WEBVTT - How to Start Investing Beyond Your 401(k) 0:00:16.440 --> 0:00:25.560 Hey, hey, hey, how do I sound Mandra struggle bus? 0:00:25.600 --> 0:00:28.880 That's how you sound a little bit of the struggle bus. 0:00:28.920 --> 0:00:29.520 How are you? 0:00:30.480 --> 0:00:32.880 For those who don't recognize, this is Tiffany. 0:00:33.560 --> 0:00:37.760 This is Mandy, and this is brown and ysician. 0:00:39.360 --> 0:00:42.080 I know, honestly, So every year I usually have one 0:00:42.159 --> 0:00:44.800 really bad cold and it typically takes my voice. 0:00:44.560 --> 0:00:47.199 And this is that time. I got back yesterday. But 0:00:47.240 --> 0:00:50.239 it's clearly not fully in. So you know, here we are. 0:00:50.720 --> 0:00:53.400 I was like, we're back from vacation. We're gonna like 0:00:53.600 --> 0:00:55.840 sound like we have a new lease on life. 0:00:56.840 --> 0:00:59.280 And here I'm sounding like you know, the frog Prince 0:00:59.320 --> 0:01:03.720 and I Now, honestly, I don't feel bad, which is good. 0:01:03.880 --> 0:01:07.880 It's just that I just sound crazy and so I mean, 0:01:07.959 --> 0:01:10.520 it's just it's the last leg of this cold. So 0:01:10.760 --> 0:01:13.560 you know, if you guys can bear with me. How 0:01:13.600 --> 0:01:15.479 was your weekend or how was your your time away? 0:01:16.040 --> 0:01:20.880 Oh? I didn't actually go anywhere, that's funny. I did 0:01:20.920 --> 0:01:23.319 book a vacation, a kind of. I booked a flight. 0:01:23.400 --> 0:01:25.959 That's something, right. I haven't actually planned we know where 0:01:25.959 --> 0:01:31.160 we're going, we just haven't planned anything like lodging or activities. 0:01:31.200 --> 0:01:33.199 But like it's nice to know that I booked something. 0:01:34.440 --> 0:01:36.320 Do you mind sharing? Where are you guys going? 0:01:36.480 --> 0:01:38.959 We're going to do a little road trip from Seattle. 0:01:39.160 --> 0:01:41.640 I have a friend in Seattle who lives there, and 0:01:41.800 --> 0:01:43.280 we're going to do a road trip from Seattle and 0:01:43.319 --> 0:01:45.040 I want to see the rainforest and then we're going 0:01:45.120 --> 0:01:48.120 to go to Vancouver, like the British Islands. I've heard 0:01:48.120 --> 0:01:49.160 it's really nice up there. 0:01:49.800 --> 0:01:53.640 Ooh, that's nice. It's like you ever watch like Anne 0:01:53.640 --> 0:01:54.800 of green Gables. 0:01:55.400 --> 0:01:57.040 I never watched it, but I read the books when 0:01:57.040 --> 0:01:57.600 I was little. 0:01:58.480 --> 0:02:00.200 Yeah, I forget what like that. I don't know if 0:02:00.240 --> 0:02:00.720 that's the same. 0:02:00.800 --> 0:02:03.080 I'm probably like people who are probably Canadian are like, 0:02:03.080 --> 0:02:05.240 oh god, girl, no that's not like the same. 0:02:05.480 --> 0:02:08.400 But anyway, Canadian, Yeah it was. 0:02:08.480 --> 0:02:11.680 It was taped in some place in Canada that was 0:02:11.720 --> 0:02:14.760 really pretty, and I remember this travel group that was 0:02:14.760 --> 0:02:16.120 a part of There was a woman who lived in 0:02:16.160 --> 0:02:18.000 that kind of area and she was like, oh, you 0:02:18.000 --> 0:02:19.519 should come one day, it's really beautiful. 0:02:19.639 --> 0:02:22.320 So well, maybe I'll do the and New green Gables tour. 0:02:24.680 --> 0:02:27.560 If you guys know anything to do in Vancouver or 0:02:27.600 --> 0:02:29.919 in Seattle, let me know, because I honestly have a 0:02:30.040 --> 0:02:33.280 zero time to plan other than I bought the flights. 0:02:33.120 --> 0:02:35.079 But I just heard it's really pretty, So that's I've 0:02:35.080 --> 0:02:36.360 never been to Seattle before. 0:02:37.400 --> 0:02:39.480 Other things have been so the reason I haven't really 0:02:39.560 --> 0:02:41.520 been able to go anywhere it is like work's been crazy. 0:02:41.600 --> 0:02:44.959 But we finally finally were able to start. 0:02:44.760 --> 0:02:48.240 On I saw, I saw. I was like, lucky you. 0:02:48.480 --> 0:02:50.600 Actually I was gonna I'm have to hit you up. 0:02:50.720 --> 0:02:54.160 Like so I got my contract from finally we picked 0:02:54.160 --> 0:02:56.320 the contractor and we got the contract, but I'm like, 0:02:56.360 --> 0:02:58.760 I wanted to make sure were there any components that 0:02:58.800 --> 0:03:00.520 I should really look out for in our contract? We 0:03:00.560 --> 0:03:02.880 literally just got it this morning so we could talk 0:03:02.919 --> 0:03:04.480 offline about that. But I was like, ooh, let me 0:03:04.480 --> 0:03:06.720 ask Andy if there's some key things I should know. 0:03:07.480 --> 0:03:09.880 Yeah, our I love our contractor. I mean, knock on 0:03:09.919 --> 0:03:11.720 what it's only been like a week, not even a 0:03:11.720 --> 0:03:13.400 full week. I don't think since they start. I think 0:03:13.400 --> 0:03:18.400 it's a week tomorrow. But he's been super communicative and 0:03:18.600 --> 0:03:20.760 I think he's He's the kind of person I wouldn't 0:03:20.760 --> 0:03:22.120 mind getting bad news from. 0:03:22.520 --> 0:03:23.760 Okay, but I don't know. 0:03:23.800 --> 0:03:25.640 It was like the month it took us to get 0:03:25.680 --> 0:03:28.239 the permit approved. It was like do it. It was nothing 0:03:28.240 --> 0:03:30.960 happening for so long, and I was so frustrated. And 0:03:31.000 --> 0:03:33.040 then the day after Labor Day, we get a text 0:03:33.080 --> 0:03:35.720 from Javier, our contractor, and he's like, you guys ready, 0:03:36.000 --> 0:03:37.560 and I was like yes, and he said how soon 0:03:37.600 --> 0:03:39.720 can you be out? And we were like tonight. And 0:03:39.720 --> 0:03:41.880 then all of a sudden, I went from living in 0:03:41.880 --> 0:03:45.320 a house, you know, like being in the suburbs, to 0:03:45.520 --> 0:03:49.240 back moving in with my mother in law in Upper 0:03:49.320 --> 0:03:52.240 Manhattan and back on the subway and moving in a 0:03:52.240 --> 0:03:54.720 new office. And then next thing I know, the house 0:03:54.800 --> 0:03:57.440 is like being blown apart and our yard is being 0:03:57.520 --> 0:03:59.960 dug up, and it just all happened so fast. 0:04:00.360 --> 0:04:00.720 I know. 0:04:00.920 --> 0:04:03.040 That's what I've heard, like honestly that like once she 0:04:03.080 --> 0:04:06.000 gets started, it's like, so I'm excited about like we're 0:04:06.040 --> 0:04:08.560 supposed to start. I mean, we're going to apply for 0:04:08.600 --> 0:04:11.160 permits now, but we would start like I think like 0:04:11.200 --> 0:04:12.200 October fifteenth. 0:04:12.200 --> 0:04:14.480 That's like cause he's projecting, because same. 0:04:14.280 --> 0:04:17.720 Thing, we have to wait for permits. But I'm just excited. 0:04:17.760 --> 0:04:19.520 I mean, I was hoping to be in there by Christmas. 0:04:19.560 --> 0:04:21.760 At this point, I'm just can't wait to be in there. 0:04:22.120 --> 0:04:23.640 But on good news. 0:04:23.640 --> 0:04:25.159 Like, I don't know if you saw that I have 0:04:25.240 --> 0:04:28.000 this trip going to Morocco for next year. 0:04:28.440 --> 0:04:30.280 I think that was the last thing we talked about 0:04:30.279 --> 0:04:32.960 on our last show. You talked about planning that trip. Yeah. 0:04:33.120 --> 0:04:34.760 Yeah, well I'm not planning anything. 0:04:34.960 --> 0:04:36.599 I'm sorry, you know what I mean. 0:04:36.960 --> 0:04:39.200 Yeah, but it sold out. I couldn't believe it. I'm like, 0:04:39.240 --> 0:04:41.360 people really want to go to Morocco to come see me. 0:04:41.960 --> 0:04:43.680 I mean, we put it up a week and I say, 0:04:43.760 --> 0:04:47.000 look the company, the runway experience. I said, I'm going 0:04:47.040 --> 0:04:50.080 to be honest. I mean, it sounds like an awesome idea. 0:04:50.160 --> 0:04:52.880 I've been to Morocco before for my birthday one year 0:04:53.320 --> 0:04:56.080 and it's amazing. But I don't really see people going 0:04:56.120 --> 0:04:58.479 to come to Morocco talk about money with me. 0:04:58.960 --> 0:05:00.800 But if y'all want to do it, hey, I'm down. 0:05:01.800 --> 0:05:04.160 And a week later we sold out, So I'm super 0:05:04.200 --> 0:05:09.040 excited about forty people and so I know, so I'm excited, 0:05:09.480 --> 0:05:11.640 and you know, if this goes well, which I'm sure 0:05:11.640 --> 0:05:13.800 it will, I'd love to do something like this, like 0:05:13.839 --> 0:05:16.960 you know, once a year, once every other year, because like, 0:05:17.000 --> 0:05:18.120 who doesn't love to travel? 0:05:18.200 --> 0:05:20.400 And if y'all want to talk about money while traveling. 0:05:20.480 --> 0:05:21.080 I could do that. 0:05:21.480 --> 0:05:23.080 So I missed my chance. It's too late for me 0:05:23.120 --> 0:05:26.520 to sign up to go to Morocco legit. 0:05:26.560 --> 0:05:28.760 Some of my friends were like, but wait, why didn't 0:05:28.760 --> 0:05:30.919 you tell me? I'm like, I didn't. Who knew, girl, 0:05:30.960 --> 0:05:33.200 I didn't. I mean I don't want to go to 0:05:33.200 --> 0:05:34.360 Marco with myself. 0:05:34.480 --> 0:05:36.400 I mean not like that, but like I just I 0:05:36.480 --> 0:05:40.680 honestly thought, Okay, ten fifteen people somehow you know, might 0:05:40.720 --> 0:05:42.520 want to come, and you know, maybe in a month 0:05:42.600 --> 0:05:46.320 or so. But yeah, I'm just honestly I'm excited to 0:05:46.320 --> 0:05:48.680 see because it's this company, the Runway Experience has a 0:05:48.720 --> 0:05:55.120 really great reputation for hosting really amazing experiences and so 0:05:55.560 --> 0:05:57.800 it's a full week. So but that's what's exciting about 0:05:57.800 --> 0:06:01.440 it is that we'll get to really expel experience Morocco 0:06:01.600 --> 0:06:03.159 versus like, oh, there for a few days and you 0:06:03.200 --> 0:06:03.560 go home. 0:06:03.680 --> 0:06:09.080 You know, Yeah that sounds awesome. Yeah, congressmus International Speaker. 0:06:09.920 --> 0:06:10.520 Does this make me? 0:06:10.960 --> 0:06:12.800 I remember one time, like when I first started off, 0:06:13.080 --> 0:06:15.680 I was like trying to like claim the International Speaker r. Also, 0:06:16.080 --> 0:06:17.960 when I went to Nigeria to visit my cousins, I 0:06:18.040 --> 0:06:21.000 was like come sit for this this quick budgeting lesson 0:06:21.040 --> 0:06:22.839 so I can call myself an international speaker. 0:06:23.800 --> 0:06:26.120 I think this is legit. When you're selling out stadiums 0:06:26.120 --> 0:06:27.120 in Morocco. 0:06:27.160 --> 0:06:29.720 Your stadium that was, they are now stadiums. 0:06:29.680 --> 0:06:31.400 Stadium sized classrooms. 0:06:32.120 --> 0:06:37.600 Oh so well, on a not as fun note, why 0:06:37.600 --> 0:06:40.159 did I get like fussed out by this company because 0:06:40.240 --> 0:06:42.799 dream Catchers didn't want to buy their product or service? 0:06:44.000 --> 0:06:47.480 And this person basically said like dream Catchers didn't want 0:06:47.520 --> 0:06:50.159 better for themselves and didn't want to invest in themselves. 0:06:50.160 --> 0:06:51.840 And I'm reading it like. 0:06:51.880 --> 0:06:54.840 Wait, what can we say what company? It is? 0:06:55.240 --> 0:06:57.880 No, because we kind of both know the person. 0:06:57.680 --> 0:06:59.960 So oh, I know what you're talking about. 0:07:00.760 --> 0:07:03.000 Yeah, it was really bad. 0:07:03.279 --> 0:07:05.320 That was actually a surprised and you know, I really 0:07:05.320 --> 0:07:06.960 had to be like, you know what, I can understand 0:07:06.960 --> 0:07:09.520 the frustration of your wanting. Obviously, everybody wants to run 0:07:09.560 --> 0:07:11.000 a business and you want to be successful. 0:07:11.040 --> 0:07:13.600 But I did a little digger deeping because at first 0:07:13.640 --> 0:07:14.400 I was really mad. 0:07:14.920 --> 0:07:17.120 But I did a little digging, and you know, I 0:07:17.160 --> 0:07:21.200 reached out to some folks who experienced, you know, the company, 0:07:21.240 --> 0:07:22.800 and they were like, it wasn't bad, but it was 0:07:22.880 --> 0:07:26.320 just that I didn't get anything in order to take 0:07:26.320 --> 0:07:29.239 the leap to purchase because I was thinking to myself, 0:07:29.280 --> 0:07:31.840 you know, there was some some gross blanket statements like 0:07:32.200 --> 0:07:33.920 they didn't want to invest in themselves. 