Speaker 1: Hey, hey, hey, how do I sound Mandra struggle bus?
Speaker 2: That's how you sound a little bit of the struggle bus.
Speaker 2: How are you?
Speaker 3: For those who don't recognize, this is Tiffany.
Speaker 2: This is Mandy, and this is brown and ysician.
Speaker 1: I know, honestly, So every year I usually have one
Speaker 1: really bad cold and it typically takes my voice.
Speaker 3: And this is that time. I got back yesterday. But
Speaker 3: it's clearly not fully in. So you know, here we are.
Speaker 2: I was like, we're back from vacation. We're gonna like
Speaker 2: sound like we have a new lease on life.
Speaker 1: And here I'm sounding like you know, the frog Prince
Speaker 1: and I Now, honestly, I don't feel bad, which is good.
Speaker 1: It's just that I just sound crazy and so I mean,
Speaker 1: it's just it's the last leg of this cold. So
Speaker 1: you know, if you guys can bear with me. How
Speaker 1: was your weekend or how was your your time away?
Speaker 2: Oh? I didn't actually go anywhere, that's funny. I did
Speaker 2: book a vacation, a kind of. I booked a flight.
Speaker 2: That's something, right. I haven't actually planned we know where
Speaker 2: we're going, we just haven't planned anything like lodging or activities.
Speaker 2: But like it's nice to know that I booked something.
Speaker 3: Do you mind sharing? Where are you guys going?
Speaker 2: We're going to do a little road trip from Seattle.
Speaker 2: I have a friend in Seattle who lives there, and
Speaker 2: we're going to do a road trip from Seattle and
Speaker 2: I want to see the rainforest and then we're going
Speaker 2: to go to Vancouver, like the British Islands. I've heard
Speaker 2: it's really nice up there.
Speaker 3: Ooh, that's nice. It's like you ever watch like Anne
Speaker 3: of green Gables.
Speaker 2: I never watched it, but I read the books when
Speaker 2: I was little.
Speaker 3: Yeah, I forget what like that. I don't know if
Speaker 3: that's the same.
Speaker 1: I'm probably like people who are probably Canadian are like,
Speaker 1: oh god, girl, no that's not like the same.
Speaker 3: But anyway, Canadian, Yeah it was.
Speaker 1: It was taped in some place in Canada that was
Speaker 1: really pretty, and I remember this travel group that was
Speaker 1: a part of There was a woman who lived in
Speaker 1: that kind of area and she was like, oh, you
Speaker 1: should come one day, it's really beautiful.
Speaker 2: So well, maybe I'll do the and New green Gables tour.
Speaker 2: If you guys know anything to do in Vancouver or
Speaker 2: in Seattle, let me know, because I honestly have a
Speaker 2: zero time to plan other than I bought the flights.
Speaker 3: But I just heard it's really pretty, So that's I've
Speaker 3: never been to Seattle before.
Speaker 2: Other things have been so the reason I haven't really
Speaker 2: been able to go anywhere it is like work's been crazy.
Speaker 2: But we finally finally were able to start.
Speaker 1: On I saw, I saw. I was like, lucky you.
Speaker 1: Actually I was gonna I'm have to hit you up.
Speaker 1: Like so I got my contract from finally we picked
Speaker 1: the contractor and we got the contract, but I'm like,
Speaker 1: I wanted to make sure were there any components that
Speaker 1: I should really look out for in our contract? We
Speaker 1: literally just got it this morning so we could talk
Speaker 1: offline about that. But I was like, ooh, let me
Speaker 1: ask Andy if there's some key things I should know.
Speaker 2: Yeah, our I love our contractor. I mean, knock on
Speaker 2: what it's only been like a week, not even a
Speaker 2: full week. I don't think since they start. I think
Speaker 2: it's a week tomorrow. But he's been super communicative and
Speaker 2: I think he's He's the kind of person I wouldn't
Speaker 2: mind getting bad news from.
Speaker 3: Okay, but I don't know.
Speaker 2: It was like the month it took us to get
Speaker 2: the permit approved. It was like do it. It was nothing
Speaker 2: happening for so long, and I was so frustrated. And
Speaker 2: then the day after Labor Day, we get a text
Speaker 2: from Javier, our contractor, and he's like, you guys ready,
Speaker 2: and I was like yes, and he said how soon
Speaker 2: can you be out? And we were like tonight. And
Speaker 2: then all of a sudden, I went from living in
Speaker 2: a house, you know, like being in the suburbs, to
Speaker 2: back moving in with my mother in law in Upper
Speaker 2: Manhattan and back on the subway and moving in a
Speaker 2: new office. And then next thing I know, the house
Speaker 2: is like being blown apart and our yard is being
Speaker 2: dug up, and it just all happened so fast.
Speaker 3: I know.
Speaker 1: That's what I've heard, like honestly that like once she
Speaker 1: gets started, it's like, so I'm excited about like we're
Speaker 1: supposed to start. I mean, we're going to apply for
Speaker 1: permits now, but we would start like I think like
Speaker 1: October fifteenth.
Speaker 3: That's like cause he's projecting, because same.
Speaker 1: Thing, we have to wait for permits. But I'm just excited.
Speaker 1: I mean, I was hoping to be in there by Christmas.
Speaker 1: At this point, I'm just can't wait to be in there.
Speaker 3: But on good news.
Speaker 1: Like, I don't know if you saw that I have
Speaker 1: this trip going to Morocco for next year.
Speaker 2: I think that was the last thing we talked about
Speaker 2: on our last show. You talked about planning that trip. Yeah.
Speaker 3: Yeah, well I'm not planning anything.
Speaker 2: I'm sorry, you know what I mean.
Speaker 1: Yeah, but it sold out. I couldn't believe it. I'm like,
Speaker 1: people really want to go to Morocco to come see me.
Speaker 1: I mean, we put it up a week and I say,
Speaker 1: look the company, the runway experience. I said, I'm going
Speaker 1: to be honest. I mean, it sounds like an awesome idea.
Speaker 1: I've been to Morocco before for my birthday one year
Speaker 1: and it's amazing. But I don't really see people going
Speaker 1: to come to Morocco talk about money with me.
Speaker 3: But if y'all want to do it, hey, I'm down.
Speaker 1: And a week later we sold out, So I'm super
Speaker 1: excited about forty people and so I know, so I'm excited,
Speaker 1: and you know, if this goes well, which I'm sure
Speaker 1: it will, I'd love to do something like this, like
Speaker 1: you know, once a year, once every other year, because like,
Speaker 1: who doesn't love to travel?
Speaker 3: And if y'all want to talk about money while traveling.
Speaker 3: I could do that.
Speaker 2: So I missed my chance. It's too late for me
Speaker 2: to sign up to go to Morocco legit.
Speaker 3: Some of my friends were like, but wait, why didn't
Speaker 3: you tell me? I'm like, I didn't. Who knew, girl,
Speaker 3: I didn't. I mean I don't want to go to
Speaker 3: Marco with myself.
Speaker 1: I mean not like that, but like I just I
Speaker 1: honestly thought, Okay, ten fifteen people somehow you know, might
Speaker 1: want to come, and you know, maybe in a month
Speaker 1: or so. But yeah, I'm just honestly I'm excited to
Speaker 1: see because it's this company, the Runway Experience has a
Speaker 1: really great reputation for hosting really amazing experiences and so
Speaker 1: it's a full week. So but that's what's exciting about
Speaker 1: it is that we'll get to really expel experience Morocco
Speaker 1: versus like, oh, there for a few days and you
Speaker 1: go home.
Speaker 2: You know, Yeah that sounds awesome. Yeah, congressmus International Speaker.
Speaker 3: Does this make me?
Speaker 1: I remember one time, like when I first started off,
Speaker 1: I was like trying to like claim the International Speaker r. Also,
Speaker 1: when I went to Nigeria to visit my cousins, I
Speaker 1: was like come sit for this this quick budgeting lesson
Speaker 1: so I can call myself an international speaker.
Speaker 2: I think this is legit. When you're selling out stadiums
Speaker 2: in Morocco.
Speaker 3: Your stadium that was, they are now stadiums.
Speaker 2: Stadium sized classrooms.
Speaker 1: Oh so well, on a not as fun note, why
Speaker 1: did I get like fussed out by this company because
Speaker 1: dream Catchers didn't want to buy their product or service?
Speaker 1: And this person basically said like dream Catchers didn't want
Speaker 1: better for themselves and didn't want to invest in themselves.
Speaker 3: And I'm reading it like.
Speaker 2: Wait, what can we say what company? It is?
Speaker 3: No, because we kind of both know the person.
Speaker 2: So oh, I know what you're talking about.
Speaker 3: Yeah, it was really bad.
Speaker 1: That was actually a surprised and you know, I really
Speaker 1: had to be like, you know what, I can understand
Speaker 1: the frustration of your wanting. Obviously, everybody wants to run
Speaker 1: a business and you want to be successful.
Speaker 3: But I did a little digger deeping because at first
Speaker 3: I was really mad.
Speaker 1: But I did a little digging, and you know, I
Speaker 1: reached out to some folks who experienced, you know, the company,
Speaker 1: and they were like, it wasn't bad, but it was
Speaker 1: just that I didn't get anything in order to take
Speaker 1: the leap to purchase because I was thinking to myself,
Speaker 1: you know, there was some some gross blanket statements like
Speaker 1: they didn't want to invest in themselves.
Speaker 3: And I'm like, well, that's just not true.
Speaker 1: I mean, I mean, you know firsthand when I you know,
Speaker 1: when it was just Magnify money, but that you.
Speaker 3: Know that they purchased products and services all the time.
