1 00:00:04,760 --> 00:00:08,159 Speaker 1: It's time for the b a q a a to 2 00:00:08,280 --> 00:00:11,800 Speaker 1: b a q a A. The b a q a just. 3 00:00:11,800 --> 00:00:16,160 Speaker 2: Tip fineit the b a q a not manday, but 4 00:00:16,640 --> 00:00:19,360 Speaker 2: a q a. But I still got you a. So 5 00:00:19,520 --> 00:00:22,880 Speaker 2: this is browna mention question answers. You have questions, although 6 00:00:22,880 --> 00:00:26,520 Speaker 2: I might not have all the answers, I have some 7 00:00:27,400 --> 00:00:29,120 Speaker 2: advice that you take with a grain of salt, but 8 00:00:29,160 --> 00:00:29,920 Speaker 2: not really advice. 9 00:00:30,440 --> 00:00:32,000 Speaker 1: It's just I'm just sharing. 10 00:00:32,680 --> 00:00:34,640 Speaker 2: And you're gonna lean into the professionals in your life 11 00:00:35,040 --> 00:00:37,440 Speaker 2: like your I'm not your your mama, your daddy. 12 00:00:37,440 --> 00:00:38,640 Speaker 1: I'm not your financial advice. 13 00:00:38,720 --> 00:00:42,520 Speaker 2: I'm not your attorney, honey, I'm not your h assurance 14 00:00:42,560 --> 00:00:46,120 Speaker 2: agent whomever. Right, So you're gonna lean it to them. 15 00:00:46,200 --> 00:00:48,479 Speaker 2: But you know, I'm just a smart brown girl that 16 00:00:48,600 --> 00:00:52,000 Speaker 2: knows some brown girl things. Okay, Okay, so go through 17 00:00:52,000 --> 00:00:55,320 Speaker 2: your grandma, not us. All right, So if you have 18 00:00:55,360 --> 00:00:59,400 Speaker 2: a question that you want to submit, a question about business, 19 00:00:59,680 --> 00:01:07,280 Speaker 2: by personal finance, about career money, go ahead on over 20 00:01:07,360 --> 00:01:11,840 Speaker 2: to our insta brand Ambition podcast and you can dm 21 00:01:11,959 --> 00:01:14,960 Speaker 2: us or and you can also email us by going 22 00:01:15,000 --> 00:01:18,000 Speaker 2: to Brandimbision podcast dot com and click contact us. Okay, 23 00:01:18,080 --> 00:01:22,440 Speaker 2: all right, so let's get started two questions. Quick question 24 00:01:22,480 --> 00:01:27,640 Speaker 2: from anonymous. I'm gonna call you Universal. 25 00:01:27,319 --> 00:01:29,600 Speaker 1: She said, Hey, ladies, quick. 26 00:01:29,440 --> 00:01:34,080 Speaker 2: Question from anonymous, thoughts on transferring funds for my kids 27 00:01:34,200 --> 00:01:37,000 Speaker 2: college fund, which is a five twenty nine plan into 28 00:01:37,040 --> 00:01:41,200 Speaker 2: their Index Universal policy, thinking I may get more banged 29 00:01:41,200 --> 00:01:43,720 Speaker 2: from my buck. I appreciate all that you do, keeping 30 00:01:43,760 --> 00:01:47,600 Speaker 2: amazing GIRLA. First of all, I hate the fact that 31 00:01:47,600 --> 00:01:49,800 Speaker 2: you have an Index Universal insurance policy. 32 00:01:49,960 --> 00:01:51,920 Speaker 1: They got you good. Here's the thing. 33 00:01:52,280 --> 00:01:54,720 Speaker 2: I'm gonna take it from the word of get Ver Money. 34 00:01:54,760 --> 00:01:56,200 Speaker 2: You know my NewYork Times, that seller that has sold 35 00:01:56,200 --> 00:01:59,080 Speaker 2: over two hundred and seventy thousand copies, and so I 36 00:01:59,160 --> 00:02:02,480 Speaker 2: personally entered deuce. If you have this book, go ahead 37 00:02:02,520 --> 00:02:06,560 Speaker 2: on a turn to the get Good with Insurance chapter, 38 00:02:07,280 --> 00:02:09,760 Speaker 2: and we're going to run on the page of two 39 00:02:10,200 --> 00:02:14,880 Speaker 2: two forty six that I interviewed my financial advisor for 40 00:02:14,919 --> 00:02:17,480 Speaker 2: this and other financial advisors, but especially on Julie. So 41 00:02:18,000 --> 00:02:21,160 Speaker 2: there are two core types of insurance policies for all 42 00:02:21,200 --> 00:02:24,760 Speaker 2: those listening, including Universal, who just hit me up right. 43 00:02:25,280 --> 00:02:29,800 Speaker 2: So term is for a specific term number of years. 44 00:02:30,040 --> 00:02:33,920 Speaker 2: You know, for example, a thirty year policy or twenty 45 00:02:33,960 --> 00:02:37,320 Speaker 2: year policy you can get for a specific term of time, 46 00:02:37,840 --> 00:02:42,680 Speaker 2: and term is traditionally costs less money than the second 47 00:02:42,720 --> 00:02:46,080 Speaker 2: type of policy, which is a permanent insurance policy, often 48 00:02:46,120 --> 00:02:48,400 Speaker 2: referred to as whole life or universal, which is what 49 00:02:48,400 --> 00:02:53,200 Speaker 2: you shared now. Whole life, it never expires. It's a 50 00:02:53,240 --> 00:02:55,519 Speaker 2: policy for which you have multipayments and to your death, 51 00:02:55,760 --> 00:02:57,400 Speaker 2: at which time your beneficiaries will. 52 00:02:57,240 --> 00:02:58,520 Speaker 1: See the full amount of the promise. 53 00:02:58,560 --> 00:03:04,079 Speaker 2: Policy, you know, structure differently than term, and so you 54 00:03:04,160 --> 00:03:08,080 Speaker 2: get life insurance benefits. You can also access to cash 55 00:03:08,120 --> 00:03:11,160 Speaker 2: you put in. Now here's kind of like what they 56 00:03:11,200 --> 00:03:13,200 Speaker 2: sell you on. Now here's the thing. I want you 57 00:03:13,280 --> 00:03:16,160 Speaker 2: to take a step back. On the surface, it's like, well, dug, 58 00:03:16,240 --> 00:03:19,040 Speaker 2: I should get permanent because I want to keep paying 59 00:03:19,600 --> 00:03:22,440 Speaker 2: so that way my beneficiaries will get it even if 60 00:03:22,480 --> 00:03:25,040 Speaker 2: I live past the thirty years. So on the surface, 61 00:03:25,080 --> 00:03:29,280 Speaker 2: it seems like permanent or whole life universal sounds great. Now, 62 00:03:29,320 --> 00:03:30,800 Speaker 2: remember I'm not telling you what to do. This is 63 00:03:30,800 --> 00:03:32,760 Speaker 2: not financial advice. This is just what I'm doing for 64 00:03:32,800 --> 00:03:37,760 Speaker 2: my life. Akild, don't believe yourself. Now, Term on the 65 00:03:37,800 --> 00:03:40,080 Speaker 2: surface doesn't sound it's great. Oh it's only thirty years. 