Speaker 1: It's time for the b a q a A to
Speaker 1: b a q A. Would you say the b a
Speaker 1: q Mandy, it'd be a q A with tiffin A
Speaker 1: to b a q a A. Hey, Andrea gorgeous. Well,
Speaker 1: first of all, if you have questions, we might have
Speaker 1: some answers, but we are not your doctor, your attorney.
Speaker 1: You have financial advisor with just your friend. So you're
Speaker 1: gonna take what we say with the small skate of salt.
Speaker 1: You're gonna leand it to the people that you pay
Speaker 1: a ka sue your granny, not us.
Speaker 2: Okay, So got that out of the way. We're doing
Speaker 2: money questions this week.
Speaker 1: Or you've read read and what do people have questions?
Speaker 1: Work at as.
Speaker 2: Oh, thank you for queuing up that for me. So
Speaker 2: you can go to brand Ambisson podcast at on Instagram.
Speaker 2: We are at Brown Ambition What what are words? We're
Speaker 2: at Brown Ambition podcast on Instagram. And then you can
Speaker 2: email us Brandon Mission Podcast at gmail dot com with
Speaker 2: your questions and if you have a follow up, what
Speaker 2: would be really amazing is if you could remind us
Speaker 2: what was your first question, because Instagram doesn't make it
Speaker 2: super easy for us to go back.
Speaker 1: Even if you like, it would be great if you
Speaker 1: were like an episode, because we have the numbered an
Speaker 1: episode forty five.
Speaker 2: You know, yeah, exactly tell us what episode yours question
Speaker 2: was in.
Speaker 1: So that we could go back and be like, oh,
Speaker 1: that's right, that's right.
Speaker 2: Okay, very smart. All right, Tiffany, our first question is
Speaker 2: from someone who wants to be called a mama trying
Speaker 2: to do it all. Okay, she spelled your name in
Speaker 2: a hilarious fashion. Hey, Andy and tif t I p h.
Speaker 1: I've seen that you're giving me a life, tiff.
Speaker 2: Thanks for all your wise words and always being my
Speaker 2: piece when I'm feeling stressed as a mom with a
Speaker 2: two year old. I love putting on your podcast and
Speaker 2: listening throughout the day in the background. I'm thirty four
Speaker 2: and I love my job and I've been there for
Speaker 2: over ten years. I work full time, I have work
Speaker 2: from home flexibility, and I'm debt free. I have over
Speaker 2: two hundred thousand dollars in my four to zero one
Speaker 2: K and an eight fifteen credit score. Is this a
Speaker 2: question or like your dating profile?
Speaker 1: I do.
Speaker 2: Also, she won't need one, because the next sentence says,
Speaker 2: my husband and I took up the site Routes in life.
Speaker 2: He went the education route and is building his career
Speaker 2: right now. He works part time, but he's a huge
Speaker 2: help with childcare. He's also debt free except for student loans.
Speaker 2: Despite him working part time, we have still managed to
Speaker 2: save around forty five thousand dollars amazing. What do we
Speaker 2: do with that savings? Do we leave it? Or do
Speaker 2: we buy our first house? Where in California and prices
Speaker 2: are absolutely crazy. We've looked at a few homes, but
Speaker 2: realize that our mortgage would be more than double from
Speaker 2: what we currently pay in rent. I'm hesitant with my
Speaker 2: husband's income right now, but also our two year old
Speaker 2: will be starting pre K soon and although that may
Speaker 2: be an extra expense, that would allow my husband to work. Oh,
Speaker 2: although that would be an extra expense, it also allowed
Speaker 2: my husband to work more to increase our finances. If
Speaker 2: we don't purchase a home and continue to save, should
Speaker 2: I put the money in a high yield savings account?
Speaker 2: Thanks for your suggestions.
Speaker 1: Oh Mama, trying to do it all well far as
Speaker 1: we want to acknowledge, Girl, you're doing the damn doing
Speaker 1: the damn doing the damn thing with the money that
Speaker 1: you have for your four O one K, your credit score,
Speaker 1: the fact that you're both debt free even though your
Speaker 1: husband has student loans, and you've still been still managed
Speaker 1: with the child to save forty five thousand dollars. Girl,
Speaker 1: do you want to host abodcast?
