Speaker 1: It's time for the b a q a A that'd
Speaker 1: be a q a what you say that'd be a
Speaker 1: q ain't no man day to be a qa Just timpanay.
Speaker 1: The b a qa a man is not here. As
Speaker 1: you can see, I'm in the step buy my little son.
Speaker 2: But I got y'all.
Speaker 1: We're going to take some questions and I've got some answers.
Speaker 1: But as I always say, I'm not your mama.
Speaker 2: No, I'm not.
Speaker 1: Your cousin, well, your financial internet cousin. I'm not your
Speaker 1: financial advisor. I'm not your attorney. I'm not your doctor child,
Speaker 1: I'm not even your engineer. But what I am is
Speaker 1: a smart black girl who can answer some questions that
Speaker 1: you take with the smallest tiniest grain of salt aka
Speaker 1: sue somebody else you know, Take what I say with
Speaker 1: a grain of salt. Ask the people that you pay
Speaker 1: like what you should do. Do. Let's get started, b
Speaker 1: a qa And if you ever want to ask a question,
Speaker 1: best thing to do is go head on over to
Speaker 1: brianambischon podcast on Instagram, send us a question.
Speaker 2: There, and or go ahead on and.
Speaker 1: To briannabishonpodcast dot com and click contact us.
Speaker 2: Yeah, all right, let's get started.
Speaker 1: Let me see, let me say, let me say, let
Speaker 1: me say, quick question from Patrice. But I think I'm
Speaker 1: gonna do three today. Patrice asks a question. She says, Hello, Tiffany,
Speaker 1: I love the podcast. And here you mentioned financial advisors
Speaker 1: a few times.
Speaker 2: Do you have any.
Speaker 1: Suggestions on how to find one I do or anyone
Speaker 1: that you could recommend. I'm single mom and want to
Speaker 1: meet some goals to prepare for her going to college.
Speaker 1: First of all, yes, single mama. Okay, now here's what
Speaker 1: you're gonna do.
Speaker 2: Patrese. So I wrote this book called Geek. It was money.
Speaker 1: I'm not gonna tell you that book, right, but what
Speaker 1: you are gonna do is get something far free. You're
Speaker 1: going to go to get Good with Money dot com.
Speaker 1: I'm literally going there now to make sure it's all good.
Speaker 1: And you're going to click at the top it says
Speaker 1: GGWM for gick Ors Money.
Speaker 2: Book Club Kit. You find that, click on the kit
Speaker 2: sis right.
Speaker 1: Then you're gonna download the kid and when you do,
Speaker 1: it's gonna open up one it'll it'll it'll send you
Speaker 1: a I guess a PDF or link, but you'll be
Speaker 1: able to open up right away and what's so great
Speaker 1: about the kit is if you scroll down zam zamz
Speaker 1: If you scroll down to chapter ten on the kit
Speaker 1: pick your money Team, there's gonna be these resources, right Like,
Speaker 1: there's gonna be these resources that you can use to
Speaker 1: find who you need. Like if I click, let me see, No,
Speaker 1: where is it? Oh? Meanwhile, girl, I'm on the wrong thing.
Speaker 1: I was like, where is this. I'm looking at the
Speaker 1: book club kit. I mean, that's great. You could definitely
Speaker 1: go get your book club kit on two, but I
Speaker 1: want you to not get the book club get I
Speaker 1: want you to go there and get the toolkit because
Speaker 1: I was like, this doesn't look like what I said
Speaker 1: what you should have. You're going to get the toolkit
Speaker 1: because that's really important. And I still want you to
Speaker 1: scroll down to chapter ten because in the toolkit you
Speaker 1: will find as soon as you put in your name
Speaker 1: in your email, it opens up right away to the website.
Speaker 2: And if you go scroll, scrow, scrow, I want you
Speaker 2: to The reason.
Speaker 1: Why I want you to go here is because it's
Speaker 1: more than just here's a list of financial advisors.
Speaker 2: There are a bunch of things.
Speaker 1: So there is this this template that I created called
Speaker 1: my sole called financial Life which is literally a template
Speaker 1: where it's like all of it is a sheet that
Speaker 1: you can fill out with all of your financial information.
