Speaker 1: It's time for the b a q a A, the
Speaker 1: b a q a what you say, the b a
Speaker 1: q a with Manday, the b a q eight with
Speaker 1: Tippy Day. Mandy's out today, so you just have more.
Speaker 1: Mandy had a nerd to lose her voice, but that's okay.
Speaker 1: Wet to your little baqa answer some money questions if
Speaker 1: you will, and we will. And so if you have questions,
Speaker 1: you can always go to Brinnbision podcast dot com and
Speaker 1: click ask anything. If you want to be in studio
Speaker 1: digital of course, because the vid is still out here,
Speaker 1: you can go to Brinabision podcast on Instagram and leave
Speaker 1: us a digital voice note so we can hear how
Speaker 1: you sound, ask you a question and see if we
Speaker 1: gonavite you into the studio. So let's answer some questions.
Speaker 1: Let's see question hanada da da da da. This person
Speaker 1: wants to be anonymous, So we're gonna call you Kiva
Speaker 1: because I was just like, that's a cute name. Why
Speaker 1: ain't kiva anyway? So Keiva says, I would like to
Speaker 1: remain anonymous. Got you, girl? She says, I've been catching
Speaker 1: up on the podcast from the beginning as you ought to.
Speaker 1: I'm up to episode one ninety nine. You said that
Speaker 1: you opened up a custodio wrath ira, which is something
Speaker 1: I thought about opening for my kids. When I looked
Speaker 1: into it, it says that the child has to have
Speaker 1: earned income.
Speaker 2: This is true.
Speaker 1: Can you please tell me how you are able to
Speaker 1: open yours? Also? Are there any other accounts I can
Speaker 1: open for them besides regular savings? Thank you for your time,
Speaker 1: so Keiva, Yes, it is true. See a wroth ira
Speaker 1: IRA stands for individual retirement account. Whether you are man, chick,
Speaker 1: a child, you cannot have a retirement account open if
Speaker 1: you're not making any money because the people, say, the
Speaker 1: people meaning the government, how are you saving for retirement
Speaker 1: when you ain't working? You know? And there's other ways
Speaker 1: around it, but for the most part, you have to
Speaker 1: just understand that an iray is a retirement account based
Speaker 1: upon like you know, the money earned income is just
Speaker 1: like you have a job, you're making money, right, And
Speaker 1: a raw iray is different from a traditional iray because
Speaker 1: a traditional iray is money that's put in there before taxes, right,
Speaker 1: and a raw iray is money that's put into your
Speaker 1: retirement account after you pay your taxes. Right. So, so
Speaker 1: I opened up my husband and I had opened up
Speaker 1: a custodial ira for Alyssa, my bonus baby, and because
Speaker 1: we back then, I was like, so what are we
Speaker 1: going to do? So I actually hired her to do
Speaker 1: some work for me at the budget Nista. You know. Now,
Speaker 1: actually Alyssa is like my TikTok managership. She just messaged
Speaker 1: me this morning, like when are we meeting? I gotta
Speaker 1: get my money. I mean, I gotta get my work done.
Speaker 1: But that's what she meant. And so now, because that
Speaker 1: I pay Alyssa money, she gets twenty dollars a TikTok,
Speaker 1: but I make sure I pay her enough to reach
Speaker 1: the minimum or really the maximum of what we can
Speaker 1: set aside for her retirement account. And this year it
Speaker 1: was six thousand dollars. So I made sure that she
Speaker 1: got in at least six thousand dollars worth of work
Speaker 1: so we could put that six thousand in her raw ira,
Speaker 1: and anything above that she got to kind of keep.
Speaker 1: Although she wasn't happy about it, because you know, the
Speaker 1: kids want this money, honey, But I told her it
Speaker 1: is still your money. It's just for grown growner Lissa,
Speaker 1: you know. So I don't know if you have a job.
Speaker 1: I mean our job a business, because that's one of
Speaker 1: the ways is that you literally employ your child, but
Speaker 1: for real, you can't just employ them for fake like
Speaker 1: Alyssa literally does my tiktoks. And before that she was
Speaker 1: doing some odds and then's at Budgetista. So yes, but
Speaker 1: even before that, before I was able to open up
Speaker 1: the custodio raw Ira, I had something else for her.
Speaker 1: It was a custodio account. It was a retirement account,
Speaker 1: but I mean it wasn't a retirement account. It was
Speaker 1: an investment account, but it was custodio. So you can
Speaker 1: still set aside and have an investment account for your child.
Speaker 1: This means it's not specifically for retirement. This is just
Speaker 1: investing in general, just like you can have a retirement
Speaker 1: account and you can have a separate investment account, right,
Speaker 1: and so I have also in addition to that, I
Speaker 1: also have an investment account for a listen, where we
Speaker 1: actually house her. It's not a five twenty nine. This
Speaker 1: is where we house her college fund, and so that's
Speaker 1: a separate one. So you can do that too. You
Speaker 1: can have a custolical account for just investments, and so
Speaker 1: it doesn't get the tax benefits of a retirement account,
Speaker 1: but I can pull it out before you know, she's
Speaker 1: sixty five, you know, without any penalty. Like the purpose
Speaker 1: of that investment account was really the set aside and
Speaker 1: grow her money for college, which we have fully funded.
Speaker 1: So hopefully that helps Kiva. You know, you can start
Speaker 1: working on that now for the babies. Hopefully that's really helpful.
Speaker 2: Okay, Okay, so we do have another question, but we
Speaker 2: gonna take up break first, and now I'll be right
Speaker 2: back with some more BAQA questions.
Speaker 1: Okay, see you soon.
Speaker 3: I'm back.
Speaker 1: Okay, So we have a question from someone named Sensational.
