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Speaker 1: Hey, hey, ba fam, It's Mandy here with another episode

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Speaker 1: of b a QA, our show where we take you

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Speaker 1: your questions and give you answers. Now, this is answers

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Speaker 1: with a lowercase A. I am not your financial advisor.

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Speaker 1: I am not your investment advisor. I'm not your career

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Speaker 1: advisor unless you work with me through my Mandy Money

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Speaker 1: Coaching service. But I am here to just give you

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Speaker 1: my ideas. Now. With that said, as we always say

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Speaker 1: in the show, as Tiffany would say if she were here,

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Speaker 1: see your grandmama, not us. I actually don't know why

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Speaker 1: she encourages anyone to sue their grandma, but you know what,

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Speaker 1: I'm just gonna go with it and love and big

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Speaker 1: virtual hugs to Tiffany. As always, let's get into today's show.

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Speaker 1: You know what, We're doing a lot of personal finance

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Speaker 1: questions today. It's been a minute. I feel like I

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Speaker 1: get so many career questions now, But let's get back

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Speaker 1: to business when it comes to money. Okay, y'all, Remember

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Speaker 1: you can send us your questions at Ambition Podcast at

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Speaker 1: gmail dot com or hit us up on Instagram and

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Speaker 1: we are on Instagram at brand Ambition Podcast. You can

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Speaker 1: also ping me directly. I'm at Mandy money on IG

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Speaker 1: love getting your questions. Remember you can be anonymous, Okay,

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Speaker 1: we don't have to put your entire business out there.

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Speaker 1: You're already being so generous to ask your question publicly

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Speaker 1: or semi publicly with the show. So just let us

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Speaker 1: know if you want us to change your name or

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Speaker 1: you know, let you remain anonymous. I get it. Money

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Speaker 1: is awkward, money is private. We're here for you. Okay,

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Speaker 1: let's dive into these money questions for today. Our first

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Speaker 1: question comes from IG from listener Elsa. Elsa says, which

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Speaker 1: should be a priority when you have a limited focus?

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Speaker 1: Should you focus on your emergency fund or investing in

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Speaker 1: a four to oh one k oh, Elsa, This is

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Speaker 1: a great question, and I think this is so I mean,

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Speaker 1: it's everything that it's something that so many workers go

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Speaker 1: through when you feel like it's so important to invest, right,

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Speaker 1: But isn't it also important to have cash savings on

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Speaker 1: the side. I don't think it's an either or situation.

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Speaker 1: I think it's a both. And so what I would

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Speaker 1: do is this gets down to the basics, right, So

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Speaker 1: sit down and come up with how much money do

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Speaker 1: you have leftover? After you pay all of your non

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Speaker 1: negotiable expenses, your mortgage or your rent, your car payment,

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Speaker 1: your daycare, whatever you need, food for the table, your

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Speaker 1: your must have expenses, and then what money do you

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Speaker 1: have leftover? Now, this is where you kind of want

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Speaker 1: to divide and conquer. Hopefully you've got a little bit

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Speaker 1: leftover of your budget. If you don't, then that's a

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Speaker 1: bigger issue. But let's assume that you've got money left over.

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Speaker 1: I would say take about I don't know, whatever percentage

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Speaker 1: you feel comfortable with. You can take fifty to fifty,

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Speaker 1: So take fifty percent of whatever you have left over.

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Speaker 1: You can put fifty percent of that money into your

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Speaker 1: savings account and then invest the rest. But don't forget

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Speaker 1: when it comes to your four to one K. If

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Speaker 1: you take advantage of the traditional four one K, which

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Speaker 1: is when you're actually putting money in pre tax, it

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Speaker 1: actually allows you to use money that otherwise would have

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Speaker 1: been paid to Uncle Sam out of your paycheck and

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Speaker 1: put that money directly into your retirement funds. And so

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Speaker 1: why I'm pointing that out is that, like let's say

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Speaker 1: your tax rate is twenty five percent, if you were to,

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Speaker 1: you know, take your paycheck and then put one hundred

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Speaker 1: dollars into your retirement account. If you went ahead, that's

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Speaker 1: one hundred dollars after tax, right, But if you hadn't

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Speaker 1: taken advantage of that pre tax four one K, that

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Speaker 1: could be one hundred and twenty five dollars because you're

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Speaker 1: doing that money, getting that money before Uncle Sam takes

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Speaker 1: his little cut. Okay, now he's going to get his

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Speaker 1: cut down the line when you start withdrawing those funds

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Speaker 1: in retirement. But that is one of the benefits of

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Speaker 1: a traditional four to one K that you get to

