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Speaker 1: It's way up with Angela Yee, I'm here, and Jazz

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Speaker 1: and from the Jasmine brand is here and it's a

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Speaker 1: Wealth Wednesday. So you know, my Wealth Wednesday partner Stacy

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Speaker 1: Tisdale is here.

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Speaker 2: Happy Wealth Wednesday. We're gonna go way up with missus

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Speaker 2: Jennifer today.

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Speaker 3: Yes, Jennifer Streets is here.

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Speaker 1: Financial experts, somebody who by the way, I follow and

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Speaker 1: read all the links to all of your articles and

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Speaker 1: look at all your tips that you do on Twitter

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Speaker 1: all the time.

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Speaker 4: Thank you so much. That's awesome.

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Speaker 3: So it's a pleasure to have you in studio. Now.

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Speaker 1: People just did their taxes and some people are getting returns.

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Speaker 1: Some people did them earlier because they knew they were

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Speaker 1: getting returns. And one question, and I want to ask

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Speaker 1: you this that people ask me a lot, is if

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Speaker 1: I get a chunk of money, what should I do

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Speaker 1: with it?

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Speaker 4: The first thing you should do is get out of debt.

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Speaker 4: I mean that is the first thing. No vacation, no

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Speaker 4: new hair, no new lashes. Out of debt. Okay, so

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Speaker 4: many of us are carrying just lingering credit card debt.

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Speaker 4: And we think, as long as we make the minimum

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Speaker 4: or just a little bit over the minimum. It's fine,

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Speaker 4: but it's not You're going to stay in that debt.

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Speaker 4: It's going to stay on your credit report, and it's

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Speaker 4: going to hamper any of your future financial plans. So

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Speaker 4: the best thing that you can do is really concentrate

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Speaker 4: on getting out of debt.

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Speaker 3: What about student loan debt?

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Speaker 1: Should we just wait and see if they cancel it

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Speaker 1: or should we you know, trying to pay that off.

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Speaker 4: I think everybody is waiting to see if you're cancel it,

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Speaker 4: that would be great, but you should also work on

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Speaker 4: getting out of student loan debt. It is the lowest

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Speaker 4: interest rate you'll probably have in terms of debt, but

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Speaker 4: that doesn't mean you just let it sit there forever.

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Speaker 4: I know people who are in their sixties and seventies

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Speaker 4: that are still paying student loan debt. It comes to

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Speaker 4: bear when you want to buy a home, when you

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Speaker 4: want to get a car. It's part of your financial profile.

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Speaker 4: So you want to reduce that debt as well.

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Speaker 5: Do you think that you should kind of chip away

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Speaker 5: more at your mortgage if you have a mortgage.

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Speaker 4: I would get out of credit card debt first, because

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Speaker 4: that is the high that's probably going to be the

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Speaker 4: higher interest rate yeah, So always take care of your

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Speaker 4: high interest rate debt.

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Speaker 3: And I have mortgage is good debt.

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Speaker 4: Mortgage is good debt. Now if you have you can

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Speaker 4: chunk chunk away at it, if you can get it down,

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Speaker 4: maybe reduce your payment, that's fine, But it's not an

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Speaker 4: emergency to pay it off.

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Speaker 2: What about in situations where credit card debt is crazy

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Speaker 2: right now, sometimes up to twenty percent.

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Speaker 3: It's someone's high because interest rates are so high.

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Speaker 2: Someone asked me this the other day, if they should

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Speaker 2: take a personal loan that they can get from their

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Speaker 2: bank at about eight and a half percent to pay

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Speaker 2: off credit card debt. It's it's a tricky question, that's

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Speaker 2: exactly what it is. It's a tricky question because you

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Speaker 2: don't you know, taking out a loan is still taking

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Speaker 2: out a loan and everything that comes with that. But

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Speaker 2: it's the difference in interest rates is incredible.

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Speaker 4: That's the thing. It's the difference in interest rates. I

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Speaker 4: would almost try to do a balanced transfer because they're

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Speaker 4: still offering zero percent interest.

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Speaker 1: I've done that, So transfer to another card that has

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Speaker 1: zero percent car period of.

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Speaker 4: Time, a period of time that is the clincher for

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Speaker 4: a period of time, and really make sure you pay

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Speaker 4: off all that debt before that intro period expires, because

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Speaker 4: if you don't, then the interest starts to accrue, and

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Speaker 4: it will accrue on the first balance, not what you owe.

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Speaker 4: So if you can get into a situation where there

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Speaker 4: is zero interest, then do that. The next thing. If

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Speaker 4: you get a personal loan for like eight percent and

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Speaker 4: you have a credit card that's nineteen percent, twenty one,

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Speaker 4: twenty two percent, then of course that might be the

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Speaker 4: better option too.

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Speaker 2: We jumped right in with debt here, and we always

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Speaker 2: like to provide people with resources. And everybody knows Angela

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Speaker 2: and I are part of a credit building initiative called

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Speaker 2: Stellar Fi that helps you build credit. And I also

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Speaker 2: wanted to say that when you sign up for Stellarfi

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Speaker 2: at stellarfi dot com, very important to us, you get

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Speaker 2: free one on one credit counseling because that's you know,

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Speaker 2: this is hard to do alone, but talk to us

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Speaker 2: a little bit right now, with this situation, the economy,

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Speaker 2: tighter interest rates, what we saw with Silicon Valley Bank,

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Speaker 2: people are going to have a much harder time getting

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Speaker 2: loans and getting credit.

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Speaker 4: Access to credit right now is tough, and that's why

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Speaker 4: you really need to have a good credit score anything

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Speaker 4: over They say starting at six eighty, but you really

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Speaker 4: need to be in the seven hundreds. If there's something

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Speaker 4: that you need for credit, I would even hold off.

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Speaker 4: You know, the housing market is a little wonky right now,

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Speaker 4: I would hold off on trying to buy a home.