66 00:03:41,120 --> 00:03:46,040 Speaker 2: But here's the thing. Insurance is not a money making tool. 67 00:03:46,280 --> 00:03:51,760 Speaker 2: Finis it again? Insurance is not a money making tool. 68 00:03:52,000 --> 00:03:57,480 Speaker 2: It's a protection tool. But the life insurance companies have 69 00:03:57,680 --> 00:04:01,800 Speaker 2: been boozled, tricked and to y'all to get you to 70 00:04:02,000 --> 00:04:06,560 Speaker 2: look at life insurance as a potential money making tool. 71 00:04:06,960 --> 00:04:10,600 Speaker 1: Is not. Think about your car insurance. You make money 72 00:04:10,600 --> 00:04:12,440 Speaker 1: off your car insurances? You don't. 73 00:04:12,800 --> 00:04:15,240 Speaker 2: What about pet insurance? You mad that Fluffy is still alive? 74 00:04:15,440 --> 00:04:17,920 Speaker 2: You make money off your pet insurance, you don't. What 75 00:04:17,920 --> 00:04:19,880 Speaker 2: about home insurance? You make money off your home insurance, 76 00:04:20,160 --> 00:04:24,800 Speaker 2: you don't. Insurance is there to protect you, not to 77 00:04:24,839 --> 00:04:25,640 Speaker 2: make money off of. 78 00:04:25,839 --> 00:04:27,600 Speaker 1: But they have figured out with life. 79 00:04:27,400 --> 00:04:29,960 Speaker 2: Insurance how to trick you into thinking you should make 80 00:04:29,960 --> 00:04:32,120 Speaker 2: money off of it. Here's the thing, hokeey, lowkey. You 81 00:04:32,160 --> 00:04:34,360 Speaker 2: don't make no money off of even universal. There's no 82 00:04:34,360 --> 00:04:36,040 Speaker 2: money to be made. So I'll give you an example. 83 00:04:36,960 --> 00:04:41,320 Speaker 2: Forty year old woman, non smoker, if she was going 84 00:04:41,360 --> 00:04:44,880 Speaker 2: to get a thirty year term policy for about a 85 00:04:44,880 --> 00:04:48,200 Speaker 2: million dollar thirty year term policy about forty you're looking 86 00:04:48,240 --> 00:04:49,240 Speaker 2: at about forty. 87 00:04:49,000 --> 00:04:50,000 Speaker 1: Or fifty bucks a month. 88 00:04:50,360 --> 00:04:54,760 Speaker 2: That means within the thirty years between forty and seventy. 89 00:04:55,400 --> 00:04:58,120 Speaker 2: If she passes away before she reaches seventy years old, 90 00:04:58,800 --> 00:05:01,080 Speaker 2: fifty bucks a month is she's gonna be paying monthly, 91 00:05:01,360 --> 00:05:03,160 Speaker 2: and then that million dollars will go to whoever her 92 00:05:03,160 --> 00:05:05,760 Speaker 2: beneficiaries are. Those are the people that you signed out 93 00:05:05,800 --> 00:05:07,400 Speaker 2: and your sister, your cousin, your mother, your kids, who 94 00:05:07,440 --> 00:05:10,919 Speaker 2: went for your husband, your partner, whoever? Right for about 95 00:05:10,920 --> 00:05:13,720 Speaker 2: forty to fifty bucks a month for a term thirty 96 00:05:13,800 --> 00:05:16,360 Speaker 2: year policy for a healthy forty year a woman. Guess 97 00:05:16,360 --> 00:05:20,520 Speaker 2: how much a million dollar policy for Universal will cost you? 98 00:05:21,160 --> 00:05:25,120 Speaker 2: On average, about seven hundred and forty dollars. You would 99 00:05:25,160 --> 00:05:29,080 Speaker 2: have to pay an additional seven hundred dollars a month. 100 00:05:29,160 --> 00:05:31,080 Speaker 1: You know what, y'all gonna make me mad. I'm gonna 101 00:05:31,080 --> 00:05:33,520 Speaker 1: do the math. Child, I'm gonna do the math. Where's 102 00:05:33,520 --> 00:05:37,680 Speaker 1: my calculator? Just how they be getting you? Child seven? 103 00:05:37,800 --> 00:05:41,760 Speaker 2: You're an insurance agent talking about ativeny Shut up for real, 104 00:05:41,839 --> 00:05:44,599 Speaker 2: because you guys should be ashamed of yourself. Seven hundred 105 00:05:44,640 --> 00:05:49,520 Speaker 2: times twelve eighty four hundred additionally a month that you'd 106 00:05:49,560 --> 00:05:52,800 Speaker 2: have to pay just to get that same million dollar policy. 107 00:05:53,040 --> 00:05:58,200 Speaker 1: Poor, k Why way, why why? Why? Why? Why? 108 00:05:58,680 --> 00:06:01,720 Speaker 2: That's ridiculous. You know the only person that really benefits 109 00:06:01,720 --> 00:06:03,800 Speaker 2: from a universal policy is the person selling it to you. 110 00:06:04,040 --> 00:06:06,760 Speaker 2: They eat it good honey off you. That's why the 111 00:06:06,839 --> 00:06:08,679 Speaker 2: ages be so mad when I be talking, go ahead, 112 00:06:08,839 --> 00:06:11,120 Speaker 2: k with your grandma, not me, because I blocked honey. 113 00:06:11,400 --> 00:06:13,280 Speaker 2: So you don't slid on my DMS with the yang 114 00:06:13,320 --> 00:06:20,279 Speaker 2: yang yang right, Our thirty year policy is meant. A 115 00:06:20,320 --> 00:06:23,960 Speaker 2: life insurance policy is meant to cover your working years. 116 00:06:24,360 --> 00:06:27,359 Speaker 2: So you know, my husband passed away, he had a 117 00:06:27,400 --> 00:06:30,040 Speaker 2: life insurance policy, a few of them through his job, 118 00:06:30,040 --> 00:06:31,560 Speaker 2: but also he had an external one. 119 00:06:31,880 --> 00:06:34,000 Speaker 1: Guess what, he was forty one years old. 120 00:06:34,279 --> 00:06:38,200 Speaker 2: It covered his working years, and so now because he's 121 00:06:38,200 --> 00:06:42,120 Speaker 2: not here, he provided for myself and my stepdaughter Lissa, 122 00:06:42,800 --> 00:06:45,920 Speaker 2: because that's what life insurance is supposed to be for. 123 00:06:46,400 --> 00:06:48,240 Speaker 2: It would have expired when he was like seventy or 124 00:06:48,279 --> 00:06:51,200 Speaker 2: seventy five. By then a list will be a grown woman, 125 00:06:51,440 --> 00:06:53,479 Speaker 2: maybe with kids and a partner of her own. 126 00:06:54,120 --> 00:06:58,720 Speaker 1: So certainly, life insurance at its bare core is supposed 127 00:06:58,760 --> 00:07:01,880 Speaker 1: to provide for the peace people that you are currently 128 00:07:01,880 --> 00:07:05,159 Speaker 1: providing for in your working years. I'm gonna say that 129 00:07:05,160 --> 00:07:06,080 Speaker 1: again for the people in the back. 130 00:07:06,760 --> 00:07:11,040 Speaker 2: Life insurance is supposed to provide for the people you're 131 00:07:11,080 --> 00:07:14,880 Speaker 2: currently financially provide for providing for your working years now 132 00:07:15,200 --> 00:07:17,400 Speaker 2: by the time even if you get a thirty year 133 00:07:17,440 --> 00:07:20,200 Speaker 2: policy when the baby is one years old, by the 134 00:07:20,200 --> 00:07:23,400 Speaker 2: time the baby is thirty one, the thought is the 135 00:07:23,560 --> 00:07:26,040 Speaker 2: child is working the only time. 136 00:07:26,080 --> 00:07:27,680 Speaker 1: There are a few times where and maybe it makes sense. 