WEBVTT - Throwback Thursday! What's Zombie Debt? 0:00:00.200 --> 0:00:05.880 Hey, hey, hey, we're back. Well not really, but we 0:00:05.960 --> 0:00:08.840 are still black and Brown ambition. Hey, y'all, it's me 0:00:08.960 --> 0:00:10.959 Tiffany the budget. He said, I should cut up because 0:00:11.000 --> 0:00:14.640 Mandy's not here. Actually, neither one of us are here. 0:00:14.840 --> 0:00:17.320 I may or may not be sipping on a Virgin 0:00:17.400 --> 0:00:21.000 my tie in Hawaii because I'm on VACA and Mandy 0:00:21.120 --> 0:00:25.680 is chilling as well, minding her brown owned business. But 0:00:26.200 --> 0:00:28.960 we wanted to make sure you still had an awesome show, 0:00:29.520 --> 0:00:33.360 and since it's Halloween, we thought, why not have. 0:00:33.360 --> 0:00:35.080 A little spooky show. 0:00:35.400 --> 0:00:40.960 Let's talk about something super scary d e BT debt 0:00:41.320 --> 0:00:45.199 in particular, there's actually a debt called zombie debat, right, 0:00:45.320 --> 0:00:48.760 how apropos? Okay, So we hope you enjoyed this throwback 0:00:48.800 --> 0:00:52.120 show because we are gonna be talking about zombie debt 0:00:52.200 --> 0:00:54.760 and how it can actually kind of be your friend 0:00:54.960 --> 0:00:56.880 or what else. All right, So we will see you 0:00:56.920 --> 0:00:59.840 when we get back and enjoy your Halloween and be 0:01:00.400 --> 0:01:01.400 and save me some snickers. 0:01:01.400 --> 0:01:02.880 Those are my faves, all right. 0:01:02.960 --> 0:01:17.920 Bye. 0:01:19.560 --> 0:01:25.360 Hey, hey, hey, it's time for b a Q. A heykay, 0:01:25.800 --> 0:01:28.400 it's time for b a Q. Wait, come on baby 0:01:28.720 --> 0:01:32.399 que Hey hey, it's time for any until you left 0:01:32.400 --> 0:01:32.720 my tab. 0:01:32.760 --> 0:01:34.160 I don't know what you're doing. Oh there you are. 0:01:35.959 --> 0:01:37.520 So for those who don't know me and man, they 0:01:37.520 --> 0:01:39.520 are testing out this video thing. No, you can't see us, 0:01:39.520 --> 0:01:41.200 but I can see her. So I was trying to 0:01:41.200 --> 0:01:42.560 get her to do the bomb. I'm like, come on, Manny, 0:01:42.600 --> 0:01:44.600 come on, come on, show me, show me that. 0:01:44.560 --> 0:01:46.440 Bob I was lost in tab purgatory. 0:01:46.480 --> 0:01:47.680 What is it? 0:01:47.680 --> 0:01:49.840 It's like that part when I almost forget what the 0:01:49.880 --> 0:01:52.560 next the next move in the wobble is and you're 0:01:52.600 --> 0:01:53.280 kind of looking over. 0:01:53.960 --> 0:01:57.360 Wait, yeah, get in there. 0:02:00.000 --> 0:02:01.960 Well it's not from the aqua and we got some 0:02:02.200 --> 0:02:04.960 awesome questions. But if you have questions, maybe how can 0:02:04.960 --> 0:02:06.040 the people ask questions? 0:02:06.800 --> 0:02:07.000 Oh? 0:02:07.120 --> 0:02:09.480 How can't you ask questions? You can. You can go 0:02:09.520 --> 0:02:12.440 to Brandambition podcast dot com and click ask us anything. 0:02:12.919 --> 0:02:16.040 You can also hit us up on Instagram at brand 0:02:16.040 --> 0:02:19.079 Ambisson Podcast on the Gram and slide into our dms 0:02:20.000 --> 0:02:22.079 and let's see email. You can hit us up Brand 0:02:22.120 --> 0:02:26.000 Ambition Podcast at gmail dot com with your questions. Try 0:02:26.040 --> 0:02:28.200 to make them detailed. You don't have to say your name. 0:02:28.280 --> 0:02:31.040 You can stay anonymous. We're happy to call you whatever 0:02:31.080 --> 0:02:33.880 alias you prefer. So who knows try out a do 0:02:34.000 --> 0:02:36.919 name with our show, but we love to get y'all's questions. 