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Speaker 4: Really focus on two things. Getting out of debt, getting

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Speaker 4: your credit score up. Those are the two most advantageous

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Speaker 4: moves that you can make right now.

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Speaker 3: Now, I want to ask you about something that I

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Speaker 3: saw in the news.

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Speaker 1: And sometimes depending on by outlet you get your news from,

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Speaker 1: I sometimes I'm like, Okay, let me see if this

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Speaker 1: is true. Then I try to go to the White

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Speaker 1: House website to understand this better. But this is about

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Speaker 1: if you're looking to buy a home. Mortgages are going

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Speaker 1: to be changing starting May first, right and it says

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Speaker 1: upfront fees for loans back by Fannie May and Freddie

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Speaker 1: Mack will be adjusted because of changes in the low

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Speaker 1: level price adjustments, the fees that vary from borrow to

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Speaker 1: borro based on their credit scores, types of homes, and more.

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Speaker 1: And then they said that if you actually have higher

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Speaker 1: credit scores, you may end up paying more, while people

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Speaker 1: but lower credit scores will pay.

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Speaker 4: Less, right, Is that true? I saw that, and it

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Speaker 4: is true, and listen, I don't have a problem with that.

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Speaker 4: I do think it's about time those that have worked

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Speaker 4: on their credit score. Yes, you're mad, You're like, I

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Speaker 4: can't believe this, What was the point of it? Still

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Speaker 4: hold on to that good credit score. But for those

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Speaker 4: that are a little wobbly and you still want to

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Speaker 4: be able to buy a home, it's not fair. It's

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Speaker 4: almost like you're being penalized. There are so many institutional

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Speaker 4: racism in terms of the financial system, especially when it

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Speaker 4: comes to minorities. We have been sort of not getting

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Speaker 4: the best information resources. It's just starting now where you

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Speaker 4: can get good credit for paying everyday bills like yourself, phone,

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Speaker 4: your cable exactly exactly. So, yes, if it's gonna cost

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Speaker 4: you a little bit less because your credit is not

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Speaker 4: the best, I think that's fine because you're also going

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Speaker 4: to be in a better position to actually pay that

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Speaker 4: bill because your bill will be lower and improve your

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Speaker 4: credit at the same time. So I have no problem

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Speaker 4: with it, and you might.

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Speaker 2: The credit score is going to help you in other

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Speaker 2: things you want.

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Speaker 1: To do, correct, So I have no problem with that,

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Speaker 1: right because I said, but what if you just work

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Speaker 1: so hard to get your credit score.

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Speaker 4: I don't want to be penalized. You're not.

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Speaker 5: What I mean, it feels like it.

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Speaker 4: I don't think you're being penalized then.

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Speaker 1: The way that they because it's the way that's why

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Speaker 1: I'm asking you, because it's the way it's presented, right Yeah,

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Speaker 1: the way it's presented is like I have better credit,

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Speaker 1: now I have to pay more than someone who has less,

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Speaker 1: who has worse credit.

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Speaker 4: I don't think that that's really going to be how

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Speaker 4: it works out. I know that's how it's worded right now.

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Speaker 4: But you're not being penalized for having bad from having

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Speaker 4: good credit. Someone who has a little less good credit

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Speaker 4: is not going to be penalized. They're interest is going

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Speaker 4: to be lower. So it's going to call that part.

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Speaker 4: I just don't want to say.

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Speaker 1: I just like to declare those things that because, like

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Speaker 1: I said, I look at certain outlets and I know

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Speaker 1: that I read a headline and they don't understand it.

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Speaker 4: And that's the gotcha headline. But always wait until you

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Speaker 4: are actually in front of the banker to really see

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Speaker 4: what it's going to work out to be. But it's

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Speaker 4: something that's going to help people who have that less

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Speaker 4: good credit score. It's still not going to be that

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Speaker 4: someone who has bad credit is going to be able

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Speaker 4: to go in and get X, Y and Z. It's

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Speaker 4: not going to work like that. But if you have

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Speaker 4: maybe a six twenty a six forty six point fifteen,

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Speaker 4: you may now be able to do something financial.

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Speaker 2: And that's the design. That was the point of it

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Speaker 2: is to help people with lower lower so it's really

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Speaker 2: meant to be like a disk to people on higher credits.

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Speaker 2: It's not going to take any of that. No, So

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Speaker 2: you're bringing up financial literacy. It's Financial Literacy Month, and

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Speaker 2: you and I talk about this a lot, and financial

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Speaker 2: literacy in our community, yes, and talk about not only

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Speaker 2: how important it is, but also how it's changing.

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Speaker 4: Well, I think you and I discussed how important it

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Speaker 4: is to have people that look like us talking about money.

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Speaker 4: I've always heard that financial planning is for rich white people,

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Speaker 4: or only certain people have good credit, and that just

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Speaker 4: cannot be the case anymore, just looking at the housing

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Speaker 4: market that we're in, looking at how credit card interest

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Speaker 4: rates are just skyrocketing, you have got to have good credit.

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Speaker 4: When we think about the layoffs that are occurring, you

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Speaker 4: have got to have an emergency fund. So I think

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Speaker 4: in my work and what really draw drew me to

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Speaker 4: this is knowing that my work matters. And when some

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Speaker 4: people see someone who looks like me and they're like, Okay,

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Speaker 4: she's talking about money, Maybe I need to look at

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Speaker 4: my IRA. Maybe I need to make sure my credit

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Speaker 4: is Okay. If it's important to her and she's black,

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Speaker 4: then it's important to the black community. And that's really

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Speaker 4: what keeps me going day to day.

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Speaker 2: That's really where wealth Wednesdays came from. You and I

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Speaker 2: both come from mainstream media, correct. And I remember when

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Speaker 2: I was a business reporter for CBS, there were some

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Speaker 2: Southern affiliates that simply would not air my reports. And

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Speaker 2: I still have where I'm contributor at some of the

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Speaker 2: mainstream outlets. If I want to tell a story about

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Speaker 2: all the exciting things going on in the black economy

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Speaker 2: and stuff, the mainstream media outlets still don't. They're not

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Speaker 2: interested in those stories, correct, So it was.

