WEBVTT - Insurance Is For Protection, Not Income

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<v Speaker 1>It's time for the b a q a a to

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<v Speaker 1>b a q a A. The b a q a just.

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<v Speaker 2>Tip fineit the b a q a not manday, but

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<v Speaker 2>a q a. But I still got you a. So

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<v Speaker 2>this is browna mention question answers. You have questions, although

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<v Speaker 2>I might not have all the answers, I have some

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<v Speaker 2>advice that you take with a grain of salt, but

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<v Speaker 2>not really advice.

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<v Speaker 1>It's just I'm just sharing.

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<v Speaker 2>And you're gonna lean into the professionals in your life

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<v Speaker 2>like your I'm not your your mama, your daddy.

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<v Speaker 1>I'm not your financial advice.

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<v Speaker 2>I'm not your attorney, honey, I'm not your h assurance

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<v Speaker 2>agent whomever. Right, So you're gonna lean it to them.

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<v Speaker 2>But you know, I'm just a smart brown girl that

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<v Speaker 2>knows some brown girl things. Okay, Okay, so go through

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<v Speaker 2>your grandma, not us. All right, So if you have

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<v Speaker 2>a question that you want to submit, a question about business,

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<v Speaker 2>by personal finance, about career money, go ahead on over

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<v Speaker 2>to our insta brand Ambition podcast and you can dm

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<v Speaker 2>us or and you can also email us by going

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<v Speaker 2>to Brandimbision podcast dot com and click contact us. Okay,

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<v Speaker 2>all right, so let's get started two questions. Quick question

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<v Speaker 2>from anonymous. I'm gonna call you Universal.

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<v Speaker 1>She said, Hey, ladies, quick.

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<v Speaker 2>Question from anonymous, thoughts on transferring funds for my kids

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<v Speaker 2>college fund, which is a five twenty nine plan into

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<v Speaker 2>their Index Universal policy, thinking I may get more banged

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<v Speaker 2>from my buck. I appreciate all that you do, keeping

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<v Speaker 2>amazing GIRLA. First of all, I hate the fact that

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<v Speaker 2>you have an Index Universal insurance policy.

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<v Speaker 1>They got you good. Here's the thing.

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<v Speaker 2>I'm gonna take it from the word of get Ver Money.

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<v Speaker 2>You know my NewYork Times, that seller that has sold

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<v Speaker 2>over two hundred and seventy thousand copies, and so I

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<v Speaker 2>personally entered deuce. If you have this book, go ahead

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<v Speaker 2>on a turn to the get Good with Insurance chapter,

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<v Speaker 2>and we're going to run on the page of two

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<v Speaker 2>two forty six that I interviewed my financial advisor for

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<v Speaker 2>this and other financial advisors, but especially on Julie. So

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<v Speaker 2>there are two core types of insurance policies for all

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<v Speaker 2>those listening, including Universal, who just hit me up right.

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<v Speaker 2>So term is for a specific term number of years.

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<v Speaker 2>You know, for example, a thirty year policy or twenty

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<v Speaker 2>year policy you can get for a specific term of time,

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<v Speaker 2>and term is traditionally costs less money than the second

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<v Speaker 2>type of policy, which is a permanent insurance policy, often

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<v Speaker 2>referred to as whole life or universal, which is what

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<v Speaker 2>you shared now. Whole life, it never expires. It's a

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<v Speaker 2>policy for which you have multipayments and to your death,

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<v Speaker 2>at which time your beneficiaries will.

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<v Speaker 1>See the full amount of the promise.

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<v Speaker 2>Policy, you know, structure differently than term, and so you

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<v Speaker 2>get life insurance benefits. You can also access to cash

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<v Speaker 2>you put in. Now here's kind of like what they

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<v Speaker 2>sell you on. Now here's the thing. I want you

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<v Speaker 2>to take a step back. On the surface, it's like, well, dug,

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<v Speaker 2>I should get permanent because I want to keep paying

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<v Speaker 2>so that way my beneficiaries will get it even if

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<v Speaker 2>I live past the thirty years. So on the surface,

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<v Speaker 2>it seems like permanent or whole life universal sounds great. Now,

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<v Speaker 2>remember I'm not telling you what to do. This is

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<v Speaker 2>not financial advice. This is just what I'm doing for

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<v Speaker 2>my life. Akild, don't believe yourself. Now, Term on the

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<v Speaker 2>surface doesn't sound it's great. Oh it's only thirty years.

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<v Speaker 2>But here's the thing. Insurance is not a money making tool.

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<v Speaker 2>Finis it again? Insurance is not a money making tool.

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<v Speaker 2>It's a protection tool. But the life insurance companies have

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<v Speaker 2>been boozled, tricked and to y'all to get you to

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<v Speaker 2>look at life insurance as a potential money making tool.

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<v Speaker 1>Is not. Think about your car insurance. You make money

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<v Speaker 1>off your car insurances? You don't.

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<v Speaker 2>What about pet insurance? You mad that Fluffy is still alive?

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<v Speaker 2>You make money off your pet insurance, you don't. What

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<v Speaker 2>about home insurance? You make money off your home insurance,

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<v Speaker 2>you don't. Insurance is there to protect you, not to

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<v Speaker 2>make money off of.

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<v Speaker 1>But they have figured out with life.

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<v Speaker 2>Insurance how to trick you into thinking you should make

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<v Speaker 2>money off of it. Here's the thing, hokeey, lowkey. You

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<v Speaker 2>don't make no money off of even universal. There's no

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<v Speaker 2>money to be made. So I'll give you an example.

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<v Speaker 2>Forty year old woman, non smoker, if she was going

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<v Speaker 2>to get a thirty year term policy for about a

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<v Speaker 2>million dollar thirty year term policy about forty you're looking

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<v Speaker 2>at about forty.

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<v Speaker 1>Or fifty bucks a month.

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<v Speaker 2>That means within the thirty years between forty and seventy.

