WEBVTT - BA Q&A: Make A Decision ft. Yanely Espinal 0:00:06.200 --> 0:00:09.640 It's time for the b a q a A b 0:00:09.760 --> 0:00:12.280 a q a. What you say, the b a q 0:00:12.480 --> 0:00:16.560 a with your la he q with tippin a, the 0:00:16.680 --> 0:00:19.639 b a q a mandate, just have abay. So she 0:00:19.640 --> 0:00:22.840 ain't here right now, so we have your Nellie back 0:00:22.840 --> 0:00:25.000 in the student. Yeah. Now I want to say wrong 0:00:25.040 --> 0:00:30.080 that Espina Espinala's be now right. So she's a author 0:00:30.200 --> 0:00:33.720 of Mind Your Money, but also she's just a dope 0:00:33.960 --> 0:00:39.080 dominicana financial educator who has gotten so many amazing laws 0:00:39.080 --> 0:00:43.720 past to teach financial education in high schools around the country, 0:00:43.880 --> 0:00:46.720 including Georgia. Where else you, Nellie, have you gotten Florida, 0:00:46.960 --> 0:00:50.800 Michigan actually the most recent tues states for Connecticut and Indiana. 0:00:51.000 --> 0:00:52.559 Yeah, and one that. 0:00:52.640 --> 0:00:54.680 Is on the way so this is breaking news hasn't 0:00:54.720 --> 0:00:57.280 gotten signed yet, but it's going to hopefully very very soon, 0:00:57.480 --> 0:00:58.240 is Louisiana. 0:00:58.400 --> 0:01:02.440 Yes, girl, Okay, so you know Nelli now is she 0:01:02.520 --> 0:01:05.319 a financial educator? But she gets lost passed. So I 0:01:05.360 --> 0:01:08.080 asked her to join me to answer some questions, and 0:01:08.160 --> 0:01:09.840 we have one and this too. Actually we're going to 0:01:09.840 --> 0:01:12.199 do two part. We're going to answer a financial question 0:01:12.280 --> 0:01:14.640 and then Yanelle, y'all know, I'll be mentoring people in buses, 0:01:14.720 --> 0:01:16.960 especially brown women. And so you're not just going to 0:01:17.040 --> 0:01:18.880 ask me a question. So just get your mind right 0:01:18.880 --> 0:01:20.840 by Yanellie. What question you want to ask me? All right? 0:01:20.840 --> 0:01:22.360 So I'm gonna read this question and you can help 0:01:22.400 --> 0:01:22.800 me answer. 0:01:22.920 --> 0:01:23.200 All right. 0:01:24.160 --> 0:01:28.759 So question Hi, first time writing in long time a listener, 0:01:28.840 --> 0:01:33.440 okay girl and long time in long time Tiffany's book reader. Okay, 0:01:33.520 --> 0:01:37.240 we love that. My question is I currently have thirteen 0:01:37.280 --> 0:01:41.160 thousand dollars in an AMEX loan at an interest rate 0:01:41.200 --> 0:01:43.880 of seven percent. So an MX loan not on her 0:01:43.920 --> 0:01:46.880 credit card, so that's important to make the distinction. I 0:01:46.959 --> 0:01:49.200 have an interest rate of seven percent. My payments are 0:01:49.240 --> 0:01:51.920 around five hundred dollars ish every month, and I would 0:01:51.960 --> 0:01:54.880 like to pay it off sooner rather than later. There's 0:01:54.920 --> 0:01:57.800 so much different advice out there as to how to 0:01:57.920 --> 0:02:00.880 pay and how many payments a month addition to send. 0:02:01.360 --> 0:02:03.480 I'm trying to do what's best in pay it off fast, 0:02:03.520 --> 0:02:05.880 but I want to have a little bit of extra 0:02:05.920 --> 0:02:09.520 cash on hand in case inflation gets worse. Won't be 0:02:09.520 --> 0:02:10.960 the best way to pay off the debt where my 0:02:11.040 --> 0:02:13.680 money is going to the principle and not the interest 0:02:13.919 --> 0:02:19.160 thanks so much, sincerely, missus Burry. Okay, hey, missus Barry, Hey, 0:02:19.160 --> 0:02:22.239 missus Barry. Right, so what said you? And Ellie? So 0:02:23.000 --> 0:02:25.920 just to recap, missus Barry has a loan. It's not 0:02:25.960 --> 0:02:27.919 a credit card, which she probably has a credit card, 0:02:27.960 --> 0:02:29.799 but that's all what she's talking about. She has the 0:02:29.919 --> 0:02:33.720 blown seven percent interest. It's thirteen thousand. It sounds like, 0:02:33.760 --> 