Speaker 1: Welcome back, welcome back, welcome back, welcome back. We're back,
Speaker 1: We're black, We're brown, ambition. Baby's back. Hey, hey, hey,
Speaker 1: it's me Tippany a bunch ofiska and I'm welcoming you.
Speaker 1: Mandy back. I hope you missed us on vacation. Thank you.
Speaker 2: I was like, it was a whole new show. She
Speaker 2: worked on a new intro when I was gone, was
Speaker 2: gone for a few weeks.
Speaker 1: Now, how was Baker?
Speaker 2: It was everything I needed and too much more.
Speaker 1: As the saw what all the eats, I'm like, oh
Speaker 1: my gosh, I want that. Oh I want to eat
Speaker 1: that too.
Speaker 2: Baby really like the food in Portugal. Baby, let me
Speaker 2: have all the seafood I wanted. I was very I
Speaker 2: was like a like happy as a clam, No pun intended,
Speaker 2: just love seafood.
Speaker 1: Yeah.
Speaker 2: It was great. And when I say, like too much,
Speaker 2: we realize now that we have our baby at home,
Speaker 2: our first baby, Molly, it's really hard to be gone
Speaker 2: for two for more than two weeks, Like we were
Speaker 2: towards the and we were like, we're still here, we need.
Speaker 1: To go home.
Speaker 2: A couple of my friends split up the dog sitting duty,
Speaker 2: so shout out to them. For helping out, but it was, Yeah,
Speaker 2: we missed her so much. And I mean luckily I
Speaker 2: planned the trip in such a way that we started
Speaker 2: off in a relaxing location, did all the crazy cities
Speaker 2: in the middle, and then ended on the rea and
Speaker 2: relaxing location. And we got back a couple of days
Speaker 2: before the work week started, so we had time to
Speaker 2: like do laundry, unpack I had. I was very proud
Speaker 2: of myself because we took a cab ride from the
Speaker 2: airport and it's a long ride, and I was like,
Speaker 2: let me order. Let me make sure that I order
Speaker 2: delivery groceries, like get groceries delivered to our doorsteps so
Speaker 2: that they arrive before, like right the same time that
Speaker 2: we do. When I got home, had grocery on the doorstep.
Speaker 2: I had seamless delivered dinner.
Speaker 1: Yeah.
Speaker 2: Smart, expensive, but also I'm just like I have no
Speaker 2: brain power I need and it really helped us like
Speaker 2: ease into the transition of being back home. No grocery shopping.
Speaker 1: I had a.
Speaker 2: Cleaning lady come the next day to like to clean
Speaker 2: the house. I should have had someone come to do laundry,
Speaker 2: because like they were cleaning and I was doing laundry
Speaker 2: all day. But uh no, that's good to be back.
Speaker 1: Yeah, that's good. It looks beautiful. So you were in Portugal,
Speaker 1: But where else did you go?
Speaker 2: We just stayed in Portugal. We did four cities and
Speaker 2: we started on this island called San Miguel, which is
Speaker 2: in the this chain of islands called the Azores, which
Speaker 2: I hadn't really heard of. If they're becoming more popular
Speaker 2: now they're calling them like the Hawaii of the Atlantic
Speaker 2: and whatnot, which I've never been to Hawaii. But they're
Speaker 2: very different. I mean, they're just in the sense that
Speaker 2: they have similar like geography. They were formed by volcanoes,
Speaker 2: so there's like really beautiful volcanic lakes and hot springs
Speaker 2: and thermal springs and just vistas on vistas. I mean
Speaker 2: every place we went it was just another gorgeous scene.
Speaker 2: And then we went to the capitol Lisbon, and then
Speaker 2: and then to like a little wine like a little
Speaker 2: bed and breakfast in the wine valley.
Speaker 1: Lovely. Yeah, it looks awesome be Instagram. I'm like, wow,
Speaker 1: it was just be beautiful. What made you choose Portugal
Speaker 1: over like all the places to go?
Speaker 2: I don't remember. I think I was trying to combine
Speaker 2: somewhere that we hadn't been before with somewhere that I
Speaker 2: felt was going to be really interesting, historical, beautiful, but
Speaker 2: not wear us down, Like it wasn't going to be
Speaker 2: the kind of place where we were going to be
Speaker 2: running all over the place and really exhausted like it had.
Speaker 2: We could take some scenic, you know, some scenic, relaxing
Speaker 2: kind of time and not feel pressure to see everything,
Speaker 2: you know. Yeah, And I don't know, I just decided.
Speaker 2: And when I decided, I was just like, and we're
Speaker 2: doing it.
Speaker 1: I'm glad you did well.
Speaker 2: We missed, yeah, I missed, Yeah, I missed being back,
Speaker 2: but I kept we kept reminding ourselves like, this is
Speaker 2: our last chance. This is like this is a baby moon.
Speaker 2: We need to like enjoy this. We're never gonna, you know,
Speaker 2: taking two weeks away from home, like considering how hard
Speaker 2: it was to be away from Molly, our dog, who
Speaker 2: is not a human at all except in my heart.
Speaker 2: I can't imagine like taking so much time away and
Speaker 2: having you know, a baby at home. So I'm glad
Speaker 2: that we did it.
Speaker 1: But honestly, there's lots of people like I know, my
Speaker 1: friend Rihanna her daughter has been to like more country
Speaker 1: than most countries than most adults. Like she traveled with her,
Speaker 1: you know, her and her husband. Yeah, and it's over.
Speaker 2: The same when you have a baby with you, it's different.
Speaker 2: We saw there were families. We saw the families with
Speaker 2: kids and like families with babies and with adolescents, you know,
Speaker 2: dads with the babies strapped to their back, you know,
Speaker 2: puffing and puffing up the hills. Like we were like
Speaker 2: respect respect.
Speaker 1: So trigger recession mourning? Did you see that? Did you
Speaker 1: hear that?
Speaker 2: What's I've seen all the headlines about, you know, the
Speaker 2: pending recession, but what's a trigger recession warning?
Speaker 1: Well, apparently so there is. So there are bonds. Everyone's aware,
Speaker 1: Well if you're not aware, like you know, when people
Speaker 1: talk about stocks and bonds, bonds are a vehicle with
Speaker 1: which people invest. The government typically sells them to individuals
Speaker 1: to raise money for public ventures, right man, they like
Speaker 1: roads and all that kind of stuff.
Speaker 2: Yeah, that's one of the treasury bonds are like the
Speaker 2: most common form of bonds that are out there, and
Speaker 2: they're seeing as more safe and stable investment than stocks exactly.
Speaker 1: So typically the longer Like so when you purchase a bond,
Speaker 1: you basically purchase it at discount and then you can
Speaker 1: turn it in for the full rate. So liket say
Speaker 1: you purchase a bond for ten dollars and then it
Speaker 1: matures in five years and then you get back fifteen.
Speaker 1: So typically the longer the government, the longer the period
Speaker 1: of time before the bond matures, the higher the interest
Speaker 1: rate that you earn. And what they found was the
Speaker 1: ten year bond of the yield on the ten year
Speaker 1: bond was actually lower than they yield on a two
Speaker 1: year bond, which you know, realistically doesn't make sense because
Speaker 1: why would you yield less on a bond where they're
Speaker 1: holding your money longer. And they said, the last time
Speaker 1: this happened was in two thousand and five, two years
Speaker 1: before the recession started to really kick off. And so
Speaker 1: I don't mean it doesn't mean that a recession is
Speaker 1: happening in a year or two. But I mean that
Speaker 1: was like the headline everywhere, and I just remember reading everywhere.
Speaker 1: People were like messaging me and texting me like what
Speaker 1: does this mean?
Speaker 2: People are goiggling what's a bond.