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Speaker 3: Like, Okay, build it ourselves.

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Speaker 2: There's really a tail of two economies going on here,

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Speaker 2: because when you hear in the media, we're still always

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Speaker 2: talking about our gaps and our lax and being at

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Speaker 2: the bottom. But that's so much more is going on

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Speaker 2: in the black economy. Largest number of first time investors

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Speaker 2: to the stock market. I can't believe some of the

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Speaker 2: people who come on Wealth Wednesdays, the wealth.

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Speaker 4: And so many that are starting their own businesses.

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Speaker 3: Groups.

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Speaker 1: And honestly, like, you know, I'm doing this, and Stacy

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Speaker 1: you know about it, and Jasmine has invested in it also,

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Speaker 1: you know, to buy a property. But part of why

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Speaker 1: I do certain things, even though it can be scary

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Speaker 1: for me at times, it's because I like to go

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Speaker 1: through the process so I can explain it to other

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Speaker 1: people and let.

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Speaker 3: People see that you can do it.

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Speaker 1: So part of it is not just me wanting to

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Speaker 1: do it like for myself, but also to encourage other people, like, Okay,

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Speaker 1: let's do this, Let's get our girls involved, let's have

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Speaker 1: these conversations, let's document it, let's show how it got done,

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Speaker 1: Let's show all the mistakes that we made so that

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Speaker 1: other people don't make them, and things that I learned

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Speaker 1: along the way. And so I try to do that,

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Speaker 1: and that's part of me doing this next investment is

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Speaker 1: for me to be able to be like Okay, I

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Speaker 1: don't like to tell people to do things that I

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Speaker 1: haven't done or that I don't know how to do.

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Speaker 3: Good, you know, very good people seeing you.

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Speaker 2: I mean, you like embody everything that we're trying to

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Speaker 2: teach people, and people just seeing look at Angela, yeesh's

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Speaker 2: a black woman seeing.

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Speaker 4: You do this, that totally auilt it.

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Speaker 2: I mean, you're an inspiration to so many people just

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Speaker 2: by doing the things that you do.

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Speaker 1: Now, I have a question about this all right, as

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Speaker 1: we're talking about also, because I do want to discuss

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Speaker 1: saving for retirement. Okay, right, that's something that's really important.

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Speaker 1: I think about that all the time. Now, I have

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Speaker 1: a family member I'm not going to say who it is,

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Speaker 1: but she's just like, look, I'm gonna just keep on

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Speaker 1: spending this money because I can't even pay off these

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Speaker 1: bills anyway, and so who cares?

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Speaker 3: You know?

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Speaker 1: But then you also have to think about what happens

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Speaker 1: when you're not with us anymore.

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Speaker 3: Where does that money that debt go?

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Speaker 4: Oh the debt? Oh, it's still on your credit report.

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Speaker 4: You still have a credit report. It's not active, you're

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Speaker 4: not no one's using it, but it's still there. And

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Speaker 4: if they want to, they can come against your state

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Speaker 4: if they really want to do.

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Speaker 2: They're getting into a state planning. Yeah, people don't.

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Speaker 4: They don't realize that. They think, oh, well, you know,

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Speaker 4: i'm seventy years old, I'm seventy five, or this person's deceased.

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Speaker 4: If it is in their interest, if it's a large

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Speaker 4: enough debt, if they are annoyed enough with you, they

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Speaker 4: can try to come against your state. And that goes

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Speaker 4: into when you see these fundmes for funerals and things

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Speaker 4: like that, that can extend to Now we need money

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Speaker 4: to clear up this debt or this person died oring taxes.

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Speaker 4: I mean, the debt doesn't necessarily go away just because

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Speaker 4: you're no longer here. Now it just becomes a burden

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Speaker 4: for someone else.

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Speaker 2: Well, let's talk about that for a minute. Where we

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Speaker 2: really want us to start doing some more on a

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Speaker 2: state planning. Our community really has a disconnect here in

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Speaker 2: terms of it's not just you. You're leaving it for

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Speaker 2: other people to have to clean up, and we don't

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Speaker 2: take about, you know, talk about estate planning, and it

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Speaker 2: really just turns into a nightmare.

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Speaker 4: It can. It can, because you should have your retirement setup,

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Speaker 4: you should have you know, life insurance, you should have

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Speaker 4: a will and life. You should have life insurance. I

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Speaker 4: don't care. If it's twenty thousand dollars that is going

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Speaker 4: to cover your funeral, you know, more than.

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Speaker 2: Likely, and it doesn't cost you can get it.

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Speaker 4: For nothing, for nothing. And also if you have any bills,

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Speaker 4: you know, and just think about that, what bills do

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Speaker 4: I have? Do I still have a mortgage? Do I

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Speaker 4: still have credit cards? Do I still have a car note?

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Speaker 4: You know? And all that should be part of your

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Speaker 4: estate plan. You should have a list. This is what's old,

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Speaker 4: this is what's left, this is what's going to cover

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Speaker 4: it if I still if I don't want to say that,

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Speaker 4: but if I leave this earth or whatever, and I

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Speaker 4: know I have fifteen thousand dollars in bills left, I

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Speaker 4: should have an insurance policy that can cover that.

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Speaker 2: When you hear people who've worked so hard to do

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Speaker 2: the right thing by their you know, by their families,

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Speaker 2: give their kids the best opportunity, and then something happens

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Speaker 2: to them and all of a sudden, you know you're

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Speaker 2: becoming a huge financial burden. Corrects the last thing life insurance,

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Speaker 2: life insurance.

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Speaker 4: I do not have life life insurance.

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Speaker 3: You're going to get her set up this week. Everything

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Speaker 3: we say, she's like, all right, I have to take

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Speaker 3: care of that doubt.

