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Speaker 1: Welcome to How the Money. I'm Joel and I and

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Speaker 1: Matt and today we're discussing debt elimination strategies and economic

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Speaker 1: violence with Lynette Califanni Cox Edjuel. Our guest today is

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Speaker 1: Lynette Califani Cox. Lynette, also known as the Money Coach.

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Speaker 1: She is a personal finance expert, uh television and radio personality,

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Speaker 1: and she's also the author of twelve books, including the

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Speaker 1: New York Times bestseller Zero Debts, The Ultimate Guide to

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Speaker 1: Financial Freedom. Lynette is a former financial news journalist who

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Speaker 1: now teaches individuals nationwide how to better manage their finances.

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Speaker 1: She has appeared on many TV programs like Oprah. You

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Speaker 1: probably have heard of that one Joel her dr Phil

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Speaker 1: the Today's show Countless There's and we are glad to

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Speaker 1: have her with us today. So, Lynette, thank you so

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Speaker 1: much for joining us on the podcast. Oh, thank you

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Speaker 1: so much for having me. It's my pleasure to be

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Speaker 1: with you. So, Lynette. One thing that Matt and I

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Speaker 1: do on on most of the shows that we release,

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Speaker 1: when we drink a beer while we're discussing personal finance.

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Speaker 1: It's something that that we just really enjoy and part

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Speaker 1: of ethos of our show is to to spend money

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Speaker 1: on something that you like while you're intentionally saving money

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Speaker 1: and investing money for the future. So our first question

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Speaker 1: to every guest is what is your splurge? What's your

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Speaker 1: craftier equivalent? Mm hmmm, Well, pre covid, I would have

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Speaker 1: said travel, believe it or not, is one of the

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Speaker 1: things that I probably did a little too much splurging on.

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Speaker 1: But in more recent months, I actually have gotten into

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Speaker 1: all of these kind of like gourmet cheeses like that,

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Speaker 1: and um, but I'm still not there, like, you know,

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Speaker 1: I'm not like the ultimate foodie or anything like that.

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Speaker 1: But I even though I do splurge on them, at

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Speaker 1: one point it just kind of was like in April

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Speaker 1: and May, it was a little bit ridiculous, and so

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Speaker 1: I was like, I'm just spending a way too much

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Speaker 1: money on just cheese here. So I kind of pulled

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Speaker 1: back because literally I did feel guilty and I thought, Okay,

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Speaker 1: this can't possibly be healthy. Um, so um, I would

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Speaker 1: you know, that's kind of been one of my little splurges.

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Speaker 1: You know, when you're getting all the stuff delivered, it's

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Speaker 1: kind of easy to just click click click, and you

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Speaker 1: start saying that looks good, and that looks good, and

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Speaker 1: you know, and one time we had a little bit

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Speaker 1: of a mishap where one of our um delivery persons.

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Speaker 1: We were, you know, doing like a ship style delivery,

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Speaker 1: and in any event, my husband said, let me get

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Speaker 1: this and that, and he said an assortment of these

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Speaker 1: and deli meats and whatnot. And the person kind of

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Speaker 1: misunderstood and got an assortment of every possible cheese that

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Speaker 1: you could possible. I mean we we had like fifteen

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Speaker 1: different types of cheese. And I was like, okay, you know,

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Speaker 1: this is a this is a little extra here, friends

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Speaker 1: over to share, Like that's one thing if you could

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Speaker 1: just host a little party, but you're kind of stuck

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Speaker 1: at home any of about yourself. I don't know if

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Speaker 1: your kids are into it, but they're probably like this

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Speaker 1: cheese is a little stinky exactly. So we did. We

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Speaker 1: made a little funny Facebook live a joke out of

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Speaker 1: it and shared and I was like, please help me

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Speaker 1: people ideas here. People were like, freeze it, donated, make

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Speaker 1: some you know meals out of it, and have some leftovers,

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Speaker 1: and you know so but jeesus, yeah, I put that

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Speaker 1: in my beer craft kind of equivalent. Okay, I can

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Speaker 1: see myself getting into nicer cheeses as well. I get

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Speaker 1: some nicer ones at all the on occasion, but all

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Speaker 1: these even got some of those cave age cheese as well,

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Speaker 1: you know where they kind of have like the little pockets.

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Speaker 1: I don't know what's like what makes it a cheese

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Speaker 1: cave aged, other than maybe it's supposed to be aged

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Speaker 1: in a cave. But they've got those little little little

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Speaker 1: pockets with like salts or some sort of crystals in there.

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Speaker 1: And all I know is that there's just a lot

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Speaker 1: of flavor in there, and I like it. It sounds fancy.

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Speaker 1: Uh Well, you know, on this note, like you've said

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Speaker 1: before that like it's important for us to purposely spend

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Speaker 1: our money on the things that you want to spend

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Speaker 1: money on. It sort of seems that this is like

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Speaker 1: an underwriting principle that that you used to kind of

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Speaker 1: guide yourself. Why do you feel that this is so

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Speaker 1: important to make sure that we're, you know, realizing the

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Speaker 1: food of our labor. Well, I've had the good fortune

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Speaker 1: to uh not only be a person who didn't know

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Speaker 1: how to manage cash well and wisely in the past

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Speaker 1: and didn't know how to budget and and all those

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Speaker 1: kind of things to a person who actually is pretty

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Speaker 1: good at it now and who's helped you know, many

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Speaker 1: thousands of others to do the same. And one of

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Speaker 1: the things that I can tell you unequivocally is that

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Speaker 1: human nature cannot kind of deal with deprivation for very long.

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Speaker 1: And so I when I tell people to think about

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Speaker 1: cash management and and and budgeting, and you know that

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Speaker 1: nasty little B word, I know that some people don't

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Speaker 1: like to hear UM, but to to to look at

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Speaker 1: their spending in their financial choices, UM in a way

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Speaker 1: that's sustainable. The reason that you would factor into your

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Speaker 1: spending plan of action, into your budget, UM some rewards,

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Speaker 1: some treats, some things that you know make you happy,

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Speaker 1: is that over the long haul, it will help you

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Speaker 1: to stick with that game plan and it will help

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Speaker 1: you to be a more responsible, uh, fiscally responsible person.

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Speaker 1: If you just kind of put yourself in a financial

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Speaker 1: straight jacket and you never enjoy yourself, you're just gonna

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Speaker 1: kind of gripe about all the things you can't have,

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Speaker 1: what you can't buy, what you can't do. And who

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Speaker 1: wants to live like that? I mean everybody pretty much

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Speaker 1: feels like, look, I work hard for a living. I

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Speaker 1: deserve it. You know, we have a little bit of

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Speaker 1: that mindset um to a greater or lesser extent. And

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Speaker 1: so I found that it's actually far more advantageous for

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Speaker 1: people to just factor into their household budgets, into their

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Speaker 1: spending plans, etcetera, some rewards and some elements that will

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Speaker 1: help them to feel like, ah, I really love to

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Speaker 1: spend money on this, or this is something I really

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Speaker 1: enjoy doing and to do it happily. M I love that.

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Speaker 1: That's great. Yeah, and you, Lena, you just referenced kind

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Speaker 1: of your personal story with money, and I love reading

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Speaker 1: up on your history and kind of how how you

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Speaker 1: came to to learn a lot a lot of things

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Speaker 1: through through some hard knocks and but one of my

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Speaker 1: my favorite things that you shared is is one of

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Speaker 1: your earliest memories of learning about money, you talked about

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Speaker 1: how your mom would task you with the grocery shopping.

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Speaker 1: She'd hand your twenty dollar bill and then a shopping

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Speaker 1: list and send you into the store to get the groceries. So, so, like,

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Speaker 1: what did you learn about budgeting from kind of that

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Speaker 1: chore that your mom essentially gave to you when you

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Speaker 1: were just a young kid. Um. Well, first, I mean

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Speaker 1: kudos to you guys. You've really done your homework here. Um. Yes,

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Speaker 1: so you have to kind of understand first of all,

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Speaker 1: my background. I was actually born in New York, but

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Speaker 1: I moved to Los Angeles when I was like two

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Speaker 1: years old. My parents moved to l A because my

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Speaker 1: dad wanted to become an actor of all things. And

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Speaker 1: my parents were together. They had five daughters, but they

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Speaker 1: divorced when I was very young, when I was seven

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Speaker 1: years old, and so my mom really had to for

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Speaker 1: the most part, raised five girls on her own in

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Speaker 1: a two bedroom apartment in southern California. Literally that was

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Speaker 1: for my whole life until my older sisters, you know,

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Speaker 1: I grew up and they went to college, and then

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Speaker 1: of course I grew up and went to college. But

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Speaker 1: as a child from elementary school Lawn, my mom would

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Speaker 1: send me to a local store UM called Fedko in

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Speaker 1: Los Angeles and it was um a place that she

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Speaker 1: even later worked. But yes, I had to learn, you know,

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Speaker 1: everything from kind of budgeting to um delayed gratification to

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Speaker 1: being really quick with math because in my head I

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Speaker 1: had to calculate everything, the weight of things. If I

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Speaker 1: was buying something in terms of the price per pound,

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Speaker 1: I had to know before I got to that cash

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Speaker 1: register that if I had twenty or twenty five bucks

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Speaker 1: that the chicken I bought, the milk, the bread, et cetera,

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Speaker 1: that I wasn't gonna go over to twenty or twenty

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Speaker 1: dollars and fifty cents or twenty five dollars and fifty

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Speaker 1: cents even or so I wasn't gonna be able to

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Speaker 1: have everything. And so yeah, early on, there work times

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Speaker 1: when it was like, Nope, you don't have enough. What

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Speaker 1: will you put back? You know kind of thing. And

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Speaker 1: it actually a lot of things, frankly in my childhood,

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Speaker 1: which of course I had zero knowledge that it would

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Speaker 1: provide any level of preparation for for what I do today.