0:07:33.560 --> 0:07:35.800 And I'm like, well, that's just not true. 0:07:35.960 --> 0:07:38.560 I mean, I mean, you know firsthand when I you know, 0:07:38.600 --> 0:07:41.600 when it was just Magnify money, but that you. 0:07:41.560 --> 0:07:44.160 Know that they purchased products and services all the time. 0:07:44.560 --> 0:07:47.520 But I've kind of to me the rule of thumb 0:07:47.920 --> 0:07:50.800 for myself, and what I kind of teach them is 0:07:50.840 --> 0:07:53.480 that look for a company that's looking to invest in 0:07:53.520 --> 0:07:55.960 you before you invest in them, meaning like you know, 0:07:56.560 --> 0:07:58.880 like am I learning something? Is there is there an 0:07:59.000 --> 0:08:03.200 educational component versus me just buying, you know, And so 0:08:03.360 --> 0:08:05.840 I think that part not that that company doesn't do that, 0:08:05.920 --> 0:08:09.920 but they didn't illustrate that beforehand, and as a result, 0:08:10.600 --> 0:08:13.360 the conversion was terrible. But I just thought that, like 0:08:13.480 --> 0:08:15.640 I mean, the email was like kind of vicious and 0:08:15.680 --> 0:08:18.440 I was like, wait, are we strangers? 0:08:18.520 --> 0:08:21.120 Like what? And I thought to myself it was just. 0:08:21.000 --> 0:08:23.800 Like a really good eye opener in that you know, 0:08:23.880 --> 0:08:27.240 you have to be mindful about who you I mean, 0:08:27.280 --> 0:08:29.760 I'm always really careful about who I share my audience with. 0:08:30.000 --> 0:08:32.000 That's that's why this was really disappointing, because this is 0:08:32.040 --> 0:08:34.240 not some stranger to me. But you have to be 0:08:34.280 --> 0:08:37.560 really mindful, just even just as a consumer, about who 0:08:37.600 --> 0:08:41.000 you you know, who you patronize, because I think to 0:08:41.000 --> 0:08:43.720 myself all the time when I'm like everyone knows, the 0:08:43.720 --> 0:08:46.560 whole team knows, like that, I don't allow anyone to 0:08:46.600 --> 0:08:49.600 speak disparagingly about the people we serve, because what sense 0:08:49.640 --> 0:08:52.160 does that make, you know? Like, so like if we're 0:08:52.200 --> 0:08:55.360 in the service business, you know, then we can't talk 0:08:55.440 --> 0:08:58.079 crazy about the very people we're trying to help. 0:08:58.360 --> 0:09:00.959 That there is no place for judgment in service. There 0:09:01.040 --> 0:09:04.440 just isn't. In my this is what I believe, and 0:09:04.800 --> 0:09:06.160 I won't allow it. And I told her that. 0:09:06.200 --> 0:09:08.240 I was like, look, I feel you, I mean, fellow 0:09:08.280 --> 0:09:10.760 CEO to see, I get you, girl, but I can't 0:09:10.960 --> 0:09:14.440 let you talk crazy about my audience like you know, 0:09:14.640 --> 0:09:16.760 like and especially the way you're talking, and I'm like, yo, 0:09:16.880 --> 0:09:18.160 this is not unique to them. 0:09:18.280 --> 0:09:21.079 It read very much like you and you and them 0:09:21.120 --> 0:09:23.040 over there, And I was like ho ho ho. 0:09:24.880 --> 0:09:28.880 It was very borderline, like, uh, what do we saying? 0:09:29.040 --> 0:09:30.640 Your people? You people? 0:09:31.400 --> 0:09:33.600 Yeah, it was you know, not fully and I won't, 0:09:33.720 --> 0:09:35.160 you know, because I hate to throw that averyund but 0:09:35.320 --> 0:09:37.880 it felt like that and I never felt that like 0:09:38.480 --> 0:09:41.040 from someone you know, and honestly, it was really disappointing. 0:09:41.080 --> 0:09:44.840 And then it was like, you're not doing a good job, Tiffany, 0:09:45.160 --> 0:09:46.560 and I was like, you know what, I don't mind 0:09:46.679 --> 0:09:51.040 critiquing criticism, but like, one thing I always's why I'm 0:09:51.040 --> 0:09:52.920 so glad we have a guest today. But one thing 0:09:52.960 --> 0:09:56.840 I always say is that my expertise is not everything. 0:09:56.880 --> 0:09:58.800 I'm really good at budgeting, I'm really good at saving, 0:09:58.920 --> 0:10:00.160 I could teach you how to pay down, and at 0:10:00.400 --> 0:10:02.559 everything else, I bring folks on on purpose. 0:10:02.920 --> 0:10:04.760 So that's why I look for partnerships. 0:10:04.840 --> 0:10:06.640 So yes, it's because she was like, I don't think 0:10:06.640 --> 0:10:09.120 you're able to take your. 0:10:08.360 --> 0:10:11.000 Audience at the next level. And I don't disagree, but 0:10:11.040 --> 0:10:12.000 that's why I partner. 0:10:12.360 --> 0:10:14.320 But I just thought it was like, honestly, it was 0:10:14.400 --> 0:10:16.840 me and spirited, and I just had to remind her 0:10:16.840 --> 0:10:19.080 that like, just because people are not willing to invest 0:10:19.120 --> 0:10:21.600 in your things, it doesn't mean that they're not willing 0:10:21.600 --> 0:10:24.160 to invest in themselves. It's those are two separate things. 0:10:24.200 --> 0:10:27.040 And it was just really disappointing, but also very eye opening. 0:10:27.640 --> 0:10:29.960 It reminds me of like, I love that show on 0:10:30.000 --> 0:10:33.840 CNBC called The Profit where Marcus Lamniz goes into struggling 0:10:33.840 --> 0:10:36.559 small businesses and tries to save them, and all these 0:10:36.600 --> 0:10:40.319 businesses are dysfunctional in some way, and almost every episode 0:10:40.360 --> 0:10:42.400 the business owner is like in denial and tries to 0:10:42.440 --> 0:10:45.360 blame their lack of success on like people around them 0:10:45.520 --> 0:10:48.080 or the customers. They surgers dumb, they don't know, this 0:10:48.160 --> 0:10:50.120 isn't this is the best thing ever. But people just 0:10:50.120 --> 0:10:51.839 don't know it. And I'm like, they don't want to 0:10:51.880 --> 0:10:54.920 look at themselves and see what's wrong, Like they're too 0:10:55.000 --> 0:10:57.200 afraid to look at themselves and think, you know, maybe 0:10:57.240 --> 0:10:59.360 it's something I did, or maybe my product isn't as 0:10:59.360 --> 0:11:02.440 great as I think is. And hopefully, I mean, it 0:11:02.440 --> 0:11:04.200 sucks that you were the on the receiving end of that, 0:11:04.320 --> 0:11:07.719 like insecurity and lack of awareness, but hopefully on their 0:11:07.840 --> 0:11:11.400 end they're taking some time to reflect, because I mean, 0:11:11.720 --> 0:11:14.120 if they want success, the way to get there is 0:11:14.120 --> 0:11:20.840 not by denying that you have issues that make customers yeah. 0:11:20.080 --> 0:11:21.760 And then I think it's a great service. 0:11:21.800 --> 0:11:23.920 So I'm hopeful that like and it's a needed one, 0:11:23.960 --> 0:11:26.720 and one especially in our in our you know, profession, 0:11:27.080 --> 0:11:29.280 it's one that's like, honestly, most people don't want to 0:11:29.280 --> 0:11:29.679 take up. 0:11:29.960 --> 0:11:31.320 And so I was really excited. 0:11:31.320 --> 0:11:34.280 So I think that there's still something there and hopefully, 0:11:34.320 --> 0:11:36.520 like I feel like it's better left said like in person, 0:11:36.520 --> 0:11:38.520 because I was like, you know what, I've already said 0:11:38.520 --> 0:11:41.560 my piece, and you know, I definitely I mean, the 0:11:41.600 --> 0:11:45.360 first iteration of my email was definitely not what I 0:11:45.360 --> 0:11:48.040 said over I literally sat on up for three days. 0:11:48.400 --> 0:11:50.600 I was like, you know what, it's still a lot 0:11:50.600 --> 0:11:51.480 of sass in here. 0:11:52.960 --> 0:11:54.600 That's a very mature way to approach it. 0:11:55.480 --> 0:11:57.480 I tried so hard because I was like, because one 0:11:57.480 --> 0:12:00.760 of my friends like, and we could excuse me, that 0:12:00.800 --> 0:12:02.600 we can move on. But one of my friends he 0:12:02.679 --> 0:12:05.920 always reminds me of whenever I'm like, you know, upset, 0:12:06.000 --> 0:12:09.480 He's always like, well, what's the desired outcome and work 0:12:09.520 --> 0:12:12.800 toward that. And so my desired outcome was not to 0:12:13.000 --> 0:12:15.400 lash out or to make somebody feel bad. Honestly, my 0:12:15.440 --> 0:12:18.520 desired outcome was to hopefully reach some sort of understanding 0:12:18.559 --> 0:12:20.440 where I'm like, I can show her I understand you. 0:12:20.840 --> 0:12:23.520 But at the same time, hopefully to get her to see. 0:12:23.280 --> 0:12:25.720 That this is not the way and that you don't 0:12:26.040 --> 0:12:28.840 you don't get someone to that space by like, you know, 0:12:29.840 --> 0:12:30.679 lashing out at them. 0:12:30.720 --> 0:12:31.800 So I had to remind myself. 0:12:31.800 --> 0:12:35.120 But it took, honestly, it took three days and then 0:12:35.440 --> 0:12:37.199 honestly sitting down with a friend of mine to be like, 0:12:37.240 --> 0:12:39.960 could you like help me to reword this in a 0:12:39.960 --> 0:12:42.960 way that's less like you know, mad, And so she 0:12:43.080 --> 0:12:45.760 helped me to really tone it down and you know, 0:12:45.840 --> 0:12:48.040 and to send it over where I felt like, Okay, 0:12:48.400 --> 0:12:49.520 this is much better. 0:12:49.559 --> 0:12:51.800 I mean, her reply back wasn't the greatest. 0:12:51.920 --> 0:12:54.160 It wasn't like you know, it was kind of like 0:12:54.200 --> 0:12:55.719 and she replied back right away, I'm like, so I'm 0:12:55.720 --> 0:12:56.640 the only one to takeing time. 0:12:58.200 --> 0:12:59.719 It was kind of like yeah, girl, I hear you. 0:12:59.840 --> 0:13:02.520 But still, and I was like, you know what, I'm 0:13:02.559 --> 0:13:05.120 gonna see her in person, and I'm sure by then 0:13:05.440 --> 0:13:07.720 we'll both have calmed down and been like, you know, 0:13:08.360 --> 0:13:11.640 maybe there's some middle ground where we can meet, but until. 0:13:11.320 --> 0:13:13.600 Then, I will not be sending anyone in that direction 0:13:13.800 --> 0:13:14.200 at all. 0:13:14.400 --> 0:13:16.800 So in this scenario, you were like Serena and she 0:13:17.000 --> 0:13:20.760 was like Naioli Osaka I'm trying to find a segue 0:13:20.760 --> 0:13:22.000 so we can talk about that real quick. 0:13:22.800 --> 0:13:24.520 And I kind of felt that, you know what I 0:13:24.559 --> 0:13:28.040 felt like, I felt like, how come she gets to 0:13:28.080 --> 0:13:28.880 talk crazy to me? 0:13:28.960 --> 0:13:31.360 Honestly, Mandy, That's how I was feeling. I was really frustrated. 0:13:31.360 --> 0:13:33.640 Like at one point, I was like to the point 0:13:33.640 --> 0:13:36.040 of near tears because I was like, Yo, how come 0:13:36.120 --> 0:13:38.480 she gets to talk crazy to me and about me 0:13:38.880 --> 0:13:41.679 and this group of like brown women who are trying 0:13:41.720 --> 0:13:45.040 their best, but like me, I have to be careful 0:13:45.080 --> 0:13:48.320 because I know that if I come at her with 0:13:48.360 --> 0:13:51.560 that same energy, it's gonna be oh my gosh, clutch 0:13:51.600 --> 0:13:52.280 my pearls. 0:13:52.679 --> 0:13:55.400 Black girl, Tiffany whoa. I knew it. I knew it, 0:13:55.480 --> 0:13:58.240 you know, I was. So that was what made me 0:13:58.280 --> 0:14:00.800 so livid. I was like, Yo, this email, you. 0:14:00.760 --> 0:14:05.760 Were talking recklessly like people throw hands for less, and 0:14:05.800 --> 0:14:07.320 I'm like, nothing happened. 0:14:07.520 --> 0:14:10.680 There was no preamble to her vicious email. There was 0:14:10.720 --> 0:14:11.160 no like. 0:14:11.600 --> 0:14:15.440 It was like literally my Facebook messager said, hey girl, Hey, 0:14:15.480 --> 0:14:18.560 what's up. You know, how's the conversion's going? Let me 0:14:18.600 --> 0:14:21.200 know blah blah blah. That was literally my Facebook message 0:14:21.200 --> 0:14:24.120 because we're cool. And then the email was vicious, vicious, vicious. 0:14:24.280 --> 0:14:26.760 So I was like, Yo, why do I have to 0:14:26.760 --> 0:14:29.480 take three days to USA and get a friend of 0:14:29.480 --> 0:14:32.040 a friend and say what do you think? And then 0:14:32.080 --> 0:14:33.760 as soon as I send it, within ten minutes, you 0:14:33.760 --> 0:14:35.080 get to come back swinging again. 0:14:35.240 --> 0:14:37.560 The thing is like, it's not about canons, like she 0:14:37.640 --> 0:14:40.440 shouldn't but like you you don't have to do what 0:14:40.440 --> 0:14:43.480 you did, but because it's just it shows what kind 0:14:43.480 --> 0:14:45.360 of person you are. I mean, that's the high road. 0:14:45.440 --> 0:14:47.680 It's like the high road. It's hard to take sometimes 0:14:48.680 --> 0:14:50.800 it's a choice though, like you don't have to, but 0:14:50.840 --> 0:14:53.880 would you be as successful if you didn't? Probably not, But. 0:14:53.880 --> 0:14:55.600 I guess I feel like it just feels so unfair 0:14:55.680 --> 0:14:58.000 because if I didn't take the high road, the consequences 0:14:58.040 --> 0:15:00.480 are different. I guess that's what I mean about having 0:15:00.840 --> 0:15:04.040 to not be vicious back. It's like, why do we 0:15:04.160 --> 0:15:05.160 have to take the high road? 0:15:05.360 --> 0:15:05.560 Why? 0:15:05.640 --> 0:15:07.720 You know, why can't I just be just as passionate 0:15:07.960 --> 0:15:10.320 without being labeled as difficult or whatever? 