WEBVTT - EYL #158 The Real Deal: Getting Real About Taboo Money Questions 0:00:00.400 --> 0:00:03.120 Coach, the energy out there felt different. What changed for 0:00:03.160 --> 0:00:03.800 the team today? 0:00:03.880 --> 0:00:06.000 It was the new game day scratches from the California 0:00:06.080 --> 0:00:07.080 Lottery players. 0:00:07.120 --> 0:00:07.520 Everything. 0:00:07.840 --> 0:00:09.799 Those games sent the team's energy through the roof. 0:00:09.880 --> 0:00:11.880 Are you saying it was the off field play that 0:00:11.920 --> 0:00:13.000 made the difference on the field. 0:00:13.119 --> 0:00:15.840 Hey, little play makes your day, and today it made 0:00:15.880 --> 0:00:16.279 the game. 0:00:16.760 --> 0:00:19.319 That's all for now, Coach, one more question play the 0:00:19.360 --> 0:00:22.119 new Los Angeles Chargers, San Francisco forty nine ers and 0:00:22.160 --> 0:00:25.440 Los Angeles Rams scratchers from the California Lottery. A little 0:00:25.440 --> 0:00:28.480 play can make your day. Peace made responsibly. Must be 0:00:28.480 --> 0:00:33.960 eighteen years or older to purchase late or claim. 0:00:32.159 --> 0:00:36.320 My graduates from my school being forced back drop. 0:00:36.720 --> 0:00:40.480 Bag drop, Mike drop back drop b drop. 0:00:50.440 --> 0:00:52.919 Have you shared in this episode of Personal Opinions and 0:00:52.960 --> 0:00:54.920 Not endorsed by Google or Google Pay? 0:00:55.040 --> 0:00:58.920 Thanks to Google Pay for sponsoring this episode. Alright, guys, 0:00:59.560 --> 0:01:03.240 welcome to a very special episode of Early a Lisia. 0:01:03.440 --> 0:01:06.960 So you know, this is something that we haven't done 0:01:07.040 --> 0:01:09.119 in the past, but we're looking forward to where we're 0:01:09.120 --> 0:01:13.839 going to talk about some real topics related to finance 0:01:14.760 --> 0:01:18.360 that you know people have questions about, people always ask, 0:01:18.800 --> 0:01:24.520 but nobody really ever touches these things. So we're gonna 0:01:24.520 --> 0:01:27.800 get into it. And you know, we got some familiar 0:01:27.840 --> 0:01:30.000 faces that's joining us today. 0:01:30.120 --> 0:01:32.200 So legends in the game for sure. 0:01:32.760 --> 0:01:35.560 So the first one. If you're watching Lisia, if you 0:01:35.600 --> 0:01:39.119 have watched Lidia, I'm pretty sure you get very, very 0:01:39.120 --> 0:01:45.240 familiar with Kizzia. She has been on market Monday, she's 0:01:45.280 --> 0:01:49.720 been on Earn Alesia, and she was a start investvest 0:01:50.320 --> 0:01:55.440 So yeah, the Holy Trilogy. So yeah, I'm pretty sure 0:01:55.480 --> 0:01:58.440 you know Professor Keys if you're on Instagram, if you 0:01:58.480 --> 0:02:01.000 follow Earn a Lisia, it's just killing the game. A 0:02:01.080 --> 0:02:08.040 brilliant entrepreneur, extremely gifted and talented. Uh you know, one 0:02:08.040 --> 0:02:11.000 of the best speakers that we have come across, and 0:02:11.040 --> 0:02:14.280 she really really knows her stuff. So teaching, teaching, entrepreneur, 0:02:14.360 --> 0:02:18.320 teaching financial literacy, there's no one better in the game 0:02:18.720 --> 0:02:22.079 than Professor Keys. So uh, Professor. 0:02:21.760 --> 0:02:23.519 Keyese, it's gonna be fun. 0:02:23.840 --> 0:02:27.560 Welcome, Welcome back to e y l Hi, guys. 0:02:27.800 --> 0:02:30.680 It is a pleasure to be here with the ghosts 0:02:30.720 --> 0:02:34.200 the greatest of all time. Y'all know, I absolutely love 0:02:34.280 --> 0:02:36.680 you you guys, and I love giving you all hugs, 0:02:36.760 --> 0:02:41.120 hugging your nack in Atlanta. Congratulations on all of your 0:02:41.160 --> 0:02:43.560 success you already know, I mean your stories, I mean 0:02:43.600 --> 0:02:46.440 your timeline, I mean your feed. So thank you so 0:02:46.560 --> 0:02:48.720 much for having me back on the show. I can't 0:02:48.720 --> 0:02:52.359 wait to have conversations about taboo topics related to money. 