0:02:37.360 --> 0:02:40.480 Okay, so first question you want me to read it? 0:02:41.320 --> 0:02:41.600 Yes? 0:02:41.639 --> 0:02:46.720 Please? Okay, it's from Brian, he says. Hey. 0:02:46.720 --> 0:02:49.359 First, thank you so much father, you do for our community, 0:02:49.480 --> 0:02:52.400 you welks. My question is about the statute of limitations 0:02:52.440 --> 0:02:55.120 slash zombie debt. I read your article about how to 0:02:55.160 --> 0:02:57.240 settle your credit card debt, and I have some questions 0:02:57.320 --> 0:03:00.520 about the statute of limitations for debt collection. Does that 0:03:00.600 --> 0:03:04.000 statute of limitations change if you move from one state 0:03:04.000 --> 0:03:06.960 to another or does the original state in which you 0:03:07.040 --> 0:03:10.080 open the account supersede your current state of residence? 0:03:12.120 --> 0:03:14.080 Ryan, Yeah, well zombie debt. 0:03:14.480 --> 0:03:18.400 Yeah yeah, So let's explain zombie debet. Let's do it. 0:03:18.480 --> 0:03:22.160 So, zombie debt occurs. So something you may not realize 0:03:22.320 --> 0:03:24.600 is when you so, let's say you run up a 0:03:24.600 --> 0:03:27.040 credit card and you don't pay it off. There's several 0:03:27.040 --> 0:03:29.840 things that happen over a long period of time. Eventually, 0:03:29.919 --> 0:03:32.320 what may happen is that you're so delinquent that the 0:03:33.080 --> 0:03:35.720 credit card issuer or the debt collector just charges it 0:03:35.760 --> 0:03:37.720 off and that goes on your credit report. Is a 0:03:37.800 --> 0:03:39.960 charge off and it's not good for your credit, and 0:03:40.000 --> 0:03:42.240 then they may send it to a collector who will 0:03:42.240 --> 0:03:45.600 try to pursue that debt. And in each state they 0:03:45.640 --> 0:03:49.240 have a specific window of time, a window of opportunity, 0:03:49.320 --> 0:03:51.800 when lenders or debt collectors can actually sue you to 0:03:52.000 --> 0:03:54.960 recoup that debt. And this is important. It means the 0:03:55.000 --> 0:03:58.160 time in which they can sue you to recoup that debt. 0:03:58.320 --> 0:04:01.360 And once that statute of limitations has passed, they technically 0:04:01.400 --> 0:04:04.480 can't sue you. They can still pursue it, and do 0:04:04.520 --> 0:04:07.920 they ever try. They definitely will try, but technically they 0:04:07.960 --> 0:04:11.920 don't have the legal authority at that point to actually 0:04:11.960 --> 0:04:14.640 sue you. So what that means for you, So if 0:04:14.640 --> 0:04:17.000 you have a super old debt that was charged off 0:04:17.040 --> 0:04:19.480 forever ago, and you get a phone call and they're like, hey, 0:04:19.920 --> 0:04:22.000 we want you to make a payment, just one dollar, 0:04:22.120 --> 0:04:25.360 just ten dollars on this old account, if that has 0:04:25.760 --> 0:04:29.279 passed the statue limitations in your state, there's technically no 0:04:29.400 --> 0:04:33.440 benefit to you giving them money. In fact, if you 0:04:33.560 --> 0:04:36.719 do give them money, what it can do is resurrect 0:04:37.000 --> 0:04:40.840 that debt. Then it breathes new. It's like it's like 0:04:40.920 --> 0:04:43.800 infecting a zombie or how do zombies turn into zombies? 0:04:43.800 --> 0:04:44.240 Who knows? 0:04:44.279 --> 0:04:44.559 Whatever? 0:04:44.640 --> 0:04:47.080 They bite, So it basically is a zombie bite you. 0:04:47.120 --> 0:04:50.480 And now yeah, it basically statute of limitation. It starts 0:04:50.560 --> 0:04:53.479 back over so in New Jersey, New York, like the 0:04:53.480 --> 0:04:56.719 statute of limitation of evolving debt, meaning like credit card 0:04:56.720 --> 0:04:59.720 debt is six years. So if it's your seven and 0:04:59.760 --> 0:05:02.240 it's like oh and you don't realize and you pay 0:05:02.279 --> 0:05:05.279 that one dollar then literally it can start back at 0:05:05.279 --> 0:05:07.400 a year zero again and work its way back up. 0:05:07.480 --> 0:05:10.120 So just be mindful. So just so you guys know, 0:05:10.200 --> 0:05:13.719 that's what it is. And so Brian, no, whatever whatever 0:05:13.720 --> 0:05:15.960 state that you incurred that in, it stays there. It 0:05:15.960 --> 0:05:19.560 doesn't because technically you can go from a state with 0:05:20.000 --> 0:05:22.560 you know, a six year statute limitation to a state 0:05:22.600 --> 0:05:23.920 with three year and be. 0:05:23.920 --> 0:05:26.080 Like wooo sorry Nanna and boom booth. 0:05:26.279 --> 0:05:29.640 So they're like, no, wherever you started, that's that's where 0:05:29.640 --> 0:05:29.880 it is. 0:05:29.920 --> 0:05:31.640 So it won't. It won't. 0:05:31.680 --> 0:05:33.960 It's with the original state where you opened up the account. 0:05:34.040 --> 0:05:36.360 It doesn't supersede. It's not about your current residence if 0:05:36.360 --> 0:05:38.920 you've moved, if you open that account when you're in Jersey, 0:05:39.200 --> 0:05:42.000 it's with Jersey. And then if you go to you know, California, 0:05:42.320 --> 0:05:43.160 it's still Jersey. 0:05:43.960 --> 0:05:44.840 Brian's on the run. 0:05:45.480 --> 0:05:46.040 What do you do? 0:05:46.160 --> 0:05:46.480 Brian? 0:05:48.800 --> 0:05:49.120 Next? 0:05:49.200 --> 0:05:49.799 Like you brother? 0:05:49.800 --> 0:05:51.000 A question for friends. 0:05:52.440 --> 0:05:57.239 Proximo we Spanish. 0:06:00.520 --> 0:06:02.159 Oh look at this, morm They say, hey, hey, just 0:06:02.200 --> 0:06:05.200 like me. Hey, hey, hey, Tiffany and Mandy love you ladies, 0:06:05.240 --> 0:06:05.719 love you back? 0:06:06.080 --> 0:06:06.480 Keep up? 0:06:06.680 --> 0:06:08.479 Oh, let's you. I'm sorry, Mandy. I read you read 0:06:08.720 --> 0:06:09.960 I read the last one. You could read this one, 0:06:10.040 --> 0:06:10.560 my bad girl. 0:06:11.200 --> 0:06:13.200 Oh thank you. You're so generous. 0:06:13.600 --> 0:06:13.960 All right? 0:06:15.640 --> 0:06:19.320 Hey, hey, hey, hey, hey, Tiffany and Mandy love you ladies. 0:06:19.800 --> 0:06:22.279 I giggle right along with y'all while taking notes. I 0:06:22.320 --> 0:06:25.919 have a question about paying back debt. Currently this is 0:06:25.920 --> 0:06:29.800 my debt, and she goes on to list one, two, three, four, five, 0:06:29.960 --> 0:06:33.600 six different types of debt line of credit, credit card, 0:06:34.880 --> 0:06:38.040 another credit card, some kind of zero percent credit card. 0:06:38.080 --> 0:06:40.280 I don't know, different accounts. Am I reading that right? 0:06:40.760 --> 0:06:43.599 So basically what she's asking is should I concentrate and 0:06:43.640 --> 0:06:46.279 pay off a line of credit that is accruing at 0:06:46.320 --> 0:06:50.280 seven percent and my balance is ten five hundred dollars? 0:06:50.880 --> 0:06:54.080 Or should I concentrate on paying down credit cards while 0:06:54.080 --> 0:06:57.640 they are charging zero percent and two percent. So she 0:06:57.680 --> 0:07:00.160 has a total of eleven thousand dollars on those two 0:07:00.200 --> 0:07:03.560 credit cards which are charging zero percent and two percent, 0:07:03.880 --> 0:07:06.600 and wants to know she should prioritize those or a 0:07:06.640 --> 0:07:09.520 line of credit at her bank, which is charging seven 0:07:09.560 --> 0:07:12.440 percent for a balance of ten. So about the same 0:07:12.480 --> 0:07:16.320 amount of money but vastly different. 0:07:16.880 --> 0:07:23.120 But poqu I see she has regular credit card. It 0:07:23.160 --> 0:07:26.680 says twenty percent. We ain't gonna talk about that. I 0:07:26.720 --> 0:07:28.320 look like we talk about the wrong thing. 