WEBVTT - BA Q&A: How Will I Make Money? 0:00:06.200 --> 0:00:10.000 It's time for the b a qa a to b 0:00:10.280 --> 0:00:13.400 a q a. What you say to be a qa 0:00:13.720 --> 0:00:16.320 ain't no man day, but the b a q a 0:00:16.560 --> 0:00:20.200 is tipping. M Okay, the b a q aa me 0:00:20.239 --> 0:00:23.239 and my high pony wearing my five dollar shirt that 0:00:23.239 --> 0:00:26.400 says black and beautiful because what I'm belth get you 0:00:26.400 --> 0:00:29.760 somebody who could do beth. So I'm going to do 0:00:29.840 --> 0:00:34.120 this b a qa by myself and my lonely. We 0:00:34.200 --> 0:00:36.440 have a money question and then I also have a 0:00:36.479 --> 0:00:39.879 business question. I'm just trying to make sure my hyghe pone. 0:00:39.920 --> 0:00:41.240 I just feel like the pony's not giving what I 0:00:41.240 --> 0:00:44.800 want to give. Anyway, We're gonna focus. Okay. I have 0:00:44.880 --> 0:00:48.320 therapy today, so I'm feeling very zen. Okay, do you 0:00:48.360 --> 0:00:51.280 guys go to therapy. I feel like if you're black, 0:00:51.320 --> 0:00:53.559 you need to. I feel like everyone needs therapy, but 0:00:53.640 --> 0:00:57.360 especially black and brown people. My therapist is awesome, Doctor Green, 0:00:57.480 --> 0:01:02.200 She's awesome. I recommend therapy because it will help if 0:01:02.240 --> 0:01:05.640 you are one place. Therapy is like mentorship, right or 0:01:05.680 --> 0:01:08.240 like you know, being like a having a teacher, because 0:01:08.560 --> 0:01:11.600 it will help you get to from the place you 0:01:11.640 --> 0:01:13.840 are to the place you want to be. In a 0:01:13.880 --> 0:01:17.119 more concise way because oftentimes I've done a lot of 0:01:17.200 --> 0:01:20.640 self work. Like many of you listening, I'm sure you've 0:01:20.640 --> 0:01:23.119 done a lot of self work, but I cannot tell 0:01:23.160 --> 0:01:28.080 you how much faster I've been able to get to 0:01:28.240 --> 0:01:32.880 some of my internal mental emotional goals as a result 0:01:32.959 --> 0:01:34.960 of therapy that maybe it would have taken me years 0:01:35.000 --> 0:01:36.399 to kind of figure out on my own, because you know, 0:01:36.400 --> 0:01:38.880 you're trying and failing, trying and failing, and so a 0:01:38.920 --> 0:01:42.039 really good therapist helps to give you shortcuts to the 0:01:42.080 --> 0:01:45.279 place that you want to be internally, and it's top tier, Okay, 0:01:45.840 --> 0:01:48.120 top tier. I could not have made it through grief 0:01:48.160 --> 0:01:51.000 without therapy, and there's just other things I've worked on. 0:01:51.040 --> 0:01:53.720 I mean, I'm just a I don't even recognize the 0:01:53.720 --> 0:01:55.720 person that I am. I mean outside of the grief. 0:01:55.760 --> 0:01:58.400 I was doing therapy before that. And so I just 0:01:58.440 --> 0:02:00.280 recommend this. You know, this not be a key, but 0:02:00.320 --> 0:02:02.960 it is really because it's like it's a question some 0:02:03.000 --> 0:02:06.000 of you guys ask me sometimes, and I just highly, 0:02:06.120 --> 0:02:08.639 highly highly recommend it. You might have to go through 0:02:08.960 --> 0:02:10.920 a few therapists before you find the right one. You 0:02:10.919 --> 0:02:13.880 want to feel super comfortable, you want to not feel 0:02:14.360 --> 0:02:17.840 I'm judged or afraid. You get to decide. Like for 0:02:17.960 --> 0:02:20.639 some people, let's just say you didn't have a mother figure, 0:02:20.720 --> 0:02:23.679 so you might want a therapist that kind of fulfills 0:02:23.720 --> 0:02:26.200 that energy for you. You know, for me, I kind 0:02:26.200 --> 0:02:28.679 of wanted a therapist. I specifically wanted a black woman 0:02:28.840 --> 0:02:31.840 who was around my age because I needed like a 0:02:31.919 --> 0:02:35.560 homegirl esque feel when talking to my therapist. You know, 0:02:35.680 --> 0:02:38.400 that's the energy that I needed for where I am 0:02:38.440 --> 0:02:40.520 in my life. Now. I know a friend of mine, 0:02:41.280 --> 0:02:43.960 his dad is not