Speaker 2: Yeah, that's all.
Speaker 1: We want to give you your accolades. So let's break it down. Okay. So,
Speaker 1: to me, home ownership is not always the answer for
Speaker 1: all the girls, and so purchasing a home, certainly, you know,
Speaker 1: can positively affect your finances, but it has to make
Speaker 1: financial sense, and paying double what you pay now in
Speaker 1: rent might not. Although the likelihood is that your home
Speaker 1: is going to appreciate in value because you're in California still,
Speaker 1: you know, by you know, you're probably gonna erode whatever
Speaker 1: that was because you would pay so much more as
Speaker 1: it relates to your mortgage and taxes and things like that.
Speaker 1: So I think home ownership, if you are looking at California,
Speaker 1: might be something that you would pause for now. So
Speaker 1: that's probably what I'd be thinking. Two, I'd be looking
Speaker 1: at this forty five I'm assuming this forty five thousand
Speaker 1: dollars is your emergency savings. How many months is this?
Speaker 1: Is it? You know? Three months? Is it six months?
Speaker 1: Is it a year of emergency savings?
Speaker 2: Speaking from experience, that's probably like a good three or
Speaker 2: four months.
Speaker 1: That's what I was thinking it was giving.
Speaker 2: Which sounds insane, But in California with a familis, it's
Speaker 2: giving a month at least.
Speaker 1: Yeah, it's giving about three or four months or which
Speaker 1: which is good. Which I mean if it was me,
Speaker 1: three or four months, it's emergency savings is like a
Speaker 1: safety belt. It's not meant to be cute, just meant
Speaker 1: to sustain. And so I probably would put that either
Speaker 1: in a CD, like a rollover CD that has no
Speaker 1: early withdrawal fees, or I would put it in a
Speaker 1: high yield savings account, as you suggested, because that money
Speaker 1: is meant to be accessible in case something does happen.
Speaker 1: So that's my first initial piece of advice. Hey, ba fan,
Speaker 1: we're gonna take a quick break and we'll be right back.
Speaker 2: I was just wondering what rates are like on savings
Speaker 2: accounts these days. Once se for like an online account
Speaker 2: four point five percent apy or higher. I mean, that
Speaker 2: sounds pretty damn good these days. I'm curious you said
Speaker 2: a CD, but CDs will lock up your money for
Speaker 2: a certain period of time, like at least six months.
Speaker 1: Right, No, not necessarily. The only reason why it's fresh
Speaker 1: in my mind is because literally for business, I had
Speaker 1: my bank. I was like, girl, we have we have
Speaker 1: six months of emergency savings for the business. And I said,
Speaker 1: it's just sitting here. What can we do? And they
Speaker 1: mentioned they had a two month CD, and I said, oh,
Speaker 1: so what I like to do? So we have six
Speaker 1: months saved? So I said, well, what if we put
Speaker 1: four month and the two month CD leaving two months free,
Speaker 1: so if something happens, we have the two months available,
Speaker 1: and then at four months, you know by the time
Speaker 1: it like, you know it's available. If something's happened, you
Speaker 1: know we're ready to use it because we let up
Speaker 1: two months. So some CDs are two months, three months,
Speaker 1: and so it's something to just consider sometimes because you're
Speaker 1: willing to lock your money down, even just a little bit,
Speaker 1: you can generate more than than a just a regular
Speaker 1: high yield savings account. Something to look into. So they
Speaker 1: do definitely sometimes have CDs for shorter periods of time.
Speaker 1: So if you have if there is a two month CD,
Speaker 1: that maybe gives you say, like I don't know, four
Speaker 1: point seventy five percent, you know, and you have four
Speaker 1: months worth of emergency savings. Maybe you keep two in
Speaker 1: a high yield savings account, two in the CD and
Speaker 1: let it continue to roll over, you know, like as needed.
Speaker 1: And so that's just something to consider. So you can
Speaker 1: make a little bit more money with your money if
Speaker 1: that makes sense. That's just bank to bank. So question,
Speaker 1: do we what do we do with this? Do we
Speaker 1: buy our first house? I probably pause? And then what
Speaker 1: do we kind of do with this money? I probably
Speaker 1: would do what you what you kind of suggested for yourself.
