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Speaker 1: Hey, hey, hey, how do I sound Mandra struggle bus?

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Speaker 2: That's how you sound a little bit of the struggle bus.

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Speaker 2: How are you?

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Speaker 3: For those who don't recognize, this is Tiffany.

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Speaker 2: This is Mandy, and this is brown and ysician.

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Speaker 1: I know, honestly, So every year I usually have one

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Speaker 1: really bad cold and it typically takes my voice.

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Speaker 3: And this is that time. I got back yesterday. But

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Speaker 3: it's clearly not fully in. So you know, here we are.

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Speaker 2: I was like, we're back from vacation. We're gonna like

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Speaker 2: sound like we have a new lease on life.

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Speaker 1: And here I'm sounding like you know, the frog Prince

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Speaker 1: and I Now, honestly, I don't feel bad, which is good.

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Speaker 1: It's just that I just sound crazy and so I mean,

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Speaker 1: it's just it's the last leg of this cold. So

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Speaker 1: you know, if you guys can bear with me. How

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Speaker 1: was your weekend or how was your your time away?

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Speaker 2: Oh? I didn't actually go anywhere, that's funny. I did

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Speaker 2: book a vacation, a kind of. I booked a flight.

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Speaker 2: That's something, right. I haven't actually planned we know where

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Speaker 2: we're going, we just haven't planned anything like lodging or activities.

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Speaker 2: But like it's nice to know that I booked something.

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Speaker 3: Do you mind sharing? Where are you guys going?

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Speaker 2: We're going to do a little road trip from Seattle.

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Speaker 2: I have a friend in Seattle who lives there, and

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Speaker 2: we're going to do a road trip from Seattle and

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Speaker 2: I want to see the rainforest and then we're going

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Speaker 2: to go to Vancouver, like the British Islands. I've heard

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Speaker 2: it's really nice up there.

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Speaker 3: Ooh, that's nice. It's like you ever watch like Anne

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Speaker 3: of green Gables.

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Speaker 2: I never watched it, but I read the books when

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Speaker 2: I was little.

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Speaker 3: Yeah, I forget what like that. I don't know if

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Speaker 3: that's the same.

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Speaker 1: I'm probably like people who are probably Canadian are like,

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Speaker 1: oh god, girl, no that's not like the same.

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Speaker 3: But anyway, Canadian, Yeah it was.

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Speaker 1: It was taped in some place in Canada that was

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Speaker 1: really pretty, and I remember this travel group that was

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Speaker 1: a part of There was a woman who lived in

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Speaker 1: that kind of area and she was like, oh, you

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Speaker 1: should come one day, it's really beautiful.

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Speaker 2: So well, maybe I'll do the and New green Gables tour.

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Speaker 2: If you guys know anything to do in Vancouver or

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Speaker 2: in Seattle, let me know, because I honestly have a

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Speaker 2: zero time to plan other than I bought the flights.

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Speaker 3: But I just heard it's really pretty, So that's I've

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Speaker 3: never been to Seattle before.

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Speaker 2: Other things have been so the reason I haven't really

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Speaker 2: been able to go anywhere it is like work's been crazy.

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Speaker 2: But we finally finally were able to start.

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Speaker 1: On I saw, I saw. I was like, lucky you.

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Speaker 1: Actually I was gonna I'm have to hit you up.

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Speaker 1: Like so I got my contract from finally we picked

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Speaker 1: the contractor and we got the contract, but I'm like,

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Speaker 1: I wanted to make sure were there any components that

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Speaker 1: I should really look out for in our contract? We

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Speaker 1: literally just got it this morning so we could talk

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Speaker 1: offline about that. But I was like, ooh, let me

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Speaker 1: ask Andy if there's some key things I should know.

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Speaker 2: Yeah, our I love our contractor. I mean, knock on

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Speaker 2: what it's only been like a week, not even a

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Speaker 2: full week. I don't think since they start. I think

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Speaker 2: it's a week tomorrow. But he's been super communicative and

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Speaker 2: I think he's He's the kind of person I wouldn't

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Speaker 2: mind getting bad news from.

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Speaker 3: Okay, but I don't know.

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Speaker 2: It was like the month it took us to get

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Speaker 2: the permit approved. It was like do it. It was nothing

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Speaker 2: happening for so long, and I was so frustrated. And

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Speaker 2: then the day after Labor Day, we get a text

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Speaker 2: from Javier, our contractor, and he's like, you guys ready,

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Speaker 2: and I was like yes, and he said how soon

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Speaker 2: can you be out? And we were like tonight. And

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Speaker 2: then all of a sudden, I went from living in

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Speaker 2: a house, you know, like being in the suburbs, to

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Speaker 2: back moving in with my mother in law in Upper

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Speaker 2: Manhattan and back on the subway and moving in a

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Speaker 2: new office. And then next thing I know, the house

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Speaker 2: is like being blown apart and our yard is being

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Speaker 2: dug up, and it just all happened so fast.

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Speaker 3: I know.

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Speaker 1: That's what I've heard, like honestly that like once she

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Speaker 1: gets started, it's like, so I'm excited about like we're

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Speaker 1: supposed to start. I mean, we're going to apply for

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Speaker 1: permits now, but we would start like I think like

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Speaker 1: October fifteenth.

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Speaker 3: That's like cause he's projecting, because same.

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Speaker 1: Thing, we have to wait for permits. But I'm just excited.

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Speaker 1: I mean, I was hoping to be in there by Christmas.

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Speaker 1: At this point, I'm just can't wait to be in there.

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Speaker 3: But on good news.

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Speaker 1: Like, I don't know if you saw that I have

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Speaker 1: this trip going to Morocco for next year.

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Speaker 2: I think that was the last thing we talked about

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Speaker 2: on our last show. You talked about planning that trip. Yeah.

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Speaker 3: Yeah, well I'm not planning anything.

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Speaker 2: I'm sorry, you know what I mean.

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Speaker 1: Yeah, but it sold out. I couldn't believe it. I'm like,

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Speaker 1: people really want to go to Morocco to come see me.

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Speaker 1: I mean, we put it up a week and I say,

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Speaker 1: look the company, the runway experience. I said, I'm going

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Speaker 1: to be honest. I mean, it sounds like an awesome idea.

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Speaker 1: I've been to Morocco before for my birthday one year

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Speaker 1: and it's amazing. But I don't really see people going

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Speaker 1: to come to Morocco talk about money with me.

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Speaker 3: But if y'all want to do it, hey, I'm down.

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Speaker 1: And a week later we sold out, So I'm super

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Speaker 1: excited about forty people and so I know, so I'm excited,

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Speaker 1: and you know, if this goes well, which I'm sure

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Speaker 1: it will, I'd love to do something like this, like

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Speaker 1: you know, once a year, once every other year, because like,

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Speaker 1: who doesn't love to travel?

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Speaker 3: And if y'all want to talk about money while traveling.

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Speaker 3: I could do that.

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Speaker 2: So I missed my chance. It's too late for me

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Speaker 2: to sign up to go to Morocco legit.

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Speaker 3: Some of my friends were like, but wait, why didn't

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Speaker 3: you tell me? I'm like, I didn't. Who knew, girl,

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Speaker 3: I didn't. I mean I don't want to go to

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Speaker 3: Marco with myself.

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Speaker 1: I mean not like that, but like I just I

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Speaker 1: honestly thought, Okay, ten fifteen people somehow you know, might

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Speaker 1: want to come, and you know, maybe in a month

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Speaker 1: or so. But yeah, I'm just honestly I'm excited to

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Speaker 1: see because it's this company, the Runway Experience has a

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Speaker 1: really great reputation for hosting really amazing experiences and so

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Speaker 1: it's a full week. So but that's what's exciting about

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Speaker 1: it is that we'll get to really expel experience Morocco

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Speaker 1: versus like, oh, there for a few days and you

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Speaker 1: go home.

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Speaker 2: You know, Yeah that sounds awesome. Yeah, congressmus International Speaker.

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Speaker 3: Does this make me?

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Speaker 1: I remember one time, like when I first started off,

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Speaker 1: I was like trying to like claim the International Speaker r. Also,

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Speaker 1: when I went to Nigeria to visit my cousins, I

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Speaker 1: was like come sit for this this quick budgeting lesson

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Speaker 1: so I can call myself an international speaker.

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Speaker 2: I think this is legit. When you're selling out stadiums

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Speaker 2: in Morocco.

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Speaker 3: Your stadium that was, they are now stadiums.

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Speaker 2: Stadium sized classrooms.

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Speaker 1: Oh so well, on a not as fun note, why

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Speaker 1: did I get like fussed out by this company because

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Speaker 1: dream Catchers didn't want to buy their product or service?

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Speaker 1: And this person basically said like dream Catchers didn't want

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Speaker 1: better for themselves and didn't want to invest in themselves.

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Speaker 3: And I'm reading it like.

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Speaker 2: Wait, what can we say what company? It is?

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Speaker 3: No, because we kind of both know the person.

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Speaker 2: So oh, I know what you're talking about.

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Speaker 3: Yeah, it was really bad.

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Speaker 1: That was actually a surprised and you know, I really

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Speaker 1: had to be like, you know what, I can understand

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Speaker 1: the frustration of your wanting. Obviously, everybody wants to run

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Speaker 1: a business and you want to be successful.

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Speaker 3: But I did a little digger deeping because at first

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Speaker 3: I was really mad.

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Speaker 1: But I did a little digging, and you know, I

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Speaker 1: reached out to some folks who experienced, you know, the company,

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Speaker 1: and they were like, it wasn't bad, but it was

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Speaker 1: just that I didn't get anything in order to take

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Speaker 1: the leap to purchase because I was thinking to myself,

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Speaker 1: you know, there was some some gross blanket statements like

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Speaker 1: they didn't want to invest in themselves.

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Speaker 3: And I'm like, well, that's just not true.

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Speaker 1: I mean, I mean, you know firsthand when I you know,

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Speaker 1: when it was just Magnify money, but that you.

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Speaker 3: Know that they purchased products and services all the time.

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Speaker 1: But I've kind of to me the rule of thumb

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Speaker 1: for myself, and what I kind of teach them is

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Speaker 1: that look for a company that's looking to invest in

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Speaker 1: you before you invest in them, meaning like you know,

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Speaker 1: like am I learning something? Is there is there an

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Speaker 1: educational component versus me just buying, you know, And so

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Speaker 1: I think that part not that that company doesn't do that,

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Speaker 1: but they didn't illustrate that beforehand, and as a result,

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Speaker 1: the conversion was terrible. But I just thought that, like

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Speaker 1: I mean, the email was like kind of vicious and

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Speaker 1: I was like, wait, are we strangers?

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Speaker 3: Like what? And I thought to myself it was just.

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Speaker 1: Like a really good eye opener in that you know,

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Speaker 1: you have to be mindful about who you I mean,

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Speaker 1: I'm always really careful about who I share my audience with.

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Speaker 1: That's that's why this was really disappointing, because this is

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Speaker 1: not some stranger to me. But you have to be

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Speaker 1: really mindful, just even just as a consumer, about who

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Speaker 1: you you know, who you patronize, because I think to

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Speaker 1: myself all the time when I'm like everyone knows, the

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Speaker 1: whole team knows, like that, I don't allow anyone to

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Speaker 1: speak disparagingly about the people we serve, because what sense

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Speaker 1: does that make, you know? Like, so like if we're

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Speaker 1: in the service business, you know, then we can't talk

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Speaker 1: crazy about the very people we're trying to help.

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Speaker 3: That there is no place for judgment in service. There

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Speaker 3: just isn't. In my this is what I believe, and

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Speaker 3: I won't allow it. And I told her that.

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Speaker 1: I was like, look, I feel you, I mean, fellow

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Speaker 1: CEO to see, I get you, girl, but I can't

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Speaker 1: let you talk crazy about my audience like you know,

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Speaker 1: like and especially the way you're talking, and I'm like, yo,

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Speaker 1: this is not unique to them.

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Speaker 3: It read very much like you and you and them

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Speaker 3: over there, And I was like ho ho ho.

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Speaker 1: It was very borderline, like, uh, what do we saying?

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Speaker 2: Your people? You people?

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Speaker 1: Yeah, it was you know, not fully and I won't,

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Speaker 1: you know, because I hate to throw that averyund but

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Speaker 1: it felt like that and I never felt that like

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Speaker 1: from someone you know, and honestly, it was really disappointing.

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Speaker 1: And then it was like, you're not doing a good job, Tiffany,

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Speaker 1: and I was like, you know what, I don't mind

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Speaker 1: critiquing criticism, but like, one thing I always's why I'm

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Speaker 1: so glad we have a guest today. But one thing

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Speaker 1: I always say is that my expertise is not everything.

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Speaker 1: I'm really good at budgeting, I'm really good at saving,

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Speaker 1: I could teach you how to pay down, and at

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Speaker 1: everything else, I bring folks on on purpose.

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Speaker 3: So that's why I look for partnerships.

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Speaker 1: So yes, it's because she was like, I don't think

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Speaker 1: you're able to take your.

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Speaker 3: Audience at the next level. And I don't disagree, but

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Speaker 3: that's why I partner.

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Speaker 1: But I just thought it was like, honestly, it was

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Speaker 1: me and spirited, and I just had to remind her

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Speaker 1: that like, just because people are not willing to invest

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Speaker 1: in your things, it doesn't mean that they're not willing

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Speaker 1: to invest in themselves. It's those are two separate things.

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Speaker 1: And it was just really disappointing, but also very eye opening.

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Speaker 2: It reminds me of like, I love that show on

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Speaker 2: CNBC called The Profit where Marcus Lamniz goes into struggling

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Speaker 2: small businesses and tries to save them, and all these

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Speaker 2: businesses are dysfunctional in some way, and almost every episode

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Speaker 2: the business owner is like in denial and tries to

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Speaker 2: blame their lack of success on like people around them

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Speaker 2: or the customers. They surgers dumb, they don't know, this

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Speaker 2: isn't this is the best thing ever. But people just

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Speaker 2: don't know it. And I'm like, they don't want to

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Speaker 2: look at themselves and see what's wrong, Like they're too

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Speaker 2: afraid to look at themselves and think, you know, maybe

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Speaker 2: it's something I did, or maybe my product isn't as

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Speaker 2: great as I think is. And hopefully, I mean, it

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Speaker 2: sucks that you were the on the receiving end of that,

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Speaker 2: like insecurity and lack of awareness, but hopefully on their

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Speaker 2: end they're taking some time to reflect, because I mean,

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Speaker 2: if they want success, the way to get there is

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Speaker 2: not by denying that you have issues that make customers yeah.

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Speaker 3: And then I think it's a great service.

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Speaker 1: So I'm hopeful that like and it's a needed one,

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Speaker 1: and one especially in our in our you know, profession,

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Speaker 1: it's one that's like, honestly, most people don't want to

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Speaker 1: take up.

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Speaker 3: And so I was really excited.

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Speaker 1: So I think that there's still something there and hopefully,

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Speaker 1: like I feel like it's better left said like in person,

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Speaker 1: because I was like, you know what, I've already said

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Speaker 1: my piece, and you know, I definitely I mean, the

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Speaker 1: first iteration of my email was definitely not what I

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Speaker 1: said over I literally sat on up for three days.

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Speaker 3: I was like, you know what, it's still a lot

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Speaker 3: of sass in here.

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Speaker 2: That's a very mature way to approach it.

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Speaker 1: I tried so hard because I was like, because one

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Speaker 1: of my friends like, and we could excuse me, that

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Speaker 1: we can move on. But one of my friends he

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Speaker 1: always reminds me of whenever I'm like, you know, upset,

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Speaker 1: He's always like, well, what's the desired outcome and work

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Speaker 1: toward that. And so my desired outcome was not to

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Speaker 1: lash out or to make somebody feel bad. Honestly, my

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Speaker 1: desired outcome was to hopefully reach some sort of understanding

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Speaker 1: where I'm like, I can show her I understand you.

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Speaker 3: But at the same time, hopefully to get her to see.

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Speaker 1: That this is not the way and that you don't

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Speaker 1: you don't get someone to that space by like, you know,

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Speaker 1: lashing out at them.

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Speaker 3: So I had to remind myself.

