WEBVTT - I Inherited $200k, Now What? (BA Q&A)

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<v Speaker 1>It's time for the big a q a a to

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<v Speaker 1>be a cute A would just say the big a

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<v Speaker 1>qute a man dead, be a cute dad to be

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<v Speaker 1>a cute a Aanda.

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<v Speaker 2>Hi, gorgeous.

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<v Speaker 1>Your curls aren't popping, but this hair is everything.

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<v Speaker 2>The curls are laid. Yes.

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<v Speaker 1>First of all, Mandy has think of Rudy Huxtable and

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<v Speaker 1>then multiple that time is four, all right, that usually

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<v Speaker 1>my goal as a little girl. I'm like, if I

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<v Speaker 1>could just get Rudy Huxtable.

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<v Speaker 2>Hair, the hair, right, not the looks, No, I.

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<v Speaker 1>Think, what's Reudy hostile? It is beautiful?

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<v Speaker 2>Key to Napoleon, no, I know, but like do I

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<v Speaker 2>look like Homie? No?

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<v Speaker 1>No, No, I'm talking about the hair, because you know,

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<v Speaker 1>you have this big, beautiful hair, and she always has.

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<v Speaker 1>A little girl had like this beautiful head of natural hair,

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<v Speaker 1>and that was like jelly of all that beautiful hair.

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<v Speaker 1>And so you're given as I was, but Keysa Napoleum

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<v Speaker 1>is dropped dead girl. She was a cute. Rudy was

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<v Speaker 1>the cutest and then she's a beautiful woman. Think you

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<v Speaker 1>you know, but yes, her her hair was always like

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<v Speaker 1>goals for me because you know, they always tell the

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<v Speaker 1>little black girls that, like, your hair can't grow long,

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<v Speaker 1>and meanwhile, here was Rudy with her natural head of

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<v Speaker 1>super long, beautiful, like textured hair, which I'm like, that's

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<v Speaker 1>not true because Rudy's hair is to the middle of

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<v Speaker 1>her back and she's a black girl, and.

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<v Speaker 2>So the middle of the back was the ultimate flex girl.

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<v Speaker 2>My hair to the middle of my back. I don't,

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<v Speaker 2>I can't, I never. I'm not that. It doesn't matter.

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<v Speaker 2>I'm not that yeah yeah, yeah, but think you no.

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<v Speaker 1>But yeah, it just looks really cute because you don't

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<v Speaker 1>really straighten it off.

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<v Speaker 2>And I was like, look, it's February, so you will

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<v Speaker 2>see the blowouts more often because this is the one

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<v Speaker 2>month a year when the de point is low enough

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<v Speaker 2>for me to mess with it because it takes so

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<v Speaker 2>much time, like energy to protect it from humidity. But

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<v Speaker 2>I mean to say, who.

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<v Speaker 1>But one of my sisters has like a beautiful wig

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<v Speaker 1>that that's the texture. And I was like, yes, lay,

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<v Speaker 1>I'm like I.

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<v Speaker 2>Wouldn't get a wig honestly, girl, No, no, But they

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<v Speaker 2>were so much when you just don't feel like it's

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<v Speaker 2>like putting on a hat with hair on it, like

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<v Speaker 2>come on. Now you feel.

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<v Speaker 1>Like your hair is going to be like, don't get

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<v Speaker 1>this thing off me, Mayna, you have too much here.

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<v Speaker 1>It's gonna get helmet.

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<v Speaker 2>Like you're hearing like micro corn corn rows to get

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<v Speaker 2>that done.

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<v Speaker 1>Give it them straight backs.

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<v Speaker 2>All right, the grass is always green. I'll take it.

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<v Speaker 2>So we're recording a podcast, hi anyway?

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<v Speaker 1>Anyway, right, So, so you know every Friday we do

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<v Speaker 1>Brown Ambition question answers. If you have questions, we have

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<v Speaker 1>some answers. Here's the think caveats of the caveats. We're

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<v Speaker 1>not your financial advisor, your financial planner. We're not your

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<v Speaker 1>your attorney, your doctor. We're just two really smart, super

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<v Speaker 1>cute brown girls on the interwebs who know a thing

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<v Speaker 1>that you about career, business, and money, honey. And so

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<v Speaker 1>we can give some advice with the smallest of the

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<v Speaker 1>smallest grains of salt. But you're going to lean into

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<v Speaker 1>the people that you pay to get, like, you know,

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<v Speaker 1>to stretch that grain of salt and to make it

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<v Speaker 1>work for you. Okay, deal z'all. So we usually do

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<v Speaker 1>two questions, and so I think we should do a

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<v Speaker 1>quick one first. It's a Monday week.