Speaker 1: But I've kind of to me the rule of thumb
Speaker 1: for myself, and what I kind of teach them is
Speaker 1: that look for a company that's looking to invest in
Speaker 1: you before you invest in them, meaning like you know,
Speaker 1: like am I learning something? Is there is there an
Speaker 1: educational component versus me just buying, you know, And so
Speaker 1: I think that part not that that company doesn't do that,
Speaker 1: but they didn't illustrate that beforehand, and as a result,
Speaker 1: the conversion was terrible. But I just thought that, like
Speaker 1: I mean, the email was like kind of vicious and
Speaker 1: I was like, wait, are we strangers?
Speaker 3: Like what? And I thought to myself it was just.
Speaker 1: Like a really good eye opener in that you know,
Speaker 1: you have to be mindful about who you I mean,
Speaker 1: I'm always really careful about who I share my audience with.
Speaker 1: That's that's why this was really disappointing, because this is
Speaker 1: not some stranger to me. But you have to be
Speaker 1: really mindful, just even just as a consumer, about who
Speaker 1: you you know, who you patronize, because I think to
Speaker 1: myself all the time when I'm like everyone knows, the
Speaker 1: whole team knows, like that, I don't allow anyone to
Speaker 1: speak disparagingly about the people we serve, because what sense
Speaker 1: does that make, you know? Like, so like if we're
Speaker 1: in the service business, you know, then we can't talk
Speaker 1: crazy about the very people we're trying to help.
Speaker 3: That there is no place for judgment in service. There
Speaker 3: just isn't. In my this is what I believe, and
Speaker 3: I won't allow it. And I told her that.
Speaker 1: I was like, look, I feel you, I mean, fellow
Speaker 1: CEO to see, I get you, girl, but I can't
Speaker 1: let you talk crazy about my audience like you know,
Speaker 1: like and especially the way you're talking, and I'm like, yo,
Speaker 1: this is not unique to them.
Speaker 3: It read very much like you and you and them
Speaker 3: over there, And I was like ho ho ho.
Speaker 1: It was very borderline, like, uh, what do we saying?
Speaker 2: Your people? You people?
Speaker 1: Yeah, it was you know, not fully and I won't,
Speaker 1: you know, because I hate to throw that averyund but
Speaker 1: it felt like that and I never felt that like
Speaker 1: from someone you know, and honestly, it was really disappointing.
Speaker 1: And then it was like, you're not doing a good job, Tiffany,
Speaker 1: and I was like, you know what, I don't mind
Speaker 1: critiquing criticism, but like, one thing I always's why I'm
Speaker 1: so glad we have a guest today. But one thing
Speaker 1: I always say is that my expertise is not everything.
Speaker 1: I'm really good at budgeting, I'm really good at saving,
Speaker 1: I could teach you how to pay down, and at
Speaker 1: everything else, I bring folks on on purpose.
Speaker 3: So that's why I look for partnerships.
Speaker 1: So yes, it's because she was like, I don't think
Speaker 1: you're able to take your.
Speaker 3: Audience at the next level. And I don't disagree, but
Speaker 3: that's why I partner.
Speaker 1: But I just thought it was like, honestly, it was
Speaker 1: me and spirited, and I just had to remind her
Speaker 1: that like, just because people are not willing to invest
Speaker 1: in your things, it doesn't mean that they're not willing
Speaker 1: to invest in themselves. It's those are two separate things.
Speaker 1: And it was just really disappointing, but also very eye opening.
Speaker 2: It reminds me of like, I love that show on
Speaker 2: CNBC called The Profit where Marcus Lamniz goes into struggling
Speaker 2: small businesses and tries to save them, and all these
Speaker 2: businesses are dysfunctional in some way, and almost every episode
Speaker 2: the business owner is like in denial and tries to
Speaker 2: blame their lack of success on like people around them
Speaker 2: or the customers. They surgers dumb, they don't know, this
Speaker 2: isn't this is the best thing ever. But people just
Speaker 2: don't know it. And I'm like, they don't want to
Speaker 2: look at themselves and see what's wrong, Like they're too
Speaker 2: afraid to look at themselves and think, you know, maybe
Speaker 2: it's something I did, or maybe my product isn't as
Speaker 2: great as I think is. And hopefully, I mean, it
Speaker 2: sucks that you were the on the receiving end of that,
Speaker 2: like insecurity and lack of awareness, but hopefully on their
Speaker 2: end they're taking some time to reflect, because I mean,
Speaker 2: if they want success, the way to get there is
Speaker 2: not by denying that you have issues that make customers yeah.
Speaker 3: And then I think it's a great service.
Speaker 1: So I'm hopeful that like and it's a needed one,
Speaker 1: and one especially in our in our you know, profession,
Speaker 1: it's one that's like, honestly, most people don't want to
Speaker 1: take up.
Speaker 3: And so I was really excited.
Speaker 1: So I think that there's still something there and hopefully,
Speaker 1: like I feel like it's better left said like in person,
Speaker 1: because I was like, you know what, I've already said
Speaker 1: my piece, and you know, I definitely I mean, the
Speaker 1: first iteration of my email was definitely not what I
Speaker 1: said over I literally sat on up for three days.
Speaker 3: I was like, you know what, it's still a lot
Speaker 3: of sass in here.
Speaker 2: That's a very mature way to approach it.
Speaker 1: I tried so hard because I was like, because one
Speaker 1: of my friends like, and we could excuse me, that
Speaker 1: we can move on. But one of my friends he
Speaker 1: always reminds me of whenever I'm like, you know, upset,
Speaker 1: He's always like, well, what's the desired outcome and work
Speaker 1: toward that. And so my desired outcome was not to
Speaker 1: lash out or to make somebody feel bad. Honestly, my
Speaker 1: desired outcome was to hopefully reach some sort of understanding
Speaker 1: where I'm like, I can show her I understand you.
Speaker 3: But at the same time, hopefully to get her to see.
Speaker 1: That this is not the way and that you don't
Speaker 1: you don't get someone to that space by like, you know,
Speaker 1: lashing out at them.
Speaker 3: So I had to remind myself.
Speaker 1: But it took, honestly, it took three days and then
Speaker 1: honestly sitting down with a friend of mine to be like,
Speaker 1: could you like help me to reword this in a
Speaker 1: way that's less like you know, mad, And so she
Speaker 1: helped me to really tone it down and you know,
Speaker 1: and to send it over where I felt like, Okay,
Speaker 1: this is much better.
Speaker 3: I mean, her reply back wasn't the greatest.
Speaker 1: It wasn't like you know, it was kind of like
Speaker 1: and she replied back right away, I'm like, so I'm
Speaker 1: the only one to takeing time.
Speaker 3: It was kind of like yeah, girl, I hear you.
Speaker 1: But still, and I was like, you know what, I'm
Speaker 1: gonna see her in person, and I'm sure by then
Speaker 1: we'll both have calmed down and been like, you know,
Speaker 1: maybe there's some middle ground where we can meet, but until.
Speaker 3: Then, I will not be sending anyone in that direction
Speaker 3: at all.
Speaker 2: So in this scenario, you were like Serena and she
Speaker 2: was like Naioli Osaka I'm trying to find a segue
Speaker 2: so we can talk about that real quick.
Speaker 1: And I kind of felt that, you know what I
Speaker 1: felt like, I felt like, how come she gets to
Speaker 1: talk crazy to me?
Speaker 3: Honestly, Mandy, That's how I was feeling. I was really frustrated.
Speaker 1: Like at one point, I was like to the point
Speaker 1: of near tears because I was like, Yo, how come
Speaker 1: she gets to talk crazy to me and about me
Speaker 1: and this group of like brown women who are trying
Speaker 1: their best, but like me, I have to be careful
Speaker 1: because I know that if I come at her with
Speaker 1: that same energy, it's gonna be oh my gosh, clutch
Speaker 1: my pearls.
Speaker 3: Black girl, Tiffany whoa. I knew it. I knew it,
Speaker 3: you know, I was. So that was what made me
Speaker 3: so livid. I was like, Yo, this email, you.
Speaker 1: Were talking recklessly like people throw hands for less, and
Speaker 1: I'm like, nothing happened.
Speaker 3: There was no preamble to her vicious email. There was
Speaker 3: no like.
Speaker 1: It was like literally my Facebook messager said, hey girl, Hey,
Speaker 1: what's up. You know, how's the conversion's going? Let me
Speaker 1: know blah blah blah. That was literally my Facebook message
Speaker 1: because we're cool. And then the email was vicious, vicious, vicious.
Speaker 1: So I was like, Yo, why do I have to
Speaker 1: take three days to USA and get a friend of
Speaker 1: a friend and say what do you think? And then
Speaker 1: as soon as I send it, within ten minutes, you
Speaker 1: get to come back swinging again.
Speaker 2: The thing is like, it's not about canons, like she
Speaker 2: shouldn't but like you you don't have to do what
Speaker 2: you did, but because it's just it shows what kind
Speaker 2: of person you are. I mean, that's the high road.
Speaker 2: It's like the high road. It's hard to take sometimes
Speaker 2: it's a choice though, like you don't have to, but
Speaker 2: would you be as successful if you didn't? Probably not, But.
Speaker 1: I guess I feel like it just feels so unfair
Speaker 1: because if I didn't take the high road, the consequences
Speaker 1: are different. I guess that's what I mean about having
Speaker 1: to not be vicious back. It's like, why do we
Speaker 1: have to take the high road?
Speaker 3: Why?
Speaker 1: You know, why can't I just be just as passionate
Speaker 1: without being labeled as difficult or whatever?
Speaker 2: You know what I mean, the difficult woman, a hysterical woman,
Speaker 2: or the angry black It's like we get the double whomy,
Speaker 2: the women double standard, the black woman under double standard,
Speaker 2: especially in business. Yeah.
