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Speaker 1: Hey, hey, hey, hey, I'm Tiffany.

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Speaker 2: Fancy meeting you here?

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Speaker 1: And that's Mandy.

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Speaker 2: Yeah, Hi Mandy.

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Speaker 1: Exactly. We are Brown Ambition. We're gonna get that right

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Speaker 1: one day.

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Speaker 2: Not our best intro, not our finest work.

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Speaker 1: Not the finest hour. Have you been? How is your day?

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Speaker 1: How was your week? Your weekend, week.

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Speaker 2: And the week. It's just everything's just blurring together. I

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Speaker 2: can't believe it's already February. I know, well, no, no,

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Speaker 2: I mean it's March.

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Speaker 1: Yeah.

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Speaker 2: I'm like I'm way behind. It's going to be March

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Speaker 2: like in a few days, and I'm this year is

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Speaker 2: just going by too fast. I feel like I need

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Speaker 2: a professional slowdown. I don't know how to accomplish that

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Speaker 2: because I've never been busier, like work wise, but I

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Speaker 2: feel like I can't. You know, you need to get

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Speaker 2: to that point where you're like, you really can't keep

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Speaker 2: up this pace much longer.

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Speaker 1: Yeah. So I'm doing here.

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Speaker 2: I'm trying to be self aware and feel the signs

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Speaker 2: of breakish down breakdowntown, like passing the exits getting closer.

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Speaker 1: Yeah, You're like, oh, there's break down, down break downtown.

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Speaker 2: I think I'm like fifty miles out right now. Yeah,

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Speaker 2: I need I need to I need to chill out.

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Speaker 2: One thing that's that's killing me is like I need

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Speaker 2: I need to desperately hire another editor to support to

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Speaker 2: back up myself and then my other my editor. And

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Speaker 2: it's not just me who's suffering, my managing editor too.

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Speaker 2: She and I are just in the trenches together. But

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Speaker 2: I'm really picky, and there aren't a ton of you know,

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Speaker 2: candidates that have that are like have the right mix

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Speaker 2: of everything we want, like experience and then fit and

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Speaker 2: match the compensation level that we have available, et cetera,

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Speaker 2: et cetera. So I'm just you know, I've just been

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Speaker 2: hiring other positions and kind of this has just become

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Speaker 2: the last one that's left and it's the most important one.

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Speaker 2: But it's so hard. It's like you don't think about it.

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Speaker 2: When you it all sounds exciting, like we're growing and

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Speaker 2: you can hire a team. You know, my team was

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Speaker 2: one person, you know, two people eight months ago, and

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Speaker 2: now it's working on ten people and it's all super exciting.

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Speaker 2: But then you have, like you have to recruit those

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Speaker 2: ten people, which takes time and like imagine like train them,

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Speaker 2: but then imagine all the people you have to interview

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Speaker 2: before you get to the one that you want. The

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Speaker 2: whole process is just so involved, and because it's so

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Speaker 2: many all at once. And then I also my job

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Speaker 2: responsibilities have gotten so insane. It's like I'm just reviewing

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Speaker 2: applications at home after work most days, or you know,

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Speaker 2: setting up like trying to do the recruitment stuff after

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Speaker 2: hours and focusing on just like a it's like a

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Speaker 2: it's a weird like chicken in the egg like cycle thing.

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Speaker 2: I just can't get unstuck from it, like not having

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Speaker 2: enough time for work, but I need an editor to work,

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Speaker 2: but I can't have time. I don't have time to

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Speaker 2: find the editor because I'm working so much. Like it's nuts.

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Speaker 2: I'm sure, I don't know. That's just that's just where

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Speaker 2: I'm at.

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Speaker 1: Sorry to no I feel you, because honestly, I finally

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Speaker 1: I've reached my I've reached my capacity point. And I like,

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Speaker 1: there's this group I belong to called build It Well, Brand,

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Speaker 1: Build and Launch It with Arsha Jones. So Arsha Rsha

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Speaker 1: is a entrepreneur who she has got a number of

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Speaker 1: brands like Teeth in the Trap. She also makes capital.

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Speaker 1: What is that? What is that sauce in DC that

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Speaker 1: especially like it's like a, oh, it's called Mumbo sauce.

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Speaker 1: Have you ever had a Mumbo sauce?

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Speaker 2: No, I'm still caught up on teasing the trap.

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Speaker 1: Oh yeah, so tea. So she's got a whole bunch

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Speaker 1: of dope brands. So she started this Facebook group, which

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Speaker 1: is really awesome. It's filled with mostly brown ambition entrepreneurs

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Speaker 1: and so so I like being in there. It's really inspirational.

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Speaker 1: But I just like, I've been so exhausted. That Friday night,

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Speaker 1: I fell asleep at like six or seven, and my friend,

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Speaker 1: my best friend Linda text me was like, Hey, you

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Speaker 1: want to go to this concert? But I didn't see

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Speaker 1: it because I was asleep. She'd gotten free tickets to

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Speaker 1: this old school concert with like onyx Bone, Thugs in Harmony,

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Speaker 1: like all the people that I grew up with, like

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Speaker 1: in the nineties, And I was like, but I didn't

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Speaker 1: see it. So when I woke up, I was like,

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Speaker 1: I can't live let to a anymore.

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Speaker 2: Bottom.

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Speaker 1: Yeah, that was my missing the old school web concert.

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Speaker 1: I was like, you know, I could take a lot

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Speaker 1: of things.

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Speaker 2: What I say something is not right.

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Speaker 1: So I went to the group because there's a lot

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Speaker 1: of like different professional just literally every type of entrepreneur

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Speaker 1: you could think of. And I posted help that I

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Speaker 1: run two successful businesses, but I'm having trouble staying organized

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Speaker 1: personally and professionally that like I work best with, I

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Speaker 1: do work best within systems. And I have my businesses

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Speaker 1: like the people who work me. They have systems, but

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Speaker 1: they're only as effective as I will allow because oftentimes

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Speaker 1: I'm the bottleneck, you know, where it's like, oh, it's

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Speaker 1: got a pass through Tiffany, Oh well girl, good luck,

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Speaker 1: you know, And so like when the system the systems

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Speaker 1: we have that don't that don't require me work amazing,

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Speaker 1: but the systems where I must participate, I slow everything

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Speaker 1: up because I just have too many things and I

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Speaker 1: just I want like a I never I'm not gonna lie.

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Speaker 1: I didn't really ever really believe in like a business coach,

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Speaker 1: like in the traditional sense, but I what I really

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Speaker 1: am looking for is someone who knows how to help

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Speaker 1: people get organized. It doesn't have to be business. I'm

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Speaker 1: just talking about in my regular life. Like if I

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Speaker 1: want to be really productive tomorrow, what do I need

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Speaker 1: to do tonight? What do I need to do when

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Speaker 1: I wake up, like, how do I organize my time

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Speaker 1: in my day? That's what I'm looking for, And so

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Speaker 1: I posted in there. I got a lot of great

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Speaker 1: feedback and hones to say. I'm interviewing like seven or

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Speaker 1: eight different kind of like productivity folks, so systems folks.

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Speaker 1: So I'm excited because I was like, enough is enough, Tiffany,

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Speaker 1: Like you've taken yourself as far as you could take yourself.

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Speaker 1: Like I was the college kid who was like I

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Speaker 1: think i'll do my paper three hours before to do

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Speaker 1: or like you know, like I've always been like I

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Speaker 1: just get her done, and I've been able to like

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Speaker 1: bulldoze my way through, like well, you know, I've still

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Speaker 1: got an A on the paper, even though now I'm

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Speaker 1: having a nervous breakdown after I submitted it, you know.

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Speaker 1: So I don't want to live like that anymore. So

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Speaker 1: I'm excited about sharing like this coaching because I've never

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Speaker 1: I've had mentors and a lot of my friends I

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Speaker 1: asked questions of, but I've never had like aside from

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Speaker 1: having a personal trainer, like a you know, physical personal trainer,

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Speaker 1: I've never actually had like an official coach. So what

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Speaker 1: are these people?

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Speaker 2: So they like, help you manage your time, like more efficiently.

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Speaker 1: Well, this is what I'm hoping. My takeaway is, I

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Speaker 1: don't want someone who I'm going to keep forever. I

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Speaker 1: want someone who is going to give me strategies of

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Speaker 1: like I want someone to dissect Okay, this is what

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Speaker 1: you're currently doing. Okay, got it? So how do you

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Speaker 1: work best naturally? Got it? Okay, Well you know what

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Speaker 1: the best thing to do is, you know, set aside

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Speaker 1: three hours a day in this block and then two

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Speaker 1: hours in this I don't even know, Like, I don't

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Speaker 1: know what the solution is. I just want someone to

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Speaker 1: help me reorganize my well just organized because I've never

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Speaker 1: been organized, to really teach me those skills, because I've

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Speaker 1: never had like a system. My system is just get

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Speaker 1: it done. And so I would like to put some

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Speaker 1: systems in place, if that makes sense. Not so much

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Speaker 1: business systems. So I think a lot of the coaches

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Speaker 1: were like, oh, you need business coaching, and I'm like,

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Speaker 1: well maybe down the line, but essentially I need tiffany coaching,

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Speaker 1: Like how do I organize my time in my day?

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Speaker 1: So I'm not like, oh my god, I forgot dinner. Okay,

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Speaker 1: what are we gonna eat pizza, you know, Like, how

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Speaker 1: do I you know, I know, there's some things I

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Speaker 1: can do the night before in the morning to make

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Speaker 1: sure that I'm maximizing my time as it is. Right now,

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Speaker 1: I feel like like a firefighter. I'm constantly putting out

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Speaker 1: fires in emergencies, or I'm putting out fires that could

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Speaker 1: have been prevented with some previous like thing I could

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Speaker 1: have done. And I'm reaching capacity where I could do

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Speaker 1: that before and get away with it. But I really

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Speaker 1: feel like this is the last year that I have

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Speaker 1: the ability to do that and get away with it.

