WEBVTT - How to Unlock the Next Budget Friendly Step 0:00:06.240 --> 0:00:09.920 It's time for the b a q a A to 0:00:10.039 --> 0:00:12.600 b a q A. Would you say the b a 0:00:13.000 --> 0:00:16.200 q Mandy, it'd be a q A with tiffin A 0:00:16.440 --> 0:00:23.080 to b a q a A. Hey, Andrea gorgeous. Well, 0:00:23.120 --> 0:00:25.119 first of all, if you have questions, we might have 0:00:25.160 --> 0:00:29.520 some answers, but we are not your doctor, your attorney. 0:00:29.560 --> 0:00:32.400 You have financial advisor with just your friend. So you're 0:00:32.400 --> 0:00:34.159 gonna take what we say with the small skate of salt. 0:00:34.159 --> 0:00:35.599 You're gonna leand it to the people that you pay 0:00:36.040 --> 0:00:38.760 a ka sue your granny, not us. 0:00:39.040 --> 0:00:42.959 Okay, So got that out of the way. We're doing 0:00:43.000 --> 0:00:44.080 money questions this week. 0:00:44.159 --> 0:00:46.440 Or you've read read and what do people have questions? 0:00:46.479 --> 0:00:47.760 Work at as. 0:00:48.680 --> 0:00:51.839 Oh, thank you for queuing up that for me. So 0:00:51.880 --> 0:00:56.000 you can go to brand Ambisson podcast at on Instagram. 0:00:56.360 --> 0:00:59.000 We are at Brown Ambition What what are words? We're 0:00:59.040 --> 0:01:02.319 at Brown Ambition podcast on Instagram. And then you can 0:01:02.400 --> 0:01:04.840 email us Brandon Mission Podcast at gmail dot com with 0:01:04.959 --> 0:01:07.920 your questions and if you have a follow up, what 0:01:07.959 --> 0:01:10.200 would be really amazing is if you could remind us 0:01:10.240 --> 0:01:14.520 what was your first question, because Instagram doesn't make it 0:01:14.560 --> 0:01:15.960 super easy for us to go back. 0:01:16.080 --> 0:01:17.360 Even if you like, it would be great if you 0:01:17.360 --> 0:01:19.240 were like an episode, because we have the numbered an 0:01:19.280 --> 0:01:20.760 episode forty five. 0:01:21.160 --> 0:01:24.440 You know, yeah, exactly tell us what episode yours question 0:01:24.560 --> 0:01:24.720 was in. 0:01:24.800 --> 0:01:25.920 So that we could go back and be like, oh, 0:01:26.000 --> 0:01:27.080 that's right, that's right. 0:01:28.360 --> 0:01:33.280 Okay, very smart. All right, Tiffany, our first question is 0:01:33.319 --> 0:01:35.880 from someone who wants to be called a mama trying 0:01:35.920 --> 0:01:39.000 to do it all. Okay, she spelled your name in 0:01:39.040 --> 0:01:43.600 a hilarious fashion. Hey, Andy and tif t I p h. 0:01:43.640 --> 0:01:48.480 I've seen that you're giving me a life, tiff. 0:01:48.840 --> 0:01:51.440 Thanks for all your wise words and always being my 0:01:51.520 --> 0:01:53.560 piece when I'm feeling stressed as a mom with a 0:01:53.600 --> 0:01:56.000 two year old. I love putting on your podcast and 0:01:56.040 --> 0:01:59.080 listening throughout the day in the background. I'm thirty four 0:01:59.200 --> 0:02:00.880 and I love my job and I've been there for 0:02:00.920 --> 0:02:03.600 over ten years. I work full time, I have work 0:02:03.640 --> 0:02:07.040 from home flexibility, and I'm debt free. I have over 0:02:07.120 --> 0:02:09.400 two hundred thousand dollars in my four to zero one 0:02:09.480 --> 0:02:12.360 K and an eight fifteen credit score. Is this a 0:02:12.440 --> 0:02:14.040 question or like your dating profile? 0:02:14.840 --> 0:02:15.560 I do. 0:02:16.960 --> 0:02:19.280 Also, she won't need one, because the next sentence says, 0:02:19.320 --> 0:02:22.280 my husband and I took up the site Routes in life. 0:02:22.680 --> 0:02:25.320 He went the education route and is building his career 0:02:25.440 --> 0:02:27.919 right now. He works part time, but he's a huge 0:02:27.919 --> 0:02:32.040 help with childcare. He's also debt free except for student loans. 