137 00:07:27,760 --> 00:07:30,000 Speaker 2: Let's just say you have a child that special needs 138 00:07:30,040 --> 00:07:31,760 Speaker 2: will always need to be taken care of. There might 139 00:07:31,800 --> 00:07:35,440 Speaker 2: be some leeway there. But for the average person, thirty 140 00:07:35,520 --> 00:07:39,320 Speaker 2: year policy is plenty. It's affordable because sixty percent of 141 00:07:39,320 --> 00:07:43,000 Speaker 2: people don't even pay the full universal because it's so expensive. 142 00:07:43,080 --> 00:07:44,040 Speaker 1: It's the first thing to go. 143 00:07:44,280 --> 00:07:46,120 Speaker 2: People say, oh, I got forty bucks a month to 144 00:07:46,200 --> 00:07:48,160 Speaker 2: keep up a million dollar policy even though I lost 145 00:07:48,160 --> 00:07:51,760 Speaker 2: my job. But people say, I don't have seven hundred 146 00:07:51,800 --> 00:07:54,080 Speaker 2: and forty bucks a month even though I lost my job, 147 00:07:54,160 --> 00:07:55,000 Speaker 2: So they get to keep. 148 00:07:54,840 --> 00:07:58,880 Speaker 1: All that money. You'll get okay. So here's some things 149 00:07:58,880 --> 00:07:59,560 Speaker 1: that I wrote in the book. 150 00:07:59,600 --> 00:08:03,160 Speaker 2: Right, if the insurance broker says permanent life insurance acts 151 00:08:03,160 --> 00:08:05,440 Speaker 2: like a tax deferral because you put the money in 152 00:08:05,480 --> 00:08:08,160 Speaker 2: and you can essentially take out tax free loan for 153 00:08:08,920 --> 00:08:11,280 Speaker 2: a tax free loan for the amount. What you need 154 00:08:11,320 --> 00:08:13,560 Speaker 2: to know that is, while it's true it doesn't mean 155 00:08:13,640 --> 00:08:14,840 Speaker 2: it's the best way. 156 00:08:14,640 --> 00:08:15,960 Speaker 1: For you to get a tax deferral. 157 00:08:16,360 --> 00:08:19,160 Speaker 2: Make sure you're already taking advantage of all the pre 158 00:08:19,240 --> 00:08:21,880 Speaker 2: tax deferral accounts that are available to you, like a 159 00:08:21,880 --> 00:08:27,360 Speaker 2: four to one k or ira iras an individual retirement account. 160 00:08:27,560 --> 00:08:30,560 Speaker 2: And so a permanent life insurance policy is not the 161 00:08:30,600 --> 00:08:33,040 Speaker 2: only tax planning strategy, nor is it the best, and 162 00:08:33,080 --> 00:08:36,720 Speaker 2: it's probably the most expensive. If the insurance broker says 163 00:08:37,200 --> 00:08:40,640 Speaker 2: it's building value because it has cass value. 164 00:08:40,400 --> 00:08:42,440 Speaker 1: You need to know that there are better ways to 165 00:08:42,520 --> 00:08:44,160 Speaker 1: build your wealth. Do some quick math. 166 00:08:44,520 --> 00:08:46,680 Speaker 2: What's the difference between what you would pay for a 167 00:08:46,760 --> 00:08:50,800 Speaker 2: term policy per year versus the permanent policy in this 168 00:08:51,240 --> 00:08:54,520 Speaker 2: example seven hundred dollars a month eighty four hundred dollars 169 00:08:54,520 --> 00:08:54,840 Speaker 2: a year. 170 00:08:55,240 --> 00:08:56,439 Speaker 1: What would you do if you put that into the 171 00:08:56,440 --> 00:09:00,160 Speaker 1: stock market. Here's the thing. Listen to me closely to 172 00:09:00,200 --> 00:09:05,199 Speaker 1: consumer reports. The average annual rate of return for a 173 00:09:05,320 --> 00:09:09,560 Speaker 1: whole life guaranteed cast value this is a very popular 174 00:09:09,640 --> 00:09:13,360 Speaker 1: type of permanent life insurance policy is one point five percent. 175 00:09:14,080 --> 00:09:16,320 Speaker 1: Did you know what I said? The rate of return? 176 00:09:16,920 --> 00:09:19,199 Speaker 2: Child, you could just put your money in a savings 177 00:09:19,200 --> 00:09:20,840 Speaker 2: account and they're going to give you more. If you're 178 00:09:20,840 --> 00:09:23,360 Speaker 2: currently listening to this in two thousand. In February twenty 179 00:09:23,480 --> 00:09:25,600 Speaker 2: twenty four, I think minus like four percent of four 180 00:09:25,640 --> 00:09:27,679 Speaker 2: and a half four and a half percent, So that 181 00:09:27,720 --> 00:09:29,440 Speaker 2: cast value. They'll be telling you, Oh, it's value, yes, 182 00:09:29,480 --> 00:09:33,200 Speaker 2: baty cat value, it's bassula. If you're my Spanish friend, 183 00:09:33,200 --> 00:09:36,160 Speaker 2: you know I say garbage. One point five percent, and 184 00:09:36,200 --> 00:09:37,800 Speaker 2: that's not I didn't say that. Don't be mad at me. 185 00:09:38,120 --> 00:09:42,760 Speaker 1: Consumer reports senate that that is the average rate of 186 00:09:42,760 --> 00:09:46,199 Speaker 1: return one point five percent. Says all that money that 187 00:09:46,240 --> 00:09:48,640 Speaker 1: you're putting up for one point five percent. Meanwhile, the 188 00:09:48,679 --> 00:09:51,000 Speaker 1: market in the last thirty years had yielded on an 189 00:09:51,000 --> 00:09:53,360 Speaker 1: average seventy eight percent, in the last one hundred years 190 00:09:53,440 --> 00:09:53,960 Speaker 1: ten percent. 191 00:09:54,240 --> 00:09:56,840 Speaker 2: So you could have taken that seven seven dollars seven 192 00:09:56,880 --> 00:10:00,520 Speaker 2: hundred dollars monthly, put it into the market and got 193 00:10:00,720 --> 00:10:04,120 Speaker 2: on a conservative seven percent return over the next ten 194 00:10:04,200 --> 00:10:06,839 Speaker 2: years or so. Chall But you want your one point 195 00:10:06,880 --> 00:10:09,480 Speaker 2: five percent because it's cats value. That's how they get you. 196 00:10:09,800 --> 00:10:14,679 Speaker 2: That's how they get you. And so I made a mistake. 197 00:10:15,840 --> 00:10:18,160 Speaker 2: I said before that sixty percent of people don't pay 198 00:10:18,240 --> 00:10:23,840 Speaker 2: that's not true. According to the Society of Actuaries, forty 199 00:10:23,920 --> 00:10:28,280 Speaker 2: five percent of whole life insurance policy holders surrendered their policy, 200 00:10:28,320 --> 00:10:30,040 Speaker 2: which means stop paying within the. 201 00:10:30,000 --> 00:10:31,480 Speaker 1: First ten years. 