WEBVTT - Ep. 185 — Is It Time To Prepare for the Next Recession? 0:00:00.280 --> 0:00:06.840 Welcome back, welcome back, welcome back, welcome back. We're back, 0:00:06.880 --> 0:00:11.200 We're black, We're brown, ambition. Baby's back. Hey, hey, hey, 0:00:11.440 --> 0:00:14.320 it's me Tippany a bunch ofiska and I'm welcoming you. 0:00:14.360 --> 0:00:19.880 Mandy back. I hope you missed us on vacation. Thank you. 0:00:19.960 --> 0:00:21.560 I was like, it was a whole new show. She 0:00:21.640 --> 0:00:23.840 worked on a new intro when I was gone, was 0:00:24.320 --> 0:00:25.520 gone for a few weeks. 0:00:26.400 --> 0:00:27.760 Now, how was Baker? 0:00:28.680 --> 0:00:31.120 It was everything I needed and too much more. 0:00:32.440 --> 0:00:36.040 As the saw what all the eats, I'm like, oh 0:00:36.040 --> 0:00:37.479 my gosh, I want that. Oh I want to eat 0:00:37.520 --> 0:00:37.840 that too. 0:00:38.159 --> 0:00:40.559 Baby really like the food in Portugal. Baby, let me 0:00:40.600 --> 0:00:43.800 have all the seafood I wanted. I was very I 0:00:43.920 --> 0:00:46.360 was like a like happy as a clam, No pun intended, 0:00:47.320 --> 0:00:48.320 just love seafood. 0:00:48.520 --> 0:00:48.720 Yeah. 0:00:48.760 --> 0:00:50.720 It was great. And when I say, like too much, 0:00:50.960 --> 0:00:53.480 we realize now that we have our baby at home, 0:00:53.560 --> 0:00:57.120 our first baby, Molly, it's really hard to be gone 0:00:57.160 --> 0:00:59.480 for two for more than two weeks, Like we were 0:00:59.560 --> 0:01:02.240 towards the and we were like, we're still here, we need. 0:01:02.040 --> 0:01:02.600 To go home. 0:01:03.280 --> 0:01:08.560 A couple of my friends split up the dog sitting duty, 0:01:08.600 --> 0:01:12.160 so shout out to them. For helping out, but it was, Yeah, 0:01:12.240 --> 0:01:15.920 we missed her so much. And I mean luckily I 0:01:15.959 --> 0:01:18.400 planned the trip in such a way that we started 0:01:18.400 --> 0:01:21.120 off in a relaxing location, did all the crazy cities 0:01:21.160 --> 0:01:24.480 in the middle, and then ended on the rea and 0:01:24.560 --> 0:01:27.199 relaxing location. And we got back a couple of days 0:01:27.240 --> 0:01:29.160 before the work week started, so we had time to 0:01:29.240 --> 0:01:33.959 like do laundry, unpack I had. I was very proud 0:01:34.000 --> 0:01:36.520 of myself because we took a cab ride from the 0:01:36.560 --> 0:01:38.040 airport and it's a long ride, and I was like, 0:01:38.120 --> 0:01:40.120 let me order. Let me make sure that I order 0:01:40.480 --> 0:01:43.800 delivery groceries, like get groceries delivered to our doorsteps so 0:01:43.800 --> 0:01:46.959 that they arrive before, like right the same time that 0:01:47.000 --> 0:01:49.120 we do. When I got home, had grocery on the doorstep. 0:01:49.600 --> 0:01:51.040 I had seamless delivered dinner. 0:01:51.600 --> 0:01:51.800 Yeah. 0:01:52.120 --> 0:01:56.720 Smart, expensive, but also I'm just like I have no 0:01:56.800 --> 0:01:59.280 brain power I need and it really helped us like 0:02:00.080 --> 0:02:03.040 ease into the transition of being back home. No grocery shopping. 0:02:04.280 --> 0:02:04.720 I had a. 0:02:04.640 --> 0:02:06.600 Cleaning lady come the next day to like to clean 0:02:06.600 --> 0:02:08.480 the house. I should have had someone come to do laundry, 0:02:08.480 --> 0:02:11.560 because like they were cleaning and I was doing laundry 0:02:11.600 --> 0:02:14.040 all day. But uh no, that's good to be back. 0:02:14.680 --> 0:02:17.760 Yeah, that's good. It looks beautiful. So you were in Portugal, 0:02:17.760 --> 0:02:18.520 But where else did you go? 0:02:19.480 --> 0:02:23.399 We just stayed in Portugal. We did four cities and 0:02:23.480 --> 0:02:26.280 we started on this island called San Miguel, which is 0:02:26.960 --> 0:02:30.360 in the this chain of islands called the Azores, which 0:02:30.440 --> 0:02:32.600 I hadn't