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Speaker 1: But honestly, a lot of things that I did as

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Speaker 1: a child helped me in so many ways. Like people

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Speaker 1: are shocked at how fast I am with math, I

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Speaker 1: just add up everything, you know in my head. Every

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Speaker 1: time we go to the store again, which is not

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Speaker 1: often now given the nineteen outbreak, but in the supermarket,

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Speaker 1: will go will grocery shop, We'll have a cart full

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Speaker 1: of stuff, sometimes even two carts, and we'll get my

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Speaker 1: husband's like, oh my god, we're smalling. We're spending a

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Speaker 1: small fortune here. He's like, what do you think this is?

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Speaker 1: And I'm not even like consciously adding up as we

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Speaker 1: go along. But then I'll go oh, and I'll just

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Speaker 1: like snap out of it. And then I'll take a

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Speaker 1: look and I'll start going to I'm adding up, and

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Speaker 1: I'll say this is gonna be about three hundred fifteen dollars.

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Speaker 1: We'll get to the to the cash register, they rang

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Speaker 1: it up three and four. So he's like, jeez, how

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Speaker 1: do you do? That? Is right exactly. It would be

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Speaker 1: the perfect a perfect skill. Well, and that on that note,

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Speaker 1: you know you mentioned your sisters in college. You know

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Speaker 1: you had gotten an internship that that paid a stipeend

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Speaker 1: at the end of the internship. But you need money,

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Speaker 1: you know, right then and there you needed it immediately.

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Speaker 1: Can you recount that story of borrowing money from a

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Speaker 1: family member? Oh God, this is embarrassing, but yes. So

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Speaker 1: when I was an undergrad, it um you c Irvine.

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Speaker 1: My very first internship was with ABC in Pensacola, Florida,

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Speaker 1: and it was with w E A R t V.

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Speaker 1: And as it turns out, my sister, the oldest one,

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Speaker 1: Sheryl Um who now is in Georgia and she she

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Speaker 1: owns a health care company. She was living there at

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Speaker 1: the time. She had gotten her master's degree in public health.

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Speaker 1: There a long story short, I applied for you know,

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Speaker 1: different internships. I got this one at w A R

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Speaker 1: t V. And yeah, I didn't really have the money

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Speaker 1: to to to come home. I have money for a

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Speaker 1: lot of things. They only gave us kind of a

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Speaker 1: stipend at the very end, and so yes, I kind

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Speaker 1: of borrowed some money from my sister, from Sheryl, and

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Speaker 1: I didn't repay her and she so by the time

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Speaker 1: I got back to Southern Cow to to u ce I,

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Speaker 1: she was like, oh hey, she was you know, she

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Speaker 1: called me and I was just like, I was kind

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Speaker 1: of like, you know, I'm kind of like dodging her

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Speaker 1: calls a little bit and like, oh, let me call

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Speaker 1: you back or try to you know, quickly get off

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Speaker 1: the phone or whatever. So one day she kind of

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Speaker 1: just like totally calls me on the carpet and she's like, Lynette,

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Speaker 1: she was like, no, this is not acceptable, and she says, listen,

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Speaker 1: I'm not gonna chase you down and you know, pursue

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Speaker 1: you like a creditor, as if I'm you know, some

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Speaker 1: bank or something. She said, but you know, you have

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Speaker 1: to be responsible. You borrow the money and you need

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Speaker 1: to pay me back. And if you can't, if you

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Speaker 1: don't have the money, you need to tell me I

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Speaker 1: don't have it. You need to make arrangements to pay

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Speaker 1: it back. And you know, you basically she just kind

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Speaker 1: of read me the Riot Act and say you have

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Speaker 1: to be responsible and kind of you know, put on

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Speaker 1: your your big girl pants here and acknowledge your responsibility.

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Speaker 1: And I was just like I was, I was mortified.

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Speaker 1: I was beyond embarrassed. And I was like, oh, you're right,

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Speaker 1: and you know, and so it was one of those

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Speaker 1: lessons that I learned. And honestly, family is going to

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Speaker 1: treat you way better. You know. She didn't put anything

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Speaker 1: on my credit report, she didn't charge me extra interests,

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Speaker 1: you know, but it was a it was a lesson.

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Speaker 1: And and and again, guys, you know, I was a

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Speaker 1: total hot mess early in my you know, early adulthood,

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Speaker 1: in college and in uh, in my young adult years

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Speaker 1: in terms of just extremely poor financial habits. I got into,

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Speaker 1: you know, student loan debt that was excessive given you

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Speaker 1: know what I really could realistically afford. I had a

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Speaker 1: car that got repossessed while I was in college, I

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Speaker 1: had credit card debt. I was just like a total

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Speaker 1: train wreck financially, and so, um, you know it, It's

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Speaker 1: obviously been a much better story for me the last

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Speaker 1: you know, fifteen plus years. But um, I'm so thankful.

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Speaker 1: I'm so appreciative that I've kind of lived and gotten

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Speaker 1: to the other side and can now help people to

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Speaker 1: to to live much better financial lives as well. Yeah, Lynette,

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Speaker 1: some sometimes those early hard knocks that that are really

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Speaker 1: difficult when when we're kids can help us in our future, right,

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Speaker 1: And you've talked about that, even the things that you

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Speaker 1: learned and and then the money mistakes that we make,

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Speaker 1: you know, when we're when we're early on in high school, college,

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Speaker 1: early career oftentimes can be the hard knocks that we

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Speaker 1: need in order to to do better with our money

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Speaker 1: later in life. So, yeah, do you feel like that

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Speaker 1: those you mentioned car repossession that happened to me when

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Speaker 1: I was a kid, Our family had our car repossession.

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Speaker 1: I just that sticks out in my mind as one

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Speaker 1: of the hardest money things I've ever gone through, and

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Speaker 1: and one of the biggest lessons I learned when when

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Speaker 1: that happened to my family. So do you feel like

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Speaker 1: those those mistakes that you made kind of early on

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Speaker 1: helped you learn about money in a way that maybe

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Speaker 1: you couldn't otherwise have from like podcasts and books. I

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Speaker 1: definitely feel like I have greater sensitivity and greater compassion

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Speaker 1: and awareness of what it's like to be in that predicament,

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Speaker 1: and so it helps me to not make value judgments

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Speaker 1: as much, I think, and it helps me to be

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Speaker 1: able to sometimes better connect with people around a shared experience.

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Speaker 1: I'm not the kind of person who feels, though exclusively like, oh,

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Speaker 1: you had to have been you know, poor, or been

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Speaker 1: and dead or yet to have personally gone through something

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Speaker 1: to be able to you know, quote unquote have any

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Speaker 1: empathy whatsoever to be able to understand it. Just like

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Speaker 1: I think that a male doctor can deliver a baby

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Speaker 1: and even though he's never been pregnant or never given birth,

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Speaker 1: as long as their professionals and and they you know,

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Speaker 1: treat their patients with compassion and the appropriate amount of respect,

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Speaker 1: et cetera in the process. So didn't for folks who

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Speaker 1: are you know, like us, trying to help people to

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Speaker 1: better navigate a whole host of of really what can

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Speaker 1: be sometimes complex or certainly bewildering financial issues. Um. I

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Speaker 1: do think my personal experience helps. It makes me connect

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Speaker 1: and resonate sometimes with people. But you know, I want

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Speaker 1: to touch a little bit on what I think is

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Speaker 1: a little bit implicit in the question that you asked

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Speaker 1: about past mistakes, and because I really don't want to

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Speaker 1: give the impression that there was that's all in the past,

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Speaker 1: and you know, I'm good now and I don't make

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Speaker 1: any mistakes anymore, not because the reality is I definitely

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Speaker 1: still make mistakes. I definitely still have challenges and in

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Speaker 1: financial obstacles and hurdles, and you know, I have a

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Speaker 1: very robust um financial life. I'm a mom, I'm a wife,

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Speaker 1: I'm a business owner. Sometimes some of those financial mistakes

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Speaker 1: can linger and can bite you in the button, you know,

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Speaker 1: for for much longer time periods. And so do you

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Speaker 1: think it's incumbent upon all of us too? You know,

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Speaker 1: once you know better, you kind of start to do better,

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Speaker 1: and then we kind of share and talk openly to

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Speaker 1: hopefully at the end of the day, help others learn

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Speaker 1: from our mistakes so they don't have to repeat them. Certainly, Yeah,

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Speaker 1: it's it's good to be refined by these mistakes, right,

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Speaker 1: these hurdles that we encounter, versus being completely crushed by them.

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Speaker 1: And it's you know, it's encouraging to hear that that's

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Speaker 1: what happened to you. And so, you know, Lynette, we're

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Speaker 1: we're talking some about some of the bad decisions you made,

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Speaker 1: but we're we're also going to talk a little bit

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Speaker 1: more about your debts, but specifically how you climbed out

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Speaker 1: of that debt, and we're gonna get to that right

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Speaker 1: after the break. All right, we're back from the break.

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Speaker 1: We're talking with Lynette Califani Cox and Lynette, we just

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Speaker 1: got so much good perspective from you on what it

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Speaker 1: looks like to learn from your mistakes and and at

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Speaker 1: one point during you know, the worst part of how

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Speaker 1: you were you were doing with money. You're a hundred

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Speaker 1: thousand dollars deep in credit card debt, and that's obviously

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Speaker 1: a lot of debt to have, but I feel like

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Speaker 1: you have some great strategies that you figured out in

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Speaker 1: order to climb out of that hole. So what were

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Speaker 1: the main strategies that you felt like, we're the most

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Speaker 1: helpful in helping you get those balances paid off quickly. Well,

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Speaker 1: the main thing that I had to do is sort

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Speaker 1: of become like the financial referee of my own life,

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Speaker 1: you know. And it might sound kind of, you know,

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Speaker 1: like a little woo woo ish, you know, but I

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Speaker 1: had to like call a time out and kind of

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Speaker 1: blow the whistle on myself and say, let's and girl,

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Speaker 1: you gotta get it together here and again. In all

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Speaker 1: candor Matt and Joel, I didn't just come to some

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Speaker 1: great epiphany like oh it's time let's let's you know,

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Speaker 1: do away with the debt. I was sort of forced into,

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Speaker 1: you know, the financial reckoning that I faced because I

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Speaker 1: was at the point where I was maxed out with

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Speaker 1: my credit cards. I couldn't get additional lines of credit.