0:02:35.360 you know, she can afford to pay the five hundred 0:02:35.360 --> 0:02:37.720 bucks a month, but would like to expedite the process 0:02:37.760 --> 0:02:40.320 and pay it off sooner rather than later without using 0:02:40.360 --> 0:02:42.120 all of her money excess money every month, so she 0:02:42.160 --> 0:02:43.800 can have some money on hand in case the interest 0:02:43.919 --> 0:02:46.200 is like looking cute out here, or the inflation is 0:02:46.240 --> 0:02:48.360 not looking cute. So what would you suggest that missus 0:02:48.400 --> 0:02:48.799 Barry do? 0:02:49.880 --> 0:02:51.480 Okay, So first of all, I need her to make 0:02:51.480 --> 0:02:54.240 a decision because she's over here saying I would right 0:02:54.400 --> 0:02:56.200 like to pay it off sooner rather than later, but 0:02:56.240 --> 0:02:58.120 I also need to have a little extra cash on hand. 0:02:58.600 --> 0:03:00.320 Those are at odds Bury. 0:03:00.440 --> 0:03:01.520 So you got to choose. 0:03:01.960 --> 0:03:04.200 Are you going to focus on stacking up that extra 0:03:04.240 --> 0:03:06.880 cash in case of inflation because that's your priority, or 0:03:06.919 --> 0:03:09.639 are you going to focus on making sure you pay 0:03:09.639 --> 0:03:11.919 it off sooner rather than later, because you I mean, 0:03:11.960 --> 0:03:13.680 you know, when you're focusing your money on debt, you 0:03:13.720 --> 0:03:15.560 really have to be intentional. And so if you want 0:03:15.560 --> 0:03:17.440 to pay it off really soon, you're gonna have to 0:03:17.520 --> 0:03:19.720 keep up with the five hundred dollars payment or more 0:03:19.840 --> 0:03:22.440 every month to pay it off asap. But if you 0:03:22.480 --> 0:03:24.919 would be okay with lowering that, you're not gonna pay 0:03:24.919 --> 0:03:26.560 it off sooner rather than later. You're gonna pay it 0:03:26.600 --> 0:03:29.880 off later because you're choosing to prioritize stacking you extra 0:03:29.960 --> 0:03:32.040 savings due to really high inflation right now. 0:03:32.120 --> 0:03:32.720 And that's real. 0:03:32.760 --> 0:03:36.240 Inflation is really high, but I will know right now. 0:03:36.280 --> 0:03:39.119 Because inflation is so high, savings accounts are actually giving 0:03:39.200 --> 0:03:41.680 really high interest rates. I've seen as high as five 0:03:41.720 --> 0:03:44.880 percent on some savings accounts, online savings accounts five percent. 0:03:45.040 --> 0:03:47.440 So the fact that your interest is seven percent but 0:03:47.520 --> 0:03:50.680 your savings account is giving you five percent, that's pretty cool. 0:03:50.680 --> 0:03:52.440 Because most of the time your savings accounts will give 0:03:52.440 --> 0:03:54.080 you point zero or a one percent interest. 0:03:54.160 --> 0:03:55.880 You're not really you're lucky to get one percent. 0:03:56.080 --> 0:03:57.920 So the fact that you're getting five percent in an 0:03:57.920 --> 0:04:00.960 online savings account, it kind of makes it a little 0:04:00.960 --> 0:04:03.280 bit better if you if you did choose, it makes 0:04:03.280 --> 0:04:05.040 you feel a little better if you do choose to 0:04:05.080 --> 0:04:07.280 pay a little bit later rather than to try to 0:04:07.280 --> 0:04:09.640 pay it sooner and to be aggressive. So I personally 0:04:09.720 --> 0:04:12.560 would be okay with not being so aggressive. Since savings 0:04:12.640 --> 0:04:14.600 rates are so high right now, I might choose to 0:04:14.640 --> 0:04:16.960 prioritize saving. But that's your choice, not mine, Miss Barry. 0:04:17.000 --> 0:04:19.560 You just got to choose what is your real priority here? 0:04:19.920 --> 0:04:22.400 And I agree, so Ms Barry. You know if this 0:04:22.600 --> 0:04:25.760 was me, oh, I forgot to say this child disclosure. 