0:08:18.720 so like we both contributed. He largely contributed to the 0:08:18.720 --> 0:08:22.760 bills account, and then I largely more contributed to our 0:08:22.840 --> 0:08:25.400 joint savings account, you know, because he had this thing 0:08:25.400 --> 0:08:26.960 where he was like, I want to pay the bills, 0:08:27.160 --> 0:08:29.240 and I said, okay, So there wasn't a ton left 0:08:29.280 --> 0:08:31.480 over for savings, but that's where I contributed the most, 0:08:31.960 --> 0:08:34.480 you know, And so like, you know, those are some 0:08:34.520 --> 0:08:36.280 of the choices. So I'll give you an example too, 0:08:36.320 --> 0:08:39.880 like I made significantly more than Jirell. To be candid, 0:08:39.880 --> 0:08:42.240 he never made over sixty thousand dollars a year, and 0:08:42.640 --> 0:08:44.920 you know I can bring home seven figures, and so 0:08:45.040 --> 0:08:48.400 there's a big discrepancy, you know, And we talked about 0:08:48.440 --> 0:08:50.160 how do we navigate that because sometimes you know, for 0:08:50.240 --> 0:08:54.040 many men, and I understand it can be a hard 0:08:54.040 --> 0:08:56.520 thing for the ego to swallow. His biggest thing was 0:08:56.800 --> 0:08:59.960 I don't want to live off of what you bring in, Tippany. 0:09:00.240 --> 0:09:02.679 I want to be able to maintain our lifestyle with 0:09:02.760 --> 0:09:03.520 what I bring in. 0:09:03.920 --> 0:09:06.320 And so really smart, honestly. 0:09:05.960 --> 0:09:08.080 Yes, it is, honestly, and I love that about it 0:09:08.080 --> 0:09:09.920 because he could have even been like, girl, what could 0:09:09.960 --> 0:09:13.079 I retire? You know. So what we did, for example, 0:09:13.080 --> 0:09:15.240 for the house was at first we were looking at 0:09:15.240 --> 0:09:18.839 houses to get home to get mortgages, but honestly what 0:09:19.360 --> 0:09:22.800 his income could could cover. It wasn't the kind of 0:09:22.800 --> 0:09:24.840 house that I wanted to live in and a neighborhood 0:09:24.840 --> 0:09:27.040 I wanted to live in. So we found this house. 0:09:27.080 --> 0:09:29.320 It was a foreclosure, and it was like perfect with 0:09:29.440 --> 0:09:32.680 the savings that we joint saved, you know, where I 0:09:32.720 --> 0:09:34.920 did my most contributing. I had the one hundred and 0:09:34.920 --> 0:09:38.000 eighty thousand dollars there. We used it to buy the house. 0:09:38.320 --> 0:09:45.599 So now there's no mortgage, but his income could cover taxes, insurance, utilities, 0:09:45.640 --> 0:09:47.240 you see what I mean. So it's like he still 0:09:47.280 --> 0:09:49.920 got to pay the bills, but in a way that 0:09:50.080 --> 0:09:52.679 preserved what I wanted, which is this beautiful home in 0:09:52.720 --> 0:09:55.600 this nice neighborhood. But it preserved I pay the bills 0:09:55.640 --> 0:09:58.240 and I can maintain our lifestyle, you know. And so 0:09:58.480 --> 0:10:00.360 like those are the types of conversations you want to 0:10:00.400 --> 0:10:02.520 start to have, like where do you want to live? 0:10:03.640 --> 0:10:05.880 We each got our own allowance, and we could have 0:10:05.920 --> 0:10:07.720 spended however we wanted because I know we were both 0:10:07.760 --> 0:10:10.400 contributing to the household, which I had our own savings. 0:10:10.400 --> 0:10:12.439 You could do what you wanted because as long as 0:10:12.480 --> 0:10:15.360 them the bills were paid, and then the joint savings 0:10:15.440 --> 0:10:17.920 was saved. That excess money is yours to do what 0:10:17.960 --> 0:10:19.680 you want with. So I learned to leave him alone 0:10:19.679 --> 0:10:22.000 when it came to that. So those are some of 0:10:22.040 --> 0:10:24.080 the things that we did, and you know, hopefully that'll 0:10:24.080 --> 0:10:26.320 be helpful. It's going to be just a constant conversation. 