0:02:52.960 --> 0:02:54.560 Yeah, this is going to be fun, and we brought 0:02:54.600 --> 0:02:55.600 some folks along with us. 0:02:55.600 --> 0:02:57.280 So I wanted to give a quick shout out to 0:02:57.280 --> 0:02:59.880 the good folks at Google pay for sponsoring this episode 0:03:00.040 --> 0:03:02.600 and your Lidia. Y'all know if you don't Google pay, 0:03:02.680 --> 0:03:05.160 is it safe and simple and helpful way to manage money? 0:03:05.200 --> 0:03:07.440 And since we always talk about ways of making money 0:03:07.680 --> 0:03:10.560 and how to earn money right earn your Lesia, it's 0:03:10.560 --> 0:03:12.919 the most important that we know how to manage that money. 0:03:12.919 --> 0:03:14.680 So Google pay is an app that can definitely help 0:03:14.720 --> 0:03:16.880 you with that. It gives you insight into your spending 0:03:16.880 --> 0:03:19.639 through features like weekly summaries, tracking trends over time, and 0:03:19.760 --> 0:03:22.520 showing what you spent at every business so you can 0:03:22.520 --> 0:03:24.160 do what you really want to do with your money. 0:03:24.160 --> 0:03:25.959 I remember you come from the days of where you 0:03:26.040 --> 0:03:27.840 kept every receipt after you spend none of those days. 0:03:27.919 --> 0:03:30.399 Yeah, so when you got to app like Google pay, 0:03:30.600 --> 0:03:32.600 do all that and one another thing that it does 0:03:32.680 --> 0:03:33.960 track is obviously you're spending. 0:03:34.040 --> 0:03:34.520 Since we're on the. 0:03:34.560 --> 0:03:36.880 Road a lot and we eat out all the time, 0:03:37.160 --> 0:03:38.640 you get to see what the money is really going. 0:03:38.720 --> 0:03:40.480 Man, So remember what we got to come back on 0:03:40.560 --> 0:03:42.640 them spending for our food and we got to fix 0:03:42.640 --> 0:03:43.120 our eyes. 0:03:46.040 --> 0:03:48.360 You get to track everything that you spend, So shout 0:03:48.360 --> 0:03:51.160 out the shop to Google. The Google always decided the time, 0:03:51.280 --> 0:03:55.440 So yeah, yeah, a Google pay. So let's get into this. 0:03:55.600 --> 0:03:57.560 So all right, we're going to talk about a variety 0:03:57.600 --> 0:03:59.760 of different things today and it's going to be a 0:03:59.800 --> 0:04:02.920 free flowing conversation. So the first thing we want to 0:04:02.960 --> 0:04:06.800 talk about is financial etiquette as far as like what's 0:04:06.920 --> 0:04:09.320 table right, because this is something that's extremely important not 0:04:09.320 --> 0:04:14.040 only for adults, but for adults that's teaching their children. 0:04:14.640 --> 0:04:18.719 And I feel like children learn about financial literacy through us, 0:04:18.760 --> 0:04:22.599 through adults, through their parents. So sometimes I feel like 0:04:22.600 --> 0:04:28.920 we're teaching children bad habits without even actually realizing. So 0:04:29.200 --> 0:04:31.320 I'm going to talk about a couple of different things. 0:04:31.360 --> 0:04:34.000 I want to get your opinion, and I want you 0:04:34.080 --> 0:04:37.840 to rate these things on the taboo scale, one being 0:04:37.960 --> 0:04:41.320 not tabled at all, ten being extremely table, and then 0:04:41.360 --> 0:04:43.440 I'm going to ask you, you know, if it's the 0:04:43.480 --> 0:04:46.360 wrong way to actually phrase the question, what will be 0:04:46.400 --> 0:04:48.680 the right way to phrase the question? So the first 0:04:48.720 --> 0:04:50.560 one that I want to ask you is this. 0:04:50.760 --> 0:04:51.760 We got to see if she's ready? 0:04:51.800 --> 0:04:54.440 You ready, I'm ready. 