0:07:28.400 --> 0:07:33.200 Sis, sister child, We're gonna call you giggles, So she said, 0:07:33.200 --> 0:07:37.160 you're gonna giggle, so giggles. I'm concerned that we're not 0:07:37.240 --> 0:07:40.559 mentioning that the second item on your list says twenty 0:07:40.560 --> 0:07:43.200 percent credit card, it's forty five hundred dollars. That would 0:07:43.240 --> 0:07:48.000 be my main priority because it's that's expensive, giggles, that's pricey. 0:07:48.120 --> 0:07:49.920 You know. So that's where I would put, quite honestly, 0:07:49.920 --> 0:07:51.000 where I put my energy. 0:07:51.160 --> 0:07:53.200 Yeah, I mean, just reading this kind of stresses me out, 0:07:53.200 --> 0:07:54.800 and it makes me think of people who are kind 0:07:54.800 --> 0:07:57.360 of juggling those multiple debts, and all you're doing is 0:07:57.440 --> 0:07:59.840 kind of making your minimum payments and just staying above 0:08:01.040 --> 0:08:03.920 So I commend you, Giggles for at least trying to strategically, 0:08:04.360 --> 0:08:07.440 you know, attack the debt. So the two zero percent 0:08:07.480 --> 0:08:10.360 interest cards that she has, those are zero percent until 0:08:10.360 --> 0:08:13.880 twenty twenty two. So in my mind, set your set 0:08:13.880 --> 0:08:16.840 a calendar alert even for March or April or sorry, 0:08:17.040 --> 0:08:19.320 yeah late, it's like March and May next year. So 0:08:19.320 --> 0:08:21.960 I would set a calendar alert for like February, just 0:08:22.000 --> 0:08:23.520 to be sure that you don't miss and you want 0:08:23.560 --> 0:08:25.880 to get back on top of those cards. Check the 0:08:26.040 --> 0:08:28.600 on those zero percent offers, check the fine print and 0:08:28.640 --> 0:08:31.480 make sure that there's not a deferred interest clause, because 0:08:31.480 --> 0:08:35.400 if there is, you may be sitting pretty until early 0:08:35.480 --> 0:08:38.160 next year, but then get slapped with all the interest 0:08:38.559 --> 0:08:41.680 that you would have been accruing if you leave money 0:08:41.720 --> 0:08:44.520 on your if you leave a balance on those cards, well, 0:08:44.600 --> 0:08:46.400 let's see. I mean, I agree with Tiff. I think 0:08:46.440 --> 0:08:49.320 that the smartest thing to do is order these from 0:08:49.600 --> 0:08:52.880 most expensive to least and do your best to attack them. 0:08:52.920 --> 0:08:56.439 So starting with that twenty percent credit card and then 0:08:56.520 --> 0:09:00.480 moving on to your seventy percent interest line credit teen percent, 0:09:00.640 --> 0:09:06.280 there's a thirteen number four. This is interesting, okay, you 0:09:07.360 --> 0:09:09.880 are I'm confused why you show these cards? 0:09:09.920 --> 0:09:11.880 It's one That's what I guess. 0:09:11.920 --> 0:09:14.240 I'm just I would love to know, like, what is 0:09:14.240 --> 0:09:15.719 it about the line of credit that made you think 0:09:15.720 --> 0:09:18.480 that you should I can understand the zero percent because 0:09:18.520 --> 0:09:21.080 you're like, I can put all of my money that 0:09:21.120 --> 0:09:23.240 I put toward it goes to the money goes to 0:09:23.280 --> 0:09:25.400 the principle. So I can understand why you bring that up. 0:09:25.679 --> 0:09:28.079 But what is it about the line of credit that 0:09:28.400 --> 0:09:30.680 makes you think that you should pay that first versus 0:09:30.800 --> 0:09:34.000 the twenty percent and the thirteen percent credit card? So 0:09:34.000 --> 0:09:36.000 that's what I'm curious about. So I would focus on. 0:09:35.920 --> 0:09:39.400 The twenty then the thirteen. To Mandy's point, what will 0:09:39.400 --> 0:09:42.160 that is? What will your zero percent cards be in 0:09:42.200 --> 0:09:43.120 March and in May? 0:09:43.360 --> 0:09:45.960 If they're going to be like thirty percent