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Speaker 1: Anima Lucas and this is Black Tech, Green Money. Carter

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Speaker 1: Cofield and George Ashen Pong are financial experts dedicated to

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Speaker 1: helping black entrepreneurs and professionals build lastly wealth.

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Speaker 2: Carter Cofield is the.

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Speaker 1: Owner and the lead advisor of Cofield Advisors, where he

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Speaker 1: helps creative entrepreneurs take control of their finances so they

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Speaker 1: can focus on his own A genius, he's a CPA

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Speaker 1: and personal financial specialists, providing a one stop shop for

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Speaker 1: tax strategy, wealth building, and financial freedom. George Orson Pong

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Speaker 1: is founder of capital Wise and The Melon A Millionaire's Club,

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Speaker 1: a financial education platform helping one hundred thousand people of

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Speaker 1: color achieve the first million in network. As a Forest

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Speaker 1: contributor and award winning wealth manager, he's revolutionizing traditional financial

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Speaker 1: advice to accelerate wealth building for black professionals and entrepreneurs.

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Speaker 1: Together with Melon The Money, Carter and Georgia building the

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Speaker 1: number one financial education community design to serve aspiring Melon

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Speaker 1: A Millionaires. So the first one to George, but I'd

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Speaker 1: like to get both of you guys as inputs on

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Speaker 1: this is Do you believe first of all, that traditional

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Speaker 1: financial advice for even high income earners in marginalized communities,

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Speaker 1: black communities, minority communities, that traditional advice still doesn't work

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Speaker 1: for us. If so, why doesn't it work for people

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Speaker 1: in our communities.

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Speaker 3: Yeah, that's a great question. The reason why I don't

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Speaker 3: think that it works is because for starters, a lot

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Speaker 3: of the traditional advice in the community or in the

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Speaker 3: financial advice industry is centered around assets under management.

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Speaker 4: Right.

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Speaker 3: It's like, you can't start the conversation until you have

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Speaker 3: a quarter million dollars to invest, right, And not to

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Speaker 3: say that people don't have cash on the sidelines. What

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Speaker 3: we found to be true is that our clients were

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Speaker 3: starting businesses, they were becoming successful, they did have great

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Speaker 3: cash flow, but they were very much in the beginning

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Speaker 3: phases of building wealth or didn't even know about that.

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Speaker 3: They should be focused on the relation of wealth, right.

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Speaker 3: And so if we're saying that I got a client

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Speaker 3: that's you know, making you know, a quarter million, half million,

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Speaker 3: or even a million plus a year, But we can't

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Speaker 3: start the conversation by wealth building because you don't have

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Speaker 3: a quarter million dollars to invest. I think that's kind

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Speaker 3: of backwards and it's kew because even when we look

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Speaker 3: at our investment philosophy. As a company, we are preaching

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Speaker 3: that cash flow is king right. The industry at large

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Speaker 3: is saying, hey, invest for forty years and if you

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Speaker 3: do everything right, you have a million dollars at retirement.

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Speaker 3: But we grew to understand and realize that money is

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Speaker 3: not a pool. It's a tool, right, and it's something

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Speaker 3: that needs to be used and not something that we

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Speaker 3: accumulate and look at in awe of. So that's why

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Speaker 3: I don't think it works for really beyond just marginalized communities,

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Speaker 3: but specifically for our communities because we don't inherit money. Typically.

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Speaker 3: We are a lot of us are first generation unwealth builders,

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Speaker 3: and most of our wealth is tied up into our

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Speaker 3: high income skill set or the business that we have,

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Speaker 3: which is a great leverage mechanism. But we just need

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Speaker 3: to not be excluded from the conversation simply because we

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Speaker 3: don't have a quarter million dollars sit on the sidelines.

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Speaker 4: Yeah.

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Speaker 1: Yeah, And Karl, I'm I'm gonna give you the same question,

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Speaker 1: but I'm gonna ask it in a different way because

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Speaker 1: I love that response from George, and so I think

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Speaker 1: about there are a lot of friends I have and

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Speaker 1: friends I'm sure that you have that make really good money,

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Speaker 1: but we still can't seem to catch up with counterparts,

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Speaker 1: non millenated counterparts, And like, what are they doing differently

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Speaker 1: with the same amount of money to make sure they're

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Speaker 1: accelerating a lot faster.