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Speaker 4: Yeah, I put it on my to do list.

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Speaker 5: Yeah, and I have a child, so I definitely need

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Speaker 5: life insurance.

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Speaker 2: And disability insurance. You have like seven times greater chance

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Speaker 2: of becoming disabled than you do a mature dare.

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Speaker 4: Long term care insurance.

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Speaker 3: All of that stuff.

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Speaker 2: Can just remember when my father passed away, he left

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Speaker 2: everything in such great order and it was still challenging,

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Speaker 2: and he was, you know, in good financial shape, but

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Speaker 2: all of a sudden when he couldn't work anymore and

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Speaker 2: he got sick and he couldn't get long term care

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Speaker 2: insurance because he.

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Speaker 4: Was a diabetic.

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Speaker 2: It's just sixteen thousand dollars a month out of pocket

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Speaker 2: and you just watch everything he worked for and he lived.

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Speaker 4: For three years. Wow, And that happens too.

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Speaker 2: That's the norm now because people are getting sandwiched between

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Speaker 2: having older parents and younger kids, and that's what's going

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Speaker 2: to happen. And you can just take little steps like

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Speaker 2: life insurance long term care insurance now that make.

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Speaker 4: All the difference.

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Speaker 1: And the earlier you get life insurance, the better, right.

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Speaker 4: Because it's easier to get. Once you start to get

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Speaker 4: on the other side of like forty five fifty to

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Speaker 4: fifty five, it's harder. Once you start to deal with

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Speaker 4: health issues like high blood pressure and things of that nature,

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Speaker 4: it's harder and it's going to be more expensive. But

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Speaker 4: you know, my father when he had hip replacement surgery,

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Speaker 4: I don't know what kind of insurance he has, but

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Speaker 4: everything was covered.

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Speaker 3: Wow.

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Speaker 4: I mean even like it is he pays like four

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Speaker 4: pills two dollars for the prescription. You know, just that

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Speaker 4: really good back in the day life insurance that our

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Speaker 4: parents had, our grandparents had that we will never see.

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Speaker 4: But you've got to set yourself up so you are

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Speaker 4: not leaving this burden behind for your family. And a

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Speaker 4: lot of times people won't even know where those bills are.

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Speaker 4: And it's not until they start cleaning the house out

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Speaker 4: or the phone starts ringing. If someone shows up to

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Speaker 4: the front door and says, you know they owe this, Oh,

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Speaker 4: well they're no longer here, we don't care. They still

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Speaker 4: owe this money. And now it just becomes this headache.

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Speaker 2: I have a major insurance hack. People don't like to

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Speaker 2: think about. Obviously their child and life insurance in the

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Speaker 2: same sentence. If you buy a life insurance policy for

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Speaker 2: your child when they're a baby in their name, it

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Speaker 2: can turn out to be the best financial decision you

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Speaker 2: ever got made. One healthy two. You can buy life

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Speaker 2: insurance policies that have a cash building value, so essentially

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Speaker 2: the policies investing in the stock market. That's money they

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Speaker 2: can borrow against to pay for college and type of things.

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Speaker 2: Getting a life insurance policy in your child's name while

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Speaker 2: they're young and when they get older they might have

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Speaker 2: health issues that make it harder for them to get

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Speaker 2: life insurance. It's one of the best financial moves. We

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Speaker 2: got one from my son, and by the time he's forty,

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Speaker 2: the cash value in that will have built up to

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Speaker 2: a couple hundred thousand dollars he can use for a

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Speaker 2: down payment on a house.

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Speaker 4: Correct he can borrow against.

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Speaker 2: But we have if you go to Teamwealth wednesdays dot com,

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Speaker 2: we have a lot of resources and a lot of information,

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Speaker 2: but a lot of Get a life insurance policy for

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Speaker 2: your child in your child's name exactly.

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Speaker 3: Now, Jennifer, let me ask you this.

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Speaker 1: As earlier you were talking about get rid of that debt,

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Speaker 1: right if you get a chunk of money. That's the

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Speaker 1: first thing you should concentrate on. How do you invest

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Speaker 1: when you have debt, because sometimes you feel like, well,

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Speaker 1: I got to get rid of this debt, but I

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Speaker 1: also want to start thinking about saving for the future.

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Speaker 3: I want to have a rought diarray, I.

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Speaker 1: Want to have a four O one K, but I

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Speaker 1: do have these bills I have to take care of

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Speaker 1: that are a huge burden on me.

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Speaker 4: You have to prioritize your financial wishes. So the first

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Speaker 4: thing you're going to do is get out of debt.

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Speaker 4: The next thing is the emergency fund. Okay, you have

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Speaker 4: to have that first. Then if you are going to invest,

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Speaker 4: you know, do that IRA, you do a small chunk

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Speaker 4: at a time, because the first thing you want to

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Speaker 4: do is get out of debt. There is no It

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Speaker 4: makes no sense to me. And I have people ask

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Speaker 4: me these questions all the time. They want to invest

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Speaker 4: in the stock market, or I heard about this stock,

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Speaker 4: or I want to do this, and I'm like, you

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Speaker 4: have twenty five thousand dollars in credit card debt. Put

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Speaker 4: first things first, get out of debt, get that off

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Speaker 4: of you. And if you want to start investing, opening

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Speaker 4: up an RA, that's fine. Start by putting you know,

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Speaker 4: twenty dollars, forty dollars, fifty dollars, still add still adds up.

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Speaker 3: And is that it can kind of straight out of

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Speaker 3: your check.

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Speaker 4: Yes, get the best thing, the automatic deposit. You build

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Speaker 4: a habit of saving, and it grows. I mean I

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Speaker 4: tell people this all the time. If you want to

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Speaker 4: do that, even with your emergency fund over time, put

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Speaker 4: it in a bank or an account where you don't

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Speaker 4: have access to it, where you don't have the ATM card.

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Speaker 4: Once you once it's coming out of your check, you

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Speaker 4: can't miss what you never had. It's like it was

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Speaker 4: never there.