really heard of. If they're becoming more popular 0:02:32.639 --> 0:02:34.800 now they're calling them like the Hawaii of the Atlantic 0:02:34.840 --> 0:02:37.720 and whatnot, which I've never been to Hawaii. But they're 0:02:37.800 --> 0:02:39.600 very different. I mean, they're just in the sense that 0:02:39.639 --> 0:02:43.120 they have similar like geography. They were formed by volcanoes, 0:02:43.200 --> 0:02:47.040 so there's like really beautiful volcanic lakes and hot springs 0:02:47.080 --> 0:02:52.120 and thermal springs and just vistas on vistas. I mean 0:02:52.200 --> 0:02:55.640 every place we went it was just another gorgeous scene. 0:02:56.919 --> 0:02:59.680 And then we went to the capitol Lisbon, and then 0:03:00.400 --> 0:03:03.560 and then to like a little wine like a little 0:03:03.840 --> 0:03:06.400 bed and breakfast in the wine valley. 0:03:06.919 --> 0:03:09.720 Lovely. Yeah, it looks awesome be Instagram. I'm like, wow, 0:03:09.760 --> 0:03:13.200 it was just be beautiful. What made you choose Portugal 0:03:13.280 --> 0:03:14.720 over like all the places to go? 0:03:15.320 --> 0:03:17.600 I don't remember. I think I was trying to combine 0:03:18.120 --> 0:03:22.280 somewhere that we hadn't been before with somewhere that I 0:03:22.400 --> 0:03:26.200 felt was going to be really interesting, historical, beautiful, but 0:03:26.320 --> 0:03:28.560 not wear us down, Like it wasn't going to be 0:03:28.600 --> 0:03:30.560 the kind of place where we were going to be 0:03:30.639 --> 0:03:33.440 running all over the place and really exhausted like it had. 0:03:33.960 --> 0:03:37.000 We could take some scenic, you know, some scenic, relaxing 0:03:37.080 --> 0:03:39.360 kind of time and not feel pressure to see everything, 0:03:39.400 --> 0:03:43.240 you know. Yeah, And I don't know, I just decided. 0:03:43.640 --> 0:03:45.440 And when I decided, I was just like, and we're 0:03:45.480 --> 0:03:45.840 doing it. 0:03:47.000 --> 0:03:48.280 I'm glad you did well. 0:03:48.280 --> 0:03:51.360 We missed, yeah, I missed, Yeah, I missed being back, 0:03:51.720 --> 0:03:54.120 but I kept we kept reminding ourselves like, this is 0:03:54.120 --> 0:03:56.480 our last chance. This is like this is a baby moon. 0:03:56.520 --> 0:04:00.600 We need to like enjoy this. We're never gonna, you know, 0:04:00.960 --> 0:04:03.400 taking two weeks away from home, like considering how hard 0:04:03.440 --> 0:04:06.320 it was to be away from Molly, our dog, who 0:04:06.360 --> 0:04:09.360 is not a human at all except in my heart. 0:04:10.240 --> 0:04:13.440 I can't imagine like taking so much time away and 0:04:13.480 --> 0:04:16.320 having you know, a baby at home. So I'm glad 0:04:16.320 --> 0:04:16.800 that we did it. 0:04:17.720 --> 0:04:19.479 But honestly, there's lots of people like I know, my 0:04:19.560 --> 0:04:22.400 friend Rihanna her daughter has been to like more country 0:04:22.400 --> 0:04:25.120 than most countries than most adults. Like she traveled with her, 0:04:25.720 --> 0:04:28.160 you know, her and her husband. Yeah, and it's over. 0:04:27.960 --> 0:04:30.480 The same when you have a baby with you, it's different. 0:04:30.960 --> 0:04:33.359 We saw there were families. We saw the families with 0:04:33.480 --> 0:04:36.760 kids and like families with babies and with adolescents, you know, 0:04:37.080 --> 0:04:39.599 dads with the babies strapped to their back, you know, 0:04:39.839 --> 0:04:42.159 puffing and puffing up the hills. Like we were like 0:04:43.279 --> 0:04:44.480 respect respect. 0:04:44.560 --> 0:04:48.560 So trigger recession mourning? Did you see that? Did you 0:04:48.600 --> 0:04:48.919 hear that? 0:04:49.600 --> 0:04:52.440 What's I've seen all the headlines about, you know, the 0:04:52.480 --> 0:04:55.000 pending recession, but what's a trigger recession warning? 