0:02:32.080 --> 0:02:35.160 Despite him working part time, we have still managed to 0:02:35.160 --> 0:02:39.040 save around forty five thousand dollars amazing. What do we 0:02:39.040 --> 0:02:41.440 do with that savings? Do we leave it? Or do 0:02:41.520 --> 0:02:44.120 we buy our first house? Where in California and prices 0:02:44.120 --> 0:02:47.160 are absolutely crazy. We've looked at a few homes, but 0:02:47.280 --> 0:02:49.600 realize that our mortgage would be more than double from 0:02:49.639 --> 0:02:52.680 what we currently pay in rent. I'm hesitant with my 0:02:52.760 --> 0:02:55.160 husband's income right now, but also our two year old 0:02:55.160 --> 0:02:57.520 will be starting pre K soon and although that may 0:02:57.520 --> 0:03:01.560 be an extra expense, that would allow my husband to work. Oh, 0:03:01.800 --> 0:03:04.280 although that would be an extra expense, it also allowed 0:03:04.320 --> 0:03:07.919 my husband to work more to increase our finances. If 0:03:07.919 --> 0:03:10.919 we don't purchase a home and continue to save, should 0:03:10.919 --> 0:03:13.200 I put the money in a high yield savings account? 0:03:13.400 --> 0:03:16.480 Thanks for your suggestions. 0:03:16.240 --> 0:03:18.240 Oh Mama, trying to do it all well far as 0:03:18.320 --> 0:03:22.960 we want to acknowledge, Girl, you're doing the damn doing 0:03:23.000 --> 0:03:26.040 the damn doing the damn thing with the money that 0:03:26.080 --> 0:03:28.120 you have for your four O one K, your credit score, 0:03:28.680 --> 0:03:30.800 the fact that you're both debt free even though your 0:03:30.840 --> 0:03:34.200 husband has student loans, and you've still been still managed 0:03:34.240 --> 0:03:37.000 with the child to save forty five thousand dollars. Girl, 0:03:37.040 --> 0:03:38.080 do you want to host abodcast? 0:03:38.440 --> 0:03:40.920 Yeah, that's all. 0:03:40.920 --> 0:03:45.720 We want to give you your accolades. So let's break it down. Okay. So, 0:03:48.440 --> 0:03:51.720 to me, home ownership is not always the answer for 0:03:51.760 --> 0:03:58.240 all the girls, and so purchasing a home, certainly, you know, 0:03:59.280 --> 0:04:02.840 can positively affect your finances, but it has to make 0:04:02.880 --> 0:04:05.320 financial sense, and paying double what you pay now in 0:04:05.360 --> 0:04:08.120 rent might not. Although the likelihood is that your home 0:04:08.200 --> 0:04:11.200 is going to appreciate in value because you're in California still, 0:04:11.640 --> 0:04:14.880 you know, by you know, you're probably gonna erode whatever 0:04:14.920 --> 0:04:17.960 that was because you would pay so much more as 0:04:18.000 --> 0:04:20.080 it relates to your mortgage and taxes and things like that. 0:04:20.279 --> 0:04:22.960 So I think home ownership, if you are looking at California, 0:04:23.240 --> 0:04:26.360 might be something that you would pause for now. So 0:04:26.440 --> 0:04:29.680 that's probably what I'd be thinking. Two, I'd be looking 0:04:29.680 --> 0:04:32.120 at this forty five I'm assuming this forty five thousand 0:04:32.160 --> 0:04:35.680 dollars is your emergency savings. How many months is this? 0:04:36.960 --> 0:04:39.000 Is it? You know? Three months? Is it six months? 0:04:39.080 --> 0:04:41.320 Is it a year of emergency savings? 0:04:41.640 --> 0:04:43.880 Speaking from experience, that's probably like a good three or 0:04:43.880 --> 0:04:44.240 four months. 0:04:44.240 --> 0:04:45.440 That's what I was thinking it was giving. 0:04:45.279 --> 0:04:49.599 Which sounds insane, But in California with a familis, it's 0:04:49.640 --> 0:04:50.720 giving a month at least. 0:04:50.800 --> 0:04:52.640 Yeah, it's giving about three or four months or which 0:04:52.640 --> 0:04:55.159 which is good. Which I mean if it was me, 0:04:55.360 --> 0:04:58.359 three or four months, it's emergency savings is like a 0:04:58.400 --> 0:05:00.479 safety belt. It's not meant to be cute, just meant 0:05:00.480 --> 0:05:03.359 to sustain. And so I probably would put that either 0:05:03.520 --> 0:05:06.120 in a CD, like a rollover CD that has no 0:05:07.920 --> 0:05:10.960 early withdrawal fees, or I would put it in a 0:05:11.040 --> 0:05:15.440 high yield savings account, as you suggested, because that money 0:05:15.480 --> 0:05:18.200 is meant to be accessible in case something does happen. 