0:10:26.720 --> 0:10:28.960 You guys should be talking about money always. Something that 0:10:29.000 --> 0:10:31.880 Mandy actually introduced me to. Mandy when you started working 0:10:31.880 --> 0:10:34.199 with Helen, you know, I didn't have a financial advisor 0:10:34.240 --> 0:10:37.120 at the time, and you said that Helen helped you 0:10:37.800 --> 0:10:40.360 kind of like be a tie breaker like you and husband, 0:10:40.880 --> 0:10:43.040 you know, And so I suggest that too, finding a 0:10:43.080 --> 0:10:47.080 financial advisor that your meeting with, especially in the beginning regularly, 0:10:47.440 --> 0:10:50.000 because they will help to walk through your goals and 0:10:50.040 --> 0:10:52.880 how do you reach them together. And that way he 0:10:52.920 --> 0:10:55.080 feels he's heard and you feel like you're heard too. 0:10:56.160 --> 0:10:59.000 Yeah. Absolutely, And it just basically like he listens to 0:10:59.040 --> 0:11:02.679 her to me, even though she's saying what I could say, 0:11:02.880 --> 0:11:05.080 you know, but obviously she has way more training than 0:11:05.080 --> 0:11:08.200 I do as a financial planner. But yeah, that's kind 0:11:08.200 --> 0:11:10.200 of what I was getting at too with premorital counseling, 0:11:10.240 --> 0:11:11.800 Like they're not going to be able to give you 0:11:11.840 --> 0:11:14.280 the financial advice, but they can help you learn how 0:11:14.280 --> 0:11:16.440 to approach it if it becomes like this, really, you 0:11:16.480 --> 0:11:19.920 mentioned both having trauma financial trauma in the past, so like, 0:11:19.960 --> 0:11:22.680 if it's really tough to even get the conversation started, 0:11:23.320 --> 0:11:25.560 maybe it's good to start in a premarital counseling and 0:11:25.600 --> 0:11:28.000 then work your way up to like getting a financial 0:11:28.000 --> 0:11:31.720 planner and then but I would just say, like, you'll 0:11:31.720 --> 0:11:34.320 find the system that works for you. For us, it's 0:11:34.480 --> 0:11:38.040 it is one joint like household expense account and one 0:11:38.120 --> 0:11:41.319 joint savings and then we have our separate accounts where we, 0:11:41.760 --> 0:11:44.240 you know, have money for whatever we want to buy. Oh, 0:11:44.440 --> 0:11:46.800 she asked, any strategies you employed to start saving for 0:11:46.840 --> 0:11:49.640 a wedding. Yeah. We moved in with his parents and 0:11:49.679 --> 0:11:52.400 cut our I had never been earning more in my career. 0:11:52.400 --> 0:11:53.839 I think I was about to take a job making 0:11:53.920 --> 0:11:56.200 like forty K more than what I was earning at 0:11:56.200 --> 0:11:58.960 the time, and for some reason I snapped and I'm like, 0:11:59.240 --> 0:12:01.560 we have to save all this extra money, Like I 0:12:01.559 --> 0:12:04.040 don't want to, you know, just get a nicer apartment. 