0:04:54.440 --> 0:04:56.080 I feel like this is double Dutch and I'm on 0:04:56.120 --> 0:04:57.880 the outside. Just kind of do it like this like 0:04:57.960 --> 0:04:59.000 tack me in, guys on. 0:05:00.400 --> 0:05:01.600 That was a rhetorical question. 0:05:02.160 --> 0:05:07.760 We always the first one. This is something that I 0:05:07.760 --> 0:05:11.160 actually recently gave a Ted talk about this. I used 0:05:11.200 --> 0:05:13.520 to always ask adult this all the time and I 0:05:13.560 --> 0:05:18.200 got I never really got a real answer. How much 0:05:18.279 --> 0:05:20.600 money do you make? This is extremely important question. I'm 0:05:20.600 --> 0:05:22.880 going to explain is why this is important because I 0:05:22.920 --> 0:05:26.000 feel like, especially for children, in order for them to 0:05:26.120 --> 0:05:30.159 aspire to be something, it's good to actually have a 0:05:30.200 --> 0:05:32.880 gauge of what to expect. So it's like, all right, 0:05:32.920 --> 0:05:35.120 you might want to be an architect, but how much 0:05:35.160 --> 0:05:37.680 money does an architect make? Depending on how much money 0:05:37.680 --> 0:05:40.680 an architect makes, that might determine if you actually want 0:05:40.720 --> 0:05:42.599 to be an architect or not. So it's easy to 0:05:42.600 --> 0:05:46.000 find out how much a sports player makes because we 0:05:46.040 --> 0:05:48.600 could just look and see how Hey, Lebron James makes 0:05:48.920 --> 0:05:52.440 forty million dollars a year, so that's easy. But you 0:05:52.480 --> 0:05:54.720 know a lot of these other professions are not listed 0:05:55.120 --> 0:05:57.400 and you don't know. So when I used to ask 0:05:57.440 --> 0:06:00.240 these questions a lot, you know, sometimes people tell you, 0:06:00.279 --> 0:06:01.640 but a lot of times they'd be like, you know, 0:06:01.760 --> 0:06:06.719 that's rule, don't ask adults, and even as adults sometimes, 0:06:06.760 --> 0:06:10.159 like being a financial advisor, I used to have to 0:06:10.200 --> 0:06:13.200 sit down with clients and I would ask them, you 0:06:13.240 --> 0:06:16.080 know how much money you made? After a while, people 0:06:16.120 --> 0:06:19.560 started telling me. But a couple of times people would 0:06:19.560 --> 0:06:22.200 get a little nervous and they'd be like they were 0:06:22.360 --> 0:06:24.800 it was weird. So I could tell that they were 0:06:24.800 --> 0:06:27.960 wired from a young age to not not to discuss 0:06:28.000 --> 0:06:30.680 how much money they make. So how do you feel 0:06:30.680 --> 0:06:33.279 about that? Is that a taboot question to ask or not? 0:06:34.800 --> 0:06:38.560 Okay, So I'm gonna write this guys, and Rashad you've 0:06:38.560 --> 0:06:41.800 already kind of tap into it. On a scale from 0:06:41.800 --> 0:06:45.560 one ten, I would rate this like an ad like 0:06:45.720 --> 0:06:47.760 a nine, maybe nine. 0:06:47.560 --> 0:06:48.160 And a half. 0:06:48.520 --> 0:06:50.240 And the reason why I say that is some of 0:06:50.279 --> 0:06:52.800 the reasons that you already alluded to, and it's that 0:06:53.440 --> 0:06:59.560 I think that society sometimes erroneously associates someone's personal wealth 0:07:00.000 --> 0:07:04.720 but the economic value that they create specifically in the workforce, 0:07:04.960 --> 0:07:08.279 and we know that this correlation is absolutely incorrect. 0:07:08.360 --> 0:07:08.560 Right. 0:07:08.640 --> 0:07:12.120 People can create value in many different ways, both inside 0:07:12.120 --> 0:07:15.840 and outside the workplace. So when we enter into conversations 0:07:15.840 --> 0:07:18.440 and we know that this is very much a taboo topic, 0:07:18.600 --> 0:07:21.280 I think we enter into what some folks call the 0:07:21.360 --> 0:07:24.920 numbers game, right, where the person who has the highest 0:07:25.000 --> 0:07:28.880 number is somehow perceived as being the winner, that number 0:07:29.000 --> 0:07:31.800 being your wage and your salary, and those folks who 0:07:31.840 --> 0:07:34.880 have the lower number, right, those folks feel a little shame, 0:07:35.000 --> 0:07:37.400 maybe you feel a little disappointment because you feel like 0:07:37.440 --> 0:07:41.040 you can't compete with that individual. But here's the thing, right, 0:07:41.320 --> 0:07:44.400 there are so many different ways in which salary and 0:07:44.520 --> 0:07:46.080 earning can be influenced. 