0:04:26.200 --> 0:04:28.120 We just two smart brown girls. We are not your 0:04:28.120 --> 0:04:30.120 financial advisor. We're not your that's right. Then, we're not 0:04:30.160 --> 0:04:32.080 your lawyer. I'm not your mama. We ain't your We 0:04:32.200 --> 0:04:35.120 your internet cousins. So you take always say with the 0:04:35.200 --> 0:04:37.240 smallest greatest salt and sue your grandma, not me. 0:04:37.400 --> 0:04:39.840 Okay, hey pay mom. We just cousins, girl, We're not 0:04:39.880 --> 0:04:40.600 trying to get too. 0:04:42.000 --> 0:04:45.839 So to you Nellie's point that I would ask myself, 0:04:45.920 --> 0:04:48.320 like if in this crazy state you know where, like 0:04:48.400 --> 0:04:51.720 they're always crying wolf overcession every single week, right right, 0:04:51.680 --> 0:04:53.680 I ask myself how much money do I have an 0:04:53.680 --> 0:04:57.279 emergency savings? You know? If I didn't have, you know, 0:04:57.680 --> 0:04:59.880 at least three months, maybe six months, depending on what 0:05:00.120 --> 0:05:03.040 of industry you're in, you know, then I might say, girl, 0:05:03.120 --> 0:05:05.479 before I start throwing everything towards this debt, let me 0:05:05.520 --> 0:05:08.640 make sure I have a good stock of emergency savings. 0:05:08.800 --> 0:05:11.640 And so your emergency savings doesn't have to be what 0:05:11.680 --> 0:05:14.800 your normal life costs you a month time, six months, 0:05:15.080 --> 0:05:17.040 you know, three to six months. It should be what 0:05:17.040 --> 0:05:19.159 you're what I call your noodle budget life, meaning it's 0:05:19.279 --> 0:05:22.520 hairbone out, yes, your bare bones life. So what So 0:05:22.640 --> 0:05:24.800 if your regular life costs you five hundred and maybe 0:05:24.800 --> 0:05:27.560 your noodle budget life no hair done, nails done, everything did, 0:05:27.680 --> 0:05:30.920 is five hundred, five thousand, and your noodle budget life 0:05:30.960 --> 0:05:33.599 is four thousand, then you would multiply four thousand times 0:05:33.640 --> 0:05:35.960 three or four thousand times six, depending on how much 0:05:35.960 --> 0:05:38.799 you want to have saved. So if MS Barrett you're like, actually, 0:05:38.839 --> 0:05:42.240 I'm pretty good at emergency savings. I'm feeling good about that, 0:05:42.720 --> 0:05:45.400 then to your Netlie's point, then you might want to say, well, 0:05:45.440 --> 0:05:47.719 you know what I mean, Certainly I could save more, 0:05:48.279 --> 0:05:51.400 but I'm actually decent that savings, and then I can 0:05:51.440 --> 0:05:54.440 be more aggressive at paying down this debt, you know, 0:05:54.560 --> 0:05:57.080 and so you can ramp up there. So just consider that, 0:05:57.240 --> 0:05:59.799 like you know, put your safety belts or seat belts 0:05:59.839 --> 0:06:02.080 on first, and like make sure you have a decent 0:06:02.440 --> 0:06:04.680 savings account because if you are worried about inflation, and 0:06:04.680 --> 0:06:07.400 we are worried about recession and things, one of the ways, 0:06:07.640 --> 0:06:10.160 one of the safety nets to protect us during that 0:06:10.279 --> 0:06:13.960 time is our savings account. Unil your Nelly's point savings accounts, 0:06:14.000 --> 0:06:16.800 online only savings accounts are giving us high as five percent. 0:06:17.160 --> 0:06:18.880 So now it's actually a really good time to save. 0:06:19.800 --> 0:06:21.279 And that's what I would just be thinking about this, 0:06:21.360 --> 0:06:22.800 you know, Like she said, we're not making a choice 0:06:22.800 --> 0:06:25.440 for you, but this is how These are some questions 0:06:25.440 --> 0:06:27.640 you can ask yourself as you're making that choice. Do 0:06:27.680 --> 0:06:30.320 I have enough savings where I feel comfortable? Is it 0:06:30.360 --> 0:06:32.920 placed in an online only savings account where'm making the most. 0:06:33.160 --> 0:06:35.400 If that's yes, then maybe I will be more aggressive 0:06:35.400 --> 0:06:37.640 of paying down this debt. If that's no, well then 0:06:37.680 --> 0:06:40.160 maybe I'll get more aggressive and saving until I do 0:06:40.240 --> 0:06:42.760 have that and then get back to being aggressive with debt. 0:06:43.200 --> 0:06:45.680 Boom, And I will say to you know, the very end, 0:06:45.800 --> 0:06:49.000 she's like, what about the making sure that the extra 0:06:49.000 --> 0:06:51.000 payments goal towards the principle, not the interest, and not 0:06:51.160 --> 0:06:53.480 if I know you've had experience with this, but in 0:06:53.520 --> 0:06:57.280 my experience, every loan is different. The terms and conditions 0:06:57.279 --> 0:07:00.320 can vary so much that one loan that might seem 0:07:00.400 --> 0:07:02.440 very similar to this other loan actually have very different 0:07:02.520 --> 0:07:06.040 rules when it comes to paying extra. So you actually 0:07:06.040 --> 0:07:08.560 have to find out with your specific AMEX loan, this 0:07:08.640 --> 0:07:11.480 thirty thousand dollars loan that has seven percent, specifically, what 0:07:11.520 --> 0:07:14.840 are the terms around paying extra? Does it automatically go 0:07:14.960 --> 0:07:16.760 to the principle? Does it automatically go to the interest? 0:07:16.760 --> 0:07:18.200 Because they be trying to just always have it to 0:07:18.240 --> 0:07:21.680 the interest. They're so sneaky. So you might need to 0:07:21.800 --> 0:07:24.640 call and say, hey, I made an extra payment this month. 0:07:24.720 --> 0:07:26.720 I need you to help me make sure that all 0:07:26.720 --> 0:07:29.000 those extra dollars on top of the minimum bounds to 0:07:29.480 --> 0:07:32.400 go towards principle. I don't want it to pay off 0:07:32.400 --> 0:07:34.720 the interest. And you may have to make that phone call, 0:07:34.800 --> 0:07:36.600 and you also may have to just really conformable you 0:07:36.640 --> 0:07:38.880 don't may you definitely have to confirm with your terms 0:07:38.920 --> 0:07:41.040 and conditions of your loan that that is actually allowed 0:07:41.080 --> 0:07:43.480 because they may they may put in the terms of 0:07:43.480 --> 0:07:46.120 conditions that any extra payments go towards interest. If that's 0:07:46.120 --> 0:07:48.400 the case, girl, they played you. They won't even let 0:07:48.440 --> 0:07:51.040 you right. Then, they won't even let you just pay 0:07:51.080 --> 0:07:54.360 down the bounce right because the principle is never going 0:07:54.440 --> 0:07:56.720 to change. So every month it's like you can't even 0:07:56.800 --> 0:07:59.360 tackle that main chunk that they're charging interest on. So 0:07:59.600 --> 0:08:02.520 if that's not an issue with your loan, great few 0:08:02.720 --> 0:08:04.920 go ahead and add more, but make that call and 0:08:04.960 --> 0:08:06.760 make sure that they put it to the principle. 0:08:06.760 --> 0:08:08.840 Thank you, that was really great. Yes, she's right, so 0:08:08.960 --> 0:08:11.680 think about that too, Like, make that call. Make sure 0:08:11.760 --> 0:08:13.760 that like any ex this is for This is not 0:08:13.840 --> 0:08:16.080 just for missus Barry. This is for across the board 0:08:16.080 --> 0:08:19.160 that you're listening, because you're right. I had people who 0:08:19.200 --> 0:08:21.480 were paying extra, never checked, and it was going toward 0:08:21.560 --> 0:08:23.640 the interest, which is just fees that I mean, what 0:08:23.680 --> 0:08:25.560 does that even mean? You know, like if that was 0:08:25.600 --> 0:08:27.320 the case, that I might as well just pay regularly 0:08:27.520 --> 0:08:29.239 because I'm not trying to put more money in your pocket. 0:08:29.240 --> 0:08:31.960 You want to make sure that your second payment, if 0:08:32.000 --> 0:08:34.000 the first payment covers the interest of the fees for 0:08:34.040 --> 0:08:37.160 the month, then maybe your second payment is going directly 0:08:37.160 --> 0:08:39.600 to the interest and then look like, don't let them 0:08:39.640 --> 0:08:42.439 just tell you like I didn't see it go down 0:08:42.440 --> 0:08:46.400 by five hundred dollars with the second payment, you know, yes, 0:08:46.480 --> 0:08:49.400 ooh girl, yes, okay, well that was a really great question. 