0:12:04.080 --> 0:12:06.600 We moved him with his parents into a tiny apartment 0:12:06.640 --> 0:12:11.360 and way in Wood Upper Manhattan and gave up our 0:12:11.400 --> 0:12:15.640 lovely two bedroom apartment in Queen's and basically lived off 0:12:15.640 --> 0:12:18.760 of You know, we were able to save the majority 0:12:18.760 --> 0:12:20.960 of our income, which helped. You don't have to go 0:12:21.080 --> 0:12:23.560 that drastic. But I was hell bent on not having 0:12:23.559 --> 0:12:25.840 debt for my wedding, and I was also hell bent 0:12:25.920 --> 0:12:29.840 on having a gorgeous wedding. So if you both want that, 0:12:29.920 --> 0:12:32.080 it's easier to make that decision together. We both really 0:12:32.120 --> 0:12:34.760 wanted a nice wedding, so I think it was easier 0:12:34.760 --> 0:12:38.280 for him to say yes to my crazy idea that 0:12:38.400 --> 0:12:41.280 we lasted. We lasted like six or eight months there. 0:12:41.280 --> 0:12:44.560 I think saved like twelve thousand dollars. It was nice. 0:12:45.000 --> 0:12:45.800 Yeah, no, that's okay. 0:12:45.880 --> 0:12:46.800 We had to get out of there. 0:12:47.000 --> 0:12:49.720 Same thing. Like like Mandy, we lived really simply, Like 0:12:49.840 --> 0:12:53.679 Darrell was a super for housing and we lived basically 0:12:53.679 --> 0:12:55.120 on campus. I mean it was a cute We had 0:12:55.240 --> 0:12:58.320 a townhouse, but rent was because he worked there. It 0:12:58.360 --> 0:13:00.800 was severely discounted to like nine hundred bucks a month, 0:13:00.880 --> 0:13:04.000 nine to twenty. And so we lived there and we saved, 0:13:04.200 --> 0:13:06.760 and we both agreed, and it's not something you have 0:13:06.800 --> 0:13:08.280 to do, but we were both agreed because I mean, 0:13:08.280 --> 0:13:10.959 I got married at thirty seven, so I didn't necessarily 0:13:11.040 --> 0:13:12.959 want like a big old wedding. And so we decided, 0:13:13.000 --> 0:13:14.440 do we want to spend this money on the wedding 0:13:14.520 --> 0:13:16.440 or do we want to set aside to purchase a 0:13:16.480 --> 0:13:19.880 home together, And so we said, let's have a simple wedding. 0:13:19.920 --> 0:13:21.719 So we did justice at the piece. A friend of 0:13:21.760 --> 0:13:23.880 mine has this really nice restaurant that she closed down 0:13:24.000 --> 0:13:27.840 Bonda for us, and Mandy was there and so we 0:13:27.960 --> 0:13:29.960 just like, that's what we did. My mom was distraught, 0:13:30.000 --> 0:13:31.880 of course, because I'm Nigeria and how dare I not 0:13:31.960 --> 0:13:34.440 have an extravagant, ignorant wedding. 0:13:34.760 --> 0:13:37.280 It was my favorite Nigerian wedding. It lasted. What was 0:13:37.280 --> 0:13:38.680 I even? It wasn't even a wedding, It was just 0:13:38.679 --> 0:13:39.199 a reception. 0:13:39.440 --> 0:13:40.640 I loved it. 0:13:40.640 --> 0:13:41.600 It was the best. 0:13:41.880 --> 0:13:45.319 My friend Andrea, she made my dress. She's like she's 0:13:45.400 --> 0:13:47.960 like now she's like some famous like wedding dress designer. 0:13:48.040 --> 0:13:51.240 She like one like making the cut on them with Pattie, 0:13:51.280 --> 0:13:53.319 Heidi Koum and Tim Gunn. But like yeah, I mean 0:13:53.360 --> 0:13:55.760 she was big then to Pantoa Bridal. She made my 0:13:55.840 --> 0:13:58.400 dress and gifted it to me. My my friend JP 0:13:58.600 --> 0:14:00.600 did our video for free. Honestly, it was like the 0:14:00.880 --> 0:14:03.359 I don't think I spent two thousand dollars, like including 0:14:03.800 --> 0:14:07.760 Alyssa's dress, Jurrell's close from like Banana Republic, you know, 0:14:07.840 --> 0:14:12.360 all everything photos and but it was beautiful because after 0:14:12.440 --> 0:14:14.640 it was said and done, we purchased I wouldn't have 0:14:14.679 --> 0:14:16.320 had the money to purchase the home cash. I didn't 0:14:16.320 --> 0:14:17.520 know at the time that this house was going to 0:14:17.559 --> 0:14:20.040 come up. But not only did we purchase the home cash, 0:14:20.400 --> 