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Speaker 1: I would worry about when I went to go use

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Speaker 1: my card at a particular establishment or whatever, worried that

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Speaker 1: he was going to get declined, etcetera. And so I

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Speaker 1: was like, Okay, you know what this is. This is

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Speaker 1: beyond ridiculous. This is you know, more like ridunculous. It's

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Speaker 1: it's time to it's time to just fix this, you know.

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Speaker 1: So um. Not only that, but I had started, you know,

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Speaker 1: in my career, I was working as a financial journalist

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Speaker 1: and I was learning a lot more and I was like,

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Speaker 1: this is not rocket science, I can you know, I

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Speaker 1: see these guys doing this stuff. And you know, at

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Speaker 1: first I covered Wall Street and then I started covering

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Speaker 1: personal finances, and I was like, I can learn. I

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Speaker 1: can do this. You know, I can do it. That's

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Speaker 1: kind of what I tell people too. If I can't

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Speaker 1: anybody dan so so um. You know. Ultimately, in order

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Speaker 1: to get out of debt, I employed a variety of strategies.

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Speaker 1: So it was everything from not falling into the minimum

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Speaker 1: payment trap, which I had done for years. I was

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Speaker 1: only making minimum payments. And of course now I know

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Speaker 1: that those little small minimum payments, uh now in the

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Speaker 1: short run really just mean maximum payments in the long run,

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Speaker 1: because you'll just stay in debt month after month, year

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Speaker 1: after year. Because most banks and credit unions, etcetera. They

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Speaker 1: usually only typically ask you to pay about one or

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Speaker 1: two percent of the outstanding balance, and so of course

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Speaker 1: that's going to keep you in debt. They love you

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Speaker 1: as a customer because you're you're helping to make them rich. Um,

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Speaker 1: but you know a lot of your money is going

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Speaker 1: towards payment of interest and things of that nature. You're

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Speaker 1: not really being as aggressive as it is going to

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Speaker 1: be required in order to more quickly obliterate that debt.

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Speaker 1: So that was one thing I started using wind calls,

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Speaker 1: uh much more wisely. So a windfall is just kind

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Speaker 1: of any unexpected lump sum of money outside of your

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Speaker 1: normal paycheck or your normal earning stream, and whether it

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Speaker 1: was a tax refund check or a raise, a bonus

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Speaker 1: on the job, um, holiday money, gift money, you know,

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Speaker 1: some check cent for you know, a birthday whatever. I

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Speaker 1: took every bit of extra money that I received, and

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Speaker 1: I socked that towards the debt. I opted out of

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Speaker 1: getting additional credit card offers because when you're already deep

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Speaker 1: in debt, you just don't need that extra temptation. And

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Speaker 1: a lot of times, a lot of folks will use

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Speaker 1: what I call a switching debt or a shifting debt strategy.

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Speaker 1: There's nothing wrong with you know, getting a teaser, great

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Speaker 1: balance correct correct that can help you and tied you over,

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Speaker 1: and especially when you're you know, if you have a

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Speaker 1: you know twelve interest rate on a card, and if

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Speaker 1: you can get a zero percent card for you know,

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Speaker 1: a year eighteen months, absolutely take advantage of it. But

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Speaker 1: if that becomes a habit, and if that becomes the

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Speaker 1: way in which you're able to afford your payments, and

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Speaker 1: if that becomes the strategy that you're using so that

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Speaker 1: you're constantly shifting debt as opposed to eliminating it, then

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Speaker 1: that becomes you know, problematic. Right. So there you go

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Speaker 1: and it and it took you three years to pay

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Speaker 1: off all of that credit card debt, right, Yeah, So

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Speaker 1: during that time, Like, what sacrifices did you make? I'm

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Speaker 1: curious to hear those as as well too. You know,

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Speaker 1: like at the beginning of the episode, we talked about

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Speaker 1: some of the things that make you know, life almost

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Speaker 1: worth living a little bit, like making sure that we're not,

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Speaker 1: you know, depriving ourselves too much. So I'm curious to know, ay, like,

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Speaker 1: what are the some of the things that you sacrifice?

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Speaker 1: But what are some things that you knew that you

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Speaker 1: were not willing to sacrifice on? Well, I definitely sacrificed

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Speaker 1: on the travel and I don't even know if I

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Speaker 1: want to use the word sacrifice as much. I had

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Speaker 1: no business traveling when I was that much a day.

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Speaker 1: But back then again this this is with my ex husband.

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Speaker 1: If you know, if I wanted to jowned off to

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Speaker 1: the Caribbean or go wherever I wanted to go, I

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Speaker 1: just didn't put it on a card and did not

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Speaker 1: worry about it. I just thought, I'll pay for that

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Speaker 1: when I'll get around to it, when I feel like it.

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Speaker 1: And so now, of course I have a plan. If

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Speaker 1: I'm gonna, you know, put a vacation on a card,

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Speaker 1: I'm gonna pay it off in full, or I'm going

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Speaker 1: to say, okay, I'm gonna pay nine of it, or

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Speaker 1: a fifty this month, percent next month, whatever I'm gonna do.

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Speaker 1: Usually it's me knowing ahead of time. It's not just

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Speaker 1: like some random Let me go now and enjoy myself

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Speaker 1: and and worry about paying later. Lynette, Now, you ask

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Speaker 1: yourself some certain questions every time before you borrow money,

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Speaker 1: like what are those questions? And how do they help

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Speaker 1: you decide whether or not you'll borrow to to make

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Speaker 1: a purchase. The main question that I asked myself before

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Speaker 1: I borrow at any level is how am I gonna

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Speaker 1: pay this back and win. I'm really super diligent about understanding,

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Speaker 1: like what is the purpose of using credit if you're

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Speaker 1: using it for strategic purposes in order to get ahead

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Speaker 1: head to to finance purchases of a property. For example,

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Speaker 1: and my husband and I own a house in the

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Speaker 1: Greater Houston area and we own five rental properties. In fact,

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Speaker 1: we're in the process of buying one more. And I've

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Speaker 1: purchased property with cash, and I've purchased properties using traditional mortgages,

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Speaker 1: I purchased properties with non recourse loans and through other means.

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Speaker 1: So for me now, the most important question is what's

428
00:22:25,440 --> 00:22:28,320
Speaker 1: the purpose of me barring Is this a something that

429
00:22:28,359 --> 00:22:30,560
Speaker 1: I should finance as a whole in general or should

430
00:22:30,560 --> 00:22:33,320
Speaker 1: I just pay cash? And if it's something that I'm

431
00:22:33,400 --> 00:22:36,439
Speaker 1: I'm willing to borrow and to pay an ex you know,

432
00:22:36,520 --> 00:22:39,280
Speaker 1: stated interest rate for when am I going to pay

433
00:22:39,280 --> 00:22:42,720
Speaker 1: it off? I also think it's important to ask yourself,

434
00:22:43,240 --> 00:22:48,440
Speaker 1: does this purchase anything that you purchase with financing, is

435
00:22:48,480 --> 00:22:51,719
Speaker 1: it fitting into your overall goals? If the goal is really, oh,

436
00:22:51,760 --> 00:22:53,000
Speaker 1: I want to be debt free or I want to

437
00:22:53,040 --> 00:22:55,280
Speaker 1: pay off my credit card debt, well, why are you

438
00:22:55,440 --> 00:22:58,040
Speaker 1: keep adding to the debts, like why are you keep charging?

439
00:22:58,080 --> 00:23:00,639
Speaker 1: You know, Warren Buffett said, if you find yourself in

440
00:23:00,680 --> 00:23:03,520
Speaker 1: a whole kind of rule number one is stop digging, Like,

441
00:23:03,680 --> 00:23:07,760
Speaker 1: don't keep adding to the debt and you know, compounding

442
00:23:07,800 --> 00:23:10,560
Speaker 1: the problem. It's like you're in kind of financial quicksand

443
00:23:10,600 --> 00:23:13,000
Speaker 1: you want to just kind of stop digging. And it

444
00:23:13,040 --> 00:23:16,040
Speaker 1: could be anybody who's you know, if you're thinking about

445
00:23:16,640 --> 00:23:19,639
Speaker 1: should I go back to school to to to graduate school? Well, okay,

446
00:23:19,800 --> 00:23:21,919
Speaker 1: how are you going to finance that education? Is an

447
00:23:21,920 --> 00:23:24,800
Speaker 1: employer gonna pay? Are you going to use tax credits?

448
00:23:25,119 --> 00:23:29,600
Speaker 1: Are you going to get you know, scholarships, grants, paid internships,

449
00:23:29,640 --> 00:23:32,720
Speaker 1: work study? Are you gonna take student loans out? And

450
00:23:32,760 --> 00:23:35,159
Speaker 1: if so, what kind are they gonna be? Federal or private?

451
00:23:35,160 --> 00:23:37,320
Speaker 1: Blah blah blah. So you know, you really do have

452
00:23:37,400 --> 00:23:42,480
Speaker 1: to ask yourself about the back end of borrowing, which

453
00:23:42,560 --> 00:23:45,359
Speaker 1: is kind of the least amount of discussion that people

454
00:23:45,600 --> 00:23:48,919
Speaker 1: tend to have, most of us. Really, the reason that

455
00:23:49,000 --> 00:23:53,480
Speaker 1: we borrow at any level is we don't want delayed gratification.

456
00:23:53,760 --> 00:23:56,439
Speaker 1: You know, we want something now, and it's faster and

457
00:23:56,480 --> 00:23:58,840
Speaker 1: easier and more convenient to just say, you know what,

458
00:23:58,880 --> 00:24:01,199
Speaker 1: I'm I need some furniture and I'm gonna just you know,

459
00:24:01,520 --> 00:24:03,600
Speaker 1: put this on a credit card, or I want to

460
00:24:03,640 --> 00:24:05,600
Speaker 1: go on this trip, or I want to you know,

461
00:24:05,880 --> 00:24:09,919
Speaker 1: pay for this, you know, semester's tuition or whatever. And

462
00:24:09,960 --> 00:24:11,639
Speaker 1: so I'm going to finance that. I'm gonna take out

463
00:24:11,640 --> 00:24:14,080
Speaker 1: a loan, I'm gonna sign on the dited line. It

464
00:24:14,080 --> 00:24:16,920
Speaker 1: takes more, more creativity, more legwork, more research in order

465
00:24:16,920 --> 00:24:20,040
Speaker 1: to to avoid taking me on debt for a purchase.