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Speaker 3: Right, Okay, that's what I did when I said in my.

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Speaker 4: Wrath, ira exactly, and it builds it out exactly. That's

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Speaker 4: exactly right. Fifty dollars and then everything else goes into

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Speaker 4: debt elimination.

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Speaker 2: When people here, oh my gosh, I should have three

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Speaker 2: to six months in an emergency fund, they're like, I

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Speaker 2: could never do that.

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Speaker 3: I'm living payteents.

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Speaker 4: You said nine months, that's right, I say nine months.

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Speaker 4: It doesn't have to happen all overnight. The reason why

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Speaker 4: I say nine months is because say you get laid off, okay,

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Speaker 4: just for number's sake, you're making sixty seventy eighty thousand

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Speaker 4: dollars a year plus benefits. You're not going to immediately

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Speaker 4: jump into a job at that level again right now then,

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Speaker 4: and so you need to have enough funds in your

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Speaker 4: emergency fund to cover you for an extended period of

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Speaker 4: time because it takes time to find another certain type

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Speaker 4: of job.

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Speaker 2: And again, when some people hear this, they're just gonna they're.

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Speaker 3: This is why it glosses over so much.

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Speaker 2: Because how am I ever gonna save that much money?

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Speaker 2: How am I ever gonna invest that much money over time?

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Speaker 4: You don't have to do it, it will happen overnight.

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Speaker 3: And you can have one source of income. That's another

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Speaker 3: tip that's.

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Speaker 4: You, gosh, you you must have multiple sources of income.

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Speaker 4: And that's why I preach the side hustle. You must

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Speaker 4: have a side hustle. There's something anybody can do. You

437
00:19:38,840 --> 00:19:43,800
Speaker 4: can read resumes, read scripts, you can help people develop resumes,

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Speaker 4: you can run door dash, you can do eats. But

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Speaker 4: you just have to be dedicated to developing another source

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Speaker 4: of income because that's money that you can put in savings,

441
00:19:54,040 --> 00:19:57,000
Speaker 4: that's money that can help towards debt. Elimination. That's money

442
00:19:57,040 --> 00:19:58,879
Speaker 4: that you can put into your retirement.

443
00:19:59,680 --> 00:20:01,040
Speaker 3: Yeah, it was a humbling experience.

444
00:20:01,040 --> 00:20:03,080
Speaker 1: When I bought my first house, I definitely was doing

445
00:20:03,119 --> 00:20:05,800
Speaker 1: any and everything like as a side hustle that I

446
00:20:05,840 --> 00:20:07,359
Speaker 1: could to be able to save up the money to

447
00:20:07,440 --> 00:20:09,560
Speaker 1: do that. But for me, it works for me to

448
00:20:09,560 --> 00:20:11,600
Speaker 1: set a goal of what it is that I'm trying

449
00:20:11,600 --> 00:20:14,000
Speaker 1: to do, and it makes you feel better, like, Okay,

450
00:20:14,200 --> 00:20:16,360
Speaker 1: I'm doing this because I have this goal that I'm

451
00:20:16,359 --> 00:20:19,000
Speaker 1: trying to obtain, and so I know I just have

452
00:20:19,119 --> 00:20:22,480
Speaker 1: to work really hard doing all these side things because

453
00:20:22,760 --> 00:20:25,560
Speaker 1: and then once I got into the house, I was

454
00:20:25,600 --> 00:20:26,440
Speaker 1: able to chill a little.

455
00:20:27,680 --> 00:20:30,040
Speaker 4: What's your side hustle? Writing the book? Like the book

456
00:20:30,240 --> 00:20:33,639
Speaker 4: or book, I'm also a financial contributor to the Grio.

457
00:20:34,840 --> 00:20:38,639
Speaker 4: I use my voice and my pen as my side hustle.

458
00:20:38,760 --> 00:20:41,280
Speaker 4: If you see me writing anything, I've probably been paid

459
00:20:41,280 --> 00:20:43,159
Speaker 4: for it. Okay, so that's it for me.

460
00:20:43,520 --> 00:20:46,439
Speaker 2: She's written for Forbes, she's written for Business and.

461
00:20:48,480 --> 00:20:52,760
Speaker 4: The book Thrive, your month to month guide to living

462
00:20:52,800 --> 00:20:55,960
Speaker 4: your best life without breaking the bank. And I think

463
00:20:56,160 --> 00:20:59,680
Speaker 4: you know people have to have didjustable information in small

464
00:20:59,760 --> 00:21:02,880
Speaker 4: chunks and so it is it's a month to month guide,

465
00:21:03,000 --> 00:21:05,760
Speaker 4: so January, February, March all the way through December. And

466
00:21:05,800 --> 00:21:07,639
Speaker 4: what I like about it, like say, for instance, you

467
00:21:07,680 --> 00:21:10,399
Speaker 4: got it today. Tax season is just over with. What

468
00:21:10,440 --> 00:21:12,720
Speaker 4: should you be doing now that you filed your taxes

469
00:21:13,440 --> 00:21:16,360
Speaker 4: if you're getting any money back? As I stated earlier,

470
00:21:16,400 --> 00:21:20,000
Speaker 4: debt elimination, emergency fund, and I discuss topics like that

471
00:21:20,119 --> 00:21:23,199
Speaker 4: so that you have the steps to take because some

472
00:21:23,200 --> 00:21:25,240
Speaker 4: people they just don't know where to get started, and

473
00:21:25,280 --> 00:21:28,560
Speaker 4: that sort of like immobilizes them. And understand, this is

474
00:21:28,600 --> 00:21:31,119
Speaker 4: not an overnight process. It might take you a year

475
00:21:31,640 --> 00:21:35,000
Speaker 4: to get financially stable, get your credit up one hundred points,

476
00:21:35,359 --> 00:21:39,200
Speaker 4: get you know, two months, three months, emergency fund together,

477
00:21:39,760 --> 00:21:43,280
Speaker 4: pay off you know debt, and that's okay. It's when

478
00:21:43,320 --> 00:21:45,560
Speaker 4: you think I have to have five thousand dollars right

479
00:21:45,600 --> 00:21:49,000
Speaker 4: now today, that is going to bring stress and anxiety

480
00:21:49,080 --> 00:21:50,320
Speaker 4: and you're going to say, how can I do that?