Speaker 1: But ultimately, I think the biggest thing is especially you know,
Speaker 1: you guys are this great age where it's like, you know,
Speaker 1: you've made these choices that are really aligned. The really
Speaker 1: important thing is to ask yourself, what's my desired outcome
Speaker 1: for our money? You know, like do we want to
Speaker 1: be homeowners? Do we want to move back home with
Speaker 1: you know and be by our parents, you know, who
Speaker 1: live in Wisconsin. I'm just making this up, you know,
Speaker 1: do we want to be millionaires by forty that It's
Speaker 1: going to be really, really, really important for you to
Speaker 1: determine what do we want the next five ten plus
Speaker 1: years to look like, because that will dictate what you
Speaker 1: do with your money, you know, So I sit down
Speaker 1: with your husband and say, Okay, in five years, this
Speaker 1: is what i'd like. Maybe you write it down, he
Speaker 1: writes it down, and you guys look at it together.
Speaker 1: So you could tell your money what to do so
Speaker 1: you can reach those that desired outcome. I think that's
Speaker 1: really where you are right now. Put your money, you know,
Speaker 1: in a high yield savings counter CD, sit down with
Speaker 1: your hubby and say here's where we'd like to be
Speaker 1: in the next five years and then ten years, you know,
Speaker 1: and then then make your choices based upon that.
Speaker 2: Yeah, I would just add it sounds like because I'm
Speaker 2: in the same predicament. The more childcare I have, the
Speaker 2: more expensive it is, right, But the more capable you
Speaker 2: are then of like creating more income for yourself. And
Speaker 2: like you mentioned, you know, paying for pre K, which
Speaker 2: I think is a tragedy, Like why is universal pre k?
Speaker 1: Do you pay for pre K in New York as
Speaker 1: it's free in New Jersey?
Speaker 2: Up in New York City there is universal three K
Speaker 2: pre k, So like for threes en up in where
Speaker 2: I live, in our school district, we got very lucky
Speaker 2: that the year that Rio was pre K eligible, they
Speaker 2: reduced the first UPK program in our school district. We
Speaker 2: were like the last ones. And even then it's only
Speaker 2: from like nine to two, and then you pay for
Speaker 2: the extended care or the you know, pre the extended
Speaker 2: care before school and the extended care after school. Yeah,
Speaker 2: but it's still like I think with all of that,
Speaker 2: we'd still pay about five or six hundred dollars a month,
Speaker 2: but certainly a lot less than the three thousand dollars
Speaker 2: we were selling out before. And it's just inside.
Speaker 1: I didn't realize that it wasn't because New Jersey they
Speaker 1: started ABBOT program years and years ago when I was
Speaker 1: a teacher, so like over fifteen years ago. And then
Speaker 1: I guess I don't know if somebody sued that was
Speaker 1: named was Abbot saying like, hey, I don't know if
Speaker 1: it's let me not say New Jersey, let me say
Speaker 1: New York, because I don't know for you all kind
Speaker 1: of fight me, like, but in Newark, I believe that
Speaker 1: there was this ABBOT lawsuit saying that like children in
Speaker 1: Newark and maybe maybe Esces County didn't have access to
Speaker 1: proper find you know, proper education at the certain age.
Speaker 1: So anyway, they made preschool into public school basically essentially
Speaker 1: where three or four year olds are considered like going
Speaker 1: to public school. So it is the full you know,
Speaker 1: seven to three or whatever day, and then you can,
Speaker 1: of course, you know, there's sometimes just after school. But yeah,
Speaker 1: I just took it for granted that, like that's right.
Speaker 1: I forgot that many places you still pay it to
Speaker 1: your kid gets sometimes even kindergarten is half day certain places.
Speaker 2: I mean nine to two might as well be a
Speaker 2: half day as far as I'm concerned, Like what am
Speaker 2: I supposed to do with that five hours? Oh my goodness. Yeah,
Speaker 2: So my heart just goes out to you in that regard.