0:15:10.400 --> 0:15:13.040 You know what I mean, the difficult woman, a hysterical woman, 0:15:13.160 --> 0:15:15.120 or the angry black It's like we get the double whomy, 0:15:15.240 --> 0:15:18.280 the women double standard, the black woman under double standard, 0:15:18.920 --> 0:15:20.479 especially in business. Yeah. 0:15:20.640 --> 0:15:23.080 Yeah, so it just felt very that felt really frustrating 0:15:23.120 --> 0:15:25.720 that it was like, wow, like yo, I could never 0:15:25.720 --> 0:15:28.440 write an email like this to someone, I could never 0:15:28.480 --> 0:15:32.480 speak to them crazy because it'd be like whoa, you know, 0:15:32.680 --> 0:15:36.000 like this isn't but like nothing's gonna come of it 0:15:36.080 --> 0:15:38.720 for her, you know, I'm sure like, you know, this 0:15:38.760 --> 0:15:41.320 is not the first time she's probably exploded on someone 0:15:41.320 --> 0:15:44.280 and it's been okay because she's not brown. And so 0:15:44.400 --> 0:15:47.360 it was just really like, you know, like frustrating, not 0:15:47.880 --> 0:15:50.960 just for like her message to me, but just in general. 0:15:51.200 --> 0:15:52.720 And it really it was like, oh, I couldn't have 0:15:52.720 --> 0:15:55.640 come at a worse time with this. Watching Serena defend 0:15:55.680 --> 0:15:59.200 herself and say, hey, this is not there and there's 0:15:59.200 --> 0:16:01.920 nothing wrong with that. I'm just like, but then it's like, 0:16:02.000 --> 0:16:06.000 you know, that terrible cartoon that that Australian illustrator created 0:16:06.040 --> 0:16:10.280 of Serena. It was just honestly, oh man, it's it's 0:16:10.360 --> 0:16:14.880 exhausting to be in spaces where everything about you is 0:16:14.920 --> 0:16:16.640 considered the wrong thing, you know. 0:16:17.560 --> 0:16:19.000 Yeah, I mean I'm not even going to try to 0:16:19.040 --> 0:16:21.760 pretend like I understand the rules of tennis. I don't 0:16:21.760 --> 0:16:23.600 watch it. I don't know what a six' four and 0:16:23.600 --> 0:16:25.200 a six two is and a match point and all 0:16:25.240 --> 0:16:27.240 that kind of, stuff BUT i do understand the gender. 0:16:27.320 --> 0:16:30.080 Dynamics AND i feel Like serena is such an icon 0:16:30.240 --> 0:16:34.080 because her whole career has been battling this type of. 0:16:34.520 --> 0:16:36.840 Treatment like no one wants to give her credit for 0:16:36.880 --> 0:16:38.840 being the, best the best athlete of all. Time they 0:16:38.840 --> 0:16:40.800 want to call her the best female athlete of all. 0:16:40.800 --> 0:16:45.120 Time you, know they tried. To they tried to deny 0:16:45.160 --> 0:16:47.520 her talent by, saying, oh, well she has extra you, 0:16:47.520 --> 0:16:50.040 know she's a black. Woman she's so, muscular her body, 0:16:50.080 --> 0:16:52.800 type like all these you, know thinly veiled, criticisms these 0:16:52.880 --> 0:16:55.600 racial undertones to the criticism against, her like this is 0:16:55.640 --> 0:16:59.520 nothing new for. Her i'm glad to see like such 0:16:59.520 --> 0:17:04.280 a swift and huge, reaction AND i mean not just 0:17:04.320 --> 0:17:06.320 in not just to Support serena for how she was, 0:17:06.359 --> 0:17:09.679 treated but also to Support Naomi, osaka who did. WIN i, 0:17:09.720 --> 0:17:11.920 Mean i'm not going to SAY i don't understand the, 0:17:12.000 --> 0:17:14.639 rules but it seems like she won fair and, square you, 0:17:14.680 --> 0:17:17.040 know her First Grand slam, title AND i thought That 0:17:17.280 --> 0:17:20.040 serena handled it in a really classy way and you, 0:17:20.080 --> 0:17:23.600 know it sucks That naomi's win was sort of tainted 0:17:23.680 --> 0:17:26.680 by this, Controversy but at the same, Time i'm Glad 0:17:26.680 --> 0:17:29.000 serena was, like not, today not this. Time i'm not 0:17:29.040 --> 0:17:30.680 going to shut. Up i'm not going to stand down 0:17:31.320 --> 0:17:32.920 because don't you also feel like you don't want to 0:17:32.960 --> 0:17:35.280 be the like sometimes you don't want to be the 0:17:35.280 --> 0:17:37.160 one to say it's Because i'm a, woman or it's 0:17:37.200 --> 0:17:40.080 Because i'm, black because you can feel people around you 0:17:40.080 --> 0:17:43.440 get uncomfortable or or like not believe, you and you 0:17:43.440 --> 0:17:46.080 don't even want to have the conversation with, anybody LIKE 0:17:46.119 --> 0:17:47.320 i don't want to have to tell YOU i don't 0:17:47.359 --> 0:17:49.160 want to have to tell you why this is Because 0:17:49.160 --> 0:17:51.080 i'm a woman right, now because it's so exhausting to 0:17:51.119 --> 0:17:53.280 me THAT i have to tell, you, Know OR i 0:17:53.280 --> 0:17:53.720 don't want to. 0:17:53.720 --> 0:17:55.440 Because it's like oh here they. 0:17:55.560 --> 0:17:59.000 GO i, yeah, exactly you, know and like you're, like but, 0:17:59.640 --> 0:18:03.040 IT i, mean is? It and so because you hate 0:18:03.080 --> 0:18:05.840 to you, know you're, like, oh they're always playing the race, 0:18:05.880 --> 0:18:08.679 card And i'm, like, well if it is because of, 0:18:08.680 --> 0:18:11.720 that Like, serena from WHAT i, understand no one has 0:18:11.720 --> 0:18:14.320 been drug tested more Than serena they're, LIKE i mean 0:18:14.880 --> 0:18:18.280 to the point of excess where it's, like, yo she's 0:18:18.480 --> 0:18:20.840 never been found with anything in her system and you 0:18:20.840 --> 0:18:24.520 got drug test her like, crazy you, know and like 0:18:24.720 --> 0:18:26.600 just like and the fact that you, Know serena gets blood. 0:18:26.600 --> 0:18:29.320 Clots she has this GREAT i think it's AN hbo 0:18:29.400 --> 0:18:32.560 special Called Being serena or something like, That Raising. Serena 0:18:32.600 --> 0:18:34.719 it's a great like five or six kind of like 0:18:36.240 --> 0:18:38.960 five part, documentary and she talks about like even when 0:18:38.960 --> 0:18:42.720 she had her, baby she almost died Because serena has 0:18:42.760 --> 0:18:45.280 like this condition where her she gets blood. Clots so 0:18:45.640 --> 0:18:47.280 she wanted to wear for the with it The french 0:18:47.320 --> 0:18:50.240 open wanted to wear that like catsuit because it's like 0:18:50.320 --> 0:18:52.600 pressurized to keep you, know the blood. 0:18:52.600 --> 0:18:55.520 Flowing and they were like, no even though there were 0:18:55.560 --> 0:18:56.480 other women. 0:18:56.280 --> 0:19:00.000 Who were allowed to wear that's like a similar Cats 0:19:00.080 --> 0:19:02.560 she's Like samanna has a different. Body AND i just 0:19:02.600 --> 0:19:06.679 thought to, myself like this is this is like. Crazy 0:19:06.720 --> 0:19:08.159 how much are you supposed to? Take how much are 0:19:08.160 --> 0:19:11.320 you supposed to just be like, okay LIKE i, mean 0:19:12.040 --> 0:19:15.200 it's JUST i just it's. Hard, Man like sometimes you 0:19:15.240 --> 0:19:18.280 don't realize until something happens in the triggers WHEN i 0:19:18.280 --> 0:19:20.320 grew up In, westfield which, is LIKE i, said majority 0:19:20.320 --> 0:19:23.320 white and very very small like population of anything. 0:19:23.320 --> 0:19:26.199 Else like we would go to the pool and it was. 0:19:26.240 --> 0:19:27.880 Nothing you. Know it wasn't. 0:19:27.760 --> 0:19:30.760 Until LIKE i started going to the pool and like 0:19:30.880 --> 0:19:35.000 with like sisters and like a young brown and black 0:19:35.000 --> 0:19:38.960 women THAT i noticed, that like by age, eight little black, 0:19:39.000 --> 0:19:40.840 girls you notice that mandy would wear A t shirts 0:19:40.840 --> 0:19:41.240 over their. 0:19:41.119 --> 0:19:44.480 Bathing suits and like. That you. 0:19:44.520 --> 0:19:46.440 Know BUT i just thought to, myself, like why are 0:19:46.480 --> 0:19:50.320 our bodies like? Bad you don't even remember being so like, 0:19:50.320 --> 0:19:51.560 Surprised like why are you wearing A t? 0:19:51.680 --> 0:19:53.760 Shirt? OH i can't show off my? Body i'm, like we're, 0:19:53.760 --> 0:19:55.440 eight you, know you know WHAT i. 0:19:55.520 --> 0:19:57.920 Mean AND i just LIKE i don't even think people 0:19:58.040 --> 0:20:00.720 recognize how exhausting it it can be to be a, 0:20:00.760 --> 0:20:05.000 woman you, know but especially you, know a brown. Woman 0:20:05.400 --> 0:20:08.360 there's every time you turn, around how you, are it's 0:20:08.400 --> 0:20:12.200 told to be. Unattractive you, know too, aggressive you're too, 0:20:12.240 --> 0:20:13.920 loud you're too, happy you're too, this you're too, that 0:20:14.200 --> 0:20:16.520 you're too, passionate you're too you, know how. 0:20:16.440 --> 0:20:17.199 Dare you stand up for? 0:20:17.240 --> 0:20:19.480 Yourself YOU'RE i would like somebody who's Like meeker and 0:20:20.440 --> 0:20:24.160 less powerful and oh, man, like it's just you want 0:20:24.200 --> 0:20:27.159 to like scream sometimes and sometimes you feel like no 0:20:27.200 --> 0:20:30.280 one is in your corner but your other, sisters and it's, 0:20:30.320 --> 0:20:31.879 like but we're in everyone else's. 0:20:31.880 --> 0:20:34.359 Corner look at every. Rally who do you see? 0:20:34.359 --> 0:20:37.520 There you know, us even if it's not about, us 0:20:37.920 --> 0:20:43.000 you see, Us and it's just like the world would miss. 0:20:43.080 --> 0:20:44.879 Us boy if we weren't, here what would? Y'all what 0:20:44.920 --> 0:20:48.159 would y'all do without brown? Ambition quite, honestly when you 0:20:48.200 --> 0:20:50.920 reach a certain, level it's just you have to really 0:20:50.960 --> 0:20:53.719 have a great support system around you because other than, 0:20:53.720 --> 0:20:55.080 that it'll drive you crazy. 0:20:54.840 --> 0:20:57.199 If you don't have people who are, like, like you're not. 0:20:57.280 --> 0:20:59.159 Crazy you know you're not. 0:20:59.240 --> 0:21:01.960 Crazy like know this is unfair and it's okay to 0:21:02.000 --> 0:21:04.280 feel some kind of way about. It it's important to 0:21:04.280 --> 0:21:06.639 have like a good you know. Support that's WHY i 0:21:06.680 --> 0:21:08.320 just love THE ba family because you guys. 0:21:08.119 --> 0:21:11.800 Are always so. Dope so, yeah boost, serena boost. 0:21:11.560 --> 0:21:14.280 To name on, me boost to us while we're at. It, 0:21:14.480 --> 0:21:17.399 yeah just because you get a, boost. 0:21:17.160 --> 0:21:18.720 You get a. Boost everybody gets a. 0:21:18.720 --> 0:21:38.520 Boost speaking of, Booths i'm excited that we are talking about. 0:21:40.640 --> 0:21:43.800 Retirement. Today i'm not, retirement but investing overall. 0:21:44.200 --> 0:21:47.399 Investing, yeah you, guys are you guys? Ready because you've 0:21:47.440 --> 0:21:50.439 been asking who my financial planner, is And i'm gonna do, 0:21:50.480 --> 0:21:52.520 you but one better than actually telling you her, NAME 0:21:52.600 --> 0:21:56.080 i bring her on the. Podcast my personal financial, Planner 0:21:56.119 --> 0:21:59.600 helen No is joining us. Today she's Been i've been 0:22:00.359 --> 0:22:03.800 a client Of helen's for since twenty, SIXTEEN i want to, 0:22:03.800 --> 0:22:05.960 say right AFTER i got, engaged and she has been 0:22:06.000 --> 0:22:10.280 through my, marriage like getting married and then buying my first, 0:22:10.280 --> 0:22:12.920 house and she's just been such an awesome person to work. 0:22:12.960 --> 0:22:15.800 With so when we started talking about doing an investing, 0:22:15.840 --> 0:22:19.520 SHOW i, thought why not Bring helen to the show 0:22:19.600 --> 0:22:21.720 and actually talk about the way that she AND i 0:22:21.760 --> 0:22:24.800 have talked about investing for wealth BECAUSE i Think tiffany 0:22:24.840 --> 0:22:26.960 AND i have like towed around this. Topic you, know 0:22:27.000 --> 0:22:28.840 how do we start investing outside of our four to 0:22:28.840 --> 0:22:31.480 ONE k or outside of OUR. Ira so that's what 0:22:31.480 --> 0:22:33.280 we're going to talk about in today's. Show so you, 0:22:33.320 --> 0:22:36.240 guys before we get, started just a quick. Disclaimer anything 0:22:36.480 --> 0:22:38.679 on this show we're going to be talking about, investing 0:22:38.880 --> 0:22:42.320 talking about different brokerages and robo advisors and all types of. 0:22:42.359 --> 0:22:45.520 Things everything we say is just. Hypothetical it shouldn't be 0:22:45.520 --> 0:22:48.679 taken as investment. Advice this is for education. Purposes so 0:22:48.720 --> 0:22:52.240 if we mention any, companies they're not recommendations for just 0:22:52.680 --> 0:22:54.320 doing some casual examples. 