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Speaker 1: But it took, honestly, it took three days and then

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Speaker 1: honestly sitting down with a friend of mine to be like,

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Speaker 1: could you like help me to reword this in a

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Speaker 1: way that's less like you know, mad, And so she

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Speaker 1: helped me to really tone it down and you know,

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Speaker 1: and to send it over where I felt like, Okay,

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Speaker 1: this is much better.

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Speaker 3: I mean, her reply back wasn't the greatest.

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Speaker 1: It wasn't like you know, it was kind of like

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Speaker 1: and she replied back right away, I'm like, so I'm

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Speaker 1: the only one to takeing time.

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Speaker 3: It was kind of like yeah, girl, I hear you.

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Speaker 1: But still, and I was like, you know what, I'm

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Speaker 1: gonna see her in person, and I'm sure by then

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Speaker 1: we'll both have calmed down and been like, you know,

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Speaker 1: maybe there's some middle ground where we can meet, but until.

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Speaker 3: Then, I will not be sending anyone in that direction

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Speaker 3: at all.

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Speaker 2: So in this scenario, you were like Serena and she

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Speaker 2: was like Naioli Osaka I'm trying to find a segue

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Speaker 2: so we can talk about that real quick.

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Speaker 1: And I kind of felt that, you know what I

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Speaker 1: felt like, I felt like, how come she gets to

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Speaker 1: talk crazy to me?

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Speaker 3: Honestly, Mandy, That's how I was feeling. I was really frustrated.

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Speaker 1: Like at one point, I was like to the point

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Speaker 1: of near tears because I was like, Yo, how come

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Speaker 1: she gets to talk crazy to me and about me

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Speaker 1: and this group of like brown women who are trying

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Speaker 1: their best, but like me, I have to be careful

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Speaker 1: because I know that if I come at her with

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Speaker 1: that same energy, it's gonna be oh my gosh, clutch

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Speaker 1: my pearls.

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Speaker 3: Black girl, Tiffany whoa. I knew it. I knew it,

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Speaker 3: you know, I was. So that was what made me

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Speaker 3: so livid. I was like, Yo, this email, you.

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Speaker 1: Were talking recklessly like people throw hands for less, and

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Speaker 1: I'm like, nothing happened.

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Speaker 3: There was no preamble to her vicious email. There was

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Speaker 3: no like.

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Speaker 1: It was like literally my Facebook messager said, hey girl, Hey,

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Speaker 1: what's up. You know, how's the conversion's going? Let me

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Speaker 1: know blah blah blah. That was literally my Facebook message

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Speaker 1: because we're cool. And then the email was vicious, vicious, vicious.

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Speaker 1: So I was like, Yo, why do I have to

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Speaker 1: take three days to USA and get a friend of

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Speaker 1: a friend and say what do you think? And then

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Speaker 1: as soon as I send it, within ten minutes, you

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Speaker 1: get to come back swinging again.

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Speaker 2: The thing is like, it's not about canons, like she

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Speaker 2: shouldn't but like you you don't have to do what

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Speaker 2: you did, but because it's just it shows what kind

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Speaker 2: of person you are. I mean, that's the high road.

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Speaker 2: It's like the high road. It's hard to take sometimes

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Speaker 2: it's a choice though, like you don't have to, but

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Speaker 2: would you be as successful if you didn't? Probably not, But.

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Speaker 1: I guess I feel like it just feels so unfair

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Speaker 1: because if I didn't take the high road, the consequences

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Speaker 1: are different. I guess that's what I mean about having

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Speaker 1: to not be vicious back. It's like, why do we

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Speaker 1: have to take the high road?

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Speaker 3: Why?

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Speaker 1: You know, why can't I just be just as passionate

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Speaker 1: without being labeled as difficult or whatever?

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Speaker 2: You know what I mean, the difficult woman, a hysterical woman,

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Speaker 2: or the angry black It's like we get the double whomy,

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Speaker 2: the women double standard, the black woman under double standard,

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Speaker 2: especially in business. Yeah.

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Speaker 1: Yeah, so it just felt very that felt really frustrating

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Speaker 1: that it was like, wow, like yo, I could never

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Speaker 1: write an email like this to someone, I could never

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Speaker 1: speak to them crazy because it'd be like whoa, you know,

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Speaker 1: like this isn't but like nothing's gonna come of it

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Speaker 1: for her, you know, I'm sure like, you know, this

352
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Speaker 1: is not the first time she's probably exploded on someone

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Speaker 1: and it's been okay because she's not brown. And so

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Speaker 1: it was just really like, you know, like frustrating, not

355
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Speaker 1: just for like her message to me, but just in general.

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Speaker 1: And it really it was like, oh, I couldn't have

357
00:15:52,720 --> 00:15:55,640
Speaker 1: come at a worse time with this. Watching Serena defend

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Speaker 1: herself and say, hey, this is not there and there's

359
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Speaker 1: nothing wrong with that. I'm just like, but then it's like,

360
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Speaker 1: you know, that terrible cartoon that that Australian illustrator created

361
00:16:06,040 --> 00:16:10,280
Speaker 1: of Serena. It was just honestly, oh man, it's it's

362
00:16:10,360 --> 00:16:14,880
Speaker 1: exhausting to be in spaces where everything about you is

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Speaker 1: considered the wrong thing, you know.

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Speaker 2: Yeah, I mean I'm not even going to try to

365
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Speaker 2: pretend like I understand the rules of tennis. I don't

366
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Speaker 2: watch it. I don't know what a six' four and

367
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Speaker 2: a six two is and a match point and all

368
00:16:25,240 --> 00:16:27,240
Speaker 2: that kind of, stuff BUT i do understand the gender.

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Speaker 2: Dynamics AND i feel Like serena is such an icon

370
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Speaker 2: because her whole career has been battling this type of.

371
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Speaker 2: Treatment like no one wants to give her credit for

372
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Speaker 2: being the, best the best athlete of all. Time they

373
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Speaker 2: want to call her the best female athlete of all.

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Speaker 2: Time you, know they tried. To they tried to deny

375
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Speaker 2: her talent by, saying, oh, well she has extra you,

376
00:16:47,520 --> 00:16:50,040
Speaker 2: know she's a black. Woman she's so, muscular her body,

377
00:16:50,080 --> 00:16:52,800
Speaker 2: type like all these you, know thinly veiled, criticisms these

378
00:16:52,880 --> 00:16:55,600
Speaker 2: racial undertones to the criticism against, her like this is

379
00:16:55,640 --> 00:16:59,520
Speaker 2: nothing new for. Her i'm glad to see like such

380
00:16:59,520 --> 00:17:04,280
Speaker 2: a swift and huge, reaction AND i mean not just

381
00:17:04,320 --> 00:17:06,320
Speaker 2: in not just to Support serena for how she was,

382
00:17:06,359 --> 00:17:09,679
Speaker 2: treated but also to Support Naomi, osaka who did. WIN i,

383
00:17:09,720 --> 00:17:11,920
Speaker 2: Mean i'm not going to SAY i don't understand the,

384
00:17:12,000 --> 00:17:14,639
Speaker 2: rules but it seems like she won fair and, square you,

385
00:17:14,680 --> 00:17:17,040
Speaker 2: know her First Grand slam, title AND i thought That

386
00:17:17,280 --> 00:17:20,040
Speaker 2: serena handled it in a really classy way and you,

387
00:17:20,080 --> 00:17:23,600
Speaker 2: know it sucks That naomi's win was sort of tainted

388
00:17:23,680 --> 00:17:26,680
Speaker 2: by this, Controversy but at the same, Time i'm Glad

389
00:17:26,680 --> 00:17:29,000
Speaker 2: serena was, like not, today not this. Time i'm not

390
00:17:29,040 --> 00:17:30,680
Speaker 2: going to shut. Up i'm not going to stand down

391
00:17:31,320 --> 00:17:32,920
Speaker 2: because don't you also feel like you don't want to

392
00:17:32,960 --> 00:17:35,280
Speaker 2: be the like sometimes you don't want to be the

393
00:17:35,280 --> 00:17:37,160
Speaker 2: one to say it's Because i'm a, woman or it's

394
00:17:37,200 --> 00:17:40,080
Speaker 2: Because i'm, black because you can feel people around you

395
00:17:40,080 --> 00:17:43,440
Speaker 2: get uncomfortable or or like not believe, you and you

396
00:17:43,440 --> 00:17:46,080
Speaker 2: don't even want to have the conversation with, anybody LIKE

397
00:17:46,119 --> 00:17:47,320
Speaker 2: i don't want to have to tell YOU i don't

398
00:17:47,359 --> 00:17:49,160
Speaker 2: want to have to tell you why this is Because

399
00:17:49,160 --> 00:17:51,080
Speaker 2: i'm a woman right, now because it's so exhausting to

400
00:17:51,119 --> 00:17:53,280
Speaker 2: me THAT i have to tell, you, Know OR i

401
00:17:53,280 --> 00:17:53,720
Speaker 2: don't want to.

402
00:17:53,720 --> 00:17:55,440
Speaker 3: Because it's like oh here they.

403
00:17:55,560 --> 00:17:59,000
Speaker 1: GO i, yeah, exactly you, know and like you're, like but,

404
00:17:59,640 --> 00:18:03,040
Speaker 1: IT i, mean is? It and so because you hate

405
00:18:03,080 --> 00:18:05,840
Speaker 1: to you, know you're, like, oh they're always playing the race,

406
00:18:05,880 --> 00:18:08,679
Speaker 1: card And i'm, like, well if it is because of,

407
00:18:08,680 --> 00:18:11,720
Speaker 1: that Like, serena from WHAT i, understand no one has

408
00:18:11,720 --> 00:18:14,320
Speaker 1: been drug tested more Than serena they're, LIKE i mean

409
00:18:14,880 --> 00:18:18,280
Speaker 1: to the point of excess where it's, like, yo she's

410
00:18:18,480 --> 00:18:20,840
Speaker 1: never been found with anything in her system and you

411
00:18:20,840 --> 00:18:24,520
Speaker 1: got drug test her like, crazy you, know and like

412
00:18:24,720 --> 00:18:26,600
Speaker 1: just like and the fact that you, Know serena gets blood.

413
00:18:26,600 --> 00:18:29,320
Speaker 1: Clots she has this GREAT i think it's AN hbo

414
00:18:29,400 --> 00:18:32,560
Speaker 1: special Called Being serena or something like, That Raising. Serena

415
00:18:32,600 --> 00:18:34,719
Speaker 1: it's a great like five or six kind of like

416
00:18:36,240 --> 00:18:38,960
Speaker 1: five part, documentary and she talks about like even when

417
00:18:38,960 --> 00:18:42,720
Speaker 1: she had her, baby she almost died Because serena has

418
00:18:42,760 --> 00:18:45,280
Speaker 1: like this condition where her she gets blood. Clots so

419
00:18:45,640 --> 00:18:47,280
Speaker 1: she wanted to wear for the with it The french

420
00:18:47,320 --> 00:18:50,240
Speaker 1: open wanted to wear that like catsuit because it's like

421
00:18:50,320 --> 00:18:52,600
Speaker 1: pressurized to keep you, know the blood.

422
00:18:52,600 --> 00:18:55,520
Speaker 3: Flowing and they were like, no even though there were

423
00:18:55,560 --> 00:18:56,480
Speaker 3: other women.

424
00:18:56,280 --> 00:19:00,000
Speaker 1: Who were allowed to wear that's like a similar Cats

425
00:19:00,080 --> 00:19:02,560
Speaker 1: she's Like samanna has a different. Body AND i just

426
00:19:02,600 --> 00:19:06,679
Speaker 1: thought to, myself like this is this is like. Crazy

427
00:19:06,720 --> 00:19:08,159
Speaker 1: how much are you supposed to? Take how much are

428
00:19:08,160 --> 00:19:11,320
Speaker 1: you supposed to just be like, okay LIKE i, mean

429
00:19:12,040 --> 00:19:15,200
Speaker 1: it's JUST i just it's. Hard, Man like sometimes you

430
00:19:15,240 --> 00:19:18,280
Speaker 1: don't realize until something happens in the triggers WHEN i

431
00:19:18,280 --> 00:19:20,320
Speaker 1: grew up In, westfield which, is LIKE i, said majority

432
00:19:20,320 --> 00:19:23,320
Speaker 1: white and very very small like population of anything.

433
00:19:23,320 --> 00:19:26,199
Speaker 3: Else like we would go to the pool and it was.

434
00:19:26,240 --> 00:19:27,880
Speaker 3: Nothing you. Know it wasn't.

435
00:19:27,760 --> 00:19:30,760
Speaker 1: Until LIKE i started going to the pool and like

436
00:19:30,880 --> 00:19:35,000
Speaker 1: with like sisters and like a young brown and black

437
00:19:35,000 --> 00:19:38,960
Speaker 1: women THAT i noticed, that like by age, eight little black,

438
00:19:39,000 --> 00:19:40,840
Speaker 1: girls you notice that mandy would wear A t shirts

439
00:19:40,840 --> 00:19:41,240
Speaker 1: over their.

440
00:19:41,119 --> 00:19:44,480
Speaker 3: Bathing suits and like. That you.

441
00:19:44,520 --> 00:19:46,440
Speaker 1: Know BUT i just thought to, myself, like why are

442
00:19:46,480 --> 00:19:50,320
Speaker 1: our bodies like? Bad you don't even remember being so like,

443
00:19:50,320 --> 00:19:51,560
Speaker 1: Surprised like why are you wearing A t?

444
00:19:51,680 --> 00:19:53,760
Speaker 3: Shirt? OH i can't show off my? Body i'm, like we're,

445
00:19:53,760 --> 00:19:55,440
Speaker 3: eight you, know you know WHAT i.

446
00:19:55,520 --> 00:19:57,920
Speaker 1: Mean AND i just LIKE i don't even think people

447
00:19:58,040 --> 00:20:00,720
Speaker 1: recognize how exhausting it it can be to be a,

448
00:20:00,760 --> 00:20:05,000
Speaker 1: woman you, know but especially you, know a brown. Woman

449
00:20:05,400 --> 00:20:08,360
Speaker 1: there's every time you turn, around how you, are it's

450
00:20:08,400 --> 00:20:12,200
Speaker 1: told to be. Unattractive you, know too, aggressive you're too,

451
00:20:12,240 --> 00:20:13,920
Speaker 1: loud you're too, happy you're too, this you're too, that

452
00:20:14,200 --> 00:20:16,520
Speaker 1: you're too, passionate you're too you, know how.

453
00:20:16,440 --> 00:20:17,199
Speaker 3: Dare you stand up for?

454
00:20:17,240 --> 00:20:19,480
Speaker 1: Yourself YOU'RE i would like somebody who's Like meeker and

455
00:20:20,440 --> 00:20:24,160
Speaker 1: less powerful and oh, man, like it's just you want

456
00:20:24,200 --> 00:20:27,159
Speaker 1: to like scream sometimes and sometimes you feel like no

457
00:20:27,200 --> 00:20:30,280
Speaker 1: one is in your corner but your other, sisters and it's,

458
00:20:30,320 --> 00:20:31,879
Speaker 1: like but we're in everyone else's.

459
00:20:31,880 --> 00:20:34,359
Speaker 3: Corner look at every. Rally who do you see?

460
00:20:34,359 --> 00:20:37,520
Speaker 1: There you know, us even if it's not about, us

461
00:20:37,920 --> 00:20:43,000
Speaker 1: you see, Us and it's just like the world would miss.

462
00:20:43,080 --> 00:20:44,879
Speaker 1: Us boy if we weren't, here what would? Y'all what

463
00:20:44,920 --> 00:20:48,159
Speaker 1: would y'all do without brown? Ambition quite, honestly when you

464
00:20:48,200 --> 00:20:50,920
Speaker 1: reach a certain, level it's just you have to really

465
00:20:50,960 --> 00:20:53,719
Speaker 1: have a great support system around you because other than,

466
00:20:53,720 --> 00:20:55,080
Speaker 1: that it'll drive you crazy.

467
00:20:54,840 --> 00:20:57,199
Speaker 3: If you don't have people who are, like, like you're not.

468
00:20:57,280 --> 00:20:59,159
Speaker 3: Crazy you know you're not.