202 00:10:32,040 --> 00:10:35,000 Speaker 2: Ooh, that means about half of the people with the 203 00:10:35,000 --> 00:10:38,560 Speaker 2: most popular type of permanent policies whole life pay all 204 00:10:38,559 --> 00:10:40,320 Speaker 2: these big premiums and never see a return. 205 00:10:40,600 --> 00:10:43,360 Speaker 1: Chow. Why you know. 206 00:10:45,240 --> 00:10:47,600 Speaker 2: You'll hear like insurance brokers will say something like, you'll 207 00:10:47,640 --> 00:10:49,640 Speaker 2: have this benefit that you can provide to your children 208 00:10:49,640 --> 00:10:51,600 Speaker 2: no matter what, even if you don't have other assets. 209 00:10:51,720 --> 00:10:54,200 Speaker 1: They get this life insurance policy from you. But you 210 00:10:54,280 --> 00:10:54,880 Speaker 1: need to know. 211 00:10:54,800 --> 00:10:58,160 Speaker 2: That this guarantee comes at a significant cost that for 212 00:10:58,240 --> 00:11:01,080 Speaker 2: most people doesn't make sense because are here now. You 213 00:11:01,120 --> 00:11:04,959 Speaker 2: want that seven hundred dollars for them later or now monthly? 214 00:11:05,480 --> 00:11:06,960 Speaker 2: You know what I mean? Like you be putting that 215 00:11:07,000 --> 00:11:11,040 Speaker 2: money up, you know. Like, so I just want you 216 00:11:11,080 --> 00:11:16,640 Speaker 2: to understand that like for you universal that you know, 217 00:11:16,679 --> 00:11:18,840 Speaker 2: I see you already have a universal life insurance policy 218 00:11:18,880 --> 00:11:19,520 Speaker 2: for your kids. 219 00:11:20,000 --> 00:11:22,360 Speaker 1: Consider term life insurance. 220 00:11:23,400 --> 00:11:27,520 Speaker 2: Now here's the thing, and life insurance is certainly a 221 00:11:27,520 --> 00:11:30,360 Speaker 2: way for you to pass on wealth. So let's just 222 00:11:30,360 --> 00:11:32,440 Speaker 2: say you've done all the other things, You've maximized your 223 00:11:32,440 --> 00:11:32,880 Speaker 2: four one K. 224 00:11:33,520 --> 00:11:34,760 Speaker 1: You know, maybe you have a wroth. 225 00:11:35,200 --> 00:11:37,240 Speaker 2: You know, you're investing in the market, you're doing all 226 00:11:37,240 --> 00:11:39,360 Speaker 2: these other maximizing things when it comes to your money, 227 00:11:39,400 --> 00:11:42,280 Speaker 2: because you sat that with financial advisor and then you've 228 00:11:42,280 --> 00:11:45,240 Speaker 2: done all the things and you're like, Okay, I want 229 00:11:45,280 --> 00:11:48,560 Speaker 2: to leave wealth to my family. Like for example, when 230 00:11:48,559 --> 00:11:52,800 Speaker 2: my husband was here, I had a I I saw 231 00:11:52,800 --> 00:11:55,480 Speaker 2: my term policies, and my financial advisor asked me if 232 00:11:55,520 --> 00:11:57,440 Speaker 2: I wanted to cancel them because now he's not here 233 00:11:57,760 --> 00:12:01,559 Speaker 2: and they are multiple steven figures, and I said no, 234 00:12:02,240 --> 00:12:05,600 Speaker 2: because the cost is nominal to me for the years 235 00:12:05,600 --> 00:12:07,800 Speaker 2: maybe like I don't know, fifteen hundred dollars a year, 236 00:12:08,080 --> 00:12:10,760 Speaker 2: not a month a year, and it would leave my 237 00:12:10,920 --> 00:12:14,760 Speaker 2: current family with multiple seven figures. That's going to go 238 00:12:14,760 --> 00:12:17,080 Speaker 2: to a trust and the trust will dispense it to 239 00:12:17,120 --> 00:12:19,880 Speaker 2: my current family. Now I don't have to do that. 240 00:12:19,800 --> 00:12:22,200 Speaker 1: Because guess what, I am not financially taking care of 241 00:12:22,240 --> 00:12:23,240 Speaker 1: my sisters. 242 00:12:23,200 --> 00:12:26,000 Speaker 2: And my nieces and my nephews. You know, but it 243 00:12:26,120 --> 00:12:29,720 Speaker 2: is a way to pass along wealth. I'm only continuing 244 00:12:29,760 --> 00:12:32,160 Speaker 2: to pay the fifteen hundred to two thousand dollars annually 245 00:12:32,520 --> 00:12:34,680 Speaker 2: because Angelie, my financial advisor said, you don't have to 246 00:12:34,720 --> 00:12:37,040 Speaker 2: because Jerell's not here. Essentially it was for him, and 247 00:12:37,040 --> 00:12:39,600 Speaker 2: I've already said a sign money for a listen, she's good, right, 248 00:12:40,559 --> 00:12:44,439 Speaker 2: But because I already maximize every other area, to me, 249 00:12:44,760 --> 00:12:47,280 Speaker 2: it's worth it as an additional way to pass on 250 00:12:47,360 --> 00:12:48,319 Speaker 2: wealth to my family. 251 00:12:49,120 --> 00:12:51,640 Speaker 1: Now that's after doing the other things. 252 00:12:51,720 --> 00:12:54,600 Speaker 2: Does that make sense that like life insurance can certainly 253 00:12:54,600 --> 00:12:57,640 Speaker 2: help you pass along wealth that you don't have access to. Candidly, 254 00:12:57,679 --> 00:12:59,880 Speaker 2: my husband never made over sixty thousand dollars a year, 255 00:13:00,040 --> 00:13:01,439 Speaker 2: but he was able to leave a good amount of 256 00:13:01,520 --> 00:13:05,480 Speaker 2: money for myself and Alyssa through life insurance. But even 257 00:13:05,520 --> 00:13:08,480 Speaker 2: then he had term because it would. 258 00:13:08,240 --> 00:13:11,120 Speaker 1: Have taken away from our daily life, the cost of 259 00:13:11,200 --> 00:13:12,120 Speaker 1: universal whole life. 260 00:13:12,120 --> 00:13:14,560 Speaker 2: So I said all that amount of this to say, child, 261 00:13:15,360 --> 00:13:17,480 Speaker 2: keep that money in that from five to twenty nine plan. 262 00:13:18,080 --> 00:13:21,240 Speaker 2: And you know, because you want to be careful because 263 00:13:21,280 --> 00:13:23,560 Speaker 2: five twenty nine is also our tax advantage plan. So 264 00:13:23,640 --> 00:13:25,520 Speaker 2: if before taking that money out, you want to make 265 00:13:25,520 --> 00:13:27,320 Speaker 2: sure that it's taking out in a way that's not 266 00:13:27,360 --> 00:13:31,120 Speaker 2: going to trigger taxes for you, because it is a 267 00:13:31,160 --> 00:13:34,320 Speaker 2: tax advantage plan. And if you are thinking about taking 268 00:13:34,320 --> 00:13:36,400 Speaker 2: the money out because you wanted to like be in 269 00:13:36,440 --> 00:13:39,680 Speaker 2: some sort of like index fund or something like that. 270 00:13:39,720 --> 00:13:42,760 Speaker 1: Like you can consider something called a custodial account. 