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Speaker 1: That it's starting to take a toll and I'm like exhausted,

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Speaker 1: and so yeah, yeah.

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Speaker 2: It's such a process the whole. It's like productivity and

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Speaker 2: how you achieve it because it really just depends on

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Speaker 2: like so many different factors. What works, Like you mentioned,

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Speaker 2: what worked for you in college is not going to

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Speaker 2: work for you, you know later on in your career as

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Speaker 2: you take on more responsibilities. I found that, you know,

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Speaker 2: at my company, Lending Tree, one of the things I

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Speaker 2: did for us was give us some personality training, which

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Speaker 2: sounds really like corny, but it's it's workplace personality it's

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Speaker 2: a little bit different. It's called disc DSc training. I think,

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Speaker 2: I don't know if I mentioned this before, but it

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Speaker 2: actually tells you how you It helps you see how

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Speaker 2: you work in the workplace, what your personality is like

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Speaker 2: at work, and then how like it tells you what

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Speaker 2: your weakness is and your strengths are. And basically what

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Speaker 2: I found is my natural state of being, which is

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Speaker 2: like very introverted and very much like task oriented and

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Speaker 2: doesn't want to be bothered and just write. Basically a

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Speaker 2: creative person, I just want to like write, sit in

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Speaker 2: a room in the dark room with me and you

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Speaker 2: know my materials and just create stuff. Does not work

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Speaker 2: for a manager, like does not make a good manager.

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Speaker 2: So I and it's not like that means I can't

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Speaker 2: be one. It just means that I have to really think.

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Speaker 2: I have to really think specifically and strategically around how

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Speaker 2: I interact with my employees and then how just how

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Speaker 2: I how I how I act at work, and how

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Speaker 2: I present myself and communicate and put in a lot

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Speaker 2: of extra effort, like even making notes for myself, like

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Speaker 2: you need to get up and talk to people today.

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Speaker 1: Oh okay, you need to put.

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Speaker 2: Your to do like, make your to do list, but

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Speaker 2: come in earlier so you can get your to do

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Speaker 2: is done, so you feel like you are in a

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Speaker 2: you know, relax enough state to have conversations with other people,

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Speaker 2: and you're not like because otherwise, I mean, it's just

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Speaker 2: it's just my personal, you know, situation at work right

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Speaker 2: now is there are so many things to be done,

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Speaker 2: and I can line up a list of tasks every

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Speaker 2: day and never complete them all. But I can't. I

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Speaker 2: can't just focus on those tasks at the you know,

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Speaker 2: at the detriment of everything else, everybody else in the room,

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Speaker 2: who needs something for me and who I need to be,

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Speaker 2: you know, helping as an editor, working with writers, working

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Speaker 2: with editors, helping them become better. Can't do that if

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Speaker 2: I'm focused on what I've always been focused on, which

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Speaker 2: is just what I'm doing, you know, like that.

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Speaker 1: Sort of me great.

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Speaker 2: When I was a reporter, Yeah, and it was my byline,

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Speaker 2: That's all I cared about. But now I got ten

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Speaker 2: people I need to worry about. So it's that switch

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Speaker 2: for me and doing that training in December, and if

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Speaker 2: there's and I'm doing another I'm just doing all these

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Speaker 2: trainings now, which it's just on like leadership and things

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Speaker 2: I'm doing one March fifth, it's specific to women in media,

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Speaker 2: but I'm sure there's other like now that i'm looking

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Speaker 2: for it, there's so many of these seminars. Yeah, and

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Speaker 2: I like in person stuff, but seminars coaching, these types

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Speaker 2: of resources that are meant to help do exactly what

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Speaker 2: you're talking about, Like how do I make my life

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Speaker 2: and career like work and how can I you know, adjust,

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Speaker 2: Like I know who I am as a person, but

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Speaker 2: how do I improve on it to be better as

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Speaker 2: a business woman or as a because I was just like.

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Speaker 1: It's like a mix. It's like I want to honor

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Speaker 1: who I am as a person, but I also don't

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Speaker 1: want to get stuck well this is how I am.

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Speaker 1: It's like, well that's not good right there, you know,

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Speaker 1: And so so I'm just I'm curious. I'm really going

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Speaker 1: to remain like I'll share the process with you guys.

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Speaker 1: I'm going to remain open to like different, you know,

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Speaker 1: like ways of being because I feel like it's like

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Speaker 1: what you said about how you your personality was perfectly

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Speaker 1: suited at that moment when you're a reporter. I feel

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Speaker 1: like that the way I am got me here, but

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Speaker 1: the way I am is keeping me here, yeah, you know,

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Speaker 1: And so I'm just like, this is so it's hard

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Speaker 1: because I don't like, I'm not working for someone, so

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Speaker 1: this is my own personal development. So it took a

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Speaker 1: moment to figure out what am I supposed to do next?

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Speaker 1: I don't you know where am I supposed to go?

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Speaker 1: So I was like, well, you know, the best thing

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Speaker 1: to start off with is just kind of reach out

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Speaker 1: and say help, because I'm not even sure what kind

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Speaker 1: of coach I'm supposed to be looking for. But I

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Speaker 1: feel like with I have like literally, like I said,

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Speaker 1: eight interviews, maybe like two or three tomorrow, and I

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Speaker 1: want to start in March. So I'm trying to kind

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Speaker 1: of like have fifteen to twenty minute chats with everyone

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Speaker 1: to get an understanding of the process and so they

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Speaker 1: can get an understanding of me. So I'm excited though,

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Speaker 1: honestly because I someone was like, are you being too

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Speaker 1: hard on yourself? And I have to reflect and I

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Speaker 1: said no, because I don't think I'm not like you're

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Speaker 1: a bad persponctivity because you're not organized. I mean, I've

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Speaker 1: always been a mess, so not in a bad way.

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Speaker 1: But that's just kind of like, oh, like my room's

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Speaker 1: messy right now. Like poor Superman he's super neat and

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Speaker 1: I'm not. But it doesn't to me. It's not a

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Speaker 1: condemnation of my character. It's just like I recognize, Okay,

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Speaker 1: like you been able to kind of skirt around this

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Speaker 1: kind of like messiness, but now it's starting to still

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Speaker 1: over to the other part. And if you want to

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Speaker 1: have kids and enter that into the mixed child, good luck.

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Speaker 1: You know.

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Speaker 2: Yeah, you mentioned earlier you called it a personal developments

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Speaker 2: That's exactly what I did during that training in December.

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Speaker 2: They made us do a personal development plan, and I

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Speaker 2: think that's so important. Ye It's like you said, it's

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Speaker 2: not a negative thing about you, but it's like a

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Speaker 2: recognition that you have room to grow. And I feel

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Speaker 2: like the big mistake a lot of people make because

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Speaker 2: they don't they don't reach for they don't reach out

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Speaker 2: and try to improve themselves personally, especially young managers.

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Speaker 1: I've had.

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Speaker 2: One of my driving forces is that I've had a

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Speaker 2: young boss. You know, I'm only thirty years old and

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Speaker 2: I manage people who are older than me. And I've

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Speaker 2: had the young boss and who doesn't who wants to

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Speaker 2: to not or even an older boss too, who doesn't

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Speaker 2: want to focus on themselves, and how you know, just

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Speaker 2: sort of gets in a place of power and is like, well,

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Speaker 2: it's my way or the highway, and that's not good

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Speaker 2: for you, and it doesn't it doesn't endear you to

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Speaker 2: any of your workers. Probably they're just talking smack about you.

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Speaker 1: Yeah.

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Speaker 2: So, and even if you're you know, lending Tree, they

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Speaker 2: gave me that training and that was cool. But I

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Speaker 2: think if you're working for a company the same way

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Speaker 2: I did, you can still look for those types of

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Speaker 2: opportunities on your own and you know whether your company

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Speaker 2: will cover or not. You won't know unless you ask

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Speaker 2: a lot of our since I since I checked our

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Speaker 2: listeners survey results, I know a lot of our listeners,

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Speaker 2: like the vast majority are working full time for employers,

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Speaker 2: So you know, if it's something, even if you're not

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Speaker 2: a manager or you want to just be more productive

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Speaker 2: in your role, I think you should definitely consider looking

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Speaker 2: up on your own some training seminars whatever that fit

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Speaker 2: your fit your job and will make you more productive,

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Speaker 2: and then taking that proposal to your boss making a

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Speaker 2: case for it. One of the things that I after

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Speaker 2: the experience I had at at the at my the

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Speaker 2: seminar I did in December at the Pointer Institute I

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Speaker 2: worked on with my with my mom, with my boss

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Speaker 2: rather my mom, well your boss to my boss, my

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Speaker 2: other boss, my other boss to institute of policy. Now,

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Speaker 2: so every because we didn't have one, you know, we

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Speaker 2: didn't have a policy on how much you could spend

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Speaker 2: on professional development. And so now everyone on my team

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Speaker 2: can spend a thousand dollars a year and get for

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Speaker 2: one of the like a conference or a seminar or something,

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Speaker 2: and you know, with approval. And everyone was just so thrilled,

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Speaker 2: and you know that I love that.

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Speaker 1: I'm going to do that. I'm stealing that for the business.

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Speaker 2: Okay, but do it for yourself too.

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Speaker 1: I'm not, Yeah, I'm not. I'm not thinking about a

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Speaker 1: thousand dollars now. You know, we got to slow down.