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Speaker 5: Yeah, this is a This is a great question because

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Speaker 5: when I worked in corporate America, I worked at one

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Speaker 5: of the big four accounting firms, and what I noticed

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Speaker 5: from a company standpoint and from helping you know, small

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Speaker 5: business owners, is that taxes is everyone's number one expense.

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Speaker 3: Right.

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Speaker 5: So if two people both earn one hundred thousand dollars,

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Speaker 5: but one of them has, you know, has to pay

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Speaker 5: five thousand dollar taxes, but the other one has to

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Speaker 5: pay thirty thousand dollars taxes, that other person has twenty

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Speaker 5: five thousand dollars more in income every single year to invest.

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Speaker 3: Right.

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Speaker 5: So I think that one thing we reppreciate our clients

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Speaker 5: is that it's not just about how much money you make,

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Speaker 5: it's about how much money you keep.

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Speaker 4: And I think one of the.

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Speaker 5: Easiest ways to increase your earning potential is to minimize

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Speaker 5: how much money you have to give to the to

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Speaker 5: the irs.

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Speaker 4: And I think as a community, we are so.

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Speaker 5: You know, where we're in the beginning phases and are

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Speaker 5: so happy about just having money that we don't think

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Speaker 5: about taxes because like, to even have disposable income is like, yo,

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Speaker 5: we made it. Okay, cool, you made to level one.

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Speaker 5: You solve the income problem. But now that you solve

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Speaker 5: the income problem, you're going to be walking into a

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Speaker 5: tax problem. So I think, at least from my standpoint,

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Speaker 5: helping people minimize their taxes so that they can have

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Speaker 5: more money to invest is step in the right direction.

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Speaker 2: Yeah, and I'll stick with you Carter on this.

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Speaker 1: I think about people who are transitioning from employment W

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Speaker 1: two to maybe ten ninety nine or even K one,

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Speaker 1: Like they're doing something different, you know, with their revenue,

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Speaker 1: they're in their household income. They may not see that

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Speaker 1: tax refund like no normal W two employee.

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Speaker 2: So what are some what do you find.

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Speaker 1: Is hurdles that people who traditionally would get a W

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Speaker 1: two and get a refund at the beginning of the year,

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Speaker 1: middle of the year, what are hurdles they have to

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Speaker 1: get over to change how they think about taxes fundamentally,

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Speaker 1: like not super complex, but just the fundamental stuff.

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Speaker 5: Yeah, yeah, so I think that one of the best

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Speaker 5: lessons I learned, at least when I was in college,

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Speaker 5: our professor in our, in our, in our and our,

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Speaker 5: when our classes came in the room, he said, what's

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Speaker 5: the best tax refund you can get? And then everybody's

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Speaker 5: writing down different numbers, and I'm like, yo, tenenty twenty dollars,

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Speaker 5: the higher the better, and he let everybody write the

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Speaker 5: answer down and then he was like, the best tax

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Speaker 5: refund you can get is zero, because all the tax

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Speaker 5: refund is is you've given the irs an interest free

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Speaker 5: loan for twelve months that they got to use and

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Speaker 5: invest in whatever.

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Speaker 4: Then they gave it back to you with no interest.

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Speaker 5: So I think the first thing I people to understand

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Speaker 5: that the best tax rEFInd you can get is zero,

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Speaker 5: because that way it gets people to stop being excited

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Speaker 5: right about getting fifteen twenty thousand dollars back that that

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Speaker 5: was your money to begin with, right, So that's number one.

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Speaker 5: I think Number two is once you move from W

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Speaker 5: two to employee, the responsibility for taxes shifts from your

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Speaker 5: employer's responsibility to your responsibility, right, what some people think

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Speaker 5: is a bad thing, But with responsibility also comes control

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Speaker 5: because now that you're responsible for your ALLWN taxes, you

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Speaker 5: now have control over your tax situation, how.

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Speaker 4: Much you need to pay any given year.

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Speaker 5: So I think once we can adopt those two mindset shifts,

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Speaker 5: we'll be better off yours.