0:07:46.280 --> 0:07:47.840 One of those things is negotiation. 0:07:48.360 --> 0:07:50.520 But there's also a few things that you can't really 0:07:50.560 --> 0:07:52.200 control to a certain extent. 0:07:52.640 --> 0:07:53.760 Office politics. 0:07:53.800 --> 0:07:57.000 We know offices have their own little political ideologies and 0:07:57.040 --> 0:07:58.280 the ways that people operate. 0:07:58.720 --> 0:08:00.000 There's also the wage gain. 0:08:00.240 --> 0:08:04.240 So people of color and also women specifically are affected 0:08:04.240 --> 0:08:06.840 by that. I'm a black woman, I've been affected by that. 0:08:07.200 --> 0:08:09.720 But then also company budgets. So when you think about 0:08:09.760 --> 0:08:13.680 the social sector, there are people who create maximum value 0:08:13.760 --> 0:08:16.200 in really phenomenal ways, but the way in which the 0:08:16.280 --> 0:08:18.920 budget is set up, perhaps they can't be compensated to 0:08:18.960 --> 0:08:21.920 the extent to which is they contribute. So when we're 0:08:21.960 --> 0:08:24.160 talking about the numbers game, one of the things that 0:08:24.200 --> 0:08:27.000 I think is it becomes taboo because people are trying 0:08:27.040 --> 0:08:27.360 not to. 0:08:27.360 --> 0:08:28.560 Quote unquote lose. 0:08:29.160 --> 0:08:31.400 On the other hand, though, I think it's important that 0:08:31.440 --> 0:08:34.400 we absolutely have those conversations. I was reading or report 0:08:34.480 --> 0:08:37.640 by Society of Human Resource Managers and one of the 0:08:37.679 --> 0:08:41.680 things that they said is women negotiate their salary. Only 0:08:41.720 --> 0:08:44.040 forty five percent of women negotiate their salary. 0:08:44.080 --> 0:08:45.559 And when you're talking about. 0:08:45.280 --> 0:08:49.040 Men, sixty eight percent of men negotiate their salary. And 0:08:49.080 --> 0:08:50.679 the way that you come in at a job, that 0:08:50.840 --> 0:08:53.400 starting salary can influence the ways in which you earn 0:08:53.520 --> 0:08:54.280 over the years. 0:08:55.600 --> 0:08:58.320 Well, let me just follow up on that, because that 0:08:58.400 --> 0:09:03.320 actually fly a follow up. So negotiation of job this 0:09:03.440 --> 0:09:05.840 is also a very awful conversation. I want to ask 0:09:05.880 --> 0:09:08.360 you a two part questions. The first one is going 0:09:08.360 --> 0:09:11.120 to be from an employee standpoint. So when you're at 0:09:11.440 --> 0:09:15.160 a job, interview and you get through all of this 0:09:15.480 --> 0:09:19.600 situation and all of that, at what point should you 0:09:20.120 --> 0:09:24.160 ask how much you're going to be paid? Or should 0:09:24.240 --> 0:09:26.920 you say this is how much I would like to 0:09:26.960 --> 0:09:29.560 be paid, because this is something that's real. You know, 0:09:29.840 --> 0:09:32.559 everybody's kind of nervous with their job, so a lot 0:09:32.600 --> 0:09:36.160 of people are going in and they're scared to say 0:09:36.160 --> 0:09:38.000 how much they want to be paid. They don't even 0:09:38.040 --> 0:09:40.680 ask how much, and then it's like you just take 0:09:40.720 --> 0:09:45.320 whatever is offered to you. So at what point should 0:09:45.320 --> 0:09:48.920 you bring up salary and how should you bring that up? 0:09:49.280 --> 0:09:50.960 And then we got to rate that because that's a 0:09:50.960 --> 0:09:52.760 great question. But on one to ten, what are we 0:09:52.840 --> 0:09:53.320 going with this? 0:09:54.440 --> 0:09:56.320 Yeah, well, I mean I think it's a not for 0:09:56.360 --> 0:09:58.439 a table conversation, but we have to rate the extent 0:09:58.520 --> 0:10:00.600 to which you should be asking the question. It should 0:10:00.600 --> 0:10:03.640 be an absolute ten. And I think that's where the 0:10:03.760 --> 0:10:06.320 research comes into play. And you always like to say, 0:10:06.320 --> 0:10:09.560 don't swim in the ocean of knowledge and drowning ignorance. 