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<v Speaker 2>If she passes away before she reaches seventy years old,

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<v Speaker 2>fifty bucks a month is she's gonna be paying monthly,

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<v Speaker 2>and then that million dollars will go to whoever her

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<v Speaker 2>beneficiaries are. Those are the people that you signed out

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<v Speaker 2>and your sister, your cousin, your mother, your kids, who

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<v Speaker 2>went for your husband, your partner, whoever? Right for about

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<v Speaker 2>forty to fifty bucks a month for a term thirty

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<v Speaker 2>year policy for a healthy forty year a woman. Guess

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<v Speaker 2>how much a million dollar policy for Universal will cost you?

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<v Speaker 2>On average, about seven hundred and forty dollars. You would

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<v Speaker 2>have to pay an additional seven hundred dollars a month.

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<v Speaker 1>You know what, y'all gonna make me mad. I'm gonna

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<v Speaker 1>do the math. Child, I'm gonna do the math. Where's

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<v Speaker 1>my calculator? Just how they be getting you? Child seven?

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<v Speaker 2>You're an insurance agent talking about ativeny Shut up for real,

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<v Speaker 2>because you guys should be ashamed of yourself. Seven hundred

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<v Speaker 2>times twelve eighty four hundred additionally a month that you'd

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<v Speaker 2>have to pay just to get that same million dollar policy.

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<v Speaker 1>Poor, k Why way, why why? Why? Why? Why?

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<v Speaker 2>That's ridiculous. You know the only person that really benefits

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<v Speaker 2>from a universal policy is the person selling it to you.

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<v Speaker 2>They eat it good honey off you. That's why the

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<v Speaker 2>ages be so mad when I be talking, go ahead,

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<v Speaker 2>k with your grandma, not me, because I blocked honey.

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<v Speaker 2>So you don't slid on my DMS with the yang

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<v Speaker 2>yang yang right, Our thirty year policy is meant. A

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<v Speaker 2>life insurance policy is meant to cover your working years.

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<v Speaker 2>So you know, my husband passed away, he had a

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<v Speaker 2>life insurance policy, a few of them through his job,

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<v Speaker 2>but also he had an external one.

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<v Speaker 1>Guess what, he was forty one years old.

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<v Speaker 2>It covered his working years, and so now because he's

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<v Speaker 2>not here, he provided for myself and my stepdaughter Lissa,

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<v Speaker 2>because that's what life insurance is supposed to be for.

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<v Speaker 2>It would have expired when he was like seventy or

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<v Speaker 2>seventy five. By then a list will be a grown woman,

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<v Speaker 2>maybe with kids and a partner of her own.

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<v Speaker 1>So certainly, life insurance at its bare core is supposed

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<v Speaker 1>to provide for the peace people that you are currently

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<v Speaker 1>providing for in your working years. I'm gonna say that

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<v Speaker 1>again for the people in the back.

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<v Speaker 2>Life insurance is supposed to provide for the people you're

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<v Speaker 2>currently financially provide for providing for your working years now

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<v Speaker 2>by the time even if you get a thirty year

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<v Speaker 2>policy when the baby is one years old, by the

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<v Speaker 2>time the baby is thirty one, the thought is the

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<v Speaker 2>child is working the only time.

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<v Speaker 1>There are a few times where and maybe it makes sense.

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<v Speaker 2>Let's just say you have a child that special needs

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<v Speaker 2>will always need to be taken care of. There might

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<v Speaker 2>be some leeway there. But for the average person, thirty

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<v Speaker 2>year policy is plenty. It's affordable because sixty percent of

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<v Speaker 2>people don't even pay the full universal because it's so expensive.

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<v Speaker 1>It's the first thing to go.

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<v Speaker 2>People say, oh, I got forty bucks a month to

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<v Speaker 2>keep up a million dollar policy even though I lost

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<v Speaker 2>my job. But people say, I don't have seven hundred

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<v Speaker 2>and forty bucks a month even though I lost my job,

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<v Speaker 2>So they get to keep.

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<v Speaker 1>All that money. You'll get okay. So here's some things

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<v Speaker 1>that I wrote in the book.

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<v Speaker 2>Right, if the insurance broker says permanent life insurance acts

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<v Speaker 2>like a tax deferral because you put the money in

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<v Speaker 2>and you can essentially take out tax free loan for

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<v Speaker 2>a tax free loan for the amount. What you need

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<v Speaker 2>to know that is, while it's true it doesn't mean

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<v Speaker 2>it's the best way.

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<v Speaker 1>For you to get a tax deferral.

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<v Speaker 2>Make sure you're already taking advantage of all the pre

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<v Speaker 2>tax deferral accounts that are available to you, like a

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<v Speaker 2>four to one k or ira iras an individual retirement account.

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<v Speaker 2>And so a permanent life insurance policy is not the

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<v Speaker 2>only tax planning strategy, nor is it the best, and

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<v Speaker 2>it's probably the most expensive. If the insurance broker says

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<v Speaker 2>it's building value because it has cass value.

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<v Speaker 1>You need to know that there are better ways to

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<v Speaker 1>build your wealth. Do some quick math.

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<v Speaker 2>What's the difference between what you would pay for a

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<v Speaker 2>term policy per year versus the permanent policy in this

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<v Speaker 2>example seven hundred dollars a month eighty four hundred dollars

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<v Speaker 2>a year.

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<v Speaker 1>What would you do if you put that into the

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<v Speaker 1>stock market. Here's the thing. Listen to me closely to

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<v Speaker 1>consumer reports. The average annual rate of return for a

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<v Speaker 1>whole life guaranteed cast value this is a very popular

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<v Speaker 1>type of permanent life insurance policy is one point five percent.

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<v Speaker 1>Did you know what I said? The rate of return?

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<v Speaker 2>Child, you could just put your money in a savings

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<v Speaker 2>account and they're going to give you more. If you're

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<v Speaker 2>currently listening to this in two thousand. In February twenty

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<v Speaker 2>twenty four, I think minus like four percent of four

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<v Speaker 2>and a half four and a half percent, So that

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<v Speaker 2>cast value. They'll be telling you, Oh, it's value, yes,

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<v Speaker 2>baty cat value, it's bassula. If you're my Spanish friend,

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<v Speaker 2>you know I say garbage. One point five percent, and

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<v Speaker 2>that's not I didn't say that. Don't be mad at me.