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<v Speaker 2>I'm excited.

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<v Speaker 1>Yeah, you want me to read Monica's question off.

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<v Speaker 2>Ig yes, because I can't find it well.

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<v Speaker 1>Also to the best place to ask questions is to

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<v Speaker 1>slide into our dms on ig oh, which is brown,

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<v Speaker 1>Ambish and podcast. So Momo aka Monica says, it's borrowing

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<v Speaker 1>money from your four one k a smart move to

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<v Speaker 1>pay off the dance.

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<v Speaker 2>Oh well, when you've read this question to me? Actually,

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<v Speaker 2>I said, my response was like I would have a

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<v Speaker 2>very different answer to this like five ten years ago,

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<v Speaker 2>when everything was so black and white financially, and I

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<v Speaker 2>don't know if my response probably like five ten years

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<v Speaker 2>ago had been like, oh no, that's silly. You're robbing

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<v Speaker 2>Peter to pay Paul and Paul is you in the future? Wait, no,

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<v Speaker 2>Peter is you're the one getting robbed? Okay, Bible, it's great,

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<v Speaker 2>you in the future is who you're screwing over. But

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<v Speaker 2>you know, like my feeling now is, yeah, if it

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<v Speaker 2>makes sense, like if it's a four one k loan

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<v Speaker 2>that is, you know, zero interest and you pay yourself

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<v Speaker 2>back to your paycheck, that can be an option. I

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<v Speaker 2>feel like it's better than a you know better than

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<v Speaker 2>you know what other option would there be to paydown

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<v Speaker 2>debt if not forcing more money.

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<v Speaker 1>Right balance stress for cards, potentially.

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<v Speaker 2>More credit debt if you have issues with that, I'm

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<v Speaker 2>not Yeah, I.

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<v Speaker 1>Guess to your point, man, like what kind of debt

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<v Speaker 1>are we talking about? Like an installment loan, talking about

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<v Speaker 1>credit card debt, but if you talk about credit card debt,

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<v Speaker 1>there are balanced trendsfer cards. I mean, but that really

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<v Speaker 1>only works if your credit score is decent.

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<v Speaker 2>And then you still got to pay it down. You

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<v Speaker 2>still have the debt. It's just that now hopefully you

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<v Speaker 2>have a zero percent intro APR for ten, twelve months

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<v Speaker 2>or whatever, yes, to pay it down.

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<v Speaker 1>There's also like a you know, loan from a financial institution,

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<v Speaker 1>ideally like a credit union, where the interest rate is

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<v Speaker 1>not as high as like a loan from like a

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<v Speaker 1>Big Bangs. So that's an option. But to your point

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<v Speaker 1>that it's still borrowing money, it's basically about where you're

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<v Speaker 1>going to borrow from. Now Here is the kafiat the

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<v Speaker 1>thing before the thing for the thing that any of

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<v Speaker 1>these options, whether it's borrowing money from credit union, borrowing

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<v Speaker 1>money from your four one K, like doing a home

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<v Speaker 1>mecher you line of credit out of your home if

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<v Speaker 1>you own a home that these institutions pay people that

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<v Speaker 1>are really smart with math, called actuaries and actuaries their

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<v Speaker 1>job is to do math on math, on math on

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<v Speaker 1>math to see how much money that they're likely to

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<v Speaker 1>get from you if you make certain choices right. So

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<v Speaker 1>actuaries this is how they get like if you can

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<v Speaker 1>get life insurance or like now you eighty child, you're

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<v Speaker 1>not likely to be here long life insurance policy deny

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<v Speaker 1>because we're not going to get our money back from you.