super present, and he needed He 0:02:44.000 --> 0:02:46.239 loves the fact that his therapist is an older black man. 0:02:46.320 --> 0:02:49.080 My friend is a young black man, and you know, 0:02:49.160 --> 0:02:51.480 he said, because it kind of is like I get 0:02:51.480 --> 0:02:53.840 to lean into that component that I've been missing. So anyway, 0:02:54.200 --> 0:02:55.760 I just say all that to say, get you some 0:02:55.800 --> 0:02:59.560 therapy groom, right Doctor Joy, who we've had on the 0:02:59.600 --> 0:03:00.920 show before. Oh you guys have heard of her on 0:03:00.919 --> 0:03:04.280 the show before. She has a book called out called 0:03:04.280 --> 0:03:08.400 Supporting Your Sisters. I believe, hey, doctor Joy, but doctor 0:03:08.480 --> 0:03:12.880 Joy also is the founder of Blackgirltherapy dot com. And 0:03:13.720 --> 0:03:15.160 I don't believe you have to be just a woman, 0:03:15.280 --> 0:03:17.280 but I mean, and it's full of therapists who were 0:03:17.320 --> 0:03:19.160 both men and women. So it's just a great place 0:03:19.200 --> 0:03:22.440 to start if you're looking, all right, if you're looking 0:03:22.520 --> 0:03:25.080 for love, I see what eve seen. All right, we're 0:03:25.080 --> 0:03:27.840 gonna start with a money question. Then we're gonna do 0:03:27.840 --> 0:03:31.600 a business question. Okay, okay, all right. So this question 0:03:31.760 --> 0:03:36.520 came in from the emails, Hi ladies. It was just me, Hey, ladies, 0:03:36.680 --> 0:03:40.120 why is it you can't go? I'll be cutting up 0:03:40.120 --> 0:03:42.440 my man, he's not here. I started listening to your 0:03:42.440 --> 0:03:46.080 podcast late last year and I find it very informative. Thanks. Girl. 0:03:46.440 --> 0:03:50.960 I turned fifty years old last December twenty twenty. I'm 0:03:51.000 --> 0:03:52.960 a single mom of a seven year old daughter. Yep. 0:03:52.960 --> 0:03:56.040 I'm a late bloomer and a sole financial provider. Okay, 0:03:56.080 --> 0:03:58.920 so you had your baby when you were forty three, 0:03:59.520 --> 0:04:01.800 which you know. Oh girl, that's cute, because I'm forty three. Okay. 0:04:02.280 --> 0:04:06.200 I'm looking for ideas and best options to optimize, slash 0:04:06.360 --> 0:04:09.960 invest the excess income from my regular job to generate 0:04:10.000 --> 0:04:14.080 passive income that can help boost my retirement income. Okay. 0:04:14.120 --> 0:04:17.800 So she has job, she has excess income left over 0:04:17.839 --> 0:04:19.960 after paying bills and everything else, and she wants it 0:04:20.000 --> 0:04:22.039 to She wants her money to make money, so that 0:04:22.120 --> 0:04:24.920 way she can be ready for retirement. Got you. I'm 0:04:24.960 --> 0:04:27.960 thinking to retire at about twenty I mean at about 0:04:28.000 --> 0:04:30.919 sixty two slash sixty three years old, okay, when my 0:04:31.000 --> 0:04:34.320 daughter finishes high school. That's cute, love that. But I 0:04:34.320 --> 0:04:37.240 would work a part time for benefits until social Security 0:04:37.279 --> 0:04:40.680 if there is any to get and Medicare kicks in. 0:04:42.720 --> 0:04:45.720 I don't know what Barista fire, but I know what 0:04:45.760 --> 0:04:49.599 fire stands or fire stands for financial independence retire early, 0:04:49.640 --> 0:04:51.400 but I don't know what Barista fire is, if I'm 0:04:51.440 --> 0:04:54.000 being honest. That's what she wrote here. So she wants 0:04:54.000 --> 0:04:57.080 to retire early because typically retirement age starts about sixty five. 0:04:57.160 --> 0:05:00.440 She wants to retire early, but she might work a 0:05:00.440 --> 0:05:03.719 little part time, you know, in the meantime untwil you know, 0:05:03.800 --> 0:05:06.720 so she can have her benefits. I'm assuming wherever you work, 0:05:06.760 --> 0:05:09.600 you won't be able to take your benefits with you. Okay, 0:05:09.880 --> 0:05:13.039 she says, I own my own house outright, yes, girl, 0:05:14.320 --> 0:05:18.440 So I only pay taxes, insurance, and HOA utilities monthly. Okay. 0:05:18.920 --> 0:05:23.560 I have no debt, yes, queen, I stand you. My 0:05:23.640 --> 0:05:28.359 retirement account is decent and I contribute about sixteen percent 0:05:28.400 --> 0:05:33.520 of my salary, but not at the catchup max contribution limit. Okay, 0:05:33.960 --> 0:05:38.920 So just so you know, I believe if you oh 0:05:38.920 --> 0:05:42.800 my goodness, let's see. Let me remind myself, when can 0:05:42.839 --> 0:05:48.160 you start doing retirement catch up? Because you know my memory, 0:05:48.640 --> 0:05:55.000 there is catch up age you can start, okay, so 0:05:55.120 --> 0:05:58.880 catch up contributions. You can start doing ketchup contributions when 0:05:58.880 --> 0:06:01.240 you're fifty. That just me. And there is typically a 0:06:01.279 --> 0:06:04.919 max that you can contribute to a retirement account like 0:06:05.000 --> 0:06:09.080 an individual retirement account or a Wroth individual retirement account. 0:06:09.120 --> 0:06:11.400 So these are just retirement accounts that you have, right, 0:06:12.360 --> 0:06:15.719 So there are limits. So let's just say the limit 0:06:15.800 --> 0:06:20.960 is normally six thousand dollars for the catchup contribution. It 0:06:21.080 --> 0:06:23.640 might be actually, let's not even guess. Let's look at 0:06:23.640 --> 0:06:26.760 what it currently is right right about knee, how about now, 0:06:27.080 --> 0:06:30.760 because I'm up right now? Okay. So so for example, 0:06:30.839 --> 0:06:33.640 for an IRA contribution for those fifty and older, it's 0:06:33.680 --> 0:06:38.479 seventy five hundred dollars, which is an additional thousand dollars. 0:06:38.520 --> 0:06:41.400 Because for everybody else like me, I'm forty three, I 0:06:41.440 --> 0:06:44.760 can max out in my IRA, my individual retirement account. 0:06:44.839 --> 0:06:47.240 I can max out at sixty five hundred dollars a year, 0:06:47.760 --> 0:06:50.920 but if you're fifty and above, you can put seventy 0:06:50.960 --> 0:06:53.120 five hundred. They do that because they know some people 0:06:53.120 --> 0:06:57.760 have not might be behind and setting aside for retirement, 0:06:58.120 --> 0:07:01.320 and so they're letting you add additional thousand dollars a year. 0:07:01.360 --> 0:07:03.480 So that's what she's saying. She's not maxing out at 0:07:03.520 --> 0:07:06.680 her she's not doing the full catchup contribution. She's not 0:07:06.720 --> 0:07:09.160 doing the seventy five hundred just yet, but she is 0:07:09.200 --> 0:07:14.680 maxing out on her HSA that's a health savings account, 0:07:14.920 --> 0:07:17.560 and she started a WROTH in twenty twenty one, but 0:07:17.640 --> 0:07:20.240 she's leary. A WROTH is another retirement account, type of 0:07:20.280 --> 0:07:24.360 retirement account, but she's leary of losing money in stocks 0:07:24.520 --> 0:07:27.040 outside of her four one K, so she's only putting 0:07:27.080 --> 0:07:30.120 about half the annual max. She also has a five 0:07:30.120 --> 0:07:34.280 to twenty nine plan that's a college fund that you 0:07:34.360 --> 0:07:37.120 can set aside, and there are tax benefits to that 0:07:37.440 --> 0:07:41.840 for her daughter. And her emergency fund is six months. 0:07:43.640 --> 0:07:46.360 Is that six months? In about eight to nine months? 0:07:46.360 --> 0:07:48.080 If she goes on a noodle budget, girl, you are 0:07:48.200 --> 0:07:50.640 just so you have an emergency fund of six months, 0:07:50.640 --> 0:07:52.400 but if you noodle budget, it's really like eight to 0:07:52.480 --> 0:07:55.440 nine months. I mean, are you my bestie? I feel 0:07:55.440 --> 0:07:57.120 I could be doing more, but I'm not sure what 0:07:57.120 --> 0:07:58.680 I'm about to strangle you because you're doing all the 0:07:58.720 --> 0:08:01.600 things well. I do have some suggestions. Is this the 0:08:01.640 --> 0:08:03.480 time that I should probably sit with a financial plan 0:08:03.600 --> 0:08:06.640 or a financial advisor? And which would you recommend? And why? 0:08:07.080 --> 0:08:10.480 Thanks for your time, thankful South Florida