0:08:49.400 --> 0:08:50.720 We're gonna come back with your other It's gonna ask 0:08:50.760 --> 0:08:52.800 me a question, y'all know i'd be met to girls 0:08:52.800 --> 0:08:55.720 so great in business and stuff. And so we're gonna 0:08:55.720 --> 0:08:58.560 come back after this quick break and we will be 0:08:58.559 --> 0:09:02.280 write back with more b a qa A to b 0:09:02.400 --> 0:09:04.800 a q A. What you say the b a q 0:09:04.880 --> 0:09:07.200 eight with you in la. Okay, guys, we'll be right 0:09:07.240 --> 0:09:13.000 back a We're back, all right. So it is Brianhabishing 0:09:13.080 --> 0:09:16.160 question answer. I forgot to tell y'all if you have 0:09:16.280 --> 0:09:17.959 a question, which I know you do and you need 0:09:17.960 --> 0:09:19.880 to answer, which obviously if you have a question you 0:09:19.920 --> 0:09:23.840 need to answer, go ahead on over to briannabihonpodcast dot com. 0:09:24.000 --> 0:09:27.120 Click click contact us or ask us anything you can 0:09:27.160 --> 0:09:30.760 ask there. You can email us at Brianhibision podcast at 0:09:30.800 --> 0:09:35.120 gmail dot com. You can slide into the dims at 0:09:35.320 --> 0:09:39.600 Brianabission Podcast Brianabision Podcast on ig or you can tweet 0:09:39.679 --> 0:09:44.400 us at the BA podcast on Twitter. Okay, so now 0:09:44.480 --> 0:09:51.160 you know you can ask us questions about career, money, business, 0:09:51.400 --> 0:09:53.040 just life in general. I don't know all the things, 0:09:53.040 --> 0:09:56.800 but the things I know I'll share. So we have 0:09:56.880 --> 0:09:59.800 gan Nellie in the stew She is the new author 0:09:59.840 --> 0:10:02.839 of Mind Your Money. Well, actually, let's talk about that 0:10:02.840 --> 0:10:04.680 real quick first and then we can get into your question. 0:10:04.920 --> 0:10:06.920 So now they tell the girls a little bit about 0:10:06.920 --> 0:10:08.120 your new book, Mind Your Money. 0:10:08.679 --> 0:10:10.840 Yes, okay, So Mind Your Money is my first book. 0:10:10.880 --> 0:10:13.679 It is a book about personal finance, but mixed and 0:10:13.800 --> 0:10:17.520 we're mixed in with and told through personal stories. So 0:10:17.679 --> 0:10:20.040 a lot of you know, my childhood experiences, a lot 0:10:20.080 --> 0:10:22.040 of the experiences that I had is a teenager and 0:10:22.040 --> 0:10:24.640 going off to college and really told through like the 0:10:24.720 --> 0:10:27.800 lens of my experience as a first generation daughter of immigrants. 0:10:27.800 --> 0:10:30.800 My parents don't speak English, didn't go past the second 0:10:30.840 --> 0:10:34.120 grade and third grade in school, so no education, no money, 0:10:34.120 --> 0:10:37.240 no English, no network, and somehow managed to raise a 0:10:37.280 --> 0:10:37.880 whole bunch kids. 0:10:37.920 --> 0:10:38.040 I have. 0:10:38.080 --> 0:10:39.920 So I'm one of nine siblings, so there raise a 0:10:39.960 --> 0:10:41.800 whole bunch of kids in New York City with very 0:10:41.840 --> 0:10:44.240 little money, and so for me to now be working 0:10:44.280 --> 0:10:46.680 in financial education. I think it's really important to tell 0:10:46.720 --> 0:10:48.959 those stories so that others who have similar experience can 0:10:49.000 --> 0:10:53.400 see that you can still have your financial success, your career, 0:10:53.520 --> 0:10:56.040 all all of these accolades and successes. You can be 0:10:56.160 --> 0:10:58.800 as achieved as you want. Just because you started there 0:10:58.840 --> 0:11:00.240 doesn't mean that you have to end there. 0:11:00.520 --> 0:11:02.400 I love that. And so where can the girls find 0:11:02.400 --> 0:11:03.959 Mind your Money If they want to purchase. 0:11:03.720 --> 0:11:07.000 It, you can buy it at mind your moneybook dot com. 0:11:07.200 --> 0:11:09.360 Yes, I have it right here. Don't play yourself. 