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<v Speaker 1>But an actuary is going to look at, you know,

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<v Speaker 1>the likelihood of the bank making more money than not

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<v Speaker 1>when it comes to helping you with your debt. So no,

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<v Speaker 1>that basically they're betting against you. You know, like when

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<v Speaker 1>people are like, oh, I'm going to get a balanced

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<v Speaker 1>transfer card, I'm like that other card. You don't want

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<v Speaker 1>to have transferred all your money to this card, and

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<v Speaker 1>now you have two cards and you run up the

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<v Speaker 1>old car that you've paid off in the balance transfer,

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<v Speaker 1>and now you owe two people and so but that's

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<v Speaker 1>honestly what financial institutions are betting on that you. It's

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<v Speaker 1>still going to be same old you navigating your finances

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<v Speaker 1>in that way. And so to Mandy's point that like,

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<v Speaker 1>it's not necessarily a terrible idea to borrow from your

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<v Speaker 1>forward k.

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<v Speaker 2>We real quick, because I don't have the question in

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<v Speaker 2>front of me. I can't find it. But is it

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<v Speaker 2>is he asking to just take money out? Because there's

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<v Speaker 2>a big difference we should talk about between you.

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<v Speaker 1>Okay, So it says borrow money from your fell one.

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<v Speaker 2>K okay, because taking a chunk out we don't like

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<v Speaker 2>that now with no intended putting it back in. Plus

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<v Speaker 2>there's taxes, early penalty withdrawals, you know, but if.

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<v Speaker 1>You don't pay it back, this is what I'm meaning,

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<v Speaker 1>is that, like there is the potential for not paying

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<v Speaker 1>it back, and then that's when you follow your that's

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<v Speaker 1>when you fall into trouble. I used to see all

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<v Speaker 1>the time when I worked as a preschool teacher. I

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<v Speaker 1>would say that we didn't go by that a teacher

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<v Speaker 1>was not telling me she was borrowing money from her

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<v Speaker 1>four one K, And I remember my dad would be like,

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<v Speaker 1>don't forget you have until basically at the end of

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<v Speaker 1>the year you have to pay it back. But they

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<v Speaker 1>would be borring and borrowing and borring, and then it

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<v Speaker 1>all of a sudden, is not a borrow, it's a withdrawal,

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<v Speaker 1>and now all of a sudden you pay taxes and

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<v Speaker 1>penalties on that. And so I just say all that

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<v Speaker 1>to say that like that is the aim because they

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<v Speaker 1>make money off the penalties. And so just be mindful that, like,

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<v Speaker 1>if you're going to borrow, are you someone who has

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<v Speaker 1>the means and the discipline to actually pay it back?

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<v Speaker 1>If not, there might be a better way to navigate

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<v Speaker 1>versus taking from your four one K.

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<v Speaker 2>And I'll add to that just quickly. When you take

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<v Speaker 2>a loan from your four one K and it's with

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<v Speaker 2>through your employers for a one K and you're actively employed,

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<v Speaker 2>you can take a loan out and just you'll pay

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<v Speaker 2>it back on your paycheck each month and it all

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<v Speaker 2>happens automatically and you pay yourself. Even with my husband,

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<v Speaker 2>we took a loanout from his government version of a

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<v Speaker 2>four one K, which is a TSP when we were

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<v Speaker 2>doing the home right now and I think we needed

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<v Speaker 2>something more and we just ran out of cash, so

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<v Speaker 2>he did a loan. It was maybe like ten K,

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<v Speaker 2>and you actually pay interest back to yourself too, So

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<v Speaker 2>it worked out in that sense. But the caveat there

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<v Speaker 2>is that if you lose your job, if you're fired

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<v Speaker 2>or you walk away, then that loan can become due

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<v Speaker 2>very quickly and you may not have the cash to

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<v Speaker 2>pay it back. So yeah, there's pros and cons to everything,

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<v Speaker 2>but I'm yeah, I think that's for.

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<v Speaker 1>A compounding interest, you know, like you know that ten thousand,

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<v Speaker 1>you know, I mean you guys put into the house,

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<v Speaker 1>so you know there's this return there. But if you're

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<v Speaker 1>using it to pay down debt, potentially it's like, oh,

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<v Speaker 1>that that ten thousand, what could it have grown to

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<v Speaker 1>if it had been left there? But these are the

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<v Speaker 1>things you have to weigh because if you owe, if

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<v Speaker 1>the day you owe has thirty percent, like thirty percent

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<v Speaker 1>interest rate chat, you're not making ad in the market,

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<v Speaker 1>not likely, So it might make more sense to be like,

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<v Speaker 1>it's better. The best I can give myself is, you know,

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<v Speaker 1>getting rid of this debt that's costing me so much money.