0:14:23.040 we paid off my student loan debt fifty thousand dollars 0:14:23.080 --> 0:14:24.800 and we were able to pay off my parents' house 0:14:24.800 --> 0:14:28.120 one hundred and twenty thousand dollars. And so for us 0:14:28.200 --> 0:14:32.320 it was like and for all partnered people, you have 0:14:32.440 --> 0:14:36.400 to decide what's your design outcome jointly as well as individually, 0:14:36.400 --> 0:14:39.680 and make the decision from there. So to Mandy's point, 0:14:40.200 --> 0:14:42.120 like you know, if you can reduce how you're living, 0:14:42.760 --> 0:14:46.120 however that looks and set aside. Right now, Citizens Bank, 0:14:46.200 --> 0:14:47.600 we don't I don't work with them or anything, but 0:14:47.920 --> 0:14:49.800 they because all I think is like three point three. 0:14:49.880 --> 0:14:52.600 So I moved my money from ally to Citizens Bank 0:14:52.680 --> 0:14:54.440 is three point seven, So like. 0:14:54.520 --> 0:14:57.560 Narrates are going up, yes, but like joint bank accounts, 0:14:57.600 --> 0:14:59.320 he just wanting to be sure they're really easy and 0:14:59.320 --> 0:15:02.480 simple to next your external accounts too, especially if, like 0:15:02.560 --> 0:15:04.400 unless you're both going to move all your stuff to 0:15:04.400 --> 0:15:06.720 that one bank account, which would be easier. But like 0:15:06.760 --> 0:15:08.760 Enrique has a bank account that I don't have, and 0:15:08.800 --> 0:15:11.240 I have my personal one with Ally, and then we 0:15:11.280 --> 0:15:12.640 have the joints. So as long as you can do 0:15:12.680 --> 0:15:15.600 auto transfers, that has worked for us. It took a while, 0:15:15.600 --> 0:15:19.680 but I was like, dude, automatically transfer money into Ally 0:15:19.760 --> 0:15:22.120 each month so that I know we'll have enough to 0:15:22.160 --> 0:15:25.040 like get daycare covered and stuff like that. But yeah, 0:15:25.320 --> 0:15:27.160 for your savings, for sure, I would just choose the 0:15:27.200 --> 0:15:29.400 bank with the highest interest rate because you want that 0:15:29.440 --> 0:15:32.520 to be easy to get to but not too easy 0:15:32.560 --> 0:15:36.400 to get to. But yeah, good luck on this journey, 0:15:36.560 --> 0:15:40.920 and congratulations Taylor on your engagement's. 0:15:39.760 --> 0:15:42.640 What do we love to hear? Because you know we well, 0:15:42.960 --> 0:15:45.480 I well, damn, I'm gonna say we're all married couple, 0:15:45.720 --> 0:15:49.200 married ladies now, But I'm like, I don't know, do 0:15:49.240 --> 0:15:50.160 I still feel married? 0:15:50.520 --> 0:15:51.280 You're a rich aunty. 0:15:51.680 --> 0:15:53.880 I know I am a rich Jounty. The first time 0:15:53.920 --> 0:15:56.160 someone said like, oh, you're not married anymore, I was like, oh, 0:15:56.360 --> 0:15:59.720 shut up. Now I'm just like yeah, Now I'm like, 0:15:59.760 --> 0:16:00.880 well I'm a. 0:16:00.880 --> 0:16:03.280 Rich two guys put together so long, like you can't 0:16:03.320 --> 0:16:05.360 just you know, look at your relationship as the years 0:16:05.360 --> 0:16:08.840 you were married. You know, you guys had a storybook. 0:16:08.920 --> 0:16:12.200 From me, it's always storybook when someone's like, honestly, it 0:16:12.240 --> 0:16:15.240 was pretty awesome. But yes, like, yes, I have a 0:16:15.320 --> 0:16:17.880 rich aunte now, so we'll say that, but yes, keep 0:16:17.920 --> 0:16:19.880 asking your questions, bring them on there, we have one. 0:16:19.920 --> 0:16:21.920 Well we're gonna take a break, right, mandra Yeah. 0:16:21.800 --> 0:16:23.240 And take a little break and come back with one 0:16:23.280 --> 0:16:26.120 mode question. Yes, So we'll see you on a little. 