Speaker 1: Right? Or what? You know? Why? I mean, because I mean, honestly,
Speaker 1: a ten year The yield on a ten year bond
Speaker 1: should should not be lower than they yield on a
Speaker 1: two year bond, because it just doesn't make sense, Like
Speaker 1: that's the reason why people put their money in bonds
Speaker 1: that for longer periods of time, because the benefit is
Speaker 1: you get more money back. So if that's not so,
Speaker 1: it's like, well, why would anybody invest your money long
Speaker 1: term anyway? So it's supposed to be a pre recession
Speaker 1: trigger warning that happened in two thousand and five, but
Speaker 1: there were a lot of things that happened the last
Speaker 1: major recession that are not necessarily happening now, Like we're
Speaker 1: you know, people are not lending folks like literally there
Speaker 1: were like waitresses who were getting with who are making
Speaker 1: I don't know, fifteen thousand an hour, who were who
Speaker 1: are being approved for mortgages for three hundred thousand dollar houses.
Speaker 1: That's not happening now. So we're not in the same
Speaker 1: situation because it wasn't it wasn't just that warning that
Speaker 1: triggered the last recession. Really the last recession was triggered
Speaker 1: because the housing bubble burst, and I don't think we're
Speaker 1: in that same position again. But so regardless of a
Speaker 1: recession is happening in a year or two or three
Speaker 1: or four. I mean, no one knows really, but what
Speaker 1: are some things that you can do now? So I
Speaker 1: just wanted to kind of talk about that, like, hmm,
Speaker 1: not that you can completely resession proof your life, but
Speaker 1: did we learn anything from the last recession? And what
Speaker 1: are some things that you should and could be doing
Speaker 1: to put yourself in a position where if a recession
Speaker 1: does happen, it's not as detrimental to you as it
Speaker 1: was during the last resession because the last recession was whoa,
Speaker 1: it was a doozy for me. So I'm just curious, like,
Speaker 1: you know, what did you learn during the last resession?
Speaker 1: And do you feel not recession proof, but at least
Speaker 1: recession smarter.
Speaker 2: Yeah? So, I mean I feel like people have predicting
Speaker 2: the next recession for the last few years because I mean, historically,
Speaker 2: what goes up must come down, right, So we've been
Speaker 2: on this like upward trajectory, you know, crazy growth in
Speaker 2: the US for so long. People are just waiting for
Speaker 2: the other foot to drop, which it'll it will eventually happen, yes,
Speaker 2: but you're right, I mean, and not to freak people
Speaker 2: out like if you you know, really do you know,
Speaker 2: go out there and read, you know, some articles and
Speaker 2: get educated, because if you really read what economists are
Speaker 2: saying is it's not going to be on the scale
Speaker 2: of the two thousand and eight housing crisis. I mean,
Speaker 2: there are you know, there are you know, safety measures
Speaker 2: or safety like regulations in place that have really changed,
Speaker 2: that have really trained things and made it, you know,
Speaker 2: made it less likely that will have a recession in
Speaker 2: the same way. But it could be like a more
Speaker 2: mild recession than what we saw before, which is normal.
Speaker 2: And so I guess for me being a millennial who
Speaker 2: I read an article today that said millennials are having
Speaker 2: PTSD from their recession days. With all this talk about
Speaker 2: the recession, what I remember is because you know, I
Speaker 2: lost my job. I moved to New York, I got
Speaker 2: a job, and I lost it like two months later.
Speaker 2: I had a hard time finding another job. I came
Speaker 2: in finally took a job that I was wildly underpaid,
Speaker 2: but I took it anyway, and I it took me
Speaker 2: probably the next five to seven years to job hop
Speaker 2: and skip around to the point where I had caught
Speaker 2: up with where I really should have been salary wise,
Speaker 2: and I do attribute that to the recession. How I
Speaker 2: feel about this pending recession is one because I work
Speaker 2: in a lot, Like a lot of people, you work
Speaker 2: for companies. And one of the one of the reasons
Speaker 2: that people are looking at and pointing to, Okay, recession
Speaker 2: is coming is that if you if you look at
Speaker 2: the number of companies and who are publishing their you know,
Speaker 2: their earnings reports every quarter. They have to talk to
Speaker 2: shareholders and they have to say what their company outlooks
Speaker 2: are like. And a lot of them are being more
Speaker 2: conservative or speaking more conservatively about the labor market, so
Speaker 2: like speaking more conservative conservatively about their plans to hire
Speaker 2: through the end of this year. And because of that,
Speaker 2: like there's been concern about okay, well, companies are slowing
Speaker 2: down hiring, like what does that mean for employers? And
Speaker 2: there's like another sign where more there's been an uptick
Speaker 2: in the number of companies finally bankruptcy and having layoffs
Speaker 2: as a result. And I think if you're someone who
Speaker 2: works for a you know you work for you know,
Speaker 2: any employer, whether they're private or public, you are a
Speaker 2: little you are at risk. You're at the mercy of
Speaker 2: your company's own success and if they decide to whether
Speaker 2: it's or they start to tighten up their hiring. They're
Speaker 2: hiring plans for the year. If you're someone in the
Speaker 2: past couple of years who has felt like, woo, I
Speaker 2: can skip around and pick a knee job I want
Speaker 2: because the market is so amazing and there's so many jobs,
Speaker 2: which is how it's been in a lot of industries,
Speaker 2: even including mine, Like there's been so many jobs that
Speaker 2: that may slow down, so it may become like less
Speaker 2: of a I don't know, like an employee's market to
Speaker 2: like shop around for the perfect job and get negotiate
Speaker 2: the crazy high salaries because all these companies are like
Speaker 2: competing to get the best talent. That may slow down
Speaker 2: a little bit. Yeah, I would say, like, I don't
Speaker 2: think you should jump. I mean, I'm personally I'm not
Speaker 2: a financial advisor or an investment advisor. I personally am
Speaker 2: not getting out of the market. I'm thirty two years old,
Speaker 2: I have a few decades ahead of me. If there's
Speaker 2: a recession in my investments in my four to one
Speaker 2: k for example, take a dive a little bit. I'm
Speaker 2: based on what happened in the last recession, pretty confident
Speaker 2: that they'll bounce back. In fact, all the investing I
Speaker 2: did when I was twenty two, twenty three, twenty four
Speaker 2: in those really lean recession years, Like, that's what I
Speaker 2: talk about when I say how my money is working
Speaker 2: for me now that I invested like ten years ago,
Speaker 2: because it was the bottom of the market and it's
Speaker 2: just grown so much. Not leaving the market. But what
Speaker 2: I will say is, start sharing up your emergency fund,
Speaker 2: Start shoring up your you know, well, what if the
Speaker 2: what if I get laid off fund? Just have that
Speaker 2: money set aside so you have peace of mind because
Speaker 2: it's not entirely in your control. You know, your company's
Speaker 2: your company's help.