481
00:21:50,320 --> 00:21:51,320
Speaker 3: I'm not going to go to Vegas.

482
00:21:51,400 --> 00:21:55,399
Speaker 2: And while you're in Vegas, each little step will make

483
00:21:55,440 --> 00:21:58,080
Speaker 2: you feel better, Each little success will make you feel better.

484
00:21:58,080 --> 00:22:01,359
Speaker 2: Back help your mindset, it'll help your choices. And black

485
00:22:01,400 --> 00:22:05,520
Speaker 2: people have come so far and you created so much

486
00:22:05,560 --> 00:22:08,160
Speaker 2: wealth in the face of such challenging odds. They shouldn't

487
00:22:08,200 --> 00:22:11,800
Speaker 2: feel that they're lacked or behind the eight ball on anything.

488
00:22:11,800 --> 00:22:13,760
Speaker 2: We just have to do it in community.

489
00:22:13,920 --> 00:22:14,840
Speaker 4: Do it in community.

490
00:22:15,000 --> 00:22:17,200
Speaker 1: Yeah, when I have a go, sacrificing isn't bad. I

491
00:22:17,240 --> 00:22:19,880
Speaker 1: was just saying, right now, I'm like having to really

492
00:22:19,960 --> 00:22:23,800
Speaker 1: budget myself just because of this property that the big

493
00:22:23,840 --> 00:22:26,240
Speaker 1: investment that we're doing. Jazzon was like, we should have

494
00:22:26,240 --> 00:22:27,600
Speaker 1: went to the fight in Vegas. I was like, no,

495
00:22:27,760 --> 00:22:30,119
Speaker 1: I'm saying, she still.

496
00:22:30,000 --> 00:22:31,800
Speaker 5: Wants to send me links to buy things. Have you

497
00:22:31,840 --> 00:22:35,399
Speaker 5: ever said, yeah, have you ever had any challenges in

498
00:22:35,440 --> 00:22:37,760
Speaker 5: your personal finances like when you were you know, coming

499
00:22:37,880 --> 00:22:40,040
Speaker 5: up or can you share one of those and how

500
00:22:40,040 --> 00:22:41,400
Speaker 5: you kind of got through it?

501
00:22:41,680 --> 00:22:47,040
Speaker 4: Oh my gosh. Okay. So writing for some entities can

502
00:22:47,160 --> 00:22:49,400
Speaker 4: be you know, when it's time to get paid can

503
00:22:49,440 --> 00:22:54,800
Speaker 4: be problematic. Okay. And so I was all freelance at

504
00:22:54,800 --> 00:22:58,000
Speaker 4: one point and I'm waiting, you know, waiting for this check,

505
00:22:58,040 --> 00:23:00,000
Speaker 4: waiting for this check. And it was a serious check.

506
00:23:00,840 --> 00:23:02,920
Speaker 4: It was going to pay you know, some serious bills

507
00:23:02,960 --> 00:23:05,000
Speaker 4: and I'm like, oh my god, what in the world,

508
00:23:05,240 --> 00:23:08,920
Speaker 4: And do you know it went bankrupt? Oh god, no, no,

509
00:23:09,119 --> 00:23:14,760
Speaker 4: not all the way off the no, no, I got

510
00:23:14,800 --> 00:23:19,119
Speaker 4: another small job until that. It was like six weeks.

511
00:23:19,400 --> 00:23:24,000
Speaker 4: They told me too, it was six I think you

512
00:23:24,080 --> 00:23:27,280
Speaker 4: have and I mean, oh my god, when I tell you,

513
00:23:27,359 --> 00:23:29,800
Speaker 4: I wanted to be at that front desk just shaking

514
00:23:29,840 --> 00:23:39,280
Speaker 4: somebody down. I got a small little job to, you know,

515
00:23:39,440 --> 00:23:42,400
Speaker 4: tie me over. But you know it, like like you said,

516
00:23:42,400 --> 00:23:44,560
Speaker 4: it can be a humbling experience when you have to

517
00:23:44,760 --> 00:23:47,880
Speaker 4: find money. When you think that you know, I will

518
00:23:48,040 --> 00:23:50,080
Speaker 4: go to work every day, I have these credentials. I

519
00:23:50,160 --> 00:23:52,200
Speaker 4: did this, I did a good job, but for some

520
00:23:52,280 --> 00:23:55,359
Speaker 4: reason my money is lagging a little bit. It can

521
00:23:55,400 --> 00:23:58,160
Speaker 4: be a humbling experience when you have to be focused,

522
00:23:58,200 --> 00:24:00,280
Speaker 4: you have to have a goal, and you just have

523
00:24:00,359 --> 00:24:01,960
Speaker 4: to keep moving. And so I'm not going to let

524
00:24:02,000 --> 00:24:03,399
Speaker 4: this be a setback, and I didn't.

525
00:24:04,000 --> 00:24:06,960
Speaker 2: Don't you hate as a financial journalist, everyone thinks your

526
00:24:07,040 --> 00:24:08,600
Speaker 2: finances are perfect.

527
00:24:08,480 --> 00:24:14,320
Speaker 4: Right, You're money because I'm learning as I'm helping you.

528
00:24:14,359 --> 00:24:16,359
Speaker 2: And for me, the most compelling part of all of

529
00:24:16,400 --> 00:24:18,879
Speaker 2: it was the psychology of it, because it was just

530
00:24:19,160 --> 00:24:20,640
Speaker 2: challenges I ran into myself.