listener. So, as 0:08:10.520 --> 0:08:13.120 a recap, we had this amazing fifty year old woman 0:08:13.160 --> 0:08:16.360 who has daughter who's seven. She wants to retire about 0:08:16.400 --> 0:08:19.160 the time that her daughter hits high school, which is 0:08:19.160 --> 0:08:23.720 in about twelve years. But this woman does not have 0:08:23.760 --> 0:08:26.520 any debt. She does own her own house, so she 0:08:27.000 --> 0:08:29.200 has to pay the carrying cost, insurance taxes, and things 0:08:29.200 --> 0:08:32.960 like that. She is contributing to her retirement fund through 0:08:33.000 --> 0:08:34.960 her four oh one K as well as a roth ira, 0:08:35.200 --> 0:08:37.280 which is a retirement account that you can do outside 0:08:37.280 --> 0:08:39.959 of your job. She's not maxing out either one of those. 0:08:40.200 --> 0:08:42.240 She has a five twenty nine plan for her daughter 0:08:42.280 --> 0:08:48.120 which is a college tax beneficial college savings plan, and 0:08:48.200 --> 0:08:50.800 she has emergency funds of six months and eight to 0:08:50.880 --> 0:08:52.240 nine months if she had to get down to get 0:08:52.240 --> 0:08:56.920 her noodle lawn. So, first things first, I pop up anyway. 0:08:57.360 --> 0:09:00.000 First things first, what I would say, Florida, South Florida 0:09:00.120 --> 0:09:06.520 listener is you're doing amazing, amazing, amazing. I just want 0:09:06.559 --> 0:09:08.920 you for a moment to look into the mirror and say, 0:09:09.000 --> 0:09:12.400 I am freaking doing amazing. You are at your debt free, 0:09:12.440 --> 0:09:16.080 you own your home, you're contributing to retirement accounts, you're 0:09:16.120 --> 0:09:19.360 contributing to a college from, you have emergency saving. You 0:09:19.400 --> 0:09:21.679 know what a noodle budget. Girl, I need you to 0:09:21.720 --> 0:09:27.679 pause for the cause. Breathe in, breathe out. I'm awesome. 0:09:28.160 --> 0:09:30.480 I'm awesome. I need you to say that because this 0:09:30.600 --> 0:09:33.840 is amazing. This is goals. Now. I do see some 0:09:33.960 --> 0:09:38.280 places where before you start thinking about some other place, 0:09:38.320 --> 0:09:40.160 because she's saying she's basically wants to know they're like 0:09:40.720 --> 0:09:42.199 there other ways that she can kind of like make 0:09:42.200 --> 0:09:44.040 her money work for her. And this is what I say. 0:09:44.640 --> 0:09:47.520 One you did say you're contributing sixteen percent of your 0:09:47.559 --> 0:09:53.000 salary to your retirement account, but you're not quite up 0:09:53.040 --> 0:09:57.360 to the catch up contribution amount. I say, you know, 0:09:57.440 --> 0:10:01.280 if you have extra money, consider putting more in your 0:10:01.320 --> 0:10:04.000 four one K if you're allowed to, because you know 0:10:04.080 --> 0:10:06.400 you haven't quite put the seven you know, seventy five hundred. 0:10:06.600 --> 0:10:08.280 That's a place where you can put extra money if 0:10:08.280 --> 0:10:11.440 you have extra money. Another thing that you mentioned is 0:10:11.480 --> 0:10:14.160 that you started a wrath and I know you're a 0:10:14.240 --> 0:10:17.400 leery of losing money in stocks, but you have over 0:10:17.480 --> 0:10:20.720 ten years before you are set to retire or you 0:10:20.760 --> 0:10:24.280 desire to retire, and so typically within ten years, ten 0:10:24.360 --> 0:10:26.559 to thirteen years is a whole how we see thoughts 0:10:26.600 --> 0:10:28.120 go down and up and down up, so you have 0:10:28.200 --> 0:10:31.080 time to rebound. So you might want to consider maxing 0:10:31.080 --> 0:10:34.760 out your raw ira as well. So like maxing out 0:10:34.760 --> 0:10:37.079 your four one K and maxing out your raw ira, 0:10:37.720 --> 0:10:39.520 you know, those are two places that you can put 0:10:39.559 --> 0:10:42.480 extra money. Because the thing is this the benefit of 0:10:42.520 --> 0:10:44.840 a four one K. They both give you tax benefits, 0:10:44.840 --> 0:10:47.880 but two different sides of the tax game. Follow with me. 0:10:48.760 --> 0:10:53.200 The benefit of a four to one K is that currently, 0:10:53.320 --> 0:10:56.360 right now, it will lower your tax burden. So let's 0:10:56.400 --> 0:10:59.640 just pretend that South Florida listener makes one hundred thousand 0:10:59.679 --> 0:11:03.920 dollars year, right and of the one hundred thousand she puts, 0:11:04.000 --> 0:11:05.560 I don't know I'm just making up the number five 0:11:05.600 --> 0:11:10.480 thousand into her her four one k. The government says, well, 0:11:10.480 --> 0:11:12.800 you didn't make a hundred thousand. You made one hundred 0:11:12.840 --> 0:11:15.800 thousand minus the five that you put up for retirement. 0:11:15.920 --> 0:11:18.240 So we're gonna charge you taxes not on one hundred 0:11:18.480 --> 0:11:21.400 but on the ninety five. So you get your tax 0:11:21.440 --> 0:11:24.800 benefits up front with a four to one k. Yay, 0:11:25.000 --> 0:11:27.840 and lower our taxes. We like that. That's cute, right. 0:11:28.240 --> 0:11:30.160 And then when you go to retire and you start 0:11:30.160 --> 0:11:32.880 to pull money out, you pay taxes on the back end, 0:11:33.240 --> 0:11:34.880 so you save on tax on the front end, and 0:11:34.920 --> 0:11:36.840 then you pay taxes on the back end. That's the 0:11:36.840 --> 0:11:41.240 benefit of a four to one k front end savings leaning. Now, 0:11:41.280 --> 0:11:44.400 the benefits of a rawrray is that a raw irray 0:11:44.480 --> 0:11:47.320 is different in that it is money that you put 0:11:47.360 --> 0:11:50.679 into a retirement account after you pay your taxes. So 0:11:50.720 --> 0:11:52.440 you get your one hundred thousand dollars, you get you 0:11:52.480 --> 0:11:54.240 paid one hundred thousand dollars a year, but not really 0:11:54.240 --> 0:11:56.000 when it's all said and done, maybe you get seventy 0:11:56.600 --> 0:11:59.920 right after taxes and everything else. Right, So from that month, 0:12:00.000 --> 0:12:01.520 money you set aside and you put it in your 0:12:01.520 --> 0:12:03.760 wrath IRA. Maybe you put you know, I don't know, 0:12:03.800 --> 0:12:08.000 three thousand dollars into your raw IRA, so the money 0:12:08.040 --> 0:12:10.920 has been taxed. They done got their money, because this 0:12:11.040 --> 0:12:13.880 is money that you're putting into this retirement account after 0:12:14.280 --> 0:12:18.600 from your take home paycheck. So but when you go 0:12:18.679 --> 0:12:20.440 to pull that three thousand dollars out that you've been 0:12:20.440 --> 0:12:22.400 putting every single year, when you go to pull it out, 0:12:22.720 --> 0:12:26.160 that money most likely has grown, so you don't have 0:12:26.200 --> 0:12:28.079 to pay taxes on the money you already pay taxes on, 0:12:28.200 --> 0:12:29.960 and you don't have to pay taxes on the growth. 0:12:30.920 --> 0:12:34.360 So it's like am So what you will hear many 0:12:34.400 --> 0:12:37.400 financial advisors say is that, like, you want to have 0:12:37.600 --> 0:12:41.199 a retirement strategy that allows you one to take advantage 0:12:41.200 --> 0:12:44.680 of paying lower taxes now through your four one K 0:12:45.360 --> 0:12:48.280 and then paying lower taxes later through your raw IRA, 0:12:48.440 --> 0:12:51.480 And you're doing both, but you haven't maximized both. So 0:12:51.520 --> 0:12:53.200 that might be something that you want to look into 0:12:53.360 --> 0:12:57.960 maximizing both if you have extra, okay, and so like 0:12:58.000 --> 0:12:59.960 other than that, honestly, it sounds like you're doing a 0:13:00.000 --> 0:13:04.040 amazing you know, like it does. I don't know if 0:13:04.080 --> 0:13:06.920 there are so there is a point where I was 0:13:06.960 --> 0:13:09.240 here South Florida listener where I was doing all the things. 