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Speaker 1: But I think because one of my hey shout out

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Speaker 1: to Logan, one of my Unicorn squad members that's what

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Speaker 1: we call ourselves, like the team, she was like, I'm

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Speaker 1: taking this course on. She does a lot of copy

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Speaker 1: writing and it's fairly new for her, but she's really

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Speaker 1: good at it. She has a natural knack. And she

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Speaker 1: was just the other day saying, I'm taking this course

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Speaker 1: on copywriting. I'm super excited, and I thought, wow, I

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Speaker 1: love that there was this initiative to say I have

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Speaker 1: a natural knack, but I want to really understand the

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Speaker 1: art of this, so let me and so I think, oh,

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Speaker 1: that's awesome. Honestly, I love having that set aside budget.

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Speaker 1: I feel like the team, Hey, you know, Quorn Squad

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Speaker 1: were bringing it because they listen. Unlike my family and

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Speaker 1: my friends, whatever, everybody and no one else listens, but

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Speaker 1: you know, Corn Squad listen. So I definitely think that

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Speaker 1: that's an awesome idea. We're definitely going to implement that

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Speaker 1: that you can choose some you know, like to invest

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Speaker 1: in yourself and the company will pay for it up

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Speaker 1: to a certain amount. I think that's a great idea. Yes, okay,

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Speaker 1: so look just wait, by this time, I'm going to

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Speaker 1: be so organized. But I'm just you know, I'll be.

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Speaker 2: Better work in progress, yes always.

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Speaker 1: Oh and so well, no, I was gonna say nothing

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Speaker 1: major aside from like the usual.

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Speaker 2: I have my house update. Oh yes, my journey as

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Speaker 2: a homeowner. Gosh, I don't think I've mentioned it since

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Speaker 2: the first time, and I said we were just getting

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Speaker 2: a house, but basically we're we're under contract. Things are

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Speaker 2: going ridiculously smoothly. I'm just waiting for the other foot

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Speaker 2: to like, I'm just so nervous about the whole process.

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Speaker 2: I'm like, so, where is the as best does? I

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Speaker 2: don't No, things are going Things are going pretty well.

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Speaker 2: We did have a couple of hiccups that I wanted

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Speaker 2: to share real quick, just with my learning experience, So

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Speaker 2: I don't know if I mean if you if so.

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Speaker 2: Basically I've written about this the mortgage industry. I know

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Speaker 2: all these things intellectually, but actually being in it, I

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Speaker 2: didn't factor in like the emotions of the home ownership

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Speaker 2: process and how I would like make mistakes because I

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Speaker 2: just got emotional about stuff. So one example early on

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Speaker 2: is that basically we had put in our offer, it

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Speaker 2: was accepted, and I was comparing trying to compare loan

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Speaker 2: offers from three different lenders, which was my number three

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Speaker 2: or four different lenders at the time, and I finally

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Speaker 2: got the rate that I wanted, and the person on

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Speaker 2: the phone at the lender we ended up going with

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Speaker 2: was like, well, do you want to lock it in

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Speaker 2: for you. I can lock it in for you right now.

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Speaker 2: And of course I was like yes, because if you're

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Speaker 2: paying attention, mortgage rates are rising every hour every day.

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Speaker 2: It seems like right now, still a lot lower than

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Speaker 2: they happen historically, but they are rising, and every time

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Speaker 2: they rise, it gets more expensive to borrow. So I

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Speaker 2: was like, yes, lock in my rate. And I know

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Speaker 2: what a rate lock is. It just means that they're

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Speaker 2: gonna give you that rate and no matter if rates

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Speaker 2: go up or not, they're going to you have this

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Speaker 2: rate guaranteed. Right What I forgot about is that rate

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Speaker 2: locks expire, okay, and if they expire before closing date,

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Speaker 2: then you may have to pay to extend that rate lock.

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Speaker 2: So I just got all caught up. I was locked

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Speaker 2: in the rate and then that was before I even

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Speaker 2: got my loan contract, right, okay. Cool. So the loan

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Speaker 2: contract comes and the closing data set for April tenth,

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Speaker 2: which is twenty days later than the rate lock was

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Speaker 2: set for, and I had to do a little backpedaling

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Speaker 2: and some sweet talking, you know, some like just being

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Speaker 2: really nice, and I had to go back to the

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Speaker 2: lender and explain what had happened. And just tell them

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Speaker 2: I was confused. I kind of you know, I'm like,

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Speaker 2: it's my first home. I don't know, it's a mistake,

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Speaker 2: and great, like thank goodness, the bank agreed to extend

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Speaker 2: the rate lock for free, essentially off which saved me

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Speaker 2: potentially thousands of dollars because sometimes they charge you a

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Speaker 2: percentage of your total loans they do.

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Speaker 1: I've done it. Oh yeah, first pay well my very

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Speaker 1: first house. Like the rates were ridiculously low there. It

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Speaker 1: was like three point something or something like two points something,

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Speaker 1: I don't remember, but I locked in the rate and

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Speaker 1: I same thing, super eager, did it super early. It

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Speaker 1: was a pretty smooth process like you're having now. But

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Speaker 1: still it's not like I closed in like you know,

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Speaker 1: like thirty days and so I ended up paying whatever

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Speaker 1: the percentage was. It wasn't a whole lot of money,

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Speaker 1: but to extend the rate lock. So I've been girl,

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Speaker 1: did all the house things.

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Speaker 2: I'm just learning.

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Speaker 1: I feel that that, Like I feel like frank and signed,

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Speaker 1: like I gotta go through all of the trials and

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Speaker 1: tribulations in order for everybody to see the light. I'm like,

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Speaker 1: why do I have to learn? I said frankly, sign

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Speaker 1: that's not the analogy I met, but I just work, Yeah,

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Speaker 1: that like every financial mistake out there, I've made just

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Speaker 1: about all of them, or every like hard financial lesson.

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Speaker 1: And then I'm like, I'm here to tell the tale.

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Speaker 1: But no, that's awesome that they let you do that

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Speaker 1: and extend that, because you're right, that's going to save

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Speaker 1: you so much money in the long run, because you're

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Speaker 1: getting it said, are you guys doing a thirty year

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Speaker 1: or fifteen.

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Speaker 2: Year, thirty year but it ain't gonna be thirty years. Yeah,

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Speaker 2: I told you my plan. I saw that amorte She's

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Speaker 2: Louise amortization schedule, and I'm like, yeah, it's my my

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Speaker 2: amortization schedule. So this tells you basically how much you'll

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Speaker 2: pay toward interest over the lifetime of your loan versus

432
00:20:39,960 --> 00:20:43,040
Speaker 2: principle because they like front load the interest payments, so

433
00:20:43,160 --> 00:20:45,480
Speaker 2: most of your early mortgage payments go toward the interest,

434
00:20:45,760 --> 00:20:48,040
Speaker 2: which I knew again intellectually, but then seeing my own

435
00:20:48,080 --> 00:20:50,399
Speaker 2: mortgage laid out for me, like I was five, in

436
00:20:50,480 --> 00:20:52,119
Speaker 2: five years, I was going to pay one hundred and

437
00:20:52,160 --> 00:20:55,040
Speaker 2: thirty three thousand dollars in interest and only thirty three

438
00:20:55,080 --> 00:20:58,800
Speaker 2: thousand dollars and principle, and over the course of my loan,

439
00:20:58,880 --> 00:21:02,440
Speaker 2: my effective interest rate would be seventy eight percent. Basically

440
00:21:02,520 --> 00:21:04,640
Speaker 2: seventy eight percent of my loan balance I would pay

441
00:21:05,080 --> 00:21:07,080
Speaker 2: on top of it an interest. They give you this

442
00:21:07,160 --> 00:21:09,800
Speaker 2: in the loan disclosure, if you read your loan disclosure closely. Now,

443
00:21:09,880 --> 00:21:12,520
Speaker 2: the new fancy ones that they had to roll out

444
00:21:12,560 --> 00:21:15,600
Speaker 2: after the recession, they tell you all the business and

445
00:21:15,680 --> 00:21:17,760
Speaker 2: I read it and I was like, oh Jesus Christ.

446
00:21:17,800 --> 00:21:20,600
Speaker 2: So my plan is to actually make it a fifteen

447
00:21:20,640 --> 00:21:22,920
Speaker 2: year mortgage, but I want the flexibility of a thirty

448
00:21:23,000 --> 00:21:25,919
Speaker 2: year mortgage just in case something happens and you know,

449
00:21:25,960 --> 00:21:27,600
Speaker 2: God forbid and we won't be able to afford our

450
00:21:27,600 --> 00:21:30,399
Speaker 2: mortgage payments. I won't be you know, fifteen year mortgage

451
00:21:30,400 --> 00:21:32,960
Speaker 2: would effectively double my payment and I don't want to

452
00:21:33,000 --> 00:21:36,160
Speaker 2: be stuck with that for fifteen years. So I plan on, yeah,

453
00:21:36,160 --> 00:21:37,280
Speaker 2: paying it off a lot sooner.

454
00:21:38,920 --> 00:21:39,120
Speaker 1: Yeah.