0:05:19.240 --> 0:05:22.880 So that's my first initial piece of advice. Hey, ba fan, 0:05:22.920 --> 0:05:26.000 we're gonna take a quick break and we'll be right back. 0:05:28.720 --> 0:05:30.719 I was just wondering what rates are like on savings 0:05:30.720 --> 0:05:34.960 accounts these days. Once se for like an online account 0:05:35.000 --> 0:05:39.400 four point five percent apy or higher. I mean, that 0:05:39.480 --> 0:05:43.440 sounds pretty damn good these days. I'm curious you said 0:05:43.440 --> 0:05:47.240 a CD, but CDs will lock up your money for 0:05:47.279 --> 0:05:49.640 a certain period of time, like at least six months. 0:05:49.480 --> 0:05:51.280 Right, No, not necessarily. The only reason why it's fresh 0:05:51.279 --> 0:05:53.719 in my mind is because literally for business, I had 0:05:53.839 --> 0:05:56.160 my bank. I was like, girl, we have we have 0:05:57.200 --> 0:05:59.680 six months of emergency savings for the business. And I said, 0:05:59.720 --> 0:06:02.080 it's just sitting here. What can we do? And they 0:06:02.120 --> 0:06:05.440 mentioned they had a two month CD, and I said, oh, 0:06:05.520 --> 0:06:07.720 so what I like to do? So we have six 0:06:07.760 --> 0:06:10.159 months saved? So I said, well, what if we put 0:06:10.200 --> 0:06:12.680 four month and the two month CD leaving two months free, 0:06:12.800 --> 0:06:15.560 so if something happens, we have the two months available, 0:06:15.640 --> 0:06:18.120 and then at four months, you know by the time 0:06:18.279 --> 0:06:20.680 it like, you know it's available. If something's happened, you 0:06:20.720 --> 0:06:23.720 know we're ready to use it because we let up 0:06:23.720 --> 0:06:26.760 two months. So some CDs are two months, three months, 0:06:26.800 --> 0:06:30.200 and so it's something to just consider sometimes because you're 0:06:30.240 --> 0:06:32.120 willing to lock your money down, even just a little bit, 0:06:32.400 --> 0:06:35.640 you can generate more than than a just a regular 0:06:35.680 --> 0:06:38.120 high yield savings account. Something to look into. So they 0:06:38.120 --> 0:06:41.520 do definitely sometimes have CDs for shorter periods of time. 0:06:41.839 --> 0:06:44.479 So if you have if there is a two month CD, 0:06:44.560 --> 0:06:46.200 that maybe gives you say, like I don't know, four 0:06:46.200 --> 0:06:49.720 point seventy five percent, you know, and you have four 0:06:49.720 --> 0:06:52.680 months worth of emergency savings. Maybe you keep two in 0:06:52.720 --> 0:06:55.120 a high yield savings account, two in the CD and 0:06:55.200 --> 0:06:58.360 let it continue to roll over, you know, like as needed. 0:06:58.400 --> 0:07:01.160 And so that's just something to consider. So you can 0:07:01.160 --> 0:07:04.240 make a little bit more money with your money if 0:07:04.279 --> 0:07:08.280 that makes sense. That's just bank to bank. So question, 0:07:08.480 --> 0:07:10.280 do we what do we do with this? Do we 0:07:10.320 --> 0:07:14.560 buy our first house? I probably pause? And then what 0:07:14.600 --> 0:07:17.240 do we kind of do with this money? I probably 0:07:17.280 --> 0:07:20.440 would do what you what you kind of suggested for yourself. 