0:22:54.320 --> 0:22:57.360 Today in other, words don't come and try to sue. 0:22:57.440 --> 0:23:15.280 Us, hey thank you for having, Me. Mandy i'm so 0:23:15.359 --> 0:23:15.879 excited to be. 0:23:15.920 --> 0:23:21.960 Here it's like. Heaven it's like they the big, reveal 0:23:22.320 --> 0:23:25.280 the big. Reveal so this show is so important to 0:23:25.320 --> 0:23:27.160 me And tiff because she AND i have talked about 0:23:27.200 --> 0:23:30.120 this again and. Again how do you start investing outside 0:23:30.119 --> 0:23:32.080 of your four one? K just Like, tiff you, said 0:23:32.440 --> 0:23:34.560 once you've maxed out your four one, k got the, 0:23:34.640 --> 0:23:37.119 match maybe you've opened up a LITTLE i ray on the. 0:23:37.160 --> 0:23:39.119 Side you've maxed that out, too and you still have 0:23:39.200 --> 0:23:41.080 money in the. Bank it's an awesome place to, be 0:23:41.560 --> 0:23:43.439 BUT i feel like some, PEOPLE i don't. KNOW i 0:23:43.440 --> 0:23:45.840 Think tif's had this. Problem i've had this. Problem you 0:23:45.920 --> 0:23:49.160 end up carrying money in cash and your cash, savings 0:23:49.200 --> 0:23:51.240 and you're, LIKE i, KNOW i probably don't need this 0:23:51.359 --> 0:23:53.760 much money in, savings BUT i also don't know what 0:23:53.800 --> 0:23:56.000 the heck to do with. It so where DO i 0:23:56.080 --> 0:23:58.040 start and that is what we're going to talk about 0:23:58.040 --> 0:24:00.520 on today's. Show let's start with what investing is. LIKE 0:24:00.640 --> 0:24:02.720 i know that you think that the people have sort 0:24:02.720 --> 0:24:05.800 of a misconception about what investing really means and what 0:24:05.840 --> 0:24:08.679 does investing mean when we're talking about outside of your 0:24:08.720 --> 0:24:09.320 four one, k. 0:24:10.400 --> 0:24:15.720 Right so there's a huge difference between saving and. Investing 0:24:15.920 --> 0:24:18.000 so when clients come to me or WHEN i WHEN 0:24:18.040 --> 0:24:20.600 i you, know onboard, somebody they, say, oh, Yeah i'm 0:24:20.600 --> 0:24:22.919 invested in my four to one k at, work and 0:24:23.000 --> 0:24:26.119 really all they have done is put money into, it 0:24:26.200 --> 0:24:29.400 and they haven't actually invested the money that they saved 0:24:29.800 --> 0:24:33.000 or transferred into that. Account so, again a four to one, 0:24:33.080 --> 0:24:36.160 k roth, iray TRADITIONAL, ira those are all different types 0:24:36.200 --> 0:24:39.000 of accounts what you do with the money inside those 0:24:39.040 --> 0:24:41.240 accounts because it can simply just sit in cash if 0:24:41.240 --> 0:24:46.800 you don't actually hit buy or sell in those specific. 0:24:46.880 --> 0:24:50.080 Accounts that's when you're actually investing in putting that money to. Work, 0:24:50.560 --> 0:24:54.000 so in very simple, terms investing is putting that cash 0:24:54.080 --> 0:24:57.520 to work and putting that money towards say a stock 0:24:57.560 --> 0:25:02.000 and mutual fund IN, etf some sort of vehicle that 0:25:02.040 --> 0:25:05.639 you purchase that has a potential to generate income or 0:25:05.680 --> 0:25:07.119 growth for you within that. 0:25:07.200 --> 0:25:10.640 Account so let's start with types of. Accounts, so once 0:25:10.640 --> 0:25:12.159 you've maxed out your four ONE k and you have 0:25:12.240 --> 0:25:14.200 extra cash in the bank that you want to, invest 0:25:15.240 --> 0:25:16.639 do you do WHAT i, did WHICH i think is 0:25:16.640 --> 0:25:18.120 probably not the right thing to, do and just start 0:25:18.200 --> 0:25:20.760 randomly buying a stock on Robin hood because you're too 0:25:20.800 --> 0:25:24.679 afraid to commit something more. Serious, YES i feel LIKE 0:25:24.720 --> 0:25:27.080 i skipped a few, Steps but, yeah where DO I 0:25:27.160 --> 0:25:29.120 where SHOULD i have? Started? Helen i'm SORRY i didn't 0:25:29.160 --> 0:25:31.439 call you, first less around behind your. 0:25:31.440 --> 0:25:31.960 Back that's. 0:25:31.960 --> 0:25:35.240 OKAY i knew you had That robinhood. 0:25:35.240 --> 0:25:37.600 ACCOUNT i think that was like your fun money investing 0:25:37.640 --> 0:25:39.439 without any strategy behind, it, right. 0:25:39.440 --> 0:25:41.080 Not a single strategy to be found me. 0:25:41.400 --> 0:25:44.199 As, well know this is. Strategy what'd you say about that? 0:25:44.240 --> 0:25:47.840 Stock let me see robinad has that availab three, Piece. 0:25:48.080 --> 0:25:50.240 Yeah and buy it for free on. There they have 0:25:50.320 --> 0:25:53.840 no transaction, FEES i, believe m m yeaeah. 0:25:53.400 --> 0:25:55.520 Yeah that's zero zero dollar. Trades it's. Awesome. 0:25:56.400 --> 0:25:59.320 Yeah so that so you can go on, robinhood which 0:25:59.320 --> 0:26:03.520 is zero. Action you can Buy tesla or whatever sexy 0:26:03.600 --> 0:26:06.400 stock that you might have heard from your uncle or 0:26:06.440 --> 0:26:09.480 the guy or girl you met on the, plane but 0:26:09.760 --> 0:26:11.919 there's definitely a strategy behind. It so if you have 0:26:12.000 --> 0:26:15.000 already maxed out all of your different types of retirement, 0:26:15.040 --> 0:26:17.919 accounts including your traditional iri roth ares and four one 0:26:18.000 --> 0:26:20.600 ks or four or three, bs even your pension, plans. 0:26:20.440 --> 0:26:20.960 What do you do? 0:26:21.080 --> 0:26:24.200 Next so the next step that is most efficient would 0:26:24.200 --> 0:26:28.000 be to open an investment. Account so like, You, mandy 0:26:28.080 --> 0:26:31.119 you opened up A robinhood, account but, then like you, 0:26:31.160 --> 0:26:35.119 said there's no real uh strategy behind. It and WHAT 0:26:35.160 --> 0:26:37.640 i typically tell clients is if you've if you've never 0:26:37.680 --> 0:26:41.600 really selected individual investments, before you start out with the. 0:26:41.640 --> 0:26:46.560 BASICS i kind of refer to, cooking or you, know 0:26:46.640 --> 0:26:48.679 it's like. Cooking you want your salt and your, pepper 0:26:48.720 --> 0:26:52.600 your basics of your, spice and your investment portfolio and 0:26:52.760 --> 0:26:55.520 the stuff the investments that you have in Your. Robinhood 0:26:55.560 --> 0:26:57.760 that's like adding pep week are a little bit of 0:26:57.800 --> 0:26:59.920 salsa spiciness to your overall. 0:27:00.359 --> 0:27:01.920 Investments does that make? 0:27:01.960 --> 0:27:06.199 Sense so you want your foundational investments like investing in 0:27:06.359 --> 0:27:12.280 DOMESTIC us mutual funds or. ETFs TYPICALLY i recommend to 0:27:12.320 --> 0:27:16.720 clients to just purchase. ETFs i mean there's thousands of 0:27:16.720 --> 0:27:19.400 them out there now that are much cheaper than investing 0:27:19.440 --> 0:27:22.280 in mutual, funds which charge you a higher upfront fee 0:27:22.320 --> 0:27:23.439 depending on the class. 0:27:23.480 --> 0:27:25.200 SHARE i, mean we can. 0:27:25.040 --> 0:27:27.920 TALK i can talk on and on about, that but start. 0:27:27.720 --> 0:27:31.800 With what AN etf. Is, yeah interested for your definition of, 0:27:31.840 --> 0:27:33.239 it BECAUSE i THINK i know what it, is BUT 0:27:33.320 --> 0:27:33.760 i probably. 0:27:33.800 --> 0:27:37.520 Don't, Yeah so people will, say, OH i just want 0:27:37.560 --> 0:27:39.919 to do index, Funds, Helen, well you can buy index 0:27:40.000 --> 0:27:42.720 funds as a mutual fund or AN. ETF A etf 0:27:43.160 --> 0:27:47.280 basically stands for exchange traded. Funds so let's just say 0:27:47.720 --> 0:27:53.240 you are interested in buying shares Of, amazon which is 0:27:53.280 --> 0:27:55.520 at two thousand dollars a share right? Now, right do 0:27:55.600 --> 0:27:58.439 you have two? Thousand like you put in two thousand 0:27:58.440 --> 0:28:01.360 dollars you bought one? Share, okay big, deal. 0:28:03.359 --> 0:28:03.840 Big freaking. 0:28:03.920 --> 0:28:06.760 Deal same thing With Birkshire. 0:28:06.760 --> 0:28:09.199 Hathaway i'm not really sure what the price is, now 0:28:09.240 --> 0:28:11.520 but it's in the. Thousands so you gotta have a 0:28:11.560 --> 0:28:14.439 lot of money to even buy one spec one fleck 0:28:14.640 --> 0:28:18.840 of that. Investment so with ETFs and mutual, funds just 0:28:18.920 --> 0:28:22.919 imagine you wanted to get into some tech stocks but 0:28:23.320 --> 0:28:25.399 don't have two thousand dollars to buy one, share but 0:28:25.440 --> 0:28:26.960 you do have two thousand dollars and you want to, 0:28:27.000 --> 0:28:31.000 diversify you can invest in those index. Funds and the 0:28:31.040 --> 0:28:34.359 more cost efficient way is to purchase ETFs because they 0:28:34.440 --> 0:28:39.560 have very low management fees versus a mutual. Fund you 0:28:39.600 --> 0:28:43.480 purchase it, upfront or you pay the fees upfront or 0:28:44.000 --> 0:28:46.280 typically what they call a TWELVE b one, fee which 0:28:46.320 --> 0:28:49.640 is an ongoing point two five percent on top of 0:28:49.360 --> 0:28:50.360 the purchasing. 0:28:50.440 --> 0:28:52.560 Fees, so and. 0:28:52.600 --> 0:28:58.960 ETFs are more tax efficient in that they don't, necessarily you, 0:28:59.000 --> 0:29:04.280 know reinvest the dividends and distribute it To so, yeah so. 0:29:04.240 --> 0:29:08.040 AN etf is like you're not just investing in one 0:29:08.040 --> 0:29:10.120 company you're investing in, like so you can get a 0:29:10.160 --> 0:29:14.680 TECH etf that has that lets you invest in multiple 0:29:14.680 --> 0:29:17.320 companies all at, once exactly exactly. 0:29:17.480 --> 0:29:20.840 Exactly so think about it as a bucket with different 0:29:20.880 --> 0:29:24.280 pebbles in, it and each of those pebbles represents a different, 0:29:25.080 --> 0:29:30.959 stock Saying, Facebook, amazon whatever other tech stocks you can think. Of, 0:29:32.000 --> 0:29:34.240 so so, yeah if you don't have two thousand bucks 0:29:34.480 --> 0:29:36.920 just to invest in one, stock you can purchase in 0:29:36.960 --> 0:29:41.160 AN etf or an index fund mutual fund that has 0:29:41.400 --> 0:29:44.880 no fees. Upfront so there are mutual funds that are 0:29:44.960 --> 0:29:46.320 very cheap that are called no load. 0:29:46.480 --> 0:29:50.360 Funds, okay have you guys heard of that? Before no 0:29:51.200 --> 0:29:55.160 mutual funds Like vanguard do they That i've? Heard, yeah, yep. 0:29:55.240 --> 0:29:59.520 Yep vanguard is one of those companies that have very 0:29:59.560 --> 0:30:02.720 limited options of no load Fund. 0:30:02.520 --> 0:30:03.600 So load just means. 0:30:03.640 --> 0:30:06.520 Fees it's an industry term that that we. Use but 0:30:06.680 --> 0:30:09.320 if you see it says no load mutual, fund that 0:30:09.360 --> 0:30:11.240 means that there's no upfront fee for. It there is 0:30:11.280 --> 0:30:16.240 still a management fee because there's a team of investment. Managers, yeah, 0:30:16.280 --> 0:30:24.080 folks people managing that particular mutual fund OR. Etf let's just, say. 0:30:24.160 --> 0:30:27.320 And that's called like an expense, ratio, right, yes. Exactly 0:30:30.080 --> 0:30:31.720 but you, Know i'm not gonna lie to be. HONEST 0:30:31.760 --> 0:30:33.320 i just read a book this weekend And i'm. 0:30:33.200 --> 0:30:35.520 Like, wait no things, Wait so we have held on 0:30:36.400 --> 0:30:37.960 So i'm not all that smart about. 0:30:38.000 --> 0:30:42.200 That we can get as technical as we, want but 0:30:42.240 --> 0:30:44.959 you can just go On Google finance Or Yahoo finance 0:30:45.040 --> 0:30:48.560 or whatever and type and tech. ETFs you'll get hundreds 0:30:48.560 --> 0:30:48.840 of them. 0:30:48.840 --> 0:30:52.520 Listed so let's back up for one, second because you 0:30:52.560 --> 0:30:55.560 mentioned like when you're building your spice cabinet of your 0:30:55.600 --> 0:30:59.120 portfolio starting with your salt and. Pepper so If i'm you, 0:30:59.160 --> 0:31:01.600 KNOW i think we have a good sense of brokerage 0:31:01.600 --> 0:31:05.320 firms that are. Available so There's, vanguard there's Trans, america Trans. 0:31:05.360 --> 0:31:07.560 America is that? True what AM i trying to? Say 0:31:07.600 --> 0:31:11.760 Td Ameeric, Trade Charles. Schwah there's all these kind of discount. 0:31:11.800 --> 0:31:15.080 Brokerages so When i'm building our, portfolio can you talk 0:31:15.080 --> 0:31:17.640 about the salt and the, pepper like what are the 0:31:18.440 --> 0:31:22.720 DO i find the domestic STOCK etf in international STOCK 0:31:22.760 --> 0:31:27.080 etf and then start adding other more industry specific ETFs 0:31:27.120 --> 0:31:30.680 like tech or bio or cannabis like these exciting. 