Speaker 2: But you know, letting your husband, I will say, like,
Speaker 2: it is nice to have the parent there to help
Speaker 2: with the childcare and all of that, but your husband's
Speaker 2: building his career. He needs to go fulfill his dream too,
Speaker 2: and so I think investing in that childcare, even if
Speaker 2: it means like you know, let's keep more money in
Speaker 2: the bank now, like that is still like you don't
Speaker 2: know what will happen in the future in terms of
Speaker 2: like home prices and things like that. But I feel
Speaker 2: like right in front of you, it just makes the
Speaker 2: most sense to keep that money set aside for your
Speaker 2: you know, for your family's emergency funds. You your husband
Speaker 2: can like continue building his career and you guys can
Speaker 2: do it without a ton of pressure on that funding.
Speaker 2: And certainly wouldn't want you to like put your down
Speaker 2: put all that money into like would that even be
Speaker 2: enough for a doown payment? And some like probably not, Like,
Speaker 2: it just seems like earmarking that for emergency savings is
Speaker 2: great and then building on that for your long term
Speaker 2: savings so you can buy a house. Yeah, sounds good.
Speaker 2: On your own time, Yes, on your own time. All right,
Speaker 2: let's take a quick break and we'll be right back
Speaker 2: with question number two. B r B al rightba fan,
Speaker 2: we are back.
Speaker 1: Tiff.
Speaker 2: You want to read this one from Natasha from Instagram?
Speaker 1: Yes? Is it? Yes? Okay? Good morning. First and foremost,
Speaker 1: I'd like to say how much I enjoy your podcast. Well,
Speaker 1: we enjoy you, Natasha. Thank you, Tasha says, can I
Speaker 1: call you Tasha? My question is how to unlock the
Speaker 1: next budget friendly step in my financial journey. I have
Speaker 1: a good foundation on various topics and would like to
Speaker 1: invest with education and purpose. But the experts I research
Speaker 1: require at least ten thousand dollars for their program. In
Speaker 1: my world, we call that high ticket item, okay, and
Speaker 1: looking for ways to get into real estate, the coaches
Speaker 1: are charging at least fifteen thousand for their services. I
Speaker 1: do have monthly income of about five hundred dollars to
Speaker 1: put toward these products, but certainly not thousands of dollars.
Speaker 1: I've cleared all my dad. Go ahead, girl, invest about
Speaker 1: fifty dollars via robberhood. I'm also a seven year homeowner.
Speaker 1: How can I elevate well on a budget? Okay? Okay?
Speaker 1: How do you feel mandy about like the high ticket
Speaker 1: item coaches?
Speaker 2: Well, here's the thing. I do think that. I think
Speaker 2: that when you are looking for education on something like
Speaker 2: real estate and you just do a search online, the
Speaker 2: first thing you're going to see, I think, are a
Speaker 2: lot of these really high ticket paid courses and things
Speaker 2: like that which can make you feel like, oh, that
Speaker 2: must be what I need in order to do this.
Speaker 2: But I guarantee you, if you look at the you
Speaker 2: know how this real estate coach got their start. It
Speaker 2: wasn't through investing fifteen k in a coach, they probably
Speaker 2: did a lot of education and you know self education,
Speaker 2: self taught first and looking at mentors and books. People
Speaker 2: forget about books. Go into the library is a wonderful,
Speaker 2: very simple thing to do in a way to educate yourself.
Speaker 2: I surely wouldn't spend that much money unless I had
Speaker 2: really good evidence that it was going to, you know,
Speaker 2: result in the goal that I wanted. And when it
Speaker 2: comes to real estate, I don't know how you could
Speaker 2: promise someone that they would be in real estate investor
Speaker 2: and make you know, a good return on their investment afterward.
Speaker 2: Like that's really hard to promise. So I'm not saying
Speaker 2: that they wouldn't be worth it, but I would just say, like,
Speaker 2: before you get there, like do some base level education
Speaker 2: and you know, find out what kind of real estate
Speaker 2: investor do you want to be. Are you someone who
Speaker 2: wants to be a landlord or does being a landlord
Speaker 2: seem like way too much trouble for you? So are
Speaker 2: you looking to maybe you know, invest in a property
Speaker 2: and then flip it, like to insel it? Those are
Speaker 2: completely different approaches. Do you want to have an Airbnb
Speaker 2: property where someone else manages the property for you and
Speaker 2: you don't have to do the day to day stuff.