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<v Speaker 2>And to our were We had a guest this week

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<v Speaker 2>called Vivian too, your rich bff, and what she said

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<v Speaker 2>about you know how you can only save what you

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<v Speaker 2>can save, but you can always earn more money, and

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<v Speaker 2>I think your ability to earn more money has should

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<v Speaker 2>factor into that too. Are you someone who has more

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<v Speaker 2>working years, are you, you know, coming up on promotions

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<v Speaker 2>like really achieving more and looking for more in the future.

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<v Speaker 2>And in that case, maybe it's something that you'll you'll

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<v Speaker 2>make up for in the future. But only you can

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<v Speaker 2>know that. You sit with yourself, but you know it.

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<v Speaker 2>Do it smart? Do it smart? Yes, and don't come

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<v Speaker 2>to us crying if it doesn't work out, because where

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<v Speaker 2>we just say whatever we want.

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<v Speaker 1>You want to take a break, Mandy and come on back?

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<v Speaker 2>I do Oh? Should I took us? Yes, let's take

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<v Speaker 2>a quick break. I take a slip of my smoothie.

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<v Speaker 2>Now I have like blueberry kale teeth that's special for

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<v Speaker 2>watching on YouTube. What a treat.

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<v Speaker 1>And weird back and black and brother than ever. All right,

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<v Speaker 1>it's our second question of the week. Man, you got

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<v Speaker 1>it or you want me to do it?

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<v Speaker 2>Oh? I would love to wait? Right? I think it's

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<v Speaker 2>bright flaming green. Here we go. All right, hey, ladies

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<v Speaker 2>from Erica on IG I have received an inheritance of

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<v Speaker 2>over two hundred thousand dollars and I can't decide. I

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<v Speaker 2>know this is super Girl in the future, like just

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<v Speaker 2>getting a windfall. I have received an inheritance of over

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<v Speaker 2>two hundred K and can't decide what to do with

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<v Speaker 2>the money. I have been debating on paying my home

0:10:46.440 --> 0:10:49.320
<v Speaker 2>off I owe one hundred and fifty four thousand dollars

0:10:49.960 --> 0:10:53.520
<v Speaker 2>or purchasing an investment property. Please help, I just don't

0:10:53.559 --> 0:10:55.800
<v Speaker 2>want to make the wrong choice. I feel like this

0:10:55.960 --> 0:10:59.000
<v Speaker 2>is my only opportunity to build and generate wealth for

0:10:59.080 --> 0:11:05.080
<v Speaker 2>my family. Thanks in advance, OW very sorry for your loss.

0:11:05.520 --> 0:11:15.880
<v Speaker 1>However, it is okay coin some one y'all know. I

0:11:15.920 --> 0:11:19.680
<v Speaker 1>bought my condo cash, which was not the smartest financial choice,

0:11:19.679 --> 0:11:21.760
<v Speaker 1>but it was the smartest tiffany choice because of where

0:11:21.760 --> 0:11:26.200
<v Speaker 1>I was and whatever. So but to me, the smarter

0:11:26.400 --> 0:11:29.679
<v Speaker 1>financial choice unless your interest rate on your home is astronomical,

0:11:29.720 --> 0:11:32.400
<v Speaker 1>which you know, the likelihood is. I'm assuming you bought

0:11:32.440 --> 0:11:34.320
<v Speaker 1>your home if you owe one to fifty four, because

0:11:34.400 --> 0:11:37.040
<v Speaker 1>homes are so expensive now, you probably bought it, you know,

0:11:37.160 --> 0:11:40.480
<v Speaker 1>with seven interest yeah, or maybe before interest rates hit

0:11:40.559 --> 0:11:42.520
<v Speaker 1>like seventy seven percent. I don't know where they are now,

0:11:42.760 --> 0:11:44.160
<v Speaker 1>but maybe you got it when they were when it

0:11:44.200 --> 0:11:47.640
<v Speaker 1>was two percent, three percent, even five percent. That being said,

0:11:48.240 --> 0:11:50.839
<v Speaker 1>paying off your home, that's great, but that money's literally

0:11:50.880 --> 0:11:52.960
<v Speaker 1>just sitting there. It's almost like paying off your home

0:11:53.080 --> 0:11:55.440
<v Speaker 1>is like the equivalent of like having your money in

0:11:55.480 --> 0:11:58.080
<v Speaker 1>the savings account with like you know, a low interest

0:11:58.080 --> 0:12:00.240
<v Speaker 1>bearing savings account, which okay, with.

