WEBVTT - BA Q&A: Optimizing the Paying Rent Experience?

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

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<v Speaker 1>b a q a what you say, the b a

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<v Speaker 1>q a with Manday, the b a q eight with

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<v Speaker 1>Tippy Day. Mandy's out today, so you just have more.

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<v Speaker 1>Mandy had a nerd to lose her voice, but that's okay.

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<v Speaker 1>Wet to your little baqa answer some money questions if

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<v Speaker 1>you will, and we will. And so if you have questions,

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<v Speaker 1>you can always go to Brinnbision podcast dot com and

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<v Speaker 1>click ask anything. If you want to be in studio

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<v Speaker 1>digital of course, because the vid is still out here,

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<v Speaker 1>you can go to Brinabision podcast on Instagram and leave

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<v Speaker 1>us a digital voice note so we can hear how

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<v Speaker 1>you sound, ask you a question and see if we

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<v Speaker 1>gonavite you into the studio. So let's answer some questions.

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<v Speaker 1>Let's see question hanada da da da da. This person

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<v Speaker 1>wants to be anonymous, So we're gonna call you Kiva

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<v Speaker 1>because I was just like, that's a cute name. Why

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<v Speaker 1>ain't kiva anyway? So Keiva says, I would like to

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<v Speaker 1>remain anonymous. Got you, girl? She says, I've been catching

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<v Speaker 1>up on the podcast from the beginning as you ought to.

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<v Speaker 1>I'm up to episode one ninety nine. You said that

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<v Speaker 1>you opened up a custodio wrath ira, which is something

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<v Speaker 1>I thought about opening for my kids. When I looked

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<v Speaker 1>into it, it says that the child has to have

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<v Speaker 1>earned income.

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<v Speaker 2>This is true.

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<v Speaker 1>Can you please tell me how you are able to

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<v Speaker 1>open yours? Also? Are there any other accounts I can

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<v Speaker 1>open for them besides regular savings? Thank you for your time,

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<v Speaker 1>so Keiva, Yes, it is true. See a wroth ira

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<v Speaker 1>IRA stands for individual retirement account. Whether you are man, chick,

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<v Speaker 1>a child, you cannot have a retirement account open if

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<v Speaker 1>you're not making any money because the people, say, the

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<v Speaker 1>people meaning the government, how are you saving for retirement

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<v Speaker 1>when you ain't working? You know? And there's other ways

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<v Speaker 1>around it, but for the most part, you have to

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<v Speaker 1>just understand that an iray is a retirement account based

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<v Speaker 1>upon like you know, the money earned income is just

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<v Speaker 1>like you have a job, you're making money, right, And

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<v Speaker 1>a raw iray is different from a traditional iray because

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<v Speaker 1>a traditional iray is money that's put in there before taxes, right,

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<v Speaker 1>and a raw iray is money that's put into your

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<v Speaker 1>retirement account after you pay your taxes. Right. So, so

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<v Speaker 1>I opened up my husband and I had opened up

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<v Speaker 1>a custodial ira for Alyssa, my bonus baby, and because

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<v Speaker 1>we back then, I was like, so what are we

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<v Speaker 1>going to do? So I actually hired her to do

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<v Speaker 1>some work for me at the budget Nista. You know. Now,

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<v Speaker 1>actually Alyssa is like my TikTok managership. She just messaged

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<v Speaker 1>me this morning, like when are we meeting? I gotta

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<v Speaker 1>get my money. I mean, I gotta get my work done.

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<v Speaker 1>But that's what she meant. And so now, because that

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<v Speaker 1>I pay Alyssa money, she gets twenty dollars a TikTok,

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<v Speaker 1>but I make sure I pay her enough to reach

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<v Speaker 1>the minimum or really the maximum of what we can

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<v Speaker 1>set aside for her retirement account. And this year it

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<v Speaker 1>was six thousand dollars. So I made sure that she

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<v Speaker 1>got in at least six thousand dollars worth of work

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<v Speaker 1>so we could put that six thousand in her raw ira,

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<v Speaker 1>and anything above that she got to kind of keep.

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<v Speaker 1>Although she wasn't happy about it, because you know, the

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<v Speaker 1>kids want this money, honey, But I told her it

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<v Speaker 1>is still your money. It's just for grown growner Lissa,

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<v Speaker 1>you know. So I don't know if you have a job.

