Speaker 1: It's time for the b a q a a to
Speaker 1: b a q a A. The b a q a just.
Speaker 2: Tip fineit the b a q a not manday, but
Speaker 2: a q a. But I still got you a. So
Speaker 2: this is browna mention question answers. You have questions, although
Speaker 2: I might not have all the answers, I have some
Speaker 2: advice that you take with a grain of salt, but
Speaker 2: not really advice.
Speaker 1: It's just I'm just sharing.
Speaker 2: And you're gonna lean into the professionals in your life
Speaker 2: like your I'm not your your mama, your daddy.
Speaker 1: I'm not your financial advice.
Speaker 2: I'm not your attorney, honey, I'm not your h assurance
Speaker 2: agent whomever. Right, So you're gonna lean it to them.
Speaker 2: But you know, I'm just a smart brown girl that
Speaker 2: knows some brown girl things. Okay, Okay, so go through
Speaker 2: your grandma, not us. All right, So if you have
Speaker 2: a question that you want to submit, a question about business,
Speaker 2: by personal finance, about career money, go ahead on over
Speaker 2: to our insta brand Ambition podcast and you can dm
Speaker 2: us or and you can also email us by going
Speaker 2: to Brandimbision podcast dot com and click contact us. Okay,
Speaker 2: all right, so let's get started two questions. Quick question
Speaker 2: from anonymous. I'm gonna call you Universal.
Speaker 1: She said, Hey, ladies, quick.
Speaker 2: Question from anonymous, thoughts on transferring funds for my kids
Speaker 2: college fund, which is a five twenty nine plan into
Speaker 2: their Index Universal policy, thinking I may get more banged
Speaker 2: from my buck. I appreciate all that you do, keeping
Speaker 2: amazing GIRLA. First of all, I hate the fact that
Speaker 2: you have an Index Universal insurance policy.
Speaker 1: They got you good. Here's the thing.
Speaker 2: I'm gonna take it from the word of get Ver Money.
Speaker 2: You know my NewYork Times, that seller that has sold
Speaker 2: over two hundred and seventy thousand copies, and so I
Speaker 2: personally entered deuce. If you have this book, go ahead
Speaker 2: on a turn to the get Good with Insurance chapter,
Speaker 2: and we're going to run on the page of two
Speaker 2: two forty six that I interviewed my financial advisor for
Speaker 2: this and other financial advisors, but especially on Julie. So
Speaker 2: there are two core types of insurance policies for all
Speaker 2: those listening, including Universal, who just hit me up right.
Speaker 2: So term is for a specific term number of years.
Speaker 2: You know, for example, a thirty year policy or twenty
Speaker 2: year policy you can get for a specific term of time,
Speaker 2: and term is traditionally costs less money than the second
Speaker 2: type of policy, which is a permanent insurance policy, often
Speaker 2: referred to as whole life or universal, which is what
Speaker 2: you shared now. Whole life, it never expires. It's a
Speaker 2: policy for which you have multipayments and to your death,
Speaker 2: at which time your beneficiaries will.
Speaker 1: See the full amount of the promise.
Speaker 2: Policy, you know, structure differently than term, and so you
Speaker 2: get life insurance benefits. You can also access to cash
Speaker 2: you put in. Now here's kind of like what they
Speaker 2: sell you on. Now here's the thing. I want you
Speaker 2: to take a step back. On the surface, it's like, well, dug,
Speaker 2: I should get permanent because I want to keep paying
Speaker 2: so that way my beneficiaries will get it even if
Speaker 2: I live past the thirty years. So on the surface,
Speaker 2: it seems like permanent or whole life universal sounds great. Now,
Speaker 2: remember I'm not telling you what to do. This is
Speaker 2: not financial advice. This is just what I'm doing for
Speaker 2: my life. Akild, don't believe yourself. Now, Term on the
Speaker 2: surface doesn't sound it's great. Oh it's only thirty years.
Speaker 2: But here's the thing. Insurance is not a money making tool.