0:07:21.000 --> 0:07:24.560 But ultimately, I think the biggest thing is especially you know, 0:07:24.600 --> 0:07:26.640 you guys are this great age where it's like, you know, 0:07:26.720 --> 0:07:30.080 you've made these choices that are really aligned. The really 0:07:30.120 --> 0:07:33.320 important thing is to ask yourself, what's my desired outcome 0:07:33.800 --> 0:07:36.920 for our money? You know, like do we want to 0:07:36.960 --> 0:07:38.960 be homeowners? Do we want to move back home with 0:07:39.280 --> 0:07:41.520 you know and be by our parents, you know, who 0:07:41.520 --> 0:07:43.840 live in Wisconsin. I'm just making this up, you know, 0:07:43.920 --> 0:07:46.280 do we want to be millionaires by forty that It's 0:07:46.320 --> 0:07:48.960 going to be really, really, really important for you to 0:07:49.040 --> 0:07:52.440 determine what do we want the next five ten plus 0:07:52.520 --> 0:07:54.760 years to look like, because that will dictate what you 0:07:54.800 --> 0:07:57.200 do with your money, you know, So I sit down 0:07:57.200 --> 0:08:00.680 with your husband and say, Okay, in five years, this 0:08:00.760 --> 0:08:02.160 is what i'd like. Maybe you write it down, he 0:08:02.240 --> 0:08:03.960 writes it down, and you guys look at it together. 0:08:04.040 --> 0:08:05.800 So you could tell your money what to do so 0:08:05.840 --> 0:08:08.360 you can reach those that desired outcome. I think that's 0:08:08.400 --> 0:08:10.920 really where you are right now. Put your money, you know, 0:08:10.960 --> 0:08:13.600 in a high yield savings counter CD, sit down with 0:08:13.640 --> 0:08:15.600 your hubby and say here's where we'd like to be 0:08:15.640 --> 0:08:17.760 in the next five years and then ten years, you know, 0:08:18.680 --> 0:08:21.400 and then then make your choices based upon that. 0:08:21.840 --> 0:08:25.480 Yeah, I would just add it sounds like because I'm 0:08:25.520 --> 0:08:29.320 in the same predicament. The more childcare I have, the 0:08:29.360 --> 0:08:32.000 more expensive it is, right, But the more capable you 0:08:32.080 --> 0:08:35.160 are then of like creating more income for yourself. And 0:08:35.679 --> 0:08:38.480 like you mentioned, you know, paying for pre K, which 0:08:38.520 --> 0:08:41.280 I think is a tragedy, Like why is universal pre k? 0:08:42.280 --> 0:08:44.200 Do you pay for pre K in New York as 0:08:44.200 --> 0:08:45.120 it's free in New Jersey? 0:08:45.559 --> 0:08:48.600 Up in New York City there is universal three K 0:08:49.200 --> 0:08:52.360 pre k, So like for threes en up in where 0:08:52.400 --> 0:08:56.160 I live, in our school district, we got very lucky 0:08:56.559 --> 0:09:00.000 that the year that Rio was pre K eligible, they 0:09:00.040 --> 0:09:04.520 reduced the first UPK program in our school district. We 0:09:04.520 --> 0:09:07.800 were like the last ones. And even then it's only 0:09:07.800 --> 0:09:09.880 from like nine to two, and then you pay for 0:09:10.000 --> 0:09:13.200 the extended care or the you know, pre the extended 0:09:13.240 --> 0:09:17.120 care before school and the extended care after school. Yeah, 0:09:17.120 --> 0:09:18.640 but it's still like I think with all of that, 0:09:18.800 --> 0:09:21.360 we'd still pay about five or six hundred dollars a month, 0:09:21.840 --> 0:09:24.280 but certainly a lot less than the three thousand dollars 0:09:24.360 --> 0:09:27.640 we were selling out before. And it's just inside. 0:09:27.200 --> 0:09:30.000 I didn't realize that it wasn't because New Jersey they 0:09:30.000 --> 0:09:32.160 started ABBOT program years and years ago when I was 0:09:32.200 --> 0:09:35.199 a teacher, so like over fifteen years ago. And then 0:09:35.240 --> 0:09:36.960 I guess I don't know if somebody sued that was 0:09:37.040 --> 0:09:39.440 named was Abbot saying like, hey, I don't know if 0:09:39.440 --> 0:09:41.000 it's let me not say New Jersey, let me say 0:09:41.000 --> 0:09:43.679 New York, because I don't know for you all kind 0:09:43.720 --> 0:09:45.719 of fight me, like, but in Newark, I believe that 0:09:45.760 --> 0:09:50.400 there was this ABBOT lawsuit saying that like children in 0:09:50.440 --> 0:09:53.760 Newark and maybe maybe Esces County didn't have access to 0:09:54.720 --> 0:09:57.800 proper find you know, proper education at the certain age. 0:09:57.800 --> 0:10:01.760 So anyway, they made preschool into public school basically essentially 0:10:02.040 --> 0:10:04.480 where three or four year olds are considered like going 0:10:04.480 --> 0:10:06.640 to public school. So it is the full you know, 0:10:07.240 --> 0:10:10.360 seven to three or whatever day, and then you can, 0:10:10.440 --> 0:10:13.640 of course, you know, there's sometimes just after school. But yeah, 0:10:13.679 --> 0:10:15.839 I just took it for granted that, like that's right. 