0:31:30.680 --> 0:31:36.360 ETFs, Yeah so start, broad very broad with your foundational 0:31:36.760 --> 0:31:43.440 asset CLASSES us, domestic international ETFs or mutual, funds and 0:31:43.480 --> 0:31:47.120 then throw in some fixed income in, there such as 0:31:47.200 --> 0:31:50.720 municipal bond funds or long term bond funds because it 0:31:50.800 --> 0:31:55.040 offers you a higher interest. Rate and then there's also 0:31:55.160 --> 0:31:58.000 short term bond. Funds so have a mix of your 0:31:58.880 --> 0:32:02.640 fixed income portion of your portfolio and then THE us 0:32:02.640 --> 0:32:05.640 and some internationals in there as, well and then you 0:32:05.680 --> 0:32:08.120 can go in with your robinhood account and add and, 0:32:08.760 --> 0:32:11.040 OH i want to buy two stocks of or two 0:32:11.040 --> 0:32:16.600 shares Of, tesla or you, know my BIOTECH etf mutual 0:32:16.640 --> 0:32:20.880 fund or. Whatever so that's adding in the specific, sectors 0:32:21.000 --> 0:32:26.160 is adding in the oregano and the paprika and all of. 0:32:26.160 --> 0:32:28.680 That and you're trying to build out a sexier spice 0:32:28.680 --> 0:32:30.600 cabinet than. Chess your salt in your, pepper but you 0:32:30.640 --> 0:32:32.640 always have to have your basic salt and, pepper, right. 0:32:32.920 --> 0:32:36.040 How much should be that salt and? Pepper do? You 0:32:36.240 --> 0:32:38.320 i've always heard there's that rule of, thumb like you 0:32:38.400 --> 0:32:40.520 take your age and subtract it from one hundred and, 0:32:40.560 --> 0:32:42.880 ten and then the bigger number is how much you 0:32:42.880 --> 0:32:46.120 should invest in stocks versus? Bonds is that like? DUMB 0:32:46.440 --> 0:32:48.560 i MEAN i feel Like i'm very. AGGRESSIVE i have 0:32:48.600 --> 0:32:51.000 most of my four oh ONE k and, stock AND 0:32:51.000 --> 0:32:53.960 i have most of MY ira and, stock and it 0:32:54.000 --> 0:32:56.760 feels good because the stock market's been doing so. Amazing 0:32:56.840 --> 0:32:58.640 But i'm in my thirties now and part of me 0:32:58.680 --> 0:33:01.040 is like SHOULD i and and to? Be you, KNOW 0:33:01.080 --> 0:33:02.520 i think a lot of people start out LIKE i 0:33:02.560 --> 0:33:05.520 did with target date, funds which are supposed to which 0:33:05.520 --> 0:33:07.640 are supposed to shift as you, age But i'm, wondering 0:33:07.760 --> 0:33:10.920 like how often SHOULD i be looking at my, allocation you, 0:33:10.960 --> 0:33:13.280 know and how do you decide how much to put 0:33:13.280 --> 0:33:17.080 into the stocks versus the fixed income like the bonds 0:33:17.120 --> 0:33:17.720 that you were talking. 0:33:17.720 --> 0:33:21.280 About, yeah so those target date, funds those are very 0:33:21.320 --> 0:33:23.240 convenient because you just put money in there and it 0:33:23.320 --> 0:33:26.640 automatically invest for you in its. Turnkeys so as you 0:33:26.760 --> 0:33:31.000 approach your retirement, age say it's sixty or fifty, five 0:33:31.600 --> 0:33:35.160 it automatically switches to a more conservative portfolio each year 0:33:35.200 --> 0:33:39.720 as you get, Older so you, know blimer or out 0:33:39.720 --> 0:33:42.360 with target date, funds they're mutual. Funds within that mutual 0:33:42.400 --> 0:33:47.520 fund is what's happening in that type of. Investment so 0:33:48.120 --> 0:33:51.760 going back to your main question about how, much like what, Percentage, 0:33:51.800 --> 0:33:55.000 well it really depends on where you. Are Like, mandy 0:33:55.000 --> 0:33:57.520 you're in your, thirties SO i would hope that you're 0:33:57.800 --> 0:34:03.000 invested more aggressively in your retirement, portfolio but in your 0:34:03.200 --> 0:34:07.440 investment account that's outside of your Retirement so are you 0:34:07.760 --> 0:34:12.399 investing for in that investment account for the next five, 0:34:12.440 --> 0:34:16.320 years ten? Years so let's just assume that you're saving 0:34:16.360 --> 0:34:18.400 for a house and you want to put twenty percent, 0:34:18.480 --> 0:34:21.440 down and that's going to cost you what one hundred 0:34:21.440 --> 0:34:23.640 thousand dollars for, example and you need that money in five, 0:34:23.719 --> 0:34:26.840 years you might not want to invest too much in 0:34:26.840 --> 0:34:29.799 inequities or individual stocks because you're going to need that 0:34:29.840 --> 0:34:31.719 money in five, years which goes by really. 0:34:31.800 --> 0:34:33.879 Fast does that make? 0:34:33.960 --> 0:34:37.080 Sense, Yeah so it's almost Like i'm asking the wrong. Question, 0:34:37.160 --> 0:34:39.080 FIRST i guess the first question to ask when you're 0:34:39.080 --> 0:34:41.640 starting to invest outside your four ONE k is what 0:34:41.680 --> 0:34:44.040 AM i investing? For like long term or short? 0:34:44.120 --> 0:34:44.560 Term? 0:34:44.760 --> 0:34:48.799 Yes and for what time period are you investing? For 0:34:48.960 --> 0:34:52.680 so your retirement, accounts if you're young, twenties in, thirties 0:34:52.800 --> 0:34:56.040 or you have more than ten years of, retirement you, 0:34:56.080 --> 0:34:59.440 know think about the business, cycle the ups and downs 0:34:59.440 --> 0:34:59.880 of the stock. 0:35:00.080 --> 0:35:01.440 Market you can be a little bit more. 0:35:01.440 --> 0:35:04.360 Aggressive you can have like an eighty ninety percent equity 0:35:04.400 --> 0:35:08.640 portfolio and fifteen to twenty percent fixed. Income that's that's 0:35:08.680 --> 0:35:11.800 pretty aggressive, Now, MANDY i know yours is like ninety 0:35:11.840 --> 0:35:15.160 nine percent. STOCKS i, mean you put me on. 0:35:15.239 --> 0:35:19.440 Blessed that's not from my. 0:35:19.600 --> 0:35:23.200 Direction helen's, like just to be, Clear i've told You. 0:35:24.760 --> 0:35:26.080 I'm way more old lady about. 0:35:26.080 --> 0:35:29.600 Mine i'm just so people are clear because sometimes the 0:35:29.680 --> 0:35:30.920 words can be, like, wait what does that? 0:35:30.960 --> 0:35:33.640 Mean equity is? Stocks and what was the other thing you? 0:35:33.680 --> 0:35:37.360 Said fixed, income which is, bond, CDs cash. 0:35:37.400 --> 0:35:39.799 Equivalents, Yes so just so we're. Clear it's just so 0:35:39.800 --> 0:35:41.200 people are not, like, wait what does that? 0:35:41.239 --> 0:35:43.960 Mean BECAUSE i like that sometimes when it comes to 0:35:44.000 --> 0:35:45.040 like the financial. 0:35:45.040 --> 0:35:47.200 Words, okay, yep. 0:35:47.360 --> 0:35:51.000 Yep so WHEN i say, EQUITIES i mean like, stocks and, 0:35:51.560 --> 0:35:54.800 yeah pretty much stocks and any ETFs that invest in, 0:35:54.840 --> 0:35:57.400 stocks mutual funds that invest in. Stocks but WHEN i 0:35:57.400 --> 0:36:02.120 say fixed, INCOME i mean like more secure investments like 0:36:02.320 --> 0:36:07.200 bonds or cash. CASH i would consider that as fixed 0:36:07.200 --> 0:36:12.360 income as, Well so more more secure INVESTMENTS i. 0:36:12.400 --> 0:36:14.759 Think FOR i think SINCE i Mean tiffany AND i 0:36:14.840 --> 0:36:16.440 both have a, house AND i think both of us 0:36:16.520 --> 0:36:18.759 are in a place where we want To WHEN i 0:36:18.800 --> 0:36:22.360 think investing for, WEALTH i THINK i want to build 0:36:22.440 --> 0:36:25.879 a brokerage account where when, i'm you, know thirty years from, 0:36:25.880 --> 0:36:28.359 now When i'm, Retiring i'm living off the income from 0:36:28.400 --> 0:36:31.279 my brokerage. Account so that to me seems pretty long, 0:36:31.360 --> 0:36:33.320 term like thirty years, right. 0:36:33.360 --> 0:36:35.360 Yeah, yeah that is long. Term and you can have 0:36:35.480 --> 0:36:38.759 multiple investment accounts for different. Things so let's just, say you, 0:36:38.840 --> 0:36:41.359 know you have an investment account that's in addition to 0:36:41.400 --> 0:36:44.279 your retirement, accounts and it's earmarked for thirty years from, 0:36:44.280 --> 0:36:47.040 now and then you have another investment account that's earmarked 0:36:47.040 --> 0:36:49.040 for ten years from now when you want to THROW 0:36:49.520 --> 0:36:52.000 i don't, know a big fiftieth birthday party or forty 0:36:52.000 --> 0:36:56.200 fifth birthday party whatever it, is or celebrating you, know 0:36:56.560 --> 0:37:01.239 a house. Purchase that those like the timeline that you 0:37:01.440 --> 0:37:05.880 have for each specific account really matters because it really 0:37:05.920 --> 0:37:09.399 determines how aggressive you can, be how much spice you can. 0:37:09.400 --> 0:37:12.000 Add you don't want to invest In, tesla for, example 0:37:12.440 --> 0:37:17.080 and expect it to you, know be there for and 0:37:17.120 --> 0:37:19.920 protect your principle a year from. Now that's just unrealistic 0:37:19.960 --> 0:37:23.080 because that investment is so, Aggressive, okay. 0:37:23.200 --> 0:37:25.799 Unpredictable, yeah one of the THINGS i know THAT i 0:37:25.840 --> 0:37:29.799 want to Because I'm i'm not gonna. LIE i was 0:37:29.840 --> 0:37:32.600 a school teacher for ten years and now as a business, 0:37:32.600 --> 0:37:35.279 OWNER i mean and make more THAN i could have 0:37:35.360 --> 0:37:37.800 ever dreamed, of BUT i still live. 0:37:37.719 --> 0:37:40.080 Basically like a school. Teacher that's, good. 0:37:40.320 --> 0:37:43.120 And SO i have you, know maxed out like the 0:37:43.200 --> 0:37:47.319 traditional like and retirement kind of like plans and WHAT 0:37:47.440 --> 0:37:50.200 i want Is i'm thirty, eight AND i would love by, 0:37:50.320 --> 0:37:52.520 Fifty like this is my husband Not our goal is 0:37:52.520 --> 0:37:56.240 by fifty that we are financially, independent THAT i honestly 0:37:56.239 --> 0:37:58.880 still see myself working just BECAUSE i enjoy. It but 0:37:59.160 --> 0:38:02.120 by fifty if we didn't want to, work and you, 0:38:02.160 --> 0:38:04.520 know like and by then he'll be fully. Invested he 0:38:04.560 --> 0:38:07.680 works for the, city so he's got great health insurance 0:38:07.680 --> 0:38:09.480 and he could take that with him if he didn't 0:38:09.520 --> 0:38:11.920 want to, work we'd have health. Insurance and, LIKE i 0:38:11.960 --> 0:38:14.520 would love to be able to say we make six 0:38:14.600 --> 0:38:16.480 figures a year from. 0:38:16.320 --> 0:38:17.120 Not doing, anything you. 0:38:17.160 --> 0:38:19.160 Know so that's kind of like our, goal and that's 0:38:19.160 --> 0:38:20.759 what we're kind of struggling, With, like so what do 0:38:20.800 --> 0:38:23.239 we do with our money to set us up for that? 0:38:23.640 --> 0:38:26.799 Potential even though at fifty we might say second career or, 0:38:26.840 --> 0:38:29.279 whatever you, know but, yeah that's kind of like our. 0:38:29.280 --> 0:38:30.319 Goal BUT i Don't i'm not gonna. 0:38:30.360 --> 0:38:34.000 LIE i don't know what to, do like to get 0:38:34.040 --> 0:38:36.600 to that space where it's, like, okay twelve few years from, 0:38:36.640 --> 0:38:38.040 now what DO i need to put away? 0:38:38.080 --> 0:38:40.000 Now and where to put myself in that? 0:38:40.000 --> 0:38:42.040 Position BECAUSE i THINK i make enough to do that quite, 0:38:42.040 --> 0:38:43.480 HONESTLY i just don't know what to do with. 0:38:43.520 --> 0:38:49.799 It, yeah so the order at which you withdraw from 0:38:49.840 --> 0:38:53.960 your accounts is really important. Too when you. Retire how 0:38:53.960 --> 0:38:55.680 old did you say you wanted to retire? At what 0:38:56.000 --> 0:38:57.720 was your ideal, Age, TIFFANY. 0:38:57.480 --> 0:39:00.560 I would SAY i would like to be financially by, 0:39:00.719 --> 0:39:03.600 fifty not THAT i would pull off my retirement. Account, 0:39:03.880 --> 0:39:06.719 yeah whatever the investment, account it's enough to yield, me 0:39:07.080 --> 0:39:09.719 to yield my. HUSBAND i collective one hundred thousand. Dollars 0:39:09.800 --> 0:39:11.799 you're knowing the house is paid, off you don't have 0:39:11.840 --> 0:39:14.120 any like you, know we don't have really any much 0:39:14.160 --> 0:39:16.919 overhead as far as like, bills you, know but that's 0:39:16.960 --> 0:39:18.239 more than enough to sustain us. 0:39:18.239 --> 0:39:21.520 Both, yeah so let's just stick with a round number like. 0:39:21.560 --> 0:39:25.040 That you're saying it's one hundred thousand dollars that you're 0:39:25.080 --> 0:39:27.719 going to be spending basically for your lifestyle. Costs and 0:39:27.800 --> 0:39:31.840 let's just assume between you and your husband you're working 0:39:31.880 --> 0:39:37.520 part time AS i don't, know a, LIBRARIAN. 