Speaker 2: Finis it again? Insurance is not a money making tool.
Speaker 2: It's a protection tool. But the life insurance companies have
Speaker 2: been boozled, tricked and to y'all to get you to
Speaker 2: look at life insurance as a potential money making tool.
Speaker 1: Is not. Think about your car insurance. You make money
Speaker 1: off your car insurances? You don't.
Speaker 2: What about pet insurance? You mad that Fluffy is still alive?
Speaker 2: You make money off your pet insurance, you don't. What
Speaker 2: about home insurance? You make money off your home insurance,
Speaker 2: you don't. Insurance is there to protect you, not to
Speaker 2: make money off of.
Speaker 1: But they have figured out with life.
Speaker 2: Insurance how to trick you into thinking you should make
Speaker 2: money off of it. Here's the thing, hokeey, lowkey. You
Speaker 2: don't make no money off of even universal. There's no
Speaker 2: money to be made. So I'll give you an example.
Speaker 2: Forty year old woman, non smoker, if she was going
Speaker 2: to get a thirty year term policy for about a
Speaker 2: million dollar thirty year term policy about forty you're looking
Speaker 2: at about forty.
Speaker 1: Or fifty bucks a month.
Speaker 2: That means within the thirty years between forty and seventy.
Speaker 2: If she passes away before she reaches seventy years old,
Speaker 2: fifty bucks a month is she's gonna be paying monthly,
Speaker 2: and then that million dollars will go to whoever her
Speaker 2: beneficiaries are. Those are the people that you signed out
Speaker 2: and your sister, your cousin, your mother, your kids, who
Speaker 2: went for your husband, your partner, whoever? Right for about
Speaker 2: forty to fifty bucks a month for a term thirty
Speaker 2: year policy for a healthy forty year a woman. Guess
Speaker 2: how much a million dollar policy for Universal will cost you?
Speaker 2: On average, about seven hundred and forty dollars. You would
Speaker 2: have to pay an additional seven hundred dollars a month.
Speaker 1: You know what, y'all gonna make me mad. I'm gonna
Speaker 1: do the math. Child, I'm gonna do the math. Where's
Speaker 1: my calculator? Just how they be getting you? Child seven?
Speaker 2: You're an insurance agent talking about ativeny Shut up for real,
Speaker 2: because you guys should be ashamed of yourself. Seven hundred
Speaker 2: times twelve eighty four hundred additionally a month that you'd
Speaker 2: have to pay just to get that same million dollar policy.
Speaker 1: Poor, k Why way, why why? Why? Why? Why?
Speaker 2: That's ridiculous. You know the only person that really benefits
Speaker 2: from a universal policy is the person selling it to you.
Speaker 2: They eat it good honey off you. That's why the
Speaker 2: ages be so mad when I be talking, go ahead,
Speaker 2: k with your grandma, not me, because I blocked honey.
Speaker 2: So you don't slid on my DMS with the yang
Speaker 2: yang yang right, Our thirty year policy is meant. A
Speaker 2: life insurance policy is meant to cover your working years.
Speaker 2: So you know, my husband passed away, he had a
Speaker 2: life insurance policy, a few of them through his job,
Speaker 2: but also he had an external one.
Speaker 1: Guess what, he was forty one years old.
Speaker 2: It covered his working years, and so now because he's
Speaker 2: not here, he provided for myself and my stepdaughter Lissa,
Speaker 2: because that's what life insurance is supposed to be for.
Speaker 2: It would have expired when he was like seventy or
Speaker 2: seventy five. By then a list will be a grown woman,
Speaker 2: maybe with kids and a partner of her own.
Speaker 1: So certainly, life insurance at its bare core is supposed
Speaker 1: to provide for the peace people that you are currently
Speaker 1: providing for in your working years. I'm gonna say that
Speaker 1: again for the people in the back.