Speaker 1: So when you interview financial planners ideally certified financial planners
Speaker 1: that you are, don't forget what to share with them,
Speaker 1: Like I like to actually share my my my sole
Speaker 1: called financial life template with them, like here's everything you
Speaker 1: need to know about my finances. Let's talk, right, So
Speaker 1: that's one that's there. This is under chapter ten on
Speaker 1: the toolkit at get goodwith Money dot Com. Also there
Speaker 1: you're also going to find some sites that I recommend,
Speaker 1: like the na p F A fee only network, XY Planning.
Speaker 1: That's all gonna be there if you're looking even to
Speaker 1: find it, like an accountant, there's going to be information there.
Speaker 1: And so it's just like it's just there's just so
Speaker 1: many resources there that that are going to help you.
Speaker 1: So I would go to get Go with Money dot Com.
Speaker 1: Click on the tool kit, scroll to chapter ten. Don't
Speaker 1: just get where you can find a financial planner. I
Speaker 1: also want you to get like what questions you should
Speaker 1: ask them and what and like like here's this temple
Speaker 1: that you can fill out with your finances so they
Speaker 1: know like whether or not you might be a fit
Speaker 1: for them.
Speaker 2: So I hope that's helpful. Lansing.
Speaker 1: Next on the docket, we have a question that we
Speaker 1: get a lot. I'm gonna give you a name. Let's
Speaker 1: call you Denise asks Hey, Tiffany and Mandra love you question.
Speaker 1: I never know whether or not to pay down debt
Speaker 1: or save what comes first, the chicken, nub the egg.
Speaker 2: Well she didn't say the chicken or the egg. I
Speaker 2: had to that part.
Speaker 1: So when you are paying down, when you have some
Speaker 1: extra money left over, if you know you're fortunate there
Speaker 1: you know there is that question. Do I prioritize paying
Speaker 1: down debt? Do I prioritize savings? And the answer is
Speaker 1: it depends what I say. Your name was fake name, Chanise.
Speaker 1: It depends Chenese. Because if you have debt that is expensive,
Speaker 1: which most debt is meaning over double digits like some
Speaker 1: people have debt it's fifteen percent, twenty percent double digit debt.
Speaker 1: I want you to over index and pay more towards
Speaker 1: paying down debt because right now, let me see what
Speaker 1: banks are giving as far as interest. Right we're about
Speaker 1: to look it up about to see like what banks
Speaker 1: are doing as far as interest rates, let's slay like
Speaker 1: I'm trying to think, like what a high yield savings
Speaker 1: accounts is giving right now? High yield savings accounts, Okay, okay,
Speaker 1: right now the highest I'm saying is about four point
Speaker 1: five percent. Okay, well I actually that's old, so that's weird.
Speaker 1: Why is it not showing anyway? But right now, yeah,
Speaker 1: about four point five percent? Right, So, if your debt
Speaker 1: is costing you ten percent, and high yield meaning like
Speaker 1: the highest you're getting right out here in the streets
Speaker 1: is four and a half percent, ten percent is bringing
Speaker 1: you down.
Speaker 2: Four percent is halfway bringing you back up.
Speaker 1: So do you see why it's important to pay off
Speaker 1: the thing that's actually costing you the most amount of
Speaker 1: money because you cannot save what the debt is costing you.
Speaker 2: So what I would say.
Speaker 1: Is is I want you to focus on getting rid
Speaker 1: of expensive debt now. I don't want you to not save.
Speaker 1: So let's just say I had one hundred dollars, I
Speaker 1: might say to myself, I'm gonna put twenty five dollars
Speaker 1: into savings because savings is like a seat belt.
Speaker 2: You know, you're gonna have to lean into that safety
Speaker 2: of it.
Speaker 1: All that's just how it goes, you know, Like, so
Speaker 1: you should have something going towards savings and then maybe
Speaker 1: I put seventy five dollars toward paying down that debt
Speaker 1: because the debt is costing me way too much money.
Speaker 1: But let's just say I had like some student loan
Speaker 1: debt and the interest rate was like three percent or
Speaker 1: something like that. Then I would over in debts on
Speaker 1: the savings because the savings is just making me more
Speaker 1: than the student loan is costing me. So I would
Speaker 1: say maybe like seventy five into savings twenty five to
Speaker 1: pay you know, the student loan debt off.