0:10:15.920 --> 0:10:18.319 I forgot that many places you still pay it to 0:10:18.440 --> 0:10:22.440 your kid gets sometimes even kindergarten is half day certain places. 0:10:23.040 --> 0:10:24.520 I mean nine to two might as well be a 0:10:24.520 --> 0:10:26.760 half day as far as I'm concerned, Like what am 0:10:26.800 --> 0:10:30.520 I supposed to do with that five hours? Oh my goodness. Yeah, 0:10:30.520 --> 0:10:32.439 So my heart just goes out to you in that regard. 0:10:32.800 --> 0:10:35.480 But you know, letting your husband, I will say, like, 0:10:35.520 --> 0:10:37.280 it is nice to have the parent there to help 0:10:37.360 --> 0:10:39.680 with the childcare and all of that, but your husband's 0:10:39.679 --> 0:10:42.360 building his career. He needs to go fulfill his dream too, 0:10:42.400 --> 0:10:44.920 and so I think investing in that childcare, even if 0:10:44.960 --> 0:10:47.679 it means like you know, let's keep more money in 0:10:47.720 --> 0:10:51.320 the bank now, like that is still like you don't 0:10:51.320 --> 0:10:53.280 know what will happen in the future in terms of 0:10:53.360 --> 0:10:55.920 like home prices and things like that. But I feel 0:10:55.920 --> 0:10:57.840 like right in front of you, it just makes the 0:10:57.840 --> 0:11:01.480 most sense to keep that money set aside for your 0:11:01.880 --> 0:11:05.240 you know, for your family's emergency funds. You your husband 0:11:05.240 --> 0:11:07.280 can like continue building his career and you guys can 0:11:07.320 --> 0:11:11.000 do it without a ton of pressure on that funding. 0:11:11.200 --> 0:11:14.480 And certainly wouldn't want you to like put your down 0:11:14.600 --> 0:11:16.719 put all that money into like would that even be 0:11:16.880 --> 0:11:20.280 enough for a doown payment? And some like probably not, Like, 0:11:20.400 --> 0:11:22.880 it just seems like earmarking that for emergency savings is 0:11:22.920 --> 0:11:26.080 great and then building on that for your long term 0:11:26.120 --> 0:11:28.800 savings so you can buy a house. Yeah, sounds good. 0:11:28.920 --> 0:11:32.560 On your own time, Yes, on your own time. All right, 0:11:32.600 --> 0:11:34.160 let's take a quick break and we'll be right back 0:11:34.200 --> 0:11:40.480 with question number two. B r B al rightba fan, 0:11:40.600 --> 0:11:41.360 we are back. 0:11:41.880 --> 0:11:42.160 Tiff. 0:11:42.200 --> 0:11:45.920 You want to read this one from Natasha from Instagram? 0:11:46.040 --> 0:11:52.760 Yes? Is it? Yes? Okay? Good morning. First and foremost, 0:11:52.800 --> 0:11:54.800 I'd like to say how much I enjoy your podcast. Well, 0:11:54.840 --> 0:11:58.680 we enjoy you, Natasha. Thank you, Tasha says, can I 0:11:58.679 --> 0:12:02.040 call you Tasha? My question is how to unlock the 0:12:02.080 --> 0:12:05.840 next budget friendly step in my financial journey. I have 0:12:05.880 --> 0:12:08.280 a good foundation on various topics and would like to 0:12:08.320 --> 0:12:12.160 invest with education and purpose. But the experts I research 0:12:12.240 --> 0:12:16.160 require at least ten thousand dollars for their program. In 0:12:16.240 --> 0:12:18.760 my world, we call that high ticket item, okay, and 0:12:18.840 --> 0:12:21.600 looking for ways to get into real estate, the coaches 0:12:21.640 --> 0:12:24.440 are charging at least fifteen thousand for their services. I 0:12:24.480 --> 0:12:28.120 do have monthly income of about five hundred dollars to 0:12:28.120 --> 0:12:31.120 put toward these products, but certainly not thousands of dollars. 