466
00:24:20,240 --> 00:24:22,480
Speaker 1: But in my mind, that's kind of fun. That's that's

467
00:24:22,520 --> 00:24:26,400
Speaker 1: part of the chase for me when it comes to money.

468
00:24:26,440 --> 00:24:28,719
Speaker 1: I love that aspect of it. It's like, how can

469
00:24:28,760 --> 00:24:31,840
Speaker 1: I do this better, smarter, cheaper. How can I change

470
00:24:31,880 --> 00:24:34,320
Speaker 1: the equation of this purchase that I'm making so that

471
00:24:34,359 --> 00:24:36,199
Speaker 1: I don't have to take on debt or you know,

472
00:24:36,240 --> 00:24:37,920
Speaker 1: don't have to put this on a credit card that

473
00:24:37,960 --> 00:24:40,440
Speaker 1: I can't pay off in order to you know, make

474
00:24:40,480 --> 00:24:44,040
Speaker 1: sure that my my finances remain intacted in a good place. Well,

475
00:24:44,080 --> 00:24:46,640
Speaker 1: and Lynette, you also wrote an article earlier this year,

476
00:24:46,960 --> 00:24:50,560
Speaker 1: the five Financial lessons from five Great Black Leaders. Um,

477
00:24:50,600 --> 00:24:53,399
Speaker 1: there there are some great personal finance takeaways from each

478
00:24:53,600 --> 00:24:56,119
Speaker 1: of their lives that you mentioned, I've never heard of

479
00:24:56,119 --> 00:24:58,480
Speaker 1: one of the leaders you had in there, Madam C. J. Walker.

480
00:24:58,520 --> 00:25:00,320
Speaker 1: She was one of the one of the mayor because

481
00:25:00,400 --> 00:25:04,360
Speaker 1: first black female millionaires. And the lesson that you highlighted

482
00:25:04,400 --> 00:25:08,080
Speaker 1: from her life was that entrepreneurship often builds wealth as

483
00:25:08,119 --> 00:25:10,760
Speaker 1: well as you can always create a job of your

484
00:25:10,760 --> 00:25:14,760
Speaker 1: own by offering services and products that people need. And so,

485
00:25:15,160 --> 00:25:18,080
Speaker 1: as an entrepreneur yourself, why do you believe that this

486
00:25:18,160 --> 00:25:23,480
Speaker 1: is so important? Well, I definitely loved to preach about

487
00:25:23,520 --> 00:25:27,280
Speaker 1: the value and the benefits of entrepreneurship, even though I

488
00:25:27,359 --> 00:25:31,560
Speaker 1: recognize that frankly, it's not a pathway or strategy that

489
00:25:31,720 --> 00:25:36,560
Speaker 1: everyone can utilize, mainly because not everybody wants to be

490
00:25:36,680 --> 00:25:39,520
Speaker 1: their own boss. You know, one of my books in

491
00:25:39,600 --> 00:25:42,720
Speaker 1: the beginning, you guys referenced that I have twelve books,

492
00:25:42,960 --> 00:25:45,600
Speaker 1: and then I was like, oh, they got my old bio.

493
00:25:46,440 --> 00:25:55,159
Speaker 1: I've actually written fifteen, but Boddle's counting. So um. But so,

494
00:25:55,240 --> 00:25:57,880
Speaker 1: one of my books was called The Money Coaches Guide

495
00:25:58,280 --> 00:26:02,199
Speaker 1: to Your First Million and is seven strategies you know,

496
00:26:02,320 --> 00:26:06,119
Speaker 1: essentially about creating the wealth of your dreams. And so

497
00:26:06,400 --> 00:26:12,120
Speaker 1: I share different strategies for becoming a millionaire and at

498
00:26:12,119 --> 00:26:14,120
Speaker 1: the heart of it, you know, you can just look

499
00:26:14,119 --> 00:26:18,040
Speaker 1: at the numbers and see, um, especially in this country,

500
00:26:18,080 --> 00:26:21,959
Speaker 1: that the vast majority of people who are millionaires are

501
00:26:22,000 --> 00:26:26,199
Speaker 1: business owners. And so yes, um, Madam C. J. Walker

502
00:26:26,840 --> 00:26:31,200
Speaker 1: was entrepreneur and the hair care business essentially for for

503
00:26:31,240 --> 00:26:34,359
Speaker 1: black women. And uh, you know, this was at a

504
00:26:34,400 --> 00:26:37,399
Speaker 1: time when, you know, early nineteen hundreds, when it was

505
00:26:37,440 --> 00:26:42,000
Speaker 1: just extremely rare for blacks to achieve those kinds of

506
00:26:42,040 --> 00:26:48,720
Speaker 1: financial heights. So long story short, I do believe, especially now,

507
00:26:49,480 --> 00:26:53,760
Speaker 1: given the ongoing uh pandemic and given the fact that

508
00:26:53,800 --> 00:26:57,200
Speaker 1: we've had you know, tens of millions of Americans lose

509
00:26:57,240 --> 00:27:01,000
Speaker 1: their jobs, etcetera, I do believe that you absolutely can

510
00:27:01,040 --> 00:27:05,360
Speaker 1: always create a job of your own. And so many

511
00:27:05,400 --> 00:27:08,600
Speaker 1: people who have like tremendous skill sets, you know, they

512
00:27:08,680 --> 00:27:12,359
Speaker 1: might see their talents and abilities or even a hobby

513
00:27:12,480 --> 00:27:14,880
Speaker 1: that they're good at. It's just something kind of fun

514
00:27:15,000 --> 00:27:17,639
Speaker 1: or a little you know, something they do on the side,

515
00:27:17,720 --> 00:27:20,639
Speaker 1: or sometimes you know, a more formal kind of side hustle.

516
00:27:21,200 --> 00:27:24,120
Speaker 1: But a lot of people don't recognize how readily they

517
00:27:24,160 --> 00:27:28,439
Speaker 1: can parlay that into full time entrepreneurship if they so chose.

518
00:27:29,160 --> 00:27:34,560
Speaker 1: And so um, it's just the limitless factor that I

519
00:27:34,640 --> 00:27:37,720
Speaker 1: really like and appreciate. It's just the idea that you're

520
00:27:37,760 --> 00:27:40,600
Speaker 1: not capped and that at the end of the day,

521
00:27:40,600 --> 00:27:43,560
Speaker 1: if you're working for somebody else, um, either you're kind

522
00:27:43,560 --> 00:27:48,080
Speaker 1: of trading hours, you know, your your hours for money,

523
00:27:48,280 --> 00:27:51,199
Speaker 1: or you are, you know, getting a check and a

524
00:27:51,240 --> 00:27:56,080
Speaker 1: salary that is essentially established, set and or limited by

525
00:27:56,119 --> 00:27:59,800
Speaker 1: someone else's ability or willingness to to write a certain check.

526
00:28:00,440 --> 00:28:03,359
Speaker 1: But you know, as an entrepreneur, the sky is the limit.

527
00:28:03,440 --> 00:28:05,399
Speaker 1: It's like, how hard you want to work? Where do

528
00:28:05,440 --> 00:28:08,560
Speaker 1: you want to kind of stake your fortunes and and

529
00:28:08,560 --> 00:28:11,320
Speaker 1: and what niche or even broader would you like to

530
00:28:11,320 --> 00:28:15,880
Speaker 1: to kind of claim. And so for me, I love, love,

531
00:28:16,000 --> 00:28:20,240
Speaker 1: love being an entrepreneur. And even how I stumbled into

532
00:28:20,320 --> 00:28:23,840
Speaker 1: this to this and two thousand three was that I

533
00:28:23,920 --> 00:28:26,680
Speaker 1: was laid off from a job I was again. I

534
00:28:26,720 --> 00:28:30,080
Speaker 1: was a Wall Street Journal reporter for CNBC, and you know,

535
00:28:30,240 --> 00:28:32,359
Speaker 1: they came to us, you know, about two hundred of

536
00:28:32,440 --> 00:28:35,240
Speaker 1: us one day and said, sorry, we can't afford you guys,

537
00:28:35,280 --> 00:28:37,920
Speaker 1: you gotta go. And I was like, what I thought

538
00:28:37,920 --> 00:28:40,400
Speaker 1: I had a contract, and you know, well what you

539
00:28:40,440 --> 00:28:44,120
Speaker 1: said about the pandemic, right, Like, nothing is certain given,

540
00:28:44,240 --> 00:28:46,760
Speaker 1: especially given that the current you know, conditions be find

541
00:28:46,760 --> 00:28:48,800
Speaker 1: ourselves and like a lot of folks think that there

542
00:28:48,880 --> 00:28:51,440
Speaker 1: is more security from a traditional job like that from

543
00:28:51,440 --> 00:28:53,239
Speaker 1: something that's more than to five. But you know, like

544
00:28:53,480 --> 00:28:57,240
Speaker 1: so many people have seen, like nothing is guaranteed, right

545
00:28:57,440 --> 00:28:59,720
Speaker 1: and at so many levels. You know, I think a

546
00:28:59,720 --> 00:29:02,600
Speaker 1: lot of us are seeing that now in our understanding

547
00:29:02,640 --> 00:29:06,840
Speaker 1: that you know what, even if you worked in government

548
00:29:07,000 --> 00:29:09,360
Speaker 1: and you thought that you had quote unquote you know,

549
00:29:09,440 --> 00:29:12,200
Speaker 1: safe secure, even if you were you know, at an

550
00:29:12,400 --> 00:29:14,680
Speaker 1: institution of higher education and he thought you had tenure.

551
00:29:15,160 --> 00:29:19,480
Speaker 1: You know, furloughs happen, reduced hours, you know, just stuff happens,

552
00:29:19,960 --> 00:29:23,080
Speaker 1: and so um to me, part of the pathway of

553
00:29:23,240 --> 00:29:27,920
Speaker 1: entrepreneurship is giving yourself a different income stream, is diversifying

554
00:29:27,920 --> 00:29:31,480
Speaker 1: a bit, and is giving yourself something that you can't

555
00:29:31,480 --> 00:29:34,719
Speaker 1: get anywhere else because you're only gonna go away if

556
00:29:34,760 --> 00:29:38,280
Speaker 1: you fire yourself. And I'm not gonna fire myself anytime soon.