469
00:20:59,240 --> 00:21:01,960
Speaker 1: Crazy like know this is unfair and it's okay to

470
00:21:02,000 --> 00:21:04,280
Speaker 1: feel some kind of way about. It it's important to

471
00:21:04,280 --> 00:21:06,639
Speaker 1: have like a good you know. Support that's WHY i

472
00:21:06,680 --> 00:21:08,320
Speaker 1: just love THE ba family because you guys.

473
00:21:08,119 --> 00:21:11,800
Speaker 3: Are always so. Dope so, yeah boost, serena boost.

474
00:21:11,560 --> 00:21:14,280
Speaker 2: To name on, me boost to us while we're at. It,

475
00:21:14,480 --> 00:21:17,399
Speaker 2: yeah just because you get a, boost.

476
00:21:17,160 --> 00:21:18,720
Speaker 3: You get a. Boost everybody gets a.

477
00:21:18,720 --> 00:21:38,520
Speaker 1: Boost speaking of, Booths i'm excited that we are talking about.

478
00:21:40,640 --> 00:21:43,800
Speaker 3: Retirement. Today i'm not, retirement but investing overall.

479
00:21:44,200 --> 00:21:47,399
Speaker 2: Investing, yeah you, guys are you guys? Ready because you've

480
00:21:47,440 --> 00:21:50,439
Speaker 2: been asking who my financial planner, is And i'm gonna do,

481
00:21:50,480 --> 00:21:52,520
Speaker 2: you but one better than actually telling you her, NAME

482
00:21:52,600 --> 00:21:56,080
Speaker 2: i bring her on the. Podcast my personal financial, Planner

483
00:21:56,119 --> 00:21:59,600
Speaker 2: helen No is joining us. Today she's Been i've been

484
00:22:00,359 --> 00:22:03,800
Speaker 2: a client Of helen's for since twenty, SIXTEEN i want to,

485
00:22:03,800 --> 00:22:05,960
Speaker 2: say right AFTER i got, engaged and she has been

486
00:22:06,000 --> 00:22:10,280
Speaker 2: through my, marriage like getting married and then buying my first,

487
00:22:10,280 --> 00:22:12,920
Speaker 2: house and she's just been such an awesome person to work.

488
00:22:12,960 --> 00:22:15,800
Speaker 2: With so when we started talking about doing an investing,

489
00:22:15,840 --> 00:22:19,520
Speaker 2: SHOW i, thought why not Bring helen to the show

490
00:22:19,600 --> 00:22:21,720
Speaker 2: and actually talk about the way that she AND i

491
00:22:21,760 --> 00:22:24,800
Speaker 2: have talked about investing for wealth BECAUSE i Think tiffany

492
00:22:24,840 --> 00:22:26,960
Speaker 2: AND i have like towed around this. Topic you, know

493
00:22:27,000 --> 00:22:28,840
Speaker 2: how do we start investing outside of our four to

494
00:22:28,840 --> 00:22:31,480
Speaker 2: ONE k or outside of OUR. Ira so that's what

495
00:22:31,480 --> 00:22:33,280
Speaker 2: we're going to talk about in today's. Show so you,

496
00:22:33,320 --> 00:22:36,240
Speaker 2: guys before we get, started just a quick. Disclaimer anything

497
00:22:36,480 --> 00:22:38,679
Speaker 2: on this show we're going to be talking about, investing

498
00:22:38,880 --> 00:22:42,320
Speaker 2: talking about different brokerages and robo advisors and all types of.

499
00:22:42,359 --> 00:22:45,520
Speaker 2: Things everything we say is just. Hypothetical it shouldn't be

500
00:22:45,520 --> 00:22:48,679
Speaker 2: taken as investment. Advice this is for education. Purposes so

501
00:22:48,720 --> 00:22:52,240
Speaker 2: if we mention any, companies they're not recommendations for just

502
00:22:52,680 --> 00:22:54,320
Speaker 2: doing some casual examples.

503
00:22:54,320 --> 00:22:57,360
Speaker 3: Today in other, words don't come and try to sue.

504
00:22:57,440 --> 00:23:15,280
Speaker 4: Us, hey thank you for having, Me. Mandy i'm so

505
00:23:15,359 --> 00:23:15,879
Speaker 4: excited to be.

506
00:23:15,920 --> 00:23:21,960
Speaker 2: Here it's like. Heaven it's like they the big, reveal

507
00:23:22,320 --> 00:23:25,280
Speaker 2: the big. Reveal so this show is so important to

508
00:23:25,320 --> 00:23:27,160
Speaker 2: me And tiff because she AND i have talked about

509
00:23:27,200 --> 00:23:30,120
Speaker 2: this again and. Again how do you start investing outside

510
00:23:30,119 --> 00:23:32,080
Speaker 2: of your four one? K just Like, tiff you, said

511
00:23:32,440 --> 00:23:34,560
Speaker 2: once you've maxed out your four one, k got the,

512
00:23:34,640 --> 00:23:37,119
Speaker 2: match maybe you've opened up a LITTLE i ray on the.

513
00:23:37,160 --> 00:23:39,119
Speaker 2: Side you've maxed that out, too and you still have

514
00:23:39,200 --> 00:23:41,080
Speaker 2: money in the. Bank it's an awesome place to, be

515
00:23:41,560 --> 00:23:43,439
Speaker 2: BUT i feel like some, PEOPLE i don't. KNOW i

516
00:23:43,440 --> 00:23:45,840
Speaker 2: Think tif's had this. Problem i've had this. Problem you

517
00:23:45,920 --> 00:23:49,160
Speaker 2: end up carrying money in cash and your cash, savings

518
00:23:49,200 --> 00:23:51,240
Speaker 2: and you're, LIKE i, KNOW i probably don't need this

519
00:23:51,359 --> 00:23:53,760
Speaker 2: much money in, savings BUT i also don't know what

520
00:23:53,800 --> 00:23:56,000
Speaker 2: the heck to do with. It so where DO i

521
00:23:56,080 --> 00:23:58,040
Speaker 2: start and that is what we're going to talk about

522
00:23:58,040 --> 00:24:00,520
Speaker 2: on today's. Show let's start with what investing is. LIKE

523
00:24:00,640 --> 00:24:02,720
Speaker 2: i know that you think that the people have sort

524
00:24:02,720 --> 00:24:05,800
Speaker 2: of a misconception about what investing really means and what

525
00:24:05,840 --> 00:24:08,679
Speaker 2: does investing mean when we're talking about outside of your

526
00:24:08,720 --> 00:24:09,320
Speaker 2: four one, k.

527
00:24:10,400 --> 00:24:15,720
Speaker 5: Right so there's a huge difference between saving and. Investing

528
00:24:15,920 --> 00:24:18,000
Speaker 5: so when clients come to me or WHEN i WHEN

529
00:24:18,040 --> 00:24:20,600
Speaker 5: i you, know onboard, somebody they, say, oh, Yeah i'm

530
00:24:20,600 --> 00:24:22,919
Speaker 5: invested in my four to one k at, work and

531
00:24:23,000 --> 00:24:26,119
Speaker 5: really all they have done is put money into, it

532
00:24:26,200 --> 00:24:29,400
Speaker 5: and they haven't actually invested the money that they saved

533
00:24:29,800 --> 00:24:33,000
Speaker 5: or transferred into that. Account so, again a four to one,

534
00:24:33,080 --> 00:24:36,160
Speaker 5: k roth, iray TRADITIONAL, ira those are all different types

535
00:24:36,200 --> 00:24:39,000
Speaker 5: of accounts what you do with the money inside those

536
00:24:39,040 --> 00:24:41,240
Speaker 5: accounts because it can simply just sit in cash if

537
00:24:41,240 --> 00:24:46,800
Speaker 5: you don't actually hit buy or sell in those specific.

538
00:24:46,880 --> 00:24:50,080
Speaker 5: Accounts that's when you're actually investing in putting that money to. Work,

539
00:24:50,560 --> 00:24:54,000
Speaker 5: so in very simple, terms investing is putting that cash

540
00:24:54,080 --> 00:24:57,520
Speaker 5: to work and putting that money towards say a stock

541
00:24:57,560 --> 00:25:02,000
Speaker 5: and mutual fund IN, etf some sort of vehicle that

542
00:25:02,040 --> 00:25:05,639
Speaker 5: you purchase that has a potential to generate income or

543
00:25:05,680 --> 00:25:07,119
Speaker 5: growth for you within that.

544
00:25:07,200 --> 00:25:10,640
Speaker 2: Account so let's start with types of. Accounts, so once

545
00:25:10,640 --> 00:25:12,159
Speaker 2: you've maxed out your four ONE k and you have

546
00:25:12,240 --> 00:25:14,200
Speaker 2: extra cash in the bank that you want to, invest

547
00:25:15,240 --> 00:25:16,639
Speaker 2: do you do WHAT i, did WHICH i think is

548
00:25:16,640 --> 00:25:18,120
Speaker 2: probably not the right thing to, do and just start

549
00:25:18,200 --> 00:25:20,760
Speaker 2: randomly buying a stock on Robin hood because you're too

550
00:25:20,800 --> 00:25:24,679
Speaker 2: afraid to commit something more. Serious, YES i feel LIKE

551
00:25:24,720 --> 00:25:27,080
Speaker 2: i skipped a few, Steps but, yeah where DO I

552
00:25:27,160 --> 00:25:29,120
Speaker 2: where SHOULD i have? Started? Helen i'm SORRY i didn't

553
00:25:29,160 --> 00:25:31,439
Speaker 2: call you, first less around behind your.

554
00:25:31,440 --> 00:25:31,960
Speaker 1: Back that's.

555
00:25:31,960 --> 00:25:35,240
Speaker 3: OKAY i knew you had That robinhood.

556
00:25:35,240 --> 00:25:37,600
Speaker 5: ACCOUNT i think that was like your fun money investing

557
00:25:37,640 --> 00:25:39,439
Speaker 5: without any strategy behind, it, right.

558
00:25:39,440 --> 00:25:41,080
Speaker 2: Not a single strategy to be found me.

559
00:25:41,400 --> 00:25:44,199
Speaker 3: As, well know this is. Strategy what'd you say about that?

560
00:25:44,240 --> 00:25:47,840
Speaker 3: Stock let me see robinad has that availab three, Piece.

561
00:25:48,080 --> 00:25:50,240
Speaker 5: Yeah and buy it for free on. There they have

562
00:25:50,320 --> 00:25:53,840
Speaker 5: no transaction, FEES i, believe m m yeaeah.

563
00:25:53,400 --> 00:25:55,520
Speaker 2: Yeah that's zero zero dollar. Trades it's. Awesome.

564
00:25:56,400 --> 00:25:59,320
Speaker 5: Yeah so that so you can go on, robinhood which

565
00:25:59,320 --> 00:26:03,520
Speaker 5: is zero. Action you can Buy tesla or whatever sexy

566
00:26:03,600 --> 00:26:06,400
Speaker 5: stock that you might have heard from your uncle or

567
00:26:06,440 --> 00:26:09,480
Speaker 5: the guy or girl you met on the, plane but

568
00:26:09,760 --> 00:26:11,919
Speaker 5: there's definitely a strategy behind. It so if you have

569
00:26:12,000 --> 00:26:15,000
Speaker 5: already maxed out all of your different types of retirement,

570
00:26:15,040 --> 00:26:17,919
Speaker 5: accounts including your traditional iri roth ares and four one

571
00:26:18,000 --> 00:26:20,600
Speaker 5: ks or four or three, bs even your pension, plans.

572
00:26:20,440 --> 00:26:20,960
Speaker 3: What do you do?

573
00:26:21,080 --> 00:26:24,200
Speaker 5: Next so the next step that is most efficient would

574
00:26:24,200 --> 00:26:28,000
Speaker 5: be to open an investment. Account so like, You, mandy

575
00:26:28,080 --> 00:26:31,119
Speaker 5: you opened up A robinhood, account but, then like you,

576
00:26:31,160 --> 00:26:35,119
Speaker 5: said there's no real uh strategy behind. It and WHAT

577
00:26:35,160 --> 00:26:37,640
Speaker 5: i typically tell clients is if you've if you've never

578
00:26:37,680 --> 00:26:41,600
Speaker 5: really selected individual investments, before you start out with the.

579
00:26:41,640 --> 00:26:46,560
Speaker 5: BASICS i kind of refer to, cooking or you, know

580
00:26:46,640 --> 00:26:48,679
Speaker 5: it's like. Cooking you want your salt and your, pepper

581
00:26:48,720 --> 00:26:52,600
Speaker 5: your basics of your, spice and your investment portfolio and

582
00:26:52,760 --> 00:26:55,520
Speaker 5: the stuff the investments that you have in Your. Robinhood

583
00:26:55,560 --> 00:26:57,760
Speaker 5: that's like adding pep week are a little bit of

584
00:26:57,800 --> 00:26:59,920
Speaker 5: salsa spiciness to your overall.

585
00:27:00,359 --> 00:27:01,920
Speaker 3: Investments does that make?

586
00:27:01,960 --> 00:27:06,199
Speaker 5: Sense so you want your foundational investments like investing in

587
00:27:06,359 --> 00:27:12,280
Speaker 5: DOMESTIC us mutual funds or. ETFs TYPICALLY i recommend to

588
00:27:12,320 --> 00:27:16,720
Speaker 5: clients to just purchase. ETFs i mean there's thousands of

589
00:27:16,720 --> 00:27:19,400
Speaker 5: them out there now that are much cheaper than investing

590
00:27:19,440 --> 00:27:22,280
Speaker 5: in mutual, funds which charge you a higher upfront fee

591
00:27:22,320 --> 00:27:23,439
Speaker 5: depending on the class.

592
00:27:23,480 --> 00:27:25,200
Speaker 3: SHARE i, mean we can.

593
00:27:25,040 --> 00:27:27,920
Speaker 5: TALK i can talk on and on about, that but start.

594
00:27:27,720 --> 00:27:31,800
Speaker 2: With what AN etf. Is, yeah interested for your definition of,

595
00:27:31,840 --> 00:27:33,239
Speaker 2: it BECAUSE i THINK i know what it, is BUT

596
00:27:33,320 --> 00:27:33,760
Speaker 2: i probably.

597
00:27:33,800 --> 00:27:37,520
Speaker 5: Don't, Yeah so people will, say, OH i just want

598
00:27:37,560 --> 00:27:39,919
Speaker 5: to do index, Funds, Helen, well you can buy index

599
00:27:40,000 --> 00:27:42,720
Speaker 5: funds as a mutual fund or AN. ETF A etf

600
00:27:43,160 --> 00:27:47,280
Speaker 5: basically stands for exchange traded. Funds so let's just say

601
00:27:47,720 --> 00:27:53,240
Speaker 5: you are interested in buying shares Of, amazon which is

602
00:27:53,280 --> 00:27:55,520
Speaker 5: at two thousand dollars a share right? Now, right do

603
00:27:55,600 --> 00:27:58,439
Speaker 5: you have two? Thousand like you put in two thousand

604
00:27:58,440 --> 00:28:01,360
Speaker 5: dollars you bought one? Share, okay big, deal.

605
00:28:03,359 --> 00:28:03,840
Speaker 2: Big freaking.

606
00:28:03,920 --> 00:28:06,760
Speaker 4: Deal same thing With Birkshire.

607
00:28:06,760 --> 00:28:09,199
Speaker 5: Hathaway i'm not really sure what the price is, now

608
00:28:09,240 --> 00:28:11,520
Speaker 5: but it's in the. Thousands so you gotta have a

609
00:28:11,560 --> 00:28:14,439
Speaker 5: lot of money to even buy one spec one fleck

610
00:28:14,640 --> 00:28:18,840
Speaker 5: of that. Investment so with ETFs and mutual, funds just

611
00:28:18,920 --> 00:28:22,919
Speaker 5: imagine you wanted to get into some tech stocks but

612
00:28:23,320 --> 00:28:25,399
Speaker 5: don't have two thousand dollars to buy one, share but

613
00:28:25,440 --> 00:28:26,960
Speaker 5: you do have two thousand dollars and you want to,

614
00:28:27,000 --> 00:28:31,000
Speaker 5: diversify you can invest in those index. Funds and the

615
00:28:31,040 --> 00:28:34,359
Speaker 5: more cost efficient way is to purchase ETFs because they

616
00:28:34,440 --> 00:28:39,560
Speaker 5: have very low management fees versus a mutual. Fund you

617
00:28:39,600 --> 00:28:43,480
Speaker 5: purchase it, upfront or you pay the fees upfront or

618
00:28:44,000 --> 00:28:46,280
Speaker 5: typically what they call a TWELVE b one, fee which

619
00:28:46,320 --> 00:28:49,640
Speaker 5: is an ongoing point two five percent on top of

620
00:28:49,360 --> 00:28:50,360
Speaker 5: the purchasing.