0:10:09.760 --> 0:10:11.800 You want to make sure that you're doing your research 0:10:11.840 --> 0:10:15.439 about that particular position even as you're applying to the job. 0:10:15.720 --> 0:10:17.800 But you also want to find people who are in 0:10:17.840 --> 0:10:20.920 that industry and you want to have a courageous conversation. 0:10:21.440 --> 0:10:24.320 Maybe you don't approach it like young ershad and you say, hey, 0:10:24.320 --> 0:10:25.200 how much money you do? 0:10:25.240 --> 0:10:26.240 You may, but you. 0:10:26.400 --> 0:10:31.040 Say in context, I'm trying to enter into your industry, right, 0:10:31.400 --> 0:10:33.360 and I see the position that you work. 0:10:33.440 --> 0:10:34.960 I aspire to be where you are. 0:10:35.280 --> 0:10:38.240 Can you give me the range in which people in 0:10:38.280 --> 0:10:42.240 this position make in regard to salary. What I've learned 0:10:42.280 --> 0:10:44.440 is sometimes people are more comfortable to give you a range. 0:10:44.440 --> 0:10:46.439 Remember they're making one hundred thousand dollars, but they don't 0:10:46.440 --> 0:10:48.000 want to tell you that, and they'll say you can 0:10:48.000 --> 0:10:50.800 make between ninety one hundred and fifteen. You pair that 0:10:50.880 --> 0:10:52.920 up with the research that you find on the internet, 0:10:53.080 --> 0:10:54.760 and I think that sets you up in a good 0:10:54.800 --> 0:10:57.240 position so that when you go into the interview, you 0:10:57.280 --> 0:10:59.160 can ask what are they offering? 0:10:59.280 --> 0:11:02.320 And you know, at least from your negotiation position, what 0:11:02.480 --> 0:11:03.360 may be fair or not. 0:11:04.360 --> 0:11:06.360 Yeah, I'm going to go back to the beginning question 0:11:06.440 --> 0:11:08.960 because twenty years ago, that's exactly how I got into 0:11:09.000 --> 0:11:12.120 the professional teaching. I asked the teacher, my favorite phys 0:11:12.200 --> 0:11:13.719 that teacher, I said, how much you make? He told 0:11:13.760 --> 0:11:16.199 me one hundred and fifty thousand. I said, you. 0:11:16.160 --> 0:11:17.880 Can make that as a teacher, and he told me 0:11:17.880 --> 0:11:21.440 again he had a whole plan. 0:11:21.480 --> 0:11:21.880 This was it. 0:11:22.000 --> 0:11:24.200 He had base salary, which is one hundred and twenty. 0:11:24.200 --> 0:11:25.800 He had been working for twenty five years. 0:11:26.080 --> 0:11:28.360 And then he coached sports that he thought nobody really 0:11:28.400 --> 0:11:29.960 cared about at the school. So he was the golf 0:11:30.000 --> 0:11:33.120 coach in our community. People weren't really playing golf. He 0:11:33.160 --> 0:11:35.040 was the bowling coach. We didn't even know we had 0:11:35.040 --> 0:11:38.240 a bowling team, and ye had soccer coach, and so 0:11:38.280 --> 0:11:40.840 he combined all those salaries, and I said, that's what 0:11:40.920 --> 0:11:42.439 I want to be. And so I'm glad that you 0:11:42.520 --> 0:11:44.880 asked that shot, that you asked that question and the 0:11:44.920 --> 0:11:46.960 way your answered perfect. But I'm going to ask you 0:11:47.000 --> 0:11:48.360 one and you can rate this one to ten on 0:11:48.400 --> 0:11:51.400 taboo because how much you make is important, But how 0:11:51.480 --> 0:11:55.360 much do you owe is another conversation that we really 0:11:55.840 --> 0:11:59.120 have and it can be a little country and be 0:11:59.120 --> 0:12:01.640 a little embarrassed. But how you rate it and how 0:12:01.679 --> 0:12:03.280 do we ask this in a more comforment. 