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<v Speaker 1>I mean our job a business, because that's one of

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<v Speaker 1>the ways is that you literally employ your child, but

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<v Speaker 1>for real, you can't just employ them for fake like

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<v Speaker 1>Alyssa literally does my tiktoks. And before that she was

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<v Speaker 1>doing some odds and then's at Budgetista. So yes, but

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<v Speaker 1>even before that, before I was able to open up

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<v Speaker 1>the custodio raw Ira, I had something else for her.

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<v Speaker 1>It was a custodio account. It was a retirement account,

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<v Speaker 1>but I mean it wasn't a retirement account. It was

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<v Speaker 1>an investment account, but it was custodio. So you can

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<v Speaker 1>still set aside and have an investment account for your child.

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<v Speaker 1>This means it's not specifically for retirement. This is just

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<v Speaker 1>investing in general, just like you can have a retirement

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<v Speaker 1>account and you can have a separate investment account, right,

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<v Speaker 1>and so I have also in addition to that, I

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<v Speaker 1>also have an investment account for a listen, where we

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<v Speaker 1>actually house her. It's not a five twenty nine. This

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<v Speaker 1>is where we house her college fund, and so that's

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<v Speaker 1>a separate one. So you can do that too. You

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<v Speaker 1>can have a custolical account for just investments, and so

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<v Speaker 1>it doesn't get the tax benefits of a retirement account,

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<v Speaker 1>but I can pull it out before you know, she's

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<v Speaker 1>sixty five, you know, without any penalty. Like the purpose

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<v Speaker 1>of that investment account was really the set aside and

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<v Speaker 1>grow her money for college, which we have fully funded.

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<v Speaker 1>So hopefully that helps Kiva. You know, you can start

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<v Speaker 1>working on that now for the babies. Hopefully that's really helpful.

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<v Speaker 2>Okay, Okay, so we do have another question, but we

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<v Speaker 2>gonna take up break first, and now I'll be right

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<v Speaker 2>back with some more BAQA questions.

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<v Speaker 1>Okay, see you soon.

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<v Speaker 3>I'm back.

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<v Speaker 1>Okay, So we have a question from someone named Sensational.

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<v Speaker 1>First of all, Sin, I love how you spell it,

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<v Speaker 1>c yn Is that your real name? Anyway, Sensational asked

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<v Speaker 1>a really great question. She says, Hello, I am relocating

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<v Speaker 1>for work. I'm downsizing from a house. She's the first

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<v Speaker 1>time home buyer to an apartment. Okay, I never really

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<v Speaker 1>rented an apartment before. Okay, you know what, I don't

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<v Speaker 1>know if I've ever rented an apartment before. I haven't, Sin,

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<v Speaker 1>because I went from my parents' house. Me. I see

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<v Speaker 1>you did too, and I went to like I rented

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<v Speaker 1>a house with my sister, but I never had an apartment,

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<v Speaker 1>and then after that I bought a condown. So Sin same,

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<v Speaker 1>she said, I went straight from my parents home to

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<v Speaker 1>my own house. And we love an upgraded sensational sister.

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<v Speaker 1>And now she's renting out her home. Sin, I already

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<v Speaker 1>love you. You're like my face. Look at this stayed home,

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<v Speaker 1>stacked her dome, moved out into her own home, and

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<v Speaker 1>now she's renting it out. So the question, though she

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<v Speaker 1>has is because Sin is super smart, i'v is I'm

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<v Speaker 1>asking is there a way to optimize the paying rent experience?

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<v Speaker 1>Are there any ways to make the experience work in

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<v Speaker 1>my financial favor? Any cards that give bonuses or any

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<v Speaker 1>or help incentivize paying rent. Thank you for all the

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<v Speaker 1>work that you do and now you're sharing. So Sin,

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<v Speaker 1>this is a really great question. The problem with rent

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<v Speaker 1>is typically it won't show up on your credit report

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<v Speaker 1>as paid unless you don't pay, and then if the

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<v Speaker 1>landlord reports you, then that's what they'll stay. But they

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<v Speaker 1>do have some resources available to have your rent payments

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<v Speaker 1>go on your credit report the way like your mortgage done.