Speaker 2: I hope that makes sense.
Speaker 1: That, like, if you're paying off debt versus savings, look
Speaker 1: to see are you gonna make more in savings or
Speaker 1: you're gonna spend more on debt. In prioritize which one
Speaker 1: the interest rate is higher. You know, you should still
Speaker 1: try your best to do both, but prioritize the one
Speaker 1: with the interest rate that's high, because that's where you're
Speaker 1: gonna see the biggest return, or at least the biggest
Speaker 1: cut down. I think it was, Oh, who's that richest
Speaker 1: man in the world when he's the richest warm Buffett.
Speaker 1: He said, the best raise you can give yourself is
Speaker 1: to get rid of high interest rate debt because that
Speaker 1: interest rate, that fifteen twenty percent is coursing you, siss.
Speaker 1: So if you can get rid of that debt, you
Speaker 1: are going to be able to have more money a month.
Speaker 2: That's like an internal raise.
Speaker 1: So before we answer another question or two, we don't see,
Speaker 1: we're gonna throw the break, pay some bills, and we're
Speaker 1: gonna be back and black and brown and miss see
Speaker 1: you in a minute. We're back in black. Can I
Speaker 1: just get into the fact that, like, because I mean,
Speaker 1: if you don't pick yourself up, who's gonna big yourself up?
Speaker 1: Your girl skin has been glowing. And when I tell
Speaker 1: you I don't have like I have. We don't have
Speaker 1: on on. I have like this thing from Bobby Brown
Speaker 1: called something a bomb girl.
Speaker 2: I'm the worst.
Speaker 1: But anyway, so it gives you a little bit of
Speaker 1: a glow. But I don't have foundation on. Look at
Speaker 1: my skin. You know what I've been doing instead? I
Speaker 1: have been taking So I asked my doctor it was
Speaker 1: okay to take. They said, yes, I have been taking
Speaker 1: collagen and it's like one of the best ways to
Speaker 1: get collagen, which I don't do this because I don't
Speaker 1: eat meat. Is bone broth, you boil bones and like,
Speaker 1: cause there's like collagen in the bones, and collagen is
Speaker 1: what helps your skin rejuvenate. Collagen is like helps with
Speaker 1: joints and stuff like that. And so I've been seeing
Speaker 1: the girls talk about collagen and but I said, before
Speaker 1: I put them things in my body, child, let me
Speaker 1: ask my duelter. And they were like, you know, that's
Speaker 1: fine that you can take collagen, and that's great. So
Speaker 1: I ordered this like collagen called like Spoiled Child. I'm
Speaker 1: sure you to all the this is not sponsor. I
Speaker 1: ordered this collagen called Spoiled Child, and I was like, okay,
Speaker 1: the taste is not bad. I take like two tablestoons
Speaker 1: every morning. It's a little sweet, so I'm sure the
Speaker 1: sugar is like if you diabetic, you might want to say,
Speaker 1: but anyway, so you know the girly seed that you know,
Speaker 1: it's about two months before you really see.
Speaker 2: Like a different you know.
Speaker 1: So I was like, okay, So I'm on the end
Speaker 1: of my second bottle, which actually let me make myself
Speaker 1: a no because your girl need to order another bottle.
Speaker 2: So the girl.
Speaker 1: He said, you know, after two months, I'm gonna say
Speaker 1: I'm just literally making myself no order or order college.
Speaker 2: College.
Speaker 1: Yeah. And so the other day, like I was getting
Speaker 1: like my makeup retech. I was like speaking at someplace
Speaker 1: big time. The other day, I was like, you know,
Speaker 1: like getting my makeup done, like to speak on the stage.
Speaker 1: And the lady was like, you have such great skin.
Speaker 1: I mean, people tell me I have decent skin all
Speaker 1: the time. But I was like, hey, yeah, yeah, But
Speaker 1: then I really looked because when I came back from Egypt,
Speaker 1: like last month, like Egypt burnt your sister's sister to
Speaker 1: a crisp okay, I was, and I wore sunscreen even
Speaker 1: though I'm chocolate. I wore sunscreen because chocolate do melt.