0:12:04.320 --> 0:12:06.880 Yeah, that's a really good question. I would say I 0:12:06.880 --> 0:12:10.280 would rate that up at a nine or ten. A 0:12:10.360 --> 0:12:13.280 lot of us experience a lot of anxiety, you know, 0:12:13.360 --> 0:12:15.840 as it relates to money, right, And a lot of 0:12:15.880 --> 0:12:18.559 that anxiety is triggered by life experiences. 0:12:18.640 --> 0:12:18.800 Right. 0:12:18.800 --> 0:12:20.880 Maybe you're going through a divorce. You're trying to figure 0:12:20.880 --> 0:12:23.559 out how much just separation is going to cause. Maybe 0:12:23.600 --> 0:12:26.079 you spend all the way up to your credit limit. Right, 0:12:26.120 --> 0:12:28.880 maybe you're behind on your car payments. And a lot 0:12:28.920 --> 0:12:31.160 of this has to do with, right, the money that 0:12:31.240 --> 0:12:33.439 you owe or that you could owe, And a lot 0:12:33.440 --> 0:12:35.720 of people feel a lot of embarrassment around that because 0:12:35.720 --> 0:12:38.480 they think that people might judge them. I think the 0:12:38.520 --> 0:12:40.880 way in which you approach that conversation is going to 0:12:40.920 --> 0:12:43.080 go back to the C word that I mentioned earlier, 0:12:43.320 --> 0:12:45.080 and that has to do with contexts. 0:12:45.400 --> 0:12:46.440 Why are you asking me? 0:12:47.520 --> 0:12:50.440 Like when you ask that question to another individual, is 0:12:50.440 --> 0:12:52.439 it because you're asking that question because you want to 0:12:52.480 --> 0:12:55.000 support them? Are you asking that question because you would 0:12:55.000 --> 0:12:57.520 like to share information? Are you asking that question for 0:12:57.600 --> 0:13:00.160 real practical things like maybe you're in a relationship and 0:13:00.160 --> 0:13:03.000 you're about to move in together. Right, you're thinking that 0:13:03.040 --> 0:13:05.520 you're about to get into a relationship get married to somebody, 0:13:05.520 --> 0:13:08.280 but you're marrying them and you're marrying their earning And 0:13:08.480 --> 0:13:11.640 also their debt and so having that type of conversation 0:13:11.760 --> 0:13:13.960 can help sex you up with the type of financial 0:13:14.000 --> 0:13:16.679 plan to platform you in a position where you can 0:13:16.720 --> 0:13:20.400 be successful. I think context around the ways in which 0:13:20.440 --> 0:13:23.200 we manage currency is the best ways in which we 0:13:23.240 --> 0:13:24.720 can have these conversations. 0:13:26.360 --> 0:13:30.000 Let me ask you this for business owners, this is 0:13:30.480 --> 0:13:37.560 another awkward conversation to have when people ask how much 0:13:37.679 --> 0:13:40.400 are their services? And I see this all the time. 0:13:40.559 --> 0:13:44.200 People kind of get nervous. Some people say, you can 0:13:44.240 --> 0:13:48.760 give me what you think is worth. People they'll say, like, well, 0:13:48.960 --> 0:13:52.040 it's cost this, but for you, I'll do this. Like 0:13:52.360 --> 0:13:55.640 I feel like this is extremely important for entrepreneurs to 0:13:55.720 --> 0:14:01.040 be confident in their in their price points. So how 0:14:01.080 --> 0:14:04.360 do you develop confidence in your price points? And how 0:14:04.360 --> 0:14:07.959 do you know? Because I know why people short change 0:14:07.960 --> 0:14:10.240 themselves because they're thinking that they're going to say a 0:14:10.280 --> 0:14:13.000 number that's too high and people are going to walk 0:14:13.040 --> 0:14:16.480 away and they'll rather take some money than no money. 