0:11:09.480 --> 0:11:17.360 Yes, cover, Yes, it's covered. Happen given a distaste popping. 0:11:18.840 --> 0:11:20.719 She's a millennial? Are you a millennial? Or z E? 0:11:21.040 --> 0:11:21.800 I'm a millennial? 0:11:21.920 --> 0:11:24.400 Okay, I'm like girl, I'm gonna asking. I'm like what 0:11:24.480 --> 0:11:29.359 they say now. 0:11:27.120 --> 0:11:28.920 Some of these terms are going to be tried and 0:11:28.960 --> 0:11:31.760 true because listen, we know they think they come up 0:11:31.800 --> 0:11:32.200 with new words. 0:11:32.240 --> 0:11:35.120 I'm like, girl, we've been saying that right late. 0:11:35.600 --> 0:11:38.960 Okay, So y'all know that I mentor I do like 0:11:39.000 --> 0:11:41.200 I officially I have about I'm gonna say like ten 0:11:41.240 --> 0:11:43.839 to fifteen like official mentees that I talk to fairly 0:11:43.920 --> 0:11:46.440 regularly on a monthly, if not daily basis. Some of 0:11:46.440 --> 0:11:49.400 them because they be asking. But I also started an 0:11:49.440 --> 0:11:52.920 online mentorship digital mentorship community where I do a live 0:11:53.000 --> 0:11:57.560 lesson every month. There's live networking digitally every month. I 0:11:57.559 --> 0:11:59.599 actually meet mentees in person, like I'm gonna be a 0:11:59.600 --> 0:12:02.200 Maryland a couple of weeks depending when you listen to this, 0:12:02.880 --> 0:12:05.240 and then we do like a mentee dinner where take 0:12:05.240 --> 0:12:08.440 the mentees out for dinner every Thursday. I share a 0:12:08.480 --> 0:12:10.840 tool or resource like in Nellie if you listen to 0:12:10.880 --> 0:12:14.440 the episode before this. One of the resources I shared 0:12:14.440 --> 0:12:17.280 with her when her book came out was like, Okay, here, 0:12:17.520 --> 0:12:20.120 here's literally my marketing plan, my seven month marketing plan 0:12:20.200 --> 0:12:22.680 for when I wrote down my book, and so as mentees, 0:12:22.720 --> 0:12:24.439 that's what you get. So if you're interested in being 0:12:24.480 --> 0:12:27.920 a mentee, you can join us. It's twenty bucks a 0:12:27.960 --> 0:12:32.200 month at my mentor Tiffany dot com and you can 0:12:32.240 --> 0:12:34.160 get a little insight of what I do round here. 0:12:34.200 --> 0:12:35.720 When I answer you Nelly's question, I don't know what 0:12:35.720 --> 0:12:37.400 her question is, but we've been to answer as best 0:12:37.400 --> 0:12:37.960 as coffee. 0:12:38.280 --> 0:12:40.200 I got a question, Ah. 0:12:40.120 --> 0:12:42.520 All right, no, so you know, I mean, you've just 0:12:42.679 --> 0:12:44.880 been doing business for so long, and I think the 0:12:44.920 --> 0:12:46.840 cool thing about the way you've built your business is 0:12:46.880 --> 0:12:49.160 that you've done it in so many different ways, Like 0:12:49.160 --> 0:12:51.040 there's so many facets to the work that you do 0:12:51.320 --> 0:12:53.920 that you obviously have a lot of passion for. So 0:12:54.000 --> 0:12:55.720 I'm in a position in my business now where I 0:12:55.720 --> 0:12:57.240 have a lot of passion for a lot of the. 0:12:57.160 --> 0:12:58.800 Parts of the business, and there's other things that I 0:12:58.840 --> 0:12:59.959 did I'm like not so. 0:13:00.040 --> 0:13:04.439 Passionate about that, but I look at like the analytics 0:13:04.440 --> 0:13:06.040 for the different streams of income that I have for 0:13:06.080 --> 0:13:08.160 my business, and I'm like, Okay, I love doing that, 0:13:08.240 --> 0:13:10.160 and it happens to be like thirty eight percent of 0:13:10.200 --> 0:13:11.800 the income that I brought in last year the revenue 0:13:11.840 --> 0:13:13.120 that I brought in last year for my business. So 0:13:13.120 --> 0:13:15.080 that's great because it's a big junk and I like 0:13:15.160 --> 0:13:17.880 doing it. There may be another big chunk that brings 0:13:17.920 --> 0:13:19.480 in a lot of money but I don't really enjoy 