Speaker 1: I mean, I would also just suggest too, to just
Speaker 1: manage your debt a little bit better. Yeah, yees. Definitely
Speaker 1: having a lot of that during a recession is really
Speaker 1: because here's the thing. Everybody wants to have money during
Speaker 1: the recession. Ask me how I know they were all
Speaker 1: calling me. Also, I feel like it's a little bit
Speaker 1: tighter for financial companies, Like if you've got student loan debt,
Speaker 1: if you've got credit card debt, I'm not suggesting throwing
Speaker 1: all that you've got toward your debt. But if you're not,
Speaker 1: if you don't kind of have like this active debt
Speaker 1: plan in place, I would and just being a little
Speaker 1: bit more proactive of like, you know what, I'm actually
Speaker 1: not going to to finance that chair I really wanted,
Speaker 1: I might say for it and buy it. So I
Speaker 1: wouldn't enter into new debt unless it's absolutely necessary. And
Speaker 1: I definitely would have an automated plan in place where
Speaker 1: I'm like, Okay, my debt is being paid down, because
Speaker 1: the lower your debt can be during the recession the better. Honestly,
Speaker 1: during the recession too, cash is queen, So I mean
Speaker 1: that's when things go on sale, quite honestly, like you'll
Speaker 1: be I know. For me, one of the things I'm
Speaker 1: keeping an eye out is one thing my husband I
Speaker 1: want to do is we really would love to buy
Speaker 1: because he does property management now for the city where
Speaker 1: we live, and we would really love to buy a
Speaker 1: smallish apartment building or complex. And so if a recession
Speaker 1: does hit and housing prices drop some what or people
Speaker 1: just thought are not going to have the income or
Speaker 1: the funds to be able to purchase large pieces of
Speaker 1: real estate like that, I want to make sure that
Speaker 1: we could take advantage of that, you know. So that's
Speaker 1: something that I'm keeping in mind of not being completely liquid,
Speaker 1: meaning completely cash, but keeping that in mind, like stocking
Speaker 1: away money that I can, I can take advantage of
Speaker 1: a deal more quickly than having not having money as
Speaker 1: liquid and and as as I guess, as readily available.
Speaker 1: So I'm balancing what that looks like. I'm also leaning
Speaker 1: into my financial planner. So I finally hired one Angelie.
Speaker 1: We actually have our second meeting with her, I think
Speaker 1: tomorrow or the day after tomorrow. Right now, we're in
Speaker 1: like the collection phase of She wanted everything from my
Speaker 1: husband's benefit employee handbook to I had to link all
Speaker 1: of our accounts to whatever that back end office is.
Speaker 1: So just even leaning into her, and this is one
Speaker 1: of the one of the homeworks you just emailed me today,
Speaker 1: and Angeliae, I'm a dealer, Well, is she really wants
Speaker 1: to understand what our goals are, and like not just
Speaker 1: my goals and not just his goals, but like our
Speaker 1: goals individually and collectively, so that way she can really
Speaker 1: advise us on Okay, based upon this, then you need
Speaker 1: to be more liquid than maybe I would normally suggest
Speaker 1: or based upon this Typanally, you really don't have enough
Speaker 1: money in your retirement account. So I definitely would lean
Speaker 1: into professional guidance, more so now than ever, especially if
Speaker 1: you're worried about you're not being prepared during a recession.
Speaker 1: So yeah, but I wouldn't freak out. I would go
Speaker 1: about life as per per usual, but go about life
Speaker 1: per usual, but be responsible, save a little more, pay
Speaker 1: down your dad. Think to yourself, if things don't do
Speaker 1: go on sale, what would I want to purchase that
Speaker 1: could really set me up for a while later. And
Speaker 1: make sure that you are a dope and hiable employee.
Speaker 1: Is your is your resume tight? Does it look good?
Speaker 1: Do you have your your your your people who you
Speaker 1: can out to, who can give you references? Because if
Speaker 1: your job does downside, are you are you easily able
Speaker 1: to be hired someplace else because your your resume just
Speaker 1: looks that good and you've got, like I said, really
Speaker 1: great references. So those are some things that I would
Speaker 1: just suggest. But yeah, they've been talking about recession is coming,
Speaker 1: session is coming? What session is coming?
Speaker 2: They just want to be the ones who stay at
Speaker 2: the right moment. Yes, I told y'all.
Speaker 1: But it's always good to like, you know, these are
Speaker 1: these are like, you know, Yahoo Finance is a great
Speaker 1: place to read Investopedia, CNBC. These are just like even, oh,
Speaker 1: who is it robin Hood? So I use Robinhood. You
Speaker 1: use Robinhood, right right, Mandy?
Speaker 2: Yeah, I signed up for their snacks newsletter after your record.
Speaker 1: I get that, and I like it because if so,
Speaker 1: if you don't, if you're like all this seems like
Speaker 1: mumbo jumbo, you know whatever. Inside out, robin Hood is
Speaker 1: like an app that Mandy and I both used to
Speaker 1: like buy stocks here and there, but it's not the
Speaker 1: place where I put my retirement money. But what I
Speaker 1: do like about robin Hood is that you can sign
Speaker 1: up for their email newsletter, which they call robert Hood Snacks,
Speaker 1: where they kind of break down these big meaty topics
Speaker 1: into like easily digestible snacks so you can What I
Speaker 1: love is that you could literally read like a line
Speaker 1: or two, or you could dive deeper and eat the
Speaker 1: whole meal. So I would just suggest that because I
Speaker 1: enjoyed them, I read them regularly and if I feel
Speaker 1: like diving deep, I will, And sometimes I'm like, hey,
Speaker 1: I'm not really that interested, but I tried to. I
Speaker 1: think you can get them as freaking as daily, but
Speaker 1: at least I would sign up for some weekly stack
Speaker 1: robinhood snacks.
Speaker 2: Yeah, and just be informed. But the thing that Tiff
Speaker 2: said the key for me. And you know what really
Speaker 2: hurt people in the recession, including myself. Like I always
Speaker 2: make the joke that when I got my first job,
Speaker 2: I bought a mattress and an iPhone. I had no
Speaker 2: money in the bank, I had no savings, I had
Speaker 2: credit card debt and got I lost my job and
Speaker 2: I was like on my butt and I was desperate,
Speaker 2: had to file for unemployment benefits. So I said never again.
Speaker 2: And what I mean is like making sure that I
Speaker 2: don't have a ton of debt, or at least debt
Speaker 2: that is unmanageable for me, and that I have liquid
Speaker 2: assets like cash in the bank that I can tap
Speaker 2: to give myself a cushion. And I'm so excited because
Speaker 2: I was gonna do it for my boost. But I'll
Speaker 2: just say it now. But we finally we took out
Speaker 2: like last this time or I don't know, like the
Speaker 2: fall of last year, we took out a zero percent
Speaker 2: APR credit card to finance some of the like the
Speaker 2: finishing touches for the house, because it made all of
Speaker 2: sense in the world. And I thought, oh, I don't
Speaker 2: want to tie up my cash if I don't have to,
Speaker 2: and blah blah blah, and I realized I just personally
Speaker 2: don't have because I think because of what I went
Speaker 2: through during the recession, I have lost my tolerance for
Speaker 2: any debt zero percent or otherwise. And I thought, we
Speaker 2: finally paid it off this past week, so I am
Speaker 2: like so freaking excited, like debt is gone, I'm debt free,
Speaker 2: ugin and life is good once again. And to me,
Speaker 2: debt free savings in the bank, a mortgage payment that
Speaker 2: we can comfortably afford if one of us loses our
Speaker 2: job like those you know, no car payments. We don't
Speaker 2: have a car payment. That to me makes me feel
Speaker 2: very secure if the worst were to happen. I mean,
Speaker 2: of course, eventually we'd run out of money. We're not
Speaker 2: like incredibly wealthy people, but we at least will not
Speaker 2: be immediately like going insane, you know, and feeling really
Speaker 2: vulnerable and that.
Speaker 1: I'm not gonna lie. I feel like I can't take
Speaker 1: my house. I know.
Speaker 2: I'm jealous of that because they can't take my house.
Speaker 1: But honestly, we I mean, looking back on that, it
Speaker 1: probably was. It was definitely the best emotional choice for us.
Speaker 1: I mean we probably could have made well. I mean,
Speaker 1: we had to buy the house cash because the bank
Speaker 1: wouldn't allow otherwise. But I mean, looking back at it now,
Speaker 1: I'm sure we could have made a more savvy financial choice.
Speaker 1: But I feel good knowing because my house was taken before,
Speaker 1: and I'm like, never again the north.