0:14:16.679 --> 0:14:21.400 But doing that actually compromising the business and technrituy. Really, 0:14:22.160 --> 0:14:23.800 what's your advice for business owners? 0:14:24.200 --> 0:14:29.440 Listen you speaking my language. Now, that's entrepreneurship. I always 0:14:29.440 --> 0:14:32.720 tell folks, if you are selling a product or service, 0:14:32.800 --> 0:14:34.120 then nobody wants to buy. 0:14:34.520 --> 0:14:36.920 You don't have a business, you have a hib B. 0:14:37.320 --> 0:14:40.280 But on the other hand, sometimes you absolutely do have 0:14:40.320 --> 0:14:44.040 a business, but you have the wrong customer. As an entrepreneur, 0:14:44.280 --> 0:14:48.760 it is absolutely important that you price the product according 0:14:48.880 --> 0:14:50.960 to what it took for you to craft that product. 0:14:51.000 --> 0:14:53.360 What are all the materials, right? What are all the 0:14:53.400 --> 0:14:55.960 services that you have to pay for in order for 0:14:56.040 --> 0:14:59.320 you to bring that product to market. After you do that, 0:14:59.400 --> 0:15:02.200 you have to the type of customer for which your 0:15:02.280 --> 0:15:05.560 product or service is a solution. And when you find 0:15:05.600 --> 0:15:08.280 that person, it's important for you to understand this. You 0:15:08.320 --> 0:15:12.440 need to charge what it costs, unapologetically, and they need 0:15:12.480 --> 0:15:16.960 to pay what it's absolutely worth. I heard you mentioned, Hey, 0:15:17.120 --> 0:15:20.080 you know, I know these individuals right pay you know 0:15:20.120 --> 0:15:22.400 whatever it is because we have a relationship. 0:15:22.720 --> 0:15:25.880 But here's the thing with friends and family discounts. 0:15:25.960 --> 0:15:27.840 Right one, there's a lot of people asking for the 0:15:27.920 --> 0:15:30.400 friends and family discount and they're not even related to you. 0:15:31.440 --> 0:15:33.800 And number two, when it comes out for. 0:15:33.880 --> 0:15:37.320 Friends and family discounts and people pricing out products, they 0:15:37.400 --> 0:15:39.840 weren't there when you started your t shirt business and 0:15:39.920 --> 0:15:41.400 you had to figure out whether it was going to 0:15:41.400 --> 0:15:43.760 be direct to government print, whether you had to get 0:15:43.760 --> 0:15:45.840 an envelope, whether you was going to stamp it, whether 0:15:45.920 --> 0:15:48.720 it was going to be a drop ship. They weren't 0:15:48.760 --> 0:15:52.280 there looking at your cash flow statements, cash and cash out, 0:15:52.360 --> 0:15:55.920 So asking them to make a business decision as a consumer, 0:15:56.240 --> 0:15:58.720 it's just not the right entrepreneurial approach. 0:16:00.160 --> 0:16:04.600 You professor keys for nothing. 0:16:04.960 --> 0:16:06.680 What I had to fend the family discount. 0:16:06.720 --> 0:16:08.520 I was like, listen, I just grewen these and just 0:16:08.600 --> 0:16:10.720 that y'all trying to, you know, snatch them out. 0:16:10.840 --> 0:16:16.400 Listen, crazy family they just met yesterday exactly. 0:16:18.200 --> 0:16:20.480 We passed that segment with flying colors. 0:16:20.560 --> 0:16:22.480 We're going to move on to our next sevent It's 0:16:22.520 --> 0:16:25.520 called best move, worst move, And so a lot of 0:16:25.560 --> 0:16:27.720 times we have a relationship with money. 0:16:27.720 --> 0:16:29.160 Could be positive, it could be negative. 0:16:29.160 --> 0:16:31.360 But everybody's gonna have a relationship with it, and everybody's 0:16:31.360 --> 0:16:33.040 gonna have a journey that comes along with it. So 0:16:33.760 --> 0:16:36.240 I want to start with what is the best move 0:16:36.320 --> 0:16:39.920 somebody can have in the beginning or in the middle 0:16:39.960 --> 0:16:42.200 part of their financial journey. 