0:13:19.520 --> 0:13:21.280 doing it, And then there may be other things that 0:13:21.360 --> 0:13:23.559 I really love doing but they don't bring in no 0:13:23.679 --> 0:13:26.360 naing money. So now I'm at the position where I 0:13:26.360 --> 0:13:28.560 have to make this decision about where I really going 0:13:28.640 --> 0:13:31.160 to prioritize my efforts and my time is it, you know, 0:13:31.480 --> 0:13:34.480 just focus on the money, and like, look at the 0:13:34.559 --> 0:13:36.839 you know, the data, and if that's the largest revenue stream, 0:13:36.840 --> 0:13:39.040 double triple down on that because that's clearly making me money. 0:13:39.360 --> 0:13:40.959 And kind of, you know, maybe you enjoy it a 0:13:41.000 --> 0:13:41.560 little bit. 0:13:41.400 --> 0:13:43.400 Maybe it's not the most thing you're most passionate about, 0:13:43.400 --> 0:13:46.000 but at this point, it's a business, So like focus 0:13:46.040 --> 0:13:49.400 on those largest revenue streams or you know, do you 0:13:49.520 --> 0:13:50.920 advise that it'd be more a little bit more of 0:13:50.960 --> 0:13:53.320 a balance, because I fear that if I do that, 0:13:53.720 --> 0:13:55.600 I'm just going to burn out because I'm not loving 0:13:55.600 --> 0:13:57.440 what I do type of things. So I don't know 0:13:57.440 --> 0:13:59.280 what would you do in that position if you're like 0:13:59.520 --> 0:14:01.480 kind of trying at the fork in the road and 0:14:01.520 --> 0:14:02.760 like having to make that decision. 0:14:03.080 --> 0:14:05.760 I have been there many, many many times. I just 0:14:05.880 --> 0:14:09.440 was there and I made the decision. So to your point, 0:14:09.440 --> 0:14:11.400 this happens a lot, especially when you are in the 0:14:11.440 --> 0:14:14.439 business of you like the budgetista is the business of Tiffany, 0:14:14.760 --> 0:14:17.640 you know, misbe helpful. Your business is the business of Yanelli. 0:14:17.760 --> 0:14:20.400 Like you show up, it's books, it's speaking, it's folks person, 0:14:20.480 --> 0:14:23.480 it's you know, so one of the things you have 0:14:23.520 --> 0:14:25.960 to do well one identify that I'm so glad you did. 0:14:25.960 --> 0:14:27.600 The first step, which is great, is that one you 0:14:27.680 --> 0:14:30.280 identified internally, I like this, I don't like that, and 0:14:30.320 --> 0:14:32.880 you've made this list, you know. So that's step one, 0:14:32.920 --> 0:14:36.040 which is super critical. Then step two you put some 0:14:36.200 --> 0:14:39.680 numbers to it. Where's the money actually coming from? You know? 0:14:39.920 --> 0:14:42.800 So that's also very, very very important because you don't 0:14:42.800 --> 0:14:44.480 want to make a decision without actually looking at what 0:14:44.520 --> 0:14:47.000 the numbers say. And then step three, I want you 0:14:47.040 --> 0:14:49.000 to know that if where you can make ten dollars, 0:14:49.080 --> 0:14:50.960 you can make a hundred. Where you can make a hundred, 0:14:51.000 --> 0:14:52.680 you can make a thousand. So this is what I 0:14:52.720 --> 0:14:55.320 tell myself. So there are areas of the business, just 0:14:55.360 --> 0:14:57.760 like you, that I really did not enjoy, and so 0:14:57.920 --> 0:15:00.720 I did not I knew I have to pivot away 0:15:00.720 --> 0:15:04.080 from them, but not yet, girl, because it pays the bills, right, 0:15:04.400 --> 0:15:06.880 And so I was like, hold up. So what I 0:15:06.920 --> 0:15:09.440 did was I did them, and then you know, every 0:15:09.440 --> 0:15:11.720 few months I did a little bit less and I 0:15:11.800 --> 0:15:14.960 really leaned in because if I'm making ten dollars in 0:15:15.040 --> 0:15:16.920 this part that I like, I can make a hundred, 0:15:17.240 --> 0:15:20.240 what are some things I can do to maximize my 0:15:20.280 --> 0:15:23.280 earning potential in the areas that I enjoy. You see, 0:15:23.280 --> 0:15:25.600 you know what I mean? So slowly asking yourself that question. 