0:39:37.120 --> 0:39:37.399 I don't. 0:39:37.440 --> 0:39:40.440 Know that's my retirement dream is to accumulate so much 0:39:40.480 --> 0:39:41.280 money WHERE i can. 0:39:41.239 --> 0:39:44.800 Just be a. Librarian, oh that's like, that. 0:39:46.400 --> 0:39:49.480 Or be a professor part time or, whatever just to 0:39:49.520 --> 0:39:51.400 get the health benefits and get out of the. House but, 0:39:51.440 --> 0:39:55.400 anyways so you, know twenty five thousand dollars from your library, 0:39:55.480 --> 0:39:58.160 job and he's making another twenty five, thousands so fifty 0:39:58.200 --> 0:40:01.960 thousand dollars total from CHECK w two income for. Example 0:40:02.040 --> 0:40:04.320 so where are you going to generate that extra fifty 0:40:04.360 --> 0:40:08.399 thousand dollars right from your investment? Portfolio, well, fifty you're 0:40:08.520 --> 0:40:11.280 still too young to withdraw from your, accounts your retirement 0:40:11.320 --> 0:40:15.520 accounts without any penalties or additional. Taxes so that's where 0:40:15.560 --> 0:40:17.680 your investment account comes. In and that's WHAT i mean 0:40:17.719 --> 0:40:20.719 earlier WHEN i said the order in which you pull 0:40:20.840 --> 0:40:24.440 from your accounts to supplement that one hundred thousand dollars 0:40:24.520 --> 0:40:27.920 lifestyle you're trying to achieve is really. Important so you 0:40:28.000 --> 0:40:30.640 got to figure out what DO i need to invest 0:40:30.719 --> 0:40:34.359 in that will yield me x amount of that would 0:40:34.400 --> 0:40:37.239 yield me fifty thousand dollars at that, point and then 0:40:37.280 --> 0:40:38.160 work backwards from. 0:40:38.200 --> 0:40:41.040 There, okay that's one of the things we. 0:40:41.080 --> 0:40:44.680 Brought we just bought an investment, property and we're thinking 0:40:44.680 --> 0:40:47.000 about getting a second because that would be one of 0:40:47.080 --> 0:40:49.640 that's one of our ideas of, like, okay, well if 0:40:49.640 --> 0:40:52.359 the rents from here yield US i don't, know two 0:40:52.440 --> 0:40:54.680 thousand dollars a, month we start to chip away at the. 0:40:54.719 --> 0:40:58.120 Goal, yeah well that's another twenty four thousand dollars right. 0:40:58.120 --> 0:41:00.319 There so now you just got to come up twenty 0:41:00.360 --> 0:41:02.879 five thousand dollars from your investment portfolio each. 0:41:02.920 --> 0:41:05.160 Year, okay that makes. 0:41:05.200 --> 0:41:09.400 Sense so investing, like you don't necessarily have to invest 0:41:09.640 --> 0:41:13.200 in the stock market if you. WANT i, mean another 0:41:13.239 --> 0:41:17.920 great source of income later on is in real. Estate 0:41:17.920 --> 0:41:20.759 if you have the additional side money to invest in 0:41:20.800 --> 0:41:24.880 that type of, VEHICLE i should say. 0:41:25.360 --> 0:41:28.480 Yeah sometimes it's the challenge is deciding what to invest in, 0:41:28.520 --> 0:41:31.080 first and like in what? Order AND i Was i've 0:41:31.120 --> 0:41:33.319 gone through you, know we get questions from readers all the, 0:41:33.320 --> 0:41:35.200 time AND i think one of the most common ones 0:41:35.440 --> 0:41:37.680 IS i have a little bit, SAVED i have some. 0:41:37.880 --> 0:41:40.160 DEBT i KNOW i need to be worrying about, Retirement 0:41:40.239 --> 0:41:43.200 but what comes? First is it my emergency? Fund is 0:41:43.200 --> 0:41:47.040 it my four oh ONE? K or you, know SHOULD 0:41:47.080 --> 0:41:49.080 i be paying off this? Debt AND i imagine a 0:41:49.160 --> 0:41:51.239 lot of your clients maybe are in the same, situation 0:41:51.680 --> 0:41:53.920 AND i wonder what your response typically is for. 0:41:53.960 --> 0:41:58.120 That, Yeah so first of, all there's different types of. 0:41:58.120 --> 0:41:59.839 Debt if you have student loan debt or credit card, 0:41:59.880 --> 0:42:03.200 debt definitely try to pay those off. Fast same thing 0:42:03.239 --> 0:42:05.560 with your, mortgage try to pay that. Off but with 0:42:05.640 --> 0:42:08.400 the mortgage it's a little bit different because that is 0:42:08.520 --> 0:42:12.439 money that you are investing in a home that has 0:42:12.480 --> 0:42:16.000 the potential to increase in value and has the potential 0:42:16.080 --> 0:42:18.840 to earn you back, money whereas those other types of 0:42:18.840 --> 0:42:21.359 debt like student loans and credit card that doesn't pay 0:42:21.400 --> 0:42:25.399 you back. Anything you're just putting paying another institution back 0:42:25.440 --> 0:42:28.680 for what you borrowed earlier. On there's no growth potential, 0:42:28.719 --> 0:42:32.360 there if that makes. Sense, so so investing in a 0:42:32.400 --> 0:42:36.440 home or having a, mortgage that's an investment type of 0:42:36.440 --> 0:42:41.000 debt or financing, DEBT i should, say, so, yeah they're 0:42:41.800 --> 0:42:45.040 pay off your debt as quickly as. Possible build an 0:42:45.080 --> 0:42:49.279 emergency fund because you never know when you're sol you, 0:42:49.320 --> 0:42:52.759 know and whatever you feel comfortable. With and TYPICALLY i, 0:42:52.800 --> 0:42:56.880 say it's not just x amount of your or percentage 0:42:56.920 --> 0:43:00.799 of your, income it's really what is your total debt 0:43:00.840 --> 0:43:04.759 payments each, month and what are your total fixed expenses each? 0:43:04.840 --> 0:43:08.200 Month and multiply that by three or, six depending on 0:43:09.560 --> 0:43:12.279 the level that you're comfortable. With USUALLY i encourage people 0:43:12.280 --> 0:43:14.799 to have between six and, twelve but if you, know 0:43:14.880 --> 0:43:17.120 three is a good. Number two three months worth of 0:43:17.520 --> 0:43:22.680 fixed expenses is WHAT i typically tell my clients to 0:43:22.719 --> 0:43:24.920 have as a. Cushion, mandy have you shared with your 0:43:24.960 --> 0:43:28.600 listeners how much you are comfortable with in any emergency? 0:43:28.600 --> 0:43:29.040 Fund quote. 0:43:29.080 --> 0:43:32.239 UNQUOTE i MEAN i was just thinking how many conversations 0:43:32.239 --> 0:43:34.600 you AND i have had about. THAT i, mean don't 0:43:34.640 --> 0:43:36.359 put my numbers out, There, Helen but. 0:43:38.600 --> 0:43:40.480 ALSO i want to, Know. 0:43:40.600 --> 0:43:44.319 Mandy BUT i, mean they're quickly depleting because of this home. 0:43:44.360 --> 0:43:48.160 Renovation but, No, helen definitely we've had these real talk. 0:43:48.200 --> 0:43:50.720 Conversations wheresu's had to tell, Me, mandy you're not poor 0:43:51.160 --> 0:43:54.600 and maybe you're saving too much in cash for your emergency. 0:43:54.600 --> 0:43:57.879 FUND i THINK i wanted like twelve. Months, yeah and then, 0:43:58.160 --> 0:44:00.400 yeah if you want to talk about that conversation that we, 0:44:00.520 --> 0:44:01.440 had because. 0:44:01.960 --> 0:44:04.239 Please preach to, Me, helen Because mandy AND i are, 0:44:04.480 --> 0:44:08.440 sisters soul. Sisters in hoarding, cash it doesn't make any. 0:44:08.520 --> 0:44:10.880 SENSE i look at my bank account and my husband's, 0:44:10.920 --> 0:44:12.799 like you, know you, know we don't live in a great, 0:44:12.800 --> 0:44:14.000 depression right you never. 0:44:14.120 --> 0:44:18.759 Know, yeah it's funny that we're having this investment, conversation 0:44:18.880 --> 0:44:20.520 but you guys hold on to your cash so. 0:44:20.680 --> 0:44:23.800 TIGHTLY i, MEAN i bought a, House. Helen come, On 0:44:23.880 --> 0:44:24.760 i'm making sure. 0:44:25.000 --> 0:44:26.280 That is investing. 0:44:26.600 --> 0:44:30.920 TOO i think sometimes, people you know you are investing 0:44:31.000 --> 0:44:33.719 in a risky asset, too because you're hoping that the 0:44:33.800 --> 0:44:36.720 value of your house will produce income in the future 0:44:36.760 --> 0:44:40.239 if you decide to move out of. It mandy or you, 0:44:40.280 --> 0:44:43.520 KNOW i really strongly believe that the home value is 0:44:43.560 --> 0:44:46.040 going to increase once you renovated and all, that and 0:44:46.080 --> 0:44:46.759 where you live and. 0:44:46.800 --> 0:44:49.960 Everything BUT i, mean you were the first PERSON i 0:44:50.000 --> 0:44:51.840 called when we were buying the house just to like 0:44:51.920 --> 0:44:53.640 talk me off the. LEDGE i was, LIKE i know 0:44:53.719 --> 0:44:55.719 it sounds right on, paper but what Is helen have to? 0:44:55.760 --> 0:44:57.879 Say And you're, LIKE i don't think this is part 0:44:57.920 --> 0:45:02.960 of my regular monthly check. In but, No, yeah it's it's. 0:45:03.600 --> 0:45:06.360 Scary even though you think intellectually you know it's important 0:45:06.400 --> 0:45:08.640 to diversify your, assets it's, still you, know buying a 0:45:08.680 --> 0:45:11.440 house investing in the, market things can go. 0:45:11.520 --> 0:45:13.360 Wrong do you think it's like? 0:45:13.560 --> 0:45:15.920 Humanity it was because of the. Recession is that why you? 0:45:15.920 --> 0:45:17.839 THINK i know't for, me that's where my fear came. 0:45:17.840 --> 0:45:20.359 From oh, YEAH i mean buying a. HOUSE i also 0:45:20.520 --> 0:45:22.759 feel like the market is really hot right, now like, 0:45:22.800 --> 0:45:26.400 Homeownership like the prices are going, up inventory for homes is. 0:45:26.440 --> 0:45:29.520 Low i'm buying in an expensive. MARKET i just really 0:45:29.520 --> 0:45:31.160 didn't want to make the kind of decision that would 0:45:31.160 --> 0:45:33.400 haunt me later down the. Road so for, me it 0:45:33.440 --> 0:45:36.040 was important to put down at LEAST i put down 0:45:36.040 --> 0:45:38.280 a good chunk of my savings for the down payment 0:45:38.360 --> 0:45:41.320 and make sure that we were at least going to 0:45:41.400 --> 0:45:44.640 be not underwater on the, home and did some research 0:45:44.680 --> 0:45:48.479 into how our neighborhood performed after the recession and where 0:45:48.480 --> 0:45:50.479 the media and market price was to make sure we weren't. 0:45:50.520 --> 0:45:53.520 Overpaying but those, things for me as an, investor are. 0:45:53.520 --> 0:45:56.600 Important the facts are, Important AND i like What. HELEN 0:45:56.680 --> 0:45:58.319 i feel like you do a good job of like 0:45:58.400 --> 0:46:01.440 walking me through the facts versus just saying buy a 0:46:01.480 --> 0:46:03.880 house Or AND i think if, you if you're listening 0:46:03.960 --> 0:46:07.439 and you're thinking about a financial, planner find one who 0:46:07.760 --> 0:46:09.760 doesn't just tell, you, well you just do you should 0:46:09.760 --> 0:46:11.839 do this or put your money, here like find one 0:46:11.840 --> 0:46:15.760 who actually explains the why behind the decisions in the 0:46:15.640 --> 0:46:16.120 in the in the. 0:46:16.160 --> 0:46:20.560 Recommendations, YEAH i mean fifty thousand dollars and the bank 0:46:20.560 --> 0:46:23.120 account is a lot in. CASH i had a, client 0:46:23.280 --> 0:46:25.600 a new client, today come. In she has nine hundred 0:46:25.600 --> 0:46:28.320 and eighty thousand dollars sitting in A Morgan stanley account 0:46:29.280 --> 0:46:30.799 for the last five years. 0:46:31.239 --> 0:46:32.200 Kind of account just like. 0:46:32.280 --> 0:46:35.799 Savings, no it's an investment, account but it's just been 0:46:35.840 --> 0:46:36.680 sitting in, cash. 0:46:36.880 --> 0:46:38.960 Uninvested like, What, Yes. 0:46:39.360 --> 0:46:44.399 So it sounds like. That Why i'm not Too i'm 0:46:44.440 --> 0:46:44.759 not gonna. 0:46:44.800 --> 0:46:47.120 Lie i'm not too Far i'm not too far away Like, 0:46:47.280 --> 0:46:49.239 HELEN i was so. BAD i actually bought my house 0:46:49.280 --> 0:46:50.919 in cash BECAUSE i had so much money. 0:46:51.040 --> 0:46:56.360 Left, YEAH i. 0:46:56.400 --> 0:46:59.319 DON'T i feel it's just this fear of like IF 0:46:59.400 --> 0:47:01.680 i IF i don't see, it IF i can't hold, 0:47:01.760 --> 0:47:02.799 you where you're gonna? 0:47:02.840 --> 0:47:03.839 GO i get. 0:47:03.840 --> 0:47:06.719 It it's it's it's you buy a house because it's, 0:47:06.719 --> 0:47:09.080 tangible you can touch, it you can you can rub 0:47:09.080 --> 0:47:14.560 yourself all. Over, yes but whereas like an investment, Account, 0:47:14.600 --> 0:47:16.600 Oh i'm gonna hit, by and then it just sits 0:47:16.640 --> 0:47:19.640 There like that's not, sexy you, know like you kind 0:47:19.640 --> 0:47:21.680 of forget about. It AND i feel like with this 0:47:21.760 --> 0:47:23.640 client who came, in she had no idea what to 0:47:23.680 --> 0:47:26.440 do with, it so so now she is it's just 0:47:26.480 --> 0:47:28.839 been sitting there for the last five. Years she came 0:47:28.880 --> 0:47:31.520 in and showed me the. STATEMENT i, said out of 0:47:31.600 --> 0:47:34.840 nine hundred thousand, dollars you only made thirty three hundred 0:47:34.840 --> 0:47:35.960 dollars in this account last. 0:47:36.040 --> 0:47:36.640 Year are you kidding? 