0:04:55.839 --> 0:05:02.200 Well, apparently so there is. So there are bonds. Everyone's aware, 0:05:02.320 --> 0:05:04.400 Well if you're not aware, like you know, when people 0:05:04.440 --> 0:05:08.120 talk about stocks and bonds, bonds are a vehicle with 0:05:08.160 --> 0:05:14.960 which people invest. The government typically sells them to individuals 0:05:15.000 --> 0:05:18.200 to raise money for public ventures, right man, they like 0:05:18.360 --> 0:05:19.799 roads and all that kind of stuff. 0:05:20.279 --> 0:05:22.320 Yeah, that's one of the treasury bonds are like the 0:05:22.320 --> 0:05:25.080 most common form of bonds that are out there, and 0:05:26.040 --> 0:05:29.920 they're seeing as more safe and stable investment than stocks exactly. 0:05:30.040 --> 0:05:35.000 So typically the longer Like so when you purchase a bond, 0:05:35.040 --> 0:05:37.000 you basically purchase it at discount and then you can 0:05:37.000 --> 0:05:39.480 turn it in for the full rate. So liket say 0:05:39.520 --> 0:05:42.840 you purchase a bond for ten dollars and then it 0:05:42.960 --> 0:05:46.040 matures in five years and then you get back fifteen. 0:05:46.720 --> 0:05:52.440 So typically the longer the government, the longer the period 0:05:52.480 --> 0:05:55.799 of time before the bond matures, the higher the interest 0:05:55.880 --> 0:06:00.200 rate that you earn. And what they found was the 0:06:00.240 --> 0:06:03.280 ten year bond of the yield on the ten year 0:06:03.320 --> 0:06:06.440 bond was actually lower than they yield on a two 0:06:06.520 --> 0:06:11.719 year bond, which you know, realistically doesn't make sense because 0:06:11.960 --> 0:06:16.600 why would you yield less on a bond where they're 0:06:16.640 --> 0:06:19.240 holding your money longer. And they said, the last time 0:06:19.279 --> 0:06:21.520 this happened was in two thousand and five, two years 0:06:21.560 --> 0:06:23.800 before the recession started to really kick off. And so 0:06:23.880 --> 0:06:25.880 I don't mean it doesn't mean that a recession is 0:06:25.880 --> 0:06:27.599 happening in a year or two. But I mean that 0:06:27.680 --> 0:06:29.799 was like the headline everywhere, and I just remember reading everywhere. 0:06:29.800 --> 0:06:31.839 People were like messaging me and texting me like what 0:06:31.880 --> 0:06:32.520 does this mean? 0:06:33.800 --> 0:06:35.640 People are goiggling what's a bond. 0:06:37.080 --> 0:06:40.400 Right? Or what? You know? Why? I mean, because I mean, honestly, 0:06:40.800 --> 0:06:42.560 a ten year The yield on a ten year bond 0:06:42.600 --> 0:06:45.280 should should not be lower than they yield on a 0:06:45.320 --> 0:06:47.320 two year bond, because it just doesn't make sense, Like 0:06:47.800 --> 0:06:50.000 that's the reason why people put their money in bonds 0:06:50.040 --> 0:06:52.479 that for longer periods of time, because the benefit is 0:06:52.520 --> 0:06:54.880 you get more money back. So if that's not so, 0:06:55.279 --> 0:06:58.640 it's like, well, why would anybody invest your money long 0:06:58.760 --> 0:07:02.320 term anyway? So it's supposed to be a pre recession 0:07:02.360 --> 0:07:04.880 trigger warning that happened in two thousand and five, but 0:07:05.080 --> 0:07:06.760 there were a lot of things that happened the last 0:07:07.120 --> 0:07:10.800 major recession that are not necessarily happening now, Like we're 0:07:11.360 --> 0:07:14.800 you know, people are not lending folks like literally there 0:07:14.800 --> 0:07:17.760 were like waitresses who were getting with who are making 0:07:18.000 --> 0:07:20.040 I don't know, fifteen thousand an hour, who were who 0:07:20.080 --> 0:07:23.080 are being approved for mortgages for three hundred thousand dollar houses. 