Speaker 1: Yeah, so it just felt very that felt really frustrating
Speaker 1: that it was like, wow, like yo, I could never
Speaker 1: write an email like this to someone, I could never
Speaker 1: speak to them crazy because it'd be like whoa, you know,
Speaker 1: like this isn't but like nothing's gonna come of it
Speaker 1: for her, you know, I'm sure like, you know, this
Speaker 1: is not the first time she's probably exploded on someone
Speaker 1: and it's been okay because she's not brown. And so
Speaker 1: it was just really like, you know, like frustrating, not
Speaker 1: just for like her message to me, but just in general.
Speaker 1: And it really it was like, oh, I couldn't have
Speaker 1: come at a worse time with this. Watching Serena defend
Speaker 1: herself and say, hey, this is not there and there's
Speaker 1: nothing wrong with that. I'm just like, but then it's like,
Speaker 1: you know, that terrible cartoon that that Australian illustrator created
Speaker 1: of Serena. It was just honestly, oh man, it's it's
Speaker 1: exhausting to be in spaces where everything about you is
Speaker 1: considered the wrong thing, you know.
Speaker 2: Yeah, I mean I'm not even going to try to
Speaker 2: pretend like I understand the rules of tennis. I don't
Speaker 2: watch it. I don't know what a six' four and
Speaker 2: a six two is and a match point and all
Speaker 2: that kind of, stuff BUT i do understand the gender.
Speaker 2: Dynamics AND i feel Like serena is such an icon
Speaker 2: because her whole career has been battling this type of.
Speaker 2: Treatment like no one wants to give her credit for
Speaker 2: being the, best the best athlete of all. Time they
Speaker 2: want to call her the best female athlete of all.
Speaker 2: Time you, know they tried. To they tried to deny
Speaker 2: her talent by, saying, oh, well she has extra you,
Speaker 2: know she's a black. Woman she's so, muscular her body,
Speaker 2: type like all these you, know thinly veiled, criticisms these
Speaker 2: racial undertones to the criticism against, her like this is
Speaker 2: nothing new for. Her i'm glad to see like such
Speaker 2: a swift and huge, reaction AND i mean not just
Speaker 2: in not just to Support serena for how she was,
Speaker 2: treated but also to Support Naomi, osaka who did. WIN i,
Speaker 2: Mean i'm not going to SAY i don't understand the,
Speaker 2: rules but it seems like she won fair and, square you,
Speaker 2: know her First Grand slam, title AND i thought That
Speaker 2: serena handled it in a really classy way and you,
Speaker 2: know it sucks That naomi's win was sort of tainted
Speaker 2: by this, Controversy but at the same, Time i'm Glad
Speaker 2: serena was, like not, today not this. Time i'm not
Speaker 2: going to shut. Up i'm not going to stand down
Speaker 2: because don't you also feel like you don't want to
Speaker 2: be the like sometimes you don't want to be the
Speaker 2: one to say it's Because i'm a, woman or it's
Speaker 2: Because i'm, black because you can feel people around you
Speaker 2: get uncomfortable or or like not believe, you and you
Speaker 2: don't even want to have the conversation with, anybody LIKE
Speaker 2: i don't want to have to tell YOU i don't
Speaker 2: want to have to tell you why this is Because
Speaker 2: i'm a woman right, now because it's so exhausting to
Speaker 2: me THAT i have to tell, you, Know OR i
Speaker 2: don't want to.
Speaker 3: Because it's like oh here they.
Speaker 1: GO i, yeah, exactly you, know and like you're, like but,
Speaker 1: IT i, mean is? It and so because you hate
Speaker 1: to you, know you're, like, oh they're always playing the race,
Speaker 1: card And i'm, like, well if it is because of,
Speaker 1: that Like, serena from WHAT i, understand no one has
Speaker 1: been drug tested more Than serena they're, LIKE i mean
Speaker 1: to the point of excess where it's, like, yo she's
Speaker 1: never been found with anything in her system and you
Speaker 1: got drug test her like, crazy you, know and like
Speaker 1: just like and the fact that you, Know serena gets blood.
Speaker 1: Clots she has this GREAT i think it's AN hbo
Speaker 1: special Called Being serena or something like, That Raising. Serena
Speaker 1: it's a great like five or six kind of like
Speaker 1: five part, documentary and she talks about like even when
Speaker 1: she had her, baby she almost died Because serena has
Speaker 1: like this condition where her she gets blood. Clots so
Speaker 1: she wanted to wear for the with it The french
Speaker 1: open wanted to wear that like catsuit because it's like
Speaker 1: pressurized to keep you, know the blood.
Speaker 3: Flowing and they were like, no even though there were
Speaker 3: other women.
Speaker 1: Who were allowed to wear that's like a similar Cats
Speaker 1: she's Like samanna has a different. Body AND i just
Speaker 1: thought to, myself like this is this is like. Crazy
Speaker 1: how much are you supposed to? Take how much are
Speaker 1: you supposed to just be like, okay LIKE i, mean
Speaker 1: it's JUST i just it's. Hard, Man like sometimes you
Speaker 1: don't realize until something happens in the triggers WHEN i
Speaker 1: grew up In, westfield which, is LIKE i, said majority
Speaker 1: white and very very small like population of anything.
Speaker 3: Else like we would go to the pool and it was.
Speaker 3: Nothing you. Know it wasn't.
Speaker 1: Until LIKE i started going to the pool and like
Speaker 1: with like sisters and like a young brown and black
Speaker 1: women THAT i noticed, that like by age, eight little black,
Speaker 1: girls you notice that mandy would wear A t shirts
Speaker 1: over their.
Speaker 3: Bathing suits and like. That you.
Speaker 1: Know BUT i just thought to, myself, like why are
Speaker 1: our bodies like? Bad you don't even remember being so like,
Speaker 1: Surprised like why are you wearing A t?
Speaker 3: Shirt? OH i can't show off my? Body i'm, like we're,
Speaker 3: eight you, know you know WHAT i.
Speaker 1: Mean AND i just LIKE i don't even think people
Speaker 1: recognize how exhausting it it can be to be a,
Speaker 1: woman you, know but especially you, know a brown. Woman
Speaker 1: there's every time you turn, around how you, are it's
Speaker 1: told to be. Unattractive you, know too, aggressive you're too,
Speaker 1: loud you're too, happy you're too, this you're too, that
Speaker 1: you're too, passionate you're too you, know how.
Speaker 3: Dare you stand up for?
Speaker 1: Yourself YOU'RE i would like somebody who's Like meeker and
Speaker 1: less powerful and oh, man, like it's just you want
Speaker 1: to like scream sometimes and sometimes you feel like no
Speaker 1: one is in your corner but your other, sisters and it's,
Speaker 1: like but we're in everyone else's.
Speaker 3: Corner look at every. Rally who do you see?
Speaker 1: There you know, us even if it's not about, us
Speaker 1: you see, Us and it's just like the world would miss.
Speaker 1: Us boy if we weren't, here what would? Y'all what
Speaker 1: would y'all do without brown? Ambition quite, honestly when you
Speaker 1: reach a certain, level it's just you have to really
Speaker 1: have a great support system around you because other than,
Speaker 1: that it'll drive you crazy.
Speaker 3: If you don't have people who are, like, like you're not.
Speaker 3: Crazy you know you're not.
Speaker 1: Crazy like know this is unfair and it's okay to
Speaker 1: feel some kind of way about. It it's important to
Speaker 1: have like a good you know. Support that's WHY i
Speaker 1: just love THE ba family because you guys.
Speaker 3: Are always so. Dope so, yeah boost, serena boost.
Speaker 2: To name on, me boost to us while we're at. It,
Speaker 2: yeah just because you get a, boost.
Speaker 3: You get a. Boost everybody gets a.
Speaker 1: Boost speaking of, Booths i'm excited that we are talking about.
Speaker 3: Retirement. Today i'm not, retirement but investing overall.
Speaker 2: Investing, yeah you, guys are you guys? Ready because you've
Speaker 2: been asking who my financial planner, is And i'm gonna do,
Speaker 2: you but one better than actually telling you her, NAME
Speaker 2: i bring her on the. Podcast my personal financial, Planner
Speaker 2: helen No is joining us. Today she's Been i've been
Speaker 2: a client Of helen's for since twenty, SIXTEEN i want to,
Speaker 2: say right AFTER i got, engaged and she has been
Speaker 2: through my, marriage like getting married and then buying my first,
Speaker 2: house and she's just been such an awesome person to work.
Speaker 2: With so when we started talking about doing an investing,
Speaker 2: SHOW i, thought why not Bring helen to the show
Speaker 2: and actually talk about the way that she AND i
Speaker 2: have talked about investing for wealth BECAUSE i Think tiffany
Speaker 2: AND i have like towed around this. Topic you, know
Speaker 2: how do we start investing outside of our four to
Speaker 2: ONE k or outside of OUR. Ira so that's what
Speaker 2: we're going to talk about in today's. Show so you,
Speaker 2: guys before we get, started just a quick. Disclaimer anything
Speaker 2: on this show we're going to be talking about, investing
Speaker 2: talking about different brokerages and robo advisors and all types of.
Speaker 2: Things everything we say is just. Hypothetical it shouldn't be
Speaker 2: taken as investment. Advice this is for education. Purposes so
Speaker 2: if we mention any, companies they're not recommendations for just
Speaker 2: doing some casual examples.
Speaker 3: Today in other, words don't come and try to sue.
Speaker 4: Us, hey thank you for having, Me. Mandy i'm so
Speaker 4: excited to be.
Speaker 2: Here it's like. Heaven it's like they the big, reveal
Speaker 2: the big. Reveal so this show is so important to
Speaker 2: me And tiff because she AND i have talked about
Speaker 2: this again and. Again how do you start investing outside
Speaker 2: of your four one? K just Like, tiff you, said
Speaker 2: once you've maxed out your four one, k got the,
Speaker 2: match maybe you've opened up a LITTLE i ray on the.