621
00:28:50,440 --> 00:28:52,560
Speaker 4: Fees, so and.

622
00:28:52,600 --> 00:28:58,960
Speaker 5: ETFs are more tax efficient in that they don't, necessarily you,

623
00:28:59,000 --> 00:29:04,280
Speaker 5: know reinvest the dividends and distribute it To so, yeah so.

624
00:29:04,240 --> 00:29:08,040
Speaker 2: AN etf is like you're not just investing in one

625
00:29:08,040 --> 00:29:10,120
Speaker 2: company you're investing in, like so you can get a

626
00:29:10,160 --> 00:29:14,680
Speaker 2: TECH etf that has that lets you invest in multiple

627
00:29:14,680 --> 00:29:17,320
Speaker 2: companies all at, once exactly exactly.

628
00:29:17,480 --> 00:29:20,840
Speaker 5: Exactly so think about it as a bucket with different

629
00:29:20,880 --> 00:29:24,280
Speaker 5: pebbles in, it and each of those pebbles represents a different,

630
00:29:25,080 --> 00:29:30,959
Speaker 5: stock Saying, Facebook, amazon whatever other tech stocks you can think. Of,

631
00:29:32,000 --> 00:29:34,240
Speaker 5: so so, yeah if you don't have two thousand bucks

632
00:29:34,480 --> 00:29:36,920
Speaker 5: just to invest in one, stock you can purchase in

633
00:29:36,960 --> 00:29:41,160
Speaker 5: AN etf or an index fund mutual fund that has

634
00:29:41,400 --> 00:29:44,880
Speaker 5: no fees. Upfront so there are mutual funds that are

635
00:29:44,960 --> 00:29:46,320
Speaker 5: very cheap that are called no load.

636
00:29:46,480 --> 00:29:50,360
Speaker 3: Funds, okay have you guys heard of that? Before no

637
00:29:51,200 --> 00:29:55,160
Speaker 3: mutual funds Like vanguard do they That i've? Heard, yeah, yep.

638
00:29:55,240 --> 00:29:59,520
Speaker 5: Yep vanguard is one of those companies that have very

639
00:29:59,560 --> 00:30:02,720
Speaker 5: limited options of no load Fund.

640
00:30:02,520 --> 00:30:03,600
Speaker 3: So load just means.

641
00:30:03,640 --> 00:30:06,520
Speaker 5: Fees it's an industry term that that we. Use but

642
00:30:06,680 --> 00:30:09,320
Speaker 5: if you see it says no load mutual, fund that

643
00:30:09,360 --> 00:30:11,240
Speaker 5: means that there's no upfront fee for. It there is

644
00:30:11,280 --> 00:30:16,240
Speaker 5: still a management fee because there's a team of investment. Managers, yeah,

645
00:30:16,280 --> 00:30:24,080
Speaker 5: folks people managing that particular mutual fund OR. Etf let's just, say.

646
00:30:24,160 --> 00:30:27,320
Speaker 3: And that's called like an expense, ratio, right, yes. Exactly

647
00:30:30,080 --> 00:30:31,720
Speaker 3: but you, Know i'm not gonna lie to be. HONEST

648
00:30:31,760 --> 00:30:33,320
Speaker 3: i just read a book this weekend And i'm.

649
00:30:33,200 --> 00:30:35,520
Speaker 1: Like, wait no things, Wait so we have held on

650
00:30:36,400 --> 00:30:37,960
Speaker 1: So i'm not all that smart about.

651
00:30:38,000 --> 00:30:42,200
Speaker 5: That we can get as technical as we, want but

652
00:30:42,240 --> 00:30:44,959
Speaker 5: you can just go On Google finance Or Yahoo finance

653
00:30:45,040 --> 00:30:48,560
Speaker 5: or whatever and type and tech. ETFs you'll get hundreds

654
00:30:48,560 --> 00:30:48,840
Speaker 5: of them.

655
00:30:48,840 --> 00:30:52,520
Speaker 2: Listed so let's back up for one, second because you

656
00:30:52,560 --> 00:30:55,560
Speaker 2: mentioned like when you're building your spice cabinet of your

657
00:30:55,600 --> 00:30:59,120
Speaker 2: portfolio starting with your salt and. Pepper so If i'm you,

658
00:30:59,160 --> 00:31:01,600
Speaker 2: KNOW i think we have a good sense of brokerage

659
00:31:01,600 --> 00:31:05,320
Speaker 2: firms that are. Available so There's, vanguard there's Trans, america Trans.

660
00:31:05,360 --> 00:31:07,560
Speaker 2: America is that? True what AM i trying to? Say

661
00:31:07,600 --> 00:31:11,760
Speaker 2: Td Ameeric, Trade Charles. Schwah there's all these kind of discount.

662
00:31:11,800 --> 00:31:15,080
Speaker 2: Brokerages so When i'm building our, portfolio can you talk

663
00:31:15,080 --> 00:31:17,640
Speaker 2: about the salt and the, pepper like what are the

664
00:31:18,440 --> 00:31:22,720
Speaker 2: DO i find the domestic STOCK etf in international STOCK

665
00:31:22,760 --> 00:31:27,080
Speaker 2: etf and then start adding other more industry specific ETFs

666
00:31:27,120 --> 00:31:30,680
Speaker 2: like tech or bio or cannabis like these exciting.

667
00:31:30,680 --> 00:31:36,360
Speaker 5: ETFs, Yeah so start, broad very broad with your foundational

668
00:31:36,760 --> 00:31:43,440
Speaker 5: asset CLASSES us, domestic international ETFs or mutual, funds and

669
00:31:43,480 --> 00:31:47,120
Speaker 5: then throw in some fixed income in, there such as

670
00:31:47,200 --> 00:31:50,720
Speaker 5: municipal bond funds or long term bond funds because it

671
00:31:50,800 --> 00:31:55,040
Speaker 5: offers you a higher interest. Rate and then there's also

672
00:31:55,160 --> 00:31:58,000
Speaker 5: short term bond. Funds so have a mix of your

673
00:31:58,880 --> 00:32:02,640
Speaker 5: fixed income portion of your portfolio and then THE us

674
00:32:02,640 --> 00:32:05,640
Speaker 5: and some internationals in there as, well and then you

675
00:32:05,680 --> 00:32:08,120
Speaker 5: can go in with your robinhood account and add and,

676
00:32:08,760 --> 00:32:11,040
Speaker 5: OH i want to buy two stocks of or two

677
00:32:11,040 --> 00:32:16,600
Speaker 5: shares Of, tesla or you, know my BIOTECH etf mutual

678
00:32:16,640 --> 00:32:20,880
Speaker 5: fund or. Whatever so that's adding in the specific, sectors

679
00:32:21,000 --> 00:32:26,160
Speaker 5: is adding in the oregano and the paprika and all of.

680
00:32:26,160 --> 00:32:28,680
Speaker 5: That and you're trying to build out a sexier spice

681
00:32:28,680 --> 00:32:30,600
Speaker 5: cabinet than. Chess your salt in your, pepper but you

682
00:32:30,640 --> 00:32:32,640
Speaker 5: always have to have your basic salt and, pepper, right.

683
00:32:32,920 --> 00:32:36,040
Speaker 2: How much should be that salt and? Pepper do? You

684
00:32:36,240 --> 00:32:38,320
Speaker 2: i've always heard there's that rule of, thumb like you

685
00:32:38,400 --> 00:32:40,520
Speaker 2: take your age and subtract it from one hundred and,

686
00:32:40,560 --> 00:32:42,880
Speaker 2: ten and then the bigger number is how much you

687
00:32:42,880 --> 00:32:46,120
Speaker 2: should invest in stocks versus? Bonds is that like? DUMB

688
00:32:46,440 --> 00:32:48,560
Speaker 2: i MEAN i feel Like i'm very. AGGRESSIVE i have

689
00:32:48,600 --> 00:32:51,000
Speaker 2: most of my four oh ONE k and, stock AND

690
00:32:51,000 --> 00:32:53,960
Speaker 2: i have most of MY ira and, stock and it

691
00:32:54,000 --> 00:32:56,760
Speaker 2: feels good because the stock market's been doing so. Amazing

692
00:32:56,840 --> 00:32:58,640
Speaker 2: But i'm in my thirties now and part of me

693
00:32:58,680 --> 00:33:01,040
Speaker 2: is like SHOULD i and and to? Be you, KNOW

694
00:33:01,080 --> 00:33:02,520
Speaker 2: i think a lot of people start out LIKE i

695
00:33:02,560 --> 00:33:05,520
Speaker 2: did with target date, funds which are supposed to which

696
00:33:05,520 --> 00:33:07,640
Speaker 2: are supposed to shift as you, age But i'm, wondering

697
00:33:07,760 --> 00:33:10,920
Speaker 2: like how often SHOULD i be looking at my, allocation you,

698
00:33:10,960 --> 00:33:13,280
Speaker 2: know and how do you decide how much to put

699
00:33:13,280 --> 00:33:17,080
Speaker 2: into the stocks versus the fixed income like the bonds

700
00:33:17,120 --> 00:33:17,720
Speaker 2: that you were talking.

701
00:33:17,720 --> 00:33:21,280
Speaker 5: About, yeah so those target date, funds those are very

702
00:33:21,320 --> 00:33:23,240
Speaker 5: convenient because you just put money in there and it

703
00:33:23,320 --> 00:33:26,640
Speaker 5: automatically invest for you in its. Turnkeys so as you

704
00:33:26,760 --> 00:33:31,000
Speaker 5: approach your retirement, age say it's sixty or fifty, five

705
00:33:31,600 --> 00:33:35,160
Speaker 5: it automatically switches to a more conservative portfolio each year

706
00:33:35,200 --> 00:33:39,720
Speaker 5: as you get, Older so you, know blimer or out

707
00:33:39,720 --> 00:33:42,360
Speaker 5: with target date, funds they're mutual. Funds within that mutual

708
00:33:42,400 --> 00:33:47,520
Speaker 5: fund is what's happening in that type of. Investment so

709
00:33:48,120 --> 00:33:51,760
Speaker 5: going back to your main question about how, much like what, Percentage,

710
00:33:51,800 --> 00:33:55,000
Speaker 5: well it really depends on where you. Are Like, mandy

711
00:33:55,000 --> 00:33:57,520
Speaker 5: you're in your, thirties SO i would hope that you're

712
00:33:57,800 --> 00:34:03,000
Speaker 5: invested more aggressively in your retirement, portfolio but in your

713
00:34:03,200 --> 00:34:07,440
Speaker 5: investment account that's outside of your Retirement so are you

714
00:34:07,760 --> 00:34:12,399
Speaker 5: investing for in that investment account for the next five,

715
00:34:12,440 --> 00:34:16,320
Speaker 5: years ten? Years so let's just assume that you're saving

716
00:34:16,360 --> 00:34:18,400
Speaker 5: for a house and you want to put twenty percent,

717
00:34:18,480 --> 00:34:21,440
Speaker 5: down and that's going to cost you what one hundred

718
00:34:21,440 --> 00:34:23,640
Speaker 5: thousand dollars for, example and you need that money in five,

719
00:34:23,719 --> 00:34:26,840
Speaker 5: years you might not want to invest too much in

720
00:34:26,840 --> 00:34:29,799
Speaker 5: inequities or individual stocks because you're going to need that

721
00:34:29,840 --> 00:34:31,719
Speaker 5: money in five, years which goes by really.

722
00:34:31,800 --> 00:34:33,879
Speaker 4: Fast does that make?

723
00:34:33,960 --> 00:34:37,080
Speaker 2: Sense, Yeah so it's almost Like i'm asking the wrong. Question,

724
00:34:37,160 --> 00:34:39,080
Speaker 2: FIRST i guess the first question to ask when you're

725
00:34:39,080 --> 00:34:41,640
Speaker 2: starting to invest outside your four ONE k is what

726
00:34:41,680 --> 00:34:44,040
Speaker 2: AM i investing? For like long term or short?

727
00:34:44,120 --> 00:34:44,560
Speaker 3: Term?

728
00:34:44,760 --> 00:34:48,799
Speaker 5: Yes and for what time period are you investing? For

729
00:34:48,960 --> 00:34:52,680
Speaker 5: so your retirement, accounts if you're young, twenties in, thirties

730
00:34:52,800 --> 00:34:56,040
Speaker 5: or you have more than ten years of, retirement you,

731
00:34:56,080 --> 00:34:59,440
Speaker 5: know think about the business, cycle the ups and downs

732
00:34:59,440 --> 00:34:59,880
Speaker 5: of the stock.

733
00:35:00,080 --> 00:35:01,440
Speaker 2: Market you can be a little bit more.

734
00:35:01,440 --> 00:35:04,360
Speaker 5: Aggressive you can have like an eighty ninety percent equity

735
00:35:04,400 --> 00:35:08,640
Speaker 5: portfolio and fifteen to twenty percent fixed. Income that's that's

736
00:35:08,680 --> 00:35:11,800
Speaker 5: pretty aggressive, Now, MANDY i know yours is like ninety

737
00:35:11,840 --> 00:35:15,160
Speaker 5: nine percent. STOCKS i, mean you put me on.

738
00:35:15,239 --> 00:35:19,440
Speaker 2: Blessed that's not from my.

739
00:35:19,600 --> 00:35:23,200
Speaker 1: Direction helen's, like just to be, Clear i've told You.

740
00:35:24,760 --> 00:35:26,080
Speaker 3: I'm way more old lady about.

741
00:35:26,080 --> 00:35:29,600
Speaker 1: Mine i'm just so people are clear because sometimes the

742
00:35:29,680 --> 00:35:30,920
Speaker 1: words can be, like, wait what does that?

743
00:35:30,960 --> 00:35:33,640
Speaker 3: Mean equity is? Stocks and what was the other thing you?

744
00:35:33,680 --> 00:35:37,360
Speaker 5: Said fixed, income which is, bond, CDs cash.

745
00:35:37,400 --> 00:35:39,799
Speaker 3: Equivalents, Yes so just so we're. Clear it's just so

746
00:35:39,800 --> 00:35:41,200
Speaker 3: people are not, like, wait what does that?

747
00:35:41,239 --> 00:35:43,960
Speaker 1: Mean BECAUSE i like that sometimes when it comes to

748
00:35:44,000 --> 00:35:45,040
Speaker 1: like the financial.

749
00:35:45,040 --> 00:35:47,200
Speaker 3: Words, okay, yep.

750
00:35:47,360 --> 00:35:51,000
Speaker 5: Yep so WHEN i say, EQUITIES i mean like, stocks and,

751
00:35:51,560 --> 00:35:54,800
Speaker 5: yeah pretty much stocks and any ETFs that invest in,

752
00:35:54,840 --> 00:35:57,400
Speaker 5: stocks mutual funds that invest in. Stocks but WHEN i

753
00:35:57,400 --> 00:36:02,120
Speaker 5: say fixed, INCOME i mean like more secure investments like

754
00:36:02,320 --> 00:36:07,200
Speaker 5: bonds or cash. CASH i would consider that as fixed

755
00:36:07,200 --> 00:36:12,360
Speaker 5: income as, Well so more more secure INVESTMENTS i.

756
00:36:12,400 --> 00:36:14,759
Speaker 2: Think FOR i think SINCE i Mean tiffany AND i

757
00:36:14,840 --> 00:36:16,440
Speaker 2: both have a, house AND i think both of us

758
00:36:16,520 --> 00:36:18,759
Speaker 2: are in a place where we want To WHEN i

759
00:36:18,800 --> 00:36:22,360
Speaker 2: think investing for, WEALTH i THINK i want to build

760
00:36:22,440 --> 00:36:25,879
Speaker 2: a brokerage account where when, i'm you, know thirty years from,

761
00:36:25,880 --> 00:36:28,359
Speaker 2: now When i'm, Retiring i'm living off the income from

762
00:36:28,400 --> 00:36:31,279
Speaker 2: my brokerage. Account so that to me seems pretty long,

763
00:36:31,360 --> 00:36:33,320
Speaker 2: term like thirty years, right.