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Speaker 1: You know, when you go and start something like melon

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Speaker 1: the money, first, I want you to talk about what

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Speaker 1: it is. But then when you talk about it, talk

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Speaker 1: about what gaps you saw in the marketplace that said,

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Speaker 1: you know what, there's still a need here that you know,

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Speaker 1: me and car to going and fulfill this.

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Speaker 3: Yeah. So I remember back in twenty seventeen, there's an

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Speaker 3: article that will was released that black wealth was going

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Speaker 3: to zero by twenty fifty two. And so here I was,

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Speaker 3: you know, at the time, working with a small pool

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Speaker 3: of clients who you know, I guess I had created

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Speaker 3: this echo chamber for thinking that well, surely you know,

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Speaker 3: people get it, and a lot more people are marching towards,

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Speaker 3: you know, this journey for building wealth, not realizing that

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Speaker 3: at large, right people still did not have an understanding

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Speaker 3: of what it took. So I knew that we had

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Speaker 3: to do something that was broader, something that was bigger,

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Speaker 3: something that was more impactful. Me and Carter actually met

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Speaker 3: at a conference in twenty nineteen, and at that conference,

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Speaker 3: one of the speakers was like, hey, you know, if

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Speaker 3: you can just get your firm to one hundred clients

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Speaker 3: like lifetime, right, like, you'll be good, You'll be coasting forever.

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Speaker 3: And then like I kind of heard it. I was

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Speaker 3: just like, that seems a little bit lost, Like we

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Speaker 3: got a lot more people to help, right, And then

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Speaker 3: Laul and behold, you know me and Carter. You know, again,

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Speaker 3: we didn't know each other at the time. We're walking

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Speaker 3: to lunch and you know, getting a financial advisor conference,

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Speaker 3: or wasn't many of us that looked like us, right,

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Speaker 3: and so you know, we just connected and he kind

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Speaker 3: of felt the same way as either the year what

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Speaker 3: I just heard. And then you know, we realized that

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Speaker 3: it was gonna be somebody had to do it. Somebody

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Speaker 3: had to say, how can we serve and reach and

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Speaker 3: impact more people? And so I do understand that some

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Speaker 3: of the limitations of a traditional advisory environment is you know,

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Speaker 3: staff and people and maybe you know you don't have

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Speaker 3: the infrastructure to help you know, a thousand people or

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Speaker 3: ten thousand people. So we had to get really creative

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Speaker 3: and what that looks like. So, while we do still

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Speaker 3: have an advisory firm where we are able to help

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Speaker 3: a decent amount of folks, right, we know that that's

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Speaker 3: not enough, and so that's why we decided to create

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Speaker 3: this hybrid educational model where every other month we're basically

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Speaker 3: doing a virtual conference where people who may meet not

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Speaker 3: in a position to hire an advisor or are curious

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Speaker 3: of an advisor's right for them, they get to learn

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Speaker 3: our top strategies over the course.

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Speaker 4: Of five days.

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Speaker 3: And what's beautiful about that is whether they get the

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Speaker 3: chance to work with us or not, and Carter can

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Speaker 3: get the specific stat I know last year between our

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Speaker 3: master classes and our virtual conferences, I think I was

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Speaker 3: it was north of the cardonal what's the.

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Speaker 4: Number over twenty twenty thousand people last year?

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Speaker 3: Over twenty thousand people that we were that we were

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Speaker 3: able to reach, right, And so we know we didn't

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Speaker 3: have to do that. We could continue just to serve

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Speaker 3: the clients who are making multi six figures, seven figures

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Speaker 3: and continue to build our business because we still are

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Speaker 3: certain people of color, but we knew that somebody had

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Speaker 3: with credentials had to step up and say hey, look,

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Speaker 3: everybody deserves access to quality financial information, right, Because the

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Speaker 3: gap that we saw in the marketplace was there was,

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Speaker 3: you know, the person who was super relatable, right, who

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Speaker 3: was a financial educator, could teach you about budgeting and

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Speaker 3: saving and those are all great things, but that just

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Speaker 3: scratching the surface for someone who baby is a little

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Speaker 3: bit further along. Then on the other end of the spectrum,

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Speaker 3: we saw the person who was credible, who had all