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Speaker 1: use money before those taxes are taken out, and then

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Speaker 1: it can grow and yay, be happy, and compounding interest

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Speaker 1: and all that magic will happen until you retire, and

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Speaker 1: then you can plan your sort of tax saving strategy

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Speaker 1: with a financial advisor down the line. But going back

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Speaker 1: to the central question, you know, is it an either

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Speaker 1: or should I just be saving money in my savings

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Speaker 1: or investing in a four to one K. I'm a

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Speaker 1: fan of doing both, and I wouldn't overthink necessarily, like

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Speaker 1: maybe it doesn't feel like a lot. Let's say you

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Speaker 1: only have one hundred dollars or a couple hundred dollars

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Speaker 1: that you're able to part with each month, and you

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Speaker 1: split that in half and it's fifty towards your savings

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Speaker 1: and fifty towards your four to one K. It's still something,

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Speaker 1: and at the end of the day, something is better

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Speaker 1: than nothing. When I was starting out, automation was such

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Speaker 1: a huge, huge component, and I can look back at

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Speaker 1: it now, you know, ten eleven, twelve years since I

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Speaker 1: started to invest and really credit not how much I

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Speaker 1: was investing, but how I was investing. With my success,

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Speaker 1: it was the fact that I was investing automatically that

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Speaker 1: helped me grow my net worth and ten x my

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Speaker 1: net worth in just these past five years, from seventy

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Speaker 1: K to seven hundred K, as I've talked about. So

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Speaker 1: when I go back to that automation, and what I

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Speaker 1: mean by that is you go to your employer or

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Speaker 1: your payroll, whatever it is. You can probably do it

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Speaker 1: yourself or get in touch with someone from benefits and

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Speaker 1: ask them how can I automatically contribute to my four

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Speaker 1: to one K where I don't have to go in

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Speaker 1: and manually do it each month. So what I would

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Speaker 1: do is I go into my paycheck online platform and

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Speaker 1: I would say you know, after everything is taken out,

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Speaker 1: I want this much in my four to one k

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Speaker 1: automatically deducted, and then I would actually also automatically transfer

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Speaker 1: money to my savings account. So you can tell your

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Speaker 1: payroll department, here's my savings account routing number, here's where

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Speaker 1: you can find it. Please make sure that fifty dollars

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Speaker 1: or one hundred dollars or whatever it is, goes into

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Speaker 1: the savings account every paycheck. And what was so magical

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Speaker 1: about this, the fact that I had my investing and

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Speaker 1: my savings fund automatically deducted from my paycheck, is that

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Speaker 1: when that paycheck actually hit my checking account, I knew

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Speaker 1: it was money that I could spend, and I knew

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Speaker 1: it was money that I didn't have. I didn't have

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Speaker 1: to feel guilty about spending it on, you know, whatever

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Speaker 1: I want to to do, go to a show, buy

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Speaker 1: myself a new outfit, get fancy coffee in the morning, like,

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Speaker 1: do whatever I needed to do, because that was the

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Speaker 1: money I had to play with. Of course, after my

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Speaker 1: rent and all that other stuff was paid for. So automation, automation, automation.

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Speaker 1: And believe me, if you just start with a little

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Speaker 1: bit and you automate it and you are consistent, you

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Speaker 1: will see that investment grow over time, and also you'll

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Speaker 1: have your emergency fund continually being reinforced with those additional funds.

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Speaker 1: So I hope that was helpful. Please don't stop yourself

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Speaker 1: thinking that you have to come up with the perfect

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Speaker 1: recipe between savings or investing. Tweak it as you go.

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Speaker 1: Something may come up and you may say, oh, I

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Speaker 1: actually had a car repair, or I was out of

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Speaker 1: work for a couple months, and my emergency fund is

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Speaker 1: completely depleted, so let me ratchet it up and shift

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Speaker 1: the balance more towards saving cash versus my four to

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Speaker 1: one K for a while. It's okay. It's a living,

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Speaker 1: breathing plan and you've got a bake and that flexibility

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Speaker 1: so your financial plan or strategy like doesn't become something

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Speaker 1: so rigid that it stops you from actually making progress. Okay,

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Speaker 1: thank you so much for your question, Elsa. Let's get

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Speaker 1: back to the mail bag and see what we got here.