0:16:43.080 --> 0:16:46.720 I always tell people that you have to put your 0:16:46.720 --> 0:16:49.680 money to work. I like to think of my money 0:16:50.040 --> 0:16:53.600 as a person. Right in my financial life. And what 0:16:53.640 --> 0:16:56.560 that means is that money can't live in my house 0:16:57.240 --> 0:17:00.320 and not go get yourself a job. What what I 0:17:00.360 --> 0:17:02.920 mean by that? That means that your money needs to 0:17:02.960 --> 0:17:06.600 be going to work for you and your savings account. Right, 0:17:06.920 --> 0:17:10.600 are you saving money in an account that accrues interest? 0:17:10.920 --> 0:17:11.160 Right? 0:17:11.400 --> 0:17:13.600 Your money needs to be going to work for you 0:17:14.040 --> 0:17:17.080 in investments, however, that looks like whether you're investing in 0:17:17.119 --> 0:17:19.000 real estate or whether you're investing through. 0:17:18.840 --> 0:17:21.560 A brokerage account. Inflation is real. 0:17:21.720 --> 0:17:24.160 I mean this year, I think they're estimateing that inflation 0:17:24.240 --> 0:17:26.399 is going to be between four percent and six percent. 0:17:26.400 --> 0:17:29.000 And that means that your dollar today is not worth 0:17:29.040 --> 0:17:30.879 the same as your dollar last year. 0:17:31.240 --> 0:17:32.960 So how is your money going to work? 0:17:32.960 --> 0:17:35.720 In investments where the returns can be much higher than 0:17:35.720 --> 0:17:38.760 what inflations could be ten percent, twelve percent? That is 0:17:38.840 --> 0:17:41.680 money going to work. Finally, you need to be thinking 0:17:41.720 --> 0:17:43.600 about how your money could be going to work in 0:17:43.680 --> 0:17:47.520 multiple streams of income. I have perhaps a similar story 0:17:47.600 --> 0:17:48.440 to you, Troy. 0:17:48.520 --> 0:17:49.480 I don't know, but. 0:17:49.440 --> 0:17:51.600 I was working a job for a little bit. 0:17:51.760 --> 0:17:54.560 I got hired into the job as an events manager, 0:17:55.040 --> 0:17:59.640 and I inherited a really talented administrative assistant we work 0:17:59.680 --> 0:18:00.760 together for two years. 0:18:00.800 --> 0:18:04.600 She went and she found another position, another job. 0:18:04.600 --> 0:18:06.320 But when she left, she said, now I'm going to 0:18:06.359 --> 0:18:09.320 make sixty thousand dollars. It's ten thousand more than what 0:18:09.359 --> 0:18:11.920 I'm making now, which would have been fifty thousand. Well, 0:18:11.960 --> 0:18:14.520 the crazy thing about it is at that time I 0:18:14.560 --> 0:18:18.879 was making forty two thousand dollars. My administrative assistant was 0:18:18.920 --> 0:18:22.199 making more than me for two years. And when I 0:18:22.240 --> 0:18:24.520 heard that conversation, one of the promises that I made 0:18:24.560 --> 0:18:26.960 to myself. One, I would be having a courageous conversation 0:18:27.000 --> 0:18:29.719 as it relates to negotiations. But two, I need to 0:18:29.720 --> 0:18:32.439 make sure that I put the money that I'm earning 0:18:32.520 --> 0:18:35.920 to work in a side business, in a side hustle. 0:18:37.080 --> 0:18:39.480 The thing that I want people to realize and understand 0:18:39.480 --> 0:18:41.600 when it comes down to best money moves is that 0:18:41.640 --> 0:18:43.480 if your money is in your house, eating up all 0:18:43.520 --> 0:18:46.280 your food, drinking up all your water, leaving your lights on, 0:18:46.400 --> 0:18:50.640 running your life, buila, then your money is proverbally under 0:18:50.720 --> 0:18:51.520 your mattress. 0:18:51.760 --> 0:18:54.560 So all right, so those are the best moves. 0:18:54.720 --> 0:18:57.400 What are some of the worst moves that people can 0:18:57.480 --> 0:19:00.000 make and have made in their financial journce. 0:19:01.160 --> 0:19:04.000 I would say this not getting all up in your 0:19:04.000 --> 0:19:07.800 money's business. And I don't know how y'all grew up 0:19:07.840 --> 0:19:10.120