Speaker 1: First of all, Sin, I love how you spell it,
Speaker 1: c yn Is that your real name? Anyway, Sensational asked
Speaker 1: a really great question. She says, Hello, I am relocating
Speaker 1: for work. I'm downsizing from a house. She's the first
Speaker 1: time home buyer to an apartment. Okay, I never really
Speaker 1: rented an apartment before. Okay, you know what, I don't
Speaker 1: know if I've ever rented an apartment before. I haven't, Sin,
Speaker 1: because I went from my parents' house. Me. I see
Speaker 1: you did too, and I went to like I rented
Speaker 1: a house with my sister, but I never had an apartment,
Speaker 1: and then after that I bought a condown. So Sin same,
Speaker 1: she said, I went straight from my parents home to
Speaker 1: my own house. And we love an upgraded sensational sister.
Speaker 1: And now she's renting out her home. Sin, I already
Speaker 1: love you. You're like my face. Look at this stayed home,
Speaker 1: stacked her dome, moved out into her own home, and
Speaker 1: now she's renting it out. So the question, though she
Speaker 1: has is because Sin is super smart, i'v is I'm
Speaker 1: asking is there a way to optimize the paying rent experience?
Speaker 1: Are there any ways to make the experience work in
Speaker 1: my financial favor? Any cards that give bonuses or any
Speaker 1: or help incentivize paying rent. Thank you for all the
Speaker 1: work that you do and now you're sharing. So Sin,
Speaker 1: this is a really great question. The problem with rent
Speaker 1: is typically it won't show up on your credit report
Speaker 1: as paid unless you don't pay, and then if the
Speaker 1: landlord reports you, then that's what they'll stay. But they
Speaker 1: do have some resources available to have your rent payments
Speaker 1: go on your credit report the way like your mortgage done.
Speaker 1: So there's a few of them. So there's one called Pinata,
Speaker 1: which is free. The service offers it's free to rentors
Speaker 1: nobody their landlord. It reports to TransUnion. If your landlord
Speaker 1: signs up for a specific partnership with Pinata, your rent
Speaker 1: payments can be reported on all three bureaus. So I
Speaker 1: think Pinata you can do on your own, just for TransUnion.
Speaker 1: But if you can get your landlord to sign up,
Speaker 1: they can reply, they can they can add you to
Speaker 1: all three bureaus. So I would look into that. And
Speaker 1: there's also some ones that charge renters, like rent Reporters,
Speaker 1: Rental Karma, Level Credit, Rock, the Score credit is My
Speaker 1: rent payment report is a bunch. So but girl, you
Speaker 1: know we like free around here. Okay, So I'll be
Speaker 1: looking into the Pinata of it all, and I would
Speaker 1: like to you know, That's what I would suggest now
Speaker 1: as far as like a specific credit card for people
Speaker 1: who pay rent, Not that I know it, but I
Speaker 1: do believe that credit cards o wes big time.
Speaker 2: What do I mean?
Speaker 1: That means if you are going to use your credit
Speaker 1: card to pay rent, make sure let that kind of
Speaker 1: guard give you something. We need to it's a mutually
Speaker 1: beneficial relationship. I need to benefit. So my favorite types
Speaker 1: of credit cards are ones that offer cap back because
Speaker 1: cash is queen. But also I also like travel cards,
Speaker 1: and I also like, like if you drive a lot,
Speaker 1: which I don't, there's gas cards, right, so depending right,
Speaker 1: so I don't know if your landlord lets you pay
Speaker 1: your your your rent with credit. If they do and
Speaker 1: you're really like, you know, responsible, then you can put
Speaker 1: it on a card and pay it off every month
Speaker 1: in full. Your credit score will jump even higher than
Speaker 1: I'm sure it already is, and you'll get the benefit.
Speaker 1: Like I just literally got thousands of dollars of cash
Speaker 1: back or one of my credit cards because I have
Speaker 1: not checked in a while and I had all these
Speaker 1: points and I was gonna go close this card I
Speaker 1: hadn't used, and I was like, let me see how
Speaker 1: many points I have thousands of dolls because it was
Speaker 1: a few years I was like, well, zag, you know,
Speaker 1: so that's why I said I like cash back. But
Speaker 1: I also like travel award cards, like I like Chase
Speaker 1: has like a nice one, the Venture card.
Speaker 3: I use that one.
Speaker 1: Bank of America has like a some like travel card
Speaker 1: that I used to and then Americans Expresses my typical
Speaker 1: favorite card for business, just because I use the points
Speaker 1: like religiously, so you know, like A great place to
Speaker 1: go look is magnify money dot com. You know you
Speaker 1: can look for like really great cards there, but only
Speaker 1: if you're gonna pay it off in full every month.
Speaker 1: Sin Hopefully that was helpful.
Speaker 2: I know it was okay.
Speaker 1: If you have questions and about career, about business, about entrepreneurship,
Speaker 1: about money, you can ask us over here Brown Ambition
Speaker 1: because we love answering them. Ba QA comes out every Friday.
Speaker 1: So tell a friend, Tell a friend, tell a friend,
Speaker 1: and we will see you next week. And wish Mandy
Speaker 1: you know what, tweet her and say get well soon.
Speaker 1: Tiffany did a good job without you, but she needs you.
Speaker 3: Girls eye out bye, Hey ba fan, we could not
Speaker 3: do this show without your support or the support of
Speaker 3: our team behind the scenes. The Brown Ambission podcast is
Speaker 3: pre by Cumulus Podcast Network. It's edited by the wonderful
Speaker 3: Imani Crosby and produced by Tanya Bustos. Dennis Stimplinsky is
Speaker 3: our in house tech curu, and I am Bandy Woodard
Speaker 3: Santos your co host, and I will see y'all next week.