0:07:23.320 --> 0:07:26.240 That's not happening now. So we're not in the same 0:07:26.280 --> 0:07:30.040 situation because it wasn't it wasn't just that warning that 0:07:30.080 --> 0:07:33.400 triggered the last recession. Really the last recession was triggered 0:07:33.440 --> 0:07:35.280 because the housing bubble burst, and I don't think we're 0:07:35.320 --> 0:07:38.000 in that same position again. But so regardless of a 0:07:38.040 --> 0:07:41.320 recession is happening in a year or two or three 0:07:41.400 --> 0:07:43.720 or four. I mean, no one knows really, but what 0:07:43.800 --> 0:07:45.920 are some things that you can do now? So I 0:07:45.960 --> 0:07:48.480 just wanted to kind of talk about that, like, hmm, 0:07:48.480 --> 0:07:51.400 not that you can completely resession proof your life, but 0:07:51.560 --> 0:07:54.080 did we learn anything from the last recession? And what 0:07:54.120 --> 0:07:56.080 are some things that you should and could be doing 0:07:56.880 --> 0:07:59.800 to put yourself in a position where if a recession 0:07:59.800 --> 0:08:04.760 does happen, it's not as detrimental to you as it 0:08:04.960 --> 0:08:08.280 was during the last resession because the last recession was whoa, 0:08:08.400 --> 0:08:11.680 it was a doozy for me. So I'm just curious, like, 0:08:11.720 --> 0:08:14.040 you know, what did you learn during the last resession? 0:08:14.080 --> 0:08:16.280 And do you feel not recession proof, but at least 0:08:16.560 --> 0:08:17.520 recession smarter. 0:08:18.800 --> 0:08:21.640 Yeah? So, I mean I feel like people have predicting 0:08:21.680 --> 0:08:26.160 the next recession for the last few years because I mean, historically, 0:08:26.200 --> 0:08:27.840 what goes up must come down, right, So we've been 0:08:27.840 --> 0:08:31.520 on this like upward trajectory, you know, crazy growth in 0:08:31.560 --> 0:08:34.480 the US for so long. People are just waiting for 0:08:34.480 --> 0:08:37.600 the other foot to drop, which it'll it will eventually happen, yes, 0:08:37.720 --> 0:08:39.800 but you're right, I mean, and not to freak people 0:08:39.840 --> 0:08:41.960 out like if you you know, really do you know, 0:08:41.960 --> 0:08:44.599 go out there and read, you know, some articles and 0:08:44.880 --> 0:08:47.840 get educated, because if you really read what economists are 0:08:47.880 --> 0:08:49.760 saying is it's not going to be on the scale 0:08:49.760 --> 0:08:52.320 of the two thousand and eight housing crisis. I mean, 0:08:52.360 --> 0:08:56.559 there are you know, there are you know, safety measures 0:08:56.720 --> 0:08:59.960 or safety like regulations in place that have really changed, 0:09:01.320 --> 0:09:03.280 that have really trained things and made it, you know, 0:09:03.520 --> 0:09:05.680 made it less likely that will have a recession in 0:09:05.679 --> 0:09:08.640 the same way. But it could be like a more 0:09:08.679 --> 0:09:11.480 mild recession than what we saw before, which is normal. 0:09:11.880 --> 0:09:14.640 And so I guess for me being a millennial who 0:09:15.280 --> 0:09:18.000 I read an article today that said millennials are having 0:09:18.080 --> 0:09:20.800 PTSD from their recession days. With all this talk about 0:09:20.840 --> 0:09:23.920 the recession, what I remember is because you know, I 0:09:23.960 --> 0:09:26.720 lost my job. I moved to New York, I got 0:09:26.720 --> 0:09:28.839 a job, and I lost it like two months later. 0:09:29.440 --> 0:09:31.640 I had a hard time finding another job. I came 0:09:31.679 --> 0:09:35.160 in finally took a job that I was wildly underpaid, 0:09:35.760 --> 0:09:37.800 but I took it anyway, and I it took me 0:09:38.120 --> 0:09:41.480 probably the next five to seven years to job hop 0:09:41.520 --> 0:09:43.720 and skip around to the point where I had caught 0:09:43.800 --> 0:09:46.360 up with where I really should have been salary wise, 0:09:46.400 --> 0:09:50.440 and I do attribute that to the recession. How I 0:09:50.480 --> 0:09:54.880 feel about this pending recession is one because I work 0:09:55.000 --> 0:09:56.440 in a lot, Like a lot of people, you work 0:09:56.480 --> 0:09:59.400 for companies. And one of the one of the reasons 