Speaker 2: Side you've maxed that out, too and you still have
Speaker 2: money in the. Bank it's an awesome place to, be
Speaker 2: BUT i feel like some, PEOPLE i don't. KNOW i
Speaker 2: Think tif's had this. Problem i've had this. Problem you
Speaker 2: end up carrying money in cash and your cash, savings
Speaker 2: and you're, LIKE i, KNOW i probably don't need this
Speaker 2: much money in, savings BUT i also don't know what
Speaker 2: the heck to do with. It so where DO i
Speaker 2: start and that is what we're going to talk about
Speaker 2: on today's. Show let's start with what investing is. LIKE
Speaker 2: i know that you think that the people have sort
Speaker 2: of a misconception about what investing really means and what
Speaker 2: does investing mean when we're talking about outside of your
Speaker 2: four one, k.
Speaker 5: Right so there's a huge difference between saving and. Investing
Speaker 5: so when clients come to me or WHEN i WHEN
Speaker 5: i you, know onboard, somebody they, say, oh, Yeah i'm
Speaker 5: invested in my four to one k at, work and
Speaker 5: really all they have done is put money into, it
Speaker 5: and they haven't actually invested the money that they saved
Speaker 5: or transferred into that. Account so, again a four to one,
Speaker 5: k roth, iray TRADITIONAL, ira those are all different types
Speaker 5: of accounts what you do with the money inside those
Speaker 5: accounts because it can simply just sit in cash if
Speaker 5: you don't actually hit buy or sell in those specific.
Speaker 5: Accounts that's when you're actually investing in putting that money to. Work,
Speaker 5: so in very simple, terms investing is putting that cash
Speaker 5: to work and putting that money towards say a stock
Speaker 5: and mutual fund IN, etf some sort of vehicle that
Speaker 5: you purchase that has a potential to generate income or
Speaker 5: growth for you within that.
Speaker 2: Account so let's start with types of. Accounts, so once
Speaker 2: you've maxed out your four ONE k and you have
Speaker 2: extra cash in the bank that you want to, invest
Speaker 2: do you do WHAT i, did WHICH i think is
Speaker 2: probably not the right thing to, do and just start
Speaker 2: randomly buying a stock on Robin hood because you're too
Speaker 2: afraid to commit something more. Serious, YES i feel LIKE
Speaker 2: i skipped a few, Steps but, yeah where DO I
Speaker 2: where SHOULD i have? Started? Helen i'm SORRY i didn't
Speaker 2: call you, first less around behind your.
Speaker 1: Back that's.
Speaker 3: OKAY i knew you had That robinhood.
Speaker 5: ACCOUNT i think that was like your fun money investing
Speaker 5: without any strategy behind, it, right.
Speaker 2: Not a single strategy to be found me.
Speaker 3: As, well know this is. Strategy what'd you say about that?
Speaker 3: Stock let me see robinad has that availab three, Piece.
Speaker 5: Yeah and buy it for free on. There they have
Speaker 5: no transaction, FEES i, believe m m yeaeah.
Speaker 2: Yeah that's zero zero dollar. Trades it's. Awesome.
Speaker 5: Yeah so that so you can go on, robinhood which
Speaker 5: is zero. Action you can Buy tesla or whatever sexy
Speaker 5: stock that you might have heard from your uncle or
Speaker 5: the guy or girl you met on the, plane but
Speaker 5: there's definitely a strategy behind. It so if you have
Speaker 5: already maxed out all of your different types of retirement,
Speaker 5: accounts including your traditional iri roth ares and four one
Speaker 5: ks or four or three, bs even your pension, plans.
Speaker 3: What do you do?
Speaker 5: Next so the next step that is most efficient would
Speaker 5: be to open an investment. Account so like, You, mandy
Speaker 5: you opened up A robinhood, account but, then like you,
Speaker 5: said there's no real uh strategy behind. It and WHAT
Speaker 5: i typically tell clients is if you've if you've never
Speaker 5: really selected individual investments, before you start out with the.
Speaker 5: BASICS i kind of refer to, cooking or you, know
Speaker 5: it's like. Cooking you want your salt and your, pepper
Speaker 5: your basics of your, spice and your investment portfolio and
Speaker 5: the stuff the investments that you have in Your. Robinhood
Speaker 5: that's like adding pep week are a little bit of
Speaker 5: salsa spiciness to your overall.
Speaker 3: Investments does that make?
Speaker 5: Sense so you want your foundational investments like investing in
Speaker 5: DOMESTIC us mutual funds or. ETFs TYPICALLY i recommend to
Speaker 5: clients to just purchase. ETFs i mean there's thousands of
Speaker 5: them out there now that are much cheaper than investing
Speaker 5: in mutual, funds which charge you a higher upfront fee
Speaker 5: depending on the class.
Speaker 3: SHARE i, mean we can.
Speaker 5: TALK i can talk on and on about, that but start.
Speaker 2: With what AN etf. Is, yeah interested for your definition of,
Speaker 2: it BECAUSE i THINK i know what it, is BUT
Speaker 2: i probably.
Speaker 5: Don't, Yeah so people will, say, OH i just want
Speaker 5: to do index, Funds, Helen, well you can buy index
Speaker 5: funds as a mutual fund or AN. ETF A etf
Speaker 5: basically stands for exchange traded. Funds so let's just say
Speaker 5: you are interested in buying shares Of, amazon which is
Speaker 5: at two thousand dollars a share right? Now, right do
Speaker 5: you have two? Thousand like you put in two thousand
Speaker 5: dollars you bought one? Share, okay big, deal.
Speaker 2: Big freaking.
Speaker 4: Deal same thing With Birkshire.
Speaker 5: Hathaway i'm not really sure what the price is, now
Speaker 5: but it's in the. Thousands so you gotta have a
Speaker 5: lot of money to even buy one spec one fleck
Speaker 5: of that. Investment so with ETFs and mutual, funds just
Speaker 5: imagine you wanted to get into some tech stocks but
Speaker 5: don't have two thousand dollars to buy one, share but
Speaker 5: you do have two thousand dollars and you want to,
Speaker 5: diversify you can invest in those index. Funds and the
Speaker 5: more cost efficient way is to purchase ETFs because they
Speaker 5: have very low management fees versus a mutual. Fund you
Speaker 5: purchase it, upfront or you pay the fees upfront or
Speaker 5: typically what they call a TWELVE b one, fee which
Speaker 5: is an ongoing point two five percent on top of
Speaker 5: the purchasing.
Speaker 4: Fees, so and.
Speaker 5: ETFs are more tax efficient in that they don't, necessarily you,
Speaker 5: know reinvest the dividends and distribute it To so, yeah so.
Speaker 2: AN etf is like you're not just investing in one
Speaker 2: company you're investing in, like so you can get a
Speaker 2: TECH etf that has that lets you invest in multiple
Speaker 2: companies all at, once exactly exactly.
Speaker 5: Exactly so think about it as a bucket with different
Speaker 5: pebbles in, it and each of those pebbles represents a different,
Speaker 5: stock Saying, Facebook, amazon whatever other tech stocks you can think. Of,
Speaker 5: so so, yeah if you don't have two thousand bucks
Speaker 5: just to invest in one, stock you can purchase in
Speaker 5: AN etf or an index fund mutual fund that has
Speaker 5: no fees. Upfront so there are mutual funds that are
Speaker 5: very cheap that are called no load.
Speaker 3: Funds, okay have you guys heard of that? Before no
Speaker 3: mutual funds Like vanguard do they That i've? Heard, yeah, yep.
Speaker 5: Yep vanguard is one of those companies that have very
Speaker 5: limited options of no load Fund.
Speaker 3: So load just means.
Speaker 5: Fees it's an industry term that that we. Use but
Speaker 5: if you see it says no load mutual, fund that
Speaker 5: means that there's no upfront fee for. It there is
Speaker 5: still a management fee because there's a team of investment. Managers, yeah,
Speaker 5: folks people managing that particular mutual fund OR. Etf let's just, say.
Speaker 3: And that's called like an expense, ratio, right, yes. Exactly
Speaker 3: but you, Know i'm not gonna lie to be. HONEST
Speaker 3: i just read a book this weekend And i'm.
Speaker 1: Like, wait no things, Wait so we have held on
Speaker 1: So i'm not all that smart about.
Speaker 5: That we can get as technical as we, want but
Speaker 5: you can just go On Google finance Or Yahoo finance
Speaker 5: or whatever and type and tech. ETFs you'll get hundreds
Speaker 5: of them.
Speaker 2: Listed so let's back up for one, second because you
Speaker 2: mentioned like when you're building your spice cabinet of your
Speaker 2: portfolio starting with your salt and. Pepper so If i'm you,
Speaker 2: KNOW i think we have a good sense of brokerage
Speaker 2: firms that are. Available so There's, vanguard there's Trans, america Trans.
Speaker 2: America is that? True what AM i trying to? Say
Speaker 2: Td Ameeric, Trade Charles. Schwah there's all these kind of discount.
Speaker 2: Brokerages so When i'm building our, portfolio can you talk
Speaker 2: about the salt and the, pepper like what are the
Speaker 2: DO i find the domestic STOCK etf in international STOCK
Speaker 2: etf and then start adding other more industry specific ETFs
Speaker 2: like tech or bio or cannabis like these exciting.
Speaker 5: ETFs, Yeah so start, broad very broad with your foundational
Speaker 5: asset CLASSES us, domestic international ETFs or mutual, funds and
Speaker 5: then throw in some fixed income in, there such as
Speaker 5: municipal bond funds or long term bond funds because it
Speaker 5: offers you a higher interest. Rate and then there's also
Speaker 5: short term bond. Funds so have a mix of your
Speaker 5: fixed income portion of your portfolio and then THE us
Speaker 5: and some internationals in there as, well and then you
Speaker 5: can go in with your robinhood account and add and,
Speaker 5: OH i want to buy two stocks of or two
Speaker 5: shares Of, tesla or you, know my BIOTECH etf mutual
Speaker 5: fund or. Whatever so that's adding in the specific, sectors
Speaker 5: is adding in the oregano and the paprika and all of.