something crazy, 0:09:46.559 --> 0:09:51.079 then then I might rethink my strategy. Or if it's 0:09:51.120 --> 0:09:53.400 not paid off, I have to pay back all the 0:09:53.480 --> 0:09:56.520 interest from before, then my strategy might be to focus 0:09:56.600 --> 0:09:59.320 on the zero percent cards. It depends on what happens 0:09:59.360 --> 0:10:01.640 if there if it's not paid off in full by 0:10:01.679 --> 0:10:05.920 March in May, if it's something astronomical those cards first, 0:10:06.200 --> 0:10:09.240 if it's something that so bad twenty percent, then thirteen percent, 0:10:09.800 --> 0:10:12.480 then you know, whatever, the the whatever. I would do 0:10:12.480 --> 0:10:15.880 my interest rates in order from highest to lowest basically. 0:10:15.920 --> 0:10:19.640 And count those zero percent cards as their regular APR 0:10:20.000 --> 0:10:23.280 once you check the fine print. Yeah, that's smart, that's smart. 0:10:24.000 --> 0:10:27.400 I mean in general, having this many lines of credit 0:10:27.480 --> 0:10:30.200 and credit cards kind of it just tells me there's 0:10:30.200 --> 0:10:32.960 something underlying that's probably that's problematic with your cash flow. 0:10:33.040 --> 0:10:35.640 So I would also say, really focus on bringing an 0:10:35.640 --> 0:10:38.640 additional income, trying to find any way that you can 0:10:38.640 --> 0:10:41.280 bring an extra income to really attack, you know, these 0:10:41.320 --> 0:10:43.960 debts so that you can get debt free. Because each 0:10:44.080 --> 0:10:48.160 card balance isn't that insane? Yeah, add it up. When 0:10:48.200 --> 0:10:50.440 you add it up, that's I'm gonna do some quick math. 0:10:50.520 --> 0:10:55.319 That's like fifteen k plus four. That's nineteen plus five 0:10:55.440 --> 0:11:00.400 twenty four. That's like twenty five twenty six thousand dollars. 0:11:00.720 --> 0:11:03.560 That's a lot to have on all credit lines, which 0:11:03.679 --> 0:11:08.319 could be variable aprs and change with the market. So 0:11:08.720 --> 0:11:10.360 you definitely want to get that under control. 0:11:10.760 --> 0:11:13.760 So make a little bit more tighten the belt, spend 0:11:13.760 --> 0:11:16.160 a little bit less, put it toward your expensive debt. 0:11:16.280 --> 0:11:21.000 Especially first, Okay, giggles, we're gonna have you looking good. 0:11:21.000 --> 0:11:25.920 It's OPA's bank account all right, Number three? 0:11:27.080 --> 0:11:31.839 This distracted thinking about her Oprah's bank account ahead. 0:11:37.080 --> 0:11:39.199 This is from quotes Kia. 0:11:39.559 --> 0:11:43.040 Okay, hey, Kiyah. She has a question for her parents. 0:11:43.320 --> 0:11:45.920 They're planning to relocate to another state within the next 0:11:45.920 --> 0:11:48.480 two years. They plan to rent out their current home 0:11:48.600 --> 0:11:50.920 that still has a mortgage, but they are trying to 0:11:50.920 --> 0:11:53.520 determine if they should dip into their retirement accounts to 0:11:53.559 --> 0:11:56.040 pay off their current home and then buy a new 0:11:56.040 --> 0:11:59.040 home in their new city or simply rent in the 0:11:59.080 --> 0:12:01.640 new city. In either option, they would rent out their 0:12:01.640 --> 0:12:04.240 corn home for more than enough to cover the mortgage. 0:12:04.320 --> 0:12:08.480 They're both sixty and fly, I bet Kia, and have 0:12:08.559 --> 0:12:10.160 about one million safe for retirement. 