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<v Speaker 1>Consumer reports senate that that is the average rate of

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<v Speaker 1>return one point five percent. Says all that money that

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<v Speaker 1>you're putting up for one point five percent. Meanwhile, the

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<v Speaker 1>market in the last thirty years had yielded on an

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<v Speaker 1>average seventy eight percent, in the last one hundred years

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<v Speaker 1>ten percent.

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<v Speaker 2>So you could have taken that seven seven dollars seven

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<v Speaker 2>hundred dollars monthly, put it into the market and got

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<v Speaker 2>on a conservative seven percent return over the next ten

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<v Speaker 2>years or so. Chall But you want your one point

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<v Speaker 2>five percent because it's cats value. That's how they get you.

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<v Speaker 2>That's how they get you. And so I made a mistake.

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<v Speaker 2>I said before that sixty percent of people don't pay

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<v Speaker 2>that's not true. According to the Society of Actuaries, forty

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<v Speaker 2>five percent of whole life insurance policy holders surrendered their policy,

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<v Speaker 2>which means stop paying within the.

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<v Speaker 1>First ten years.

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<v Speaker 2>Ooh, that means about half of the people with the

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<v Speaker 2>most popular type of permanent policies whole life pay all

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<v Speaker 2>these big premiums and never see a return.

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<v Speaker 1>Chow. Why you know.

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<v Speaker 2>You'll hear like insurance brokers will say something like, you'll

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<v Speaker 2>have this benefit that you can provide to your children

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<v Speaker 2>no matter what, even if you don't have other assets.

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<v Speaker 1>They get this life insurance policy from you. But you

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<v Speaker 1>need to know.

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<v Speaker 2>That this guarantee comes at a significant cost that for

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<v Speaker 2>most people doesn't make sense because are here now. You

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<v Speaker 2>want that seven hundred dollars for them later or now monthly?

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<v Speaker 2>You know what I mean? Like you be putting that

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<v Speaker 2>money up, you know. Like, so I just want you

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<v Speaker 2>to understand that like for you universal that you know,

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<v Speaker 2>I see you already have a universal life insurance policy

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<v Speaker 2>for your kids.

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<v Speaker 1>Consider term life insurance.

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<v Speaker 2>Now here's the thing, and life insurance is certainly a

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<v Speaker 2>way for you to pass on wealth. So let's just

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<v Speaker 2>say you've done all the other things, You've maximized your

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<v Speaker 2>four one K.

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<v Speaker 1>You know, maybe you have a wroth.

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<v Speaker 2>You know, you're investing in the market, you're doing all

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<v Speaker 2>these other maximizing things when it comes to your money,

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<v Speaker 2>because you sat that with financial advisor and then you've

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<v Speaker 2>done all the things and you're like, Okay, I want

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<v Speaker 2>to leave wealth to my family. Like for example, when

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<v Speaker 2>my husband was here, I had a I I saw

0:11:52.800 --> 0:11:55.480
<v Speaker 2>my term policies, and my financial advisor asked me if

0:11:55.520 --> 0:11:57.440
<v Speaker 2>I wanted to cancel them because now he's not here

0:11:57.760 --> 0:12:01.559
<v Speaker 2>and they are multiple steven figures, and I said no,

0:12:02.240 --> 0:12:05.600
<v Speaker 2>because the cost is nominal to me for the years

0:12:05.600 --> 0:12:07.800
<v Speaker 2>maybe like I don't know, fifteen hundred dollars a year,

0:12:08.080 --> 0:12:10.760
<v Speaker 2>not a month a year, and it would leave my

0:12:10.920 --> 0:12:14.760
<v Speaker 2>current family with multiple seven figures. That's going to go

0:12:14.760 --> 0:12:17.080
<v Speaker 2>to a trust and the trust will dispense it to

0:12:17.120 --> 0:12:19.880
<v Speaker 2>my current family. Now I don't have to do that.

0:12:19.800 --> 0:12:22.200
<v Speaker 1>Because guess what, I am not financially taking care of

0:12:22.240 --> 0:12:23.240
<v Speaker 1>my sisters.

0:12:23.200 --> 0:12:26.000
<v Speaker 2>And my nieces and my nephews. You know, but it

0:12:26.120 --> 0:12:29.720
<v Speaker 2>is a way to pass along wealth. I'm only continuing

0:12:29.760 --> 0:12:32.160
<v Speaker 2>to pay the fifteen hundred to two thousand dollars annually

0:12:32.520 --> 0:12:34.680
<v Speaker 2>because Angelie, my financial advisor said, you don't have to

0:12:34.720 --> 0:12:37.040
<v Speaker 2>because Jerell's not here. Essentially it was for him, and

0:12:37.040 --> 0:12:39.600
<v Speaker 2>I've already said a sign money for a listen, she's good, right,

0:12:40.559 --> 0:12:44.439
<v Speaker 2>But because I already maximize every other area, to me,

0:12:44.760 --> 0:12:47.280
<v Speaker 2>it's worth it as an additional way to pass on

0:12:47.360 --> 0:12:48.319
<v Speaker 2>wealth to my family.

0:12:49.120 --> 0:12:51.640
<v Speaker 1>Now that's after doing the other things.

0:12:51.720 --> 0:12:54.600
<v Speaker 2>Does that make sense that like life insurance can certainly

0:12:54.600 --> 0:12:57.640
<v Speaker 2>help you pass along wealth that you don't have access to. Candidly,

0:12:57.679 --> 0:12:59.880
<v Speaker 2>my husband never made over sixty thousand dollars a year,

0:13:00.040 --> 0:13:01.439
<v Speaker 2>but he was able to leave a good amount of

0:13:01.520 --> 0:13:05.480
<v Speaker 2>money for myself and Alyssa through life insurance. But even

0:13:05.520 --> 0:13:08.480
<v Speaker 2>then he had term because it would.

0:13:08.240 --> 0:13:11.120
<v Speaker 1>Have taken away from our daily life, the cost of

0:13:11.200 --> 0:13:12.120
<v Speaker 1>universal whole life.

0:13:12.120 --> 0:13:14.560
<v Speaker 2>So I said all that amount of this to say, child,

0:13:15.360 --> 0:13:17.480
<v Speaker 2>keep that money in that from five to twenty nine plan.