Speaker 1: And but it's just like my skin was so dry
Speaker 1: after and it just was not looking its best and
Speaker 1: I was breaking out like crazy, and I don't break out.
Speaker 2: I was getting cystic acne like I was in high school.
Speaker 1: But I started taking this collagen and I bought all
Speaker 1: this stuff that I was gonna use to kind of
Speaker 1: rejuvenate my skin, and I just got lazy. I bought
Speaker 1: one hundred dollars worth of stuff and I just never
Speaker 1: got to it. So I'm using my normal skin carero
Speaker 1: tuons that I've been using for the last three years,
Speaker 1: which is because my skin gets really dry birds bees,
Speaker 1: I use an oil cleanser. Then I use like this
Speaker 1: serum from this black owned brand that I love called
Speaker 1: butter Bar. They have this melanin serum that I've always
Speaker 1: been using for the last two years. And they have
Speaker 1: an under eye roller things that I always been using.
Speaker 1: And then because I can get like little ezema patches
Speaker 1: I was using, I used this like this like Ezama lotion,
Speaker 1: but I use it on my face too, but the same. Like,
Speaker 1: I didn't do anything different. But when I was saying
Speaker 1: my skin it is the most supple. I ain't never
Speaker 1: seen my skin like this. And I was like, in
Speaker 1: literally I was putting lotion on my skin yesterday, and
Speaker 1: I was like, why did my skin feel so soft.
Speaker 2: Like sore like a baby's booty.
Speaker 1: I know, I'm going off on a tangent because I'm
Speaker 1: like whatever, girl Mandy in here, I could do what
Speaker 1: I won't, I could do what I won't, So anyway,
Speaker 1: and I was like, I'm not doing anything different. I
Speaker 1: have not used any of those products that I bought
Speaker 1: to like rejuvenate my skin post Egypt, because I've just
Speaker 1: been lazy about it. I'm using the same routine I
Speaker 1: always as I always and yeah, and I realized the
Speaker 1: only thing new is this dag on collagen. And I'm
Speaker 1: not here to say you need to use collegen, but
Speaker 1: I'm just saying your good sis. I mean, my skin
Speaker 1: is given twenty five, but my knees is given forty three. Yeah,
Speaker 1: so I don't know. I mean, I would just love
Speaker 1: to know. Has anybody try collagen?
Speaker 2: You know?
Speaker 1: My sister says she was gonna try it so we
Speaker 1: fit the sea, But I don't know. I don't know
Speaker 1: if that's why my skin looks like this. All I'm
Speaker 1: saying is I didn't. I'm not using anything new on
Speaker 1: my face, you know. The only thing different is I'm
Speaker 1: taking collagen. So, like I'm not a medical doctor, so
Speaker 1: I'm not saying that's what you need to do. But
Speaker 1: like I said, I spoke to my doctor, the one
Speaker 1: who I pay, so that's what you ought to do.
Speaker 1: But and just ask about you know, like I don't know,
Speaker 1: cause I just, you know, I want to be youthful
Speaker 1: because my mom, don't have no wrinkles, and I said,
Speaker 1: child dry skin leads to wrinkles. We don't want that,
Speaker 1: so our forty three year old skin is holding it tight. Okay, anyway,
Speaker 1: shout out to collegen. Anyway, let's see question from Shirlean.
Speaker 1: Charlene says, Hi, ladies, I have a dilemma and I
Speaker 1: hope you can help with it. I have a personal
Speaker 1: loan of five fifteen thousand, five hundred and with a
Speaker 1: whopping fifteen point twenty four percent interest rate. She said,
Speaker 1: I know you don't have to tell me, sad face,
Speaker 1: I get it. That's a lot running the numbers. I
Speaker 1: don't have the capacity to pay more than the minimum payment,
Speaker 1: which is three hundred and eighty thousand a month on
Speaker 1: the loan, and I am a new single mom working
Speaker 1: part time. However, I do put aside four hundred dollars
Speaker 1: a month into my son's saves account, and that currently
Speaker 1: has a balance of fifteen thousand dollars earning approximately four percent. Oh,
Speaker 1: we just answered the question like this. I have recently
Speaker 1: decided that I want to put at least ten thousand
Speaker 1: of the savings into an investment bond for my son
Speaker 1: and continue to fund it each month, as I have
Speaker 1: been doing. But part of me thinks I should take
Speaker 1: fifteen thousand to pay the loan that rebuild my son's
Speaker 1: savings by paying eight hundred dollars a month into it.