455
00:21:39,160 --> 00:21:41,320
Speaker 2: I brought up the appraisal because one of the things

456
00:21:41,359 --> 00:21:43,639
Speaker 2: that I've you know, we've talked about a lot and

457
00:21:43,680 --> 00:21:45,840
Speaker 2: written about in the mortgage industry right now, is like

458
00:21:46,240 --> 00:21:49,240
Speaker 2: and a lot of in quite a few markets, not

459
00:21:49,359 --> 00:21:52,479
Speaker 2: every housing market, but demand is so high and housing

460
00:21:52,520 --> 00:21:54,879
Speaker 2: supply is so low that in a lot of cases

461
00:21:54,880 --> 00:21:57,520
Speaker 2: people are buying houses like there's bidding moors to get

462
00:21:57,520 --> 00:21:59,840
Speaker 2: these houses, right, and people are buying houses that are

463
00:21:59,840 --> 00:22:02,679
Speaker 2: actually worth more than their praise value. And it's actually

464
00:22:02,720 --> 00:22:05,479
Speaker 2: more common that you might think. And that was one

465
00:22:05,480 --> 00:22:08,200
Speaker 2: of the concerns I had right buying and perching purchasing

466
00:22:08,280 --> 00:22:10,399
Speaker 2: a house in in the in the area of New

467
00:22:10,440 --> 00:22:12,760
Speaker 2: York where I bought it was I really wanted to

468
00:22:12,760 --> 00:22:15,080
Speaker 2: be sure that we weren't spending more than we needed to.

469
00:22:15,520 --> 00:22:19,080
Speaker 2: So we actually went in sixty dollars well ended up

470
00:22:19,080 --> 00:22:22,919
Speaker 2: getting the house for sixty underlisting price. The sellers dropped it,

471
00:22:22,920 --> 00:22:24,800
Speaker 2: and then we went in low in our in our

472
00:22:24,840 --> 00:22:29,120
Speaker 2: bid ten k below asking, but and then we were fine.

473
00:22:29,119 --> 00:22:32,159
Speaker 2: We had like a verbal agreement, right. But then a

474
00:22:32,200 --> 00:22:34,960
Speaker 2: weekend passed by, and you know, we had done our inspection.

475
00:22:35,080 --> 00:22:37,080
Speaker 2: Then a week a weekend passed by in between, and

476
00:22:37,080 --> 00:22:39,080
Speaker 2: then on that Monday, we got a call saying that

477
00:22:39,440 --> 00:22:44,399
Speaker 2: another another person or buyer had put in an offer

478
00:22:44,520 --> 00:22:47,200
Speaker 2: at asking, which I at the time thought was a

479
00:22:47,240 --> 00:22:50,480
Speaker 2: little bit higher based on the inspection and stuff. But

480
00:22:50,560 --> 00:22:52,600
Speaker 2: they liked us, and so they gave us an opportunity

481
00:22:52,640 --> 00:22:54,879
Speaker 2: to match their offer at asking, and we went in

482
00:22:54,920 --> 00:22:57,520
Speaker 2: at asking, which was ten k more than what we

483
00:22:57,560 --> 00:23:00,000
Speaker 2: originally went in for. And at the time, I was

484
00:23:00,240 --> 00:23:02,480
Speaker 2: like a little I felt uncomfortable because I was like, man,

485
00:23:02,520 --> 00:23:04,560
Speaker 2: I just we did the inspection. It wasn't terrible, but

486
00:23:04,600 --> 00:23:07,320
Speaker 2: there are things we have to do and that I

487
00:23:07,359 --> 00:23:09,600
Speaker 2: know are definitely you know, I was, I was really

488
00:23:09,800 --> 00:23:12,240
Speaker 2: eager to have that ten thousand dollars cushion, you know

489
00:23:12,280 --> 00:23:14,040
Speaker 2: what I mean. I mean I have more than that,

490
00:23:14,080 --> 00:23:15,560
Speaker 2: but just know that I was getting it for ten

491
00:23:15,600 --> 00:23:18,040
Speaker 2: thousand dollars less made me feel good inside. But we

492
00:23:18,080 --> 00:23:19,879
Speaker 2: went into asking and you know, it was fine. And

493
00:23:19,880 --> 00:23:22,479
Speaker 2: then the appraisal came in. So the appraisal happened by

494
00:23:22,560 --> 00:23:26,399
Speaker 2: the lender, our lender, we're using a lender. We paid

495
00:23:26,440 --> 00:23:28,760
Speaker 2: for it, but they hired an appraisal company and sent

496
00:23:28,800 --> 00:23:32,000
Speaker 2: them out to appraise the house, and the appraisal ended

497
00:23:32,080 --> 00:23:36,960
Speaker 2: up coming in five thousand dollars less than our purchase press.

498
00:23:37,920 --> 00:23:41,480
Speaker 2: It was my That's what I said. So in that situation,

499
00:23:41,960 --> 00:23:44,919
Speaker 2: are what we had heard is that this happened so common.

500
00:23:45,240 --> 00:23:47,040
Speaker 2: And our lawyer was like, well, in a lot of cases,

501
00:23:47,040 --> 00:23:49,080
Speaker 2: you just meet them in the middle. So basically they

502
00:23:49,160 --> 00:23:51,919
Speaker 2: would agree to drop the price twenty five hundred and

503
00:23:51,960 --> 00:23:54,080
Speaker 2: we would have to come out of pocket an additional

504
00:23:54,080 --> 00:23:56,600
Speaker 2: twenty five hundred to because basically the bank is not

505
00:23:56,640 --> 00:23:58,880
Speaker 2: going to give us some mortmage for less the house

506
00:23:59,000 --> 00:24:03,040
Speaker 2: is worth, right, Yeah, So it's really important to know that,

507
00:24:03,119 --> 00:24:05,240
Speaker 2: Like if the house comes in under, you know, under

508
00:24:05,440 --> 00:24:07,520
Speaker 2: the purchase price, you've got to basically come up with

509
00:24:07,560 --> 00:24:09,520
Speaker 2: the cash if you don't have it. And it was

510
00:24:09,560 --> 00:24:12,080
Speaker 2: you know, only five thousand dollars. But I'm sitting here

511
00:24:12,080 --> 00:24:13,840
Speaker 2: and now I'm thinking in terms of like, well, damn,

512
00:24:13,840 --> 00:24:16,560
Speaker 2: that's the HVAC, Like that's a new set of pipes

513
00:24:16,560 --> 00:24:19,359
Speaker 2: for the kitchen. You know, that's a washer and dryer.

514
00:24:19,520 --> 00:24:22,120
Speaker 2: So I'm really don't want to have to and first

515
00:24:22,160 --> 00:24:24,679
Speaker 2: of all, there's just so many other costs involved. I'm

516
00:24:24,720 --> 00:24:27,439
Speaker 2: not I don't want to spend the twenty five hundred

517
00:24:27,480 --> 00:24:29,280
Speaker 2: if I don't have to, and or five thousand if

518
00:24:29,280 --> 00:24:31,160
Speaker 2: it came to that, because the sellers very well could

519
00:24:31,200 --> 00:24:33,879
Speaker 2: be like, shoot, we'll get another two, three, four or

520
00:24:33,880 --> 00:24:37,680
Speaker 2: five offers you know tomorrow if if this doesn't go through.

521
00:24:38,520 --> 00:24:41,640
Speaker 2: But fortunately, you know, we let the weekend, go by

522
00:24:42,119 --> 00:24:44,680
Speaker 2: to stood up and said, you know, told the attorney

523
00:24:44,680 --> 00:24:46,560
Speaker 2: you know, we don't I don't want that, asked them

524
00:24:46,600 --> 00:24:48,160
Speaker 2: if they'll be willing to come down in the price,

525
00:24:48,520 --> 00:24:51,040
Speaker 2: and thankfully they were. They were willing to come down.

526
00:24:52,240 --> 00:24:55,760
Speaker 2: So we're getting it at at the Yeah, the pras.

527
00:24:56,080 --> 00:24:59,760
Speaker 1: Yeah, because here's the thing, like, even though the sellers

528
00:24:59,800 --> 00:25:02,360
Speaker 1: might we'll get somebody else. But if that, if that's

529
00:25:02,400 --> 00:25:07,080
Speaker 1: somebody else's bank says the same thing, then you're they're

530
00:25:07,119 --> 00:25:09,959
Speaker 1: counting on those people also have cash out of pocket.

531
00:25:10,280 --> 00:25:12,359
Speaker 1: So it's like, what's that phrase? A bird in the

532
00:25:12,359 --> 00:25:14,840
Speaker 1: hand is worth two in the bush? I like it,

533
00:25:15,200 --> 00:25:18,119
Speaker 1: you know. So that just means that, like, the bird

534
00:25:18,160 --> 00:25:21,600
Speaker 1: that you actually have is worth more than two potential

535
00:25:21,600 --> 00:25:25,000
Speaker 1: birds that by behind before. Yeah, you never heard of that.

536
00:25:25,080 --> 00:25:28,320
Speaker 1: Oh yeah, it's a new thing. I'm teaching these young men, right,

537
00:25:30,840 --> 00:25:32,879
Speaker 1: I'm not gonna lie. It took me years. I'm like,

538
00:25:32,920 --> 00:25:35,399
Speaker 1: I don't know what that means, and then I figured

539
00:25:35,400 --> 00:25:38,199
Speaker 1: it out the googles and so yeah, so they're smart

540
00:25:38,240 --> 00:25:40,760
Speaker 1: because you guys are solid. This is why it's important.

541
00:25:40,760 --> 00:25:43,080
Speaker 1: If you're gonna buy a house, you have to present

542
00:25:43,160 --> 00:25:46,840
Speaker 1: yourself as a solid buyer solid. You know, you have

543
00:25:46,920 --> 00:25:49,720
Speaker 1: your your your your bank is already behind you, You've

544
00:25:49,720 --> 00:25:53,359
Speaker 1: got a great credit score, you know, like showing that

545
00:25:53,400 --> 00:25:56,000
Speaker 1: you have money to put down because it means that

546
00:25:56,040 --> 00:25:58,320
Speaker 1: you're likely to close. So if you have things that

547
00:25:58,359 --> 00:26:00,880
Speaker 1: are a little shaky, then that means anything can happen

548
00:26:01,000 --> 00:26:03,800
Speaker 1: until you close, you know, like literally at the last moment,

549
00:26:03,880 --> 00:26:06,760
Speaker 1: the Baker's like, never mind, Mandy opened up a credit card,

550
00:26:06,800 --> 00:26:09,640
Speaker 1: and you're like, ah, they bought a car two days ago.