531
00:24:21,240 --> 00:24:23,960
Speaker 1: But it's not and things are always changing too. That's

532
00:24:23,960 --> 00:24:26,199
Speaker 1: the other thing, you know, we see what the housing

533
00:24:26,240 --> 00:24:27,400
Speaker 1: market is like right now.

534
00:24:27,520 --> 00:24:29,680
Speaker 3: We see the interest rates being.

535
00:24:29,520 --> 00:24:32,280
Speaker 1: So high, so you know it's always had at the

536
00:24:32,320 --> 00:24:34,040
Speaker 1: stock market, that's unpredictable.

537
00:24:34,240 --> 00:24:35,240
Speaker 4: It is.

538
00:24:35,359 --> 00:24:37,080
Speaker 2: You can't let any of this stuff define you.

539
00:24:37,200 --> 00:24:39,280
Speaker 4: That's the most important financialist, that's right.

540
00:24:39,480 --> 00:24:40,679
Speaker 3: Just don't want it define you.

541
00:24:40,760 --> 00:24:42,000
Speaker 4: It's only money.

542
00:24:41,880 --> 00:24:45,000
Speaker 1: Now, Jennifer. One of the articles that you wrote was

543
00:24:46,560 --> 00:24:49,600
Speaker 1: people making the same money mistakes over and over again.

544
00:24:49,640 --> 00:24:51,600
Speaker 1: Can you tell us some of those money mistakes that

545
00:24:51,640 --> 00:24:53,320
Speaker 1: people make that you've witnessed.

546
00:24:53,480 --> 00:24:56,320
Speaker 4: Oh my gosh, all thinking first of all, not getting

547
00:24:56,359 --> 00:25:00,000
Speaker 4: started first and foremost, just not getting started, feeling overwhelmed.

548
00:25:00,960 --> 00:25:05,399
Speaker 4: Another thing, carrying debt, not really attacking that debt and

549
00:25:05,480 --> 00:25:08,359
Speaker 4: just letting it linger paying the minimum on any sort

550
00:25:08,359 --> 00:25:12,080
Speaker 4: of debt obligation that you have, thinking that you need

551
00:25:12,160 --> 00:25:16,520
Speaker 4: all this upfront money, not investing in yourself, and just

552
00:25:16,600 --> 00:25:21,960
Speaker 4: not taking control of your financial obligations, in your financial security.

553
00:25:22,960 --> 00:25:25,159
Speaker 4: I think you made a comment earlier about a family

554
00:25:25,160 --> 00:25:26,840
Speaker 4: member that says, well, I have all this debt. It's

555
00:25:26,880 --> 00:25:29,280
Speaker 4: not going anyway. I'm just going to keep spending money.

556
00:25:29,320 --> 00:25:30,960
Speaker 1: I can't even pay this it's too much. Because it

557
00:25:30,960 --> 00:25:32,600
Speaker 1: can feel overwhelming, you can feel.

558
00:25:33,800 --> 00:25:36,119
Speaker 4: And there's so many of us that avoid the phone,

559
00:25:36,359 --> 00:25:39,480
Speaker 4: that avoid the mailbox, and that is the last thing

560
00:25:39,560 --> 00:25:41,600
Speaker 4: that you should be doing. You should be getting on

561
00:25:41,640 --> 00:25:44,320
Speaker 4: the phone with your creditors and saying, look, I want

562
00:25:44,359 --> 00:25:47,639
Speaker 4: to make this right. I want can we get on

563
00:25:47,680 --> 00:25:50,800
Speaker 4: a payment plan? Is there a lump sum that I

564
00:25:50,840 --> 00:25:53,120
Speaker 4: can pay you? Especially if you're behind, you'd be surprised.

565
00:25:53,119 --> 00:25:56,320
Speaker 4: Creditors want to get paid. Okay, you owe them three thousand. Look,

566
00:25:56,600 --> 00:25:59,200
Speaker 4: I have fifteen hundred dollars today right now I can

567
00:25:59,200 --> 00:26:00,280
Speaker 4: Western Union.

568
00:26:00,320 --> 00:26:01,960
Speaker 1: Because a lot of times they pay pennies on the

569
00:26:02,040 --> 00:26:04,960
Speaker 1: dollar to get that credit, and then you pay them

570
00:26:05,000 --> 00:26:06,520
Speaker 1: and they're still going to make some money off.

571
00:26:06,440 --> 00:26:09,159
Speaker 4: Of correct correct, and they might say yes, you know,

572
00:26:09,440 --> 00:26:13,119
Speaker 4: and just keep going, don't give up. Don't think that

573
00:26:13,200 --> 00:26:16,200
Speaker 4: it's overwhelming and that you can't do it. So everyone

574
00:26:16,240 --> 00:26:17,360
Speaker 4: had to start somewhere.

575
00:26:19,200 --> 00:26:21,720
Speaker 1: Well, that's a lot of great information. I feel like

576
00:26:21,800 --> 00:26:24,400
Speaker 1: for us to and Jennifer, you got to come back up.

577
00:26:25,160 --> 00:26:27,480
Speaker 1: I know we've been talking about doing some things together.

578
00:26:27,600 --> 00:26:30,040
Speaker 1: So this was all really helpful, especially right now when

579
00:26:30,040 --> 00:26:32,639
Speaker 1: people are getting those checks and people are trying to

580
00:26:32,640 --> 00:26:34,160
Speaker 1: figure out what should I do with my tech?

581
00:26:34,200 --> 00:26:34,920
Speaker 3: People ask me.

582
00:26:35,000 --> 00:26:37,280
Speaker 1: Like Hey, I just got this little money. You know

583
00:26:37,320 --> 00:26:38,840
Speaker 1: what should I do with it? I never want to

584
00:26:38,840 --> 00:26:39,840
Speaker 1: give anybody advice.

585
00:26:40,480 --> 00:26:41,000
Speaker 3: I don't know what.