Speaker 5: That and you're trying to build out a sexier spice
Speaker 5: cabinet than. Chess your salt in your, pepper but you
Speaker 5: always have to have your basic salt and, pepper, right.
Speaker 2: How much should be that salt and? Pepper do? You
Speaker 2: i've always heard there's that rule of, thumb like you
Speaker 2: take your age and subtract it from one hundred and,
Speaker 2: ten and then the bigger number is how much you
Speaker 2: should invest in stocks versus? Bonds is that like? DUMB
Speaker 2: i MEAN i feel Like i'm very. AGGRESSIVE i have
Speaker 2: most of my four oh ONE k and, stock AND
Speaker 2: i have most of MY ira and, stock and it
Speaker 2: feels good because the stock market's been doing so. Amazing
Speaker 2: But i'm in my thirties now and part of me
Speaker 2: is like SHOULD i and and to? Be you, KNOW
Speaker 2: i think a lot of people start out LIKE i
Speaker 2: did with target date, funds which are supposed to which
Speaker 2: are supposed to shift as you, age But i'm, wondering
Speaker 2: like how often SHOULD i be looking at my, allocation you,
Speaker 2: know and how do you decide how much to put
Speaker 2: into the stocks versus the fixed income like the bonds
Speaker 2: that you were talking.
Speaker 5: About, yeah so those target date, funds those are very
Speaker 5: convenient because you just put money in there and it
Speaker 5: automatically invest for you in its. Turnkeys so as you
Speaker 5: approach your retirement, age say it's sixty or fifty, five
Speaker 5: it automatically switches to a more conservative portfolio each year
Speaker 5: as you get, Older so you, know blimer or out
Speaker 5: with target date, funds they're mutual. Funds within that mutual
Speaker 5: fund is what's happening in that type of. Investment so
Speaker 5: going back to your main question about how, much like what, Percentage,
Speaker 5: well it really depends on where you. Are Like, mandy
Speaker 5: you're in your, thirties SO i would hope that you're
Speaker 5: invested more aggressively in your retirement, portfolio but in your
Speaker 5: investment account that's outside of your Retirement so are you
Speaker 5: investing for in that investment account for the next five,
Speaker 5: years ten? Years so let's just assume that you're saving
Speaker 5: for a house and you want to put twenty percent,
Speaker 5: down and that's going to cost you what one hundred
Speaker 5: thousand dollars for, example and you need that money in five,
Speaker 5: years you might not want to invest too much in
Speaker 5: inequities or individual stocks because you're going to need that
Speaker 5: money in five, years which goes by really.
Speaker 4: Fast does that make?
Speaker 2: Sense, Yeah so it's almost Like i'm asking the wrong. Question,
Speaker 2: FIRST i guess the first question to ask when you're
Speaker 2: starting to invest outside your four ONE k is what
Speaker 2: AM i investing? For like long term or short?
Speaker 3: Term?
Speaker 5: Yes and for what time period are you investing? For
Speaker 5: so your retirement, accounts if you're young, twenties in, thirties
Speaker 5: or you have more than ten years of, retirement you,
Speaker 5: know think about the business, cycle the ups and downs
Speaker 5: of the stock.
Speaker 2: Market you can be a little bit more.
Speaker 5: Aggressive you can have like an eighty ninety percent equity
Speaker 5: portfolio and fifteen to twenty percent fixed. Income that's that's
Speaker 5: pretty aggressive, Now, MANDY i know yours is like ninety
Speaker 5: nine percent. STOCKS i, mean you put me on.
Speaker 2: Blessed that's not from my.
Speaker 1: Direction helen's, like just to be, Clear i've told You.
Speaker 3: I'm way more old lady about.
Speaker 1: Mine i'm just so people are clear because sometimes the
Speaker 1: words can be, like, wait what does that?
Speaker 3: Mean equity is? Stocks and what was the other thing you?
Speaker 5: Said fixed, income which is, bond, CDs cash.
Speaker 3: Equivalents, Yes so just so we're. Clear it's just so
Speaker 3: people are not, like, wait what does that?
Speaker 1: Mean BECAUSE i like that sometimes when it comes to
Speaker 1: like the financial.
Speaker 3: Words, okay, yep.
Speaker 5: Yep so WHEN i say, EQUITIES i mean like, stocks and,
Speaker 5: yeah pretty much stocks and any ETFs that invest in,
Speaker 5: stocks mutual funds that invest in. Stocks but WHEN i
Speaker 5: say fixed, INCOME i mean like more secure investments like
Speaker 5: bonds or cash. CASH i would consider that as fixed
Speaker 5: income as, Well so more more secure INVESTMENTS i.
Speaker 2: Think FOR i think SINCE i Mean tiffany AND i
Speaker 2: both have a, house AND i think both of us
Speaker 2: are in a place where we want To WHEN i
Speaker 2: think investing for, WEALTH i THINK i want to build
Speaker 2: a brokerage account where when, i'm you, know thirty years from,
Speaker 2: now When i'm, Retiring i'm living off the income from
Speaker 2: my brokerage. Account so that to me seems pretty long,
Speaker 2: term like thirty years, right.
Speaker 5: Yeah, yeah that is long. Term and you can have
Speaker 5: multiple investment accounts for different. Things so let's just, say you,
Speaker 5: know you have an investment account that's in addition to
Speaker 5: your retirement, accounts and it's earmarked for thirty years from,
Speaker 5: now and then you have another investment account that's earmarked
Speaker 5: for ten years from now when you want to THROW
Speaker 5: i don't, know a big fiftieth birthday party or forty
Speaker 5: fifth birthday party whatever it, is or celebrating you, know
Speaker 5: a house. Purchase that those like the timeline that you
Speaker 5: have for each specific account really matters because it really
Speaker 5: determines how aggressive you can, be how much spice you can.
Speaker 5: Add you don't want to invest In, tesla for, example
Speaker 5: and expect it to you, know be there for and
Speaker 5: protect your principle a year from. Now that's just unrealistic
Speaker 5: because that investment is so, Aggressive, okay.
Speaker 1: Unpredictable, yeah one of the THINGS i know THAT i
Speaker 1: want to Because I'm i'm not gonna. LIE i was
Speaker 1: a school teacher for ten years and now as a business,
Speaker 1: OWNER i mean and make more THAN i could have
Speaker 1: ever dreamed, of BUT i still live.
Speaker 3: Basically like a school. Teacher that's, good.
Speaker 1: And SO i have you, know maxed out like the
Speaker 1: traditional like and retirement kind of like plans and WHAT
Speaker 1: i want Is i'm thirty, eight AND i would love by,
Speaker 1: Fifty like this is my husband Not our goal is
Speaker 1: by fifty that we are financially, independent THAT i honestly
Speaker 1: still see myself working just BECAUSE i enjoy. It but
Speaker 1: by fifty if we didn't want to, work and you,
Speaker 1: know like and by then he'll be fully. Invested he
Speaker 1: works for the, city so he's got great health insurance
Speaker 1: and he could take that with him if he didn't
Speaker 1: want to, work we'd have health. Insurance and, LIKE i
Speaker 1: would love to be able to say we make six
Speaker 1: figures a year from.
Speaker 3: Not doing, anything you.
Speaker 1: Know so that's kind of like our, goal and that's
Speaker 1: what we're kind of struggling, With, like so what do
Speaker 1: we do with our money to set us up for that?
Speaker 1: Potential even though at fifty we might say second career or,
Speaker 1: whatever you, know but, yeah that's kind of like our.
Speaker 3: Goal BUT i Don't i'm not gonna.
Speaker 1: LIE i don't know what to, do like to get
Speaker 1: to that space where it's, like, okay twelve few years from,
Speaker 1: now what DO i need to put away?
Speaker 3: Now and where to put myself in that?
Speaker 1: Position BECAUSE i THINK i make enough to do that quite,
Speaker 1: HONESTLY i just don't know what to do with.
Speaker 5: It, yeah so the order at which you withdraw from
Speaker 5: your accounts is really important. Too when you. Retire how
Speaker 5: old did you say you wanted to retire? At what
Speaker 5: was your ideal, Age, TIFFANY.
Speaker 1: I would SAY i would like to be financially by,
Speaker 1: fifty not THAT i would pull off my retirement. Account,
Speaker 1: yeah whatever the investment, account it's enough to yield, me
Speaker 1: to yield my. HUSBAND i collective one hundred thousand. Dollars
Speaker 1: you're knowing the house is paid, off you don't have
Speaker 1: any like you, know we don't have really any much
Speaker 1: overhead as far as like, bills you, know but that's
Speaker 1: more than enough to sustain us.
Speaker 5: Both, yeah so let's just stick with a round number like.
Speaker 5: That you're saying it's one hundred thousand dollars that you're
Speaker 5: going to be spending basically for your lifestyle. Costs and
Speaker 5: let's just assume between you and your husband you're working
Speaker 5: part time AS i don't, know a, LIBRARIAN.
Speaker 3: I don't.
Speaker 5: Know that's my retirement dream is to accumulate so much
Speaker 5: money WHERE i can.
Speaker 3: Just be a. Librarian, oh that's like, that.
Speaker 5: Or be a professor part time or, whatever just to
Speaker 5: get the health benefits and get out of the. House but,
Speaker 5: anyways so you, know twenty five thousand dollars from your library,
Speaker 5: job and he's making another twenty five, thousands so fifty
Speaker 5: thousand dollars total from CHECK w two income for. Example
Speaker 5: so where are you going to generate that extra fifty
Speaker 5: thousand dollars right from your investment? Portfolio, well, fifty you're
Speaker 5: still too young to withdraw from your, accounts your retirement
Speaker 5: accounts without any penalties or additional. Taxes so that's where
Speaker 5: your investment account comes. In and that's WHAT i mean
Speaker 5: earlier WHEN i said the order in which you pull
Speaker 5: from your accounts to supplement that one hundred thousand dollars
Speaker 5: lifestyle you're trying to achieve is really. Important so you
Speaker 5: got to figure out what DO i need to invest
Speaker 5: in that will yield me x amount of that would
Speaker 5: yield me fifty thousand dollars at that, point and then
Speaker 5: work backwards from.