551
00:26:09,800 --> 00:26:12,440
Speaker 1: Anything can happen. And so the more solid of a

552
00:26:12,480 --> 00:26:14,800
Speaker 1: buyer you can be. They were smart because they saw

553
00:26:14,800 --> 00:26:19,000
Speaker 1: that you and husband were solid buyers. And you know, yes,

554
00:26:19,040 --> 00:26:21,040
Speaker 1: they could put it back on the market, but there's

555
00:26:21,080 --> 00:26:24,040
Speaker 1: no guarantee that anybody else is gonna be willing to

556
00:26:24,080 --> 00:26:26,080
Speaker 1: come out of pocket. I know I wouldn't be because

557
00:26:26,080 --> 00:26:29,320
Speaker 1: I'm like, well, literally, you're asking me to if a

558
00:26:29,359 --> 00:26:31,919
Speaker 1: house is an investment, you're asking me to overpay for

559
00:26:31,960 --> 00:26:34,199
Speaker 1: an investment. So my return on my investment right now

560
00:26:34,280 --> 00:26:37,120
Speaker 1: is negative. That's not right, you know, So that's good.

561
00:26:45,520 --> 00:26:50,520
Speaker 1: All right, it's time to break booze. I'm not gonna

562
00:26:50,520 --> 00:26:52,399
Speaker 1: lie right well, you know what I'm gonna do a

563
00:26:52,480 --> 00:26:56,879
Speaker 1: brown boost, and my brown boost goes out to my

564
00:26:57,000 --> 00:27:01,240
Speaker 1: sugar plumb, my nephew, and well, my sugar plums, my nephew,

565
00:27:01,280 --> 00:27:04,600
Speaker 1: my niece. That even when I'm they're literally like my

566
00:27:06,160 --> 00:27:08,040
Speaker 1: I don't know my happy space. So when I'm like

567
00:27:08,080 --> 00:27:11,280
Speaker 1: super overwhelmed, I'm like nothing's going right. I literally call

568
00:27:11,359 --> 00:27:13,840
Speaker 1: my sister and I'm like, oh B, that's her nickname,

569
00:27:13,960 --> 00:27:16,920
Speaker 1: oh B, not even her. I'm like, are the kids home?

570
00:27:18,359 --> 00:27:20,440
Speaker 1: And she said yes, Well, I'm like I need a boost,

571
00:27:21,240 --> 00:27:23,960
Speaker 1: and I'll just come over. And my my niece is

572
00:27:24,000 --> 00:27:27,680
Speaker 1: only one, so she's crawling. My nephew's almost she's like

573
00:27:27,720 --> 00:27:29,440
Speaker 1: two and a half, so he'll run to the door

574
00:27:29,520 --> 00:27:33,240
Speaker 1: Auntie and then we'll play and watch Muana And just

575
00:27:33,760 --> 00:27:36,240
Speaker 1: as I'm driving over there, whatever my cares and worries

576
00:27:36,280 --> 00:27:39,919
Speaker 1: are like melt away. There's just something about happy, go

577
00:27:40,080 --> 00:27:43,840
Speaker 1: lucky kids, and so yes, I just want to boost

578
00:27:43,920 --> 00:27:47,639
Speaker 1: just that natural DOPELE mean I get from just like

579
00:27:47,680 --> 00:27:49,520
Speaker 1: hearing their voice or seeing them. And sometimes if I

580
00:27:49,520 --> 00:27:51,119
Speaker 1: can't get over, I'll just literally look at their picture

581
00:27:51,240 --> 00:27:55,520
Speaker 1: like please give me some good juju. I did, And

582
00:27:55,560 --> 00:27:58,760
Speaker 1: so they're here now, they're actually downstairs like my my

583
00:27:58,760 --> 00:28:00,760
Speaker 1: my husband is giving my nephe you a haircut, because

584
00:28:00,760 --> 00:28:03,040
Speaker 1: he's like the only one that, for whatever reason that

585
00:28:03,119 --> 00:28:05,600
Speaker 1: will allow him to cut his hair without screaming bloody murder.

586
00:28:05,680 --> 00:28:07,960
Speaker 1: So it's just like it just puts me in such

587
00:28:07,960 --> 00:28:09,879
Speaker 1: a great state of mind, no matter what's happening. And

588
00:28:09,920 --> 00:28:13,080
Speaker 1: so that's how I knew. I was like, Wow, I've

589
00:28:13,080 --> 00:28:16,560
Speaker 1: always liked kids, but like my my visceral reaction to

590
00:28:16,600 --> 00:28:18,959
Speaker 1: them is like, yeah, you're ready to have a baby.

591
00:28:19,720 --> 00:28:22,240
Speaker 1: Like I never cared this much before, not for them,

592
00:28:22,280 --> 00:28:24,520
Speaker 1: just in general. I mean as a teacher, I loved

593
00:28:24,520 --> 00:28:26,199
Speaker 1: my kids, but I was like, oh, I want my

594
00:28:26,320 --> 00:28:30,040
Speaker 1: kids now. I'm like, I want them and forever until

595
00:28:30,040 --> 00:28:31,920
Speaker 1: I babysit for eight hours straight and I'm like, take

596
00:28:32,000 --> 00:28:32,560
Speaker 1: them home.

597
00:28:33,280 --> 00:28:35,639
Speaker 2: But the ovaries are heating up.

598
00:28:36,080 --> 00:28:39,040
Speaker 1: Yeah, they are definitely heating up. So yeah, that's my

599
00:28:39,120 --> 00:28:43,320
Speaker 1: brown boost. It's just my natural you know, natural dope.

600
00:28:43,400 --> 00:28:45,080
Speaker 1: Mean I get from my niece and my nephew.

601
00:28:45,640 --> 00:28:48,880
Speaker 2: Okay, so my break I actually have. I'm like, which

602
00:28:48,920 --> 00:28:50,920
Speaker 2: news story do I go from? So there's two. I'm

603
00:28:51,000 --> 00:28:53,880
Speaker 2: just one. It's just funny to me. So this story

604
00:28:54,000 --> 00:28:59,680
Speaker 2: just came on today. So Ben Carson remember mister Magic Hans, Yeah,

605
00:29:00,000 --> 00:29:02,160
Speaker 2: you know, would be president is now if you'd forgot

606
00:29:02,200 --> 00:29:05,520
Speaker 2: where he is. He's the Director of Housing and Urban Development. Okay,

607
00:29:05,600 --> 00:29:08,960
Speaker 2: so you know the hood is just I mean, it's

608
00:29:08,960 --> 00:29:10,200
Speaker 2: in charge of a lot of stuff, but one of

609
00:29:10,200 --> 00:29:13,080
Speaker 2: those is providing housing to low income Americans.

610
00:29:13,160 --> 00:29:13,360
Speaker 1: Right.

611
00:29:13,960 --> 00:29:16,959
Speaker 2: So this New York Times investigation just found that at

612
00:29:17,000 --> 00:29:19,760
Speaker 2: the same time mister ben Carson was announcing he was

613
00:29:19,800 --> 00:29:24,000
Speaker 2: going to cut low income housing across the country, his

614
00:29:24,080 --> 00:29:27,320
Speaker 2: wife was using government dollars to purchase a thirty one

615
00:29:27,320 --> 00:29:31,600
Speaker 2: thousand dollars dy net set for his office. Wow.

616
00:29:33,920 --> 00:29:35,960
Speaker 1: Yeah, it's like, well, how embarrassing is that?

617
00:29:36,360 --> 00:29:39,920
Speaker 2: Highly embarrassing? It just it just shows you, like the

618
00:29:40,160 --> 00:29:42,680
Speaker 2: mentality that's happening in the White House right now and

619
00:29:42,840 --> 00:29:45,760
Speaker 2: his cabinet members, like the fact I'm just reading this

620
00:29:45,840 --> 00:29:49,720
Speaker 2: story now, but basically his wife encouraged the people who

621
00:29:49,720 --> 00:29:52,800
Speaker 2: were holding the purse strings to break rules to find

622
00:29:52,800 --> 00:29:56,160
Speaker 2: this thirty one thousand dollars for this, like this dining set.

623
00:29:56,360 --> 00:29:59,040
Speaker 1: Well, you know, I'm not surprised because I remember my

624
00:29:59,120 --> 00:30:03,120
Speaker 1: parents literally giving me gifted hands, Like my dad was saying, Rita.

625
00:30:03,160 --> 00:30:06,360
Speaker 1: It's so inspirational because Benjamin the thing that he turns

626
00:30:06,400 --> 00:30:10,160
Speaker 1: his nose up at the single mother raising like young

627
00:30:10,200 --> 00:30:13,040
Speaker 1: black boy, Like I'm like, but that was literally your life.

628
00:30:13,520 --> 00:30:15,040
Speaker 1: I just don't get it, Like it is the self

629
00:30:15,080 --> 00:30:18,280
Speaker 1: hatred that deep, like you know, like anti single mother,

630
00:30:18,440 --> 00:30:23,600
Speaker 1: so your mom, I don't get it, you know. So

631
00:30:23,680 --> 00:30:26,080
Speaker 1: it's just honestly, it's.