586
00:26:42,760 --> 00:26:45,439
Speaker 1: For sure what you to do with your money, you know,

587
00:26:45,480 --> 00:26:47,480
Speaker 1: but I can tell you, like certain things that I'm

588
00:26:47,560 --> 00:26:50,679
Speaker 1: doing as I'm doing them and let you know what

589
00:26:50,720 --> 00:26:52,520
Speaker 1: works for me. But one thing that you got to

590
00:26:52,560 --> 00:26:54,119
Speaker 1: do is know your credit score and know what's on

591
00:26:54,160 --> 00:26:54,879
Speaker 1: your credit report.

592
00:26:55,080 --> 00:26:57,800
Speaker 4: That's right, That's one thing for real. I mean, it's

593
00:26:57,920 --> 00:27:01,119
Speaker 4: never going to be bad to have a good credit score.

594
00:27:01,800 --> 00:27:04,320
Speaker 4: That's always going to work for you in any situation,

595
00:27:04,440 --> 00:27:07,320
Speaker 4: even with trying to get an apartment, getting a cell phone.

596
00:27:08,040 --> 00:27:11,360
Speaker 4: You think it's something that's small. Some health insurance companies

597
00:27:11,400 --> 00:27:14,520
Speaker 4: even pull your credit score. So it's never going to

598
00:27:14,560 --> 00:27:16,040
Speaker 4: be a bad thing to have a good credit score.

599
00:27:16,119 --> 00:27:17,840
Speaker 1: And what about one last thing I wanted to ask

600
00:27:17,880 --> 00:27:20,520
Speaker 1: you since Stacy first brought up everything that was happening

601
00:27:20,600 --> 00:27:24,000
Speaker 1: with the banks, and how much money you should have

602
00:27:24,119 --> 00:27:26,600
Speaker 1: in the bank because some people are just like saving

603
00:27:26,640 --> 00:27:28,480
Speaker 1: saving savings. I just want to put my money in

604
00:27:28,520 --> 00:27:30,879
Speaker 1: the bank, have this money just in case something happens.

605
00:27:30,880 --> 00:27:33,720
Speaker 1: I'm just stacking my money. I'm not wanting to make

606
00:27:33,720 --> 00:27:35,880
Speaker 1: a move with it. I just want to keep it right.

607
00:27:35,920 --> 00:27:37,479
Speaker 1: And then we saw what happened, and some people are

608
00:27:37,520 --> 00:27:40,320
Speaker 1: saying they have several bank accounts, right, and they spread

609
00:27:40,320 --> 00:27:42,760
Speaker 1: their money through that. Because the FDIC only insures up

610
00:27:42,760 --> 00:27:45,560
Speaker 1: to two hundred and fifty thousand dollars, that's it, all right,

611
00:27:45,640 --> 00:27:48,640
Speaker 1: So that is people should have more than one bank account.

612
00:27:48,680 --> 00:27:51,520
Speaker 4: Definitely, Definitely, if you are someone that's fortunate enough to

613
00:27:51,560 --> 00:27:54,119
Speaker 4: have over two hundred and fifty thousand dollars, do not

614
00:27:54,760 --> 00:27:57,760
Speaker 4: put it in that one account. The FDIC only insures

615
00:27:57,840 --> 00:28:00,200
Speaker 4: up to two hundred and fifty thousand dollars. So three

616
00:28:00,240 --> 00:28:05,520
Speaker 4: hundred four hundred, five hundred two fifty two, okay, you

617
00:28:05,600 --> 00:28:09,399
Speaker 4: know what's outside of that two hundred and fifty thousand

618
00:28:09,560 --> 00:28:10,359
Speaker 4: is in jeopardy.

619
00:28:10,680 --> 00:28:12,560
Speaker 1: But what about if you don't have two hundred and

620
00:28:12,560 --> 00:28:14,560
Speaker 1: fifty thousand, should you have more than one bank account?

621
00:28:14,560 --> 00:28:16,320
Speaker 4: You should still have more than one bank account. I

622
00:28:16,359 --> 00:28:20,600
Speaker 4: have three bank accounts, one for everyday expenses, one for travel,

623
00:28:20,720 --> 00:28:24,640
Speaker 4: and one for my savings. Okay five see, so there

624
00:28:24,640 --> 00:28:26,879
Speaker 4: you go. And then the one with the savings is

625
00:28:26,920 --> 00:28:30,240
Speaker 4: the furthest away from me. I don't have an ATM

626
00:28:30,240 --> 00:28:32,399
Speaker 4: bank card to it at all I have to d

627
00:28:32,520 --> 00:28:37,240
Speaker 4: link that, yeah I have at all money that goes

628
00:28:37,280 --> 00:28:40,880
Speaker 4: into that account is automatically taken out of my check. Okay,

629
00:28:40,920 --> 00:28:41,840
Speaker 4: so I don't even see it.

630
00:28:41,920 --> 00:28:44,520
Speaker 1: Yep, That's what I'm talking about, all right, But this

631
00:28:44,600 --> 00:28:45,560
Speaker 1: is great informative.

632
00:28:45,600 --> 00:28:46,440
Speaker 3: I'm always learning.

633
00:28:47,320 --> 00:28:47,920
Speaker 4: Thank you guys.

634
00:28:47,960 --> 00:28:50,640
Speaker 2: Thank you for closing out financial literacy es and we

635
00:28:50,720 --> 00:28:55,720
Speaker 2: tried to bring everybody some great information and uh really appreciate.

636
00:28:55,520 --> 00:28:58,160
Speaker 1: And make sure you pick up Jennifer Strakes's book Thrive

637
00:28:58,320 --> 00:29:01,520
Speaker 1: Affordably of course you ever get to get to live

638
00:29:01,560 --> 00:29:03,080
Speaker 1: your best life without breaking the bank.

639
00:29:03,320 --> 00:29:04,840
Speaker 2: Amazon and Barnes and Noble.

640
00:29:05,000 --> 00:29:10,520
Speaker 4: Yes, thank you guys so much. This was great, well