764
00:36:33,360 --> 00:36:35,360
Speaker 5: Yeah, yeah that is long. Term and you can have

765
00:36:35,480 --> 00:36:38,759
Speaker 5: multiple investment accounts for different. Things so let's just, say you,

766
00:36:38,840 --> 00:36:41,359
Speaker 5: know you have an investment account that's in addition to

767
00:36:41,400 --> 00:36:44,279
Speaker 5: your retirement, accounts and it's earmarked for thirty years from,

768
00:36:44,280 --> 00:36:47,040
Speaker 5: now and then you have another investment account that's earmarked

769
00:36:47,040 --> 00:36:49,040
Speaker 5: for ten years from now when you want to THROW

770
00:36:49,520 --> 00:36:52,000
Speaker 5: i don't, know a big fiftieth birthday party or forty

771
00:36:52,000 --> 00:36:56,200
Speaker 5: fifth birthday party whatever it, is or celebrating you, know

772
00:36:56,560 --> 00:37:01,239
Speaker 5: a house. Purchase that those like the timeline that you

773
00:37:01,440 --> 00:37:05,880
Speaker 5: have for each specific account really matters because it really

774
00:37:05,920 --> 00:37:09,399
Speaker 5: determines how aggressive you can, be how much spice you can.

775
00:37:09,400 --> 00:37:12,000
Speaker 5: Add you don't want to invest In, tesla for, example

776
00:37:12,440 --> 00:37:17,080
Speaker 5: and expect it to you, know be there for and

777
00:37:17,120 --> 00:37:19,920
Speaker 5: protect your principle a year from. Now that's just unrealistic

778
00:37:19,960 --> 00:37:23,080
Speaker 5: because that investment is so, Aggressive, okay.

779
00:37:23,200 --> 00:37:25,799
Speaker 1: Unpredictable, yeah one of the THINGS i know THAT i

780
00:37:25,840 --> 00:37:29,799
Speaker 1: want to Because I'm i'm not gonna. LIE i was

781
00:37:29,840 --> 00:37:32,600
Speaker 1: a school teacher for ten years and now as a business,

782
00:37:32,600 --> 00:37:35,279
Speaker 1: OWNER i mean and make more THAN i could have

783
00:37:35,360 --> 00:37:37,800
Speaker 1: ever dreamed, of BUT i still live.

784
00:37:37,719 --> 00:37:40,080
Speaker 3: Basically like a school. Teacher that's, good.

785
00:37:40,320 --> 00:37:43,120
Speaker 1: And SO i have you, know maxed out like the

786
00:37:43,200 --> 00:37:47,319
Speaker 1: traditional like and retirement kind of like plans and WHAT

787
00:37:47,440 --> 00:37:50,200
Speaker 1: i want Is i'm thirty, eight AND i would love by,

788
00:37:50,320 --> 00:37:52,520
Speaker 1: Fifty like this is my husband Not our goal is

789
00:37:52,520 --> 00:37:56,240
Speaker 1: by fifty that we are financially, independent THAT i honestly

790
00:37:56,239 --> 00:37:58,880
Speaker 1: still see myself working just BECAUSE i enjoy. It but

791
00:37:59,160 --> 00:38:02,120
Speaker 1: by fifty if we didn't want to, work and you,

792
00:38:02,160 --> 00:38:04,520
Speaker 1: know like and by then he'll be fully. Invested he

793
00:38:04,560 --> 00:38:07,680
Speaker 1: works for the, city so he's got great health insurance

794
00:38:07,680 --> 00:38:09,480
Speaker 1: and he could take that with him if he didn't

795
00:38:09,520 --> 00:38:11,920
Speaker 1: want to, work we'd have health. Insurance and, LIKE i

796
00:38:11,960 --> 00:38:14,520
Speaker 1: would love to be able to say we make six

797
00:38:14,600 --> 00:38:16,480
Speaker 1: figures a year from.

798
00:38:16,320 --> 00:38:17,120
Speaker 3: Not doing, anything you.

799
00:38:17,160 --> 00:38:19,160
Speaker 1: Know so that's kind of like our, goal and that's

800
00:38:19,160 --> 00:38:20,759
Speaker 1: what we're kind of struggling, With, like so what do

801
00:38:20,800 --> 00:38:23,239
Speaker 1: we do with our money to set us up for that?

802
00:38:23,640 --> 00:38:26,799
Speaker 1: Potential even though at fifty we might say second career or,

803
00:38:26,840 --> 00:38:29,279
Speaker 1: whatever you, know but, yeah that's kind of like our.

804
00:38:29,280 --> 00:38:30,319
Speaker 3: Goal BUT i Don't i'm not gonna.

805
00:38:30,360 --> 00:38:34,000
Speaker 1: LIE i don't know what to, do like to get

806
00:38:34,040 --> 00:38:36,600
Speaker 1: to that space where it's, like, okay twelve few years from,

807
00:38:36,640 --> 00:38:38,040
Speaker 1: now what DO i need to put away?

808
00:38:38,080 --> 00:38:40,000
Speaker 3: Now and where to put myself in that?

809
00:38:40,000 --> 00:38:42,040
Speaker 1: Position BECAUSE i THINK i make enough to do that quite,

810
00:38:42,040 --> 00:38:43,480
Speaker 1: HONESTLY i just don't know what to do with.

811
00:38:43,520 --> 00:38:49,799
Speaker 5: It, yeah so the order at which you withdraw from

812
00:38:49,840 --> 00:38:53,960
Speaker 5: your accounts is really important. Too when you. Retire how

813
00:38:53,960 --> 00:38:55,680
Speaker 5: old did you say you wanted to retire? At what

814
00:38:56,000 --> 00:38:57,720
Speaker 5: was your ideal, Age, TIFFANY.

815
00:38:57,480 --> 00:39:00,560
Speaker 1: I would SAY i would like to be financially by,

816
00:39:00,719 --> 00:39:03,600
Speaker 1: fifty not THAT i would pull off my retirement. Account,

817
00:39:03,880 --> 00:39:06,719
Speaker 1: yeah whatever the investment, account it's enough to yield, me

818
00:39:07,080 --> 00:39:09,719
Speaker 1: to yield my. HUSBAND i collective one hundred thousand. Dollars

819
00:39:09,800 --> 00:39:11,799
Speaker 1: you're knowing the house is paid, off you don't have

820
00:39:11,840 --> 00:39:14,120
Speaker 1: any like you, know we don't have really any much

821
00:39:14,160 --> 00:39:16,919
Speaker 1: overhead as far as like, bills you, know but that's

822
00:39:16,960 --> 00:39:18,239
Speaker 1: more than enough to sustain us.

823
00:39:18,239 --> 00:39:21,520
Speaker 5: Both, yeah so let's just stick with a round number like.

824
00:39:21,560 --> 00:39:25,040
Speaker 5: That you're saying it's one hundred thousand dollars that you're

825
00:39:25,080 --> 00:39:27,719
Speaker 5: going to be spending basically for your lifestyle. Costs and

826
00:39:27,800 --> 00:39:31,840
Speaker 5: let's just assume between you and your husband you're working

827
00:39:31,880 --> 00:39:37,520
Speaker 5: part time AS i don't, know a, LIBRARIAN.

828
00:39:37,120 --> 00:39:37,399
Speaker 3: I don't.

829
00:39:37,440 --> 00:39:40,440
Speaker 5: Know that's my retirement dream is to accumulate so much

830
00:39:40,480 --> 00:39:41,280
Speaker 5: money WHERE i can.

831
00:39:41,239 --> 00:39:44,800
Speaker 3: Just be a. Librarian, oh that's like, that.

832
00:39:46,400 --> 00:39:49,480
Speaker 5: Or be a professor part time or, whatever just to

833
00:39:49,520 --> 00:39:51,400
Speaker 5: get the health benefits and get out of the. House but,

834
00:39:51,440 --> 00:39:55,400
Speaker 5: anyways so you, know twenty five thousand dollars from your library,

835
00:39:55,480 --> 00:39:58,160
Speaker 5: job and he's making another twenty five, thousands so fifty

836
00:39:58,200 --> 00:40:01,960
Speaker 5: thousand dollars total from CHECK w two income for. Example

837
00:40:02,040 --> 00:40:04,320
Speaker 5: so where are you going to generate that extra fifty

838
00:40:04,360 --> 00:40:08,399
Speaker 5: thousand dollars right from your investment? Portfolio, well, fifty you're

839
00:40:08,520 --> 00:40:11,280
Speaker 5: still too young to withdraw from your, accounts your retirement

840
00:40:11,320 --> 00:40:15,520
Speaker 5: accounts without any penalties or additional. Taxes so that's where

841
00:40:15,560 --> 00:40:17,680
Speaker 5: your investment account comes. In and that's WHAT i mean

842
00:40:17,719 --> 00:40:20,719
Speaker 5: earlier WHEN i said the order in which you pull

843
00:40:20,840 --> 00:40:24,440
Speaker 5: from your accounts to supplement that one hundred thousand dollars

844
00:40:24,520 --> 00:40:27,920
Speaker 5: lifestyle you're trying to achieve is really. Important so you

845
00:40:28,000 --> 00:40:30,640
Speaker 5: got to figure out what DO i need to invest

846
00:40:30,719 --> 00:40:34,359
Speaker 5: in that will yield me x amount of that would

847
00:40:34,400 --> 00:40:37,239
Speaker 5: yield me fifty thousand dollars at that, point and then

848
00:40:37,280 --> 00:40:38,160
Speaker 5: work backwards from.

849
00:40:38,200 --> 00:40:41,040
Speaker 3: There, okay that's one of the things we.

850
00:40:41,080 --> 00:40:44,680
Speaker 1: Brought we just bought an investment, property and we're thinking

851
00:40:44,680 --> 00:40:47,000
Speaker 1: about getting a second because that would be one of

852
00:40:47,080 --> 00:40:49,640
Speaker 1: that's one of our ideas of, like, okay, well if

853
00:40:49,640 --> 00:40:52,359
Speaker 1: the rents from here yield US i don't, know two

854
00:40:52,440 --> 00:40:54,680
Speaker 1: thousand dollars a, month we start to chip away at the.

855
00:40:54,719 --> 00:40:58,120
Speaker 5: Goal, yeah well that's another twenty four thousand dollars right.

856
00:40:58,120 --> 00:41:00,319
Speaker 5: There so now you just got to come up twenty

857
00:41:00,360 --> 00:41:02,879
Speaker 5: five thousand dollars from your investment portfolio each.

858
00:41:02,920 --> 00:41:05,160
Speaker 3: Year, okay that makes.

859
00:41:05,200 --> 00:41:09,400
Speaker 5: Sense so investing, like you don't necessarily have to invest

860
00:41:09,640 --> 00:41:13,200
Speaker 5: in the stock market if you. WANT i, mean another

861
00:41:13,239 --> 00:41:17,920
Speaker 5: great source of income later on is in real. Estate

862
00:41:17,920 --> 00:41:20,759
Speaker 5: if you have the additional side money to invest in

863
00:41:20,800 --> 00:41:24,880
Speaker 5: that type of, VEHICLE i should say.

864
00:41:25,360 --> 00:41:28,480
Speaker 2: Yeah sometimes it's the challenge is deciding what to invest in,

865
00:41:28,520 --> 00:41:31,080
Speaker 2: first and like in what? Order AND i Was i've

866
00:41:31,120 --> 00:41:33,319
Speaker 2: gone through you, know we get questions from readers all the,

867
00:41:33,320 --> 00:41:35,200
Speaker 2: time AND i think one of the most common ones

868
00:41:35,440 --> 00:41:37,680
Speaker 2: IS i have a little bit, SAVED i have some.

869
00:41:37,880 --> 00:41:40,160
Speaker 2: DEBT i KNOW i need to be worrying about, Retirement

870
00:41:40,239 --> 00:41:43,200
Speaker 2: but what comes? First is it my emergency? Fund is

871
00:41:43,200 --> 00:41:47,040
Speaker 2: it my four oh ONE? K or you, know SHOULD

872
00:41:47,080 --> 00:41:49,080
Speaker 2: i be paying off this? Debt AND i imagine a

873
00:41:49,160 --> 00:41:51,239
Speaker 2: lot of your clients maybe are in the same, situation

874
00:41:51,680 --> 00:41:53,920
Speaker 2: AND i wonder what your response typically is for.

875
00:41:53,960 --> 00:41:58,120
Speaker 5: That, Yeah so first of, all there's different types of.

876
00:41:58,120 --> 00:41:59,839
Speaker 5: Debt if you have student loan debt or credit card,

877
00:41:59,880 --> 00:42:03,200
Speaker 5: debt definitely try to pay those off. Fast same thing

878
00:42:03,239 --> 00:42:05,560
Speaker 5: with your, mortgage try to pay that. Off but with

879
00:42:05,640 --> 00:42:08,400
Speaker 5: the mortgage it's a little bit different because that is

880
00:42:08,520 --> 00:42:12,439
Speaker 5: money that you are investing in a home that has

881
00:42:12,480 --> 00:42:16,000
Speaker 5: the potential to increase in value and has the potential

882
00:42:16,080 --> 00:42:18,840
Speaker 5: to earn you back, money whereas those other types of

883
00:42:18,840 --> 00:42:21,359
Speaker 5: debt like student loans and credit card that doesn't pay

884
00:42:21,400 --> 00:42:25,399
Speaker 5: you back. Anything you're just putting paying another institution back

885
00:42:25,440 --> 00:42:28,680
Speaker 5: for what you borrowed earlier. On there's no growth potential,

886
00:42:28,719 --> 00:42:32,360
Speaker 5: there if that makes. Sense, so so investing in a

887
00:42:32,400 --> 00:42:36,440
Speaker 5: home or having a, mortgage that's an investment type of

888
00:42:36,440 --> 00:42:41,000
Speaker 5: debt or financing, DEBT i should, say, so, yeah they're

889
00:42:41,800 --> 00:42:45,040
Speaker 5: pay off your debt as quickly as. Possible build an

890
00:42:45,080 --> 00:42:49,279
Speaker 5: emergency fund because you never know when you're sol you,

891
00:42:49,320 --> 00:42:52,759
Speaker 5: know and whatever you feel comfortable. With and TYPICALLY i,

892
00:42:52,800 --> 00:42:56,880
Speaker 5: say it's not just x amount of your or percentage

893
00:42:56,920 --> 00:43:00,799
Speaker 5: of your, income it's really what is your total debt

894
00:43:00,840 --> 00:43:04,759
Speaker 5: payments each, month and what are your total fixed expenses each?

895
00:43:04,840 --> 00:43:08,200
Speaker 5: Month and multiply that by three or, six depending on

896
00:43:09,560 --> 00:43:12,279
Speaker 5: the level that you're comfortable. With USUALLY i encourage people

897
00:43:12,280 --> 00:43:14,799
Speaker 5: to have between six and, twelve but if you, know

898
00:43:14,880 --> 00:43:17,120
Speaker 5: three is a good. Number two three months worth of

899
00:43:17,520 --> 00:43:22,680
Speaker 5: fixed expenses is WHAT i typically tell my clients to

900
00:43:22,719 --> 00:43:24,920
Speaker 5: have as a. Cushion, mandy have you shared with your

901
00:43:24,960 --> 00:43:28,600
Speaker 5: listeners how much you are comfortable with in any emergency?

902
00:43:28,600 --> 00:43:29,040
Speaker 4: Fund quote.

903
00:43:29,080 --> 00:43:32,239
Speaker 2: UNQUOTE i MEAN i was just thinking how many conversations

904
00:43:32,239 --> 00:43:34,600
Speaker 2: you AND i have had about. THAT i, mean don't

905
00:43:34,640 --> 00:43:36,359
Speaker 2: put my numbers out, There, Helen but.

906
00:43:38,600 --> 00:43:40,480
Speaker 3: ALSO i want to, Know.

907
00:43:40,600 --> 00:43:44,319
Speaker 2: Mandy BUT i, mean they're quickly depleting because of this home.