Speaker 2: What say you?
Speaker 1: I hate the idea of taking my child's money, but
Speaker 1: I also hate the debt that won't move. For context,
Speaker 1: I have two thousand in emergency funds and hope to
Speaker 1: buy a home in the next year or two. Thanks
Speaker 1: so much, Shirlene, Hirlene, Chirlene, Shirley, Shirley, Shirley, I beg
Speaker 1: you please, you don't something take my man. That's Dolly
Speaker 1: Parton and then it was like remade by Malea Cyrus. Okay, Shirlen,
Speaker 1: this is hard, right because you're like, I want to
Speaker 1: set aside money for the baby, which congratulatess mama.
Speaker 2: I love that. But you have this debt, which you're
Speaker 2: absolutely right.
Speaker 1: If you pay the minimum on this fifteen thousand dollars debt,
Speaker 1: you will be paying that debt.
Speaker 2: It's go get a like a.
Speaker 1: If I had the time, I would like plug into
Speaker 1: a calculate you're gonna pay not be paying that debt
Speaker 1: for a long time.
Speaker 2: And you're likely paid like double what you actually own.
Speaker 1: That fifteen is gonna cost you, Like, you know, that's
Speaker 1: the problem with like when you pay the minimum on debt,
Speaker 1: it's that like so much of that money goes to fees,
Speaker 1: which is really disheartening. You know. So I can understand
Speaker 1: you didn't say how old your son was, but you
Speaker 1: said I'm a new single mom. So I don't know
Speaker 1: if you're newly single or newly a mom. But the
Speaker 1: thing is, if mama ain't good, nobody good. And so
Speaker 1: I know you're like, oh, I hate taking away from
Speaker 1: my son, but you know it's really taking away from
Speaker 1: your son, this fifteen thousand dollars money you owe at
Speaker 1: fifteen percent. If it was me, I honestly, especially if
Speaker 1: my son was a baby, like it'd be one thing.
Speaker 1: If you said my son graduates high school next year,
Speaker 1: then I might be like, ah, you need that money
Speaker 1: for college right away. But if your son is really young,
Speaker 1: you know, if he was super young, you know, like
Speaker 1: I said, you're a new mom, you know your son
Speaker 1: is like two three. I would take that full amount
Speaker 1: and pay off that debt and say we're not going
Speaker 1: back into we're not going back into debt.
Speaker 2: No more.
Speaker 1: Now you don't You didn't tell me your other debt.
Speaker 1: Do you have other credit card debt and things like that.
Speaker 1: I don't know that here, because then I might reconsider.
Speaker 1: But I'm just going to pretend like this is the
Speaker 1: only debt that you owe besides like maybe your car
Speaker 1: note or something like that. But this is the most
Speaker 1: expensive debt in the you don't have any credit card debt.
Speaker 1: I'm just going to pretend I probably would put all,
Speaker 1: if not most, to pay off this debt because at
Speaker 1: that fifteen percent, it's going to take a long time
Speaker 1: to pay that off. And if your son is only
Speaker 1: earning four percent, and let's just say you put your money,
Speaker 1: his money into a bond, right, you put it into investment,
Speaker 1: you put into the market. The market is still on
Speaker 1: average going to yield about ten percent a year, So
Speaker 1: ten percent is still less than fifteen that you know,
Speaker 1: fifteen in the quarter that the debt is costing you.
Speaker 2: Does that make sense?
Speaker 1: So even if you were to get a great return
Speaker 1: in the market at ten percent, you know, you're still
Speaker 1: it's still not going to be what the debt is
Speaker 1: costing you. So I probably would all things considered used
Speaker 1: to pay down that debt and stay out of debt,
Speaker 1: you know, as much as possible, because what you don't
Speaker 1: want to do is you don't want to make it
Speaker 1: a habit of like saving and then taking, saving and taking.