0:16:25.960 --> 0:16:33.400 Bit and we're back. We have a question. Oh her 0:16:33.480 --> 0:16:36.920 name is Tiffany girl. I like that name. Hey girl, 0:16:37.440 --> 0:16:39.800 But hey, ladies, I'm a huge fan of your podcast. 0:16:40.800 --> 0:16:44.360 You all need a show, like seriously. Okay, I have 0:16:44.480 --> 0:16:48.000 a fairly simple question. However, it's so hard for me 0:16:48.040 --> 0:16:50.880 to get by it. How do I find funding to 0:16:50.920 --> 0:16:54.400 start my business. I'm twenty seven and have new savings 0:16:54.520 --> 0:16:56.760 and I want to flip properties, but I have no 0:16:56.920 --> 0:17:02.800 money to start. Please help, Okay. 0:17:01.640 --> 0:17:03.080 You squeeze blood from a stone. 0:17:03.160 --> 0:17:05.520 I don't know if you ever heard, well, have you 0:17:05.560 --> 0:17:08.680 ever heard of house hacking? Mandra, Yeah, but I need 0:17:08.680 --> 0:17:13.439 a refresher. So house hacking, young Tiffany, I love this 0:17:13.520 --> 0:17:17.000 twenty seven. Oh he's so fresh and for a life. 0:17:17.359 --> 0:17:20.440 So house hacking is when you live in a house 0:17:20.480 --> 0:17:23.960 ideally ideally like a multi family house, let someone else 0:17:24.200 --> 0:17:28.119 pay the rent, you know, and then save from that place, 0:17:28.560 --> 0:17:30.720 so like you know, you're saving on you not having 0:17:30.720 --> 0:17:33.160 to pay rent, someone else is paying the mortgage for you, 0:17:33.320 --> 0:17:35.600 and then you use that money or you could even 0:17:35.640 --> 0:17:39.080 pull out money from that property to purchase the next property, 0:17:39.480 --> 0:17:40.400 you know, and so. 0:17:40.480 --> 0:17:42.760 Exactly what producer and money is doing right now. 0:17:42.760 --> 0:17:47.200 Exactly, and so I would you know, like if you 0:17:47.680 --> 0:17:50.639 The thing about purchasing at home is that you can 0:17:50.760 --> 0:17:55.080 use something called leverage, Like leverage comes from the word lever, 0:17:55.400 --> 0:17:57.479 and a lever is like a doorknob. So you think 0:17:57.520 --> 0:17:59.640 about the small little doorknob could open this. 0:17:59.560 --> 0:18:00.359 Big old door. 0:18:00.560 --> 0:18:03.719 How is that right? So the same thing with the 0:18:03.760 --> 0:18:07.080 way when you leverage your money in real estate, you 0:18:07.119 --> 0:18:08.800 don't have to come up with a full amount like 0:18:08.800 --> 0:18:11.399 I have purchased my properties some of them cash, but 0:18:11.480 --> 0:18:14.520 you don't need to do them. You can literally leverage 0:18:14.680 --> 0:18:18.280 by you know, putting down giving an fah loan, putting 0:18:18.320 --> 0:18:20.399 down three and a half percent, so you don't have 0:18:20.400 --> 0:18:22.200 to put down the full five hundred thousand or two 0:18:22.240 --> 0:18:24.879 hundred thousand or whatever, maybe three thousand and four thousand 0:18:24.880 --> 0:18:27.720 and five thousand, which means you do have to save something, 0:18:28.359 --> 0:18:31.320 you know, and then you use that leverage to purchase 0:18:31.359 --> 0:18:35.960 an asset that is much greater than what you initially invested. Patience, 0:18:36.000 --> 0:18:37.440 you know, maybe you fix it up while you're there, 0:18:37.480 --> 0:18:40.359 do a little something to it, find yourself some you know, 0:18:40.400 --> 0:18:43.440 someone who's going to rent, and then you know, after 0:18:43.560 --> 0:18:46.000