0:13:18.080 --> 0:13:21.240
<v Speaker 2>And you know, because you want to be careful because

0:13:21.280 --> 0:13:23.560
<v Speaker 2>five twenty nine is also our tax advantage plan. So

0:13:23.640 --> 0:13:25.520
<v Speaker 2>if before taking that money out, you want to make

0:13:25.520 --> 0:13:27.320
<v Speaker 2>sure that it's taking out in a way that's not

0:13:27.360 --> 0:13:31.120
<v Speaker 2>going to trigger taxes for you, because it is a

0:13:31.160 --> 0:13:34.320
<v Speaker 2>tax advantage plan. And if you are thinking about taking

0:13:34.320 --> 0:13:36.400
<v Speaker 2>the money out because you wanted to like be in

0:13:36.440 --> 0:13:39.680
<v Speaker 2>some sort of like index fund or something like that.

0:13:39.720 --> 0:13:42.760
<v Speaker 1>Like you can consider something called a custodial account.

0:13:43.400 --> 0:13:45.200
<v Speaker 2>A custodial account is the kind of account that I

0:13:45.240 --> 0:13:47.880
<v Speaker 2>have for my nieces and nephews. So I put money

0:13:47.880 --> 0:13:50.720
<v Speaker 2>in there, and Alyssa too, I put money in their account.

0:13:50.760 --> 0:13:52.840
<v Speaker 2>That's how I'm paying for college for her. Is that

0:13:53.000 --> 0:13:54.520
<v Speaker 2>it's not a five twenty nine because I don't know

0:13:54.520 --> 0:13:57.120
<v Speaker 2>what school finn to look like because my oldest nephew

0:13:57.160 --> 0:14:00.040
<v Speaker 2>is eight. So instead of custodial account basically is like

0:14:00.080 --> 0:14:03.719
<v Speaker 2>an investment account specifically where it can be used any

0:14:03.800 --> 0:14:05.679
<v Speaker 2>kind of way, but it's not tax advantage.

0:14:06.600 --> 0:14:07.920
<v Speaker 1>But I'm willing to do that because I don't know

0:14:07.960 --> 0:14:09.880
<v Speaker 1>what school is going to look like. The youngest niece

0:14:10.120 --> 0:14:11.920
<v Speaker 1>is a million no, Maymi is six.

0:14:12.200 --> 0:14:16.360
<v Speaker 2>That means Lily is five, right, So I don't know

0:14:16.360 --> 0:14:17.760
<v Speaker 2>what school is going to look like in like twelve

0:14:17.840 --> 0:14:20.680
<v Speaker 2>years or whatever. But I saw I have custodial accounts

0:14:20.680 --> 0:14:25.120
<v Speaker 2>for them, So yeah, like you know there are This

0:14:25.160 --> 0:14:27.200
<v Speaker 2>is why asking for help and I'm so glad you

0:14:27.360 --> 0:14:29.720
<v Speaker 2>wrote in anonymous. It's really important when it comes to

0:14:29.720 --> 0:14:32.280
<v Speaker 2>your personal finances because you want to make sure that

0:14:32.320 --> 0:14:35.960
<v Speaker 2>you're maximizing your money, you know, like it is. Certainly

0:14:36.000 --> 0:14:38.960
<v Speaker 2>we're here to look after our future, but not completely

0:14:39.040 --> 0:14:41.120
<v Speaker 2>at the cost of our current life, now, you know.

0:14:41.200 --> 0:14:43.640
<v Speaker 2>And that's a really big price to pay for a

0:14:43.720 --> 0:14:44.560
<v Speaker 2>very little payoff.

0:14:44.720 --> 0:14:48.359
<v Speaker 1>Does that make sense? I hope it does.

0:14:48.680 --> 0:14:51.080
<v Speaker 2>Okay, all right, Harry, were gonna take a quick break

0:14:51.320 --> 0:14:51.880
<v Speaker 2>and we come back.

0:14:51.920 --> 0:15:04.680
<v Speaker 1>I'm gonna take my second quite shaw, We are back

0:15:04.800 --> 0:15:07.600
<v Speaker 1>and blacker then ever.

0:15:08.320 --> 0:15:12.320
<v Speaker 2>All right, So I've got an email from Girl. You're

0:15:12.360 --> 0:15:13.840
<v Speaker 2>not say to keep your name anonymous, but I feel

0:15:13.840 --> 0:15:15.040
<v Speaker 2>like it's a little personal, so I'm gonna call you

0:15:15.120 --> 0:15:18.920
<v Speaker 2>Lee Le Okay, Lee, Lily said, Hi, Tiffany and Mandy.

0:15:19.080 --> 0:15:21.600
<v Speaker 2>I love your show. Thank you, thank you so much

0:15:21.600 --> 0:15:24.600
<v Speaker 2>for your financial insight each week. I've been separated from

0:15:24.600 --> 0:15:28.000
<v Speaker 2>my partner since May twenty twenty three. We have been

0:15:28.040 --> 0:15:29.760
<v Speaker 2>living separately since then in.

0:15:29.760 --> 0:15:34.320
<v Speaker 1>Our three year old child, OH and our three children

0:15:34.520 --> 0:15:37.600
<v Speaker 1>have been living with me. I cover pretty much all

0:15:37.640 --> 0:15:43.320
<v Speaker 1>of the expenses for our children. His contributions have been minimal,

0:15:44.040 --> 0:15:47.120
<v Speaker 1>and I will be moving forward with getting a divorced

0:15:47.120 --> 0:15:47.800
<v Speaker 1>this year. Okay.

0:15:48.640 --> 0:15:51.720
<v Speaker 2>Fortunately, I have been blessed to have a stable job

0:15:51.760 --> 0:15:55.000
<v Speaker 2>as a physician. Okay, Girl, get money, honey, and financially

0:15:55.040 --> 0:15:56.960
<v Speaker 2>I believe and I'm in a good place. Oh this

0:15:57.000 --> 0:15:58.560
<v Speaker 2>is good, she said, I make over two hundred and

0:15:58.560 --> 0:16:02.080
<v Speaker 2>fifty thousand dollars a year. I love that for you.