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Speaker 3: the credentials, but was very unrelatable. Right. Maybe it was

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Speaker 3: a middle aged white man trying to reach you know,

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Speaker 3: a woman of color, And so we found a sweet

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Speaker 3: spot between the balance of relatability incredibility. Right, So we

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Speaker 3: have the credentials of you know, the best in class advisor,

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Speaker 3: but we have the relatability of someone who you know,

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Speaker 3: you can connect with. And that was kind of the

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Speaker 3: boid that we filled in the marketplace, and it's allowed

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Speaker 3: us to serve people at scale while still building our

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Speaker 3: firm behind the scenes.

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Speaker 2: Yeah, I want to go level deeper on this.

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Speaker 1: You know, Carter, there's the there's this book The Color

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Speaker 1: of Money, Mercer Beata and who in the book she

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Speaker 1: there's this line that kind of just changed my whole

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Speaker 1: perspective on black people and money, and she said, we

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Speaker 1: have not so long ago been capital and now we're

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Speaker 1: trying to learn how to manage capital. And but yeah,

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Speaker 1: it's crazy, like right, And it just blew everything up

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Speaker 1: about how I thought, because you know, you walk around,

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Speaker 1: you judge people for the things that they do, and

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Speaker 1: you like all this stuff that you're like, why are

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Speaker 1: we buying cars? We can't afford jewelry, And it said, like,

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Speaker 1: we can't afford But then again, we have not so

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Speaker 1: long ago been capital, and we're being asked to treat it,

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Speaker 1: you know, with it due respect. And so I think

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Speaker 1: about some of the financial norms that have come from

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Speaker 1: our community. Can you talk about how we break free

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Speaker 1: from those ways of thinking? And so actually maybe talk

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Speaker 1: about some of the norms that we've had, you know,

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Speaker 1: when we come up in the black household and maybe

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Speaker 1: you don't have financial conversations at the dinner table.

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Speaker 2: That's that's an issue. But how do we break free

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Speaker 2: from some of these things and actually make progress?

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Speaker 5: Man, that's a loaded question, my brother, but a phenomenal

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Speaker 5: question at that. I think the first step is opening

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Speaker 5: up the conversation, right, because I think awareness is one

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Speaker 5: of the greatest things that we can achieve in our life.

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Speaker 5: And so if money is a taboo topic and nobody

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Speaker 5: wants to talk about it, how can we be educated

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Speaker 5: on something we're unwilling to talk about, right, So, I think,

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Speaker 5: you know, for me, it was don't bring money up

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Speaker 5: at the dinner table, like you know, put the money

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Speaker 5: under your mattress, because we can't trust these banks and

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Speaker 5: all these things, and sometimes we have to question our parents'

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Speaker 5: philosophies and our money. Again, they did the best that

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Speaker 5: they could with the information that they had because not

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Speaker 5: too long ago they weren't allowed to even learn about money.

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Speaker 5: So I think number one, it comes with just open

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Speaker 5: conversations about money. And number two, I think it needs

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Speaker 5: to come with a new level of vulnerability because I

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Speaker 5: think people don't talk about money because they're ashamed. And

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Speaker 5: if you don't know, if you are ashamed about not

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Speaker 5: knowing about something about money, if you if you if

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Speaker 5: you vocalize your lack of knowledge around.

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Speaker 4: It, it can make you feel ashamed. I think we

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Speaker 4: need to just be vulnerable about.

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Speaker 5: Our lack of understanding, and once we know more, we

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Speaker 5: can have more. One thing is that we tell our

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Speaker 5: clients is the more that you learn, the more that

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Speaker 5: you earn. But you have to be willing to learn first.

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Speaker 5: So I think those two things really help push the

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Speaker 5: narrative forward.

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Speaker 1: You know, I want to stink with you card on

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Speaker 1: this because I think about, you know, I've been following

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Speaker 1: you on Instagram for some time and you know this,

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Speaker 1: this is one of those I'm gonna ask for a

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Speaker 1: friend question. We're doing those, and so you know, I

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Speaker 1: got a friend who owns a business, you know, and

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Speaker 1: I think about how you take these remarkable trips and

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Speaker 1: you know, you can go out, have great food either

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Speaker 1: the best restaurants and some of the stuff that I've

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Speaker 1: seen on your ig.