632
00:30:25,960 --> 00:30:28,280
Speaker 2: Just yeah, clouds judgment.

633
00:30:28,800 --> 00:30:31,240
Speaker 1: Now it's for real. And it's such a shame because

634
00:30:31,800 --> 00:30:36,200
Speaker 1: he had the opportunity to have his legacy be so

635
00:30:36,360 --> 00:30:39,800
Speaker 1: powerful because of like what as a surgeon, how what

636
00:30:39,880 --> 00:30:42,920
Speaker 1: a brilliant, gifted surgeon that he was, and especially with

637
00:30:43,000 --> 00:30:45,640
Speaker 1: the background that he had, like that was his legacy.

638
00:30:46,240 --> 00:30:48,960
Speaker 1: No one knew anything else about this other foolishness, but

639
00:30:49,000 --> 00:30:52,080
Speaker 1: he decided to throw it all away. And now I

640
00:30:52,120 --> 00:30:54,320
Speaker 1: can't see him as like, you know, of course I

641
00:30:54,360 --> 00:30:56,520
Speaker 1: know that he's this gifted surgeon, but your legacy is

642
00:30:56,560 --> 00:30:59,280
Speaker 1: now that you are a gifted idiot. And so there

643
00:30:59,280 --> 00:31:00,640
Speaker 1: you go, there you.

644
00:31:00,680 --> 00:31:10,480
Speaker 2: Go, well said, Okay, it's in time for questions, guys.

645
00:31:10,560 --> 00:31:14,560
Speaker 2: Remember you can go to Brandnambisson podcast dot com to

646
00:31:14,600 --> 00:31:17,120
Speaker 2: ask us anything, and or you can email us at

647
00:31:17,160 --> 00:31:20,840
Speaker 2: brand Ambisson podcast at gmail dot com. And I am

648
00:31:20,880 --> 00:31:22,800
Speaker 2: working hard we're going to answer more of your questions.

649
00:31:22,800 --> 00:31:25,200
Speaker 2: We're trying to answer more of your questions pack it

650
00:31:25,240 --> 00:31:27,080
Speaker 2: into the show. So today, let's see if we can

651
00:31:27,120 --> 00:31:32,080
Speaker 2: get through two shorter questions. So here's a question from Oh,

652
00:31:32,120 --> 00:31:34,640
Speaker 2: this is a okay, I'll save the life insurance one

653
00:31:34,680 --> 00:31:35,960
Speaker 2: for next week. I think it's a good one, though,

654
00:31:35,960 --> 00:31:38,160
Speaker 2: but it's probably gonna take too long. So let's question

655
00:31:38,200 --> 00:31:41,080
Speaker 2: is from Ava. It's about her mother, who's fifty eight

656
00:31:41,120 --> 00:31:43,920
Speaker 2: years old, and she says it's a heavy retirement question.

657
00:31:44,520 --> 00:31:46,960
Speaker 2: So let me paraphrase this. My mom is fifty eight.

658
00:31:47,000 --> 00:31:50,560
Speaker 2: She's incredible. She did everything for me and my siblings. Recently,

659
00:31:50,640 --> 00:31:54,880
Speaker 2: she was divorced and after the divorce proceedings, my father

660
00:31:55,000 --> 00:31:57,640
Speaker 2: managed to get away without having to pay her anything.

661
00:31:58,160 --> 00:32:00,680
Speaker 2: So now essentially my mom has no money to fight

662
00:32:00,760 --> 00:32:04,280
Speaker 2: him in court, has a house with twenty five years

663
00:32:04,360 --> 00:32:07,560
Speaker 2: left on the mortgage, and only ten thousand dollars saved up.

664
00:32:08,120 --> 00:32:11,520
Speaker 2: Needless to say, she's incredibly discouraged. Again, she's fifty eight

665
00:32:11,600 --> 00:32:13,840
Speaker 2: years old. I told her not to worry that my

666
00:32:13,880 --> 00:32:15,720
Speaker 2: siblings and I will help her figure it out, but

667
00:32:15,720 --> 00:32:18,160
Speaker 2: she's very independent and wants to do it on her own.

668
00:32:18,880 --> 00:32:21,400
Speaker 2: What are I'm very worried that she's so desperate that

669
00:32:21,480 --> 00:32:24,280
Speaker 2: she's going to fall prey to some get rich, get

670
00:32:24,400 --> 00:32:27,400
Speaker 2: rich quick scams. So what are the best steps for

671
00:32:27,440 --> 00:32:29,760
Speaker 2: her to take over the next six to seven years.

672
00:32:30,280 --> 00:32:33,080
Speaker 2: What's the best plan for her to maximize her retirement savings?

673
00:32:33,160 --> 00:32:35,720
Speaker 2: And how can I and my siblings help her. We

674
00:32:35,800 --> 00:32:37,560
Speaker 2: love her and want her to be well taken care of.

675
00:32:38,680 --> 00:32:40,960
Speaker 2: That's very sweet, and I feel so I feel so

676
00:32:41,320 --> 00:32:45,160
Speaker 2: strongly for this mom because she's actually my mom's age,

677
00:32:45,560 --> 00:32:47,520
Speaker 2: and my mom just got divorced a couple of years ago,

678
00:32:48,040 --> 00:32:50,320
Speaker 2: and not to put her business out there, but she

679
00:32:51,360 --> 00:32:53,960
Speaker 2: didn't get divorced with a ton of like a big

680
00:32:54,000 --> 00:32:57,960
Speaker 2: safety net at the time. And my dad's also fifty eight,

681
00:32:58,080 --> 00:33:00,520
Speaker 2: and he just started a new job a few months

682
00:33:00,560 --> 00:33:04,080
Speaker 2: ago and has zero sort of retirement. He's never had

683
00:33:04,080 --> 00:33:05,720
Speaker 2: a four to one K and no retirement. So I've

684
00:33:05,720 --> 00:33:08,040
Speaker 2: thought about this question a lot for my own parents,

685
00:33:09,400 --> 00:33:13,720
Speaker 2: you know, what can they do? And I started when

686
00:33:13,760 --> 00:33:17,840
Speaker 2: I got this question, I started thinking about first the mortgage.

687
00:33:18,160 --> 00:33:21,640
Speaker 2: So she has a house, she has an asset, way

688
00:33:21,720 --> 00:33:24,320
Speaker 2: she could save more and also reduce her living expenses.

689
00:33:24,360 --> 00:33:26,120
Speaker 2: So I have just like two quick ideas and then

690
00:33:26,200 --> 00:33:28,920
Speaker 2: of course you can chime in. So one on how

691
00:33:28,960 --> 00:33:32,360
Speaker 2: she can save more is when you're over fifty years old,

692
00:33:32,400 --> 00:33:36,160
Speaker 2: you're actually able to make catch up contributions to your

693
00:33:36,280 --> 00:33:38,680
Speaker 2: retirement account to your four to one K. So that

694
00:33:38,800 --> 00:33:42,760
Speaker 2: means right now, I think the maximum limit for per

695
00:33:42,880 --> 00:33:46,280
Speaker 2: year is eighteen thousand dollars annually for the regular average

696
00:33:46,320 --> 00:33:48,840
Speaker 2: and average worker and their four to one K. But

697
00:33:48,920 --> 00:33:50,920
Speaker 2: if you're over fifty, you can actually contribute I think

698
00:33:50,920 --> 00:33:53,200
Speaker 2: an additional six thousand dollars for a total of twenty

699
00:33:53,240 --> 00:33:56,120
Speaker 2: four thousand dollars to your four to one K. So

700
00:33:56,560 --> 00:33:59,120
Speaker 2: if she's looking to save more, she could be socking

701
00:33:59,120 --> 00:34:01,760
Speaker 2: away more money pre tax into her four one K.

702
00:34:02,480 --> 00:34:05,760
Speaker 2: And I know, fifty eight seems old, like, oh, retirement's

703
00:34:05,760 --> 00:34:08,799
Speaker 2: only seven years away, like it is, But more and

704
00:34:08,840 --> 00:34:11,239
Speaker 2: more experts are saying that even though you know you're

705
00:34:11,280 --> 00:34:14,360
Speaker 2: gonna be living, you know, depending on your health, you

706
00:34:14,440 --> 00:34:16,680
Speaker 2: may be living into your eighties. You know, it's not

707
00:34:16,760 --> 00:34:19,080
Speaker 2: uncommon these days to live that long. So what's another

708
00:34:19,120 --> 00:34:21,920
Speaker 2: twenty years? You know, fifteen to twenty years you may

709
00:34:21,960 --> 00:34:24,680
Speaker 2: have to last. And so it's not like it's not

710
00:34:24,719 --> 00:34:27,480
Speaker 2: important for you to be investing now. It is important

711
00:34:27,520 --> 00:34:31,239
Speaker 2: to think about investing now and continuing to put away money.

712
00:34:31,320 --> 00:34:33,200
Speaker 2: So if she has the extra money, I would say,

713
00:34:33,680 --> 00:34:36,000
Speaker 2: use use the fact that you're over fifty to to

714
00:34:36,040 --> 00:34:39,360
Speaker 2: make those catch up contributions. And my second thing is,

715
00:34:39,360 --> 00:34:41,040
Speaker 2: you know, if she has a mortgage with twenty five

716
00:34:41,120 --> 00:34:44,400
Speaker 2: years left on it, is it possible for you to

717
00:34:45,120 --> 00:34:47,839
Speaker 2: downsize or is it possible for you to get a

718
00:34:47,880 --> 00:34:51,200
Speaker 2: tenant to rent a floor out to, or a room

719
00:34:51,200 --> 00:34:54,120
Speaker 2: out to, or something to bring an additional income, you know,

720
00:34:54,200 --> 00:34:56,680
Speaker 2: make that asset work for you, or you could, like

721
00:34:56,719 --> 00:34:59,520
Speaker 2: I said, think about selling and maybe downsizing to something

722
00:34:59,560 --> 00:35:03,839
Speaker 2: that's more affordable. Even though I know it's probably really

723
00:35:03,920 --> 00:35:06,000
Speaker 2: difficult to that age to think about taking a step

724
00:35:06,040 --> 00:35:08,880
Speaker 2: back in terms of your housing, but it's not uncommon.