0:12:10.160 --> 0:12:13.719 Oh, they all fly and are five. 0:12:13.600 --> 0:12:17.319 And ten years away from retirement, are they because it's 0:12:17.320 --> 0:12:20.640 not like they're there. There's about one hundred K left 0:12:20.640 --> 0:12:23.280 to pay on the house, and they feel that paying 0:12:23.320 --> 0:12:26.559 this off will improve their credit score, which is currently 0:12:26.600 --> 0:12:30.360 pretty low, and debt to income ratio which is very 0:12:30.440 --> 0:12:33.760 high to due to student loans, so they can qualify 0:12:33.760 --> 0:12:35.760 to buy a new house. I'm concerned about them dipping 0:12:35.760 --> 0:12:38.320 into their retirement accounts. What do you think they should do? 0:12:38.880 --> 0:12:39.000 Well? 0:12:39.040 --> 0:12:41.120 First of all, let's give a round for falls to 0:12:41.320 --> 0:12:46.040 Kia's million dollars saving parents, because that's not an easy thing. 0:12:46.200 --> 0:12:49.880 So you know, commend your mama and pop up you know, 0:12:49.920 --> 0:12:54.120 papa about that because that's awesome. And there's a lot 0:12:54.160 --> 0:12:56.920 here so to really unpack. She's got parents, they have 0:12:56.960 --> 0:12:59.480 a million dollars safe for retirement, boohoo. They do have 0:12:59.520 --> 0:13:02.120 a house that they want to pay off, and they're like, 0:13:02.160 --> 0:13:04.560 it's about one hundred thousand dollars. Do they go from 0:13:04.559 --> 0:13:06.920 one million to nine hundred thousand to pay off the 0:13:06.920 --> 0:13:10.360 house because this will hopefully want improve their credit score 0:13:10.360 --> 0:13:13.319 because they want to buy another house, and I guess 0:13:13.400 --> 0:13:17.559 just not having you know, that particular debt, or they 0:13:17.559 --> 0:13:20.080 can just pay it off more naturally by renting out 0:13:20.080 --> 0:13:23.839 the house and having someone else pay the mortgage via rent. 0:13:24.679 --> 0:13:26.760 I'll say what I'm leaning toward, Kei Ki. 0:13:27.760 --> 0:13:32.360 If your parents were you know, forty five, I might 0:13:32.400 --> 0:13:35.640 be like, you know what, maybe I would dip a 0:13:35.679 --> 0:13:40.920 little maybe, but honestly, not at sixty. Not at sixty, 0:13:41.080 --> 0:13:46.640 especially since they can rent and the renter will pay 0:13:46.679 --> 0:13:51.719 their mortgage. I feel nervous about so close to retirement, 0:13:52.320 --> 0:13:55.000 taking money out of your retirement account that's not specifically 0:13:55.040 --> 0:13:55.720 for retirement. 0:13:56.480 --> 0:13:58.320 You know, let the renter just pay off the mortgage. 0:13:58.559 --> 0:13:59.319 I mean, and. 0:13:59.280 --> 0:14:02.560 Here's the thing, I don't even know at this age, 0:14:02.840 --> 0:14:04.120 why do they need to buy a house. 0:14:04.240 --> 0:14:06.000 I know I said it, That's what I was gonna say. 0:14:06.800 --> 0:14:10.160 Don't buy another house. Go ahead, I know, I'm like, don't, 0:14:10.160 --> 0:14:11.439 don't buy another house. 0:14:11.600 --> 0:14:13.920 My dad is sixty. He is desperate to buy a 0:14:13.920 --> 0:14:16.000 house right now. And I'm like, you don't have to, 0:14:16.559 --> 0:14:19.200 but he just something about he wants I mean, helmes 0:14:19.200 --> 0:14:20.720 are in where he wants to live in like the 0:14:20.760 --> 0:14:24.200 boon The Boonies of Georgia aren't that pricey. But you know, 0:14:26.640 --> 0:14:29.080 first of all, do your parents want our advices? Michael, 0:14:29.240 --> 0:14:30.800 I'm a little nervous. I'm like this woman. 0:14:30.840 --> 0:14:31.320 They don't want to. 0:14:31.320 --> 0:14:32.720 They don't want to know what made you take me? 0:14:33.400 --> 0:14:39.360 Then? Baby grown? They talk about Yeah. 0:14:37.800 --> 0:14:40.280 But I would say, like if you're depends on what 0:14:40.320 --> 0:14:42.080 kind of retirement they want, but you can have a 0:14:42.200 --> 0:14:44.400 you can have a home that you rent. Yes, you know, 0:14:44.480 --> 0:14:45.920 you don't have to buy a house. 