Speaker 3: There, okay that's one of the things we.
Speaker 1: Brought we just bought an investment, property and we're thinking
Speaker 1: about getting a second because that would be one of
Speaker 1: that's one of our ideas of, like, okay, well if
Speaker 1: the rents from here yield US i don't, know two
Speaker 1: thousand dollars a, month we start to chip away at the.
Speaker 5: Goal, yeah well that's another twenty four thousand dollars right.
Speaker 5: There so now you just got to come up twenty
Speaker 5: five thousand dollars from your investment portfolio each.
Speaker 3: Year, okay that makes.
Speaker 5: Sense so investing, like you don't necessarily have to invest
Speaker 5: in the stock market if you. WANT i, mean another
Speaker 5: great source of income later on is in real. Estate
Speaker 5: if you have the additional side money to invest in
Speaker 5: that type of, VEHICLE i should say.
Speaker 2: Yeah sometimes it's the challenge is deciding what to invest in,
Speaker 2: first and like in what? Order AND i Was i've
Speaker 2: gone through you, know we get questions from readers all the,
Speaker 2: time AND i think one of the most common ones
Speaker 2: IS i have a little bit, SAVED i have some.
Speaker 2: DEBT i KNOW i need to be worrying about, Retirement
Speaker 2: but what comes? First is it my emergency? Fund is
Speaker 2: it my four oh ONE? K or you, know SHOULD
Speaker 2: i be paying off this? Debt AND i imagine a
Speaker 2: lot of your clients maybe are in the same, situation
Speaker 2: AND i wonder what your response typically is for.
Speaker 5: That, Yeah so first of, all there's different types of.
Speaker 5: Debt if you have student loan debt or credit card,
Speaker 5: debt definitely try to pay those off. Fast same thing
Speaker 5: with your, mortgage try to pay that. Off but with
Speaker 5: the mortgage it's a little bit different because that is
Speaker 5: money that you are investing in a home that has
Speaker 5: the potential to increase in value and has the potential
Speaker 5: to earn you back, money whereas those other types of
Speaker 5: debt like student loans and credit card that doesn't pay
Speaker 5: you back. Anything you're just putting paying another institution back
Speaker 5: for what you borrowed earlier. On there's no growth potential,
Speaker 5: there if that makes. Sense, so so investing in a
Speaker 5: home or having a, mortgage that's an investment type of
Speaker 5: debt or financing, DEBT i should, say, so, yeah they're
Speaker 5: pay off your debt as quickly as. Possible build an
Speaker 5: emergency fund because you never know when you're sol you,
Speaker 5: know and whatever you feel comfortable. With and TYPICALLY i,
Speaker 5: say it's not just x amount of your or percentage
Speaker 5: of your, income it's really what is your total debt
Speaker 5: payments each, month and what are your total fixed expenses each?
Speaker 5: Month and multiply that by three or, six depending on
Speaker 5: the level that you're comfortable. With USUALLY i encourage people
Speaker 5: to have between six and, twelve but if you, know
Speaker 5: three is a good. Number two three months worth of
Speaker 5: fixed expenses is WHAT i typically tell my clients to
Speaker 5: have as a. Cushion, mandy have you shared with your
Speaker 5: listeners how much you are comfortable with in any emergency?
Speaker 4: Fund quote.
Speaker 2: UNQUOTE i MEAN i was just thinking how many conversations
Speaker 2: you AND i have had about. THAT i, mean don't
Speaker 2: put my numbers out, There, Helen but.
Speaker 3: ALSO i want to, Know.
Speaker 2: Mandy BUT i, mean they're quickly depleting because of this home.
Speaker 2: Renovation but, No, helen definitely we've had these real talk.
Speaker 2: Conversations wheresu's had to tell, Me, mandy you're not poor
Speaker 2: and maybe you're saving too much in cash for your emergency.
Speaker 2: FUND i THINK i wanted like twelve. Months, yeah and then,
Speaker 2: yeah if you want to talk about that conversation that we,
Speaker 2: had because.
Speaker 1: Please preach to, Me, helen Because mandy AND i are,
Speaker 1: sisters soul. Sisters in hoarding, cash it doesn't make any.
Speaker 1: SENSE i look at my bank account and my husband's,
Speaker 1: like you, know you, know we don't live in a great,
Speaker 1: depression right you never.
Speaker 5: Know, yeah it's funny that we're having this investment, conversation
Speaker 5: but you guys hold on to your cash so.
Speaker 2: TIGHTLY i, MEAN i bought a, House. Helen come, On
Speaker 2: i'm making sure.
Speaker 4: That is investing.
Speaker 5: TOO i think sometimes, people you know you are investing
Speaker 5: in a risky asset, too because you're hoping that the
Speaker 5: value of your house will produce income in the future
Speaker 5: if you decide to move out of. It mandy or you,
Speaker 5: KNOW i really strongly believe that the home value is
Speaker 5: going to increase once you renovated and all, that and
Speaker 5: where you live and.
Speaker 2: Everything BUT i, mean you were the first PERSON i
Speaker 2: called when we were buying the house just to like
Speaker 2: talk me off the. LEDGE i was, LIKE i know
Speaker 2: it sounds right on, paper but what Is helen have to?
Speaker 2: Say And you're, LIKE i don't think this is part
Speaker 2: of my regular monthly check. In but, No, yeah it's it's.
Speaker 2: Scary even though you think intellectually you know it's important
Speaker 2: to diversify your, assets it's, still you, know buying a
Speaker 2: house investing in the, market things can go.
Speaker 3: Wrong do you think it's like?
Speaker 1: Humanity it was because of the. Recession is that why you?
Speaker 1: THINK i know't for, me that's where my fear came.
Speaker 2: From oh, YEAH i mean buying a. HOUSE i also
Speaker 2: feel like the market is really hot right, now like,
Speaker 2: Homeownership like the prices are going, up inventory for homes is.
Speaker 2: Low i'm buying in an expensive. MARKET i just really
Speaker 2: didn't want to make the kind of decision that would
Speaker 2: haunt me later down the. Road so for, me it
Speaker 2: was important to put down at LEAST i put down
Speaker 2: a good chunk of my savings for the down payment
Speaker 2: and make sure that we were at least going to
Speaker 2: be not underwater on the, home and did some research
Speaker 2: into how our neighborhood performed after the recession and where
Speaker 2: the media and market price was to make sure we weren't.
Speaker 2: Overpaying but those, things for me as an, investor are.
Speaker 2: Important the facts are, Important AND i like What. HELEN
Speaker 2: i feel like you do a good job of like
Speaker 2: walking me through the facts versus just saying buy a
Speaker 2: house Or AND i think if, you if you're listening
Speaker 2: and you're thinking about a financial, planner find one who
Speaker 2: doesn't just tell, you, well you just do you should
Speaker 2: do this or put your money, here like find one
Speaker 2: who actually explains the why behind the decisions in the
Speaker 2: in the in the.
Speaker 5: Recommendations, YEAH i mean fifty thousand dollars and the bank
Speaker 5: account is a lot in. CASH i had a, client
Speaker 5: a new client, today come. In she has nine hundred
Speaker 5: and eighty thousand dollars sitting in A Morgan stanley account
Speaker 5: for the last five years.
Speaker 2: Kind of account just like.
Speaker 5: Savings, no it's an investment, account but it's just been
Speaker 5: sitting in, cash.
Speaker 4: Uninvested like, What, Yes.
Speaker 3: So it sounds like. That Why i'm not Too i'm
Speaker 3: not gonna.
Speaker 1: Lie i'm not too Far i'm not too far away Like,
Speaker 1: HELEN i was so. BAD i actually bought my house
Speaker 1: in cash BECAUSE i had so much money.
Speaker 3: Left, YEAH i.
Speaker 1: DON'T i feel it's just this fear of like IF
Speaker 1: i IF i don't see, it IF i can't hold,
Speaker 1: you where you're gonna?
Speaker 3: GO i get.
Speaker 5: It it's it's it's you buy a house because it's,
Speaker 5: tangible you can touch, it you can you can rub
Speaker 5: yourself all. Over, yes but whereas like an investment, Account,
Speaker 5: Oh i'm gonna hit, by and then it just sits
Speaker 5: There like that's not, sexy you, know like you kind
Speaker 5: of forget about. It AND i feel like with this
Speaker 5: client who came, in she had no idea what to
Speaker 5: do with, it so so now she is it's just
Speaker 5: been sitting there for the last five. Years she came
Speaker 5: in and showed me the. STATEMENT i, said out of
Speaker 5: nine hundred thousand, dollars you only made thirty three hundred
Speaker 5: dollars in this account last.
Speaker 2: Year are you kidding?
Speaker 3: Me?
Speaker 2: Yeah, OKAY i feel better about my life by the
Speaker 2: TIME i get. THERE I i, MEAN i WISH i
Speaker 2: had that, problem BUT i.
Speaker 1: Don't, No but, honestly it's this is good, though BECAUSE i, think,
Speaker 1: UH i think some, people you, know they think they'll
Speaker 1: never get to a place where they can, invest so
Speaker 1: they don't mentally prepare For like, okay because you you,
Speaker 1: know if you really work toward down your, debt you'll
Speaker 1: you'll be in a position where you can invest past your.
Speaker 1: Retirement and what does that look? Like so what are
Speaker 1: some things that people can start like mentally preparing for
Speaker 1: or planning for or is there a book they can start,
Speaker 1: reading or is there a person they need to sit
Speaker 1: down with to prepare for that.