0:12:00.280 --> 0:12:05.199
<v Speaker 2>No insurance back. Ye, maybe you have home insurance, I guess, but.

0:12:04.800 --> 0:12:08.960
<v Speaker 1>Yes, you know, but like actually putting your money to work.

0:12:09.559 --> 0:12:11.800
<v Speaker 1>And so I'm saying, is that someone who didn't do that.

0:12:11.920 --> 0:12:14.200
<v Speaker 1>I'm not mad about myself not doing it because I

0:12:14.200 --> 0:12:17.360
<v Speaker 1>did it consciously for other reasons. Emotionally, I need to

0:12:17.360 --> 0:12:18.640
<v Speaker 1>be in a place where I didn't have to worry

0:12:18.679 --> 0:12:20.880
<v Speaker 1>about a mortgage. But later I am likely to pull

0:12:20.920 --> 0:12:23.040
<v Speaker 1>money out and then put it to work. But at

0:12:23.120 --> 0:12:26.200
<v Speaker 1>least for now, you know, like for the smarter financial choice,

0:12:26.200 --> 0:12:30.440
<v Speaker 1>which is what you're asking about, like actually investing your money.

0:12:31.200 --> 0:12:34.040
<v Speaker 1>And if the second choice is to purchase an investment property,

0:12:34.440 --> 0:12:37.160
<v Speaker 1>that is you're going to make more money. You're more

0:12:37.360 --> 0:12:40.840
<v Speaker 1>likely to make more money with that choice, you know,

0:12:40.920 --> 0:12:45.800
<v Speaker 1>looking for an investment property, multi family house, you know,

0:12:45.960 --> 0:12:49.200
<v Speaker 1>even like commercial property, something that's going to generate some

0:12:49.320 --> 0:12:53.000
<v Speaker 1>income for you. I don't know where you live, but yeah,

0:12:53.040 --> 0:12:55.160
<v Speaker 1>that is going to be the more income, the more

0:12:55.280 --> 0:12:59.280
<v Speaker 1>likely option for generating like income, and wealth for yourself

0:12:59.360 --> 0:13:00.360
<v Speaker 1>because then there's a cycle.

0:13:00.440 --> 0:13:00.680
<v Speaker 2>Right.

0:13:00.760 --> 0:13:02.840
<v Speaker 1>So, so you purchased this next property, it's a three

0:13:02.840 --> 0:13:05.480
<v Speaker 1>family house. I'm just making it up. You put down,

0:13:05.640 --> 0:13:08.120
<v Speaker 1>you know whatever, the two hundred thousand or one fifty

0:13:08.160 --> 0:13:11.720
<v Speaker 1>or whatever, depending where you purchased the property. You know,

0:13:11.720 --> 0:13:13.320
<v Speaker 1>you're starting to pay that on a mortgage with the

0:13:13.360 --> 0:13:17.800
<v Speaker 1>rent that you're getting, and then the property potentially appreciates.

0:13:17.800 --> 0:13:20.440
<v Speaker 1>It doesn't happen everywhere, but say you live in New Jersey,

0:13:20.800 --> 0:13:23.760
<v Speaker 1>We've been appreciating over and over and over. That property

0:13:23.800 --> 0:13:26.679
<v Speaker 1>is now worth more. Now you've had four hundred thousand

0:13:26.720 --> 0:13:29.640
<v Speaker 1>dollars inside that home that you can now pull out

0:13:29.679 --> 0:13:32.320
<v Speaker 1>some of it to purchase the next property, and so

0:13:32.600 --> 0:13:35.360
<v Speaker 1>like that is one of the ways that people start

0:13:35.400 --> 0:13:41.679
<v Speaker 1>to grow a real estate portfolio by like leveraging the

0:13:42.080 --> 0:13:45.640
<v Speaker 1>equity in one home, pulling it out and then purchasing

0:13:45.640 --> 0:13:47.800
<v Speaker 1>the next piece of property. That was the plan for Drelling,

0:13:47.800 --> 0:13:50.040
<v Speaker 1>Like before he passed away. We've gotten the house from

0:13:50.080 --> 0:13:52.679
<v Speaker 1>the City of Newark, paid ten thousand dollars for it,