725
00:35:08,920 --> 00:35:12,719
Speaker 2: I don't think a lot of people in their sixties downsize,

726
00:35:12,760 --> 00:35:14,680
Speaker 2: not just because financially, but just because they don't need

727
00:35:14,680 --> 00:35:18,200
Speaker 2: as much house anymore, you know, with children grown up

728
00:35:18,239 --> 00:35:20,840
Speaker 2: and like being out of the house. Maybe that's something

729
00:35:21,680 --> 00:35:26,120
Speaker 2: something you can consider. And because she mentioned get rich

730
00:35:26,200 --> 00:35:31,319
Speaker 2: quick scams, I immediately thought of reverse mortgages. Okay, so

731
00:35:31,400 --> 00:35:34,200
Speaker 2: first let me explain what a reverse mortgage is so

732
00:35:34,280 --> 00:35:36,919
Speaker 2: basically a reverse mortgage. It's a special type of loan

733
00:35:36,920 --> 00:35:40,040
Speaker 2: from the bank for people from homeowners who are over

734
00:35:40,080 --> 00:35:43,000
Speaker 2: the age of sixty two. So with the reverse mortgage,

735
00:35:43,040 --> 00:35:45,480
Speaker 2: so lender is basically going to pay you back some

736
00:35:45,600 --> 00:35:47,920
Speaker 2: of your home's equity, and instead of giving it to

737
00:35:47,960 --> 00:35:49,799
Speaker 2: you in one lump sum, it's going to convert it

738
00:35:49,800 --> 00:35:53,160
Speaker 2: into monthly payments for as long as you live. You

739
00:35:53,239 --> 00:35:55,640
Speaker 2: live in your home and you continue to pay off

740
00:35:55,640 --> 00:35:59,239
Speaker 2: your other obligations of your mortgage, you don't actually have

741
00:35:59,320 --> 00:36:02,200
Speaker 2: to pay the money back. However, if you were to

742
00:36:02,239 --> 00:36:05,560
Speaker 2: die or sell your home or move out, you or

743
00:36:05,600 --> 00:36:09,239
Speaker 2: your spouse or your estate meaning possibly your children your

744
00:36:09,239 --> 00:36:13,520
Speaker 2: heirs could become liable for the loan. So it may

745
00:36:13,600 --> 00:36:16,000
Speaker 2: sound like it's a great way, and it can be,

746
00:36:16,160 --> 00:36:18,400
Speaker 2: you know, a nice way to have additional income coming

747
00:36:18,400 --> 00:36:21,960
Speaker 2: in every month. It's definitely not for everybody, especially if

748
00:36:22,000 --> 00:36:24,839
Speaker 2: you don't think you'll be able to if you don't

749
00:36:24,880 --> 00:36:27,840
Speaker 2: want your future heirs or your spouse to have to

750
00:36:27,880 --> 00:36:31,360
Speaker 2: suddenly be stuck with the payments if you were to

751
00:36:31,400 --> 00:36:34,440
Speaker 2: suddenly pass away or sell your home and weren't able

752
00:36:34,480 --> 00:36:37,759
Speaker 2: to pay the lenderback. So just keep that in mind,

753
00:36:38,239 --> 00:36:41,560
Speaker 2: and I would just say, really, like, consult a professional

754
00:36:41,600 --> 00:36:44,359
Speaker 2: before you consider it, because it may not be like this,

755
00:36:44,600 --> 00:36:47,480
Speaker 2: you know, the one fit answer that is going to

756
00:36:47,560 --> 00:36:50,600
Speaker 2: help you, you know, get your finances back on track

757
00:36:51,080 --> 00:36:51,960
Speaker 2: that you may think it is.

758
00:36:52,480 --> 00:36:54,319
Speaker 1: And I'll just add this one thing that I don't know.

759
00:36:54,360 --> 00:36:56,080
Speaker 1: Did she say, did the divorce just happen?

760
00:36:56,640 --> 00:36:57,799
Speaker 2: She said four years ago?

761
00:36:57,840 --> 00:36:59,960
Speaker 1: I believe, Okay, I was just going to say that

762
00:37:00,080 --> 00:37:03,080
Speaker 1: if it just happened that one of the things I

763
00:37:03,160 --> 00:37:07,120
Speaker 1: remember a grief counselor friend of mine said that, you

764
00:37:07,160 --> 00:37:09,839
Speaker 1: know when to give yourself time before you make any

765
00:37:09,880 --> 00:37:13,560
Speaker 1: major decisions. Before years is a good amount of time,

766
00:37:13,920 --> 00:37:16,040
Speaker 1: but like, you know, not to make any rush decisions

767
00:37:16,080 --> 00:37:18,360
Speaker 1: because oftentimes you you know, you're still grieving and she

768
00:37:18,440 --> 00:37:21,359
Speaker 1: might still be four years might not be complete. But

769
00:37:22,160 --> 00:37:25,640
Speaker 1: to make choices, you know, from a space of like

770
00:37:25,840 --> 00:37:29,399
Speaker 1: not this panic, you know mode, because there are going

771
00:37:29,440 --> 00:37:31,520
Speaker 1: to be choices that are going to reflect the fact

772
00:37:31,520 --> 00:37:34,480
Speaker 1: that you're acting from a place of fear and worry

773
00:37:34,560 --> 00:37:38,000
Speaker 1: and and sometimes you know, because like my mom honestly

774
00:37:38,160 --> 00:37:40,280
Speaker 1: was like I don't want to work anymore. I was like, oh,

775
00:37:41,120 --> 00:37:43,160
Speaker 1: so like in a year, she's like, no, as in

776
00:37:43,200 --> 00:37:45,600
Speaker 1: too much for now. I'm like, wait, may what She

777
00:37:45,719 --> 00:37:47,239
Speaker 1: just was over it? She literally woke up, was like,

778
00:37:47,239 --> 00:37:49,160
Speaker 1: I'm over it. My dad has been retired for years

779
00:37:49,160 --> 00:37:51,680
Speaker 1: because he's like eleven years older than her, and so

780
00:37:51,920 --> 00:37:53,960
Speaker 1: she honestly has like a year and a half left,

781
00:37:54,000 --> 00:37:55,759
Speaker 1: but she's just like, I'm not going back to work.

782
00:37:55,760 --> 00:37:59,359
Speaker 1: I'm over it. And so I could sit down with her,

783
00:37:59,400 --> 00:38:02,560
Speaker 1: and I didn't first, but I realized that I needed

784
00:38:02,560 --> 00:38:06,279
Speaker 1: a third set of eyes that wasn't as invested as

785
00:38:06,320 --> 00:38:07,960
Speaker 1: I was and as she was, so we could get

786
00:38:08,080 --> 00:38:10,920
Speaker 1: like a calming voice for us all to kind of

787
00:38:10,960 --> 00:38:14,120
Speaker 1: look at like the collective finances of she and my

788
00:38:14,200 --> 00:38:16,480
Speaker 1: dad and then her finances, and so sometimes that helps

789
00:38:16,520 --> 00:38:19,120
Speaker 1: to So I would just suggest that of having maybe

790
00:38:19,160 --> 00:38:21,839
Speaker 1: somebody to sit with you guys to kind of like

791
00:38:22,000 --> 00:38:25,040
Speaker 1: unpack the finances, because that's what we had to do,

792
00:38:25,120 --> 00:38:27,040
Speaker 1: because I was worried at first. But then as we

793
00:38:27,040 --> 00:38:29,840
Speaker 1: start to unpack her finances, I realized that there's actually

794
00:38:30,000 --> 00:38:33,040
Speaker 1: enough here. There's enough. She and my dad have enough

795
00:38:33,120 --> 00:38:35,560
Speaker 1: in retirement, but then they also have enough as far

796
00:38:35,600 --> 00:38:38,840
Speaker 1: as like other kind of income coming in. And I said, oh,

797
00:38:38,880 --> 00:38:40,560
Speaker 1: So it made me because I was worried at first.

798
00:38:40,600 --> 00:38:43,320
Speaker 1: It's like, wow, you're not following the plan like daddy

799
00:38:43,400 --> 00:38:45,080
Speaker 1: has the like my father was to see a phone

800
00:38:45,120 --> 00:38:47,760
Speaker 1: and accountant, so he had like the plan all planned

801
00:38:47,800 --> 00:38:50,560
Speaker 1: out once she retires in two years, Like if she

802
00:38:50,600 --> 00:38:53,120
Speaker 1: would have waited, the plan would have been like planned

803
00:38:53,160 --> 00:38:56,440
Speaker 1: action now, but like you know, two years early, he

804
00:38:56,480 --> 00:38:58,920
Speaker 1: didn't plan for that. So you know, the linear thinker

805
00:38:58,960 --> 00:39:01,840
Speaker 1: in him is like I gotta do and so having

806
00:39:02,000 --> 00:39:04,400
Speaker 1: like so despite that me being in finance and my

807
00:39:04,480 --> 00:39:07,800
Speaker 1: dad being like super mister finance with his like masters

808
00:39:07,800 --> 00:39:10,600
Speaker 1: and like economics and finance, you know, it was still

809
00:39:10,680 --> 00:39:13,000
Speaker 1: nice to have a third set of eyes that wasn't

810
00:39:13,400 --> 00:39:16,520
Speaker 1: like in freak out mode. So that's just a suggestion.