Speaker 5: DAY i, mean just WHAT i always tell people is
Speaker 5: just think about do you guys remember how much the
Speaker 5: cost of stamps or gas was like ten twelve years,
Speaker 5: ago you, know or.
Speaker 2: Back in your?
Speaker 5: Childhood do you remember how much stamps? COST i remember
Speaker 5: today gallon WHEN i was.
Speaker 3: Six, yeah it was.
Speaker 1: CRAZY i had the license and that was like everybody
Speaker 1: had five water like, GIRL i?
Speaker 5: Gotcha, Yeah and do you remember one gas was actually five?
Speaker 5: Dollars it was more than. Milk that wasn't too long.
Speaker 5: Ago SO i tell, People, okay your money is sitting in.
Speaker 5: Cash guess what You're what you're not realizing is the
Speaker 5: two and a half three percent of inflation that occurs
Speaker 5: on average historically eating that. Up so if you're money
Speaker 5: is just sitting there in cash at point one, percent
Speaker 5: you're losing money every.
Speaker 2: DAY i, mean we at least got that online savings
Speaker 2: account on floor the high interest with the high, entry
Speaker 2: we're baxing out our online. Savings but, YEAH i it's
Speaker 2: definitely time for both of us to well tif you
Speaker 2: have a brokerage, ACCOUNT i think well tips like Next
Speaker 2: level she. Has you, know she's a budgeonese to she's selling,
Speaker 2: out selling out and retreats And morocco and stuff in
Speaker 2: the real. World the rest of us just have some
Speaker 2: pennies to throw. Around, no but so let's. TALK i,
Speaker 2: MEAN i feel like that the. Acts there's so many
Speaker 2: like platforms now trying to target, millennials like or not just,
Speaker 2: millennials but people who were at this stage and want
Speaker 2: to start investing outside of. There for ONE, k there's
Speaker 2: never been more options Like, Acorns, Betterment Wealth, front digit
Speaker 2: was that. Investing i'm not really sure Robin. Hood so
Speaker 2: can we talk about like robo advisors and these accessible
Speaker 2: investment platforms and when they're good idea maybe when they're
Speaker 2: not a good? Idea do you have an opinion on
Speaker 2: these easy access robo advisory?
Speaker 5: Firms, yes of COURSE i have an.
Speaker 2: OPINION i, mean it's a safe. Space we don't have
Speaker 2: any sponsorships with, them don't, Worry.
Speaker 5: Okay so it really depends on how involved you want to.
Speaker 5: Be if you are hands off and you're, like you,
Speaker 5: KNOW i want to get into, investing BUT i really
Speaker 5: don't care or have the time to sit pick and
Speaker 5: choose and read the perspectives or look up what ETFs
Speaker 5: i'm interested. In go to those cheap robo advisors who you,
Speaker 5: know charge like zero point two five percent to manage
Speaker 5: your investment portfolio or your retirement. Accounts so you open
Speaker 5: UP i think At, betterment you can open up a
Speaker 5: roth ira there put you, know your four hundred bucks
Speaker 5: in there each, month and it automatically invests for you
Speaker 5: in AN etf. Portfolio so if you are looking for
Speaker 5: something cheap and effish and hands, off that would be
Speaker 5: the way to.
Speaker 4: Go if you want to be.
Speaker 5: More hands on and pick and choose, stocks you, know
Speaker 5: go with the discount brokerage firm Like tedium Or trade
Speaker 5: or A schwab or A. Fidelity they just charge you
Speaker 5: like seven ninety nine or four ninety nine per. Transaction
Speaker 5: and if you really want to get sexy with, it
Speaker 5: WHICH i you, know don't really recommend because it's very,
Speaker 5: expensive is to go to the more traditional wire houses
Speaker 5: or brokerage firms Like Morgan stanley or what is It Merrill.
Speaker 5: LYNCH i mean they'll charge you a commission based on
Speaker 5: the amount of shares you. Buy so if you're really
Speaker 5: looking to save, MONEY i would go the discount brokerage,
Speaker 5: route or if you want to be completely hands, off
Speaker 5: the robo advisors are the way to. Go, now my
Speaker 5: own the only caveat with the robo advisors you can't
Speaker 5: buy individual stocks in. There so if you want to
Speaker 5: keep everything in house and, consolidated you, know you can't
Speaker 5: hit purchase a single share Of amazon in those types
Speaker 5: of accounts with you, know platforms like Better men or
Speaker 5: elevest or the last TIME i, checked at least you
Speaker 5: weren't able to do. That you're just pretty much pre
Speaker 5: set to.
Speaker 3: A certain.
Speaker 5: Portfolio say you wanted to retire AT i don't, know
Speaker 5: twenty years from. Now to put you into a portfolio like,
Speaker 5: that it's similar to that target date Fund mandy that
Speaker 5: you were mentioning. Earlier you just kind of set it
Speaker 5: and forget it.
Speaker 2: Now the maximum you can contribute to AN, ira so
Speaker 2: if you're opening another retirement account outside of your four ONE,
Speaker 2: k that's fifty five hundred a. Year, Right but we're
Speaker 2: talking about like a brokerage account where there's not a
Speaker 2: limit on how much you can save each, year, right.
Speaker 5: Yeah, Correct, Yes so we call that just a regular
Speaker 5: investment account or retail account or brokerage. Account those are
Speaker 5: all it's the same freakin'.
Speaker 2: Account would you, recommend, well would you? RECOMMEND i hope not,
Speaker 2: Me but, generally if you're if you haven't open to
Speaker 2: iray outside of your four ONE, k do you make
Speaker 2: that your first stop and then think about the discount
Speaker 2: brokerage after you've put your fifty five hundred away for the,
Speaker 2: year or do you do both at the same.
Speaker 5: Time, Yeah so those brokerage houses that that you're talking,
Speaker 5: about like where you open the account In in our,
Speaker 5: language we call them, custodians like all of those platforms
Speaker 5: THAT i just mentioned or that we just. Mentioned you
Speaker 5: can open up a roth, ira TRADITIONAL ira or investment
Speaker 5: account in any of those. Places so the type of, Account,
Speaker 5: yeah you can open up say a betterment wroth. Ira
Speaker 5: but if you, want if you've maxed out your four
Speaker 5: to ONE k, already the next step if you're looking
Speaker 5: for more tax advantage accounts to you, know not pay
Speaker 5: any taxes later on or defer more this, year open
Speaker 5: up a rath or TRADITIONAL ira for, sure at any
Speaker 5: of those brokerages we just. Mentioned and then after, that
Speaker 5: once you max out, that then open up and invest an.
Speaker 3: Account so you can do. Both you can have a
Speaker 3: four to ONE k and a traditional. Ira, Correct, Okay, YEAH.
Speaker 2: I Think that's Where i'm heading next is just to
Speaker 2: open Up, Actually, helen you, know we opened up A
Speaker 2: VANGUARD ira and then just like didn't do anything with
Speaker 2: it BECAUSE i got cold. FEET i don't know, Why
Speaker 2: i'm crazy.
Speaker 1: FUNNY i was looking, heavily quite honestly Into vanguard as,
Speaker 1: well BECAUSE i just read, LIKE i like kind of
Speaker 1: like the philosophy of the company that, like you know
Speaker 1: that THE i guess it's the profits go right back
Speaker 1: and it's not like they have investors except for the
Speaker 1: people who are actually purchasing the mutual funds or, ets
Speaker 1: AND i kind of like, that and that they're not heavy.
Speaker 3: Salespeople that's SOMETHING i.
Speaker 1: READ i don't know if that's, true but you, know
Speaker 1: you're not going to be like upsold to these things
Speaker 1: that you don't kind of. Need because even for, me
Speaker 1: LIKE i want one of the one of my goals
Speaker 1: for next year is to offer like a retirement benefit
Speaker 1: to the people that work for my. Company and So
Speaker 1: i've been like weighing companies And vanguard has been like
Speaker 1: really coming up on. Top so, yeah so it's good
Speaker 1: to know that that's a company that's you, know it's it's,
Speaker 1: LIKE i, MEAN i guess no company is, perfect but
Speaker 1: it's definitely What i've been looking heavily.
Speaker 3: Into it's.
Speaker 4: There they're not.
Speaker 5: BAD i MEAN i PERSONALLY i Use Tdomerior trade for
Speaker 5: myself and for my. Clients and you can actually Buy
Speaker 5: vanguard ETFs or mutual funds within other brokerage. Accounts so
Speaker 5: maybe you have like A schwab, account a wroth Iray shrab,
Speaker 5: account or A schwab investment, account you can Buy vanguard
Speaker 5: funds in.
Speaker 3: Them you know. THAT i didn't know.
Speaker 2: That, Okay, yeah.
Speaker 5: You don't necessarily have to use open up A vanguard
Speaker 5: Wroth ira to purchase their mutual. Funds so it's a,
Speaker 5: like you, know pick a platform and, say, hey you
Speaker 5: know WHAT i really Like Tdomerror trades customer service and
Speaker 5: just keep everything in house for easy management of all
Speaker 5: your accounts and not have a zillion different accounts at
Speaker 5: a zillion.
Speaker 2: Custodians and can you do individual stocks at these big
Speaker 2: brokerages Like VANGUARD Tv, okay, YEAH i Think.
Speaker 5: Vandguard i'm not sure about Tdmor Trade shrub for. Sure, Fidelity,
Speaker 5: yeah you're able To fidelity, yep for. Sure.
Speaker 2: YEAH i think that's WHERE i get stuck a little
Speaker 2: bit BECAUSE i have The Robin. HOOD i THINK i
Speaker 2: have some Dormant acorns account. SOMEWHERE i don't like having
Speaker 2: these OTHER i don't like having the accounts kind of spread.
Speaker 2: OUT i would like to have them in. House. Yeah
Speaker 2: so that's something to, consider is finding a brokerage firm
Speaker 2: that maybe gives you the ability to do a little
Speaker 2: bit of. Everything.