Speaker 2: Maybe you are more hands on, Like there's there's a
Speaker 2: lot and if you can't afford it, that's almost the
Speaker 2: first answer. It's like, if you can't afford it, you
Speaker 2: don't have to do that. Yeah, there's other lower ticket
Speaker 2: ways of educating yourself.
Speaker 1: And so I'll say that. So one of my friends,
Speaker 1: her name is Christina Aguilera, like not the sayer Christina
Speaker 1: with the cake. Wait really yeah, I know, I think
Speaker 1: I know, so Christina with the CA. So Christina lives
Speaker 1: in Saint Louis. I don't know if she still lives there.
Speaker 1: But so, I mean she's like slaying and now when
Speaker 1: it comes to real estate and she's talked about how
Speaker 1: a matter of fact, you should probably follow her. It's
Speaker 1: Christina with a K. I think she's on ig as
Speaker 1: Christina Aguilera with the K. So she talks about how,
Speaker 1: I want to say, she maxed out her credit cards
Speaker 1: eighty thousand dollars doing what you're trying to do.
Speaker 2: Now.
Speaker 1: When she first started, she was like, girl is of
Speaker 1: course yes, she said, evenly you knew how much? Like
Speaker 1: but that was many many years ago, and she was
Speaker 1: like knowing what she knows. Now. To Mandy's point, I've
Speaker 1: hed her say she would have started slower because there
Speaker 1: are there are certainly courses in people that are going
Speaker 1: to be worth that amount of money. But for you,
Speaker 1: if you are playing Russian Roulette, that you think that
Speaker 1: you're going to pick them out right away, because what
Speaker 1: will happened is is that if you start, like to
Speaker 1: Mandy's point, with like, oh, you know they have YouTube
Speaker 1: and you know there are books, and you will start
Speaker 1: to really get through the grapevine. Who are the people
Speaker 1: that really know the thing. So one of the things
Speaker 1: that Christina did she had visited me andknew a few
Speaker 1: years back, and what I thought was so great. She
Speaker 1: said there was these Facebook groups of like like Budding
Speaker 1: and Deeper real estate investors, and they had these Facebook
Speaker 1: groups and they would do meetups, which I thought that
Speaker 1: was so great. I've heard this, yeah, and it was
Speaker 1: totally free. She just joined the Facebook group and they'd
Speaker 1: be like, Oh, we're going to be in in Elizabeth
Speaker 1: at such and such you know restaurant, like you know,
Speaker 1: getting some drinks. And I just love that because they're
Speaker 1: at those meetups, they were, you know, talking the type
Speaker 1: of real estate investing Christina does. Typically she purchases a property,
Speaker 1: she renovates, and then she the seals of rents it out.
Speaker 1: So they were in New Jersey talking about you know
Speaker 1: what contractors that, oh, don't use him and this is
Speaker 1: what you So it was and that didn't cost anything,
Speaker 1: you know, I was I was able to just go
Speaker 1: and I thought it was fascinating because I told her
Speaker 1: I was kind of maybe interested investing in real estate.
Speaker 1: She was a girl before you spend any money come
Speaker 1: to these meetups to ask these questions. So I, you know,
Speaker 1: I just share mandy sentiment that it doesn't mean that
Speaker 1: sometimes we don't have to spend money to take ourselves
Speaker 1: to the next level. But I don't believe in starting there,
Speaker 1: you know, because the likelihood that you'll actually pick the
Speaker 1: person where you're going to get a return on investment
Speaker 1: is not very likely. It is better to exhaust all
Speaker 1: the free options and then the lower tier and then
Speaker 1: you can grow, you know, because typically if you are
Speaker 1: going to work with the coach that costs a lot
Speaker 1: of money, I need to see a direct return. So
Speaker 1: for example, the most expensive coach coach I ever used,
Speaker 1: it was expensive. I don't know if I'd ever do
Speaker 1: this again. It was thirty five thousand dollars a month,
Speaker 1: and it wasn't for this one coach. It was for
Speaker 1: it was, yes, this one coach that coached myself and
Speaker 1: my co founder, but he also had a financial coach
Speaker 1: come coach my financial team, a marketing coach to coach
Speaker 1: my marketing team, an HR coach, So he came with
Speaker 1: a team of coaches that coach all of my teams.