811
00:39:18,160 --> 00:39:19,880
Speaker 2: Yeah, and the fact that you guys are there to

812
00:39:19,920 --> 00:39:25,520
Speaker 2: support her is an asset. So I think maybe taking

813
00:39:25,560 --> 00:39:28,799
Speaker 2: Tiffany's suggestion, getting maybe an expert to sit down with

814
00:39:28,840 --> 00:39:31,000
Speaker 2: her and really look. Another thing is you may not

815
00:39:31,080 --> 00:39:34,439
Speaker 2: even know your mother's whole financial picture. Like I don't

816
00:39:34,440 --> 00:39:37,640
Speaker 2: know about you, but sometimes I sometimes I catch snippets

817
00:39:37,680 --> 00:39:40,680
Speaker 2: of reality, like snippets of truth financial truths of my parents,

818
00:39:40,760 --> 00:39:43,600
Speaker 2: and I'm like you did what where? Like what because

819
00:39:43,640 --> 00:39:45,360
Speaker 2: you know, they may not want to tell you everything,

820
00:39:45,640 --> 00:39:48,000
Speaker 2: and so they may even just need like another person,

821
00:39:48,000 --> 00:39:50,160
Speaker 2: an expert to talk to, to tell them that you know,

822
00:39:50,239 --> 00:39:53,600
Speaker 2: the whole truth of where their finances are at, because

823
00:39:53,600 --> 00:39:56,120
Speaker 2: only then can they really make a plan for for them,

824
00:39:56,560 --> 00:40:02,320
Speaker 2: you know, that could potentially help her save more for retirement. Yeah, okay,

825
00:40:02,560 --> 00:40:03,840
Speaker 2: thank you for your question, Ava.

826
00:40:04,719 --> 00:40:06,400
Speaker 1: So yeah, so continue to reach out to us if

827
00:40:06,440 --> 00:40:10,600
Speaker 1: you have questions and you you know you want answers,

828
00:40:10,880 --> 00:40:14,560
Speaker 1: you want answers, definitely hit us up on Brianambis Podcasts

829
00:40:14,560 --> 00:40:18,120
Speaker 1: at gmail dot com. You could also go to Brownhambition

830
00:40:18,239 --> 00:40:21,719
Speaker 1: podcast dot com and and click ask us anything that's

831
00:40:21,760 --> 00:40:29,280
Speaker 1: like the simplest way. And it's time for Winds win day.

832
00:40:32,760 --> 00:40:34,600
Speaker 1: I feel so good, like, wait, see, look at I

833
00:40:34,600 --> 00:40:36,160
Speaker 1: don't even have a coach yet. And look how I

834
00:40:36,200 --> 00:40:38,480
Speaker 1: remember the email and all that kind of stuff. When

835
00:40:38,560 --> 00:40:40,160
Speaker 1: have you known me to remember those things?

836
00:40:40,200 --> 00:40:42,520
Speaker 2: Look at me in two years.

837
00:40:42,840 --> 00:40:45,640
Speaker 1: This third, third time? Maybe maybe?

838
00:40:46,440 --> 00:40:50,160
Speaker 2: Yeah, I feel like that's a generous estimate.

839
00:40:51,560 --> 00:40:59,600
Speaker 1: I'm cooking with chrisco Grease. Yeah, oh, Winds, Winds, Winds,

840
00:41:01,880 --> 00:41:04,239
Speaker 1: I don't have one coming to mind. Just oh, this

841
00:41:04,320 --> 00:41:06,480
Speaker 1: is gonna be a little silatious. So if you're under eighteen,

842
00:41:06,520 --> 00:41:08,520
Speaker 1: you might want to turn this off. This one goes

843
00:41:08,520 --> 00:41:14,040
Speaker 1: out to, uh, have you seen Nicki Minaj's ex boyfriend Safari?

844
00:41:14,760 --> 00:41:15,960
Speaker 2: No, I don't even know.

845
00:41:17,719 --> 00:41:21,440
Speaker 1: No. So for those of you who are you know

846
00:41:21,480 --> 00:41:22,920
Speaker 1: what I'm talking about. I know you're getting a good

847
00:41:22,920 --> 00:41:25,760
Speaker 1: get go. So Nicki Minaj was with a young gentleman

848
00:41:25,880 --> 00:41:27,759
Speaker 1: named Safari who she was with for a long time

849
00:41:28,920 --> 00:41:30,759
Speaker 1: and he helped her produce stuff or whatever. So they

850
00:41:30,760 --> 00:41:33,560
Speaker 1: broke up after being together for over ten years and

851
00:41:33,640 --> 00:41:36,440
Speaker 1: she moved on to date other people. So Safari has

852
00:41:36,480 --> 00:41:38,239
Speaker 1: been on like love and hip hop and all these

853
00:41:38,280 --> 00:41:40,719
Speaker 1: kind of like you know, reality shows and the Truth

854
00:41:40,760 --> 00:41:42,120
Speaker 1: of the matter is and all the shows. He kind

855
00:41:42,120 --> 00:41:44,080
Speaker 1: of comes off. It's like a nice guy, a little corny,

856
00:41:44,120 --> 00:41:50,839
Speaker 1: but you know, nice guy. Chum. Safari sent some pictures

857
00:41:50,960 --> 00:41:55,200
Speaker 1: to a lady friend and let's just say, I can

858
00:41:55,280 --> 00:42:00,279
Speaker 1: see why Nicki Minaj was with him for twelve years.

859
00:42:00,760 --> 00:42:03,279
Speaker 2: There's a dick pic. That's your win. A dick pic.

860
00:42:04,560 --> 00:42:07,480
Speaker 1: No, it's not anything. That's why I said, if you're

861
00:42:07,520 --> 00:42:09,239
Speaker 1: under eighteen, turn it off. Turn it off right now,

862
00:42:09,360 --> 00:42:10,040
Speaker 1: go to your homework.

863
00:42:11,320 --> 00:42:13,279
Speaker 2: No, I'm trying to stay on this train with you.

864
00:42:13,600 --> 00:42:14,040
Speaker 2: I'm here.

865
00:42:14,120 --> 00:42:16,680
Speaker 1: I'm here, you know, just because it is not when

866
00:42:16,719 --> 00:42:19,359
Speaker 1: you it's not the pick, it's the video. I just

867
00:42:19,400 --> 00:42:21,000
Speaker 1: need you. When you see it, you're gonna be like,

868
00:42:21,360 --> 00:42:24,200
Speaker 1: I understand now, it's not that's not my calling on

869
00:42:24,280 --> 00:42:26,839
Speaker 1: my life. I am satisfied at home. But for those

870
00:42:26,880 --> 00:42:30,840
Speaker 1: of you who might, you know, just just that's a

871
00:42:30,880 --> 00:42:34,360
Speaker 1: win for Safari. He is blessed, and I just you know,

872
00:42:34,480 --> 00:42:37,120
Speaker 1: it's that's you know, I know we usually don't go there,

873
00:42:37,120 --> 00:42:37,719
Speaker 1: but I thought, you.

874
00:42:37,680 --> 00:42:40,760
Speaker 2: Know what I appropriate, something's changed.

875
00:42:43,840 --> 00:42:45,879
Speaker 1: No, when you see this video, you're gonna understand why.

876
00:42:45,920 --> 00:42:47,960
Speaker 1: You know, who does a really great art like funny

877
00:42:48,000 --> 00:42:53,520
Speaker 1: you know, Lovey is really her. Her blog's hilarious, but

878
00:42:54,040 --> 00:42:57,719
Speaker 1: go to her blog and read it is her kind

879
00:42:57,760 --> 00:43:01,439
Speaker 1: of addressing this whole Safari thing is just you will

880
00:43:01,480 --> 00:43:03,520
Speaker 1: laugh out loud and so yep, that's my win. My

881
00:43:03,560 --> 00:43:07,600
Speaker 1: win is Safaria. You are blessed. Brother. Mm hm yeah.

882
00:43:09,960 --> 00:43:12,879
Speaker 2: Well, I'm gonna follow it up with Michelle Obama's book

883
00:43:13,000 --> 00:43:17,320
Speaker 2: is coming out. There's no segue that I could think of,

884
00:43:17,600 --> 00:43:20,680
Speaker 2: so I'm just gonna put it out there. There's no

885
00:43:20,840 --> 00:43:26,680
Speaker 2: natural connection. Yeah, our our our Queen Michelle Obama First

886
00:43:26,840 --> 00:43:31,160
Speaker 2: Our First Lady's book is due out next November. I

887
00:43:31,239 --> 00:43:34,640
Speaker 2: think it just just coincidentally coincides with election day in

888
00:43:34,719 --> 00:43:37,160
Speaker 2: the midterm election, so uh, you know, I think a

889
00:43:37,239 --> 00:43:39,839
Speaker 2: message might be being sent there, or it just could

890
00:43:39,880 --> 00:43:43,319
Speaker 2: be the comforting like comfort that we all need after

891
00:43:43,440 --> 00:43:46,520
Speaker 2: what happens next election. Who knows, but mark your calendars,

892
00:43:47,080 --> 00:43:48,840
Speaker 2: pre order it. I'm so excited.

893
00:43:50,440 --> 00:43:53,320
Speaker 1: Yes, and head to Twitter and type in f A

894
00:43:53,800 --> 00:43:59,160
Speaker 1: F R E e'n stop stock