Speaker 5: YEAH i, mean you don't want to have too many
Speaker 5: investment accounts or irays floating around out. There first of,
Speaker 5: all THE irs looks at your even if you have
Speaker 5: one hundred different wroth irays at one hundred different, firms
Speaker 5: you can only put in fifty five hundred. Total THE
Speaker 5: irs looks at all of your one Hundred wroth irays
Speaker 5: as one. Account so you can't be, like, Oh i'm
Speaker 5: going to open A vanguard roth and put fifty five hundred,
Speaker 5: there put another fifty five hundred in THE Td Marrior trade.
Speaker 5: Wroth like it doesn't work that. Way undred total.
Speaker 3: Here.
Speaker 2: Yeah, yeah don't don't try and game THE i arrest.
Speaker 3: Now. Yeah, no, no, no, no, no, no, no.
Speaker 2: This is not what we're saying to.
Speaker 1: DO i, mean that's a Good it's like a sixteen
Speaker 1: year old, girlfriend, Right they're, like, oh, no, no, NO
Speaker 1: i know all the chicks to.
Speaker 3: TRADE i will do my. RESEARCH i will find you, well,
Speaker 3: yeah you can't do.
Speaker 2: THAT i don't want to get too like deep into,
Speaker 2: it but taxes are something to talk about when you're
Speaker 2: talking about, investing AND i, mean what's like a NICE
Speaker 2: i don't know how to even gently broach this, subject
Speaker 2: but it's something That i've had to think about more
Speaker 2: as my taxes and you, know AS i start investing
Speaker 2: DO i need to DO i need like A cpa
Speaker 2: who is experienced with investments and can help, me you,
Speaker 2: know limit my tax my tax. Liability how does you
Speaker 2: know what sorts of things should we be thinking about
Speaker 2: when we start investing outside the four to one k.
Speaker 5: CPAs keep in mind that they're not necessarily savvy on
Speaker 5: the retirement planning. Rules i've found that very few of
Speaker 5: them actually know the retirement tax planning side of it
Speaker 5: in terms of whether or.
Speaker 2: Not you can.
Speaker 5: Deduct you, Know i've had several cases where clients actually
Speaker 5: weren't even allowed to put money into their roth iray
Speaker 5: because their income was so high and we had to
Speaker 5: withdraw the money or file a correction because you get
Speaker 5: penalized six percent if you overcontribute to your. IRAS i
Speaker 5: don't know if you guys are aware of that or
Speaker 5: the audience. Members if you put too, much even if
Speaker 5: it's a, dollar guess what you're going to pay six
Speaker 5: percent on that?
Speaker 2: Dollar starting getting worried about that last year is oversaving
Speaker 2: on my four?
Speaker 3: One?
Speaker 5: Okay, yeah so you just have to file a bunch
Speaker 5: of paperwork to correct that contribution and withdraw. It and
Speaker 5: then and then guess what even if you made say
Speaker 5: you're you put in one hundred, bucks over contributed a
Speaker 5: one hundred bucks and that one hundred dollars grew to
Speaker 5: five hundred. Dollars sketch where you're gonna have to pay
Speaker 5: taxes on the games that occurred within that account and
Speaker 5: what you withdraw. Too, so so be careful about your
Speaker 5: income level when when you contribute to a ROTH, ira
Speaker 5: because not everybody qualifies to put money into. It and
Speaker 5: we can get into more sexy tax planning strategies and
Speaker 5: do back doing the back door roth but.
Speaker 2: You, know, well so it's just something to, consider like
Speaker 2: so when you're when you're hiring, it SO i know
Speaker 2: THAT i work with, You, helen and just to be,
Speaker 2: transparent Like, helen we meet like twice a year, regular you,
Speaker 2: know with, you we were meeting once a month the
Speaker 2: year that we were getting married and kind of joining our.
Speaker 2: Finances you were kind of our financial therapist for that,
Speaker 2: year and now we're doing. Biannual but you, know my
Speaker 2: tax prepairer has always been. Separate but so it would
Speaker 2: be sort of finding a new tax accountant or a
Speaker 2: tax preparer who has what kind of, Background like what
Speaker 2: SHOULD i be looking? For and Also i'm going to
Speaker 2: run and by you just so you, can, yeah let me.
Speaker 5: KNOW i usually like to read their tax filings or
Speaker 5: your tax filings and see how they've been doing. It you,
Speaker 5: know try to look for A cpa somebody with that
Speaker 5: designation because they in their exam they have encountered the
Speaker 5: retirement rules or the retirement saving. Rules but it's but you,
Speaker 5: know just because somebody has THE cpa, designation be careful
Speaker 5: about their background because some of them are corporate CPAs
Speaker 5: who just left the corporate world and now they're doing personal,
Speaker 5: taxes which is a completely different. Thing so be. Careful
Speaker 5: just because they HAVE cpa doesn't mean that they've ever
Speaker 5: filed any individual taxes for couples or for single people with.
Speaker 5: Businesses so WHAT i would really recommend is is when
Speaker 5: you vet out, CPAs particularly ask them how long they've
Speaker 5: been doing it and what type of taxes they have
Speaker 5: been filing for the last five years at least five
Speaker 5: years of filing personal taxes to WHAT i look.
Speaker 3: For, Okay and.
Speaker 1: It's always good to have both people talk to each,
Speaker 1: other like my MY, cpa my, accountant and my financial.
Speaker 1: Advisor like during like at least twice a, year the
Speaker 1: three of us will kind of get on the phone
Speaker 1: because there are things That i'm, like, Like carlos will be, Like,
Speaker 1: tiffany you did not tell me That i'm, like WAS
Speaker 1: i supposed?
Speaker 3: To?
Speaker 1: Like for, EXAMPLE i, WAS i was contributing to a
Speaker 1: sept but AND i. DIDN'T i didn't Tell, carlos my,
Speaker 1: accountant that he KNEW i was contributing to a retirement,
Speaker 1: account but he.
Speaker 3: Didn't know that it was a.
Speaker 1: Set but THEN i switched from like AN llc to an,
Speaker 1: escorp which meant that was no longer self, employed SO i.
Speaker 1: COULDN'T i was not supposed to be contributing to a
Speaker 1: self employment retirement. ACCOUNT i was supposed to then switch
Speaker 1: over to, something BUT i didn't, know and so he was,
Speaker 1: like so even now we're kind of taking our way
Speaker 1: out of like a. TIFFY i was, LIKE i didn't
Speaker 1: do so NOW i now my financial. People it's important
Speaker 1: that they're willing and open to speak to each other
Speaker 1: because there are Things i'm going to leave.
Speaker 5: Out, yes, yes and be very worry of those who
Speaker 5: try to do everything in, house because filing taxes and doing,
Speaker 5: accounting especially for, businesses that's like a full more than
Speaker 5: a full time job in. Itself and then they're, like, oh,
Speaker 5: yeah we also do investment. Planning i'm, like give me a, break,
Speaker 5: dude there's no. Way so like for, ME i just
Speaker 5: do straight financial planning and help with the investments and
Speaker 5: choosing the investments and building clients. Portfolios BUT i don't
Speaker 5: touch any of the. Taxes i'm able to read it
Speaker 5: and understand it and talk to the tax ADVISOR cpa
Speaker 5: intelligently and make him or her aware of my client's,
Speaker 5: transactions because they'll call and, say, hey what type of
Speaker 5: retirement business retirement account do you have set? Up like
Speaker 5: how did she move money? Around you? Know can you
Speaker 5: send me the ten ninety nine's for her retirement? Accounts
Speaker 5: or how much she contributed to, it which is a
Speaker 5: completely different form, too so so it would be like
Speaker 5: it would be good if you had both working in
Speaker 5: tandem with each other and they actually like each.
Speaker 2: Other that's important. Too oh this has been so. HELPFUL
Speaker 2: i Think i'm finally going to get off my ass
Speaker 2: and get this stuff. Together.
Speaker 3: Helen stop sitting on that.
Speaker 5: CASH i know even if you if you're let's just,
Speaker 5: say your emergency savings is like one hundred thousand, Dollars
Speaker 5: like why are you going to write a hundred thousand
Speaker 5: dollars check for?
Speaker 2: Anything and you're real well like buy Aw, hellen right, Now,
Speaker 2: ellen for this. Renovation But i've read, Renovation, Helen i'm
Speaker 2: Gonna i'm going to start small and then start. Easing,
Speaker 2: well first we've got to rebuild the savings that we're.
Speaker 2: Spending AND i think that you've been good about helping me. Realize,
Speaker 2: okay you're going to spend it, now but do the
Speaker 2: math and find out how long it will take you
Speaker 2: to replenish your, Savings like it actually won't take you this,
Speaker 2: Long it'll take you you, know this many. Months so
Speaker 2: that's the next. Step AND i think, definitely like early
Speaker 2: next year we can hopefully be a little bit recovered
Speaker 2: and able to start investing into into twenty. Nineteen yeah sounds.
Speaker 3: Good thank, You.
Speaker 4: Helen, yeah any other?
Speaker 2: QUESTIONS i love talking. Money Do we're gonna have to
Speaker 2: do more investing. SHOWS i know we're gonna get a
Speaker 2: flood of questions after this, episode a. Flood and if
Speaker 2: you guys have sent investing questions and we've ignored them
Speaker 2: because we ain't we already, experts please resend. Them you
Speaker 2: can hit us up At Brown Ambition podcast at gmail
Speaker 2: dot com or, yep or go To Brown ambition podcast
Speaker 2: dot com and hit the ask us anything tap for your.
Speaker 2: Questions maybe we'll Have helen back on the, show gets
Speaker 2: full free. Advice, yes thank you so much for coming
Speaker 2: on the.
Speaker 3: Show, yeah so so, helpful thank.
Speaker 2: You, yeah, anytime