Speaker 2: Remember, you know, it's the emotions of it which matters too.
Speaker 2: There's just because something is logical, you have to also
Speaker 2: factor and what helps you sleep at night?
Speaker 1: Yes, And I honestly I sleep like knowing that don't
Speaker 1: have to worry about that, Like if anything happens, you know,
Speaker 1: we can afford the taxes on this house yearly, you know.
Speaker 2: So yeah, I'm gonna come live with you. Yes, No,
Speaker 2: but as much as you can. Like the recession proof,
Speaker 2: don't get you know, it's not about investing in the
Speaker 2: market and picking the right stocks right now they're gonna survive. Like,
Speaker 2: That's not how I look at it. It's it's saving
Speaker 2: and paying off your debt, living beneath your means now,
Speaker 2: So if something, if you had to get knocked down
Speaker 2: a pay or two, it wouldn't destroy, you know, everything,
Speaker 2: And take the headlines with the grain asal listen, I'm
Speaker 2: in journalism. We got to make money somehow, y'all. And
Speaker 2: with them clicks. So the click here the headline, the
Speaker 2: more money we make. So everyone's scrambling to write about,
Speaker 2: you know, the next big recession. But I give it
Speaker 2: a week, it'll quiet down and.
Speaker 1: Then something right, so they latch onto some other thing.
Speaker 1: When they say millennials have the kyota the cotton swap industry,
Speaker 1: is that true?
Speaker 2: Did we do that?
Speaker 1: No? I don't. I'm just like, because you know, they
Speaker 1: tell you they always say millennials that y'all are always
Speaker 1: killing every industry. They don't buy napkins, millennials don't buy vitios,
Speaker 1: I don't buy nip clothes. I was, okay, So I
Speaker 1: just thinks that's hilarious. So yeah, So I just wanted
Speaker 1: to bring that up because I'm just like, you know,
Speaker 1: with the with the with the chat and you might
Speaker 1: have seen it. So I just wanted to make sure
Speaker 1: that Nandy and I addressed it. Now it's time to
Speaker 1: take our questions. I know, We had a really great
Speaker 1: ques question today and I'm excited about it, so we
Speaker 1: could dive deep into a question on if you have questions,
Speaker 1: you can always take us up. We love them, we
Speaker 1: love them, we love them. Sometimes you send them to
Speaker 1: us via Instagram and our instagram is Manby will tell you.
Speaker 2: At Brand Ambition Podcast on the ground. I was wondering
Speaker 2: when you were to kick it to me our email
Speaker 2: Brand Ambition Podcast at gmail dot com dot.
Speaker 1: Com and you can always sit us at brand Ambition
Speaker 1: podcast dot com and and just click ask what's anything
Speaker 1: questions Mandra.
Speaker 2: Yeah, so we had a couple of really good questions
Speaker 2: today not related to the recession. But if you guys
Speaker 2: do have questions, you know about recessions or you know investing,
Speaker 2: you know, maybe we should get uh do another investing
Speaker 2: episode specific to like recession proofing, because that's the true.
Speaker 1: Yeah, buzzy an interview when we get interview my new angelie,
Speaker 1: she's the dopest her and how on are cool? So
Speaker 1: maybe we can interview my my financial advisor.
Speaker 2: Yeah, free advice from tiffany'spangel advisor. Who doesn't love that?
Speaker 1: Cool?
Speaker 2: Let's start off with a question from listener Myra this
Speaker 2: is a doozy, so I'm gonna try and but ultimately
Speaker 2: it's about whether or not Myra should use a lump
Speaker 2: sum settlement she got after a car accident to pay
Speaker 2: off her student loan debt. So I'll just do a
Speaker 2: quick recap. So Myra says, I was in a car
Speaker 2: accident in twenty ten. In twenty fifteen, I was paid
Speaker 2: out a settlement of one hundred and twenty nine thousand dollars.
Speaker 2: I finished up grad school and had federal student loan debt,
Speaker 2: but it never really occurred to me to use that
Speaker 2: money to pay off that debt. Cut to now, since
Speaker 2: graduate school, my student loans with interest have ballooned up
Speaker 2: to ninety five thousand dollars, although in the last years
Speaker 2: I've taken on side gigs and I've managed to bring
Speaker 2: them down to seventy eight thousand dollars. And I'm just now,
Speaker 2: because of all this interest, just now barely getting close
Speaker 2: to putting money toward the principal loan balance. I'm knocking
Speaker 2: down the student loans slowly, but it's really frustrating to
Speaker 2: see that interest hurt is hurting the speed of my progress.
Speaker 2: Right now, my loans have interest rates of six and
Speaker 2: a half to seven and a half percent, so I'm
Speaker 2: paying almost five hundred dollars a month on interest. But
Speaker 2: for all the last few years, I've had this settlement
Speaker 2: money that I've left in my checking account without knowing
Speaker 2: what to do with it, and I've been missing out
Speaker 2: on gaining any interest. Recently, I did learn about money
Speaker 2: market accounts and moved it into an account that earns
Speaker 2: two percent epy. I don't have any investment accounts, and
Speaker 2: I only recently started to be more aggressive with my
Speaker 2: four one K. So her question is should I pay
Speaker 2: out my student loans in one lump sum and move
Speaker 2: on with the settlement money or slowly pay them slowly
Speaker 2: pay them out over the next few years and invest
Speaker 2: some of the settlement money somehow. Is this I can
Speaker 2: keep going and is the next step of financial advisor?
Speaker 2: Or should I wait until my loans are paid off?
Speaker 2: Thank you for your help, good amazing, lovely question.
Speaker 1: Well, first quick question. She said her student loans are
Speaker 1: federal student loans. Correct.
Speaker 2: She says federal student loans, So her balance is around
Speaker 2: seventy eight thousand dollars and they're at six and a
Speaker 2: half to seven and a half percent interest right now?
Speaker 1: All right, So first off, the bat, I know you
Speaker 1: sent this question to me before, so I just wanted
Speaker 1: to make sure because I remember doing this, but I
Speaker 1: was like, do they still do this? So, because you
Speaker 1: have that spread and their federal student loans, I would
Speaker 1: consolidate them at the lower interust rate if you're able
Speaker 1: and you can do that. You want to make sure
Speaker 1: though you're consolidating them via direct consolidation loan like this
Speaker 1: is something that the federal government will work with you
Speaker 1: to do because you don't want to refinance them out
Speaker 1: of federal student loan status. So their company is like
Speaker 1: so Fi, which is a great company, but they would
Speaker 1: make your if you refinance it with like a Sofi,
Speaker 1: it would then be a private student loan, and then
Speaker 1: you lose some of the protection that you get under
Speaker 1: federal student loans, which is like deferment for barans, even forgiveness.
Speaker 1: Even you're able to well. One, it takes much longer
Speaker 1: to default on a federal student loan than a private loan. Two,
Speaker 1: if you're sick, you've lost your job, there are things
Speaker 1: that are in place to protect you against protect you
Speaker 1: if you're not able to afford your student loans. So
Speaker 1: I would see if I can get my interest rate
Speaker 1: consolidate my student loans to get my interest rate to
Speaker 1: the lower the lower federal loan interest rate that that
Speaker 1: you're being offered. So I would start there to see
Speaker 1: if one can you lower your monthly interest rate payment
Speaker 1: of five hundred dollars even into like you know, four
Speaker 1: or three by consolidating. So that's what I would do,
Speaker 1: first things first, And I wouldn't put the lump sum toward.