0:09:59.440 --> 0:10:02.760 that people are looking at and pointing to, Okay, recession 0:10:02.800 --> 0:10:05.000 is coming is that if you if you look at 0:10:05.040 --> 0:10:08.800 the number of companies and who are publishing their you know, 0:10:08.840 --> 0:10:11.280 their earnings reports every quarter. They have to talk to 0:10:11.320 --> 0:10:13.680 shareholders and they have to say what their company outlooks 0:10:13.679 --> 0:10:16.840 are like. And a lot of them are being more 0:10:16.880 --> 0:10:20.320 conservative or speaking more conservatively about the labor market, so 0:10:20.840 --> 0:10:24.280 like speaking more conservative conservatively about their plans to hire 0:10:25.040 --> 0:10:28.120 through the end of this year. And because of that, 0:10:28.520 --> 0:10:31.040 like there's been concern about okay, well, companies are slowing 0:10:31.040 --> 0:10:34.880 down hiring, like what does that mean for employers? And 0:10:35.240 --> 0:10:38.920 there's like another sign where more there's been an uptick 0:10:38.920 --> 0:10:41.800 in the number of companies finally bankruptcy and having layoffs 0:10:41.840 --> 0:10:45.679 as a result. And I think if you're someone who 0:10:45.720 --> 0:10:49.280 works for a you know you work for you know, 0:10:49.320 --> 0:10:52.080 any employer, whether they're private or public, you are a 0:10:52.080 --> 0:10:54.240 little you are at risk. You're at the mercy of 0:10:54.600 --> 0:10:59.640 your company's own success and if they decide to whether 0:10:59.640 --> 0:11:04.480 it's or they start to tighten up their hiring. They're 0:11:04.520 --> 0:11:07.520 hiring plans for the year. If you're someone in the 0:11:07.559 --> 0:11:10.120 past couple of years who has felt like, woo, I 0:11:10.160 --> 0:11:11.880 can skip around and pick a knee job I want 0:11:11.880 --> 0:11:14.240 because the market is so amazing and there's so many jobs, 0:11:14.640 --> 0:11:17.120 which is how it's been in a lot of industries, 0:11:17.800 --> 0:11:21.319 even including mine, Like there's been so many jobs that 0:11:21.320 --> 0:11:25.720 that may slow down, so it may become like less 0:11:25.760 --> 0:11:29.160 of a I don't know, like an employee's market to 0:11:29.240 --> 0:11:32.319 like shop around for the perfect job and get negotiate 0:11:32.360 --> 0:11:35.679 the crazy high salaries because all these companies are like 0:11:36.120 --> 0:11:39.480 competing to get the best talent. That may slow down 0:11:39.520 --> 0:11:43.080 a little bit. Yeah, I would say, like, I don't 0:11:43.080 --> 0:11:45.120 think you should jump. I mean, I'm personally I'm not 0:11:45.160 --> 0:11:48.160 a financial advisor or an investment advisor. I personally am 0:11:48.160 --> 0:11:51.440 not getting out of the market. I'm thirty two years old, 0:11:51.520 --> 0:11:54.120 I have a few decades ahead of me. If there's 0:11:54.160 --> 0:11:58.000 a recession in my investments in my four to one 0:11:58.040 --> 0:12:01.240 k for example, take a dive a little bit. I'm 0:12:01.600 --> 0:12:05.040 based on what happened in the last recession, pretty confident 0:12:05.080 --> 0:12:08.160 that they'll bounce back. In fact, all the investing I 0:12:08.160 --> 0:12:10.200 did when I was twenty two, twenty three, twenty four 0:12:10.760 --> 0:12:13.880 in those really lean recession years, Like, that's what I 0:12:13.920 --> 0:12:15.800 talk about when I say how my money is working 0:12:15.800 --> 0:12:18.160 for me now that I invested like ten years ago, 0:12:19.200 --> 0:12:20.719 because it was the bottom of the market and it's 0:12:20.760 --> 0:12:23.600 just grown so much. Not leaving the market. But what 0:12:23.640 --> 0:12:26.280 I will say is, start sharing up your emergency fund, 0:12:26.320 --> 0:12:28.760 Start shoring up your you know, well, what if the 0:12:28.800 --> 0:12:31.240 what if I get laid off fund? Just have that 0:12:31.320 --> 0:12:33.760 