0:14:46.360 --> 0:14:49.640 Yeah, it's a financial because here's the thing. So much 0:14:49.680 --> 0:14:52.480 mortgage you're gonna get is between fifteen and thirty years. Wow, 0:14:53.000 --> 0:14:54.800 what are we trying to Are we trying to owe 0:14:54.840 --> 0:14:56.760 for the next fifteen years? No, you want to be 0:14:56.800 --> 0:14:59.600 footloose and fancy free as sixty. I know your pop 0:14:59.640 --> 0:15:02.160 still got your mom's still dipping on a dance floor. 0:15:02.520 --> 0:15:05.560 If it was me, no disrespect to your parents, you know, 0:15:05.600 --> 0:15:07.880 I'd be like, hey, parents, I know, I'm like, you know, 0:15:07.920 --> 0:15:10.520 you're like, girl, this baby's talking. But I would be like, 0:15:10.560 --> 0:15:12.840 I'm going to rent in our new city. I'm going 0:15:12.880 --> 0:15:15.200 to let someone else pay off my mortgage. I ain't 0:15:15.200 --> 0:15:18.640 got to worry about it, and I'm going to lean 0:15:18.720 --> 0:15:21.840 into the four percent rule for my million dollars that 0:15:21.880 --> 0:15:23.760 I have saved. That four percent rule is this is 0:15:23.800 --> 0:15:27.200 them on average. I know the last year the market 0:15:27.280 --> 0:15:29.720 has been crazy, but on average, if we look over 0:15:29.760 --> 0:15:31.960 the last you know, one hundred years, the market has 0:15:32.000 --> 0:15:34.960 yielded between like seven to ten percent, so to be conservative, 0:15:35.040 --> 0:15:38.360 eight percent. The four percent rule is that you have 0:15:38.560 --> 0:15:41.240 your money put up and you pull out four percent 0:15:41.360 --> 0:15:44.320 a year, because it means that you'll put out pull 0:15:44.360 --> 0:15:47.760 out on typically less than what your money has returned 0:15:47.760 --> 0:15:50.480 to you and you'll never you'll never have to dip 0:15:50.480 --> 0:15:52.240 into that one million, and you can live off that 0:15:52.280 --> 0:15:56.160 four percent, you know. And so I would be living 0:15:56.160 --> 0:15:58.760 off the four percent rule, keeping that million dollars in 0:15:58.800 --> 0:16:01.720 the bank less somebody else pay mortgage, you know, renting 0:16:01.800 --> 0:16:04.560 a nice apartment. Because here's the thing about apartment too. 0:16:04.720 --> 0:16:07.200 You ain't got to what shovel, you don't got to 0:16:07.240 --> 0:16:07.840 what raake. 0:16:08.480 --> 0:16:11.360 Oh there's a leak. I'm sorry, mister super you need 0:16:11.400 --> 0:16:13.720 to fix that. No, sir, I. 0:16:13.640 --> 0:16:17.000 Feel like buying a home when you're younger makes more 0:16:17.040 --> 0:16:18.680 sense when you're like having a kid and you want 0:16:18.680 --> 0:16:22.000 something more stable whatever. But no, like if my parents' 0:16:22.040 --> 0:16:24.400 house wasn't paid off, that was their plan that they 0:16:24.400 --> 0:16:26.400 were gonna get a condo, you know, so they don't 0:16:26.400 --> 0:16:28.280 have to worry about kind of like the household chore. 0:16:28.400 --> 0:16:30.720 So that's what I wou suggest, Keia, But your parents 0:16:30.760 --> 0:16:32.240 are grown and they're gonna do grown things. 0:16:33.080 --> 0:16:34.280 Yeah, let us know. 0:16:34.120 --> 0:16:35.920 How that goes. I want you to sit down and 0:16:35.920 --> 0:16:39.240 say so mommy and daddy, and I tell you what 0:16:39.320 --> 0:16:41.200 my friend's Mandy and Tiffany think you should do with 0:16:41.240 --> 0:16:45.080 your money. 0:16:45.440 --> 0:16:46.800 She's gonna be like press play. 0:16:47.160 --> 0:16:50.360 No, disrespect mister and missus Kia. 0:16:50.800 --> 0:16:52.040 First of all, they're gonna be like, why are you 0:16:52.080 --> 0:16:54.080 tell my business? Right? 