557
00:29:38,400 --> 00:29:41,800
Speaker 1: So you got more books, Yeah, I got a couple

558
00:29:41,880 --> 00:29:44,560
Speaker 1: more in me, right. Hey, So we we want to

559
00:29:44,560 --> 00:29:46,320
Speaker 1: talk actually about something else you've write and you wrote

560
00:29:46,320 --> 00:29:50,880
Speaker 1: an article recently on get rich slowly about uh economic

561
00:29:50,960 --> 00:29:53,760
Speaker 1: violence and in particular, we wanna have a discussion with

562
00:29:53,800 --> 00:29:56,920
Speaker 1: you about race and personal finance. And so we'll get

563
00:29:56,960 --> 00:30:08,920
Speaker 1: to some of those questions right after the break. Alright,

564
00:30:09,000 --> 00:30:12,880
Speaker 1: we're here talking with Lynette called Fanny Cox and Joel.

565
00:30:12,880 --> 00:30:15,520
Speaker 1: We're gonna let's dive now into maybe a more difficult,

566
00:30:16,040 --> 00:30:18,320
Speaker 1: maybe an uncomfortable topic for some folks. We're gonna talk

567
00:30:18,320 --> 00:30:20,760
Speaker 1: a little bit about race. In the wake of the

568
00:30:20,800 --> 00:30:24,600
Speaker 1: tragic murder of George Floyd. Lynette, you wrote a post

569
00:30:24,600 --> 00:30:28,560
Speaker 1: where you specifically detailed some of the different economic acts

570
00:30:28,560 --> 00:30:31,840
Speaker 1: of violence that have been done to African Americans over

571
00:30:31,880 --> 00:30:35,160
Speaker 1: the last four years. UH slavery is it's the most

572
00:30:35,200 --> 00:30:38,440
Speaker 1: obvious example of this, but can you discuss some of

573
00:30:38,440 --> 00:30:43,000
Speaker 1: the other lesser known injustices as well? Sure, so, you know,

574
00:30:43,320 --> 00:30:45,880
Speaker 1: I think, first let's acknowledge the kind of elephant in

575
00:30:45,920 --> 00:30:48,840
Speaker 1: the room. And yes, it's not a comfortable or kind

576
00:30:48,840 --> 00:30:51,280
Speaker 1: of a happy topic for for any of us to

577
00:30:51,320 --> 00:30:54,680
Speaker 1: have to engage in. But the fact that we're actually

578
00:30:54,720 --> 00:30:59,000
Speaker 1: having this conversation, a very candid conversation, it really does

579
00:30:59,120 --> 00:31:03,120
Speaker 1: give me hope. I mean, because in so many instances

580
00:31:03,200 --> 00:31:05,440
Speaker 1: this would have just been kind of, you know, swept

581
00:31:05,520 --> 00:31:08,120
Speaker 1: under the rug and and not dealt with. And I

582
00:31:08,160 --> 00:31:12,000
Speaker 1: do think that as a nation, we are having a

583
00:31:12,280 --> 00:31:15,840
Speaker 1: reckoning and it's a long overdue one because the fact

584
00:31:15,960 --> 00:31:22,200
Speaker 1: is that even today there are many levels of uh

585
00:31:22,280 --> 00:31:26,520
Speaker 1: inequity that people of color and that African Americans in

586
00:31:26,560 --> 00:31:30,040
Speaker 1: particular face. And so yeah, this post that I wrote,

587
00:31:30,280 --> 00:31:32,120
Speaker 1: um you saw it on Get Rich Slowly. It's on

588
00:31:32,280 --> 00:31:35,080
Speaker 1: my blog as well on Ask the Money Coach dot com.

589
00:31:35,120 --> 00:31:38,200
Speaker 1: I actually started as a something that I wrote on Facebook.

590
00:31:39,000 --> 00:31:42,800
Speaker 1: But essentially I try to kind of summarize, you know,

591
00:31:43,160 --> 00:31:44,760
Speaker 1: if you could do that in like, you know, a

592
00:31:44,760 --> 00:31:50,560
Speaker 1: thousand words, um A, let me exactly. I tried to

593
00:31:50,600 --> 00:31:55,280
Speaker 1: sort of summarize what it's meant economically for black people

594
00:31:55,480 --> 00:31:58,080
Speaker 1: to be in this country for four hundred plus years

595
00:31:58,680 --> 00:32:04,000
Speaker 1: in a system that was us one stacked against them.

596
00:32:04,040 --> 00:32:06,040
Speaker 1: And it might sound harsh, and I know some people

597
00:32:06,120 --> 00:32:07,880
Speaker 1: might be like, oh my god, we're gonna go back

598
00:32:07,880 --> 00:32:10,120
Speaker 1: to slavery, We're gonna talk about this, and you know,

599
00:32:10,200 --> 00:32:11,760
Speaker 1: can we get over this and a whole bunch of

600
00:32:11,840 --> 00:32:16,440
Speaker 1: other things. Believe me, myself and every other black person

601
00:32:16,480 --> 00:32:18,200
Speaker 1: I know would love to get over this. We would

602
00:32:18,240 --> 00:32:21,600
Speaker 1: love to move past this, but we can't. The reality

603
00:32:21,760 --> 00:32:26,200
Speaker 1: is that there's still inequity, they're still injustice, there's still

604
00:32:26,600 --> 00:32:30,920
Speaker 1: racial discrimination at so many levels. And I only touched

605
00:32:30,920 --> 00:32:33,320
Speaker 1: the surface. The gist of what I wrote about is

606
00:32:33,360 --> 00:32:37,160
Speaker 1: that out of slavery, after we you know, you kind

607
00:32:37,160 --> 00:32:40,880
Speaker 1: of come past the blacks getting here as enslaved people

608
00:32:40,920 --> 00:32:44,200
Speaker 1: in in sixteen nineteen in in Jamestown and then going

609
00:32:44,440 --> 00:32:47,800
Speaker 1: you know, two hundred plus years, going through the Civil War,

610
00:32:48,800 --> 00:32:51,080
Speaker 1: and it's you know, I didn't go through every single

611
00:32:51,200 --> 00:32:55,760
Speaker 1: breakdown of of every you know, possible economic injustice face,

612
00:32:55,840 --> 00:32:58,240
Speaker 1: but just obviously the system of slavery in and of

613
00:32:58,360 --> 00:33:02,000
Speaker 1: itself was one of four worced labor, but it's also

614
00:33:02,080 --> 00:33:07,880
Speaker 1: one that entirely built the US as a powerhouse internationally,

615
00:33:08,440 --> 00:33:12,760
Speaker 1: and so slavery itself was big business and the fact

616
00:33:12,800 --> 00:33:17,240
Speaker 1: that cotton was the world's number one commodity led to

617
00:33:18,280 --> 00:33:23,280
Speaker 1: so many benefits for America at a financial level. But

618
00:33:23,360 --> 00:33:26,000
Speaker 1: then even after you know, we had the Civil War

619
00:33:26,080 --> 00:33:29,040
Speaker 1: and after eighteen sixty five, there was the development of

620
00:33:29,200 --> 00:33:31,880
Speaker 1: you know, the so called Black Codes, and it was

621
00:33:32,000 --> 00:33:37,480
Speaker 1: rules basically that again prescribed by law, and that essentially

622
00:33:37,560 --> 00:33:43,560
Speaker 1: reinforced even though there wasn't um officially any slavery anymore.

623
00:33:44,000 --> 00:33:49,040
Speaker 1: It reinforced at the legal, at the societal, at the

624
00:33:49,080 --> 00:33:55,360
Speaker 1: economic level, the same system of slavery by disenfranchising African Americans,

625
00:33:55,760 --> 00:33:58,720
Speaker 1: so they couldn't work wherever they wanted to, they could

626
00:33:58,720 --> 00:34:01,280
Speaker 1: not have more than one job, they couldn't own property,

627
00:34:01,720 --> 00:34:04,520
Speaker 1: There was restrictions on being able to rent or lease land.

628
00:34:05,000 --> 00:34:08,840
Speaker 1: It was a whole bunch of uh rules and regulations

629
00:34:08,880 --> 00:34:13,920
Speaker 1: and laws that kind of uh codified all kinds of

630
00:34:14,239 --> 00:34:20,400
Speaker 1: uh inequity. And so those uh, those racist black codes,

631
00:34:20,600 --> 00:34:24,640
Speaker 1: which is what they were called lad to Jim Crow laws,

632
00:34:24,719 --> 00:34:28,360
Speaker 1: and which is you know, sort of more recent history

633
00:34:28,360 --> 00:34:33,480
Speaker 1: that perhaps someone's grandfather or grandmother you know, knew about,

634
00:34:33,520 --> 00:34:41,400
Speaker 1: et cetera. Uh, And so it permeated everything. Homeownership is

635
00:34:41,440 --> 00:34:45,600
Speaker 1: one of those pathways to wealth. So if you take

636
00:34:45,640 --> 00:34:50,040
Speaker 1: away people's ability to become homeowners, then you definitely are

637
00:34:51,120 --> 00:34:55,560
Speaker 1: kneeling on their necks economically, you're impairing them from being

638
00:34:55,600 --> 00:34:58,960
Speaker 1: able to participate in the fullness and the richness of

639
00:34:59,000 --> 00:35:02,759
Speaker 1: what America has to offer. And that's literally exactly what

640
00:35:02,920 --> 00:35:08,000
Speaker 1: happened with the whole range of housing discrimination laws that

641
00:35:08,080 --> 00:35:12,560
Speaker 1: were past that were at the federal level, where it

642
00:35:12,640 --> 00:35:14,560
Speaker 1: was literally the law from all the way from the

643
00:35:14,600 --> 00:35:17,799
Speaker 1: thirties through the sixties that the federal government said, nope,

644
00:35:17,840 --> 00:35:20,280
Speaker 1: we will not ensure any home loans for black people,

645
00:35:21,239 --> 00:35:26,880
Speaker 1: and that they underwrote and did ensure home loans for whites.