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Speaker 1: Ooh I, okay, this one hits a little you know what,

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Speaker 1: This question I bet will hit close to home for

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Speaker 1: a lot of our listeners, because especially our listeners who

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Speaker 1: are in relationships, because as you know, when you become

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Speaker 1: partners with someone life partners. Now, I don't care if

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Speaker 1: you're married or not married, but if you're a life

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Speaker 1: partner with someone you're committed to each other. It's not

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Speaker 1: just the partner often who you're committing yourselves to, it's

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Speaker 1: also their family. So that brings me to my second

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Speaker 1: questions a day from a listener who would like to

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Speaker 1: remain anonymous, and this listener asks, Nandy, do you believe

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Speaker 1: that someone's son should constantly give his mother large amounts

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Speaker 1: of money because he thinks that she doesn't make enough Anonymous.

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Speaker 1: Very short question, but so loaded and so complex. I'm

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Speaker 1: going to make some assumptions here because we don't have

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Speaker 1: a ton of information, but I'm going to assume that

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Speaker 1: you are in a life partnership with this particular son

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Speaker 1: in question, and that he has been giving his mother money,

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Speaker 1: and I'm going to assume that maybe you would like

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Speaker 1: this to stop now. Listen, I have been in this

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Speaker 1: situation myself, not where I have a spouse or partner

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Speaker 1: consistently giving money to his parents, but certainly there have

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Speaker 1: been times. I mean, my husband and I have been

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Speaker 1: together for a decade now where once in a while,

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Speaker 1: a family member may need help, and maybe it's someone

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Speaker 1: who's asking for help from him or from me, But

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Speaker 1: first and foremost, we always kind of tackle that question

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Speaker 1: together as a unit. And that took me probably until

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Speaker 1: I was had a ring on the finger and was married,

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Speaker 1: married capital and married for me to actually bring him

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Speaker 1: into every financial decision I made. It was a little

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Speaker 1: bit more difficult for me because you know, I'm an

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Speaker 1: independent woman like so many of us are, and I

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Speaker 1: have my own money, So do I need someone's permission? No,

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Speaker 1: But when I had to recognize, or at least for

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Speaker 1: our relationship, it worked better for me to recognize, like,

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Speaker 1: we are a unit. Even though this money technically came

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Speaker 1: into my account, we are a team now and our

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Speaker 1: goals we should all be on the same page about

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Speaker 1: what we're doing with our money and how it's impacting

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Speaker 1: our goals for example. So yeah, we tackle those decisions together.

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Speaker 1: And there have been times where one of us hasn't

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Speaker 1: felt comfortable with giving a certain amount of money to

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Speaker 1: a family member. And I'm not going to name names here,

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Speaker 1: that's not what this is about. But the central issue was, like, oh,

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Speaker 1: someone asked one of us for money, who we cared

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Speaker 1: about and we would have liked to have been able

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Speaker 1: to help them, but as a unit, we weren't on

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Speaker 1: the same page. And there has been times on both

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Speaker 1: sides where we had to accept that okay, well, and

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Speaker 1: then we would kind of compromise. Okay, if it's not

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Speaker 1: this amount of money, what do we as a unit

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Speaker 1: feel comfortable with? And there are those family members y'all

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Speaker 1: know what I'm talking about. They are the ones who

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Speaker 1: you know, it's a little bit then, and then it's

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Speaker 1: a little bit more later, and then it becomes like

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Speaker 1: it doesn't start, you know, as a situation where you

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Speaker 1: know you're getting a question or request regularly, but it

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Speaker 1: becomes more regular, and then there's a trend, and then

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Speaker 1: there's a theme, and then it becomes an issue and

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Speaker 1: then you have to kind of really revisit it as

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Speaker 1: a partnership and ask yourselves like, are we what are

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Speaker 1: we signing up here for? And let's get real, these

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Speaker 1: requests are going to keep coming, so what is our

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Speaker 1: what's our decision here? Are we going to keep saying yes?

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Speaker 1: And if it's having an impact on your ability to

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Speaker 1: reach your financial goals as a unit as a family,

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Speaker 1: then one thousand percent that that warrants a conversation. So

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Speaker 1: I get it. I get what you're saying, anonymous. So

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Speaker 1: it sounds like you're frustrated because your partner has been

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Speaker 1: giving his mother money, you say, large amounts of money

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Speaker 1: because she doesn't make enough. This is a situation where

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Speaker 1: you should talk to him, like sit down and say

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Speaker 1: how much and how long are we comfortable continuing to

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Speaker 1: financially support your mother? And if the answer is this

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Speaker 1: is my which is very well, maybe this is my mom.

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Speaker 1: I can't let my mom go hungry, et cetera. Like

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Speaker 1: what's your response going to be and are you going

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Speaker 1: to be able to make peace with that? It's really

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Speaker 1: hard to tell someone that this family member, especially when

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Speaker 1: it's a parent. It's not always a parent. It's a

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Speaker 1: lot easier to say no if it's like their second

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Speaker 1: third cousin, right, But when it's a mom, his answer

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Speaker 1: may be listen, this is really this is my mother.