money set aside so you have peace of mind because 0:12:33.760 --> 0:12:37.040 it's not entirely in your control. You know, your company's 0:12:37.720 --> 0:12:38.600 your company's help. 0:12:39.160 --> 0:12:41.120 I mean, I would also just suggest too, to just 0:12:42.160 --> 0:12:45.679 manage your debt a little bit better. Yeah, yees. Definitely 0:12:45.920 --> 0:12:49.880 having a lot of that during a recession is really 0:12:49.920 --> 0:12:52.360 because here's the thing. Everybody wants to have money during 0:12:52.360 --> 0:12:54.160 the recession. Ask me how I know they were all 0:12:54.200 --> 0:12:57.840 calling me. Also, I feel like it's a little bit 0:12:57.880 --> 0:13:02.439 tighter for financial companies, Like if you've got student loan debt, 0:13:02.440 --> 0:13:05.320 if you've got credit card debt, I'm not suggesting throwing 0:13:05.360 --> 0:13:09.280 all that you've got toward your debt. But if you're not, 0:13:09.360 --> 0:13:11.040 if you don't kind of have like this active debt 0:13:11.120 --> 0:13:13.960 plan in place, I would and just being a little 0:13:13.960 --> 0:13:15.800 bit more proactive of like, you know what, I'm actually 0:13:15.800 --> 0:13:19.080 not going to to finance that chair I really wanted, 0:13:19.400 --> 0:13:21.839 I might say for it and buy it. So I 0:13:21.880 --> 0:13:24.920 wouldn't enter into new debt unless it's absolutely necessary. And 0:13:24.960 --> 0:13:27.720 I definitely would have an automated plan in place where 0:13:27.720 --> 0:13:29.720 I'm like, Okay, my debt is being paid down, because 0:13:30.080 --> 0:13:32.520 the lower your debt can be during the recession the better. Honestly, 0:13:32.559 --> 0:13:35.960 during the recession too, cash is queen, So I mean 0:13:36.000 --> 0:13:39.000 that's when things go on sale, quite honestly, like you'll 0:13:39.040 --> 0:13:40.960 be I know. For me, one of the things I'm 0:13:41.040 --> 0:13:43.920 keeping an eye out is one thing my husband I 0:13:43.920 --> 0:13:45.600 want to do is we really would love to buy 0:13:45.640 --> 0:13:49.600 because he does property management now for the city where 0:13:49.600 --> 0:13:52.000 we live, and we would really love to buy a 0:13:52.080 --> 0:13:56.640 smallish apartment building or complex. And so if a recession 0:13:56.640 --> 0:14:01.319 does hit and housing prices drop some what or people 0:14:01.360 --> 0:14:03.040 just thought are not going to have the income or 0:14:03.040 --> 0:14:05.560 the funds to be able to purchase large pieces of 0:14:05.559 --> 0:14:07.440 real estate like that, I want to make sure that 0:14:07.480 --> 0:14:09.760 we could take advantage of that, you know. So that's 0:14:09.760 --> 0:14:12.840 something that I'm keeping in mind of not being completely liquid, 0:14:12.880 --> 0:14:16.120 meaning completely cash, but keeping that in mind, like stocking 0:14:16.520 --> 0:14:19.480 away money that I can, I can take advantage of 0:14:19.480 --> 0:14:24.640 a deal more quickly than having not having money as 0:14:24.680 --> 0:14:27.800 liquid and and as as I guess, as readily available. 0:14:27.840 --> 0:14:30.840 So I'm balancing what that looks like. I'm also leaning 0:14:30.880 --> 0:14:35.840 into my financial planner. So I finally hired one Angelie. 0:14:35.880 --> 0:14:37.840 We actually have our second meeting with her, I think 0:14:37.880 --> 0:14:40.600 tomorrow or the day after tomorrow. Right now, we're in 0:14:40.600 --> 0:14:44.120 like the collection phase of She wanted everything from my 0:14:44.240 --> 0:14:48.680 husband's benefit employee handbook to I had to link all 0:14:48.760 --> 0:14:52.040 of our accounts to whatever that back end office is. 0:14:53.440 --> 0:14:55.880 So just even leaning into her, and this is one 0:14:55.920 --> 0:14:57.960 of the one of the homeworks you just emailed me today, 0:14:58.640 --> 0:15:01.360 and Angeliae, I'm a dealer, Well, is she really wants 