0:13:09.280 --> 0:13:11.760 I was maxed out on all things, and I kind 0:13:11.800 --> 0:13:14.160 of had gotten myself to as good as I knew 0:13:14.200 --> 0:13:16.560 how to get myself. I didn't have any dead you know, 0:13:16.600 --> 0:13:19.040 I owned a home, all the things, just like you. 0:13:19.160 --> 0:13:21.160 And that is when I reached out to a financial 0:13:21.160 --> 0:13:25.920 advisor and I said, I've done this. I've taken myself 0:13:25.960 --> 0:13:28.120 as far as I can take myself, and I know 0:13:28.200 --> 0:13:31.640 I'm solid, But can I do even better? And that's 0:13:31.640 --> 0:13:33.760 what I sat with my financial advisor, Anjulie, and she 0:13:33.840 --> 0:13:35.600 kind of walked me through other things, like, for example, 0:13:35.600 --> 0:13:37.280 you have a seven year old what is your life 0:13:37.360 --> 0:13:40.240 insurance looking like? You know, do you have a policy 0:13:40.280 --> 0:13:42.199 that will be able to look after her? God forbid, 0:13:42.240 --> 0:13:44.840 something should happen to you, you know, like have you 0:13:44.880 --> 0:13:48.880 done estate planning so you won't be here forever? Just 0:13:48.920 --> 0:13:51.160 because that's the nature of being a human being, right, 0:13:51.679 --> 0:13:54.800 So how do you want Like so, for example, I 0:13:54.840 --> 0:13:59.839 have a trust, and my trust dictates how my nieces 0:13:59.840 --> 0:14:02.640 and nephew and my stepdaughter will receive the funds that 0:14:02.679 --> 0:14:05.840 I've left behind for them over a period of like 0:14:05.960 --> 0:14:09.000 between now and Today's thirty. You know, like do you 0:14:09.040 --> 0:14:13.880 want that for your daughter? So a financial advisor, you know, 0:14:14.320 --> 0:14:18.400 or well, really you want to Certified Financial Planner c FP, 0:14:19.120 --> 0:14:23.200 South Florida Listener. That is the gold standard of financial advisors. 0:14:23.200 --> 0:14:26.600 Almost anyone can be a financial advisor, but a CFP, 0:14:26.720 --> 0:14:28.960 a certified financial planner, they have to take tests, they 0:14:28.960 --> 0:14:32.560 have to you know, they got to they have to 0:14:32.600 --> 0:14:34.560 like keep their license up. They also have to be 0:14:34.600 --> 0:14:36.520 a fiduciary, which means by law, they got to put 0:14:36.560 --> 0:14:38.680 you first. They got to put me first. Solutions, I 0:14:38.760 --> 0:14:42.560 gotta put me first. Okay, So there's not like a 0:14:42.760 --> 0:14:44.800 I can't say, oh, I'm gonna recommend Like obviously I 0:14:44.840 --> 0:14:46.400 love Angelie, but I don't even know if she's taking 0:14:46.440 --> 0:14:49.320 on clients right now. But so it's not like, oh, 0:14:49.360 --> 0:14:53.160 I'm going to recommend this particular financial planner. You're gonna 0:14:53.160 --> 0:14:55.680 have to interview some You're actually gonna go to Get 0:14:55.760 --> 0:15:00.480 Good with Money dot Com because I have a tool 0:15:00.600 --> 0:15:04.080 that you're gonna use, you South Florida Listener or anybody 0:15:04.120 --> 0:15:09.000 else's listening, not Hustle Magazine. What is going on? Get oh, 0:15:09.160 --> 0:15:11.360 I say, get good Money? Oh child, You know, if 0:15:11.360 --> 0:15:13.880 you type in get Good Money dot Com. It takes 0:15:13.920 --> 0:15:17.720 you a hustle magazine. Ell get Good Money Hustle Mama magazine. 0:15:17.920 --> 0:15:22.160 That's hilarious. Anyway, you're going to get good with Money 0:15:22.200 --> 0:15:24.720 dot com. And there's a little green button at the 0:15:24.720 --> 0:15:27.960 top that says get the GGWM Get Good Money toolkits. 0:15:27.960 --> 0:15:30.240 You're gonna click on that, not the book club kit, 0:15:30.280 --> 0:15:31.600 although you can get that if you want it, but 0:15:31.640 --> 0:15:34.520 you here for the toolkit. Okay? Do you gonna put 0:15:34.520 --> 0:15:37.520 your name and email in? The toolkit? Is gonna pop 0:15:37.640 --> 0:15:42.000 up automatically on whatever on Kai. And then what you're 0:15:42.000 --> 0:15:48.960 gonna do is you're gonna scroll down to chapter down 0:15:49.040 --> 0:15:54.000 down down down dun d d d D. You're gonna 0:15:54.040 --> 0:15:58.800 scrow down the chapter. I believe it's chapter nine. Yes, no, no, 0:15:59.280 --> 0:16:03.240 it's gonna it's gonna be me. What did I do? Check? Okay? No, 0:16:03.320 --> 