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Speaker 2: And I'm like, then at the end, you're.

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Speaker 1: Talking about like this trip you know was a write

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Speaker 1: off or this trip was you know whatever, Like how

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Speaker 1: like kind of break down some of these scenarios and

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Speaker 1: how you manage them.

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Speaker 4: Yeah.

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Speaker 5: So the first thing I want people to understand is

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Speaker 5: that the tax code is a rule book that allows

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Speaker 5: us to win the tax game if we're willing to

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Speaker 5: learn about the tax game.

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Speaker 3: Right.

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Speaker 5: The tax cold was created to help entrepreneurs and investors

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Speaker 5: avoid paying taxes.

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Speaker 4: That's what That's why I was created.

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Speaker 5: So when it comes to trips, the IRS has a

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Speaker 5: very important code section that's Code Section one sixty two A,

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Speaker 5: and it says, any expense that is both ordinary and

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Speaker 5: necessary for you to operate your business, that trip can

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Speaker 5: be tax deductible in your business. And if you think

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Speaker 5: about these big corporate companies they have they have company

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Speaker 5: retreats where they take their whole company out somewhere and

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Speaker 5: have a big event to improve company morale. And if

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Speaker 5: these big companies can do it, so can small business owners.

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Speaker 3: Right.

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Speaker 5: So, if you take a trip and you decide to

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Speaker 5: bring some of your team members with you. We just

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Speaker 5: had a retreat with our team members in Turks and Kkos.

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Speaker 5: We brought our team members to this retreat in Turks

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Speaker 5: and we gained plan and strategized betweenty twenty five right.

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Speaker 5: We made sure we worked at least four hours a

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Speaker 5: day each day, we met with the entire team, We

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Speaker 5: documented the process, we took notes, we took meeting minutes,

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Speaker 5: we added the documents to our company book. And if

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Speaker 5: you do those things, the IRS says that trip was

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Speaker 5: ordinary and necessary to help your business grow. Due to

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Speaker 5: that fact, the flights are to that location is tax deductible.

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Speaker 5: The lodging the airbnbwy was some one hundred percent taxuductible,

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Speaker 5: and the meals that we got catered with fifty percent

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Speaker 5: tax deductible. So it just strategically thinking how can I

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Speaker 5: turn something about to already pay for anyway into a

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Speaker 5: taxi dodut stable expense. And one thing we train our

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Speaker 5: clients on is before you spend any money, ask yourself,

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Speaker 5: is there a way I can make this expense both

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Speaker 5: ordinary and necessary for my business. If so, we're gonna

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Speaker 5: use that business car, We're going to document the process

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Speaker 5: that we're gonna save on taxes.

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Speaker 1: So I think I was on Georgia's site doing research

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Speaker 1: for this, and there was this beautiful presidential rolex, and

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Speaker 1: I wonder, like, can can my presidential they they be

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Speaker 1: tax deductible.

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Speaker 3: Well, you know, I'm gonna try to make Carter proud

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Speaker 3: and answer this question the right way, right you got Car,

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Speaker 3: I am a watch I'm a watch guy. Actually, I've

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Speaker 3: got Carter to watch this now. And one of the

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Speaker 3: things that he told me, you know, early on, he

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Speaker 3: was like, well, you know, I know we have the

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Speaker 3: content that we focused on when it comes to you know,

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Speaker 3: helping people build wealth. He's like, but you're a watch collector.

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Speaker 3: He's like, if you want to kind of make these

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Speaker 3: things deductible, if you started creating content from the lens

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Speaker 3: of a collector and how your watches are an investment, right,

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Speaker 3: there could be a world where it could be a

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Speaker 3: tax deduction. Right. So I again will defer to the

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Speaker 3: resident expert on the nuanced and details on that, but

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Speaker 3: cart if you want to share a little bit more

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Speaker 3: context on if the role league can truly be tax deductible.

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Speaker 1: And I'm gonna ask something else onto that too, because

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Speaker 1: I've heard people Carter talk about I'm gonna I'm gonna

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Speaker 1: ask something because I want you to answer that.