271 00:13:43,400 --> 00:13:45,200 Speaker 2: A custodial account is the kind of account that I 272 00:13:45,240 --> 00:13:47,880 Speaker 2: have for my nieces and nephews. So I put money 273 00:13:47,880 --> 00:13:50,720 Speaker 2: in there, and Alyssa too, I put money in their account. 274 00:13:50,760 --> 00:13:52,840 Speaker 2: That's how I'm paying for college for her. Is that 275 00:13:53,000 --> 00:13:54,520 Speaker 2: it's not a five twenty nine because I don't know 276 00:13:54,520 --> 00:13:57,120 Speaker 2: what school finn to look like because my oldest nephew 277 00:13:57,160 --> 00:14:00,040 Speaker 2: is eight. So instead of custodial account basically is like 278 00:14:00,080 --> 00:14:03,719 Speaker 2: an investment account specifically where it can be used any 279 00:14:03,800 --> 00:14:05,679 Speaker 2: kind of way, but it's not tax advantage. 280 00:14:06,600 --> 00:14:07,920 Speaker 1: But I'm willing to do that because I don't know 281 00:14:07,960 --> 00:14:09,880 Speaker 1: what school is going to look like. The youngest niece 282 00:14:10,120 --> 00:14:11,920 Speaker 1: is a million no, Maymi is six. 283 00:14:12,200 --> 00:14:16,360 Speaker 2: That means Lily is five, right, So I don't know 284 00:14:16,360 --> 00:14:17,760 Speaker 2: what school is going to look like in like twelve 285 00:14:17,840 --> 00:14:20,680 Speaker 2: years or whatever. But I saw I have custodial accounts 286 00:14:20,680 --> 00:14:25,120 Speaker 2: for them, So yeah, like you know there are This 287 00:14:25,160 --> 00:14:27,200 Speaker 2: is why asking for help and I'm so glad you 288 00:14:27,360 --> 00:14:29,720 Speaker 2: wrote in anonymous. It's really important when it comes to 289 00:14:29,720 --> 00:14:32,280 Speaker 2: your personal finances because you want to make sure that 290 00:14:32,320 --> 00:14:35,960 Speaker 2: you're maximizing your money, you know, like it is. Certainly 291 00:14:36,000 --> 00:14:38,960 Speaker 2: we're here to look after our future, but not completely 292 00:14:39,040 --> 00:14:41,120 Speaker 2: at the cost of our current life, now, you know. 293 00:14:41,200 --> 00:14:43,640 Speaker 2: And that's a really big price to pay for a 294 00:14:43,720 --> 00:14:44,560 Speaker 2: very little payoff. 295 00:14:44,720 --> 00:14:48,359 Speaker 1: Does that make sense? I hope it does. 296 00:14:48,680 --> 00:14:51,080 Speaker 2: Okay, all right, Harry, were gonna take a quick break 297 00:14:51,320 --> 00:14:51,880 Speaker 2: and we come back. 298 00:14:51,920 --> 00:15:04,680 Speaker 1: I'm gonna take my second quite shaw, We are back 299 00:15:04,800 --> 00:15:07,600 Speaker 1: and blacker then ever. 300 00:15:08,320 --> 00:15:12,320 Speaker 2: All right, So I've got an email from Girl. You're 301 00:15:12,360 --> 00:15:13,840 Speaker 2: not say to keep your name anonymous, but I feel 302 00:15:13,840 --> 00:15:15,040 Speaker 2: like it's a little personal, so I'm gonna call you 303 00:15:15,120 --> 00:15:18,920 Speaker 2: Lee Le Okay, Lee, Lily said, Hi, Tiffany and Mandy. 304 00:15:19,080 --> 00:15:21,600 Speaker 2: I love your show. Thank you, thank you so much 305 00:15:21,600 --> 00:15:24,600 Speaker 2: for your financial insight each week. I've been separated from 306 00:15:24,600 --> 00:15:28,000 Speaker 2: my partner since May twenty twenty three. We have been 307 00:15:28,040 --> 00:15:29,760 Speaker 2: living separately since then in. 308 00:15:29,760 --> 00:15:34,320 Speaker 1: Our three year old child, OH and our three children 309 00:15:34,520 --> 00:15:37,600 Speaker 1: have been living with me. I cover pretty much all 310 00:15:37,640 --> 00:15:43,320 Speaker 1: of the expenses for our children. His contributions have been minimal, 311 00:15:44,040 --> 00:15:47,120 Speaker 1: and I will be moving forward with getting a divorced 312 00:15:47,120 --> 00:15:47,800 Speaker 1: this year. Okay. 313 00:15:48,640 --> 00:15:51,720 Speaker 2: Fortunately, I have been blessed to have a stable job 314 00:15:51,760 --> 00:15:55,000 Speaker 2: as a physician. Okay, Girl, get money, honey, and financially 315 00:15:55,040 --> 00:15:56,960 Speaker 2: I believe and I'm in a good place. Oh this 316 00:15:57,000 --> 00:15:58,560 Speaker 2: is good, she said, I make over two hundred and 317 00:15:58,560 --> 00:16:02,080 Speaker 2: fifty thousand dollars a year. I love that for you. 318 00:16:02,120 --> 00:16:05,280 Speaker 2: Smart cis Doctor Lee, I need to update it. We're 319 00:16:05,280 --> 00:16:08,640 Speaker 2: gonna call you a doctor Lely. Doctor Lee says, my 320 00:16:08,680 --> 00:16:11,600 Speaker 2: partner used to take care of our taxes and we 321 00:16:11,760 --> 00:16:15,120 Speaker 2: shared expenses when we were together. Now that that's no 322 00:16:15,200 --> 00:16:17,920 Speaker 2: longer the case, I'm wondering if I should look into 323 00:16:17,920 --> 00:16:20,920 Speaker 2: getting a financial advisor and accountant to help me navigate 324 00:16:20,920 --> 00:16:23,920 Speaker 2: things on my own and file my taxes. Thank you 325 00:16:23,960 --> 00:16:25,680 Speaker 2: for your input and advice. 326 00:16:25,720 --> 00:16:27,120 Speaker 1: Doctor Lyly. Honey. 327 00:16:27,640 --> 00:16:30,440 Speaker 2: So, first of all, yes, if you are ready for 328 00:16:30,440 --> 00:16:32,920 Speaker 2: that divorce, going to you know, because you want to 329 00:16:32,960 --> 00:16:36,800 Speaker 2: make sure that you know when you're married. Here finances 330 00:16:36,800 --> 00:16:39,920 Speaker 2: are combined, and I don't know what your partner's finances are, 331 00:16:39,960 --> 00:16:43,120 Speaker 2: but it seems like they're not helping you with the children. 332 00:16:43,160 --> 00:16:44,880 Speaker 2: So that gives me a little indication that I don't 333 00:16:44,880 --> 00:16:47,320 Speaker 2: know where they stand financially, and they might be racking 334 00:16:47,360 --> 00:16:50,680 Speaker 2: up debt, which could be y'all's debt. If you don't, 335 00:16:50,840 --> 00:16:55,440 Speaker 2: you know, remove yourself. But I know divorce is not easy, 336 00:16:55,440 --> 00:16:58,320 Speaker 2: so I'm certainly not advocating for divorce. Do what's best 337 00:16:58,320 --> 00:17:01,120 Speaker 2: for you, but just being mindful that they are financial ramifications. 