0:16:02.120 --> 0:16:05.280
<v Speaker 2>Smart cis Doctor Lee, I need to update it. We're

0:16:05.280 --> 0:16:08.640
<v Speaker 2>gonna call you a doctor Lely. Doctor Lee says, my

0:16:08.680 --> 0:16:11.600
<v Speaker 2>partner used to take care of our taxes and we

0:16:11.760 --> 0:16:15.120
<v Speaker 2>shared expenses when we were together. Now that that's no

0:16:15.200 --> 0:16:17.920
<v Speaker 2>longer the case, I'm wondering if I should look into

0:16:17.920 --> 0:16:20.920
<v Speaker 2>getting a financial advisor and accountant to help me navigate

0:16:20.920 --> 0:16:23.920
<v Speaker 2>things on my own and file my taxes. Thank you

0:16:23.960 --> 0:16:25.680
<v Speaker 2>for your input and advice.

0:16:25.720 --> 0:16:27.120
<v Speaker 1>Doctor Lyly. Honey.

0:16:27.640 --> 0:16:30.440
<v Speaker 2>So, first of all, yes, if you are ready for

0:16:30.440 --> 0:16:32.920
<v Speaker 2>that divorce, going to you know, because you want to

0:16:32.960 --> 0:16:36.800
<v Speaker 2>make sure that you know when you're married. Here finances

0:16:36.800 --> 0:16:39.920
<v Speaker 2>are combined, and I don't know what your partner's finances are,

0:16:39.960 --> 0:16:43.120
<v Speaker 2>but it seems like they're not helping you with the children.

0:16:43.160 --> 0:16:44.880
<v Speaker 2>So that gives me a little indication that I don't

0:16:44.880 --> 0:16:47.320
<v Speaker 2>know where they stand financially, and they might be racking

0:16:47.360 --> 0:16:50.680
<v Speaker 2>up debt, which could be y'all's debt. If you don't,

0:16:50.840 --> 0:16:55.440
<v Speaker 2>you know, remove yourself. But I know divorce is not easy,

0:16:55.440 --> 0:16:58.320
<v Speaker 2>so I'm certainly not advocating for divorce. Do what's best

0:16:58.320 --> 0:17:01.120
<v Speaker 2>for you, but just being mindful that they are financial ramifications.

0:17:01.800 --> 0:17:06.120
<v Speaker 2>With that being said, you said, should I get looking

0:17:06.160 --> 0:17:07.440
<v Speaker 2>to getting a financial advisor?

0:17:07.800 --> 0:17:13.280
<v Speaker 1>Yes, doctor Leee, I actually have a website called oh

0:17:13.359 --> 0:17:14.000
<v Speaker 1>what is it called?

0:17:14.080 --> 0:17:18.760
<v Speaker 2>Oh your moneymatch dot Com. I partner with this organization

0:17:19.040 --> 0:17:21.719
<v Speaker 2>that helps you match you for free to a financial advisor.

0:17:21.720 --> 0:17:23.199
<v Speaker 2>You're going to fill out a bunch of questions at

0:17:23.240 --> 0:17:26.359
<v Speaker 2>your moneymatch dot Com and it's going to give you

0:17:26.440 --> 0:17:29.439
<v Speaker 2>up to three potential financial advisors that you're going to interview.

0:17:29.520 --> 0:17:32.000
<v Speaker 2>Now here's the thing, the reason why I'm not giving

0:17:32.040 --> 0:17:33.280
<v Speaker 2>you the organization's name directly.

0:17:33.280 --> 0:17:34.680
<v Speaker 1>They hate that I'm doing, but I don't care.

0:17:34.720 --> 0:17:37.200
<v Speaker 2>I'm not thinking about them, thinking about you, because when

0:17:37.200 --> 0:17:40.320
<v Speaker 2>you go to your money match dot com before you

0:17:40.480 --> 0:17:44.160
<v Speaker 2>get matched, I will give you the questions to ask,

0:17:45.320 --> 0:17:47.399
<v Speaker 2>like a document to fill out so you're ready.

0:17:47.600 --> 0:17:48.200
<v Speaker 1>So this is a.

0:17:48.160 --> 0:17:49.840
<v Speaker 2>Document that I feel that when I was looking for

0:17:49.880 --> 0:17:53.159
<v Speaker 2>my financial advisor and I found her Angeline like, I

0:17:53.200 --> 0:17:56.080
<v Speaker 2>created a document called your soul called financial Life that

0:17:56.200 --> 0:18:00.440
<v Speaker 2>gave her an idea of who I am finance Antley.

0:18:00.800 --> 0:18:02.480
<v Speaker 2>I submitted it to her and a bunch of people

0:18:02.480 --> 0:18:05.639
<v Speaker 2>ahead of time so we can have an educated conversation

0:18:05.720 --> 0:18:07.680
<v Speaker 2>about who I was financially with my goals and hopes

0:18:07.680 --> 0:18:08.280
<v Speaker 2>and dreams are.

0:18:08.400 --> 0:18:09.520
<v Speaker 1>So I give you that you.

0:18:11.160 --> 0:18:13.960
<v Speaker 2>My so called financial life document. I give you the

0:18:14.080 --> 0:18:16.399
<v Speaker 2>questions to ask them what to look out for. You

0:18:16.440 --> 0:18:18.560
<v Speaker 2>do the quick quiz, which is literally just a few minutes.

0:18:18.840 --> 0:18:20.840
<v Speaker 2>Then they're going to send you an email of like

0:18:21.480 --> 0:18:23.800
<v Speaker 2>up to three financial advisors that might be a fit,

0:18:24.080 --> 0:18:27.280
<v Speaker 2>and you're going to interview them to make sure that

0:18:27.320 --> 0:18:27.879
<v Speaker 2>they're fit.

0:18:27.760 --> 0:18:29.560
<v Speaker 1>And if not, go back take the quiz again and

0:18:29.600 --> 0:18:30.439
<v Speaker 1>get some new people.