Speaker 2: Life insurance is supposed to provide for the people you're
Speaker 2: currently financially provide for providing for your working years now
Speaker 2: by the time even if you get a thirty year
Speaker 2: policy when the baby is one years old, by the
Speaker 2: time the baby is thirty one, the thought is the
Speaker 2: child is working the only time.
Speaker 1: There are a few times where and maybe it makes sense.
Speaker 2: Let's just say you have a child that special needs
Speaker 2: will always need to be taken care of. There might
Speaker 2: be some leeway there. But for the average person, thirty
Speaker 2: year policy is plenty. It's affordable because sixty percent of
Speaker 2: people don't even pay the full universal because it's so expensive.
Speaker 1: It's the first thing to go.
Speaker 2: People say, oh, I got forty bucks a month to
Speaker 2: keep up a million dollar policy even though I lost
Speaker 2: my job. But people say, I don't have seven hundred
Speaker 2: and forty bucks a month even though I lost my job,
Speaker 2: So they get to keep.
Speaker 1: All that money. You'll get okay. So here's some things
Speaker 1: that I wrote in the book.
Speaker 2: Right, if the insurance broker says permanent life insurance acts
Speaker 2: like a tax deferral because you put the money in
Speaker 2: and you can essentially take out tax free loan for
Speaker 2: a tax free loan for the amount. What you need
Speaker 2: to know that is, while it's true it doesn't mean
Speaker 2: it's the best way.
Speaker 1: For you to get a tax deferral.
Speaker 2: Make sure you're already taking advantage of all the pre
Speaker 2: tax deferral accounts that are available to you, like a
Speaker 2: four to one k or ira iras an individual retirement account.
Speaker 2: And so a permanent life insurance policy is not the
Speaker 2: only tax planning strategy, nor is it the best, and
Speaker 2: it's probably the most expensive. If the insurance broker says
Speaker 2: it's building value because it has cass value.
Speaker 1: You need to know that there are better ways to
Speaker 1: build your wealth. Do some quick math.
Speaker 2: What's the difference between what you would pay for a
Speaker 2: term policy per year versus the permanent policy in this
Speaker 2: example seven hundred dollars a month eighty four hundred dollars
Speaker 2: a year.
Speaker 1: What would you do if you put that into the
Speaker 1: stock market. Here's the thing. Listen to me closely to
Speaker 1: consumer reports. The average annual rate of return for a
Speaker 1: whole life guaranteed cast value this is a very popular
Speaker 1: type of permanent life insurance policy is one point five percent.
Speaker 1: Did you know what I said? The rate of return?
Speaker 2: Child, you could just put your money in a savings
Speaker 2: account and they're going to give you more. If you're
Speaker 2: currently listening to this in two thousand. In February twenty
Speaker 2: twenty four, I think minus like four percent of four
Speaker 2: and a half four and a half percent, So that
Speaker 2: cast value. They'll be telling you, Oh, it's value, yes,
Speaker 2: baty cat value, it's bassula. If you're my Spanish friend,
Speaker 2: you know I say garbage. One point five percent, and
Speaker 2: that's not I didn't say that. Don't be mad at me.
Speaker 1: Consumer reports senate that that is the average rate of
Speaker 1: return one point five percent. Says all that money that
Speaker 1: you're putting up for one point five percent. Meanwhile, the
Speaker 1: market in the last thirty years had yielded on an
Speaker 1: average seventy eight percent, in the last one hundred years
Speaker 1: ten percent.
Speaker 2: So you could have taken that seven seven dollars seven
Speaker 2: hundred dollars monthly, put it into the market and got
Speaker 2: on a conservative seven percent return over the next ten
Speaker 2: years or so. Chall But you want your one point
Speaker 2: five percent because it's cats value. That's how they get you.
Speaker 2: That's how they get you. And so I made a mistake.
Speaker 2: I said before that sixty percent of people don't pay
Speaker 2: that's not true. According to the Society of Actuaries, forty
Speaker 2: five percent of whole life insurance policy holders surrendered their policy,
Speaker 2: which means stop paying within the.