338 00:17:01,800 --> 00:17:06,120 Speaker 2: With that being said, you said, should I get looking 339 00:17:06,160 --> 00:17:07,440 Speaker 2: to getting a financial advisor? 340 00:17:07,800 --> 00:17:13,280 Speaker 1: Yes, doctor Leee, I actually have a website called oh 341 00:17:13,359 --> 00:17:14,000 Speaker 1: what is it called? 342 00:17:14,080 --> 00:17:18,760 Speaker 2: Oh your moneymatch dot Com. I partner with this organization 343 00:17:19,040 --> 00:17:21,719 Speaker 2: that helps you match you for free to a financial advisor. 344 00:17:21,720 --> 00:17:23,199 Speaker 2: You're going to fill out a bunch of questions at 345 00:17:23,240 --> 00:17:26,359 Speaker 2: your moneymatch dot Com and it's going to give you 346 00:17:26,440 --> 00:17:29,439 Speaker 2: up to three potential financial advisors that you're going to interview. 347 00:17:29,520 --> 00:17:32,000 Speaker 2: Now here's the thing, the reason why I'm not giving 348 00:17:32,040 --> 00:17:33,280 Speaker 2: you the organization's name directly. 349 00:17:33,280 --> 00:17:34,680 Speaker 1: They hate that I'm doing, but I don't care. 350 00:17:34,720 --> 00:17:37,200 Speaker 2: I'm not thinking about them, thinking about you, because when 351 00:17:37,200 --> 00:17:40,320 Speaker 2: you go to your money match dot com before you 352 00:17:40,480 --> 00:17:44,160 Speaker 2: get matched, I will give you the questions to ask, 353 00:17:45,320 --> 00:17:47,399 Speaker 2: like a document to fill out so you're ready. 354 00:17:47,600 --> 00:17:48,200 Speaker 1: So this is a. 355 00:17:48,160 --> 00:17:49,840 Speaker 2: Document that I feel that when I was looking for 356 00:17:49,880 --> 00:17:53,159 Speaker 2: my financial advisor and I found her Angeline like, I 357 00:17:53,200 --> 00:17:56,080 Speaker 2: created a document called your soul called financial Life that 358 00:17:56,200 --> 00:18:00,440 Speaker 2: gave her an idea of who I am finance Antley. 359 00:18:00,800 --> 00:18:02,480 Speaker 2: I submitted it to her and a bunch of people 360 00:18:02,480 --> 00:18:05,639 Speaker 2: ahead of time so we can have an educated conversation 361 00:18:05,720 --> 00:18:07,680 Speaker 2: about who I was financially with my goals and hopes 362 00:18:07,680 --> 00:18:08,280 Speaker 2: and dreams are. 363 00:18:08,400 --> 00:18:09,520 Speaker 1: So I give you that you. 364 00:18:11,160 --> 00:18:13,960 Speaker 2: My so called financial life document. I give you the 365 00:18:14,080 --> 00:18:16,399 Speaker 2: questions to ask them what to look out for. You 366 00:18:16,440 --> 00:18:18,560 Speaker 2: do the quick quiz, which is literally just a few minutes. 367 00:18:18,840 --> 00:18:20,840 Speaker 2: Then they're going to send you an email of like 368 00:18:21,480 --> 00:18:23,800 Speaker 2: up to three financial advisors that might be a fit, 369 00:18:24,080 --> 00:18:27,280 Speaker 2: and you're going to interview them to make sure that 370 00:18:27,320 --> 00:18:27,879 Speaker 2: they're fit. 371 00:18:27,760 --> 00:18:29,560 Speaker 1: And if not, go back take the quiz again and 372 00:18:29,600 --> 00:18:30,439 Speaker 1: get some new people. 373 00:18:31,040 --> 00:18:32,239 Speaker 2: And so that's why I won't give you the name 374 00:18:32,240 --> 00:18:35,360 Speaker 2: of the company directly, because I told them I need 375 00:18:35,400 --> 00:18:36,879 Speaker 2: to be in the middle of that, and they just 376 00:18:36,920 --> 00:18:38,600 Speaker 2: told me the other day, which I'm so happy about 377 00:18:39,240 --> 00:18:41,439 Speaker 2: that the people that go to your moneymatch dot com 378 00:18:41,960 --> 00:18:46,360 Speaker 2: she said that you guys have been showing up so ready, 379 00:18:46,520 --> 00:18:49,199 Speaker 2: the questions that you've been asking, the fact that you 380 00:18:49,240 --> 00:18:49,959 Speaker 2: know your numbers. 381 00:18:50,000 --> 00:18:50,480 Speaker 1: I said, I know. 382 00:18:50,680 --> 00:18:52,440 Speaker 2: That's why I want to get in the middle, because 383 00:18:52,480 --> 00:18:53,960 Speaker 2: I don't want to just fling you to the streets 384 00:18:54,000 --> 00:18:55,920 Speaker 2: and say, oh, go talk to financial advisor. 385 00:18:56,040 --> 00:18:57,600 Speaker 1: How what should you be looking for? 386 00:18:58,000 --> 00:19:02,120 Speaker 2: Like I, for example, one is not only a certified 387 00:19:02,119 --> 00:19:05,280 Speaker 2: financial planner, which is critical. It's a difference between just 388 00:19:05,280 --> 00:19:08,320 Speaker 2: a regular financial advisor that's the gold standard, a certified 389 00:19:08,359 --> 00:19:11,280 Speaker 2: financial planner, and the organization that I connect you to 390 00:19:11,400 --> 00:19:13,080 Speaker 2: only has certified financial planners. 391 00:19:13,560 --> 00:19:17,360 Speaker 1: Not only does she have that, she's also a CPA, 392 00:19:17,920 --> 00:19:19,800 Speaker 1: a certified public accountant. 393 00:19:20,080 --> 00:19:24,280 Speaker 2: For me, a business owner, that was critical. A I 394 00:19:24,400 --> 00:19:27,040 Speaker 2: don't need all that. I pay Angelie good money because 395 00:19:27,080 --> 00:19:29,440 Speaker 2: not only does she advise me on the money side 396 00:19:29,440 --> 00:19:31,920 Speaker 2: of the tifney side, but also on the budgetnies to 397 00:19:32,000 --> 00:19:35,399 Speaker 2: side a business. So it might be an overkill for 398 00:19:35,480 --> 00:19:37,760 Speaker 2: someone but not for me. And so it's not enough 399 00:19:37,760 --> 00:19:40,119 Speaker 2: of me to like, oh, you know, work with Angelie. No, 400 00:19:40,600 --> 00:19:43,919 Speaker 2: you want a financial advisor, a certified financial planner. 401 00:19:43,920 --> 00:19:45,520 Speaker 1: That matches you. 402 00:19:45,520 --> 00:19:48,880 Speaker 2: You might find someone who navigates folks who are going 403 00:19:48,880 --> 00:19:52,159 Speaker 2: through divorce, like for example, Angelie. Actually her husband is 404 00:19:52,200 --> 00:19:54,480 Speaker 2: a physician and a lot of her clients are physicians 405 00:19:54,480 --> 00:19:56,600 Speaker 2: that have their own practices, so she does a lot 406 00:19:56,640 --> 00:20:00,680 Speaker 2: of small businesses and physicians. She does high networks individuals. 407 00:20:00,720 --> 00:20:02,800 Speaker 2: So I share all that to say that it's not 408 00:20:02,880 --> 00:20:05,040 Speaker 2: one size fit all when it comes to financial planners. 