Speaker 1: You know, so you got for thirty five thousand dollars
Speaker 1: a year a month, I'm sorry that's what you got.
Speaker 1: But it was excellent because our first year working with him,
Speaker 1: we went from I don't know, maybe four or five
Speaker 1: million dollars a year to ten million dollars that year.
Speaker 1: So you know that, cause what is thirty five thousand
Speaker 1: many times twelve months.
Speaker 2: Don't get to meet oion a lot of money.
Speaker 1: Five thousand dollars times twelve months.
Speaker 2: Thirty times twelve was thirty six three hundred and sixty
Speaker 2: thousand dollars or something three.
Speaker 1: Yeah, so it was a lot. But like I said,
Speaker 1: we the investment was three hundred and sixty but.
Speaker 2: I could at the time business one hundred and twenty
Speaker 2: thousand dollars. First of all, that is such an unfair
Speaker 2: math question to just ask someone what makes you think
Speaker 2: I know how to calculate twelve times thirty five?
Speaker 1: For us, it was worth it.
Speaker 2: On the spot, like I'm the calculator.
Speaker 1: He doubled our revenue from like four or five million
Speaker 1: to like ten million. But do you see? So it's
Speaker 1: like we paid basically half a million to make five
Speaker 1: or six millions. So, but that is not the only
Speaker 1: way I could have gotten there. One. We were already
Speaker 1: a profitable company many years in business, and I vetted him,
Speaker 1: vetted and vetted him because if I was going to
Speaker 1: spend that kind of money, I wanted to know did
Speaker 1: you use it? You use it? So do you see
Speaker 1: what I mean? I could not have made that bet
Speaker 1: early on in my career, you know. So I'm just
Speaker 1: saying all that to say that I believe in coaching.
Speaker 1: I'm not mad that if a really good coach charges
Speaker 1: a lot of money because they've been vetted. But it's
Speaker 1: not a place to start, you know, not when there's
Speaker 1: so many free resources where you can lean in and
Speaker 1: exhaust those places first.
Speaker 2: Yeah, I will double triple endorse what Tiffany just said,
Speaker 2: because I have a couple of my in my community,
Speaker 2: maybe money makers have said that they have used like
Speaker 2: local real estate Facebook groups and local is really important,
Speaker 2: like you said, because you understand like real estate in
Speaker 2: every city, county, state has like different rules different of course,
Speaker 2: like different markets. There's like the mini markets within the market,
Speaker 2: within the national market, and so yeah, I just love
Speaker 2: that and I feel like that's a perfect place to start.
Speaker 2: Is just like go sit at a table with other
Speaker 2: people doing what you want to do and just be
Speaker 2: a sponge and soak that up.
Speaker 1: I put it to work because people be like they
Speaker 1: buy the thinger you don't even you ain't even start
Speaker 1: you learn the thing.
Speaker 2: I know, it feels like you've done something. It drives
Speaker 2: me nuts if I see someone just buy my my
Speaker 2: professional branding course and then not like complete the modules,
Speaker 2: I'm just like, can I creepily email it and be like,
Speaker 2: what aren't you Dren?
Speaker 1: You paid his money.
Speaker 2: I made it for you to use.
Speaker 1: Yeah, well, we hope those questions helped you. If they did,
Speaker 1: tele a friend, tele a friends share this EPI, Okay,
Speaker 1: have you have questions? Go ahead on over to Brand
Speaker 1: and Vision Podcasts. At gmail dot com, send us an email,
Speaker 1: or broad and Vision Podcast on instaff You can follow
Speaker 1: us there, slade into our DMS or brandabision podcast dot com.
Speaker 1: We have a contact me, but you can ask questions
Speaker 1: there as well.
Speaker 2: Okay, okay, easy peasy, RBA fam. Don't forget We're on
Speaker 2: three days a week now get your episodes Monday, Wednesday
Speaker 2: and Friday until next time. Bye,