Speaker 1: First ten years.
Speaker 2: Ooh, that means about half of the people with the
Speaker 2: most popular type of permanent policies whole life pay all
Speaker 2: these big premiums and never see a return.
Speaker 1: Chow. Why you know.
Speaker 2: You'll hear like insurance brokers will say something like, you'll
Speaker 2: have this benefit that you can provide to your children
Speaker 2: no matter what, even if you don't have other assets.
Speaker 1: They get this life insurance policy from you. But you
Speaker 1: need to know.
Speaker 2: That this guarantee comes at a significant cost that for
Speaker 2: most people doesn't make sense because are here now. You
Speaker 2: want that seven hundred dollars for them later or now monthly?
Speaker 2: You know what I mean? Like you be putting that
Speaker 2: money up, you know. Like, so I just want you
Speaker 2: to understand that like for you universal that you know,
Speaker 2: I see you already have a universal life insurance policy
Speaker 2: for your kids.
Speaker 1: Consider term life insurance.
Speaker 2: Now here's the thing, and life insurance is certainly a
Speaker 2: way for you to pass on wealth. So let's just
Speaker 2: say you've done all the other things, You've maximized your
Speaker 2: four one K.
Speaker 1: You know, maybe you have a wroth.
Speaker 2: You know, you're investing in the market, you're doing all
Speaker 2: these other maximizing things when it comes to your money,
Speaker 2: because you sat that with financial advisor and then you've
Speaker 2: done all the things and you're like, Okay, I want
Speaker 2: to leave wealth to my family. Like for example, when
Speaker 2: my husband was here, I had a I I saw
Speaker 2: my term policies, and my financial advisor asked me if
Speaker 2: I wanted to cancel them because now he's not here
Speaker 2: and they are multiple steven figures, and I said no,
Speaker 2: because the cost is nominal to me for the years
Speaker 2: maybe like I don't know, fifteen hundred dollars a year,
Speaker 2: not a month a year, and it would leave my
Speaker 2: current family with multiple seven figures. That's going to go
Speaker 2: to a trust and the trust will dispense it to
Speaker 2: my current family. Now I don't have to do that.
Speaker 1: Because guess what, I am not financially taking care of
Speaker 1: my sisters.
Speaker 2: And my nieces and my nephews. You know, but it
Speaker 2: is a way to pass along wealth. I'm only continuing
Speaker 2: to pay the fifteen hundred to two thousand dollars annually
Speaker 2: because Angelie, my financial advisor said, you don't have to
Speaker 2: because Jerell's not here. Essentially it was for him, and
Speaker 2: I've already said a sign money for a listen, she's good, right,
Speaker 2: But because I already maximize every other area, to me,
Speaker 2: it's worth it as an additional way to pass on
Speaker 2: wealth to my family.
Speaker 1: Now that's after doing the other things.
Speaker 2: Does that make sense that like life insurance can certainly
Speaker 2: help you pass along wealth that you don't have access to. Candidly,
Speaker 2: my husband never made over sixty thousand dollars a year,
Speaker 2: but he was able to leave a good amount of
Speaker 2: money for myself and Alyssa through life insurance. But even
Speaker 2: then he had term because it would.
Speaker 1: Have taken away from our daily life, the cost of
Speaker 1: universal whole life.
Speaker 2: So I said all that amount of this to say, child,
Speaker 2: keep that money in that from five to twenty nine plan.
Speaker 2: And you know, because you want to be careful because
Speaker 2: five twenty nine is also our tax advantage plan. So
Speaker 2: if before taking that money out, you want to make
Speaker 2: sure that it's taking out in a way that's not
Speaker 2: going to trigger taxes for you, because it is a
Speaker 2: tax advantage plan. And if you are thinking about taking
Speaker 2: the money out because you wanted to like be in
Speaker 2: some sort of like index fund or something like that.
Speaker 1: Like you can consider something called a custodial account.