0:18:31.040 --> 0:18:32.239
<v Speaker 2>And so that's why I won't give you the name

0:18:32.240 --> 0:18:35.360
<v Speaker 2>of the company directly, because I told them I need

0:18:35.400 --> 0:18:36.879
<v Speaker 2>to be in the middle of that, and they just

0:18:36.920 --> 0:18:38.600
<v Speaker 2>told me the other day, which I'm so happy about

0:18:39.240 --> 0:18:41.439
<v Speaker 2>that the people that go to your moneymatch dot com

0:18:41.960 --> 0:18:46.360
<v Speaker 2>she said that you guys have been showing up so ready,

0:18:46.520 --> 0:18:49.199
<v Speaker 2>the questions that you've been asking, the fact that you

0:18:49.240 --> 0:18:49.959
<v Speaker 2>know your numbers.

0:18:50.000 --> 0:18:50.480
<v Speaker 1>I said, I know.

0:18:50.680 --> 0:18:52.440
<v Speaker 2>That's why I want to get in the middle, because

0:18:52.480 --> 0:18:53.960
<v Speaker 2>I don't want to just fling you to the streets

0:18:54.000 --> 0:18:55.920
<v Speaker 2>and say, oh, go talk to financial advisor.

0:18:56.040 --> 0:18:57.600
<v Speaker 1>How what should you be looking for?

0:18:58.000 --> 0:19:02.120
<v Speaker 2>Like I, for example, one is not only a certified

0:19:02.119 --> 0:19:05.280
<v Speaker 2>financial planner, which is critical. It's a difference between just

0:19:05.280 --> 0:19:08.320
<v Speaker 2>a regular financial advisor that's the gold standard, a certified

0:19:08.359 --> 0:19:11.280
<v Speaker 2>financial planner, and the organization that I connect you to

0:19:11.400 --> 0:19:13.080
<v Speaker 2>only has certified financial planners.

0:19:13.560 --> 0:19:17.360
<v Speaker 1>Not only does she have that, she's also a CPA,

0:19:17.920 --> 0:19:19.800
<v Speaker 1>a certified public accountant.

0:19:20.080 --> 0:19:24.280
<v Speaker 2>For me, a business owner, that was critical. A I

0:19:24.400 --> 0:19:27.040
<v Speaker 2>don't need all that. I pay Angelie good money because

0:19:27.080 --> 0:19:29.440
<v Speaker 2>not only does she advise me on the money side

0:19:29.440 --> 0:19:31.920
<v Speaker 2>of the tifney side, but also on the budgetnies to

0:19:32.000 --> 0:19:35.399
<v Speaker 2>side a business. So it might be an overkill for

0:19:35.480 --> 0:19:37.760
<v Speaker 2>someone but not for me. And so it's not enough

0:19:37.760 --> 0:19:40.119
<v Speaker 2>of me to like, oh, you know, work with Angelie. No,

0:19:40.600 --> 0:19:43.919
<v Speaker 2>you want a financial advisor, a certified financial planner.

0:19:43.920 --> 0:19:45.520
<v Speaker 1>That matches you.

0:19:45.520 --> 0:19:48.880
<v Speaker 2>You might find someone who navigates folks who are going

0:19:48.880 --> 0:19:52.159
<v Speaker 2>through divorce, like for example, Angelie. Actually her husband is

0:19:52.200 --> 0:19:54.480
<v Speaker 2>a physician and a lot of her clients are physicians

0:19:54.480 --> 0:19:56.600
<v Speaker 2>that have their own practices, so she does a lot

0:19:56.640 --> 0:20:00.680
<v Speaker 2>of small businesses and physicians. She does high networks individuals.

0:20:00.720 --> 0:20:02.800
<v Speaker 2>So I share all that to say that it's not

0:20:02.880 --> 0:20:05.040
<v Speaker 2>one size fit all when it comes to financial planners.

0:20:05.160 --> 0:20:08.439
<v Speaker 2>That's why I said your moneymatch dot com. It's totally

0:20:08.440 --> 0:20:11.479
<v Speaker 2>free to get matched. Financial advisors are not free, but

0:20:11.520 --> 0:20:15.040
<v Speaker 2>it is totally free to get matched. And like I said,

0:20:15.040 --> 0:20:17.320
<v Speaker 2>all the resources I give you to find the right match,

0:20:17.320 --> 0:20:21.320
<v Speaker 2>I give those away for free, Okay, And so yes

0:20:21.440 --> 0:20:25.119
<v Speaker 2>you should, absolutely, I think at least have a chat

0:20:25.160 --> 0:20:28.600
<v Speaker 2>with the financial advisor. A lot of people are anti

0:20:28.640 --> 0:20:32.600
<v Speaker 2>financial advisor. I don't believe in having a financial advisor.

0:20:32.760 --> 0:20:34.200
<v Speaker 2>They're gonna be mad at me this organization.

0:20:34.359 --> 0:20:36.560
<v Speaker 1>I don't care. You're not the boss of me. I'm

0:20:36.560 --> 0:20:37.080
<v Speaker 1>the boss of me.

0:20:37.440 --> 0:20:40.879
<v Speaker 2>I don't believe in call financial advisors that do aum

0:20:41.240 --> 0:20:42.520
<v Speaker 2>assets under management?

0:20:42.800 --> 0:20:43.520
<v Speaker 1>What does that mean?

0:20:43.760 --> 0:20:46.400
<v Speaker 2>That means they manage your assets. Say let's just say

0:20:46.440 --> 0:20:49.119
<v Speaker 2>you have you give them one hundred thousand dollars to manage.

0:20:49.200 --> 0:20:51.959
<v Speaker 2>They'll take a percentage, usually about one percent and ends

0:20:52.040 --> 0:20:54.359
<v Speaker 2>up being way too expensive over the life. I like

0:20:54.400 --> 0:20:57.080
<v Speaker 2>financial advisors that I paid them a lump sum, whether

0:20:57.080 --> 0:20:59.600
<v Speaker 2>it's monthly, annually or whatever or just one time. So

0:20:59.680 --> 0:21:02.560
<v Speaker 2>financial advisors that do that, let's just say, I say, oh,

0:21:02.600 --> 0:21:03.040
<v Speaker 2>I want a.

0:21:02.960 --> 0:21:04.439
<v Speaker 1>Financial plan, and they said okay.

0:21:04.640 --> 0:21:07.639
<v Speaker 2>Plans are usually between twelve hundred and fifteen hundred dollars.