Speaker 1: It's so tempting to do that because me and Mandy
Speaker 1: are so debt adverse. So you know, my hand is
Speaker 1: itching to be like stut that student loan down with
Speaker 1: all that money. But quite honestly, it's just not the
Speaker 1: wise choice because one, your interest rates are pretty loan
Speaker 1: as far as federal student loans go. I mean, I
Speaker 1: know people who have interest rates nine percent or more.
Speaker 1: But then you can earn that meaning that it would
Speaker 1: behoove you to put that money to work. I know
Speaker 1: you don't know how, but you can certainly hire someone
Speaker 1: to help. It would behoove you to put that money
Speaker 1: to work because you're likely going to earn more having
Speaker 1: that money be earning money because it's invested than the
Speaker 1: six percent or seven percent that that your student loan
Speaker 1: is losing you, so you're likely to earn. I mean,
Speaker 1: I think I can't remember what my last earning work.
Speaker 1: I was just looking at my retirement account. I think
Speaker 1: it was like up twelve percent, and I think even
Speaker 1: the market is up twelve percent. I have to look.
Speaker 1: But meaning that if I earn twelve percent but my
Speaker 1: student loan is costing me six percent, I'm still up
Speaker 1: six because I'm up six but the student loan brought
Speaker 1: me down six But still you know, there is a
Speaker 1: six percent difference, so I'm still earning. Like if your
Speaker 1: student loans were like like a credit card and it's
Speaker 1: like thirty percent, then I'm like focused on paying off
Speaker 1: that credit card because it's what you owe to. The
Speaker 1: credit card is super expensive. Right now, your student loans
Speaker 1: are not super expensive, and you can certainly out earn
Speaker 1: them with the interest from putting money aside for a
Speaker 1: retirement or growing wealth. So that's just like the second
Speaker 1: thing that I probably would. I don't know if she
Speaker 1: has it doesn't sound like she kind of has a debt. Well,
Speaker 1: does that sound like you have like a debt paid
Speaker 1: on plan in place, so I would continue that. I
Speaker 1: think one of the things the mistakes that we make,
Speaker 1: because I know I've made this mistake, is that I
Speaker 1: make debt free the focus versus learning and earning, and
Speaker 1: if you learn and earn, it kind of leads to
Speaker 1: debt free. So, like I just paid off my student
Speaker 1: loan debt, I owed fifty thousand or fifty two thousand,
Speaker 1: something like that, and I remember at one point I
Speaker 1: was aggressively paying it down more so than investing in
Speaker 1: my business, the Budgetista, and investing in learning. And so
Speaker 1: when I finally said, okay, enough, Tiffany, you are focusing
Speaker 1: so much energy on getting debt free, but you're not
Speaker 1: growing wealth in any sort of way. So instead I
Speaker 1: made my regular payments to my student loan debt, acknowledge
Speaker 1: that they probably weren't going to go away anytime soon,
Speaker 1: put the energy toward learning and earning. And then at
Speaker 1: a point it took probably about five years when I
Speaker 1: finally made that decision that I was able to actually
Speaker 1: pay off my student loan debt in one lump sum
Speaker 1: because I had earned so much the budget Nista that
Speaker 1: I had more than enough in savings to be able
Speaker 1: to do so, and so that's what I want. Would
Speaker 1: like for the focus to be the focus to me.
Speaker 1: I know, the focus was should I pay off my
Speaker 1: student loan debt? To me, the focus should be what
Speaker 1: should I do with this tremendous amount of money that
Speaker 1: I have, which I'm proud of you for still having.
Speaker 1: You know, what should I do with this tremendous amount
Speaker 1: of money? How do I grow this money? Because you
Speaker 1: can outpace with the student loan that is creeping up
Speaker 1: to like, how do I grow this money to a
Speaker 1: space and a place where I can effectively handle this
Speaker 1: student loan debt and still have money left over? Is
Speaker 1: the goal? How do you eventually pay down debt and
Speaker 1: still have money left over that continues to grow.
Speaker 2: Hm, I'm listening to you, and I'm like, I felt
Speaker 2: I felt differently about her question. I felt I had
Speaker 2: a different reaction. I think that I definitely agree on
Speaker 2: the point that it may not make the most sense
Speaker 2: to immediately eliminate her student loan debt and take the
Speaker 2: line's share of her settlement money with it. So she's
Speaker 2: got seventy eight K left that would leave her with
Speaker 2: only like fifty K of her initial settlement, which is
Speaker 2: not chump change, and it's still a sizable amount to
Speaker 2: even start investing with. But at the same time, I agree,
Speaker 2: and I also like, in my mind and this is
Speaker 2: my personal mandy as a person with and I told
Speaker 2: you earlier, I've you know, I've got I'm a verse
Speaker 2: to debt emotionally, I have a hard time sleeping at
Speaker 2: night if I have it. And you'll have to sort
Speaker 2: of ask yourself to like, what what makes the most
Speaker 2: financial sense and then what can what really helps me
Speaker 2: sleep at night? And for me with her interest rates,
Speaker 2: so six and a half percent, seven a half percent.
Speaker 2: Typically when people talk about, you know, expected returns you
Speaker 2: could get if you invested in the market, it's it's
Speaker 2: based on historical returns. And you hear you see the
Speaker 2: number seven or eight percent thrown around as like a
Speaker 2: conservative estimate of how much you could stand to gain
Speaker 2: if you invested in the market. Yes, in the past
Speaker 2: few years, like especially you know, and I agree with
Speaker 2: my investments, I have been earning like double digits, you know,
Speaker 2: twice that much even you know, sometimes fifteen, sixteen, seventeen
Speaker 2: percent annually. But that can change, and you can't always
Speaker 2: guarantee that you will earn you know, double digit interest rates.
Speaker 2: And we're sitting here just a minute ago talking about
Speaker 2: the recession and it could be in the next year
Speaker 2: that the market and especially the last this past few weeks,
Speaker 2: it seems like the market has really been on a downturn.
Speaker 2: And I, you know, I haven't I don't check my
Speaker 2: four one K every day, but I guarantee you, because
Speaker 2: I'm like ninety percent in the market, that my investments
Speaker 2: have gone down in the last few weeks. So I like,
Speaker 2: I only I'm like a little bit I feel more
Speaker 2: cautious when it comes to saying, well, if you you know,
Speaker 2: invest in the market, you'll definitely earn more than you
Speaker 2: would like you would earn more in the market than
Speaker 2: you would, say, by paying down your student loan debt,
Speaker 2: because the rate six and a half seven and a
Speaker 2: half percent is so close to what I typically hear
Speaker 2: as like a you know, an average or typical expected
Speaker 2: return in your investment. So for me, they're kind of like,
Speaker 2: I'm like, I don't know, I mean, it's net net
Speaker 2: around the same. But another thing that I'm thinking is
Speaker 2: like with student loans, you know, with federal student loans,
Speaker 2: you do have protections in place if you were to
Speaker 2: fall on hard times, if you continued making your payments
Speaker 2: with your side gig. You've already managed to pay off
Speaker 2: twenty thousand dollars in the last few years by having
Speaker 2: side gigs, which is really freaking impressive, it is. And
Speaker 2: you resisted the temptation to blow your settlement to do that,
Speaker 2: and I commend you for that. You've already proven that
Speaker 2: you can aggressively paid on these loans. You've got seventy
Speaker 2: eight K left. If you keep at this pace and
Speaker 2: you're able to pay off twenty k per year for
Speaker 2: the next four years, you could eliminate it on your own,
Speaker 2: far ahead of what the standard you know, the you know,
Speaker 2: the standard repayment plan or you know expectation is for
Speaker 2: paying off your student loan debt. And if you were
Speaker 2: able to stay as disciplined as you are aggressively paid
Speaker 2: on your debt, I think there is a case to
Speaker 2: be made for investing some of your settlement money. I
Speaker 2: just don't want to, like, I just don't want I
Speaker 2: definitely wouldn't feel comfortable like promising that you would earn
Speaker 2: like more than that seven percent, then you would if
Speaker 2: you then you would be paying on your student loans.