0:47:36.680 --> 0:47:36.759 Me? 0:47:37.440 --> 0:47:40.840 Yeah, OKAY i feel better about my life by the 0:47:40.880 --> 0:47:43.880 TIME i get. THERE I i, MEAN i WISH i 0:47:43.880 --> 0:47:44.880 had that, problem BUT i. 0:47:44.880 --> 0:47:48.839 Don't, No but, honestly it's this is good, though BECAUSE i, think, 0:47:49.000 --> 0:47:52.600 UH i think some, people you, know they think they'll 0:47:52.640 --> 0:47:55.160 never get to a place where they can, invest so 0:47:55.200 --> 0:47:58.600 they don't mentally prepare For like, okay because you you, 0:47:58.640 --> 0:48:01.000 know if you really work toward down your, debt you'll 0:48:01.080 --> 0:48:03.359 you'll be in a position where you can invest past your. 0:48:03.400 --> 0:48:06.000 Retirement and what does that look? Like so what are 0:48:06.040 --> 0:48:08.960 some things that people can start like mentally preparing for 0:48:09.080 --> 0:48:11.520 or planning for or is there a book they can start, 0:48:11.560 --> 0:48:13.440 reading or is there a person they need to sit 0:48:13.480 --> 0:48:14.440 down with to prepare for that. 0:48:14.520 --> 0:48:18.480 DAY i, mean just WHAT i always tell people is 0:48:18.600 --> 0:48:21.680 just think about do you guys remember how much the 0:48:21.719 --> 0:48:25.759 cost of stamps or gas was like ten twelve years, 0:48:25.760 --> 0:48:27.160 ago you, know or. 0:48:27.160 --> 0:48:27.759 Back in your? 0:48:27.800 --> 0:48:30.920 Childhood do you remember how much stamps? COST i remember 0:48:31.400 --> 0:48:32.920 today gallon WHEN i was. 0:48:32.960 --> 0:48:34.360 Six, yeah it was. 0:48:34.719 --> 0:48:38.000 CRAZY i had the license and that was like everybody 0:48:38.040 --> 0:48:39.080 had five water like, GIRL i? 0:48:39.120 --> 0:48:43.560 Gotcha, Yeah and do you remember one gas was actually five? 0:48:43.640 --> 0:48:47.319 Dollars it was more than. Milk that wasn't too long. 0:48:47.360 --> 0:48:50.319 Ago SO i tell, People, okay your money is sitting in. 0:48:50.360 --> 0:48:53.600 Cash guess what You're what you're not realizing is the 0:48:53.719 --> 0:48:56.840 two and a half three percent of inflation that occurs 0:48:56.880 --> 0:49:00.400 on average historically eating that. Up so if you're money 0:49:00.719 --> 0:49:03.920 is just sitting there in cash at point one, percent 0:49:05.320 --> 0:49:06.440 you're losing money every. 0:49:06.520 --> 0:49:10.560 DAY i, mean we at least got that online savings 0:49:10.600 --> 0:49:13.560 account on floor the high interest with the high, entry 0:49:14.000 --> 0:49:17.439 we're baxing out our online. Savings but, YEAH i it's 0:49:17.440 --> 0:49:19.680 definitely time for both of us to well tif you 0:49:19.680 --> 0:49:22.439 have a brokerage, ACCOUNT i think well tips like Next 0:49:22.480 --> 0:49:25.080 level she. Has you, know she's a budgeonese to she's selling, 0:49:25.120 --> 0:49:29.200 out selling out and retreats And morocco and stuff in 0:49:29.239 --> 0:49:31.480 the real. World the rest of us just have some 0:49:31.480 --> 0:49:35.480 pennies to throw. Around, no but so let's. TALK i, 0:49:35.480 --> 0:49:37.399 MEAN i feel like that the. Acts there's so many 0:49:37.520 --> 0:49:41.080 like platforms now trying to target, millennials like or not just, 0:49:41.120 --> 0:49:43.239 millennials but people who were at this stage and want 0:49:43.239 --> 0:49:45.359 to start investing outside of. There for ONE, k there's 0:49:45.360 --> 0:49:50.040 never been more options Like, Acorns, Betterment Wealth, front digit 0:49:50.280 --> 0:49:52.880 was that. Investing i'm not really sure Robin. Hood so 0:49:53.160 --> 0:49:57.680 can we talk about like robo advisors and these accessible 0:49:57.680 --> 0:50:01.000 investment platforms and when they're good idea maybe when they're 0:50:01.000 --> 0:50:02.640 not a good? Idea do you have an opinion on 0:50:02.960 --> 0:50:04.840 these easy access robo advisory? 0:50:04.840 --> 0:50:09.480 Firms, yes of COURSE i have an. 0:50:09.520 --> 0:50:13.560 OPINION i, mean it's a safe. Space we don't have 0:50:13.600 --> 0:50:15.759 any sponsorships with, them don't, Worry. 0:50:16.160 --> 0:50:21.759 Okay so it really depends on how involved you want to. 0:50:21.760 --> 0:50:23.640 Be if you are hands off and you're, like you, 0:50:23.640 --> 0:50:25.640 KNOW i want to get into, investing BUT i really 0:50:25.640 --> 0:50:29.200 don't care or have the time to sit pick and 0:50:29.280 --> 0:50:32.640 choose and read the perspectives or look up what ETFs 0:50:32.640 --> 0:50:36.840 i'm interested. In go to those cheap robo advisors who you, 0:50:36.880 --> 0:50:40.000 know charge like zero point two five percent to manage 0:50:40.040 --> 0:50:44.160 your investment portfolio or your retirement. Accounts so you open 0:50:44.239 --> 0:50:46.279 UP i think At, betterment you can open up a 0:50:46.360 --> 0:50:51.040 roth ira there put you, know your four hundred bucks 0:50:51.080 --> 0:50:53.600 in there each, month and it automatically invests for you 0:50:53.840 --> 0:50:58.400 in AN etf. Portfolio so if you are looking for 0:50:58.480 --> 0:51:01.600 something cheap and effish and hands, off that would be 0:51:01.640 --> 0:51:02.040 the way to. 0:51:02.080 --> 0:51:04.680 Go if you want to be. 0:51:04.719 --> 0:51:08.759 More hands on and pick and choose, stocks you, know 0:51:08.840 --> 0:51:11.400 go with the discount brokerage firm Like tedium Or trade 0:51:11.520 --> 0:51:15.080 or A schwab or A. Fidelity they just charge you 0:51:15.120 --> 0:51:18.839 like seven ninety nine or four ninety nine per. Transaction 0:51:19.520 --> 0:51:21.440 and if you really want to get sexy with, it 0:51:21.480 --> 0:51:24.359 WHICH i you, know don't really recommend because it's very, 0:51:24.360 --> 0:51:28.640 expensive is to go to the more traditional wire houses 0:51:28.840 --> 0:51:33.880 or brokerage firms Like Morgan stanley or what is It Merrill. 0:51:33.960 --> 0:51:37.239 LYNCH i mean they'll charge you a commission based on 0:51:37.800 --> 0:51:41.120 the amount of shares you. Buy so if you're really 0:51:41.200 --> 0:51:43.600 looking to save, MONEY i would go the discount brokerage, 0:51:44.160 --> 0:51:46.439 route or if you want to be completely hands, off 0:51:46.640 --> 0:51:48.880 the robo advisors are the way to. Go, now my 0:51:48.920 --> 0:51:51.000 own the only caveat with the robo advisors you can't 0:51:51.040 --> 0:51:53.279 buy individual stocks in. There so if you want to 0:51:53.480 --> 0:51:57.240 keep everything in house and, consolidated you, know you can't 0:51:57.680 --> 0:52:01.520 hit purchase a single share Of amazon in those types 0:52:01.520 --> 0:52:05.640 of accounts with you, know platforms like Better men or 0:52:05.640 --> 0:52:08.279 elevest or the last TIME i, checked at least you 0:52:08.320 --> 0:52:11.600 weren't able to do. That you're just pretty much pre 0:52:11.800 --> 0:52:12.359 set to. 0:52:13.800 --> 0:52:14.240 A certain. 0:52:14.280 --> 0:52:17.400 Portfolio say you wanted to retire AT i don't, know 0:52:17.520 --> 0:52:19.960 twenty years from. Now to put you into a portfolio like, 0:52:20.000 --> 0:52:22.640 that it's similar to that target date Fund mandy that 0:52:22.680 --> 0:52:24.920 you were mentioning. Earlier you just kind of set it 0:52:24.960 --> 0:52:25.600 and forget it. 0:52:26.560 --> 0:52:29.560 Now the maximum you can contribute to AN, ira so 0:52:29.600 --> 0:52:32.719 if you're opening another retirement account outside of your four ONE, 0:52:32.800 --> 0:52:35.480 k that's fifty five hundred a. Year, Right but we're 0:52:35.520 --> 0:52:38.200 talking about like a brokerage account where there's not a 0:52:38.280 --> 0:52:40.440 limit on how much you can save each, year, right. 0:52:40.880 --> 0:52:44.480 Yeah, Correct, Yes so we call that just a regular 0:52:44.560 --> 0:52:48.839 investment account or retail account or brokerage. Account those are 0:52:48.840 --> 0:52:50.200 all it's the same freakin'. 0:52:50.200 --> 0:52:54.200 Account would you, recommend, well would you? RECOMMEND i hope not, 0:52:54.400 --> 0:52:57.600 Me but, generally if you're if you haven't open to 0:52:57.640 --> 0:52:59.560 iray outside of your four ONE, k do you make 0:52:59.600 --> 0:53:03.200 that your first stop and then think about the discount 0:53:03.239 --> 0:53:07.960 brokerage after you've put your fifty five hundred away for the, 0:53:08.040 --> 0:53:10.120 year or do you do both at the same. 0:53:10.160 --> 0:53:14.600 Time, Yeah so those brokerage houses that that you're talking, 0:53:14.640 --> 0:53:17.680 about like where you open the account In in our, 0:53:17.760 --> 0:53:21.759 language we call them, custodians like all of those platforms 0:53:21.760 --> 0:53:24.279 THAT i just mentioned or that we just. Mentioned you 0:53:24.320 --> 0:53:27.040 can open up a roth, ira TRADITIONAL ira or investment 0:53:27.080 --> 0:53:30.680 account in any of those. Places so the type of, Account, 0:53:31.520 --> 0:53:33.920 yeah you can open up say a betterment wroth. Ira 0:53:35.000 --> 0:53:37.920 but if you, want if you've maxed out your four 0:53:37.960 --> 0:53:40.880 to ONE k, already the next step if you're looking 0:53:40.920 --> 0:53:45.879 for more tax advantage accounts to you, know not pay 0:53:45.880 --> 0:53:50.239 any taxes later on or defer more this, year open 0:53:50.320 --> 0:53:53.480 up a rath or TRADITIONAL ira for, sure at any 0:53:53.480 --> 0:53:56.799 of those brokerages we just. Mentioned and then after, that 0:53:56.840 --> 0:54:00.160 once you max out, that then open up and invest an. 0:54:00.200 --> 0:54:03.400 Account so you can do. Both you can have a 0:54:03.440 --> 0:54:09.320 four to ONE k and a traditional. Ira, Correct, Okay, YEAH. 0:54:09.120 --> 0:54:10.680 I Think that's Where i'm heading next is just to 0:54:11.080 --> 0:54:13.239 open Up, Actually, helen you, know we opened up A 0:54:13.360 --> 0:54:15.560 VANGUARD ira and then just like didn't do anything with 0:54:15.600 --> 0:54:17.359 it BECAUSE i got cold. FEET i don't know, Why 0:54:17.520 --> 0:54:18.600 i'm crazy. 0:54:19.400 --> 0:54:22.600 FUNNY i was looking, heavily quite honestly Into vanguard as, 0:54:22.600 --> 0:54:26.000 well BECAUSE i just read, LIKE i like kind of 0:54:26.000 --> 0:54:28.400 like the philosophy of the company that, like you know 0:54:28.480 --> 0:54:31.560 that THE i guess it's the profits go right back 0:54:31.600 --> 0:54:33.960 and it's not like they have investors except for the 0:54:34.000 --> 0:54:37.440 people who are actually purchasing the mutual funds or, ets 0:54:37.440 --> 0:54:40.000 AND i kind of like, that and that they're not heavy. 0:54:40.040 --> 0:54:41.160 Salespeople that's SOMETHING i. 0:54:41.200 --> 0:54:43.040 READ i don't know if that's, true but you, know 0:54:43.080 --> 0:54:44.719 you're not going to be like upsold to these things 0:54:44.719 --> 0:54:47.400 that you don't kind of. Need because even for, me 0:54:47.480 --> 0:54:49.240 LIKE i want one of the one of my goals 0:54:49.239 --> 0:54:53.760 for next year is to offer like a retirement benefit 0:54:54.080 --> 0:54:56.520 to the people that work for my. Company and So 0:54:56.719 --> 0:54:59.239 i've been like weighing companies And vanguard has been like 0:54:59.280 --> 0:55:02.839 really coming up on. Top so, yeah so it's good 0:55:02.840 --> 0:55:05.960 to know that that's a company that's you, know it's it's, 0:55:06.000 --> 0:55:07.600 LIKE i, MEAN i guess no company is, perfect but 0:55:07.600 --> 0:55:09.040 it's definitely What i've been looking heavily. 0:55:09.080 --> 0:55:10.719 Into it's. 0:55:10.960 --> 0:55:11.560 There they're not. 0:55:11.680 --> 0:55:14.960 BAD i MEAN i PERSONALLY i Use Tdomerior trade for 0:55:15.080 --> 0:55:18.359 myself and for my. Clients and you can actually Buy 0:55:18.520 --> 0:55:24.000 vanguard ETFs or mutual funds within other brokerage. Accounts so 0:55:24.040 --> 0:55:27.320 maybe you have like A schwab, account a wroth Iray shrab, 0:55:27.360 --> 0:55:31.960 account or A schwab investment, account you can Buy vanguard 0:55:32.040 --> 0:55:32.360 funds in. 0:55:32.400 --> 0:55:33.799 Them you know. THAT i didn't know. 0:55:33.840 --> 0:55:35.000 That, Okay, yeah. 0:55:34.840 --> 0:55:38.360 You don't necessarily have to use open up A vanguard 0:55:38.360 --> 0:55:41.960 Wroth ira to purchase their mutual. Funds so it's a, 0:55:42.239 --> 0:55:45.960 like you, know pick a platform and, say, hey you 0:55:46.000 --> 0:55:50.879 know WHAT i really Like Tdomerror trades customer service and 0:55:51.160 --> 0:55:54.160 just keep everything in house for easy management of all 0:55:54.200 --> 0:55:57.440 your accounts and not have a zillion different accounts at 0:55:57.520 --> 0:55:58.040 a zillion. 0:55:58.120 --> 0:56:01.680 Custodians and can you do individual stocks at these big 0:56:01.719 --> 0:56:05.000 brokerages Like VANGUARD Tv, okay, YEAH i Think. 0:56:05.040 --> 0:56:09.560 Vandguard i'm not sure about Tdmor Trade shrub for. Sure, Fidelity, 0:56:09.640 --> 0:56:12.160 yeah you're able To fidelity, yep for. Sure. 0:56:12.440 --> 0:56:14.000 YEAH i think that's WHERE i get stuck a little 0:56:14.000 --> 0:56:15.840 bit BECAUSE i have The Robin. HOOD i THINK i 0:56:15.880 --> 0:56:20.120 have some Dormant acorns account. SOMEWHERE i don't like having 0:56:20.160 --> 0:56:22.120 these OTHER i don't like having the accounts kind of spread. 0:56:22.120 --> 0:56:24.360 OUT i would like to have them in. House. Yeah 0:56:24.400 --> 0:56:26.799 so that's something to, consider is finding a brokerage firm 0:56:26.840 --> 0:56:29.160 that maybe gives you the ability to do a little 0:56:29.160 --> 0:56:30.080 bit of. Everything. 