0:21:07.720 --> 0:21:09.480
<v Speaker 2>They give you the plan, you work the plan, boom,

0:21:09.480 --> 0:21:13.280
<v Speaker 2>you're done, versus you by the time a financial avisor

0:21:13.320 --> 0:21:15.879
<v Speaker 2>takes one percent, which doesn't sound like much, it actually

0:21:15.920 --> 0:21:19.920
<v Speaker 2>combines to basically typically eat up almost all of your gains. No,

0:21:19.960 --> 0:21:23.200
<v Speaker 2>I don't believe AUM, so that's just my two cents,

0:21:23.200 --> 0:21:26.760
<v Speaker 2>and I don't believe in navigating financial advisors that take AUM.

0:21:26.800 --> 0:21:28.720
<v Speaker 2>A lot of my friends don't believe in financial advisors

0:21:28.760 --> 0:21:30.800
<v Speaker 2>at all because they're like, you can put it into

0:21:32.080 --> 0:21:34.359
<v Speaker 2>an etf ork or a money market and not a

0:21:34.359 --> 0:21:37.720
<v Speaker 2>money market, a mutual fund and make you know, just

0:21:37.760 --> 0:21:42.080
<v Speaker 2>basically pick an index fund. That meant that navigates how

0:21:42.080 --> 0:21:44.359
<v Speaker 2>the market navigates, So the S and P five hundred

0:21:44.359 --> 0:21:46.960
<v Speaker 2>top five hundred companies. You could literally choose an index fund,

0:21:47.080 --> 0:21:49.360
<v Speaker 2>put the money in there, and what the market does,

0:21:49.400 --> 0:21:51.720
<v Speaker 2>your money does and the market on the last thirty

0:21:51.800 --> 0:21:55.000
<v Speaker 2>years has returned about eight percent or more, you know,

0:21:55.840 --> 0:21:57.520
<v Speaker 2>So you don't need a financial advisor to do that.

0:21:57.880 --> 0:22:00.359
<v Speaker 2>That's what they would argue. But as someone who lost

0:22:00.359 --> 0:22:02.320
<v Speaker 2>their spouse, I will say, I.

0:22:02.280 --> 0:22:03.320
<v Speaker 1>Am so grateful.

0:22:03.520 --> 0:22:07.480
<v Speaker 2>I had a financial advisor because a Julie, it wasn't

0:22:07.520 --> 0:22:09.400
<v Speaker 2>just about here's what you do with your money. A

0:22:09.440 --> 0:22:14.560
<v Speaker 2>really good financial advisor is holistic. Before drew past away

0:22:15.280 --> 0:22:17.040
<v Speaker 2>because it was an aneurysm, so it was really sudden.

0:22:17.240 --> 0:22:20.080
<v Speaker 2>Angelie asked for all my financial paperwork. He had a

0:22:20.119 --> 0:22:22.880
<v Speaker 2>pension at work, we had life insurance policy, we had

0:22:22.920 --> 0:22:26.400
<v Speaker 2>all this stuff. Anjalie looked at all of our insurances everything.

0:22:27.160 --> 0:22:31.280
<v Speaker 2>A good financial advisor doesn't sell insurance. Sorry for those

0:22:31.280 --> 0:22:34.240
<v Speaker 2>PEO people who are mad at me, kick rocks because

0:22:34.280 --> 0:22:37.600
<v Speaker 2>y'all be over selling people's stuff that they don't sell insurance.

0:22:37.600 --> 0:22:42.080
<v Speaker 2>They don't sell anything, just information. Just Hey, Tiffany, here's

0:22:42.119 --> 0:22:45.439
<v Speaker 2>what I suggest. Angealie would say, Hey Tiffany, you are

0:22:45.520 --> 0:22:48.200
<v Speaker 2>under insured. You need to get more insurance. Go talk

0:22:48.240 --> 0:22:51.480
<v Speaker 2>to your insurance company, who I'm not connected to, and.

0:22:51.440 --> 0:22:53.280
<v Speaker 1>Ask for this type of insurance. She don't get paid

0:22:53.280 --> 0:22:54.200
<v Speaker 1>on the back end for that.

0:22:54.840 --> 0:22:58.240
<v Speaker 2>Because whoever he who pays the piper determines the tune.

0:22:58.480 --> 0:23:00.760
<v Speaker 1>What does that mean? That means if.

0:23:00.600 --> 0:23:03.040
<v Speaker 2>Angelie got money from the insurance company, she gonna do

0:23:03.119 --> 0:23:03.600
<v Speaker 2>what they want.

0:23:03.760 --> 0:23:06.160
<v Speaker 1>Antealie gets paid by me, so she do what I want.

0:23:07.000 --> 0:23:09.200
<v Speaker 2>That makes sense, So I don't want nobody who's getting

0:23:09.200 --> 0:23:12.000
<v Speaker 2>no back end money from like people that they're upselling

0:23:12.040 --> 0:23:14.199
<v Speaker 2>me to. That's how them doctors, you know, like all

0:23:14.240 --> 0:23:17.680
<v Speaker 2>those pharmaceuticalum one of my friends used to be like

0:23:17.720 --> 0:23:19.760
<v Speaker 2>the pharmaceutical reps.

0:23:20.040 --> 0:23:22.000
<v Speaker 1>You know, they begin the doctors all these free stuff,

0:23:22.000 --> 0:23:22.760
<v Speaker 1>and doctor got.

0:23:22.640 --> 0:23:26.639
<v Speaker 2>You oncopin for man's a paying all this stuff. Meanwhile

0:23:26.680 --> 0:23:29.680
<v Speaker 2>you got a stomach ache because the doctor getting some kickback.

0:23:30.200 --> 0:23:32.480
<v Speaker 1>Y'all know y'all be doing that. Not you, not you,

0:23:32.560 --> 0:23:34.960
<v Speaker 1>doctor Leelee. I'm sure you're great, but I'm saying, I

0:23:35.040 --> 0:23:37.080
<v Speaker 1>know you know how you have some doctor friends that

0:23:37.200 --> 0:23:40.080
<v Speaker 1>be writing all them for scriptions, you know, and so

0:23:40.440 --> 0:23:43.399
<v Speaker 1>he who pays the piper who is paying your financial advisor? You.