Speaker 2: A custodial account is the kind of account that I
Speaker 2: have for my nieces and nephews. So I put money
Speaker 2: in there, and Alyssa too, I put money in their account.
Speaker 2: That's how I'm paying for college for her. Is that
Speaker 2: it's not a five twenty nine because I don't know
Speaker 2: what school finn to look like because my oldest nephew
Speaker 2: is eight. So instead of custodial account basically is like
Speaker 2: an investment account specifically where it can be used any
Speaker 2: kind of way, but it's not tax advantage.
Speaker 1: But I'm willing to do that because I don't know
Speaker 1: what school is going to look like. The youngest niece
Speaker 1: is a million no, Maymi is six.
Speaker 2: That means Lily is five, right, So I don't know
Speaker 2: what school is going to look like in like twelve
Speaker 2: years or whatever. But I saw I have custodial accounts
Speaker 2: for them, So yeah, like you know there are This
Speaker 2: is why asking for help and I'm so glad you
Speaker 2: wrote in anonymous. It's really important when it comes to
Speaker 2: your personal finances because you want to make sure that
Speaker 2: you're maximizing your money, you know, like it is. Certainly
Speaker 2: we're here to look after our future, but not completely
Speaker 2: at the cost of our current life, now, you know.
Speaker 2: And that's a really big price to pay for a
Speaker 2: very little payoff.
Speaker 1: Does that make sense? I hope it does.
Speaker 2: Okay, all right, Harry, were gonna take a quick break
Speaker 2: and we come back.
Speaker 1: I'm gonna take my second quite shaw, We are back
Speaker 1: and blacker then ever.
Speaker 2: All right, So I've got an email from Girl. You're
Speaker 2: not say to keep your name anonymous, but I feel
Speaker 2: like it's a little personal, so I'm gonna call you
Speaker 2: Lee Le Okay, Lee, Lily said, Hi, Tiffany and Mandy.
Speaker 2: I love your show. Thank you, thank you so much
Speaker 2: for your financial insight each week. I've been separated from
Speaker 2: my partner since May twenty twenty three. We have been
Speaker 2: living separately since then in.
Speaker 1: Our three year old child, OH and our three children
Speaker 1: have been living with me. I cover pretty much all
Speaker 1: of the expenses for our children. His contributions have been minimal,
Speaker 1: and I will be moving forward with getting a divorced
Speaker 1: this year. Okay.
Speaker 2: Fortunately, I have been blessed to have a stable job
Speaker 2: as a physician. Okay, Girl, get money, honey, and financially
Speaker 2: I believe and I'm in a good place. Oh this
Speaker 2: is good, she said, I make over two hundred and
Speaker 2: fifty thousand dollars a year. I love that for you.
Speaker 2: Smart cis Doctor Lee, I need to update it. We're
Speaker 2: gonna call you a doctor Lely. Doctor Lee says, my
Speaker 2: partner used to take care of our taxes and we
Speaker 2: shared expenses when we were together. Now that that's no
Speaker 2: longer the case, I'm wondering if I should look into
Speaker 2: getting a financial advisor and accountant to help me navigate
Speaker 2: things on my own and file my taxes. Thank you
Speaker 2: for your input and advice.
Speaker 1: Doctor Lyly. Honey.
Speaker 2: So, first of all, yes, if you are ready for
Speaker 2: that divorce, going to you know, because you want to
Speaker 2: make sure that you know when you're married. Here finances
Speaker 2: are combined, and I don't know what your partner's finances are,
Speaker 2: but it seems like they're not helping you with the children.
Speaker 2: So that gives me a little indication that I don't
Speaker 2: know where they stand financially, and they might be racking
Speaker 2: up debt, which could be y'all's debt. If you don't,
Speaker 2: you know, remove yourself. But I know divorce is not easy,
Speaker 2: so I'm certainly not advocating for divorce. Do what's best
Speaker 2: for you, but just being mindful that they are financial ramifications.
Speaker 2: With that being said, you said, should I get looking
Speaker 2: to getting a financial advisor?