0:56:30.840 --> 0:56:32.560 YEAH i, mean you don't want to have too many 0:56:32.800 --> 0:56:36.600 investment accounts or irays floating around out. There first of, 0:56:36.640 --> 0:56:39.319 all THE irs looks at your even if you have 0:56:39.400 --> 0:56:42.640 one hundred different wroth irays at one hundred different, firms 0:56:43.480 --> 0:56:45.520 you can only put in fifty five hundred. Total THE 0:56:45.520 --> 0:56:48.520 irs looks at all of your one Hundred wroth irays 0:56:48.520 --> 0:56:52.239 as one. Account so you can't be, like, Oh i'm 0:56:52.239 --> 0:56:54.360 going to open A vanguard roth and put fifty five hundred, 0:56:54.400 --> 0:56:57.480 there put another fifty five hundred in THE Td Marrior trade. 0:56:57.520 --> 0:57:00.640 Wroth like it doesn't work that. Way undred total. 0:57:01.360 --> 0:57:01.560 Here. 0:57:01.640 --> 0:57:04.080 Yeah, yeah don't don't try and game THE i arrest. 0:57:04.160 --> 0:57:06.520 Now. Yeah, no, no, no, no, no, no, no. 0:57:06.880 --> 0:57:08.279 This is not what we're saying to. 0:57:08.320 --> 0:57:10.840 DO i, mean that's a Good it's like a sixteen 0:57:10.920 --> 0:57:12.799 year old, girlfriend, Right they're, like, oh, no, no, NO 0:57:12.840 --> 0:57:14.080 i know all the chicks to. 0:57:14.200 --> 0:57:18.439 TRADE i will do my. RESEARCH i will find you, well, 0:57:18.560 --> 0:57:19.480 yeah you can't do. 0:57:19.520 --> 0:57:21.840 THAT i don't want to get too like deep into, 0:57:21.880 --> 0:57:24.560 it but taxes are something to talk about when you're 0:57:24.560 --> 0:57:27.200 talking about, investing AND i, mean what's like a NICE 0:57:27.360 --> 0:57:30.800 i don't know how to even gently broach this, subject 0:57:30.880 --> 0:57:33.320 but it's something That i've had to think about more 0:57:33.360 --> 0:57:36.720 as my taxes and you, know AS i start investing 0:57:36.800 --> 0:57:40.160 DO i need to DO i need like A cpa 0:57:40.320 --> 0:57:44.040 who is experienced with investments and can help, me you, 0:57:44.080 --> 0:57:48.600 know limit my tax my tax. Liability how does you 0:57:48.600 --> 0:57:50.400 know what sorts of things should we be thinking about 0:57:50.400 --> 0:57:52.600 when we start investing outside the four to one k. 0:57:54.320 --> 0:57:59.040 CPAs keep in mind that they're not necessarily savvy on 0:57:59.160 --> 0:58:03.640 the retirement planning. Rules i've found that very few of 0:58:03.680 --> 0:58:07.640 them actually know the retirement tax planning side of it 0:58:09.040 --> 0:58:10.680 in terms of whether or. 0:58:10.680 --> 0:58:11.040 Not you can. 0:58:11.080 --> 0:58:16.200 Deduct you, Know i've had several cases where clients actually 0:58:16.600 --> 0:58:19.640 weren't even allowed to put money into their roth iray 0:58:19.760 --> 0:58:22.800 because their income was so high and we had to 0:58:22.960 --> 0:58:27.000 withdraw the money or file a correction because you get 0:58:27.000 --> 0:58:32.360 penalized six percent if you overcontribute to your. IRAS i 0:58:32.400 --> 0:58:34.080 don't know if you guys are aware of that or 0:58:34.320 --> 0:58:36.720 the audience. Members if you put too, much even if 0:58:36.720 --> 0:58:38.200 it's a, dollar guess what you're going to pay six 0:58:38.200 --> 0:58:38.760 percent on that? 0:58:38.840 --> 0:58:43.440 Dollar starting getting worried about that last year is oversaving 0:58:43.480 --> 0:58:43.919 on my four? 0:58:43.960 --> 0:58:44.080 One? 0:58:44.080 --> 0:58:47.479 Okay, yeah so you just have to file a bunch 0:58:47.480 --> 0:58:51.800 of paperwork to correct that contribution and withdraw. It and 0:58:51.840 --> 0:58:54.680 then and then guess what even if you made say 0:58:54.720 --> 0:58:56.920 you're you put in one hundred, bucks over contributed a 0:58:56.920 --> 0:58:59.080 one hundred bucks and that one hundred dollars grew to 0:58:59.200 --> 0:59:01.120 five hundred. Dollars sketch where you're gonna have to pay 0:59:01.160 --> 0:59:06.920 taxes on the games that occurred within that account and 0:59:06.920 --> 0:59:10.120 what you withdraw. Too, so so be careful about your 0:59:10.120 --> 0:59:13.600 income level when when you contribute to a ROTH, ira 0:59:13.760 --> 0:59:17.400 because not everybody qualifies to put money into. It and 0:59:17.640 --> 0:59:21.760 we can get into more sexy tax planning strategies and 0:59:21.920 --> 0:59:24.640 do back doing the back door roth but. 0:59:25.080 --> 0:59:29.520 You, know, well so it's just something to, consider like 0:59:29.720 --> 0:59:32.280 so when you're when you're hiring, it SO i know 0:59:32.360 --> 0:59:33.800 THAT i work with, You, helen and just to be, 0:59:33.840 --> 0:59:37.200 transparent Like, helen we meet like twice a year, regular you, 0:59:37.200 --> 0:59:39.800 know with, you we were meeting once a month the 0:59:39.880 --> 0:59:42.080 year that we were getting married and kind of joining our. 0:59:42.080 --> 0:59:44.480 Finances you were kind of our financial therapist for that, 0:59:44.560 --> 0:59:48.560 year and now we're doing. Biannual but you, know my 0:59:48.680 --> 0:59:51.720 tax prepairer has always been. Separate but so it would 0:59:51.760 --> 0:59:54.800 be sort of finding a new tax accountant or a 0:59:54.840 --> 0:59:57.840 tax preparer who has what kind of, Background like what 0:59:57.840 --> 0:59:59.760 SHOULD i be looking? For and Also i'm going to 0:59:59.840 --> 1:00:02.400 run and by you just so you, can, yeah let me. 1:00:02.440 --> 1:00:08.480 KNOW i usually like to read their tax filings or 1:00:08.720 --> 1:00:13.480 your tax filings and see how they've been doing. It you, 1:00:13.520 --> 1:00:15.680 know try to look for A cpa somebody with that 1:00:15.800 --> 1:00:21.480 designation because they in their exam they have encountered the 1:00:21.560 --> 1:00:25.680 retirement rules or the retirement saving. Rules but it's but you, 1:00:25.720 --> 1:00:29.040 know just because somebody has THE cpa, designation be careful 1:00:29.080 --> 1:00:32.160 about their background because some of them are corporate CPAs 1:00:32.200 --> 1:00:35.040 who just left the corporate world and now they're doing personal, 1:00:35.080 --> 1:00:39.480 taxes which is a completely different. Thing so be. Careful 1:00:39.680 --> 1:00:42.320 just because they HAVE cpa doesn't mean that they've ever 1:00:42.560 --> 1:00:46.520 filed any individual taxes for couples or for single people with. 1:00:46.640 --> 1:00:50.200 Businesses so WHAT i would really recommend is is when 1:00:50.200 --> 1:00:54.360 you vet out, CPAs particularly ask them how long they've 1:00:54.400 --> 1:00:56.560 been doing it and what type of taxes they have 1:00:56.640 --> 1:00:59.320 been filing for the last five years at least five 1:00:59.360 --> 1:01:01.880 years of filing personal taxes to WHAT i look. 1:01:01.960 --> 1:01:04.760 For, Okay and. 1:01:04.720 --> 1:01:06.440 It's always good to have both people talk to each, 1:01:06.480 --> 1:01:10.240 other like my MY, cpa my, accountant and my financial. 1:01:10.360 --> 1:01:14.320 Advisor like during like at least twice a, year the 1:01:14.360 --> 1:01:16.240 three of us will kind of get on the phone 1:01:16.240 --> 1:01:18.600 because there are things That i'm, like, Like carlos will be, Like, 1:01:18.640 --> 1:01:21.120 tiffany you did not tell me That i'm, like WAS 1:01:21.160 --> 1:01:21.720 i supposed? 1:01:21.760 --> 1:01:21.880 To? 1:01:24.680 --> 1:01:27.480 Like for, EXAMPLE i, WAS i was contributing to a 1:01:27.560 --> 1:01:31.120 sept but AND i. DIDN'T i didn't Tell, carlos my, 1:01:31.160 --> 1:01:35.200 accountant that he KNEW i was contributing to a retirement, 1:01:35.240 --> 1:01:36.040 account but he. 1:01:35.960 --> 1:01:36.960 Didn't know that it was a. 1:01:37.000 --> 1:01:40.760 Set but THEN i switched from like AN llc to an, 1:01:40.880 --> 1:01:44.560 escorp which meant that was no longer self, employed SO i. 1:01:44.600 --> 1:01:46.880 COULDN'T i was not supposed to be contributing to a 1:01:46.880 --> 1:01:49.320 self employment retirement. ACCOUNT i was supposed to then switch 1:01:49.360 --> 1:01:51.760 over to, something BUT i didn't, know and so he was, 1:01:51.800 --> 1:01:53.919 like so even now we're kind of taking our way 1:01:53.920 --> 1:01:56.480 out of like a. TIFFY i was, LIKE i didn't 1:01:56.520 --> 1:02:00.000 do so NOW i now my financial. People it's important 1:02:00.160 --> 1:02:02.360 that they're willing and open to speak to each other 1:02:02.640 --> 1:02:03.960 because there are Things i'm going to leave. 1:02:04.000 --> 1:02:08.080 Out, yes, yes and be very worry of those who 1:02:08.120 --> 1:02:11.600 try to do everything in, house because filing taxes and doing, 1:02:11.880 --> 1:02:15.920 accounting especially for, businesses that's like a full more than 1:02:15.920 --> 1:02:17.720 a full time job in. Itself and then they're, like, oh, 1:02:17.800 --> 1:02:20.160 yeah we also do investment. Planning i'm, like give me a, break, 1:02:20.240 --> 1:02:24.520 dude there's no. Way so like for, ME i just 1:02:24.560 --> 1:02:27.520 do straight financial planning and help with the investments and 1:02:27.600 --> 1:02:30.600 choosing the investments and building clients. Portfolios BUT i don't 1:02:30.640 --> 1:02:32.880 touch any of the. Taxes i'm able to read it 1:02:32.920 --> 1:02:37.200 and understand it and talk to the tax ADVISOR cpa 1:02:37.320 --> 1:02:40.720 intelligently and make him or her aware of my client's, 1:02:40.800 --> 1:02:44.880 transactions because they'll call and, say, hey what type of 1:02:44.920 --> 1:02:47.600 retirement business retirement account do you have set? Up like 1:02:47.680 --> 1:02:50.600 how did she move money? Around you? Know can you 1:02:50.720 --> 1:02:55.760 send me the ten ninety nine's for her retirement? Accounts 1:02:55.800 --> 1:02:57.520 or how much she contributed to, it which is a 1:02:57.560 --> 1:03:01.200 completely different form, too so so it would be like 1:03:01.520 --> 1:03:04.160 it would be good if you had both working in 1:03:04.240 --> 1:03:06.320 tandem with each other and they actually like each. 1:03:06.320 --> 1:03:10.960 Other that's important. Too oh this has been so. HELPFUL 1:03:10.960 --> 1:03:12.400 i Think i'm finally going to get off my ass 1:03:12.400 --> 1:03:13.360 and get this stuff. Together. 1:03:13.360 --> 1:03:16.920 Helen stop sitting on that. 1:03:17.000 --> 1:03:19.240 CASH i know even if you if you're let's just, 1:03:19.280 --> 1:03:23.000 say your emergency savings is like one hundred thousand, Dollars 1:03:23.040 --> 1:03:24.840 like why are you going to write a hundred thousand 1:03:24.880 --> 1:03:25.520 dollars check for? 1:03:25.600 --> 1:03:29.320 Anything and you're real well like buy Aw, hellen right, Now, 1:03:29.400 --> 1:03:32.120 ellen for this. Renovation But i've read, Renovation, Helen i'm 1:03:32.120 --> 1:03:34.600 Gonna i'm going to start small and then start. Easing, 1:03:34.640 --> 1:03:37.480 well first we've got to rebuild the savings that we're. 1:03:37.480 --> 1:03:39.960 Spending AND i think that you've been good about helping me. Realize, 1:03:40.000 --> 1:03:42.240 okay you're going to spend it, now but do the 1:03:42.280 --> 1:03:43.840 math and find out how long it will take you 1:03:43.880 --> 1:03:46.400 to replenish your, Savings like it actually won't take you this, 1:03:46.520 --> 1:03:49.240 Long it'll take you you, know this many. Months so 1:03:49.240 --> 1:03:51.280 that's the next. Step AND i think, definitely like early 1:03:51.320 --> 1:03:53.680 next year we can hopefully be a little bit recovered 1:03:53.680 --> 1:04:00.000 and able to start investing into into twenty. Nineteen yeah sounds. 1:03:59.800 --> 1:04:01.920 Good thank, You. 1:04:02.040 --> 1:04:03.800 Helen, yeah any other? 1:04:03.920 --> 1:04:08.920 QUESTIONS i love talking. Money Do we're gonna have to 1:04:08.920 --> 1:04:10.760 do more investing. SHOWS i know we're gonna get a 1:04:10.760 --> 1:04:14.200 flood of questions after this, episode a. Flood and if 1:04:14.200 --> 1:04:16.600 you guys have sent investing questions and we've ignored them 1:04:16.600 --> 1:04:20.280 because we ain't we already, experts please resend. Them you 1:04:20.320 --> 1:04:22.600 can hit us up At Brown Ambition podcast at gmail 1:04:22.640 --> 1:04:25.960 dot com or, yep or go To Brown ambition podcast 1:04:26.000 --> 1:04:28.200 dot com and hit the ask us anything tap for your. 1:04:28.280 --> 1:04:32.479 Questions maybe we'll Have helen back on the, show gets 1:04:32.520 --> 1:04:36.920 full free. Advice, yes thank you so much for coming 1:04:36.920 --> 1:04:37.120 on the. 1:04:37.160 --> 1:04:39.280 Show, yeah so so, helpful thank. 1:04:39.320 --> 1:04:40.400 You, yeah, anytime