646
00:35:27,200 --> 00:35:29,880
Speaker 1: And as a result, that's when the white middle class

647
00:35:29,880 --> 00:35:34,440
Speaker 1: sprung up in all these suburban areas and whatnot. And

648
00:35:34,480 --> 00:35:38,400
Speaker 1: so it's a tough thing to to talk about and

649
00:35:38,440 --> 00:35:43,360
Speaker 1: to confront, but that legacy remains to this day. The

650
00:35:43,400 --> 00:35:47,319
Speaker 1: Federal Reserve Bank did a study recently and found that

651
00:35:47,600 --> 00:35:51,440
Speaker 1: racial discrimination and mortgage lending exists to this day. This

652
00:35:51,520 --> 00:35:53,759
Speaker 1: is not Lonette cal Fini Cox the money coach, coming

653
00:35:53,840 --> 00:35:55,800
Speaker 1: up with this and saying that this is the Federal Reserve.

654
00:35:56,200 --> 00:36:01,319
Speaker 1: You know, Stanford, um UC, Berkeley, other researchers have all

655
00:36:01,400 --> 00:36:06,080
Speaker 1: found the same things. And so unless we get really

656
00:36:06,160 --> 00:36:09,560
Speaker 1: honest and candid about some of the ways in which

657
00:36:10,120 --> 00:36:13,200
Speaker 1: this is still going on to this day, then we're

658
00:36:13,200 --> 00:36:15,000
Speaker 1: not gonna be able to come up with the appropriate

659
00:36:15,040 --> 00:36:19,319
Speaker 1: solutions and the remedies to kind of fix some of

660
00:36:19,360 --> 00:36:22,320
Speaker 1: this stuff. Yeah, yeah, Lynette, We all of our listeners

661
00:36:22,320 --> 00:36:26,120
Speaker 1: know that money compounds. The more you invest as a

662
00:36:26,160 --> 00:36:28,160
Speaker 1: young person, the more money you're gonna have in retirement.

663
00:36:28,360 --> 00:36:33,040
Speaker 1: And money compounds generationally too, and a lot of Black

664
00:36:33,080 --> 00:36:37,680
Speaker 1: people in this country have lesser generational wealth because of

665
00:36:37,719 --> 00:36:39,640
Speaker 1: the black codes that you talked about, because of slavery.

666
00:36:39,640 --> 00:36:42,279
Speaker 1: I mean, it's affected black people to this day. It's

667
00:36:42,280 --> 00:36:44,440
Speaker 1: obviously a complex issue, and I agree with you that

668
00:36:44,480 --> 00:36:46,959
Speaker 1: it's this much needed combo. It feels like it's finally

669
00:36:46,960 --> 00:36:48,520
Speaker 1: starting to happen. And that's part of the reason we

670
00:36:48,520 --> 00:36:50,160
Speaker 1: wanted to have you on on the show today. I

671
00:36:50,200 --> 00:36:52,759
Speaker 1: feel like you're you know, you know your personal story,

672
00:36:52,800 --> 00:36:54,959
Speaker 1: but then also talking about race, how you wrote about

673
00:36:54,960 --> 00:36:56,719
Speaker 1: it so well, what are your thoughts on on like

674
00:36:56,760 --> 00:36:58,960
Speaker 1: where we go from here? How how do we move

675
00:36:59,000 --> 00:37:01,680
Speaker 1: forward as a country to address these historical and these

676
00:37:01,719 --> 00:37:05,560
Speaker 1: systemic injustices. Well, I think the main thing is that

677
00:37:05,840 --> 00:37:08,920
Speaker 1: first there has to be this awakening, this reckoning that

678
00:37:08,960 --> 00:37:14,719
Speaker 1: we're having. And I'm of the mindset that conversation, dialogue,

679
00:37:14,800 --> 00:37:20,440
Speaker 1: and candor are a requirement. It's like the fundamental, uh

680
00:37:20,520 --> 00:37:24,160
Speaker 1: kind of building block to move forward different Black people

681
00:37:24,160 --> 00:37:28,200
Speaker 1: of different mindset and orientation. And you know, we're not

682
00:37:28,239 --> 00:37:30,600
Speaker 1: a monolithic group where everybody has their own kind of

683
00:37:30,640 --> 00:37:32,799
Speaker 1: thinking and approach to it. But some people are like, look,

684
00:37:33,280 --> 00:37:35,319
Speaker 1: the time for talking is over with. We've we've told

685
00:37:35,320 --> 00:37:37,399
Speaker 1: you this before hundred years. Why do I have to keep,

686
00:37:37,480 --> 00:37:40,080
Speaker 1: you know, re educating you or keep telling you to

687
00:37:40,080 --> 00:37:44,480
Speaker 1: to again stop sort of you know, physically and or economically,

688
00:37:45,000 --> 00:37:47,400
Speaker 1: you know, putting your knee on my neck. But I

689
00:37:47,520 --> 00:37:50,839
Speaker 1: am of the mindset that there has to be sort

690
00:37:50,880 --> 00:37:56,160
Speaker 1: of an adjustment period where I do feel like most

691
00:37:56,200 --> 00:37:59,840
Speaker 1: of white America kind of has had an awakening and

692
00:38:00,000 --> 00:38:03,280
Speaker 1: and we can say how and why and whatever else.

693
00:38:03,440 --> 00:38:04,920
Speaker 1: But the fact that we're in the middle of a

694
00:38:05,280 --> 00:38:07,640
Speaker 1: global pandemic, the fact that you know, many people are

695
00:38:07,640 --> 00:38:10,560
Speaker 1: working from home, have a little more time and attention

696
00:38:10,960 --> 00:38:14,839
Speaker 1: to to pay to some of these issues, means that

697
00:38:15,400 --> 00:38:21,239
Speaker 1: the entire country, the entire world saw that heinous video

698
00:38:21,320 --> 00:38:24,280
Speaker 1: and the eight minutes and forty six seconds. I didn't frankly,

699
00:38:24,320 --> 00:38:26,960
Speaker 1: I just cannot watch it. But I know the outcome

700
00:38:27,000 --> 00:38:29,840
Speaker 1: of it, and I know what happened. So I feel

701
00:38:29,880 --> 00:38:32,759
Speaker 1: like for a lot of people it was like, wow,

702
00:38:32,800 --> 00:38:35,040
Speaker 1: this is really this does happen, or this is a

703
00:38:35,040 --> 00:38:37,760
Speaker 1: wake up call. And then the civil unrest and everything

704
00:38:37,800 --> 00:38:42,839
Speaker 1: that's happened, and how violent and how um forceful. In

705
00:38:42,880 --> 00:38:45,799
Speaker 1: many cases the police response has been has been yet

706
00:38:45,800 --> 00:38:47,840
Speaker 1: another wake up call. So there's a whole bunch of

707
00:38:47,840 --> 00:38:50,279
Speaker 1: things to talk about, and at the end of the day,

708
00:38:50,360 --> 00:38:52,680
Speaker 1: I think that when we get into the heart of

709
00:38:52,760 --> 00:38:58,040
Speaker 1: honest conversation, the next step is going to be policy,

710
00:38:58,480 --> 00:39:03,600
Speaker 1: regulatory changes, law, and ultimately, trust me, guys, we will

711
00:39:03,600 --> 00:39:09,000
Speaker 1: get to the question of reparations. And some people have

712
00:39:09,239 --> 00:39:13,960
Speaker 1: flat out said, you cannot even count the tally. You

713
00:39:14,000 --> 00:39:18,200
Speaker 1: cannot how do you pay back for four years of

714
00:39:18,200 --> 00:39:23,520
Speaker 1: systemic you know, um racism and etcetera. Frankly, I would

715
00:39:23,560 --> 00:39:26,920
Speaker 1: like to see them try. Um the fact that we

716
00:39:26,960 --> 00:39:30,160
Speaker 1: can't put a number on it, you know, I can.

717
00:39:30,239 --> 00:39:33,480
Speaker 1: I can see an opportunity to try, and I know

718
00:39:33,560 --> 00:39:35,520
Speaker 1: it's going to be controversial, I know it's going to

719
00:39:35,600 --> 00:39:39,960
Speaker 1: be a hard conversation, etcetera, etcetera. But you can't apologize,

720
00:39:40,280 --> 00:39:47,319
Speaker 1: you can't reckon, you can't um fix something without redress,

721
00:39:47,719 --> 00:39:51,960
Speaker 1: without some remedy, and it can't just be I'm sorry,

722
00:39:52,120 --> 00:39:56,200
Speaker 1: this shouldn't have happened. We'll do better. It just doesn't

723
00:39:56,200 --> 00:39:59,640
Speaker 1: work that way. So the next steps are going to

724
00:39:59,719 --> 00:40:09,600
Speaker 1: be equally um, trying and challenging. But it's so overdue. Yeah,

725
00:40:09,680 --> 00:40:12,120
Speaker 1: it's overdue, and it's I mean, it's so important, you know.

726
00:40:12,280 --> 00:40:14,560
Speaker 1: I like what you said earlier there to Lynette, just

727
00:40:14,680 --> 00:40:18,520
Speaker 1: how I think so many people haven't realized how real

728
00:40:18,760 --> 00:40:22,520
Speaker 1: racism actually is in our country. And you know, so

729
00:40:22,640 --> 00:40:25,160
Speaker 1: much of this is taking the time to realize that

730
00:40:25,200 --> 00:40:27,120
Speaker 1: this is a real thing. And I think it's difficult

731
00:40:27,120 --> 00:40:30,799
Speaker 1: because a lot of people aren't realizing it themselves personally, right,

732
00:40:31,080 --> 00:40:33,960
Speaker 1: And so if you don't realize something yourself makes it

733
00:40:34,040 --> 00:40:37,759
Speaker 1: really kind of difficult. It's it takes active work to

734
00:40:37,960 --> 00:40:40,680
Speaker 1: try to put yourself in someone else's shoes. And and

735
00:40:40,719 --> 00:40:44,240
Speaker 1: like you said, I think starting by listening and starting

736
00:40:44,280 --> 00:40:47,280
Speaker 1: by by learning. I think these are the two first steps,

737
00:40:47,600 --> 00:40:49,839
Speaker 1: which is, you know, part of why that we're talking

738
00:40:49,840 --> 00:40:52,360
Speaker 1: about this we feel this is so important. Um, you know,

739
00:40:52,360 --> 00:40:55,359
Speaker 1: you're talking about policy even on an individual level, Like

740
00:40:55,520 --> 00:40:58,840
Speaker 1: what steps do you think individuals can take? Uh, Because

741
00:40:58,920 --> 00:41:01,359
Speaker 1: obviously policy can time to take a really long time,

742
00:41:01,440 --> 00:41:04,120
Speaker 1: but some of the actions that we can take ourselves

743
00:41:04,160 --> 00:41:06,440
Speaker 1: when it comes to our money can be pretty immediate.