Speaker 2: Like I'm I just can't. I just don't have a
Speaker 2: crystal ball. I can't like really predict that much. But
Speaker 2: it's not a bad it's certainly not a bad problem
Speaker 2: to have. I encourage you. I mean, you've got your
Speaker 2: money that you finally put at least in something. You
Speaker 2: set a money market account earning two percent. Okay, that's
Speaker 2: better than nothing.
Speaker 1: Yeah.
Speaker 2: I think it's a good idea for you to find
Speaker 2: a financial planner because they can help you, doesn't you
Speaker 2: know one hundred and twenty nine thousand dollars. If you
Speaker 2: speak with a financial planner, the first thing they're going
Speaker 2: to ask you, a good one anyway, is what are
Speaker 2: your goals? What do you want to do with this money?
Speaker 2: And they will help you put the money in different buckets,
Speaker 2: different different types of savings and investment accounts that make
Speaker 2: sense for the money. So they won't hopefully they won't
Speaker 2: tell you to put all one hundred and twenty nine
Speaker 2: k all in the market. They might say, Okay, what
Speaker 2: do you need to live on for six months? We'll
Speaker 2: set that aside in a regular savings account, which, by
Speaker 2: the way, you can definitely earn two percent or close
Speaker 2: to it at a you know, it's high yield savings account,
Speaker 2: and that's going to be your emergency fund. Okay, then
Speaker 2: we'll take the next chunk. Maybe we'll open up the
Speaker 2: five year CD or a three year CD, and then
Speaker 2: we'll take another chunk and we're going to invest that.
Speaker 2: And you're in a in an IRA.
Speaker 1: You know, I just don't want you to put I
Speaker 1: just don't want you to put all of your money
Speaker 1: toward one thing, right, Yeah, that's yes, that is I
Speaker 1: think that's the over like overall think that's what Mandy
Speaker 1: and ire Bull saying, maybe in different ways, but like
Speaker 1: I don't think whether it's just all investing or all
Speaker 1: debt or all savings. Of course I'm dying come back.
Speaker 1: I just don't want you to put your money, you know,
Speaker 1: all on one thing, because when it comes to money,
Speaker 1: extremes rarely are are the way to go. So balance
Speaker 1: and diversity is the way to go. Because Mandy's right,
Speaker 1: if you have that, that's These are exactly the questions
Speaker 1: that Angelie, my financial advisor, asked one what are your goals?
Speaker 1: And based upon what are your goals are? What your
Speaker 1: goals are? Then She took a temperature of where do
Speaker 1: you currently stand, how much do you have set aside
Speaker 1: for emergency? How much is in your retirement account? You know,
Speaker 1: how much do you have for insurance? All these kind
Speaker 1: of things, and then allocating I'm in a similar place. Well,
Speaker 1: I mean, I don't have debt, but I've got like
Speaker 1: a chunk of money kind of just sitting in a
Speaker 1: savings account. And so now we haven't even moved it.
Speaker 1: It's just what are your goals? Where do you currently stand?
Speaker 1: And now let's kind of put these things into into
Speaker 1: into different buckets. I just don't want Yeah, I just
Speaker 1: I know, any financial advisor worth your salt is not
Speaker 1: going to tell you one this lump sum should go here,
Speaker 1: and this huge lump sum should go or this huge
Speaker 1: lump sum should go here. They're gonna say and and
Speaker 1: and in and you know what I mean. So, but honestly, like,
Speaker 1: what's the what's the listener's name? Mara Mayra is killing it?
Speaker 1: First of all, the fact you still have like this
Speaker 1: money basically, and that you've paid down twenty thousand, I mean,
Speaker 1: you are ahead of the game, Mara. So I don't
Speaker 1: want you to think like, oh man, I'm doing something wrong.
Speaker 1: You're you're more right than most people will ever get
Speaker 1: a chance to be. And so now I mean, and
Speaker 1: you're moving costlessly and I totally get that. So yeah,
Speaker 1: I mean, I'm I'm glad you reached out to us,
Speaker 1: but now it's time to sit down with someone who
Speaker 1: can intimately get to know your your financial and personal
Speaker 1: life as to really see your finances and help you
Speaker 1: make the best choices exactly.
Speaker 2: Well, hopefully that was helpful. And you know, no one
Speaker 2: size fit all answer, and I I think you're in
Speaker 2: You're in good shape. But thank you for your question.
Speaker 2: Thank you also for having my mother in law's name.
Speaker 2: For a minute, I was like, is she no, no, no, no, no,
Speaker 2: she doesn't speak English. All right, let's do one more question.
Speaker 2: I'm going to pick up one from the gram. Did
Speaker 2: you see this Instagram hoax going around? People are like
Speaker 2: sharing this some this like Instagram post today about how
Speaker 2: they have this new rule being released that says they
Speaker 2: can take advantage because they can use all your photos
Speaker 2: and publish them and your d ms and stuff like that.
Speaker 2: It's a hoax.
Speaker 1: Just FYI, you guys, I didn't see that. I've been
Speaker 1: doing like a lot less like well, I don't know, yeah,
Speaker 1: a lot less social media, I guess in lately in general,
Speaker 1: I'm still like, you know, like on social media obviously,
Speaker 1: but I'm not as heavily invested as I used to be, well,
Speaker 1: at least not heavily invested, like in the same type
Speaker 1: of Actually, I do a lot more like house design,
Speaker 1: because I'm like, I just can't distress. I'm like, ooh, cats, dogs,
Speaker 1: house design, my friend's vacations, and that's about it.
Speaker 2: That's the healthy way to be here, because.
Speaker 1: Sometimes I look at stuff and I'm like, oh my gosh,
Speaker 1: why did I come on here?
Speaker 2: Make it a safe space for you? Yeah, all right,
Speaker 2: let's take a list of Instagram what's this person's name
Speaker 2: from the gram? Okay at Bangora Party of three. It's
Speaker 2: a cute Instagram name, all right, so he or she
Speaker 2: I'm guessing it's so. She asks, Hey, ladies, I hope
Speaker 2: you are well. I'm transitioning right now from corporate America
Speaker 2: to becoming a stay at home mom. I have a
Speaker 2: question regarding my retirement account. What's the best thing to
Speaker 2: do with it? Should I cash it out? Should I
Speaker 2: keep it where it is? I have no idea. Thank
Speaker 2: you so much.
Speaker 1: Good question.
Speaker 2: I mean I'm saying she has no idea. I have
Speaker 2: an idea. Don't cash it out, No, leave it. Leave it.
Speaker 2: When you leave a job, you know you're often able
Speaker 2: to just let your retirement savings stay there the company
Speaker 2: that maybe the company and some companies may kick you
Speaker 2: out or tell you have to roll it over to
Speaker 2: another retirement account. You know that you open on your own.
Speaker 2: But either way, either leave it where it is if
Speaker 2: you can, or if you have to roll it, roll
Speaker 2: it over to a new account. Go ahead and open up,
Speaker 2: you know, a brokerage accountant like Vanguard or Tralish FOB
Speaker 2: or something, and roll that puppy over and leave it.
Speaker 2: You really don't want to take it out. One, if
Speaker 2: you're under fifty, I'm gonna guess you're younger than fifty
Speaker 2: nine and a half years old. And if you are,
Speaker 2: if you withdraw that four one K money before that,
Speaker 2: before that fifty nine and a half year mark, you
Speaker 2: can get hit with early withdrawal penalties and you have
Speaker 2: to pay taxes on that money right away. Yeah, so
Speaker 2: don't do it. And you know, if you're becoming a
Speaker 2: stay at home mom, you're giving up your income, so
Speaker 2: you need you need that money to work for you
Speaker 2: and continue working for you, which it can only do
Speaker 2: if you leave it invested in the market. So that's
Speaker 2: my two cents.