0:16:54.880 --> 0:16:57.640 Oh no, they don't want any of their any of 0:16:57.680 --> 0:17:01.160 theirs out there. But I think this they've given you 0:17:01.200 --> 0:17:03.760 a gift, which sounds like they're gonna be okay. So, yeah, 0:17:03.760 --> 0:17:05.240 how is your finances? Yes? 0:17:05.520 --> 0:17:08.440 Her the house, you focus on mom and dad. 0:17:08.480 --> 0:17:09.080 You good girl. 0:17:12.920 --> 0:17:16.159 I can only see her mom being like, meanwhile, me 0:17:16.240 --> 0:17:17.240 and your daddy's good. 0:17:17.480 --> 0:17:19.520 Me and daddy good. But you're over here asking to 0:17:19.520 --> 0:17:20.480 borrow five hundred dollars. 0:17:20.480 --> 0:17:24.760 You worry about me and my retirement your parents. 0:17:24.880 --> 0:17:28.840 I was just like, hell, why why do you worry? 0:17:28.920 --> 0:17:30.080 Kia? 0:17:30.760 --> 0:17:33.359 But honestly, k you being an awesome daughter, These questions 0:17:33.400 --> 0:17:35.320 were awesome. I hope you like this ba QA. 0:17:35.440 --> 0:17:38.160 I like this format right, mind you too. I'm glad 0:17:38.160 --> 0:17:38.760 we switched it in. 0:17:39.240 --> 0:17:42.480 Yeah yeah see so yes, we'll be doing the b 0:17:42.560 --> 0:17:43.960 A QA every week. 0:17:44.119 --> 0:17:46.920 So if you have some QA for the b A 0:17:47.320 --> 0:17:48.080 what you gotta do? 0:17:49.520 --> 0:17:52.560 Andy ask us? Oh my boy, my bad, you served it. 0:17:52.640 --> 0:17:55.080 I dropped the ball picking it back up. You can 0:17:55.119 --> 0:17:57.960 go to Brannivision podcast dot com, dot ask us anything, 0:17:58.520 --> 0:18:00.840 or hit us up on I G. I check my 0:18:00.880 --> 0:18:04.639 ig quite often Brand Ambition Podcast. I probably will respond 0:18:04.640 --> 0:18:06.399 to your message if you send us one just saying 0:18:07.040 --> 0:18:09.960 send us your question there or email us Brandonbission Podcast 0:18:10.000 --> 0:18:11.520 at gmail dot com. 0:18:11.680 --> 0:18:14.480 And one last favor poor for war That means please 0:18:14.520 --> 0:18:19.280 in Spanish. If you love the baqa, and especially if 0:18:19.280 --> 0:18:21.400 you have a friend that could quite obviously use the advice, 0:18:21.880 --> 0:18:25.800 please share the link to this podcast with at least 0:18:25.880 --> 0:18:29.360 three friends coworkers, mom, dad, cousin, Auntie and them, because 0:18:29.400 --> 0:18:34.280 we would really love to share our delicious brown ambitiousness 0:18:34.320 --> 0:18:34.919 with the world. 0:18:35.440 --> 0:18:37.080 Yeah, you guys seem to be enjoying. 0:18:36.880 --> 0:18:38.600 The way we're doing the podcast now, so we would 0:18:38.640 --> 0:18:40.560 just love even more people to listen and to help 0:18:40.600 --> 0:18:43.600 more people. So share with at least three different people. 0:18:43.680 --> 0:18:45.680 I promise you you won't regret it. We're gonna treat 0:18:45.720 --> 0:18:46.960 them good, real good. 0:18:48.040 --> 0:18:50.040 To Superman just open the door and slam it. 0:18:50.240 --> 0:18:55.720 Yes, I like bruh, I told you, mondays, Well. 0:18:55.760 --> 0:18:58.040 The good thing is we ain't got to worry about 0:18:58.040 --> 0:18:59.800 that because we're gonna be taping early. I'm doing the 0:18:59.840 --> 0:19:01.920 own what is this called the bogel like that? You 0:19:01.960 --> 0:19:05.000 know that I don't know it's like, you know, think. 0:19:04.880 --> 0:19:07.639 About shall me and Madia both doing it? 0:19:07.720 --> 0:19:07.840 Like? 0:19:09.760 --> 0:19:11.000 I don't know what it is like. 0:19:11.600 --> 0:19:13.520 Let me find a many got a little little rhythm. 0:19:13.760 --> 0:19:17.040 Okay, you haven't seen you came to my wedding way, 0:19:16.920 --> 0:19:18.840 I know, but you entire But. 0:19:19.400 --> 0:19:21.480 Yes, I'm saying you didn't like that dancing like you. 0:19:21.440 --> 0:19:24.040