0:12:31.400 --> 0:12:33.880 I've cleared all my dad. Go ahead, girl, invest about 0:12:33.920 --> 0:12:38.360 fifty dollars via robberhood. I'm also a seven year homeowner. 0:12:38.720 --> 0:12:43.680 How can I elevate well on a budget? Okay? Okay? 0:12:44.920 --> 0:12:46.920 How do you feel mandy about like the high ticket 0:12:46.960 --> 0:12:47.640 item coaches? 0:12:49.320 --> 0:12:52.960 Well, here's the thing. I do think that. I think 0:12:52.960 --> 0:12:56.040 that when you are looking for education on something like 0:12:56.080 --> 0:12:59.240 real estate and you just do a search online, the 0:12:59.280 --> 0:13:01.160 first thing you're going to see, I think, are a 0:13:01.160 --> 0:13:04.679 lot of these really high ticket paid courses and things 0:13:04.720 --> 0:13:08.280 like that which can make you feel like, oh, that 0:13:08.360 --> 0:13:10.120 must be what I need in order to do this. 0:13:10.679 --> 0:13:14.640 But I guarantee you, if you look at the you 0:13:14.679 --> 0:13:17.720 know how this real estate coach got their start. It 0:13:17.800 --> 0:13:21.760 wasn't through investing fifteen k in a coach, they probably 0:13:21.760 --> 0:13:24.480 did a lot of education and you know self education, 0:13:24.600 --> 0:13:28.560 self taught first and looking at mentors and books. People 0:13:28.640 --> 0:13:32.280 forget about books. Go into the library is a wonderful, 0:13:32.880 --> 0:13:35.200 very simple thing to do in a way to educate yourself. 0:13:36.000 --> 0:13:39.360 I surely wouldn't spend that much money unless I had 0:13:41.040 --> 0:13:43.920 really good evidence that it was going to, you know, 0:13:44.080 --> 0:13:47.480 result in the goal that I wanted. And when it 0:13:47.520 --> 0:13:49.600 comes to real estate, I don't know how you could 0:13:49.640 --> 0:13:52.600 promise someone that they would be in real estate investor 0:13:53.200 --> 0:13:56.920 and make you know, a good return on their investment afterward. 0:13:56.960 --> 0:14:00.760 Like that's really hard to promise. So I'm not saying 0:14:00.760 --> 0:14:02.760 that they wouldn't be worth it, but I would just say, like, 0:14:03.160 --> 0:14:06.360 before you get there, like do some base level education 0:14:07.600 --> 0:14:10.520 and you know, find out what kind of real estate 0:14:11.000 --> 0:14:13.200 investor do you want to be. Are you someone who 0:14:13.200 --> 0:14:15.559 wants to be a landlord or does being a landlord 0:14:15.960 --> 0:14:18.000 seem like way too much trouble for you? So are 0:14:18.000 --> 0:14:22.840 you looking to maybe you know, invest in a property 0:14:22.880 --> 0:14:25.760 and then flip it, like to insel it? Those are 0:14:26.120 --> 0:14:28.800 completely different approaches. Do you want to have an Airbnb 0:14:28.920 --> 0:14:32.080 property where someone else manages the property for you and 0:14:32.120 --> 0:14:33.680 you don't have to do the day to day stuff. 0:14:33.720 --> 0:14:36.520 Maybe you are more hands on, Like there's there's a 0:14:36.560 --> 0:14:39.960 lot and if you can't afford it, that's almost the 0:14:40.000 --> 0:14:42.680 first answer. It's like, if you can't afford it, you 0:14:42.720 --> 0:14:45.640 don't have to do that. Yeah, there's other lower ticket 0:14:45.680 --> 0:14:47.400 ways of educating yourself. 0:14:48.280 --> 0:14:50.440 And so I'll say that. So one of my friends, 0:14:50.480 --> 0:14:53.560 her name is Christina Aguilera, like not the sayer Christina 0:14:53.560 --> 0:14:57.480 with the cake. Wait really yeah, I know, I think 0:14:57.520 --> 0:15:01.480 I know, so Christina with the CA. So Christina lives 0:15:01.560 --> 0:15:05.160 in Saint Louis. I don't know if she still lives there. 