Speaker 1: Yes, doctor Leee, I actually have a website called oh
Speaker 1: what is it called?
Speaker 2: Oh your moneymatch dot Com. I partner with this organization
Speaker 2: that helps you match you for free to a financial advisor.
Speaker 2: You're going to fill out a bunch of questions at
Speaker 2: your moneymatch dot Com and it's going to give you
Speaker 2: up to three potential financial advisors that you're going to interview.
Speaker 2: Now here's the thing, the reason why I'm not giving
Speaker 2: you the organization's name directly.
Speaker 1: They hate that I'm doing, but I don't care.
Speaker 2: I'm not thinking about them, thinking about you, because when
Speaker 2: you go to your money match dot com before you
Speaker 2: get matched, I will give you the questions to ask,
Speaker 2: like a document to fill out so you're ready.
Speaker 1: So this is a.
Speaker 2: Document that I feel that when I was looking for
Speaker 2: my financial advisor and I found her Angeline like, I
Speaker 2: created a document called your soul called financial Life that
Speaker 2: gave her an idea of who I am finance Antley.
Speaker 2: I submitted it to her and a bunch of people
Speaker 2: ahead of time so we can have an educated conversation
Speaker 2: about who I was financially with my goals and hopes
Speaker 2: and dreams are.
Speaker 1: So I give you that you.
Speaker 2: My so called financial life document. I give you the
Speaker 2: questions to ask them what to look out for. You
Speaker 2: do the quick quiz, which is literally just a few minutes.
Speaker 2: Then they're going to send you an email of like
Speaker 2: up to three financial advisors that might be a fit,
Speaker 2: and you're going to interview them to make sure that
Speaker 2: they're fit.
Speaker 1: And if not, go back take the quiz again and
Speaker 1: get some new people.
Speaker 2: And so that's why I won't give you the name
Speaker 2: of the company directly, because I told them I need
Speaker 2: to be in the middle of that, and they just
Speaker 2: told me the other day, which I'm so happy about
Speaker 2: that the people that go to your moneymatch dot com
Speaker 2: she said that you guys have been showing up so ready,
Speaker 2: the questions that you've been asking, the fact that you
Speaker 2: know your numbers.
Speaker 1: I said, I know.
Speaker 2: That's why I want to get in the middle, because
Speaker 2: I don't want to just fling you to the streets
Speaker 2: and say, oh, go talk to financial advisor.
Speaker 1: How what should you be looking for?
Speaker 2: Like I, for example, one is not only a certified
Speaker 2: financial planner, which is critical. It's a difference between just
Speaker 2: a regular financial advisor that's the gold standard, a certified
Speaker 2: financial planner, and the organization that I connect you to
Speaker 2: only has certified financial planners.
Speaker 1: Not only does she have that, she's also a CPA,
Speaker 1: a certified public accountant.
Speaker 2: For me, a business owner, that was critical. A I
Speaker 2: don't need all that. I pay Angelie good money because
Speaker 2: not only does she advise me on the money side
Speaker 2: of the tifney side, but also on the budgetnies to
Speaker 2: side a business. So it might be an overkill for
Speaker 2: someone but not for me. And so it's not enough
Speaker 2: of me to like, oh, you know, work with Angelie. No,
Speaker 2: you want a financial advisor, a certified financial planner.
Speaker 1: That matches you.
Speaker 2: You might find someone who navigates folks who are going
Speaker 2: through divorce, like for example, Angelie. Actually her husband is
Speaker 2: a physician and a lot of her clients are physicians
Speaker 2: that have their own practices, so she does a lot
Speaker 2: of small businesses and physicians. She does high networks individuals.
Speaker 2: So I share all that to say that it's not
Speaker 2: one size fit all when it comes to financial planners.