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Speaker 1: This is very important to me. I'm making I'm doing well,

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Speaker 1: so I feel responsible for assisting her. And it may

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Speaker 1: take you some time to at least to broach this

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Speaker 1: conversation and not have it ultimately, like not have it

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Speaker 1: immediately go to that place of you're telling me I

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Speaker 1: shouldn't give money to my own mother, like I can

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Speaker 1: already hear the argument right, kind of got to explain

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Speaker 1: to this person and what may work is reminding him

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Speaker 1: of how his decision and how this money that he

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Speaker 1: is giving to his mother is impacting you, guys and

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Speaker 1: your family your goals. You know, what are you unable

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Speaker 1: to accomplish with the amount of money that he's been

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Speaker 1: giving to his mother. You want to always bring it

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Speaker 1: back to yourselves as a team. We are a team.

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Speaker 1: Here's how this amount of money is impacting our capability

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Speaker 1: as a family to reach these goals that I thought

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Speaker 1: we were on the same page about. And it may

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Speaker 1: not be an all or nothing situation. It may not

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Speaker 1: be where you know, he has to stop giving everything

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Speaker 1: right away. You may just be asking for can we

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Speaker 1: scale it back a little bit? Or you know, this

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Speaker 1: is something that I've had to get better at, especially

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Speaker 1: when it comes to family who's asking for money and

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Speaker 1: it starts out as one time, but then it's a

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Speaker 1: few times, and then it's a couple of times a year.

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Speaker 1: It's like, what's the core issue here? How can I

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Speaker 1: actually be helpful besides just giving money. Is there a

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Speaker 1: cash flow problem, has their rent gone up, has something

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Speaker 1: else in their life, has something else in their personal

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Speaker 1: finance has kind of fallen created an issue where they're

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Speaker 1: not able to cover their expenses anymore, And how can

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Speaker 1: we help solve that core issue? Maybe they could use

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Speaker 1: some help around consolidating debt or looking for alternative ways

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Speaker 1: to pay things, or decreasing their expenses in some way.

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Speaker 1: So I think that that's the next level of help

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Speaker 1: that family can also use besides just kind of blindly

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Speaker 1: writing checks, which can start to feel like to your

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Speaker 1: point and probably what you're feeling right now, which is

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Speaker 1: when is this ever going to stop? Is it ever

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Speaker 1: going to stop? And those are super valid questions to have,

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Speaker 1: and you need to ask those questions, and you need

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Speaker 1: to get on the same page about the answers sooner

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Speaker 1: rather than later, because otherwise it's going to be festering.

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Speaker 1: You're going to start to feel resentment. Those Thanksgiving dinners

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Speaker 1: are going to get a lot more awkward. Okay, it's

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Speaker 1: going to get awkward around her birthday or Mother's Day

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Speaker 1: when you're like, and now I got to buy her

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Speaker 1: some flowers, like and a gift, like it's just better

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Speaker 1: to have those conversations upfront with your partner, as awkward

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Speaker 1: and painful as they may be, and just sort of say,

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Speaker 1: I'm fine supporting family, but let's go on the same

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Speaker 1: page about how much, how often, and what other resources

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Speaker 1: can we provide them with to help solve the deeper

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Speaker 1: foundational issues that are here. And you know what, it

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Speaker 1: may also be asking for support from other family members

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Speaker 1: who may also have something to contribute here. Right. I've

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Speaker 1: talked to folks, especially when you have people who are

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Speaker 1: the first generation, you know, first generation wealth owners or

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Speaker 1: just owning, you know, having resources, having funds to give

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Speaker 1: and for the first time, and there's there's a deep

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Speaker 1: responsibility and a sense of debt that you feel like

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Speaker 1: you owe to your family to help them, right, But

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Speaker 1: you're not always the only one who can shoulder that burden.

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Speaker 1: And sometimes people put that burden on their own shoulders

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Speaker 1: and tell themselves a story about how, oh, if it's

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Speaker 1: not me, it's no one and they rely on me.

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Speaker 1: But there may be other people who can support as well.