0:15:05.200 --> 0:15:07.880 But so, I mean she's like slaying and now when 0:15:07.880 --> 0:15:10.600 it comes to real estate and she's talked about how 0:15:10.680 --> 0:15:13.120 a matter of fact, you should probably follow her. It's 0:15:13.200 --> 0:15:15.040 Christina with a K. I think she's on ig as 0:15:15.120 --> 0:15:18.040 Christina Aguilera with the K. So she talks about how, 0:15:18.080 --> 0:15:20.120 I want to say, she maxed out her credit cards 0:15:20.640 --> 0:15:22.400 eighty thousand dollars doing what you're trying to do. 0:15:22.440 --> 0:15:22.600 Now. 0:15:22.640 --> 0:15:25.200 When she first started, she was like, girl is of 0:15:25.280 --> 0:15:30.160 course yes, she said, evenly you knew how much? Like 0:15:30.880 --> 0:15:33.320 but that was many many years ago, and she was 0:15:33.440 --> 0:15:37.000 like knowing what she knows. Now. To Mandy's point, I've 0:15:37.000 --> 0:15:42.160 hed her say she would have started slower because there 0:15:42.200 --> 0:15:45.840 are there are certainly courses in people that are going 0:15:45.920 --> 0:15:49.760 to be worth that amount of money. But for you, 0:15:49.880 --> 0:15:52.120 if you are playing Russian Roulette, that you think that 0:15:52.160 --> 0:15:54.120 you're going to pick them out right away, because what 0:15:54.120 --> 0:15:57.160 will happened is is that if you start, like to 0:15:57.240 --> 0:15:59.840 Mandy's point, with like, oh, you know they have YouTube 0:16:00.520 --> 0:16:03.160 and you know there are books, and you will start 0:16:03.200 --> 0:16:06.480 to really get through the grapevine. Who are the people 0:16:06.480 --> 0:16:08.240 that really know the thing. So one of the things 0:16:08.240 --> 0:16:10.000 that Christina did she had visited me andknew a few 0:16:10.200 --> 0:16:12.720 years back, and what I thought was so great. She 0:16:12.840 --> 0:16:16.920 said there was these Facebook groups of like like Budding 0:16:17.120 --> 0:16:22.320 and Deeper real estate investors, and they had these Facebook 0:16:22.320 --> 0:16:24.520 groups and they would do meetups, which I thought that 0:16:24.600 --> 0:16:26.840 was so great. I've heard this, yeah, and it was 0:16:26.880 --> 0:16:29.000 totally free. She just joined the Facebook group and they'd 0:16:29.000 --> 0:16:31.560 be like, Oh, we're going to be in in Elizabeth 0:16:31.600 --> 0:16:33.840 at such and such you know restaurant, like you know, 0:16:34.080 --> 0:16:36.840 getting some drinks. And I just love that because they're 0:16:36.920 --> 0:16:39.920 at those meetups, they were, you know, talking the type 0:16:39.960 --> 0:16:43.480 of real estate investing Christina does. Typically she purchases a property, 0:16:43.560 --> 0:16:45.800 she renovates, and then she the seals of rents it out. 0:16:45.960 --> 0:16:48.360 So they were in New Jersey talking about you know 0:16:48.440 --> 0:16:50.920 what contractors that, oh, don't use him and this is 0:16:50.960 --> 0:16:53.680 what you So it was and that didn't cost anything, 0:16:54.040 --> 0:16:55.520 you know, I was I was able to just go 0:16:55.600 --> 0:16:57.400 and I thought it was fascinating because I told her 0:16:57.440 --> 0:16:59.960 I was kind of maybe interested investing in real estate. 0:17:00.000 --> 0:17:02.120 She was a girl before you spend any money come 0:17:02.160 --> 0:17:06.080 to these meetups to ask these questions. So I, you know, 0:17:06.160 --> 0:17:10.440 I just share mandy sentiment that it doesn't mean that 0:17:10.520 --> 0:17:12.800 sometimes we don't have to spend money to take ourselves 0:17:12.800 --> 0:17:15.320 to the next level. But I don't believe in starting there, 0:17:15.840 --> 0:17:17.639 you know, because the likelihood that you'll actually pick the 0:17:17.640 --> 0:17:19.320 person where you're going to get a return on investment 0:17:19.560 --> 0:17:22.560 is not very likely. It is better to exhaust all 0:17:22.560 --> 0:17:25.480 the free options and then the