0:13:53.040 --> 0:13:55.800
<v Speaker 1>renovated it for about one hundred and thirty thousand. The

0:13:55.840 --> 0:13:58.320
<v Speaker 1>house is then worth almost three hundred thousand. We were

0:13:58.360 --> 0:14:00.640
<v Speaker 1>going to pull money out of that house, rent out

0:14:00.640 --> 0:14:02.439
<v Speaker 1>that house, pull money out, and then buy the next

0:14:02.480 --> 0:14:05.600
<v Speaker 1>property and do it again and again until you know,

0:14:05.720 --> 0:14:07.640
<v Speaker 1>until it was time for him to retire, and hopefully

0:14:07.640 --> 0:14:09.800
<v Speaker 1>would have had maybe four or five homes by then

0:14:09.880 --> 0:14:12.000
<v Speaker 1>that he could then manage and that would be his

0:14:12.000 --> 0:14:14.520
<v Speaker 1>income in retirement. And so, you know, I think it's

0:14:14.559 --> 0:14:17.560
<v Speaker 1>a great idea, but you know, just be mindful, like

0:14:17.640 --> 0:14:19.560
<v Speaker 1>you know you want to be a landlord, because that

0:14:19.560 --> 0:14:23.000
<v Speaker 1>ain't easy, you know, although there are companies that can

0:14:23.000 --> 0:14:25.120
<v Speaker 1>help you manage. So I would do all my research

0:14:25.120 --> 0:14:27.920
<v Speaker 1>before jumping out the window about what it looks like

0:14:27.960 --> 0:14:30.880
<v Speaker 1>to manage a property and like what those costs look like.

0:14:31.640 --> 0:14:35.400
<v Speaker 2>In the meantime, put it to work, just in an

0:14:35.440 --> 0:14:38.560
<v Speaker 2>investment account. I mean, I know that there's you know,

0:14:38.760 --> 0:14:40.760
<v Speaker 2>I'm not a financial I'm not your financial planner, but

0:14:40.840 --> 0:14:44.240
<v Speaker 2>I think first piece of advice we forgot just get

0:14:44.280 --> 0:14:46.880
<v Speaker 2>a financial like an investment advisor. I think if you

0:14:46.920 --> 0:14:49.880
<v Speaker 2>plan on like investing the money or putting it into

0:14:49.920 --> 0:14:53.560
<v Speaker 2>a you know, an index fund or whatever way, so

0:14:53.600 --> 0:14:56.280
<v Speaker 2>that it can at least be cooking and you know,

0:14:56.400 --> 0:15:00.680
<v Speaker 2>creating returns for you, I mean dividends talked about that.

0:15:01.080 --> 0:15:03.280
<v Speaker 2>If we talk about like an investment property, you can

0:15:03.320 --> 0:15:06.360
<v Speaker 2>like physically think of a tenant giving you a check

0:15:06.400 --> 0:15:10.040
<v Speaker 2>with money each month. But stocks can do that too

0:15:09.480 --> 0:15:13.840
<v Speaker 2>if you invest into dividend stocks, and then dividends are

0:15:13.840 --> 0:15:16.640
<v Speaker 2>literally just money that the companies pay you for investing

0:15:16.640 --> 0:15:18.680
<v Speaker 2>in their stock, like a thanks for sticking with us

0:15:18.720 --> 0:15:22.680
<v Speaker 2>type thing. And I love to look at my dividends

0:15:22.680 --> 0:15:24.960
<v Speaker 2>that I've earned and be like, oh, hey, we made

0:15:25.040 --> 0:15:27.720
<v Speaker 2>extra money, money that I didn't even put in, almost

0:15:27.800 --> 0:15:29.960
<v Speaker 2>like an employer match, but they're not matching, but they're

0:15:29.960 --> 0:15:34.320
<v Speaker 2>giving you a little something something. Anyway, I think investment

0:15:34.320 --> 0:15:37.440
<v Speaker 2>property or paying off your house are two big options,

0:15:37.480 --> 0:15:40.680
<v Speaker 2>but they're not the only one. So there's nothing wrong

0:15:40.720 --> 0:15:42.720
<v Speaker 2>with like tifle. If you decide like you're not ready

0:15:42.720 --> 0:15:44.880
<v Speaker 2>to be a landlord, doesn't fit your lifestyle right now,

0:15:45.480 --> 0:15:47.520
<v Speaker 2>just put that money to work and you can invest