Speaker 1: So then what I would do moving forward is I
Speaker 1: would be putting my son's money into a vehicle that
Speaker 1: I cannot easily touch, to your point, like setting and
Speaker 1: putting up you know, investing it so it's not easily
Speaker 1: accessible to you. That's probably all I do. I would be,
Speaker 1: like I might. I'm not saying this is what you
Speaker 1: should do. If I would do, I'd probably bite the bullet,
Speaker 1: pay off this debt, commit to not getting back into
Speaker 1: debt like that, or if I do, you know, borrow
Speaker 1: money or whatever, you know, navigating for the best interest
Speaker 1: possible so it's not costing me so much. And then
Speaker 1: any new money that I'm going to be doubling down
Speaker 1: my child, I'm going to put it into an account
Speaker 1: that I don't have as much free access to because
Speaker 1: we don't want to make a habit into taking from
Speaker 1: the son's account, from your son's account, and also too,
Speaker 1: instead of doubling up to rebuild my son's savings into
Speaker 1: eight hundred buck dollars a month. I would put four
Speaker 1: hundred dollars to my son and four hundred dollars into
Speaker 1: my emergency fund, because your emergency fund is not enough,
Speaker 1: you know, like you want ideally they have three months
Speaker 1: worth of expenses in the emergency fund, you know, because
Speaker 1: here's the reason why if something happens, what would you
Speaker 1: and your son do? You know, like I would make
Speaker 1: that My priority is to bulk up that emergency fund.
Speaker 1: So again, I would probably pay off all of, not
Speaker 1: most of that fifteen thousand dollars because it's too expensive.
Speaker 1: I would continue to fund my son's account with the
Speaker 1: four hundred and now put the other four hundred into
Speaker 1: my emergency fund, if not even more into the emergency fund,
Speaker 1: like two hundred to my son for you know, six
Speaker 1: hundred to the emergency fund only because if emergency hits,
Speaker 1: who won't look after you and a baby that money?
Speaker 2: And so that's more important right now.
Speaker 1: And then you know, like try your best to keep
Speaker 1: out of debt and continue to earn and look for
Speaker 1: ways to earn additional income.
Speaker 2: I hope that's helpful, Shirlene.
Speaker 1: Yeah, sometimes you have to make those choices that are
Speaker 1: not the funnest or the cutest, but the choice that
Speaker 1: we have to make. I have certainly been in that place,
Speaker 1: so certainly, no, no, no shame. You do the best
Speaker 1: you can with what you have until you can do better,
Speaker 1: Then you do better.
Speaker 2: So I hope that was helpful. Bea fan. If you have.
Speaker 1: Questions that you want to answered about business, about career,
Speaker 1: about money, about entrepreneurship, you know, you just want to
Speaker 1: share whatever you can, hit us up. We are the
Speaker 1: BA Podcast on Twitter, Brian Ambition Podcast on Instagram, Brianambition
Speaker 1: Podcasts dot com. You can click contact us and ask
Speaker 1: questions there. There's a contact contact me button there until
Speaker 1: next week. Holy, By next week, we all are the
Speaker 1: auntie of a brand new BA baby. We already have Rio,
Speaker 1: that's Mandy's son, Rio. We already have Rio, So we're
Speaker 1: about to have a new BA baby. So we all
Speaker 1: be on baby watch to see when that baby's coming.
Speaker 1: Because Mandy literally do like today any day now, so
Speaker 1: you'll be stuck with me.
Speaker 2: But that's okay.
Speaker 1: We're gonna have some guests in the stew I's just
Speaker 1: here by myself today because Mandy had to do some
Speaker 1: baby things last minute. All right, y'all see you next week.
Speaker 2: Bye, Hey, ba Fam. We could not do this show
Speaker 2: without your support or the support of our team behind
Speaker 2: the scenes. The Brown Ambition Podcast is produced by Imani
Speaker 2: Crosby and Dennis Stanplinsky is our in house tech guru.
Speaker 2: I am your co host Mandy Woodrif Santos, and we
Speaker 2: will see y'all next week, ba Fam.