Speaker 1: Honestly, I put my stamp of approval on that. That's
Speaker 1: exactly leave it and do not withdraw. I mean, like
Speaker 1: it's it doesn't sound like you were thinking about withdrawing
Speaker 1: it because there was some sort of emergency, which you know.
Speaker 1: Even then, I'm like, I mean, it's one of my
Speaker 1: biggest I mean, it's a regret for me. But then
Speaker 1: I'm like, well, maybe it helped to bring me where
Speaker 1: I am now, But I think at the time I wouldn't.
Speaker 1: The recession hit, I had about thirty thousand dollars or
Speaker 1: maybe more and in my retirement account and I withdrew it.
Speaker 1: So you get that hit hit with that ten percent
Speaker 1: penalty plus taxes. So I lost like.
Speaker 2: Thirty yes, thirty K became like twenty K eighteen K.
Speaker 1: Of money did I put in? I might as well, like, yeah,
Speaker 1: when money leaves like that, you think to yourself, if
Speaker 1: I was gonna lose ten K anyway, I could have
Speaker 1: gone on like a luxurious vacation, you know what I mean,
Speaker 1: like if I'm gonna if I'm gonna trick up money
Speaker 1: and lose it. But anyway, so I and I did
Speaker 1: it to save my house that I eventually lost, so
Speaker 1: it was like double like are you kidding me? So
Speaker 1: it doesn't always work out me, I hear people sometimes
Speaker 1: I hear like I feel like the new entrepreneurs. The
Speaker 1: thing is that people will tell you like, take the
Speaker 1: money out of your phone. I've heard people say take
Speaker 1: the money out of your four and one K and
Speaker 1: invest in your your your startup or your business. And
Speaker 1: doesn't work out for some people. Absolutely? Does it work
Speaker 1: out for most people? Absolutely not so to me, unless
Speaker 1: it's like we don't know what we're gonna eat or
Speaker 1: we don't know where we're gonna sleep. Then I tell people,
Speaker 1: leave your leave your borrow one k alone. It's your
Speaker 1: younger self's job to look after your older self, Like
Speaker 1: you have the capability to earn money now in a
Speaker 1: way that you're not able when you are elderly, So
Speaker 1: don't I don't put the onus on your elderly self
Speaker 1: to have to work the way you can now. So
Speaker 1: do what you can now to avoid taking from your
Speaker 1: old self.
Speaker 2: Agreed, And I think that if you want to go back,
Speaker 2: go to go back to episode one seventy one. We
Speaker 2: interviewed for our news to Robbie and we talk about
Speaker 2: the transition and what it means to be a stay
Speaker 2: at home mom, and she has great tips for like
Speaker 2: stay at home or people who leave moms who leave
Speaker 2: the workforce and then are trying to transition back into
Speaker 2: it or trying to prepare their finances to be out
Speaker 2: of the workforce. So it's a good episode for you
Speaker 2: to check out. Thank you guys for your questions. Again,
Speaker 2: we're brand Ambision Podcasts on Instagram or we are Brandabisson
Speaker 2: Podcasts at gmail dot com. I gotta say I love
Speaker 2: those Instagram questions because people get tired after they type
Speaker 2: all they text a lot, you know, so they're shorter.
Speaker 2: So funny, but uh, just just an observation. But anyway,
Speaker 2: you guys want to ask us questions, go for it.
Speaker 1: So now it's time to boost a break with all
Speaker 1: that family. Will you boost? Will you break? Which will
Speaker 1: it be? Mandy?
Speaker 2: I remember the song It's It's I like that jingle.
Speaker 2: I hope I don't get sued by Disney, but it
Speaker 2: hasn't happened yet. No one tells I'm gonna do a
Speaker 2: quick boost. I under well a while back, I put
Speaker 2: I think like last summer, I was we were moving
Speaker 2: into the house and I realized I have and I
Speaker 2: hate this. I hate that feeling when you open the
Speaker 2: box and you're like all these basically brand new dresses,
Speaker 2: brand new clothes that I never wore. I thought I
Speaker 2: was gonna lose that five pounds. I thought it was
Speaker 2: gonna look better once I got home. I didn't try
Speaker 2: it on the store. Now I'm stuck with it, like
Speaker 2: those clothes that are brand new that just end up
Speaker 2: in your the bottom of a box. So I found
Speaker 2: them and I listed them on Poshmark, and I just
Speaker 2: forgot about it. And in the past like month or so,
Speaker 2: I've sold like three dresses, a couple of old tops,
Speaker 2: like and I made over one hundred dollars just from
Speaker 2: selling this old junk on well not junk. It's nice stuff,
Speaker 2: very nice stuff.
Speaker 1: Check out my store on.
Speaker 2: Quality, quality, quality only the best. We got Target, we
Speaker 2: got coal, we got LULUs, high quality stuff. But yeah,
Speaker 2: I'm just selling stuff. And I went through my and
Speaker 2: I was like oh, let me go and check out,
Speaker 2: because I haven't checked them so long. But I went
Speaker 2: back to my closet, as I say on Poshmark, and
Speaker 2: I was like, let me see what happens if I
Speaker 2: reduced the price by like ten dollars for awless stuff.
Speaker 2: And I guess anyone who's liked your like that item originally,
Speaker 2: they'll send them an alert like, oh, you know, Mandy's
Speaker 2: reduced the price of her whatever by ten dollars. And
Speaker 2: that's how I sold, like, you know, a couple of
Speaker 2: things this week, just by knocking the price down a
Speaker 2: little bit. So not a bad way to make a
Speaker 2: little bit of extra money. I have to stop thinking
Speaker 2: about how much I lost, because definitely I'm selling them
Speaker 2: for less than I paid for them, way less than
Speaker 2: I paid for them. But whatever, better to get them
Speaker 2: out of my house and in someone else's hands, in
Speaker 2: a little bit of money in my pocket versus have
Speaker 2: them just collect dust in a box.
Speaker 1: No, I think got to great. My sisters just started
Speaker 1: doing Postmark. I was wondering because my sister Tracy, who's
Speaker 1: also my stylist, was like, Hey, let me help you
Speaker 1: clean in your closet, and I had to, like, honestly,
Speaker 1: some like great things that because Tiffany is a tomboy
Speaker 1: and the Buganisa addresses more professionally. But so I had
Speaker 1: some great stuff that I just don't wear anymore as
Speaker 1: a bunchanisa because maybe I've worn it on TV already
Speaker 1: or maybe like I have a headshot in it, and
Speaker 1: you really just can't wear it over and over and
Speaker 1: over what apparently she was postmarking. I was like, oh cute.
Speaker 1: Oh so you've just been coming in here cleaning out
Speaker 1: my closet. Yeah, She's like, I mean.
Speaker 2: And walking away with the proceeds.
Speaker 1: No, no, she so yeah, no, she told me later
Speaker 1: and she's and I was like, honestly, it's fine, keep
Speaker 1: it because these are things that I asked her to
Speaker 1: come to clean out my closet and I was basically tossing.
Speaker 1: So she'd always like, so you want me to toss it?
Speaker 1: You want me to I can keep it. I was like, yes,
Speaker 1: I could keep it, keep it. I'm like, yes, so there,
Speaker 1: I think exactly, but no, but I think that that, Yeah,
Speaker 1: it's just a great way. Like all my sisters honestly
Speaker 1: do I'm the only one who doesn't. I'm like one
Speaker 1: more things I played don't want it, So yeah, you.