Speaker 2: That's why I said your moneymatch dot com. It's totally
Speaker 2: free to get matched. Financial advisors are not free, but
Speaker 2: it is totally free to get matched. And like I said,
Speaker 2: all the resources I give you to find the right match,
Speaker 2: I give those away for free, Okay, And so yes
Speaker 2: you should, absolutely, I think at least have a chat
Speaker 2: with the financial advisor. A lot of people are anti
Speaker 2: financial advisor. I don't believe in having a financial advisor.
Speaker 2: They're gonna be mad at me this organization.
Speaker 1: I don't care. You're not the boss of me. I'm
Speaker 1: the boss of me.
Speaker 2: I don't believe in call financial advisors that do aum
Speaker 2: assets under management?
Speaker 1: What does that mean?
Speaker 2: That means they manage your assets. Say let's just say
Speaker 2: you have you give them one hundred thousand dollars to manage.
Speaker 2: They'll take a percentage, usually about one percent and ends
Speaker 2: up being way too expensive over the life. I like
Speaker 2: financial advisors that I paid them a lump sum, whether
Speaker 2: it's monthly, annually or whatever or just one time. So
Speaker 2: financial advisors that do that, let's just say, I say, oh,
Speaker 2: I want a.
Speaker 1: Financial plan, and they said okay.
Speaker 2: Plans are usually between twelve hundred and fifteen hundred dollars.
Speaker 2: They give you the plan, you work the plan, boom,
Speaker 2: you're done, versus you by the time a financial avisor
Speaker 2: takes one percent, which doesn't sound like much, it actually
Speaker 2: combines to basically typically eat up almost all of your gains. No,
Speaker 2: I don't believe AUM, so that's just my two cents,
Speaker 2: and I don't believe in navigating financial advisors that take AUM.
Speaker 2: A lot of my friends don't believe in financial advisors
Speaker 2: at all because they're like, you can put it into
Speaker 2: an etf ork or a money market and not a
Speaker 2: money market, a mutual fund and make you know, just
Speaker 2: basically pick an index fund. That meant that navigates how
Speaker 2: the market navigates, So the S and P five hundred
Speaker 2: top five hundred companies. You could literally choose an index fund,
Speaker 2: put the money in there, and what the market does,
Speaker 2: your money does and the market on the last thirty
Speaker 2: years has returned about eight percent or more, you know,
Speaker 2: So you don't need a financial advisor to do that.
Speaker 2: That's what they would argue. But as someone who lost
Speaker 2: their spouse, I will say, I.
Speaker 1: Am so grateful.
Speaker 2: I had a financial advisor because a Julie, it wasn't
Speaker 2: just about here's what you do with your money. A
Speaker 2: really good financial advisor is holistic. Before drew past away
Speaker 2: because it was an aneurysm, so it was really sudden.
Speaker 2: Angelie asked for all my financial paperwork. He had a
Speaker 2: pension at work, we had life insurance policy, we had
Speaker 2: all this stuff. Anjalie looked at all of our insurances everything.
Speaker 2: A good financial advisor doesn't sell insurance. Sorry for those
Speaker 2: PEO people who are mad at me, kick rocks because
Speaker 2: y'all be over selling people's stuff that they don't sell insurance.
Speaker 2: They don't sell anything, just information. Just Hey, Tiffany, here's
Speaker 2: what I suggest. Angealie would say, Hey Tiffany, you are
Speaker 2: under insured. You need to get more insurance. Go talk
Speaker 2: to your insurance company, who I'm not connected to, and.
Speaker 1: Ask for this type of insurance. She don't get paid
Speaker 1: on the back end for that.
Speaker 2: Because whoever he who pays the piper determines the tune.
Speaker 1: What does that mean? That means if.
Speaker 2: Angelie got money from the insurance company, she gonna do
Speaker 2: what they want.
Speaker 1: Antealie gets paid by me, so she do what I want.
Speaker 2: That makes sense, So I don't want nobody who's getting
Speaker 2: no back end money from like people that they're upselling
Speaker 2: me to. That's how them doctors, you know, like all
Speaker 2: those pharmaceuticalum one of my friends used to be like
Speaker 2: the pharmaceutical reps.