409 00:20:05,160 --> 00:20:08,439 Speaker 2: That's why I said your moneymatch dot com. It's totally 410 00:20:08,440 --> 00:20:11,479 Speaker 2: free to get matched. Financial advisors are not free, but 411 00:20:11,520 --> 00:20:15,040 Speaker 2: it is totally free to get matched. And like I said, 412 00:20:15,040 --> 00:20:17,320 Speaker 2: all the resources I give you to find the right match, 413 00:20:17,320 --> 00:20:21,320 Speaker 2: I give those away for free, Okay, And so yes 414 00:20:21,440 --> 00:20:25,119 Speaker 2: you should, absolutely, I think at least have a chat 415 00:20:25,160 --> 00:20:28,600 Speaker 2: with the financial advisor. A lot of people are anti 416 00:20:28,640 --> 00:20:32,600 Speaker 2: financial advisor. I don't believe in having a financial advisor. 417 00:20:32,760 --> 00:20:34,200 Speaker 2: They're gonna be mad at me this organization. 418 00:20:34,359 --> 00:20:36,560 Speaker 1: I don't care. You're not the boss of me. I'm 419 00:20:36,560 --> 00:20:37,080 Speaker 1: the boss of me. 420 00:20:37,440 --> 00:20:40,879 Speaker 2: I don't believe in call financial advisors that do aum 421 00:20:41,240 --> 00:20:42,520 Speaker 2: assets under management? 422 00:20:42,800 --> 00:20:43,520 Speaker 1: What does that mean? 423 00:20:43,760 --> 00:20:46,400 Speaker 2: That means they manage your assets. Say let's just say 424 00:20:46,440 --> 00:20:49,119 Speaker 2: you have you give them one hundred thousand dollars to manage. 425 00:20:49,200 --> 00:20:51,959 Speaker 2: They'll take a percentage, usually about one percent and ends 426 00:20:52,040 --> 00:20:54,359 Speaker 2: up being way too expensive over the life. I like 427 00:20:54,400 --> 00:20:57,080 Speaker 2: financial advisors that I paid them a lump sum, whether 428 00:20:57,080 --> 00:20:59,600 Speaker 2: it's monthly, annually or whatever or just one time. So 429 00:20:59,680 --> 00:21:02,560 Speaker 2: financial advisors that do that, let's just say, I say, oh, 430 00:21:02,600 --> 00:21:03,040 Speaker 2: I want a. 431 00:21:02,960 --> 00:21:04,439 Speaker 1: Financial plan, and they said okay. 432 00:21:04,640 --> 00:21:07,639 Speaker 2: Plans are usually between twelve hundred and fifteen hundred dollars. 433 00:21:07,720 --> 00:21:09,480 Speaker 2: They give you the plan, you work the plan, boom, 434 00:21:09,480 --> 00:21:13,280 Speaker 2: you're done, versus you by the time a financial avisor 435 00:21:13,320 --> 00:21:15,879 Speaker 2: takes one percent, which doesn't sound like much, it actually 436 00:21:15,920 --> 00:21:19,920 Speaker 2: combines to basically typically eat up almost all of your gains. No, 437 00:21:19,960 --> 00:21:23,200 Speaker 2: I don't believe AUM, so that's just my two cents, 438 00:21:23,200 --> 00:21:26,760 Speaker 2: and I don't believe in navigating financial advisors that take AUM. 439 00:21:26,800 --> 00:21:28,720 Speaker 2: A lot of my friends don't believe in financial advisors 440 00:21:28,760 --> 00:21:30,800 Speaker 2: at all because they're like, you can put it into 441 00:21:32,080 --> 00:21:34,359 Speaker 2: an etf ork or a money market and not a 442 00:21:34,359 --> 00:21:37,720 Speaker 2: money market, a mutual fund and make you know, just 443 00:21:37,760 --> 00:21:42,080 Speaker 2: basically pick an index fund. That meant that navigates how 444 00:21:42,080 --> 00:21:44,359 Speaker 2: the market navigates, So the S and P five hundred 445 00:21:44,359 --> 00:21:46,960 Speaker 2: top five hundred companies. You could literally choose an index fund, 446 00:21:47,080 --> 00:21:49,360 Speaker 2: put the money in there, and what the market does, 447 00:21:49,400 --> 00:21:51,720 Speaker 2: your money does and the market on the last thirty 448 00:21:51,800 --> 00:21:55,000 Speaker 2: years has returned about eight percent or more, you know, 449 00:21:55,840 --> 00:21:57,520 Speaker 2: So you don't need a financial advisor to do that. 450 00:21:57,880 --> 00:22:00,359 Speaker 2: That's what they would argue. But as someone who lost 451 00:22:00,359 --> 00:22:02,320 Speaker 2: their spouse, I will say, I. 452 00:22:02,280 --> 00:22:03,320 Speaker 1: Am so grateful. 453 00:22:03,520 --> 00:22:07,480 Speaker 2: I had a financial advisor because a Julie, it wasn't 454 00:22:07,520 --> 00:22:09,400 Speaker 2: just about here's what you do with your money. A 455 00:22:09,440 --> 00:22:14,560 Speaker 2: really good financial advisor is holistic. Before drew past away 456 00:22:15,280 --> 00:22:17,040 Speaker 2: because it was an aneurysm, so it was really sudden. 457 00:22:17,240 --> 00:22:20,080 Speaker 2: Angelie asked for all my financial paperwork. He had a 458 00:22:20,119 --> 00:22:22,880 Speaker 2: pension at work, we had life insurance policy, we had 459 00:22:22,920 --> 00:22:26,400 Speaker 2: all this stuff. Anjalie looked at all of our insurances everything. 460 00:22:27,160 --> 00:22:31,280 Speaker 2: A good financial advisor doesn't sell insurance. Sorry for those 461 00:22:31,280 --> 00:22:34,240 Speaker 2: PEO people who are mad at me, kick rocks because 462 00:22:34,280 --> 00:22:37,600 Speaker 2: y'all be over selling people's stuff that they don't sell insurance. 463 00:22:37,600 --> 00:22:42,080 Speaker 2: They don't sell anything, just information. Just Hey, Tiffany, here's 464 00:22:42,119 --> 00:22:45,439 Speaker 2: what I suggest. Angealie would say, Hey Tiffany, you are 465 00:22:45,520 --> 00:22:48,200 Speaker 2: under insured. You need to get more insurance. Go talk 466 00:22:48,240 --> 00:22:51,480 Speaker 2: to your insurance company, who I'm not connected to, and. 467 00:22:51,440 --> 00:22:53,280 Speaker 1: Ask for this type of insurance. She don't get paid 468 00:22:53,280 --> 00:22:54,200 Speaker 1: on the back end for that. 469 00:22:54,840 --> 00:22:58,240 Speaker 2: Because whoever he who pays the piper determines the tune. 470 00:22:58,480 --> 00:23:00,760 Speaker 1: What does that mean? That means if. 471 00:23:00,600 --> 00:23:03,040 Speaker 2: Angelie got money from the insurance company, she gonna do 472 00:23:03,119 --> 00:23:03,600 Speaker 2: what they want. 473 00:23:03,760 --> 00:23:06,160 Speaker 1: Antealie gets paid by me, so she do what I want. 474 00:23:07,000 --> 00:23:09,200 Speaker 2: That makes sense, So I don't want nobody who's getting 475 00:23:09,200 --> 00:23:12,000 Speaker 2: no back end money from like people that they're upselling 476 00:23:12,040 --> 00:23:14,199 Speaker 2: me to. That's how them doctors, you know, like all 477 00:23:14,240 --> 00:23:17,680 Speaker 2: those pharmaceuticalum one of my friends used to be like 478 00:23:17,720 --> 00:23:19,760 Speaker 2: the pharmaceutical reps. 479 00:23:20,040 --> 00:23:22,000 Speaker 1: You know, they begin the doctors all these free stuff, 480 00:23:22,000 --> 00:23:22,760 Speaker 1: and doctor got. 481 00:23:22,640 --> 00:23:26,639 Speaker 2: You oncopin for man's a paying all this stuff. Meanwhile 482 00:23:26,680 --> 00:23:29,680 Speaker 2: you got a stomach ache because the doctor getting some kickback. 