908
00:43:44,360 --> 00:43:48,160
Speaker 2: Renovation but, No, helen definitely we've had these real talk.

909
00:43:48,200 --> 00:43:50,720
Speaker 2: Conversations wheresu's had to tell, Me, mandy you're not poor

910
00:43:51,160 --> 00:43:54,600
Speaker 2: and maybe you're saving too much in cash for your emergency.

911
00:43:54,600 --> 00:43:57,879
Speaker 2: FUND i THINK i wanted like twelve. Months, yeah and then,

912
00:43:58,160 --> 00:44:00,400
Speaker 2: yeah if you want to talk about that conversation that we,

913
00:44:00,520 --> 00:44:01,440
Speaker 2: had because.

914
00:44:01,960 --> 00:44:04,239
Speaker 1: Please preach to, Me, helen Because mandy AND i are,

915
00:44:04,480 --> 00:44:08,440
Speaker 1: sisters soul. Sisters in hoarding, cash it doesn't make any.

916
00:44:08,520 --> 00:44:10,880
Speaker 1: SENSE i look at my bank account and my husband's,

917
00:44:10,920 --> 00:44:12,799
Speaker 1: like you, know you, know we don't live in a great,

918
00:44:12,800 --> 00:44:14,000
Speaker 1: depression right you never.

919
00:44:14,120 --> 00:44:18,759
Speaker 5: Know, yeah it's funny that we're having this investment, conversation

920
00:44:18,880 --> 00:44:20,520
Speaker 5: but you guys hold on to your cash so.

921
00:44:20,680 --> 00:44:23,800
Speaker 2: TIGHTLY i, MEAN i bought a, House. Helen come, On

922
00:44:23,880 --> 00:44:24,760
Speaker 2: i'm making sure.

923
00:44:25,000 --> 00:44:26,280
Speaker 4: That is investing.

924
00:44:26,600 --> 00:44:30,920
Speaker 5: TOO i think sometimes, people you know you are investing

925
00:44:31,000 --> 00:44:33,719
Speaker 5: in a risky asset, too because you're hoping that the

926
00:44:33,800 --> 00:44:36,720
Speaker 5: value of your house will produce income in the future

927
00:44:36,760 --> 00:44:40,239
Speaker 5: if you decide to move out of. It mandy or you,

928
00:44:40,280 --> 00:44:43,520
Speaker 5: KNOW i really strongly believe that the home value is

929
00:44:43,560 --> 00:44:46,040
Speaker 5: going to increase once you renovated and all, that and

930
00:44:46,080 --> 00:44:46,759
Speaker 5: where you live and.

931
00:44:46,800 --> 00:44:49,960
Speaker 2: Everything BUT i, mean you were the first PERSON i

932
00:44:50,000 --> 00:44:51,840
Speaker 2: called when we were buying the house just to like

933
00:44:51,920 --> 00:44:53,640
Speaker 2: talk me off the. LEDGE i was, LIKE i know

934
00:44:53,719 --> 00:44:55,719
Speaker 2: it sounds right on, paper but what Is helen have to?

935
00:44:55,760 --> 00:44:57,879
Speaker 2: Say And you're, LIKE i don't think this is part

936
00:44:57,920 --> 00:45:02,960
Speaker 2: of my regular monthly check. In but, No, yeah it's it's.

937
00:45:03,600 --> 00:45:06,360
Speaker 2: Scary even though you think intellectually you know it's important

938
00:45:06,400 --> 00:45:08,640
Speaker 2: to diversify your, assets it's, still you, know buying a

939
00:45:08,680 --> 00:45:11,440
Speaker 2: house investing in the, market things can go.

940
00:45:11,520 --> 00:45:13,360
Speaker 3: Wrong do you think it's like?

941
00:45:13,560 --> 00:45:15,920
Speaker 1: Humanity it was because of the. Recession is that why you?

942
00:45:15,920 --> 00:45:17,839
Speaker 1: THINK i know't for, me that's where my fear came.

943
00:45:17,840 --> 00:45:20,359
Speaker 2: From oh, YEAH i mean buying a. HOUSE i also

944
00:45:20,520 --> 00:45:22,759
Speaker 2: feel like the market is really hot right, now like,

945
00:45:22,800 --> 00:45:26,400
Speaker 2: Homeownership like the prices are going, up inventory for homes is.

946
00:45:26,440 --> 00:45:29,520
Speaker 2: Low i'm buying in an expensive. MARKET i just really

947
00:45:29,520 --> 00:45:31,160
Speaker 2: didn't want to make the kind of decision that would

948
00:45:31,160 --> 00:45:33,400
Speaker 2: haunt me later down the. Road so for, me it

949
00:45:33,440 --> 00:45:36,040
Speaker 2: was important to put down at LEAST i put down

950
00:45:36,040 --> 00:45:38,280
Speaker 2: a good chunk of my savings for the down payment

951
00:45:38,360 --> 00:45:41,320
Speaker 2: and make sure that we were at least going to

952
00:45:41,400 --> 00:45:44,640
Speaker 2: be not underwater on the, home and did some research

953
00:45:44,680 --> 00:45:48,479
Speaker 2: into how our neighborhood performed after the recession and where

954
00:45:48,480 --> 00:45:50,479
Speaker 2: the media and market price was to make sure we weren't.

955
00:45:50,520 --> 00:45:53,520
Speaker 2: Overpaying but those, things for me as an, investor are.

956
00:45:53,520 --> 00:45:56,600
Speaker 2: Important the facts are, Important AND i like What. HELEN

957
00:45:56,680 --> 00:45:58,319
Speaker 2: i feel like you do a good job of like

958
00:45:58,400 --> 00:46:01,440
Speaker 2: walking me through the facts versus just saying buy a

959
00:46:01,480 --> 00:46:03,880
Speaker 2: house Or AND i think if, you if you're listening

960
00:46:03,960 --> 00:46:07,439
Speaker 2: and you're thinking about a financial, planner find one who

961
00:46:07,760 --> 00:46:09,760
Speaker 2: doesn't just tell, you, well you just do you should

962
00:46:09,760 --> 00:46:11,839
Speaker 2: do this or put your money, here like find one

963
00:46:11,840 --> 00:46:15,760
Speaker 2: who actually explains the why behind the decisions in the

964
00:46:15,640 --> 00:46:16,120
Speaker 2: in the in the.

965
00:46:16,160 --> 00:46:20,560
Speaker 5: Recommendations, YEAH i mean fifty thousand dollars and the bank

966
00:46:20,560 --> 00:46:23,120
Speaker 5: account is a lot in. CASH i had a, client

967
00:46:23,280 --> 00:46:25,600
Speaker 5: a new client, today come. In she has nine hundred

968
00:46:25,600 --> 00:46:28,320
Speaker 5: and eighty thousand dollars sitting in A Morgan stanley account

969
00:46:29,280 --> 00:46:30,799
Speaker 5: for the last five years.

970
00:46:31,239 --> 00:46:32,200
Speaker 2: Kind of account just like.

971
00:46:32,280 --> 00:46:35,799
Speaker 5: Savings, no it's an investment, account but it's just been

972
00:46:35,840 --> 00:46:36,680
Speaker 5: sitting in, cash.

973
00:46:36,880 --> 00:46:38,960
Speaker 4: Uninvested like, What, Yes.

974
00:46:39,360 --> 00:46:44,399
Speaker 3: So it sounds like. That Why i'm not Too i'm

975
00:46:44,440 --> 00:46:44,759
Speaker 3: not gonna.

976
00:46:44,800 --> 00:46:47,120
Speaker 1: Lie i'm not too Far i'm not too far away Like,

977
00:46:47,280 --> 00:46:49,239
Speaker 1: HELEN i was so. BAD i actually bought my house

978
00:46:49,280 --> 00:46:50,919
Speaker 1: in cash BECAUSE i had so much money.

979
00:46:51,040 --> 00:46:56,360
Speaker 3: Left, YEAH i.

980
00:46:56,400 --> 00:46:59,319
Speaker 1: DON'T i feel it's just this fear of like IF

981
00:46:59,400 --> 00:47:01,680
Speaker 1: i IF i don't see, it IF i can't hold,

982
00:47:01,760 --> 00:47:02,799
Speaker 1: you where you're gonna?

983
00:47:02,840 --> 00:47:03,839
Speaker 3: GO i get.

984
00:47:03,840 --> 00:47:06,719
Speaker 5: It it's it's it's you buy a house because it's,

985
00:47:06,719 --> 00:47:09,080
Speaker 5: tangible you can touch, it you can you can rub

986
00:47:09,080 --> 00:47:14,560
Speaker 5: yourself all. Over, yes but whereas like an investment, Account,

987
00:47:14,600 --> 00:47:16,600
Speaker 5: Oh i'm gonna hit, by and then it just sits

988
00:47:16,640 --> 00:47:19,640
Speaker 5: There like that's not, sexy you, know like you kind

989
00:47:19,640 --> 00:47:21,680
Speaker 5: of forget about. It AND i feel like with this

990
00:47:21,760 --> 00:47:23,640
Speaker 5: client who came, in she had no idea what to

991
00:47:23,680 --> 00:47:26,440
Speaker 5: do with, it so so now she is it's just

992
00:47:26,480 --> 00:47:28,839
Speaker 5: been sitting there for the last five. Years she came

993
00:47:28,880 --> 00:47:31,520
Speaker 5: in and showed me the. STATEMENT i, said out of

994
00:47:31,600 --> 00:47:34,840
Speaker 5: nine hundred thousand, dollars you only made thirty three hundred

995
00:47:34,840 --> 00:47:35,960
Speaker 5: dollars in this account last.

996
00:47:36,040 --> 00:47:36,640
Speaker 2: Year are you kidding?

997
00:47:36,680 --> 00:47:36,759
Speaker 3: Me?

998
00:47:37,440 --> 00:47:40,840
Speaker 2: Yeah, OKAY i feel better about my life by the

999
00:47:40,880 --> 00:47:43,880
Speaker 2: TIME i get. THERE I i, MEAN i WISH i

1000
00:47:43,880 --> 00:47:44,880
Speaker 2: had that, problem BUT i.

1001
00:47:44,880 --> 00:47:48,839
Speaker 1: Don't, No but, honestly it's this is good, though BECAUSE i, think,

1002
00:47:49,000 --> 00:47:52,600
Speaker 1: UH i think some, people you, know they think they'll

1003
00:47:52,640 --> 00:47:55,160
Speaker 1: never get to a place where they can, invest so

1004
00:47:55,200 --> 00:47:58,600
Speaker 1: they don't mentally prepare For like, okay because you you,

1005
00:47:58,640 --> 00:48:01,000
Speaker 1: know if you really work toward down your, debt you'll

1006
00:48:01,080 --> 00:48:03,359
Speaker 1: you'll be in a position where you can invest past your.

1007
00:48:03,400 --> 00:48:06,000
Speaker 1: Retirement and what does that look? Like so what are

1008
00:48:06,040 --> 00:48:08,960
Speaker 1: some things that people can start like mentally preparing for

1009
00:48:09,080 --> 00:48:11,520
Speaker 1: or planning for or is there a book they can start,

1010
00:48:11,560 --> 00:48:13,440
Speaker 1: reading or is there a person they need to sit

1011
00:48:13,480 --> 00:48:14,440
Speaker 1: down with to prepare for that.

1012
00:48:14,520 --> 00:48:18,480
Speaker 5: DAY i, mean just WHAT i always tell people is

1013
00:48:18,600 --> 00:48:21,680
Speaker 5: just think about do you guys remember how much the

1014
00:48:21,719 --> 00:48:25,759
Speaker 5: cost of stamps or gas was like ten twelve years,

1015
00:48:25,760 --> 00:48:27,160
Speaker 5: ago you, know or.

1016
00:48:27,160 --> 00:48:27,759
Speaker 2: Back in your?

1017
00:48:27,800 --> 00:48:30,920
Speaker 5: Childhood do you remember how much stamps? COST i remember

1018
00:48:31,400 --> 00:48:32,920
Speaker 5: today gallon WHEN i was.

1019
00:48:32,960 --> 00:48:34,360
Speaker 3: Six, yeah it was.

1020
00:48:34,719 --> 00:48:38,000
Speaker 1: CRAZY i had the license and that was like everybody

1021
00:48:38,040 --> 00:48:39,080
Speaker 1: had five water like, GIRL i?

1022
00:48:39,120 --> 00:48:43,560
Speaker 5: Gotcha, Yeah and do you remember one gas was actually five?

1023
00:48:43,640 --> 00:48:47,319
Speaker 5: Dollars it was more than. Milk that wasn't too long.

1024
00:48:47,360 --> 00:48:50,319
Speaker 5: Ago SO i tell, People, okay your money is sitting in.

1025
00:48:50,360 --> 00:48:53,600
Speaker 5: Cash guess what You're what you're not realizing is the

1026
00:48:53,719 --> 00:48:56,840
Speaker 5: two and a half three percent of inflation that occurs

1027
00:48:56,880 --> 00:49:00,400
Speaker 5: on average historically eating that. Up so if you're money

1028
00:49:00,719 --> 00:49:03,920
Speaker 5: is just sitting there in cash at point one, percent

1029
00:49:05,320 --> 00:49:06,440
Speaker 5: you're losing money every.

1030
00:49:06,520 --> 00:49:10,560
Speaker 2: DAY i, mean we at least got that online savings

1031
00:49:10,600 --> 00:49:13,560
Speaker 2: account on floor the high interest with the high, entry

1032
00:49:14,000 --> 00:49:17,439
Speaker 2: we're baxing out our online. Savings but, YEAH i it's

1033
00:49:17,440 --> 00:49:19,680
Speaker 2: definitely time for both of us to well tif you

1034
00:49:19,680 --> 00:49:22,439
Speaker 2: have a brokerage, ACCOUNT i think well tips like Next

1035
00:49:22,480 --> 00:49:25,080
Speaker 2: level she. Has you, know she's a budgeonese to she's selling,

1036
00:49:25,120 --> 00:49:29,200
Speaker 2: out selling out and retreats And morocco and stuff in

1037
00:49:29,239 --> 00:49:31,480
Speaker 2: the real. World the rest of us just have some

1038
00:49:31,480 --> 00:49:35,480
Speaker 2: pennies to throw. Around, no but so let's. TALK i,

1039
00:49:35,480 --> 00:49:37,399
Speaker 2: MEAN i feel like that the. Acts there's so many

1040
00:49:37,520 --> 00:49:41,080
Speaker 2: like platforms now trying to target, millennials like or not just,

1041
00:49:41,120 --> 00:49:43,239
Speaker 2: millennials but people who were at this stage and want

1042
00:49:43,239 --> 00:49:45,359
Speaker 2: to start investing outside of. There for ONE, k there's

1043
00:49:45,360 --> 00:49:50,040
Speaker 2: never been more options Like, Acorns, Betterment Wealth, front digit

1044
00:49:50,280 --> 00:49:52,880
Speaker 2: was that. Investing i'm not really sure Robin. Hood so

1045
00:49:53,160 --> 00:49:57,680
Speaker 2: can we talk about like robo advisors and these accessible

1046
00:49:57,680 --> 00:50:01,000
Speaker 2: investment platforms and when they're good idea maybe when they're

1047
00:50:01,000 --> 00:50:02,640
Speaker 2: not a good? Idea do you have an opinion on

1048
00:50:02,960 --> 00:50:04,840
Speaker 2: these easy access robo advisory?

1049
00:50:04,840 --> 00:50:09,480
Speaker 5: Firms, yes of COURSE i have an.

1050
00:50:09,520 --> 00:50:13,560
Speaker 2: OPINION i, mean it's a safe. Space we don't have

1051
00:50:13,600 --> 00:50:15,759
Speaker 2: any sponsorships with, them don't, Worry.

1052
00:50:16,160 --> 00:50:21,759
Speaker 5: Okay so it really depends on how involved you want to.