744
00:41:06,480 --> 00:41:08,440
Speaker 1: So so what steps do you you know, would you

745
00:41:08,480 --> 00:41:10,920
Speaker 1: like to see or or or what you recommend for

746
00:41:10,960 --> 00:41:15,080
Speaker 1: individuals to take to help write that injustice. Well, I

747
00:41:15,120 --> 00:41:18,520
Speaker 1: think every single one of us can think about doing

748
00:41:18,600 --> 00:41:22,440
Speaker 1: some things differently. So I cannot tell you the number

749
00:41:22,480 --> 00:41:26,279
Speaker 1: of white people I've had, in particular, who've reached out

750
00:41:26,320 --> 00:41:29,880
Speaker 1: to me in recent weeks for a whole host of things,

751
00:41:30,520 --> 00:41:34,480
Speaker 1: to ask for referrals and recommendations for people they wanted

752
00:41:34,480 --> 00:41:38,040
Speaker 1: to hire, to ask me to lend my voice or

753
00:41:38,120 --> 00:41:42,640
Speaker 1: to um just you know, share my own insights, um

754
00:41:42,640 --> 00:41:47,360
Speaker 1: from a financial perspective and so, or to just do

755
00:41:47,560 --> 00:41:49,840
Speaker 1: things like say what can we you know, and what

756
00:41:49,880 --> 00:41:54,360
Speaker 1: should we be doing better or different? And so each

757
00:41:54,400 --> 00:41:59,080
Speaker 1: person has a chance to amplify other voices. People can

758
00:41:59,480 --> 00:42:04,600
Speaker 1: look very carefully at their own biases and say, why

759
00:42:04,719 --> 00:42:09,040
Speaker 1: is it that I am surrounding myself with friends who

760
00:42:09,120 --> 00:42:12,560
Speaker 1: are only exactly like me. They you know, they kind

761
00:42:12,560 --> 00:42:14,640
Speaker 1: of live in my same neighborhood, they're the same socio

762
00:42:14,680 --> 00:42:19,279
Speaker 1: economic status, same racial background, et cetera. And they can

763
00:42:19,320 --> 00:42:23,320
Speaker 1: ask themselves, would I benefit or could my organization benefit

764
00:42:23,680 --> 00:42:28,400
Speaker 1: from a diversity of thought from other insights and other perspectives.

765
00:42:29,160 --> 00:42:31,279
Speaker 1: There's a lot that's going on in the halls of

766
00:42:31,320 --> 00:42:35,240
Speaker 1: corporate America right now in terms of corporate governance, because

767
00:42:35,280 --> 00:42:36,719
Speaker 1: at the end of the day, we are going to

768
00:42:36,760 --> 00:42:40,000
Speaker 1: have to have some kind of top down some approaches

769
00:42:40,880 --> 00:42:45,600
Speaker 1: that are again systemic. You need a systemic answer to

770
00:42:45,640 --> 00:42:48,719
Speaker 1: a systemic problem. So yes, each one of us can

771
00:42:48,800 --> 00:42:51,719
Speaker 1: can raise our voices, can do various things, and we

772
00:42:51,760 --> 00:42:55,240
Speaker 1: can ask ourselves. You know, when I'm looking to hire,

773
00:42:55,920 --> 00:43:00,680
Speaker 1: for example, am I hiring any minorities? Am I hiring

774
00:43:00,719 --> 00:43:04,080
Speaker 1: any women? Am I hiring any black people? Or is it?

775
00:43:04,320 --> 00:43:07,080
Speaker 1: Literally all everybody looks just like me. So there's a

776
00:43:07,080 --> 00:43:09,200
Speaker 1: lot of work to be done, but start with just

777
00:43:09,280 --> 00:43:13,080
Speaker 1: asking yourself, what does my own circle look like? What

778
00:43:13,160 --> 00:43:16,239
Speaker 1: do my peers look like? When I'm when I want

779
00:43:16,239 --> 00:43:19,560
Speaker 1: to call a source, and you guys called me to

780
00:43:19,560 --> 00:43:22,240
Speaker 1: to do this podcast, So that tells me you're already

781
00:43:22,239 --> 00:43:25,120
Speaker 1: on the right track in terms of thinking about outreach

782
00:43:25,239 --> 00:43:29,840
Speaker 1: and having representative voices from all walks of life. That

783
00:43:29,960 --> 00:43:32,480
Speaker 1: helps a lot. Sure well, I mean even on an

784
00:43:32,480 --> 00:43:35,719
Speaker 1: individual level, we all play roles right whether it comes

785
00:43:35,760 --> 00:43:39,399
Speaker 1: to our government, schools, churches, you know where we work,

786
00:43:39,440 --> 00:43:42,640
Speaker 1: our communities, and we have impacts within all of those

787
00:43:42,680 --> 00:43:46,680
Speaker 1: different levels within all those different spheres that we participate in.

788
00:43:46,719 --> 00:43:50,320
Speaker 1: And so certainly, you know, I don't think that's you know, saying,

789
00:43:50,360 --> 00:43:52,760
Speaker 1: focusing only on what you can do as an individual

790
00:43:52,880 --> 00:43:55,880
Speaker 1: isn't an excuse for some of those larger industries to

791
00:43:55,960 --> 00:44:00,000
Speaker 1: not change. It's the very reason that those organizations should change,

792
00:44:00,320 --> 00:44:02,839
Speaker 1: because we're changing on an individual level. But but yeah,

793
00:44:02,880 --> 00:44:05,120
Speaker 1: I love what you're saying. They're Lynette, Yeah, Lynette, this

794
00:44:05,200 --> 00:44:06,800
Speaker 1: is a great conversation, and I agree. I mean that

795
00:44:07,160 --> 00:44:09,840
Speaker 1: our show, we want our show to be representative of

796
00:44:09,840 --> 00:44:12,279
Speaker 1: a multitude of voices because Matt and I know our

797
00:44:12,320 --> 00:44:16,719
Speaker 1: experience is limited. It's very very much comes from, uh,

798
00:44:16,760 --> 00:44:19,560
Speaker 1: something that we've experienced as men in the South and

799
00:44:19,560 --> 00:44:21,560
Speaker 1: and who live in the South, and and there are

800
00:44:21,600 --> 00:44:23,560
Speaker 1: so many other people who have so much to add

801
00:44:23,600 --> 00:44:25,719
Speaker 1: to this conversation when it comes to personal finance, and

802
00:44:25,760 --> 00:44:27,200
Speaker 1: you are one of them, and so we were so

803
00:44:27,239 --> 00:44:29,480
Speaker 1: glad to have you on the show today. So where

804
00:44:29,480 --> 00:44:31,920
Speaker 1: where can our listeners find out more about you? They

805
00:44:31,920 --> 00:44:35,200
Speaker 1: can find me on all social media channels via at

806
00:44:35,280 --> 00:44:39,720
Speaker 1: the Money Coach or by my full name, Lynette Calfani Cox.

807
00:44:40,239 --> 00:44:43,279
Speaker 1: So my own site is asked the Money Coach dot

808
00:44:43,280 --> 00:44:48,600
Speaker 1: com and our video based UH coaching platform is online

809
00:44:48,600 --> 00:44:52,319
Speaker 1: at money Coach University dot com as well. Very cool. Well,

810
00:44:52,400 --> 00:44:55,600
Speaker 1: Lynette will link to both of those in our show notes. Again,

811
00:44:55,640 --> 00:44:58,480
Speaker 1: we really appreciate you coming on and talking with us

812
00:44:58,520 --> 00:45:02,239
Speaker 1: today and in i mean hopefully, by this conversation, we

813
00:45:02,280 --> 00:45:04,680
Speaker 1: can get folks kind of going in the right direction

814
00:45:04,760 --> 00:45:07,239
Speaker 1: right to to make these changes not only you know,

815
00:45:07,440 --> 00:45:10,200
Speaker 1: in their own personal individual lives, but just our our

816
00:45:10,280 --> 00:45:13,560
Speaker 1: nation and our world as a whole. So thanks again

817
00:45:13,600 --> 00:45:16,879
Speaker 1: for coming on. You're welcome, my pleasure. All right, Matt,

818
00:45:16,920 --> 00:45:19,319
Speaker 1: that was such a great conversation with Lynette. I feel

819
00:45:19,320 --> 00:45:21,480
Speaker 1: like she had so much to offer, including in her

820
00:45:21,480 --> 00:45:24,040
Speaker 1: personal story, but then just so much wisdom, so much depth,

821
00:45:24,440 --> 00:45:27,719
Speaker 1: and she's thought through money you can tell to to

822
00:45:27,760 --> 00:45:30,560
Speaker 1: a large degree. I mean, fifteen books worth, I'm thinking

823
00:45:30,600 --> 00:45:33,600
Speaker 1: about money. But yeah, well that's well right, we were

824
00:45:33,640 --> 00:45:35,560
Speaker 1: on on that and uh, Matt, what was your big

825
00:45:35,600 --> 00:45:38,319
Speaker 1: takeaway from from our conversation with Lynette Man? I totally agree.

826
00:45:38,400 --> 00:45:41,000
Speaker 1: This was an awesome conversation with the Lynette really enjoyed it.