483 00:23:30,200 --> 00:23:32,480 Speaker 1: Y'all know y'all be doing that. Not you, not you, 484 00:23:32,560 --> 00:23:34,960 Speaker 1: doctor Leelee. I'm sure you're great, but I'm saying, I 485 00:23:35,040 --> 00:23:37,080 Speaker 1: know you know how you have some doctor friends that 486 00:23:37,200 --> 00:23:40,080 Speaker 1: be writing all them for scriptions, you know, and so 487 00:23:40,440 --> 00:23:43,399 Speaker 1: he who pays the piper who is paying your financial advisor? You. 488 00:23:43,840 --> 00:23:48,720 Speaker 1: I pay Auntealie monthly on a one year what's it 489 00:23:48,760 --> 00:23:50,679 Speaker 1: called it? Like, it costs me one year, and I pay. 490 00:23:50,560 --> 00:23:52,560 Speaker 2: On a lot because she does me and the budgetista 491 00:23:52,600 --> 00:23:54,439 Speaker 2: is so high end, which is fifty I think I 492 00:23:54,440 --> 00:23:56,280 Speaker 2: pay her like fifteen thousand dollars a year. That's a 493 00:23:56,320 --> 00:24:00,399 Speaker 2: lot on the typically low end, lower end looking at 494 00:24:00,440 --> 00:24:03,720 Speaker 2: about five thousand dollars a year, you know, But then 495 00:24:03,840 --> 00:24:06,280 Speaker 2: you can also pay hourly, which a friend of mine 496 00:24:06,320 --> 00:24:09,359 Speaker 2: just meets with her financial advisor, you know, like twice 497 00:24:09,359 --> 00:24:11,080 Speaker 2: a year and she pays hourly. And you could just 498 00:24:11,119 --> 00:24:14,560 Speaker 2: pay for a project like help me create this whatever 499 00:24:14,640 --> 00:24:17,000 Speaker 2: plan and maybe that's like fifteen hundred dollars. 500 00:24:16,760 --> 00:24:19,080 Speaker 1: So pay upfront. 501 00:24:19,560 --> 00:24:21,879 Speaker 2: No, aum, these are just like you know, like I 502 00:24:21,920 --> 00:24:23,040 Speaker 2: might give you financial advice. 503 00:24:23,040 --> 00:24:24,560 Speaker 1: I'm just certain what I did. 504 00:24:25,800 --> 00:24:27,879 Speaker 2: And you know, like you use the free tools that 505 00:24:27,920 --> 00:24:30,119 Speaker 2: I've given you to help map out the right person 506 00:24:31,359 --> 00:24:33,840 Speaker 2: and following your taxes like you know, I don't know 507 00:24:33,920 --> 00:24:36,560 Speaker 2: how if you have your own business or as a physician, whatever, 508 00:24:37,760 --> 00:24:39,800 Speaker 2: but yes, having like you know, not no H and 509 00:24:39,880 --> 00:24:43,159 Speaker 2: R blocks. Sorry, I'm sorry there was ever gonna sponsor us, 510 00:24:43,160 --> 00:24:47,040 Speaker 2: but don't do that. Go ahead to like a regular accountant, 511 00:24:47,119 --> 00:24:48,800 Speaker 2: and yes, let them file your taxes. 512 00:24:48,960 --> 00:24:51,639 Speaker 1: Taxes usually be a maybe between six hundred to. 513 00:24:51,680 --> 00:24:54,919 Speaker 2: One thousand dollars to have your taxes filed because you 514 00:24:54,960 --> 00:24:56,280 Speaker 2: just want to make sure you have all your stuff 515 00:24:56,280 --> 00:24:58,040 Speaker 2: in a row. So asking for help is never a 516 00:24:58,080 --> 00:25:00,560 Speaker 2: bad thing. Sometimes it does cost to pay for word, okay, 517 00:25:01,840 --> 00:25:04,600 Speaker 2: And yeah, so you know girl, you know, you know 518 00:25:04,640 --> 00:25:06,119 Speaker 2: you're on the next stage of your life, you know, 519 00:25:06,160 --> 00:25:08,200 Speaker 2: take care of you and your beautiful babies. Doctor Lealey, 520 00:25:08,560 --> 00:25:11,240 Speaker 2: we'll see you in these financial streets. If you want 521 00:25:11,320 --> 00:25:12,760 Speaker 2: my body and you. 522 00:25:12,640 --> 00:25:14,800 Speaker 1: Think I'm sexy, that's a song somebody y'all too young. 523 00:25:15,800 --> 00:25:19,119 Speaker 2: If you want our advice and you think I'm smarty, 524 00:25:19,200 --> 00:25:20,800 Speaker 2: come my lady, let me know. 525 00:25:21,359 --> 00:25:22,439 Speaker 1: I edit it for y'all. 526 00:25:23,119 --> 00:25:27,520 Speaker 2: Go ahead on over to Branna Vision Podcast on ig 527 00:25:28,240 --> 00:25:32,000 Speaker 2: or Brannivision podcast dot com. Click contact us. You can 528 00:25:32,000 --> 00:25:40,080 Speaker 2: ask your questions there. Questions about money, career, business, entrepreneurship, finance, honey, career, 529 00:25:40,080 --> 00:25:42,320 Speaker 2: oh that's a career, even your life, honey. You might 530 00:25:42,359 --> 00:25:44,560 Speaker 2: want some life advice. I don't know all the things, 531 00:25:44,560 --> 00:25:47,480 Speaker 2: but I know some things until next week. Oh before 532 00:25:47,520 --> 00:25:49,920 Speaker 2: I leave, can you please, please please if you find 533 00:25:49,920 --> 00:25:53,080 Speaker 2: any use for Wednesday's episode, I want to talk about 534 00:25:53,119 --> 00:25:56,600 Speaker 2: the benefits of building community or this episode, share it 535 00:25:56,640 --> 00:26:00,479 Speaker 2: with a friend. Okay, Sharing is caring. We want our 536 00:26:00,480 --> 00:26:02,680 Speaker 2: podcast to grow. We want more sisters to find us, 537 00:26:02,880 --> 00:26:04,399 Speaker 2: brothers too. We don't turn nobody around. 538 00:26:04,560 --> 00:26:05,800 Speaker 1: Sisters. How y'all feel it? Brothers? 539 00:26:05,880 --> 00:26:09,520 Speaker 2: Y'all all right, and please leave us a review wherever 540 00:26:09,560 --> 00:26:12,040 Speaker 2: you listen to the podcast that helps for us to 541 00:26:12,160 --> 00:26:16,639 Speaker 2: get more people listening. All right, until next week, Bye y'all, 542 00:26:16,680 --> 00:26:18,639 Speaker 2: and send your love to Mandy too, Bye, y'all.