1053
00:50:21,760 --> 00:50:23,640
Speaker 5: Be if you are hands off and you're, like you,

1054
00:50:23,640 --> 00:50:25,640
Speaker 5: KNOW i want to get into, investing BUT i really

1055
00:50:25,640 --> 00:50:29,200
Speaker 5: don't care or have the time to sit pick and

1056
00:50:29,280 --> 00:50:32,640
Speaker 5: choose and read the perspectives or look up what ETFs

1057
00:50:32,640 --> 00:50:36,840
Speaker 5: i'm interested. In go to those cheap robo advisors who you,

1058
00:50:36,880 --> 00:50:40,000
Speaker 5: know charge like zero point two five percent to manage

1059
00:50:40,040 --> 00:50:44,160
Speaker 5: your investment portfolio or your retirement. Accounts so you open

1060
00:50:44,239 --> 00:50:46,279
Speaker 5: UP i think At, betterment you can open up a

1061
00:50:46,360 --> 00:50:51,040
Speaker 5: roth ira there put you, know your four hundred bucks

1062
00:50:51,080 --> 00:50:53,600
Speaker 5: in there each, month and it automatically invests for you

1063
00:50:53,840 --> 00:50:58,400
Speaker 5: in AN etf. Portfolio so if you are looking for

1064
00:50:58,480 --> 00:51:01,600
Speaker 5: something cheap and effish and hands, off that would be

1065
00:51:01,640 --> 00:51:02,040
Speaker 5: the way to.

1066
00:51:02,080 --> 00:51:04,680
Speaker 4: Go if you want to be.

1067
00:51:04,719 --> 00:51:08,759
Speaker 5: More hands on and pick and choose, stocks you, know

1068
00:51:08,840 --> 00:51:11,400
Speaker 5: go with the discount brokerage firm Like tedium Or trade

1069
00:51:11,520 --> 00:51:15,080
Speaker 5: or A schwab or A. Fidelity they just charge you

1070
00:51:15,120 --> 00:51:18,839
Speaker 5: like seven ninety nine or four ninety nine per. Transaction

1071
00:51:19,520 --> 00:51:21,440
Speaker 5: and if you really want to get sexy with, it

1072
00:51:21,480 --> 00:51:24,359
Speaker 5: WHICH i you, know don't really recommend because it's very,

1073
00:51:24,360 --> 00:51:28,640
Speaker 5: expensive is to go to the more traditional wire houses

1074
00:51:28,840 --> 00:51:33,880
Speaker 5: or brokerage firms Like Morgan stanley or what is It Merrill.

1075
00:51:33,960 --> 00:51:37,239
Speaker 5: LYNCH i mean they'll charge you a commission based on

1076
00:51:37,800 --> 00:51:41,120
Speaker 5: the amount of shares you. Buy so if you're really

1077
00:51:41,200 --> 00:51:43,600
Speaker 5: looking to save, MONEY i would go the discount brokerage,

1078
00:51:44,160 --> 00:51:46,439
Speaker 5: route or if you want to be completely hands, off

1079
00:51:46,640 --> 00:51:48,880
Speaker 5: the robo advisors are the way to. Go, now my

1080
00:51:48,920 --> 00:51:51,000
Speaker 5: own the only caveat with the robo advisors you can't

1081
00:51:51,040 --> 00:51:53,279
Speaker 5: buy individual stocks in. There so if you want to

1082
00:51:53,480 --> 00:51:57,240
Speaker 5: keep everything in house and, consolidated you, know you can't

1083
00:51:57,680 --> 00:52:01,520
Speaker 5: hit purchase a single share Of amazon in those types

1084
00:52:01,520 --> 00:52:05,640
Speaker 5: of accounts with you, know platforms like Better men or

1085
00:52:05,640 --> 00:52:08,279
Speaker 5: elevest or the last TIME i, checked at least you

1086
00:52:08,320 --> 00:52:11,600
Speaker 5: weren't able to do. That you're just pretty much pre

1087
00:52:11,800 --> 00:52:12,359
Speaker 5: set to.

1088
00:52:13,800 --> 00:52:14,240
Speaker 3: A certain.

1089
00:52:14,280 --> 00:52:17,400
Speaker 5: Portfolio say you wanted to retire AT i don't, know

1090
00:52:17,520 --> 00:52:19,960
Speaker 5: twenty years from. Now to put you into a portfolio like,

1091
00:52:20,000 --> 00:52:22,640
Speaker 5: that it's similar to that target date Fund mandy that

1092
00:52:22,680 --> 00:52:24,920
Speaker 5: you were mentioning. Earlier you just kind of set it

1093
00:52:24,960 --> 00:52:25,600
Speaker 5: and forget it.

1094
00:52:26,560 --> 00:52:29,560
Speaker 2: Now the maximum you can contribute to AN, ira so

1095
00:52:29,600 --> 00:52:32,719
Speaker 2: if you're opening another retirement account outside of your four ONE,

1096
00:52:32,800 --> 00:52:35,480
Speaker 2: k that's fifty five hundred a. Year, Right but we're

1097
00:52:35,520 --> 00:52:38,200
Speaker 2: talking about like a brokerage account where there's not a

1098
00:52:38,280 --> 00:52:40,440
Speaker 2: limit on how much you can save each, year, right.

1099
00:52:40,880 --> 00:52:44,480
Speaker 5: Yeah, Correct, Yes so we call that just a regular

1100
00:52:44,560 --> 00:52:48,839
Speaker 5: investment account or retail account or brokerage. Account those are

1101
00:52:48,840 --> 00:52:50,200
Speaker 5: all it's the same freakin'.

1102
00:52:50,200 --> 00:52:54,200
Speaker 2: Account would you, recommend, well would you? RECOMMEND i hope not,

1103
00:52:54,400 --> 00:52:57,600
Speaker 2: Me but, generally if you're if you haven't open to

1104
00:52:57,640 --> 00:52:59,560
Speaker 2: iray outside of your four ONE, k do you make

1105
00:52:59,600 --> 00:53:03,200
Speaker 2: that your first stop and then think about the discount

1106
00:53:03,239 --> 00:53:07,960
Speaker 2: brokerage after you've put your fifty five hundred away for the,

1107
00:53:08,040 --> 00:53:10,120
Speaker 2: year or do you do both at the same.

1108
00:53:10,160 --> 00:53:14,600
Speaker 5: Time, Yeah so those brokerage houses that that you're talking,

1109
00:53:14,640 --> 00:53:17,680
Speaker 5: about like where you open the account In in our,

1110
00:53:17,760 --> 00:53:21,759
Speaker 5: language we call them, custodians like all of those platforms

1111
00:53:21,760 --> 00:53:24,279
Speaker 5: THAT i just mentioned or that we just. Mentioned you

1112
00:53:24,320 --> 00:53:27,040
Speaker 5: can open up a roth, ira TRADITIONAL ira or investment

1113
00:53:27,080 --> 00:53:30,680
Speaker 5: account in any of those. Places so the type of, Account,

1114
00:53:31,520 --> 00:53:33,920
Speaker 5: yeah you can open up say a betterment wroth. Ira

1115
00:53:35,000 --> 00:53:37,920
Speaker 5: but if you, want if you've maxed out your four

1116
00:53:37,960 --> 00:53:40,880
Speaker 5: to ONE k, already the next step if you're looking

1117
00:53:40,920 --> 00:53:45,879
Speaker 5: for more tax advantage accounts to you, know not pay

1118
00:53:45,880 --> 00:53:50,239
Speaker 5: any taxes later on or defer more this, year open

1119
00:53:50,320 --> 00:53:53,480
Speaker 5: up a rath or TRADITIONAL ira for, sure at any

1120
00:53:53,480 --> 00:53:56,799
Speaker 5: of those brokerages we just. Mentioned and then after, that

1121
00:53:56,840 --> 00:54:00,160
Speaker 5: once you max out, that then open up and invest an.

1122
00:54:00,200 --> 00:54:03,400
Speaker 3: Account so you can do. Both you can have a

1123
00:54:03,440 --> 00:54:09,320
Speaker 3: four to ONE k and a traditional. Ira, Correct, Okay, YEAH.

1124
00:54:09,120 --> 00:54:10,680
Speaker 2: I Think that's Where i'm heading next is just to

1125
00:54:11,080 --> 00:54:13,239
Speaker 2: open Up, Actually, helen you, know we opened up A

1126
00:54:13,360 --> 00:54:15,560
Speaker 2: VANGUARD ira and then just like didn't do anything with

1127
00:54:15,600 --> 00:54:17,359
Speaker 2: it BECAUSE i got cold. FEET i don't know, Why

1128
00:54:17,520 --> 00:54:18,600
Speaker 2: i'm crazy.

1129
00:54:19,400 --> 00:54:22,600
Speaker 1: FUNNY i was looking, heavily quite honestly Into vanguard as,

1130
00:54:22,600 --> 00:54:26,000
Speaker 1: well BECAUSE i just read, LIKE i like kind of

1131
00:54:26,000 --> 00:54:28,400
Speaker 1: like the philosophy of the company that, like you know

1132
00:54:28,480 --> 00:54:31,560
Speaker 1: that THE i guess it's the profits go right back

1133
00:54:31,600 --> 00:54:33,960
Speaker 1: and it's not like they have investors except for the

1134
00:54:34,000 --> 00:54:37,440
Speaker 1: people who are actually purchasing the mutual funds or, ets

1135
00:54:37,440 --> 00:54:40,000
Speaker 1: AND i kind of like, that and that they're not heavy.

1136
00:54:40,040 --> 00:54:41,160
Speaker 3: Salespeople that's SOMETHING i.

1137
00:54:41,200 --> 00:54:43,040
Speaker 1: READ i don't know if that's, true but you, know

1138
00:54:43,080 --> 00:54:44,719
Speaker 1: you're not going to be like upsold to these things

1139
00:54:44,719 --> 00:54:47,400
Speaker 1: that you don't kind of. Need because even for, me

1140
00:54:47,480 --> 00:54:49,240
Speaker 1: LIKE i want one of the one of my goals

1141
00:54:49,239 --> 00:54:53,760
Speaker 1: for next year is to offer like a retirement benefit

1142
00:54:54,080 --> 00:54:56,520
Speaker 1: to the people that work for my. Company and So

1143
00:54:56,719 --> 00:54:59,239
Speaker 1: i've been like weighing companies And vanguard has been like

1144
00:54:59,280 --> 00:55:02,839
Speaker 1: really coming up on. Top so, yeah so it's good

1145
00:55:02,840 --> 00:55:05,960
Speaker 1: to know that that's a company that's you, know it's it's,

1146
00:55:06,000 --> 00:55:07,600
Speaker 1: LIKE i, MEAN i guess no company is, perfect but

1147
00:55:07,600 --> 00:55:09,040
Speaker 1: it's definitely What i've been looking heavily.

1148
00:55:09,080 --> 00:55:10,719
Speaker 3: Into it's.

1149
00:55:10,960 --> 00:55:11,560
Speaker 4: There they're not.

1150
00:55:11,680 --> 00:55:14,960
Speaker 5: BAD i MEAN i PERSONALLY i Use Tdomerior trade for

1151
00:55:15,080 --> 00:55:18,359
Speaker 5: myself and for my. Clients and you can actually Buy

1152
00:55:18,520 --> 00:55:24,000
Speaker 5: vanguard ETFs or mutual funds within other brokerage. Accounts so

1153
00:55:24,040 --> 00:55:27,320
Speaker 5: maybe you have like A schwab, account a wroth Iray shrab,

1154
00:55:27,360 --> 00:55:31,960
Speaker 5: account or A schwab investment, account you can Buy vanguard

1155
00:55:32,040 --> 00:55:32,360
Speaker 5: funds in.

1156
00:55:32,400 --> 00:55:33,799
Speaker 3: Them you know. THAT i didn't know.

1157
00:55:33,840 --> 00:55:35,000
Speaker 2: That, Okay, yeah.

1158
00:55:34,840 --> 00:55:38,360
Speaker 5: You don't necessarily have to use open up A vanguard

1159
00:55:38,360 --> 00:55:41,960
Speaker 5: Wroth ira to purchase their mutual. Funds so it's a,

1160
00:55:42,239 --> 00:55:45,960
Speaker 5: like you, know pick a platform and, say, hey you

1161
00:55:46,000 --> 00:55:50,879
Speaker 5: know WHAT i really Like Tdomerror trades customer service and

1162
00:55:51,160 --> 00:55:54,160
Speaker 5: just keep everything in house for easy management of all

1163
00:55:54,200 --> 00:55:57,440
Speaker 5: your accounts and not have a zillion different accounts at

1164
00:55:57,520 --> 00:55:58,040
Speaker 5: a zillion.

1165
00:55:58,120 --> 00:56:01,680
Speaker 2: Custodians and can you do individual stocks at these big

1166
00:56:01,719 --> 00:56:05,000
Speaker 2: brokerages Like VANGUARD Tv, okay, YEAH i Think.

1167
00:56:05,040 --> 00:56:09,560
Speaker 5: Vandguard i'm not sure about Tdmor Trade shrub for. Sure, Fidelity,

1168
00:56:09,640 --> 00:56:12,160
Speaker 5: yeah you're able To fidelity, yep for. Sure.

1169
00:56:12,440 --> 00:56:14,000
Speaker 2: YEAH i think that's WHERE i get stuck a little

1170
00:56:14,000 --> 00:56:15,840
Speaker 2: bit BECAUSE i have The Robin. HOOD i THINK i

1171
00:56:15,880 --> 00:56:20,120
Speaker 2: have some Dormant acorns account. SOMEWHERE i don't like having

1172
00:56:20,160 --> 00:56:22,120
Speaker 2: these OTHER i don't like having the accounts kind of spread.

1173
00:56:22,120 --> 00:56:24,360
Speaker 2: OUT i would like to have them in. House. Yeah

1174
00:56:24,400 --> 00:56:26,799
Speaker 2: so that's something to, consider is finding a brokerage firm

1175
00:56:26,840 --> 00:56:29,160
Speaker 2: that maybe gives you the ability to do a little

1176
00:56:29,160 --> 00:56:30,080
Speaker 2: bit of. Everything.

1177
00:56:30,840 --> 00:56:32,560
Speaker 5: YEAH i, mean you don't want to have too many

1178
00:56:32,800 --> 00:56:36,600
Speaker 5: investment accounts or irays floating around out. There first of,

1179
00:56:36,640 --> 00:56:39,319
Speaker 5: all THE irs looks at your even if you have

1180
00:56:39,400 --> 00:56:42,640
Speaker 5: one hundred different wroth irays at one hundred different, firms

1181
00:56:43,480 --> 00:56:45,520
Speaker 5: you can only put in fifty five hundred. Total THE

1182
00:56:45,520 --> 00:56:48,520
Speaker 5: irs looks at all of your one Hundred wroth irays

1183
00:56:48,520 --> 00:56:52,239
Speaker 5: as one. Account so you can't be, like, Oh i'm

1184
00:56:52,239 --> 00:56:54,360
Speaker 5: going to open A vanguard roth and put fifty five hundred,

1185
00:56:54,400 --> 00:56:57,480
Speaker 5: there put another fifty five hundred in THE Td Marrior trade.

1186
00:56:57,520 --> 00:57:00,640
Speaker 5: Wroth like it doesn't work that. Way undred total.

1187
00:57:01,360 --> 00:57:01,560
Speaker 3: Here.

1188
00:57:01,640 --> 00:57:04,080
Speaker 2: Yeah, yeah don't don't try and game THE i arrest.

1189
00:57:04,160 --> 00:57:06,520
Speaker 3: Now. Yeah, no, no, no, no, no, no, no.

1190
00:57:06,880 --> 00:57:08,279
Speaker 2: This is not what we're saying to.

1191
00:57:08,320 --> 00:57:10,840
Speaker 1: DO i, mean that's a Good it's like a sixteen

1192
00:57:10,920 --> 00:57:12,799
Speaker 1: year old, girlfriend, Right they're, like, oh, no, no, NO

1193
00:57:12,840 --> 00:57:14,080
Speaker 1: i know all the chicks to.

1194
00:57:14,200 --> 00:57:18,439
Speaker 3: TRADE i will do my. RESEARCH i will find you, well,

1195
00:57:18,560 --> 00:57:19,480
Speaker 3: yeah you can't do.