0:15:47.560 --> 0:15:50.960
<v Speaker 2>it and then invest it wisely. That's why I'm saying

0:15:51.000 --> 0:15:53.520
<v Speaker 2>get an advisor because they can help you make sure

0:15:53.560 --> 0:15:55.680
<v Speaker 2>that you're not too risky with it if you plan

0:15:55.720 --> 0:15:57.960
<v Speaker 2>on using it, or they may say, hey, if you're

0:15:57.960 --> 0:15:59.920
<v Speaker 2>going to use it on an investment property, let's put

0:16:00.240 --> 0:16:02.560
<v Speaker 2>into a high yield savings account that you can easily

0:16:02.600 --> 0:16:04.240
<v Speaker 2>get to and put the other half in the market,

0:16:04.240 --> 0:16:07.480
<v Speaker 2>et cetera. But two hundred case sounds like so much money,

0:16:07.880 --> 0:16:10.320
<v Speaker 2>but it could like if you really wanted to last,

0:16:10.640 --> 0:16:13.320
<v Speaker 2>like you know, provide for your family, it's going to

0:16:13.400 --> 0:16:15.360
<v Speaker 2>have to be invested in some way, form or fashion.

0:16:15.520 --> 0:16:21.600
<v Speaker 2>So congratulations. With great money comes great responsibility.

0:16:22.240 --> 0:16:25.920
<v Speaker 1>So I'm so glad you're thinking about it, you know

0:16:25.960 --> 0:16:29.280
<v Speaker 1>what I mean, Like like would have blown through it.

0:16:29.440 --> 0:16:31.360
<v Speaker 1>You know, this would have been like girl, you know,

0:16:31.920 --> 0:16:34.840
<v Speaker 1>buy a car and a you know, a little wardrobe

0:16:34.960 --> 0:16:37.560
<v Speaker 1>before you know it, You're like, damn back where I

0:16:37.680 --> 0:16:40.440
<v Speaker 1>was before, you know. So you know, one of the

0:16:40.480 --> 0:16:41.800
<v Speaker 1>things they tell you when you when you win the

0:16:41.840 --> 0:16:44.040
<v Speaker 1>lottery is don't do anything with the money for the

0:16:44.040 --> 0:16:46.280
<v Speaker 1>first six months. Do what Mandy said, right, you know,

0:16:46.760 --> 0:16:49.280
<v Speaker 1>put it somewhere, you know, because it's under two fifty,

0:16:49.280 --> 0:16:52.240
<v Speaker 1>it's protected in a savings account, high yield. Sit with

0:16:52.280 --> 0:16:56.080
<v Speaker 1>a financial advisor, create the plan, and then be like, Okay,

0:16:56.160 --> 0:16:58.480
<v Speaker 1>now I feel fairly confident that I can move forward.

0:16:58.840 --> 0:17:00.600
<v Speaker 1>You know that I'm not just jumping out the window.

0:17:00.680 --> 0:17:05.560
<v Speaker 1>So congratulations twice for Erica for getting that inheritance, but

0:17:05.600 --> 0:17:07.680
<v Speaker 1>then also really being strategic about how you want to

0:17:07.680 --> 0:17:08.080
<v Speaker 1>spend it.

0:17:08.160 --> 0:17:12.600
<v Speaker 2>So thank you being fan for your questions. Hit us up.

0:17:12.640 --> 0:17:15.520
<v Speaker 2>We're at Brown Ambition Podcast on Instagram. Send us all

0:17:15.560 --> 0:17:18.160
<v Speaker 2>your questions and we hope to see y'all next week

0:17:18.200 --> 0:17:21.120
<v Speaker 2>for another episode of Brown Ambition Q and a yeah,

0:17:21.160 --> 0:17:21.440
<v Speaker 2>and for.

0:17:21.560 --> 0:17:23.280
<v Speaker 1>This episode and the one before and then one before

0:17:23.320 --> 0:17:26.120
<v Speaker 1>and then onmberfore. Okay, stop trying to keep it to.

0:17:26.080 --> 0:17:30.119
<v Speaker 2>Yourself, so forwarded okay for yeah yeah, send it to

0:17:30.119 --> 0:17:31.400
<v Speaker 2>a friend, Send it to a friend, to a friend

0:17:31.400 --> 0:17:38.359
<v Speaker 2>to a friend. Bye,