0:16:06.120 you're gonna financial professional Okay. You're going to scroll down 0:16:06.160 --> 0:16:12.720 to chapter ten, a ninety percent hole pick your money team, okay, 0:16:13.400 --> 0:16:17.120 and you're going to click the first link, which is 0:16:17.200 --> 0:16:19.760 my sole called Financial Life Template. It's just a free 0:16:19.800 --> 0:16:23.880 template that I created that I could share with potential 0:16:23.960 --> 0:16:27.320 certified financial planners before interviewing them. That's literally what it says. 0:16:27.440 --> 0:16:29.640 It says my sole called financial life template. Use this 0:16:29.680 --> 0:16:32.480 template to create your own and share it with potential 0:16:32.720 --> 0:16:36.840 certified financial planners before interviewing them. Click, you're gonna click, 0:16:37.040 --> 0:16:39.040 and it's going to open to a Google doc for you. 0:16:39.480 --> 0:16:41.720 And here is what you're gonna fill out before you 0:16:41.760 --> 0:16:46.160 even start interviewing financial planners. Okay, and so this is 0:16:46.200 --> 0:16:48.800 just gonna be really helpful because it's really helpful to 0:16:48.920 --> 0:16:53.840 find a planner. When you share this with a planner, 0:16:54.000 --> 0:16:55.960 you can share before even get involved with them, because 0:16:55.960 --> 0:16:57.920 they'll be able to say, oh, actually I don't some 0:16:58.040 --> 0:17:02.400 planner as specialize in helping divorce women or families or 0:17:02.440 --> 0:17:06.560 millennials or whatever. So I love this template because I 0:17:06.800 --> 0:17:08.400 used it. I must have sent it out to thirty 0:17:08.440 --> 0:17:12.640 financial advisors and I only interviewed twelve of them because 0:17:12.680 --> 0:17:14.639 the other ones were like, oh, no, you're actually not 0:17:14.680 --> 0:17:16.359 a fit. So instead of me getting on the phone, 0:17:16.400 --> 0:17:18.720 I just sent them this said, hey, my friend suggested 0:17:18.760 --> 0:17:21.720 you here's my financial life in a nutshell. Do you 0:17:21.760 --> 0:17:24.199 think that I'm a fit? And they got to vet themselves, 0:17:24.359 --> 0:17:27.480 So one you're gonna do that first okay, and then 0:17:27.800 --> 0:17:32.200 fool okay after you do the end. You will see 0:17:32.280 --> 0:17:36.439 also under chapter ten of this toolkit, the third bullet 0:17:36.480 --> 0:17:40.720 says financial advisor search sites. And there's some search sites. 0:17:40.760 --> 0:17:43.240 There's three of them that have on here right, and 0:17:43.280 --> 0:17:45.119 so you can click on any one of them and 0:17:45.160 --> 0:17:48.280 start to search for a financial advisor in your area. Remember, 0:17:48.280 --> 0:17:51.480 you're looking for a certified financial planner, and you want 0:17:51.600 --> 0:17:55.600 fee only. You don't want to pay someone based upon 0:17:55.640 --> 0:17:58.160 the percentage of money they have invested, because that gets 0:17:58.160 --> 0:18:00.480 to be very, very very expensive. Want to be able 0:18:00.480 --> 0:18:03.080 to pay out a pocket. Some places you can just 0:18:03.080 --> 0:18:05.919 pay for the conversation for the you know, sometimes you 0:18:05.920 --> 0:18:09.000 can pay for annually for the year. So if it 0:18:09.040 --> 0:18:11.639 was me South Florida listener, I don't know that I 0:18:11.680 --> 0:18:13.159 would sign up for somebody to work with them for 0:18:13.160 --> 0:18:14.639 the whole year. You might not need to do all that. 0:18:15.080 --> 0:18:17.919 You might just need to sit with someone, pay for 0:18:17.960 --> 0:18:20.640 two hours or three hours of their time and say 0:18:20.680 --> 0:18:24.400 here is my my you know, my soul called financial life, 0:18:24.400 --> 0:18:26.280 which is basically what you just did in this email, 0:18:26.680 --> 0:18:29.040 and here's where i'd like to be. What are some 0:18:29.119 --> 0:18:31.320 suggestions that what I should do? You know, and they 0:18:31.359 --> 0:18:33.280 can just make those suggestions. You could do them to yourself. 