Speaker 1: You know, they begin the doctors all these free stuff,
Speaker 1: and doctor got.
Speaker 2: You oncopin for man's a paying all this stuff. Meanwhile
Speaker 2: you got a stomach ache because the doctor getting some kickback.
Speaker 1: Y'all know y'all be doing that. Not you, not you,
Speaker 1: doctor Leelee. I'm sure you're great, but I'm saying, I
Speaker 1: know you know how you have some doctor friends that
Speaker 1: be writing all them for scriptions, you know, and so
Speaker 1: he who pays the piper who is paying your financial advisor? You.
Speaker 1: I pay Auntealie monthly on a one year what's it
Speaker 1: called it? Like, it costs me one year, and I pay.
Speaker 2: On a lot because she does me and the budgetista
Speaker 2: is so high end, which is fifty I think I
Speaker 2: pay her like fifteen thousand dollars a year. That's a
Speaker 2: lot on the typically low end, lower end looking at
Speaker 2: about five thousand dollars a year, you know, But then
Speaker 2: you can also pay hourly, which a friend of mine
Speaker 2: just meets with her financial advisor, you know, like twice
Speaker 2: a year and she pays hourly. And you could just
Speaker 2: pay for a project like help me create this whatever
Speaker 2: plan and maybe that's like fifteen hundred dollars.
Speaker 1: So pay upfront.
Speaker 2: No, aum, these are just like you know, like I
Speaker 2: might give you financial advice.
Speaker 1: I'm just certain what I did.
Speaker 2: And you know, like you use the free tools that
Speaker 2: I've given you to help map out the right person
Speaker 2: and following your taxes like you know, I don't know
Speaker 2: how if you have your own business or as a physician, whatever,
Speaker 2: but yes, having like you know, not no H and
Speaker 2: R blocks. Sorry, I'm sorry there was ever gonna sponsor us,
Speaker 2: but don't do that. Go ahead to like a regular accountant,
Speaker 2: and yes, let them file your taxes.
Speaker 1: Taxes usually be a maybe between six hundred to.
Speaker 2: One thousand dollars to have your taxes filed because you
Speaker 2: just want to make sure you have all your stuff
Speaker 2: in a row. So asking for help is never a
Speaker 2: bad thing. Sometimes it does cost to pay for word, okay,
Speaker 2: And yeah, so you know girl, you know, you know
Speaker 2: you're on the next stage of your life, you know,
Speaker 2: take care of you and your beautiful babies. Doctor Lealey,
Speaker 2: we'll see you in these financial streets. If you want
Speaker 2: my body and you.
Speaker 1: Think I'm sexy, that's a song somebody y'all too young.
Speaker 2: If you want our advice and you think I'm smarty,
Speaker 2: come my lady, let me know.
Speaker 1: I edit it for y'all.
Speaker 2: Go ahead on over to Branna Vision Podcast on ig
Speaker 2: or Brannivision podcast dot com. Click contact us. You can
Speaker 2: ask your questions there. Questions about money, career, business, entrepreneurship, finance, honey, career,
Speaker 2: oh that's a career, even your life, honey. You might
Speaker 2: want some life advice. I don't know all the things,
Speaker 2: but I know some things until next week. Oh before
Speaker 2: I leave, can you please, please please if you find
Speaker 2: any use for Wednesday's episode, I want to talk about
Speaker 2: the benefits of building community or this episode, share it
Speaker 2: with a friend. Okay, Sharing is caring. We want our
Speaker 2: podcast to grow. We want more sisters to find us,
Speaker 2: brothers too. We don't turn nobody around.
Speaker 1: Sisters. How y'all feel it? Brothers?
Speaker 2: Y'all all right, and please leave us a review wherever
Speaker 2: you listen to the podcast that helps for us to
Speaker 2: get more people listening. All right, until next week, Bye y'all,
Speaker 2: and send your love to Mandy too, Bye, y'all.