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<v Speaker 1>So there's a few of them. So there's one called Pinata,

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<v Speaker 1>which is free. The service offers it's free to rentors

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<v Speaker 1>nobody their landlord. It reports to TransUnion. If your landlord

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<v Speaker 1>signs up for a specific partnership with Pinata, your rent

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<v Speaker 1>payments can be reported on all three bureaus. So I

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<v Speaker 1>think Pinata you can do on your own, just for TransUnion.

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<v Speaker 1>But if you can get your landlord to sign up,

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<v Speaker 1>they can reply, they can they can add you to

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<v Speaker 1>all three bureaus. So I would look into that. And

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<v Speaker 1>there's also some ones that charge renters, like rent Reporters,

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<v Speaker 1>Rental Karma, Level Credit, Rock, the Score credit is My

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<v Speaker 1>rent payment report is a bunch. So but girl, you

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<v Speaker 1>know we like free around here. Okay, So I'll be

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<v Speaker 1>looking into the Pinata of it all, and I would

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<v Speaker 1>like to you know, That's what I would suggest now

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<v Speaker 1>as far as like a specific credit card for people

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<v Speaker 1>who pay rent, Not that I know it, but I

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<v Speaker 1>do believe that credit cards o wes big time.

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<v Speaker 2>What do I mean?

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<v Speaker 1>That means if you are going to use your credit

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<v Speaker 1>card to pay rent, make sure let that kind of

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<v Speaker 1>guard give you something. We need to it's a mutually

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<v Speaker 1>beneficial relationship. I need to benefit. So my favorite types

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<v Speaker 1>of credit cards are ones that offer cap back because

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<v Speaker 1>cash is queen. But also I also like travel cards,

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<v Speaker 1>and I also like, like if you drive a lot,

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<v Speaker 1>which I don't, there's gas cards, right, so depending right,

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<v Speaker 1>so I don't know if your landlord lets you pay

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<v Speaker 1>your your your rent with credit. If they do and

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<v Speaker 1>you're really like, you know, responsible, then you can put

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<v Speaker 1>it on a card and pay it off every month

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<v Speaker 1>in full. Your credit score will jump even higher than

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<v Speaker 1>I'm sure it already is, and you'll get the benefit.

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<v Speaker 1>Like I just literally got thousands of dollars of cash

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<v Speaker 1>back or one of my credit cards because I have

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<v Speaker 1>not checked in a while and I had all these

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<v Speaker 1>points and I was gonna go close this card I

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<v Speaker 1>hadn't used, and I was like, let me see how

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<v Speaker 1>many points I have thousands of dolls because it was

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<v Speaker 1>a few years I was like, well, zag, you know,

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<v Speaker 1>so that's why I said I like cash back. But

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<v Speaker 1>I also like travel award cards, like I like Chase

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<v Speaker 1>has like a nice one, the Venture card.

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<v Speaker 3>I use that one.

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<v Speaker 1>Bank of America has like a some like travel card

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<v Speaker 1>that I used to and then Americans Expresses my typical

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<v Speaker 1>favorite card for business, just because I use the points

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<v Speaker 1>like religiously, so you know, like A great place to

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<v Speaker 1>go look is magnify money dot com. You know you

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<v Speaker 1>can look for like really great cards there, but only

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<v Speaker 1>if you're gonna pay it off in full every month.

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<v Speaker 1>Sin Hopefully that was helpful.

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<v Speaker 2>I know it was okay.

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<v Speaker 1>If you have questions and about career, about business, about entrepreneurship,

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<v Speaker 1>about money, you can ask us over here Brown Ambition

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<v Speaker 1>because we love answering them. Ba QA comes out every Friday.

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<v Speaker 1>So tell a friend, Tell a friend, tell a friend,

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<v Speaker 1>and we will see you next week. And wish Mandy

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<v Speaker 1>you know what, tweet her and say get well soon.

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<v Speaker 1>Tiffany did a good job without you, but she needs you.

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<v Speaker 3>Girls eye out bye, Hey ba fan, we could not

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<v Speaker 3>do this show without your support or the support of

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<v Speaker 3>our team behind the scenes. The Brown Ambission podcast is

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<v Speaker 3>pre by Cumulus Podcast Network. It's edited by the wonderful

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<v Speaker 3>Imani Crosby and produced by Tanya Bustos. Dennis Stimplinsky is

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<v Speaker 3>our in house tech curu, and I am Bandy Woodard

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<v Speaker 3>Santos your co host, and I will see y'all next week.