827
00:45:41,640 --> 00:45:43,560
Speaker 1: And my big takeaway I'm going to go back to

828
00:45:43,800 --> 00:45:45,719
Speaker 1: something she said at the very beginning and This is

829
00:45:45,840 --> 00:45:49,160
Speaker 1: such a core element of our show because it's something

830
00:45:49,239 --> 00:45:52,360
Speaker 1: that can apply to anybody that's listening, which is you

831
00:45:52,440 --> 00:45:54,040
Speaker 1: have to figure out what it is that you spend

832
00:45:54,120 --> 00:45:57,120
Speaker 1: money on that that moves the needle for you when

833
00:45:57,120 --> 00:45:58,680
Speaker 1: it comes around money. It's so important for us to

834
00:45:58,680 --> 00:46:01,319
Speaker 1: figure out a plan that's sustainable. And that's that's something

835
00:46:01,400 --> 00:46:04,640
Speaker 1: she she mentioned right where if we are constantly depriving

836
00:46:04,680 --> 00:46:07,160
Speaker 1: ourselves of the things that we enjoy, that is not

837
00:46:07,239 --> 00:46:09,600
Speaker 1: going to be something that's sustainable. So maybe if you're

838
00:46:09,600 --> 00:46:11,880
Speaker 1: paying off debt, yeah, you spend some extra money on

839
00:46:12,320 --> 00:46:15,000
Speaker 1: nice craft beer or nice cheese, and you're not gonna

840
00:46:15,000 --> 00:46:17,000
Speaker 1: be able to pay off your debt nearly as fast.

841
00:46:17,280 --> 00:46:19,440
Speaker 1: But we're in this for the long run, and we

842
00:46:19,520 --> 00:46:21,880
Speaker 1: need to make sure that we're taking the steps that

843
00:46:22,000 --> 00:46:24,200
Speaker 1: are going to allow us to finish the race strong.

844
00:46:24,520 --> 00:46:26,239
Speaker 1: We need to make sure that we're focused on those

845
00:46:26,320 --> 00:46:29,280
Speaker 1: long term goals, not just on the short term immediate

846
00:46:29,320 --> 00:46:31,680
Speaker 1: goals that we've set for ourselves. Yeah, it's similar to

847
00:46:31,880 --> 00:46:34,160
Speaker 1: dieting in that way. Right, It's so easy to cope

848
00:46:34,160 --> 00:46:35,799
Speaker 1: with this hardcore diet, stick to it for a couple

849
00:46:35,840 --> 00:46:38,040
Speaker 1: of weeks, and then fall off the wagon. And yeah,

850
00:46:38,080 --> 00:46:40,680
Speaker 1: something she said was human nature cannot deal with deprivation

851
00:46:40,800 --> 00:46:43,640
Speaker 1: very long. There you go. That was so true. If

852
00:46:43,719 --> 00:46:46,920
Speaker 1: we we tried to deprive ourselves to the nth degree,

853
00:46:47,200 --> 00:46:49,720
Speaker 1: we're gonna find ourselves sinking back into our old habits.

854
00:46:49,719 --> 00:46:51,640
Speaker 1: Whereas if we can come up with something workable, we're

855
00:46:51,640 --> 00:46:53,160
Speaker 1: gonna stick to it. And I think I think that

856
00:46:53,239 --> 00:46:56,600
Speaker 1: was something awesome that she that she mentioned in this episode.

857
00:46:56,719 --> 00:46:58,359
Speaker 1: But what about you, man? That one doesn't count as

858
00:46:58,600 --> 00:46:59,880
Speaker 1: as you were a big takeaway. I want to hear

859
00:46:59,920 --> 00:47:02,520
Speaker 1: some than fresh from you. Sure. Yeah, so we when

860
00:47:02,560 --> 00:47:05,480
Speaker 1: we mentioned her article about five financial lessons from five

861
00:47:05,560 --> 00:47:08,600
Speaker 1: great Black leaders, one of the people that she highlighted

862
00:47:08,760 --> 00:47:10,840
Speaker 1: what you mentioned, Matt, was Madam C. J. Walker And

863
00:47:11,320 --> 00:47:14,920
Speaker 1: and the particular line that she mentioned in that article

864
00:47:14,960 --> 00:47:17,440
Speaker 1: and that she talked about in the show too, was

865
00:47:17,560 --> 00:47:19,359
Speaker 1: you can always create a job of your own by

866
00:47:19,440 --> 00:47:22,600
Speaker 1: offering services and products that people need. And her bent

867
00:47:22,719 --> 00:47:26,000
Speaker 1: towards entrepreneurship and towards pushing people in that direction. Granted

868
00:47:26,040 --> 00:47:28,360
Speaker 1: it's not for everyone, but there are so many people

869
00:47:28,560 --> 00:47:32,120
Speaker 1: that graduate from college or from high school and they're

870
00:47:32,160 --> 00:47:34,319
Speaker 1: just looking for a job. And if you can look

871
00:47:34,360 --> 00:47:37,120
Speaker 1: to create your own job by serving other people, by

872
00:47:37,239 --> 00:47:39,919
Speaker 1: creating a product or a service that that is needed,

873
00:47:40,040 --> 00:47:42,520
Speaker 1: or doing it better than other people are currently doing it.

874
00:47:42,880 --> 00:47:44,839
Speaker 1: This guy's that limit when it comes to how much

875
00:47:44,840 --> 00:47:46,600
Speaker 1: you can make and what you can create. There are

876
00:47:46,640 --> 00:47:49,480
Speaker 1: so many people who have become millionaires through business ownership.

877
00:47:49,640 --> 00:47:51,440
Speaker 1: It's not just through taking that six or eight or

878
00:47:51,520 --> 00:47:54,000
Speaker 1: ten percent of the money that your employers paying you,

879
00:47:54,080 --> 00:47:56,200
Speaker 1: putting it in your four own k or into an IRA.

880
00:47:56,560 --> 00:47:58,960
Speaker 1: Those are great things to do, but you can exponentially

881
00:47:59,040 --> 00:48:01,480
Speaker 1: grow your wealth I starting your own business, and I

882
00:48:01,520 --> 00:48:04,080
Speaker 1: think that's something not enough people consider. So yeah, I

883
00:48:04,120 --> 00:48:06,120
Speaker 1: loved her her view and her stance on that. Yeah,

884
00:48:06,160 --> 00:48:07,680
Speaker 1: you said this guy's the limit. I mean that's something

885
00:48:07,760 --> 00:48:10,920
Speaker 1: she said. She said that entrepreneurship is limitless, and I

886
00:48:11,040 --> 00:48:14,480
Speaker 1: loved how she was talking about parlaying these skills and

887
00:48:14,520 --> 00:48:17,560
Speaker 1: these natural talents that you have into something where you're

888
00:48:17,600 --> 00:48:19,759
Speaker 1: able to make a living, where you can support you

889
00:48:19,800 --> 00:48:21,920
Speaker 1: know yourself and say for the future while living a

890
00:48:22,000 --> 00:48:26,160
Speaker 1: life now that is really fulfilling and full of cheese too. Yeah,

891
00:48:26,520 --> 00:48:27,759
Speaker 1: but I love that you picked that one as well.

892
00:48:27,920 --> 00:48:29,560
Speaker 1: That was awesome. That was like my second pick. So

893
00:48:29,680 --> 00:48:31,600
Speaker 1: you and I but kind of picked the same two

894
00:48:31,640 --> 00:48:33,600
Speaker 1: points that maybe stood up to both of us highlights.

895
00:48:33,880 --> 00:48:35,399
Speaker 1: But real quick, let's kind of touch on the beer.

896
00:48:35,480 --> 00:48:39,680
Speaker 1: This episode, we enjoyed Funky Gold Mosaic my Prairie Artistan Ales.

897
00:48:40,040 --> 00:48:42,400
Speaker 1: This was a dry, hot sour ale. I'll go ahead

898
00:48:42,400 --> 00:48:44,759
Speaker 1: and share my thoughts on this one, man. Funky You know,

899
00:48:44,920 --> 00:48:47,200
Speaker 1: it had that sour tartness going on, but it was

900
00:48:47,320 --> 00:48:48,920
Speaker 1: dry hopped as well, so it kind of had a

901
00:48:49,080 --> 00:48:52,160
Speaker 1: little bit of that green herbal nature to it as well,

902
00:48:52,480 --> 00:48:54,120
Speaker 1: kind of mixed in there with the sours. I really

903
00:48:54,239 --> 00:48:56,239
Speaker 1: enjoyed it, and I'm glad that you and I got

904
00:48:56,280 --> 00:48:58,080
Speaker 1: to share this one man. What were your thoughts? Yeah,

905
00:48:58,120 --> 00:49:00,360
Speaker 1: Prairie makes some great beers, and this this is one

906
00:49:00,400 --> 00:49:03,120
Speaker 1: of my favorites that they make, actually, because there aren't

907
00:49:03,160 --> 00:49:05,400
Speaker 1: many chances that you get to have a beer that

908
00:49:05,760 --> 00:49:08,960
Speaker 1: is a mix of hoppy and sour, like those two

909
00:49:09,000 --> 00:49:11,320
Speaker 1: things don't typically go together. Usually it's super hoppy or

910
00:49:11,360 --> 00:49:14,000
Speaker 1: it's super sour, and those are separate beers. But this one,

911
00:49:14,280 --> 00:49:16,600
Speaker 1: they kind of put the kitchen sink together and they

912
00:49:16,680 --> 00:49:19,279
Speaker 1: made this hoppy sour beer, and I just I like

913
00:49:19,600 --> 00:49:22,399
Speaker 1: the interplay of both of those flavors and so yeah,

914
00:49:22,400 --> 00:49:24,839
Speaker 1: I like this one funky gold mosaic. Definitely worth picking

915
00:49:24,920 --> 00:49:26,839
Speaker 1: up if you find it at your local bottle shop.

916
00:49:27,000 --> 00:49:28,600
Speaker 1: All right, man, that's gonna do it for this episode.

917
00:49:28,640 --> 00:49:30,400
Speaker 1: For folks that want show notes, just go to our

918
00:49:30,440 --> 00:49:33,600
Speaker 1: website how to money dot com. So buddy, Until next time,

919
00:49:33,960 --> 00:49:35,879
Speaker 1: best friends Out, Best Friends Out,