0:15:01.360 --> 0:15:04.600 to understand what our goals are, and like not just 0:15:04.840 --> 0:15:07.800 my goals and not just his goals, but like our 0:15:07.840 --> 0:15:11.480 goals individually and collectively, so that way she can really 0:15:11.520 --> 0:15:15.520 advise us on Okay, based upon this, then you need 0:15:15.560 --> 0:15:18.880 to be more liquid than maybe I would normally suggest 0:15:19.040 --> 0:15:21.400 or based upon this Typanally, you really don't have enough 0:15:21.520 --> 0:15:24.080 money in your retirement account. So I definitely would lean 0:15:24.120 --> 0:15:28.240 into professional guidance, more so now than ever, especially if 0:15:28.280 --> 0:15:31.640 you're worried about you're not being prepared during a recession. 0:15:31.680 --> 0:15:33.520 So yeah, but I wouldn't freak out. I would go 0:15:33.760 --> 0:15:37.000 about life as per per usual, but go about life 0:15:37.000 --> 0:15:41.280 per usual, but be responsible, save a little more, pay 0:15:41.320 --> 0:15:44.840 down your dad. Think to yourself, if things don't do 0:15:44.920 --> 0:15:46.640 go on sale, what would I want to purchase that 0:15:46.640 --> 0:15:48.880 could really set me up for a while later. And 0:15:50.400 --> 0:15:53.080 make sure that you are a dope and hiable employee. 0:15:53.120 --> 0:15:56.360 Is your is your resume tight? Does it look good? 0:15:56.680 --> 0:15:59.760 Do you have your your your your people who you 0:15:59.760 --> 0:16:02.720 can out to, who can give you references? Because if 0:16:02.720 --> 0:16:05.840 your job does downside, are you are you easily able 0:16:05.880 --> 0:16:08.800 to be hired someplace else because your your resume just 0:16:08.800 --> 0:16:10.400 looks that good and you've got, like I said, really 0:16:10.440 --> 0:16:12.880 great references. So those are some things that I would 0:16:12.960 --> 0:16:16.040 just suggest. But yeah, they've been talking about recession is coming, 0:16:16.200 --> 0:16:17.920 session is coming? What session is coming? 0:16:18.120 --> 0:16:19.800 They just want to be the ones who stay at 0:16:19.800 --> 0:16:23.040 the right moment. Yes, I told y'all. 0:16:23.640 --> 0:16:25.400 But it's always good to like, you know, these are 0:16:25.800 --> 0:16:27.680 these are like, you know, Yahoo Finance is a great 0:16:27.680 --> 0:16:33.880 place to read Investopedia, CNBC. These are just like even, oh, 0:16:33.800 --> 0:16:36.640 who is it robin Hood? So I use Robinhood. You 0:16:36.920 --> 0:16:38.400 use Robinhood, right right, Mandy? 0:16:38.680 --> 0:16:41.520 Yeah, I signed up for their snacks newsletter after your record. 0:16:41.600 --> 0:16:43.840 I get that, and I like it because if so, 0:16:43.960 --> 0:16:46.040 if you don't, if you're like all this seems like 0:16:46.120 --> 0:16:51.160 mumbo jumbo, you know whatever. Inside out, robin Hood is 0:16:51.240 --> 0:16:53.200 like an app that Mandy and I both used to 0:16:53.200 --> 0:16:55.560 like buy stocks here and there, but it's not the 0:16:55.560 --> 0:16:58.240 place where I put my retirement money. But what I 0:16:58.280 --> 0:17:01.520 do like about robin Hood is that you can sign 0:17:01.600 --> 0:17:05.680 up for their email newsletter, which they call robert Hood Snacks, 0:17:05.880 --> 0:17:09.320 where they kind of break down these big meaty topics 0:17:09.640 --> 0:17:12.480 into like easily digestible snacks so you can What I 0:17:12.520 --> 0:17:14.440 love is that you could literally read like a line 0:17:14.520 --> 0:17:16.000 or two, or you could dive deeper and eat the 0:17:16.000 --> 0:17:18.159 whole meal. So I would just suggest that because I 0:17:18.240 --> 0:17:20.880 enjoyed them, I read them regularly and if I feel 0:17:20.880 --> 0:17:22.840 like diving deep, I will, And sometimes I'm like, hey, 0:17:22.840 --> 0:17:25.920 I'm not really that interested, but I tried to. I 0:17:25.920 --> 0:17:28.480 think you can get them as freaking as daily, but 0:17:28.520 --> 0:17:30.240 at least I would sign up for some weekly stack 0:17:30.359 --> 0:17:31.199 robinhood snacks. 