1196
00:57:19,520 --> 00:57:21,840
Speaker 2: THAT i don't want to get too like deep into,

1197
00:57:21,880 --> 00:57:24,560
Speaker 2: it but taxes are something to talk about when you're

1198
00:57:24,560 --> 00:57:27,200
Speaker 2: talking about, investing AND i, mean what's like a NICE

1199
00:57:27,360 --> 00:57:30,800
Speaker 2: i don't know how to even gently broach this, subject

1200
00:57:30,880 --> 00:57:33,320
Speaker 2: but it's something That i've had to think about more

1201
00:57:33,360 --> 00:57:36,720
Speaker 2: as my taxes and you, know AS i start investing

1202
00:57:36,800 --> 00:57:40,160
Speaker 2: DO i need to DO i need like A cpa

1203
00:57:40,320 --> 00:57:44,040
Speaker 2: who is experienced with investments and can help, me you,

1204
00:57:44,080 --> 00:57:48,600
Speaker 2: know limit my tax my tax. Liability how does you

1205
00:57:48,600 --> 00:57:50,400
Speaker 2: know what sorts of things should we be thinking about

1206
00:57:50,400 --> 00:57:52,600
Speaker 2: when we start investing outside the four to one k.

1207
00:57:54,320 --> 00:57:59,040
Speaker 5: CPAs keep in mind that they're not necessarily savvy on

1208
00:57:59,160 --> 00:58:03,640
Speaker 5: the retirement planning. Rules i've found that very few of

1209
00:58:03,680 --> 00:58:07,640
Speaker 5: them actually know the retirement tax planning side of it

1210
00:58:09,040 --> 00:58:10,680
Speaker 5: in terms of whether or.

1211
00:58:10,680 --> 00:58:11,040
Speaker 2: Not you can.

1212
00:58:11,080 --> 00:58:16,200
Speaker 5: Deduct you, Know i've had several cases where clients actually

1213
00:58:16,600 --> 00:58:19,640
Speaker 5: weren't even allowed to put money into their roth iray

1214
00:58:19,760 --> 00:58:22,800
Speaker 5: because their income was so high and we had to

1215
00:58:22,960 --> 00:58:27,000
Speaker 5: withdraw the money or file a correction because you get

1216
00:58:27,000 --> 00:58:32,360
Speaker 5: penalized six percent if you overcontribute to your. IRAS i

1217
00:58:32,400 --> 00:58:34,080
Speaker 5: don't know if you guys are aware of that or

1218
00:58:34,320 --> 00:58:36,720
Speaker 5: the audience. Members if you put too, much even if

1219
00:58:36,720 --> 00:58:38,200
Speaker 5: it's a, dollar guess what you're going to pay six

1220
00:58:38,200 --> 00:58:38,760
Speaker 5: percent on that?

1221
00:58:38,840 --> 00:58:43,440
Speaker 2: Dollar starting getting worried about that last year is oversaving

1222
00:58:43,480 --> 00:58:43,919
Speaker 2: on my four?

1223
00:58:43,960 --> 00:58:44,080
Speaker 3: One?

1224
00:58:44,080 --> 00:58:47,479
Speaker 5: Okay, yeah so you just have to file a bunch

1225
00:58:47,480 --> 00:58:51,800
Speaker 5: of paperwork to correct that contribution and withdraw. It and

1226
00:58:51,840 --> 00:58:54,680
Speaker 5: then and then guess what even if you made say

1227
00:58:54,720 --> 00:58:56,920
Speaker 5: you're you put in one hundred, bucks over contributed a

1228
00:58:56,920 --> 00:58:59,080
Speaker 5: one hundred bucks and that one hundred dollars grew to

1229
00:58:59,200 --> 00:59:01,120
Speaker 5: five hundred. Dollars sketch where you're gonna have to pay

1230
00:59:01,160 --> 00:59:06,920
Speaker 5: taxes on the games that occurred within that account and

1231
00:59:06,920 --> 00:59:10,120
Speaker 5: what you withdraw. Too, so so be careful about your

1232
00:59:10,120 --> 00:59:13,600
Speaker 5: income level when when you contribute to a ROTH, ira

1233
00:59:13,760 --> 00:59:17,400
Speaker 5: because not everybody qualifies to put money into. It and

1234
00:59:17,640 --> 00:59:21,760
Speaker 5: we can get into more sexy tax planning strategies and

1235
00:59:21,920 --> 00:59:24,640
Speaker 5: do back doing the back door roth but.

1236
00:59:25,080 --> 00:59:29,520
Speaker 2: You, know, well so it's just something to, consider like

1237
00:59:29,720 --> 00:59:32,280
Speaker 2: so when you're when you're hiring, it SO i know

1238
00:59:32,360 --> 00:59:33,800
Speaker 2: THAT i work with, You, helen and just to be,

1239
00:59:33,840 --> 00:59:37,200
Speaker 2: transparent Like, helen we meet like twice a year, regular you,

1240
00:59:37,200 --> 00:59:39,800
Speaker 2: know with, you we were meeting once a month the

1241
00:59:39,880 --> 00:59:42,080
Speaker 2: year that we were getting married and kind of joining our.

1242
00:59:42,080 --> 00:59:44,480
Speaker 2: Finances you were kind of our financial therapist for that,

1243
00:59:44,560 --> 00:59:48,560
Speaker 2: year and now we're doing. Biannual but you, know my

1244
00:59:48,680 --> 00:59:51,720
Speaker 2: tax prepairer has always been. Separate but so it would

1245
00:59:51,760 --> 00:59:54,800
Speaker 2: be sort of finding a new tax accountant or a

1246
00:59:54,840 --> 00:59:57,840
Speaker 2: tax preparer who has what kind of, Background like what

1247
00:59:57,840 --> 00:59:59,760
Speaker 2: SHOULD i be looking? For and Also i'm going to

1248
00:59:59,840 --> 01:00:02,400
Speaker 2: run and by you just so you, can, yeah let me.

1249
01:00:02,440 --> 01:00:08,480
Speaker 5: KNOW i usually like to read their tax filings or

1250
01:00:08,720 --> 01:00:13,480
Speaker 5: your tax filings and see how they've been doing. It you,

1251
01:00:13,520 --> 01:00:15,680
Speaker 5: know try to look for A cpa somebody with that

1252
01:00:15,800 --> 01:00:21,480
Speaker 5: designation because they in their exam they have encountered the

1253
01:00:21,560 --> 01:00:25,680
Speaker 5: retirement rules or the retirement saving. Rules but it's but you,

1254
01:00:25,720 --> 01:00:29,040
Speaker 5: know just because somebody has THE cpa, designation be careful

1255
01:00:29,080 --> 01:00:32,160
Speaker 5: about their background because some of them are corporate CPAs

1256
01:00:32,200 --> 01:00:35,040
Speaker 5: who just left the corporate world and now they're doing personal,

1257
01:00:35,080 --> 01:00:39,480
Speaker 5: taxes which is a completely different. Thing so be. Careful

1258
01:00:39,680 --> 01:00:42,320
Speaker 5: just because they HAVE cpa doesn't mean that they've ever

1259
01:00:42,560 --> 01:00:46,520
Speaker 5: filed any individual taxes for couples or for single people with.

1260
01:00:46,640 --> 01:00:50,200
Speaker 5: Businesses so WHAT i would really recommend is is when

1261
01:00:50,200 --> 01:00:54,360
Speaker 5: you vet out, CPAs particularly ask them how long they've

1262
01:00:54,400 --> 01:00:56,560
Speaker 5: been doing it and what type of taxes they have

1263
01:00:56,640 --> 01:00:59,320
Speaker 5: been filing for the last five years at least five

1264
01:00:59,360 --> 01:01:01,880
Speaker 5: years of filing personal taxes to WHAT i look.

1265
01:01:01,960 --> 01:01:04,760
Speaker 3: For, Okay and.

1266
01:01:04,720 --> 01:01:06,440
Speaker 1: It's always good to have both people talk to each,

1267
01:01:06,480 --> 01:01:10,240
Speaker 1: other like my MY, cpa my, accountant and my financial.

1268
01:01:10,360 --> 01:01:14,320
Speaker 1: Advisor like during like at least twice a, year the

1269
01:01:14,360 --> 01:01:16,240
Speaker 1: three of us will kind of get on the phone

1270
01:01:16,240 --> 01:01:18,600
Speaker 1: because there are things That i'm, like, Like carlos will be, Like,

1271
01:01:18,640 --> 01:01:21,120
Speaker 1: tiffany you did not tell me That i'm, like WAS

1272
01:01:21,160 --> 01:01:21,720
Speaker 1: i supposed?

1273
01:01:21,760 --> 01:01:21,880
Speaker 3: To?

1274
01:01:24,680 --> 01:01:27,480
Speaker 1: Like for, EXAMPLE i, WAS i was contributing to a

1275
01:01:27,560 --> 01:01:31,120
Speaker 1: sept but AND i. DIDN'T i didn't Tell, carlos my,

1276
01:01:31,160 --> 01:01:35,200
Speaker 1: accountant that he KNEW i was contributing to a retirement,

1277
01:01:35,240 --> 01:01:36,040
Speaker 1: account but he.

1278
01:01:35,960 --> 01:01:36,960
Speaker 3: Didn't know that it was a.

1279
01:01:37,000 --> 01:01:40,760
Speaker 1: Set but THEN i switched from like AN llc to an,

1280
01:01:40,880 --> 01:01:44,560
Speaker 1: escorp which meant that was no longer self, employed SO i.

1281
01:01:44,600 --> 01:01:46,880
Speaker 1: COULDN'T i was not supposed to be contributing to a

1282
01:01:46,880 --> 01:01:49,320
Speaker 1: self employment retirement. ACCOUNT i was supposed to then switch

1283
01:01:49,360 --> 01:01:51,760
Speaker 1: over to, something BUT i didn't, know and so he was,

1284
01:01:51,800 --> 01:01:53,919
Speaker 1: like so even now we're kind of taking our way

1285
01:01:53,920 --> 01:01:56,480
Speaker 1: out of like a. TIFFY i was, LIKE i didn't

1286
01:01:56,520 --> 01:02:00,000
Speaker 1: do so NOW i now my financial. People it's important

1287
01:02:00,160 --> 01:02:02,360
Speaker 1: that they're willing and open to speak to each other

1288
01:02:02,640 --> 01:02:03,960
Speaker 1: because there are Things i'm going to leave.

1289
01:02:04,000 --> 01:02:08,080
Speaker 5: Out, yes, yes and be very worry of those who

1290
01:02:08,120 --> 01:02:11,600
Speaker 5: try to do everything in, house because filing taxes and doing,

1291
01:02:11,880 --> 01:02:15,920
Speaker 5: accounting especially for, businesses that's like a full more than

1292
01:02:15,920 --> 01:02:17,720
Speaker 5: a full time job in. Itself and then they're, like, oh,

1293
01:02:17,800 --> 01:02:20,160
Speaker 5: yeah we also do investment. Planning i'm, like give me a, break,

1294
01:02:20,240 --> 01:02:24,520
Speaker 5: dude there's no. Way so like for, ME i just

1295
01:02:24,560 --> 01:02:27,520
Speaker 5: do straight financial planning and help with the investments and

1296
01:02:27,600 --> 01:02:30,600
Speaker 5: choosing the investments and building clients. Portfolios BUT i don't

1297
01:02:30,640 --> 01:02:32,880
Speaker 5: touch any of the. Taxes i'm able to read it

1298
01:02:32,920 --> 01:02:37,200
Speaker 5: and understand it and talk to the tax ADVISOR cpa

1299
01:02:37,320 --> 01:02:40,720
Speaker 5: intelligently and make him or her aware of my client's,

1300
01:02:40,800 --> 01:02:44,880
Speaker 5: transactions because they'll call and, say, hey what type of

1301
01:02:44,920 --> 01:02:47,600
Speaker 5: retirement business retirement account do you have set? Up like

1302
01:02:47,680 --> 01:02:50,600
Speaker 5: how did she move money? Around you? Know can you

1303
01:02:50,720 --> 01:02:55,760
Speaker 5: send me the ten ninety nine's for her retirement? Accounts

1304
01:02:55,800 --> 01:02:57,520
Speaker 5: or how much she contributed to, it which is a

1305
01:02:57,560 --> 01:03:01,200
Speaker 5: completely different form, too so so it would be like

1306
01:03:01,520 --> 01:03:04,160
Speaker 5: it would be good if you had both working in

1307
01:03:04,240 --> 01:03:06,320
Speaker 5: tandem with each other and they actually like each.

1308
01:03:06,320 --> 01:03:10,960
Speaker 2: Other that's important. Too oh this has been so. HELPFUL

1309
01:03:10,960 --> 01:03:12,400
Speaker 2: i Think i'm finally going to get off my ass

1310
01:03:12,400 --> 01:03:13,360
Speaker 2: and get this stuff. Together.

1311
01:03:13,360 --> 01:03:16,920
Speaker 3: Helen stop sitting on that.

1312
01:03:17,000 --> 01:03:19,240
Speaker 5: CASH i know even if you if you're let's just,

1313
01:03:19,280 --> 01:03:23,000
Speaker 5: say your emergency savings is like one hundred thousand, Dollars

1314
01:03:23,040 --> 01:03:24,840
Speaker 5: like why are you going to write a hundred thousand

1315
01:03:24,880 --> 01:03:25,520
Speaker 5: dollars check for?

1316
01:03:25,600 --> 01:03:29,320
Speaker 2: Anything and you're real well like buy Aw, hellen right, Now,

1317
01:03:29,400 --> 01:03:32,120
Speaker 2: ellen for this. Renovation But i've read, Renovation, Helen i'm

1318
01:03:32,120 --> 01:03:34,600
Speaker 2: Gonna i'm going to start small and then start. Easing,

1319
01:03:34,640 --> 01:03:37,480
Speaker 2: well first we've got to rebuild the savings that we're.

1320
01:03:37,480 --> 01:03:39,960
Speaker 2: Spending AND i think that you've been good about helping me. Realize,

1321
01:03:40,000 --> 01:03:42,240
Speaker 2: okay you're going to spend it, now but do the

1322
01:03:42,280 --> 01:03:43,840
Speaker 2: math and find out how long it will take you

1323
01:03:43,880 --> 01:03:46,400
Speaker 2: to replenish your, Savings like it actually won't take you this,

1324
01:03:46,520 --> 01:03:49,240
Speaker 2: Long it'll take you you, know this many. Months so

1325
01:03:49,240 --> 01:03:51,280
Speaker 2: that's the next. Step AND i think, definitely like early

1326
01:03:51,320 --> 01:03:53,680
Speaker 2: next year we can hopefully be a little bit recovered

1327
01:03:53,680 --> 01:04:00,000
Speaker 2: and able to start investing into into twenty. Nineteen yeah sounds.

1328
01:03:59,800 --> 01:04:01,920
Speaker 3: Good thank, You.

1329
01:04:02,040 --> 01:04:03,800
Speaker 4: Helen, yeah any other?

1330
01:04:03,920 --> 01:04:08,920
Speaker 2: QUESTIONS i love talking. Money Do we're gonna have to

1331
01:04:08,920 --> 01:04:10,760
Speaker 2: do more investing. SHOWS i know we're gonna get a

1332
01:04:10,760 --> 01:04:14,200
Speaker 2: flood of questions after this, episode a. Flood and if

1333
01:04:14,200 --> 01:04:16,600
Speaker 2: you guys have sent investing questions and we've ignored them

1334
01:04:16,600 --> 01:04:20,280
Speaker 2: because we ain't we already, experts please resend. Them you

1335
01:04:20,320 --> 01:04:22,600
Speaker 2: can hit us up At Brown Ambition podcast at gmail

1336
01:04:22,640 --> 01:04:25,960
Speaker 2: dot com or, yep or go To Brown ambition podcast

1337
01:04:26,000 --> 01:04:28,200
Speaker 2: dot com and hit the ask us anything tap for your.

1338
01:04:28,280 --> 01:04:32,479
Speaker 2: Questions maybe we'll Have helen back on the, show gets

1339
01:04:32,520 --> 01:04:36,920
Speaker 2: full free. Advice, yes thank you so much for coming

1340
01:04:36,920 --> 01:04:37,120
Speaker 2: on the.

1341
01:04:37,160 --> 01:04:39,280
Speaker 3: Show, yeah so so, helpful thank.

1342
01:04:39,320 --> 01:04:40,400
Speaker 2: You, yeah, anytime