lower tier and then 0:17:25.560 --> 0:17:30.000 you can grow, you know, because typically if you are 0:17:30.080 --> 0:17:32.040 going to work with the coach that costs a lot 0:17:32.040 --> 0:17:35.040 of money, I need to see a direct return. So 0:17:35.320 --> 0:17:39.160 for example, the most expensive coach coach I ever used, 0:17:39.280 --> 0:17:41.439 it was expensive. I don't know if I'd ever do 0:17:41.480 --> 0:17:44.200 this again. It was thirty five thousand dollars a month, 0:17:44.960 --> 0:17:47.600 and it wasn't for this one coach. It was for 0:17:48.280 --> 0:17:50.560 it was, yes, this one coach that coached myself and 0:17:50.560 --> 0:17:53.800 my co founder, but he also had a financial coach 0:17:53.920 --> 0:17:56.359 come coach my financial team, a marketing coach to coach 0:17:56.359 --> 0:17:58.320 my marketing team, an HR coach, So he came with 0:17:58.359 --> 0:18:01.480 a team of coaches that coach all of my teams. 0:18:01.520 --> 0:18:03.960 You know, so you got for thirty five thousand dollars 0:18:04.400 --> 0:18:07.440 a year a month, I'm sorry that's what you got. 0:18:07.560 --> 0:18:10.160 But it was excellent because our first year working with him, 0:18:10.560 --> 0:18:13.120 we went from I don't know, maybe four or five 0:18:13.160 --> 0:18:15.400 million dollars a year to ten million dollars that year. 0:18:16.000 --> 0:18:18.480 So you know that, cause what is thirty five thousand 0:18:18.520 --> 0:18:19.719 many times twelve months. 0:18:20.560 --> 0:18:23.160 Don't get to meet oion a lot of money. 0:18:23.160 --> 0:18:25.440 Five thousand dollars times twelve months. 0:18:25.240 --> 0:18:27.359 Thirty times twelve was thirty six three hundred and sixty 0:18:27.359 --> 0:18:28.520 thousand dollars or something three. 0:18:28.640 --> 0:18:30.520 Yeah, so it was a lot. But like I said, 0:18:31.160 --> 0:18:33.600 we the investment was three hundred and sixty but. 0:18:33.600 --> 0:18:36.280 I could at the time business one hundred and twenty 0:18:36.320 --> 0:18:38.600 thousand dollars. First of all, that is such an unfair 0:18:38.640 --> 0:18:41.800 math question to just ask someone what makes you think 0:18:42.280 --> 0:18:45.720 I know how to calculate twelve times thirty five? 0:18:45.840 --> 0:18:47.200 For us, it was worth it. 0:18:47.240 --> 0:18:49.360 On the spot, like I'm the calculator. 0:18:49.480 --> 0:18:51.639 He doubled our revenue from like four or five million 0:18:51.840 --> 0:18:53.600 to like ten million. But do you see? So it's 0:18:53.600 --> 0:18:56.440 like we paid basically half a million to make five 0:18:56.520 --> 0:18:59.040 or six millions. So, but that is not the only 0:18:59.080 --> 0:19:00.840 way I could have gotten there. One. We were already 0:19:00.880 --> 0:19:04.119 a profitable company many years in business, and I vetted him, 0:19:04.160 --> 0:19:06.000 vetted and vetted him because if I was going to 0:19:06.040 --> 0:19:08.280 spend that kind of money, I wanted to know did 0:19:08.280 --> 0:19:10.000 you use it? You use it? So do you see 0:19:10.000 --> 0:19:12.400 what I mean? I could not have made that bet 0:19:12.840 --> 0:19:15.280 early on in my career, you know. So I'm just 0:19:15.280 --> 0:19:17.199 saying all that to say that I believe in coaching. 0:19:17.920 --> 0:19:20.240 I'm not mad that if a really good coach charges 0:19:20.280 --> 0:19:23.440 a lot of money because they've been vetted. But it's 0:19:23.440 --> 0:19:26.040 not a place to start, you know, not when there's 0:19:26.080 --> 0:19:28.520 so many free resources where you can lean in and 0:19:28.600 --> 0:19:29.960 exhaust those places first. 0:19:31.160 --> 0:19:35.040 Yeah, I will double triple endorse what Tiffany just said, 0:19:35.040 --> 0:19:38.680 because I have a couple of my in my community, 0:19:38.800 --> 0:19:41.200 maybe money makers have said that they have used like 0:19:41.320 --> 0:19:44.320