0:23:43.840 --> 0:23:48.720
<v Speaker 1>I pay Auntealie monthly on a one year what's it

0:23:48.760 --> 0:23:50.679
<v Speaker 1>called it? Like, it costs me one year, and I pay.

0:23:50.560 --> 0:23:52.560
<v Speaker 2>On a lot because she does me and the budgetista

0:23:52.600 --> 0:23:54.439
<v Speaker 2>is so high end, which is fifty I think I

0:23:54.440 --> 0:23:56.280
<v Speaker 2>pay her like fifteen thousand dollars a year. That's a

0:23:56.320 --> 0:24:00.399
<v Speaker 2>lot on the typically low end, lower end looking at

0:24:00.440 --> 0:24:03.720
<v Speaker 2>about five thousand dollars a year, you know, But then

0:24:03.840 --> 0:24:06.280
<v Speaker 2>you can also pay hourly, which a friend of mine

0:24:06.320 --> 0:24:09.359
<v Speaker 2>just meets with her financial advisor, you know, like twice

0:24:09.359 --> 0:24:11.080
<v Speaker 2>a year and she pays hourly. And you could just

0:24:11.119 --> 0:24:14.560
<v Speaker 2>pay for a project like help me create this whatever

0:24:14.640 --> 0:24:17.000
<v Speaker 2>plan and maybe that's like fifteen hundred dollars.

0:24:16.760 --> 0:24:19.080
<v Speaker 1>So pay upfront.

0:24:19.560 --> 0:24:21.879
<v Speaker 2>No, aum, these are just like you know, like I

0:24:21.920 --> 0:24:23.040
<v Speaker 2>might give you financial advice.

0:24:23.040 --> 0:24:24.560
<v Speaker 1>I'm just certain what I did.

0:24:25.800 --> 0:24:27.879
<v Speaker 2>And you know, like you use the free tools that

0:24:27.920 --> 0:24:30.119
<v Speaker 2>I've given you to help map out the right person

0:24:31.359 --> 0:24:33.840
<v Speaker 2>and following your taxes like you know, I don't know

0:24:33.920 --> 0:24:36.560
<v Speaker 2>how if you have your own business or as a physician, whatever,

0:24:37.760 --> 0:24:39.800
<v Speaker 2>but yes, having like you know, not no H and

0:24:39.880 --> 0:24:43.159
<v Speaker 2>R blocks. Sorry, I'm sorry there was ever gonna sponsor us,

0:24:43.160 --> 0:24:47.040
<v Speaker 2>but don't do that. Go ahead to like a regular accountant,

0:24:47.119 --> 0:24:48.800
<v Speaker 2>and yes, let them file your taxes.

0:24:48.960 --> 0:24:51.639
<v Speaker 1>Taxes usually be a maybe between six hundred to.

0:24:51.680 --> 0:24:54.919
<v Speaker 2>One thousand dollars to have your taxes filed because you

0:24:54.960 --> 0:24:56.280
<v Speaker 2>just want to make sure you have all your stuff

0:24:56.280 --> 0:24:58.040
<v Speaker 2>in a row. So asking for help is never a

0:24:58.080 --> 0:25:00.560
<v Speaker 2>bad thing. Sometimes it does cost to pay for word, okay,

0:25:01.840 --> 0:25:04.600
<v Speaker 2>And yeah, so you know girl, you know, you know

0:25:04.640 --> 0:25:06.119
<v Speaker 2>you're on the next stage of your life, you know,

0:25:06.160 --> 0:25:08.200
<v Speaker 2>take care of you and your beautiful babies. Doctor Lealey,

0:25:08.560 --> 0:25:11.240
<v Speaker 2>we'll see you in these financial streets. If you want

0:25:11.320 --> 0:25:12.760
<v Speaker 2>my body and you.

0:25:12.640 --> 0:25:14.800
<v Speaker 1>Think I'm sexy, that's a song somebody y'all too young.

0:25:15.800 --> 0:25:19.119
<v Speaker 2>If you want our advice and you think I'm smarty,

0:25:19.200 --> 0:25:20.800
<v Speaker 2>come my lady, let me know.

0:25:21.359 --> 0:25:22.439
<v Speaker 1>I edit it for y'all.

0:25:23.119 --> 0:25:27.520
<v Speaker 2>Go ahead on over to Branna Vision Podcast on ig

0:25:28.240 --> 0:25:32.000
<v Speaker 2>or Brannivision podcast dot com. Click contact us. You can

0:25:32.000 --> 0:25:40.080
<v Speaker 2>ask your questions there. Questions about money, career, business, entrepreneurship, finance, honey, career,

0:25:40.080 --> 0:25:42.320
<v Speaker 2>oh that's a career, even your life, honey. You might

0:25:42.359 --> 0:25:44.560
<v Speaker 2>want some life advice. I don't know all the things,

0:25:44.560 --> 0:25:47.480
<v Speaker 2>but I know some things until next week. Oh before

0:25:47.520 --> 0:25:49.920
<v Speaker 2>I leave, can you please, please please if you find

0:25:49.920 --> 0:25:53.080
<v Speaker 2>any use for Wednesday's episode, I want to talk about

0:25:53.119 --> 0:25:56.600
<v Speaker 2>the benefits of building community or this episode, share it

0:25:56.640 --> 0:26:00.479
<v Speaker 2>with a friend. Okay, Sharing is caring. We want our

0:26:00.480 --> 0:26:02.680
<v Speaker 2>podcast to grow. We want more sisters to find us,

0:26:02.880 --> 0:26:04.399
<v Speaker 2>brothers too. We don't turn nobody around.

0:26:04.560 --> 0:26:05.800
<v Speaker 1>Sisters. How y'all feel it? Brothers?

0:26:05.880 --> 0:26:09.520
<v Speaker 2>Y'all all right, and please leave us a review wherever

0:26:09.560 --> 0:26:12.040
<v Speaker 2>you listen to the podcast that helps for us to

0:26:12.160 --> 0:26:16.639
<v Speaker 2>get more people listening. All right, until next week, Bye y'all,

0:26:16.680 --> 0:26:18.639
<v Speaker 2>and send your love to Mandy too, Bye, y'all.