Speaker 2: Gotta remember to ship it. They'll be emailing you. You better
Speaker 2: ship that. You better ship it. You better ship it.
Speaker 2: They're gonna get they're gonna get their money back if
Speaker 2: you don't ship it.
Speaker 1: And I'm like, okay, the postmark well and the yeah,
Speaker 1: the post office or not, I just can't No, that's good.
Speaker 1: Maybe I'll check out your closet. What's your name on Postmark?
Speaker 2: Again, I don't know, probably some variation of yomandy Yo,
Speaker 2: which became my nickname in like the eighth grade and
Speaker 2: has just stuck with me for twenty years.
Speaker 1: So there's that. Well I am going to hmm. I
Speaker 1: think I'm gonna boost and a break, so real quick break.
Speaker 1: Although I appreciate when people send me like free stuff
Speaker 1: in the mail, I typically tell people not to. I mean,
Speaker 1: like big brands, that's one thing, but like sometimes smaller
Speaker 1: brands will send me oh oh typical I want to
Speaker 1: send you something, and I usually I'm like, honestly, I
Speaker 1: just don't have the energy for social media like I
Speaker 1: used to, so I know that the intention is I'm
Speaker 1: gonna send you this shirt and you're gonna wear it
Speaker 1: and then you're gonna instagram it and this and that,
Speaker 1: and I just don't want to not because your shirt
Speaker 1: is not dope. I sometimes like, if it's dope, I'm
Speaker 1: probably just gonna wear it. So that's happened a couple
Speaker 1: of times where somehow someone has gotten my and it's
Speaker 1: what's so crazy is manny that I typically don't even
Speaker 1: I don't even give out my address. So sometimes people
Speaker 1: will find my work address, my business address and will
Speaker 1: send me something, which, like I said, it's always really nice. Creepy, no,
Speaker 1: but it is nice because I get it, Like you know,
Speaker 1: it's always with some really nice message. Typically they'll say
Speaker 1: something like I took your liver with your challenge or
Speaker 1: I'm inside the academy and it helped me, so this
Speaker 1: is my gift to you, and I'm like, okay. But
Speaker 1: then in it at the bottom it says when you
Speaker 1: wear it, please tag me at I'm.
Speaker 3: Like, oh my gosh, that's a little bit of a
Speaker 3: break that if you're going to send something, I would
Speaker 3: love for it to be set without the expectation that
Speaker 3: I am going to tag it upcause sometimes I do,
Speaker 3: like in.
Speaker 1: The moment, I will and sometimes I'll just rock it
Speaker 1: because it's super cute. I just don't want to have
Speaker 1: to feel indebted to have to tag you cause to
Speaker 1: be all the way real, I charge brands, I mean,
Speaker 1: not like smaller brands, but I charge like, you know,
Speaker 1: big brands, like a few g's for me to tag
Speaker 1: them on Instagram. And so sometimes when people send me something,
Speaker 1: I'm like, uh, ascu as your T shirt is it's
Speaker 1: not my going rate to tag you as like a
Speaker 1: quote unquote influencer, you know. So that's one that's just
Speaker 1: a little just a little break of if you're going
Speaker 1: to send something, you know, unless I request it. And typically, honestly,
Speaker 1: what I just do is like I pay for it.
Speaker 1: I will pay you know, the fifty dollars for the shirt,
Speaker 1: you know, versus like you asking me, and then in
Speaker 1: if I wear them, I remember I tag you and
Speaker 1: that's an extra bonus versus like you asking me to
Speaker 1: give you something that I charge you know, people for
Speaker 1: for free basically for the price of the T shirt.
Speaker 1: It's like when people want to pick your brain for
Speaker 1: a cup of coffee. I'm like, I've got coffee money.
Speaker 2: But okay, this whole this whole break was like a
Speaker 2: mad flex.
Speaker 3: No, I really wasn't trying, because you know, I just
Speaker 3: went to.
Speaker 1: Your office yesterday and I was like, instead, send it
Speaker 1: to me because it feels so and then you feel
Speaker 1: guilty because this is what happens. The reason why I
Speaker 1: said it because someone hit me yesterday was like did
Speaker 1: you get your package? Did you get your package? When
Speaker 1: you're gonna wear it?
Speaker 2: I was like, oh my gosh, Okay, well that's just
Speaker 2: like not being self aware.
Speaker 1: Ye thanks, sus I'm gonna or. I remember one person actually,
Speaker 1: like like Instagram yelled at me. She had sent me
Speaker 1: something I tagged it. She's like, you didn't take everything,
Speaker 1: like did you use this part? And I was like okay.
Speaker 1: And then it was like almost every month it was
Speaker 1: like what about the other thing? I said you. I'm like, wow, okay,
Speaker 1: I'm gonna mail these things back to you. So just
Speaker 1: being mindful when you're sending stuff to people, because it
Speaker 1: could be a lot. So yeah, there's a sense of
Speaker 1: entitlement that sometimes I don't think people realize that they're displaying.
Speaker 1: That can be a little bit stressful, and that makes
Speaker 1: you just say I'll just buy the things I want.
Speaker 1: I don't need to just send me anything, thank you,
Speaker 1: but a boost. I actually want to boost Pottery Barn.
Speaker 1: I know it seems random, but.
Speaker 2: New home owner alert.
Speaker 1: Because I purchased this, this leather like a chair with
Speaker 1: an ottoman that looks like a baby outoman. I mean,
Speaker 1: when I tell you, this thing is so little, I
Speaker 1: was like, what in the in the picture it didn't
Speaker 1: look that little. But so anybody knows when you purchase
Speaker 1: things and having to return, imagine having to return a
Speaker 1: whole like leather chair. And I was thinking to myself, oh,
Speaker 1: I'm gonna do this. So I called Pottery Barn just
Speaker 1: to get the return flip and they were like, no,
Speaker 1: that not only do you like put it back in
Speaker 1: the box and leave it on the on the front
Speaker 1: porch and we'll pick it up. What When they started
Speaker 1: doing that, I was so impressed because I thought wow,
Speaker 1: So I ended up ordering the chair that I really
Speaker 1: went like, I went to Pottery Barn in person today
Speaker 1: to see, like what chair that I really wanted, And
Speaker 1: so I ended up ordering that. But just I had
Speaker 1: never I mean as much furniture as I bought, I'd
Speaker 1: never had a company offer to come pick it up
Speaker 1: for me. I just yeah, I just thought that level
Speaker 1: of customer service was just amazing. And so because they
Speaker 1: already pottery barn, the way they do it is they
Speaker 1: will bring it to any floor in the house. So
Speaker 1: I've had Tom bring things to the third floor, which
Speaker 1: I'm like, sorry, here's some water and a tip, and
Speaker 1: they will set it up for you, like open up
Speaker 1: the box, put the feed on whatever, set it up
Speaker 1: and all of that for you. Honestly, their level of
Speaker 1: customer service is improgressive and the fact that they're going
Speaker 1: to pick it up for me, so I just wanted
Speaker 1: to do a little boost on that level of customer
Speaker 1: service of like, Wow, I would definitely order from them
Speaker 1: again because they made it so easy to receive and
Speaker 1: they make it really easy to get back all of it.
Speaker 2: Yeah, and especially they don't heard the restocking fee. Those
Speaker 2: can't kill you, Yeah, I believe me.
Speaker 1: I actually had, like I ordered something that I just
Speaker 1: have in my house down a lot of the sink
Speaker 1: and like because the restocking fee was like more than
Speaker 1: the price of life to drink up and I was like,
Speaker 1: I guess I'll just be keeping this random sink because
Speaker 1: all right, y'all. As for usually, we're so glad that
Speaker 1: Maddie is bizy and we'll see you next week, See
Speaker 1: you next week, a week