0:17:32.400 --> 0:17:34.840 Yeah, and just be informed. But the thing that Tiff 0:17:34.880 --> 0:17:37.480 said the key for me. And you know what really 0:17:37.560 --> 0:17:40.359 hurt people in the recession, including myself. Like I always 0:17:40.359 --> 0:17:42.080 make the joke that when I got my first job, 0:17:42.119 --> 0:17:44.000 I bought a mattress and an iPhone. I had no 0:17:44.080 --> 0:17:45.959 money in the bank, I had no savings, I had 0:17:46.000 --> 0:17:48.520 credit card debt and got I lost my job and 0:17:48.520 --> 0:17:50.600 I was like on my butt and I was desperate, 0:17:50.680 --> 0:17:54.080 had to file for unemployment benefits. So I said never again. 0:17:54.160 --> 0:17:56.119 And what I mean is like making sure that I 0:17:56.160 --> 0:17:58.600 don't have a ton of debt, or at least debt 0:17:58.640 --> 0:18:02.119 that is unmanageable for me, and that I have liquid 0:18:02.160 --> 0:18:04.520 assets like cash in the bank that I can tap 0:18:05.119 --> 0:18:08.960 to give myself a cushion. And I'm so excited because 0:18:09.240 --> 0:18:10.680 I was gonna do it for my boost. But I'll 0:18:10.720 --> 0:18:13.000 just say it now. But we finally we took out 0:18:13.040 --> 0:18:16.040 like last this time or I don't know, like the 0:18:16.040 --> 0:18:18.040 fall of last year, we took out a zero percent 0:18:18.119 --> 0:18:21.680 APR credit card to finance some of the like the 0:18:21.720 --> 0:18:25.040 finishing touches for the house, because it made all of 0:18:25.080 --> 0:18:26.520 sense in the world. And I thought, oh, I don't 0:18:26.520 --> 0:18:28.240 want to tie up my cash if I don't have to, 0:18:28.359 --> 0:18:31.760 and blah blah blah, and I realized I just personally 0:18:31.880 --> 0:18:34.280 don't have because I think because of what I went 0:18:34.320 --> 0:18:37.480 through during the recession, I have lost my tolerance for 0:18:37.520 --> 0:18:40.720 any debt zero percent or otherwise. And I thought, we 0:18:40.840 --> 0:18:43.680 finally paid it off this past week, so I am 0:18:43.760 --> 0:18:46.560 like so freaking excited, like debt is gone, I'm debt free, 0:18:46.640 --> 0:18:50.840 ugin and life is good once again. And to me, 0:18:51.200 --> 0:18:55.560 debt free savings in the bank, a mortgage payment that 0:18:55.600 --> 0:18:58.000 we can comfortably afford if one of us loses our 0:18:58.080 --> 0:19:00.320 job like those you know, no car payments. We don't 0:19:00.320 --> 0:19:02.840 have a car payment. That to me makes me feel 0:19:02.960 --> 0:19:06.120 very secure if the worst were to happen. I mean, 0:19:06.200 --> 0:19:08.080 of course, eventually we'd run out of money. We're not 0:19:08.119 --> 0:19:12.439 like incredibly wealthy people, but we at least will not 0:19:12.560 --> 0:19:17.320 be immediately like going insane, you know, and feeling really 0:19:17.440 --> 0:19:18.400 vulnerable and that. 0:19:18.320 --> 0:19:20.240 I'm not gonna lie. I feel like I can't take 0:19:20.240 --> 0:19:22.080 my house. I know. 0:19:22.200 --> 0:19:24.320 I'm jealous of that because they can't take my house. 0:19:24.960 --> 0:19:27.520 But honestly, we I mean, looking back on that, it 0:19:27.560 --> 0:19:30.440 probably was. It was definitely the best emotional choice for us. 0:19:30.880 --> 0:19:32.840 I mean we probably could have made well. I mean, 0:19:32.880 --> 0:19:34.760 we had to buy the house cash because the bank 0:19:34.800 --> 0:19:37.760 wouldn't allow otherwise. But I mean, looking back at it now, 0:19:38.320 --> 0:19:43.480 I'm sure we could have made a more savvy financial choice. 0:19:43.920 --> 0:19:46.879 But I feel good knowing because my house was taken before, 0:19:46.920 --> 0:19:49.000 and I'm like, never again the north. 0:19:49.200 --> 0:19:53.760