0:18:33.560 --> 0:18:35.800 And if you find that there are heavier lift than 0:18:35.800 --> 0:18:37.200 you think, then you maybe you can hire them to 0:18:37.240 --> 0:18:41.199 help you do that. Does that make sense? Okay? And right, 0:18:41.200 --> 0:18:43.000 we're gonna wrap up and do your homework again. Okay, 0:18:43.240 --> 0:18:47.240 you're gonna go again to get good with money dot com. 0:18:47.240 --> 0:18:50.679 That is, I wrote a New York Times best selling book. YadA, YadA, YadA. 0:18:50.680 --> 0:18:53.879 But there's a free toolkit there that you're going to 0:18:53.920 --> 0:18:57.160 get instant access to. You can scroll to chapter ten. 0:18:57.920 --> 0:19:01.040 First bullet, download that life template. Anybody could do this. 0:19:01.040 --> 0:19:04.760 This is like for everyone listening, right, fill that out. 0:19:05.359 --> 0:19:09.400 Third bullet. Start using these sites to find a financial advisor. 0:19:10.000 --> 0:19:11.680 And when you see when you're interested in and you 0:19:11.720 --> 0:19:13.840 can ask family and friends before you get on the phone, 0:19:13.880 --> 0:19:15.680 so you don't waste their time in yours. You're gonna 0:19:15.680 --> 0:19:18.280 send them your my so called financial life temple that 0:19:18.320 --> 0:19:20.640 you fill down and let them, you know, let them 0:19:20.640 --> 0:19:22.359 decide whether you're a fit or not, and then start 0:19:22.359 --> 0:19:26.640 to interview them. Okay, again, certify financial planners only, fee 0:19:26.680 --> 0:19:30.000 only kind. There's also a ton of resources here that 0:19:30.080 --> 0:19:32.840 are all free. Well, yeah, for the most part. Yeah, 0:19:32.880 --> 0:19:34.480 I mean some of these are like book suggestions, so 0:19:34.480 --> 0:19:35.960 maybe those are not free, but you know what I mean, 0:19:36.040 --> 0:19:40.360 Like my stuff Inta is free. Okay, Okay, wasn't that 0:19:40.400 --> 0:19:43.480 good or whatever? It was? All right, We're gonna take 0:19:43.520 --> 0:19:47.280 a break, a pause for the calls, a post for 0:19:47.520 --> 0:19:50.119 the calls, and ate a pose for the calls. We're 0:19:50.160 --> 0:19:52.800 gonna take a cause for the cause. That was a 0:19:52.800 --> 0:19:55.879 great letter. Honestly, I love when you know we have 0:19:55.960 --> 0:19:57.440 it all together, you know, and I love the fact 0:19:57.440 --> 0:19:59.720 that you're reaching and wanted to do better and more. 0:19:59.720 --> 0:20:01.600 But I I just hope you patch yourself on the back. 0:20:01.760 --> 0:20:06.240 You're doing incredible in Clintee Black. Hey, all right, we'll 0:20:06.240 --> 0:20:14.840 be back in a moment. And I'm back and I'm 0:20:14.880 --> 0:20:18.680 black and I'm brown ambition. Shit, I'm back and I'm 0:20:18.720 --> 0:20:22.960 black and I'm brown ambition. I'm black and I'm black 0:20:23.200 --> 0:20:29.879 and I'm brown ambition. Don't you wish we could be friends? Hey? Okay, 0:20:29.960 --> 0:20:35.840 so we are back for question new it all dose? Sidebar? 0:20:35.960 --> 0:20:38.320 What do you guys do? Like? I? You know, round 0:20:38.359 --> 0:20:40.359 these parks. I don't celebrate the fourth because when the 0:20:40.359 --> 0:20:43.280 fourth of July was conceived, my people who are still 0:20:43.320 --> 0:20:46.280 in slang fery. Okay, but I do enjoy that day 0:20:46.320 --> 0:20:48.280 off to do whatever the hell I want to do. 0:20:48.320 --> 0:20:50.919 And we went to the shore. I rented a shorehouse 0:20:51.760 --> 0:20:53.920 and have my family and friends come on through, which 0:20:53.960 --> 0:20:56.439 was pretty awesome. This is my third year in the 0:20:56.520 --> 0:20:59.320 road doing it. You know what I really love about kids. 0:20:59.560 --> 0:21:01.760 They will have doing things that you won't do for yourself, 0:21:01.800 --> 0:21:04.720 but you absolutely will do for them. Right. So I 0:21:04.760 --> 0:21:07.840 started to do the short house because Mimimi and my 0:21:08.000 --> 0:21:11.159 row Row, my sister's two kids that live closest to me, 0:21:11.200 --> 0:21:13.760