0:15:25.640 --> 0:15:29.960 And the key for being like to be able to 0:15:30.040 --> 0:15:34.600 pivot really effectively is to ask the questions, ask the question. 0:15:34.680 --> 0:15:38.200 Because every I say, questions and answers are twins that 0:15:38.240 --> 0:15:41.040 have been separated at birth. So the moment that you 0:15:41.120 --> 0:15:44.840 ask a question, an answer is immediately born and then separated. 0:15:45.600 --> 0:15:48.480 And the better the question, the better the answer that 0:15:48.520 --> 0:15:51.480 you'll receive. But it's your job to search out the 0:15:51.520 --> 0:15:54.680 answer and reunite them. And so the fact that you're 0:15:54.680 --> 0:15:57.840 asking this question means that an answer exists because you're 0:15:57.840 --> 0:16:01.440 asking me, and I'm saying, solved it. And so as 0:16:01.480 --> 0:16:03.440 we talk through it, you're gonna be like, Okay, so 0:16:03.560 --> 0:16:05.080 you're gonna you want to put your business out here. 0:16:05.160 --> 0:16:07.080 But if we were just like no one else was 0:16:07.080 --> 0:16:09.600 on this call, I would ask, what's the specific thing? 0:16:09.840 --> 0:16:11.520 Because you might be saying, let'sten, I'm just gonna make 0:16:11.520 --> 0:16:13.840 it up for you. Let's just say that you love 0:16:13.920 --> 0:16:17.160 speaking engagements but you hate spokesperson work. Let's I'm just 0:16:17.160 --> 0:16:20.000 making it up, you know, And so then you might 0:16:20.000 --> 0:16:22.240 be like, I might be like, Okay, here are some 0:16:22.320 --> 0:16:25.440 ways that I have learned to maximize my speaking engagement Janelle, 0:16:25.800 --> 0:16:29.560 because now you're asking very specific questions. The more specific 0:16:29.600 --> 0:16:32.160 the question, the better they answer, you're gonna receive, you know. 0:16:32.200 --> 0:16:35.160 So it's like okay, because you're gonna ask me, like, so, 0:16:35.200 --> 0:16:37.080 how do I make more speaking engagements? I'm like girl. 0:16:37.120 --> 0:16:38.680 In the beginning, I used to do these one on ones, 0:16:38.960 --> 0:16:40.560 and then I used to do one to few, but 0:16:40.600 --> 0:16:43.280 then I started to get contracts that's also speaking. And 0:16:43.320 --> 0:16:45.320 then because it was like me teaching in a classroom. 0:16:45.400 --> 0:16:49.600 And also always offer up your book, like that's another 0:16:49.640 --> 0:16:52.600 way to increase you know, like your potentially what you 0:16:52.640 --> 0:16:56.480 can make. And then when you're speaking, see if you 0:16:56.520 --> 0:16:58.920 can get the audience to sign up for a freebie 0:16:59.320 --> 0:17:01.800 and like you know, when you're there and then but 0:17:01.880 --> 0:17:04.160 so the freebie of makes them go to your website. 0:17:04.160 --> 0:17:07.399 You know, is your website misbehelpful dot com. Right, so 0:17:07.480 --> 0:17:09.320 let's just say they go to misbehelpful dot com, they 0:17:09.320 --> 0:17:11.119 download the freebee and now you have their name and 0:17:11.160 --> 0:17:14.080 their email and you can then upsell them something else, 0:17:14.840 --> 0:17:16.480 you know, so maybe you have a product or a 0:17:16.480 --> 0:17:18.879 service or whatever. So you're doing the speaking thing, so 0:17:18.960 --> 0:17:22.080 you get paid the money to speak, the people in 0:17:22.119 --> 0:17:25.120 the audience come to you that hear you, they download 0:17:25.160 --> 0:17:27.600 your freebie, and sometimes the freebie is just if you 0:17:27.640 --> 0:17:29.719 really like this presentation and you want a copy of it, 0:17:30.000 --> 0:17:31.919 send me an email and I'll send it to you. 0:17:31.960 --> 0:17:33.440 And really what they're doing is they're going to give 0:17:33.440 --> 0:17:35.560 you the name an email and now you can say, 0:17:35.680 --> 0:17:37.439 do you also know I also have this? And I 0:17:37.480 --> 0:17:39.919