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Speaker 1: And if you share that burden, it may it may

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Speaker 1: make the load a lot easier to carry. I just

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Speaker 1: know that it's an awkward, uncomfortable conversation, but it's one

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Speaker 1: that is so so important to go ahead and have

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Speaker 1: sooner rather than later. You don't want this to fester

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Speaker 1: and to cause cracks in the relationship because ultimately, you

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Speaker 1: too are a unit. Right, I'm assuming that you're in

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Speaker 1: a lifetime committed partnership. You two are in a unit together,

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Speaker 1: So that's what you at its core. At its core,

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Speaker 1: that's what you have to protect is your relationship as

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Speaker 1: a couple, and transparency, honesty and hopefully being open with

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Speaker 1: one another will help. All right, let me take a

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Speaker 1: quick break. I will be right back with our third

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Speaker 1: and final question. All right, be a fam I am

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Speaker 1: back with our third and final question. This one comes

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Speaker 1: from Adrian. Adrian, who is a member of Tiffity's Dreamcatchers group,

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Speaker 1: says Mandy, I'm hoping you can help me. I've searched

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Speaker 1: the Dreamcatchers group and I can't see to find an

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Speaker 1: answer to the best form of payment you should use

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Speaker 1: when paying a settlement for a judgment. I appreciate any

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Speaker 1: help you can provide. All right, Adrian, I think this

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Speaker 1: is a pretty simple question. So it sounds like there's

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Speaker 1: been a judgment. So when she's talking about judgment, so basically,

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Speaker 1: when you have let's say you have a debt that

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Speaker 1: has been passed due and it's gone past collections and

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Speaker 1: the creditor lender has actually sued in order to recoup

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Speaker 1: its debt, then it can go to a judge and

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Speaker 1: the judge will issue a ruling. And for a lot

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Speaker 1: of people, they may never even know that there's a

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Speaker 1: lawsuit against them and may just kind of become another

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Speaker 1: piece of mail that's in the pile that but anyway,

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Speaker 1: it can happen, so a judge may ultimately issue a

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Speaker 1: ruling and say, okay, yes you do owe this creditor

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Speaker 1: this amount of money, and then it comes time to

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Speaker 1: pay the piper, right. So from there, what you can

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Speaker 1: do is you can try to settle for less. So

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Speaker 1: you could, you know, get your judgment of what you

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Speaker 1: owe and then go to the creditor and say you know,

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Speaker 1: or to the to the judge and say you know,

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Speaker 1: I actually only have this amount of money. Is this okay?

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Speaker 1: And then try to settle it for less, try to

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Speaker 1: work out a payment plan. Unfortunately, what could happen is

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Speaker 1: that your wages are actually garnished as part of a settlement,

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Speaker 1: part of a judgment settlement. Now that there's some exceptions,

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Speaker 1: you know, for people who aren't a fixed income, so

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Speaker 1: that's not a blanket statement by any means. But it

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Speaker 1: can be possible that your wages can just be automatically garnished.

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Speaker 1: That's one way of paying it back, which is not

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Speaker 1: even in your control. But we'll add that to the

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Speaker 1: list of possibilities. One is that your wages could be garnished.

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Speaker 1: I think it's up to fifteen percent, but don't quote

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Speaker 1: me on that. It really will depend also on the states,

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Speaker 1: the laws in your state, So your wages could be garnished.

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Speaker 1: You could just make one lump sum payment, which can

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Speaker 1: probably be done by check. I doubt it by cash,

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Speaker 1: because who even uses cash anymore. Finding the contact for

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Speaker 1: the lender and getting on the phone with them, with

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Speaker 1: their debt collector's office or whatever who handles that kind

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Speaker 1: of thing and making a payment over the phone can

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Speaker 1: be another way to make that payment. You've probably got

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Speaker 1: a couple of options, but I think the best person

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Speaker 1: to ask is going to be the whoever issued you

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Speaker 1: the judgment, or the lender who has been awarded a

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Speaker 1: judgment against you to find out what your next steps

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Speaker 1: are at this point, though, you definitely don't want to

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Speaker 1: let it go too long before making those payments because

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Speaker 1: I think that's what actually triggers them to garnish your

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Speaker 1: wages and that sucks. Okay, so you don't want to

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Speaker 1: get that bad all right, Thank you very much. Adrian

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Speaker 1: also shout out to Dreamcatchers. If you're in Tiffany's Dreamcatchers

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Speaker 1: Facebook group, it's an amazing resource. I know their dream

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Speaker 1: Catchers are on there all the time, supporting one another

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Speaker 1: and sharing their personal finance wins and challenges and questions.

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Speaker 1: So if you're not a member, go check them out.

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Speaker 1: All right. That is our BAQ and A for this week, y'all.

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Speaker 1: Thank you so much for your questions. Again. Hit us

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Speaker 1: up at brandabissionpodcast dot com, or you can submit a

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Speaker 1: question or go to ig we are at brand Ambition Podcast.

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Speaker 1: You can also reach us by email Brand Ambition Podcast

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Speaker 1: at gmail dot com