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Speaker 2: But there's more.

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Speaker 1: And so I've heard people talk about, hey, you know,

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Speaker 1: maybe the Louis Vatian bag is not. Maybe you know,

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Speaker 1: the Cardier or the Chanelle whatever is not. But I

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Speaker 1: think about because I'm a schemer, I'm up here scheming, like, okay, but.

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Speaker 4: What if that's what they suggested me.

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Speaker 1: So I'm like, I'm like, what if I'm doing I'm

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Speaker 1: just doing content and it's a part of my you know,

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Speaker 1: be I gotta i gotta be presentable for the camera,

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Speaker 1: or if I'm like shooting like fictional shorts for YouTube

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Speaker 1: before Instagram, Like, but I'm playing character, now can I

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Speaker 1: go by that?

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Speaker 2: Louis va time?

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Speaker 4: Okay, so yeah, I'll ask her.

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Speaker 5: Well if I answer Georgia, the question now'll circle back

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Speaker 5: to yours. So Ira says, if if something is in

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Speaker 5: the pursuit of income, you can rationalize that expense being

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Speaker 5: ordinary necessary. So if Rolex was to sponsor our podcast, right,

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Speaker 5: and then we were to talk about watches, the more

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Speaker 5: we talk about watches, the bigger the Rolex sponsorship is

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Speaker 5: going to be. Right, So that is a direct correlation

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Speaker 5: with how we can make money from advertising our watches,

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Speaker 5: so that there therefore that could make our rolex is

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Speaker 5: tax deductible because showing them in our content can help

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Speaker 5: roll Lex stroke a bigger check when it comes to

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Speaker 5: sponsoring our show. So would that's how you would write

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Speaker 5: off a Rolex the easiest, the easiest way I can

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Speaker 5: explain it.

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Speaker 4: Now. When it comes to clothing, the IRS.

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Speaker 5: Is very very very very strict and clear about THEIRS

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Speaker 5: your ability to write off clothes. They say, if you

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Speaker 5: are going to try to write off clothes, it has

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Speaker 5: to be a costume to the point where if you

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Speaker 5: were out in public again, people would stare or you

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Speaker 5: just can't wear it out of public again. So if

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Speaker 5: you were shooting a scene with a firefighter costume on

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Speaker 5: for your short blog blogged, then cool because if you

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Speaker 5: wore that in public, you would be laughed at. Right,

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Speaker 5: But the Louis Vaitton, the chanelle, Like, that's that's not

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Speaker 5: gonna because there's nothing ordinary about that, right, There's nothing

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Speaker 5: ordinary about a two thousand dollars jacket.

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Speaker 1: But my scene hit it's hard. This scene I'm shooting,

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Speaker 1: it just won't hit this hard.

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Speaker 3: Yeah, it looks like it might.

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Speaker 5: But like, yeah, so I just tell people, like trying

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Speaker 5: to validate the cost of a designer purchase as a

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Speaker 5: tax deduction, there are easier ways to save on taxes

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Speaker 5: that will cost less red flax.

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Speaker 4: I like that.

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Speaker 1: I like that, you know, so I want you to

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Speaker 1: go one more step in this direction. I want to

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Speaker 1: talk about vehicles for a second. Like, you know, if

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Speaker 1: I'm talking about the you know, maybe there's this range

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Speaker 1: rover and I've heard like this six thousand pounds or

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Speaker 1: nine thousand pounds rule. I'll let you touch on that

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Speaker 1: or what if it's not six thousand pounds, but I

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Speaker 1: want there's this really nice car, but I'm using it

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Speaker 1: for business purposes.

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Speaker 2: Majority for the major point.

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Speaker 5: Yeah, So with business vehicles, a major point I like

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Speaker 5: to communicate when I'll talk about vehicle to business owners

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Speaker 5: is that there's a common misconception that the vehicle has

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Speaker 5: to be in your business name in order for you

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Speaker 5: to deduct it on your taxes, and that that's just

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Speaker 5: not true the irs. What the IRS cares about is

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Speaker 5: do you plan on using this vehicle for business use

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Speaker 5: or not. So, if the vehicle's in your personal name,

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Speaker 5: but you plan to use it for business, okay, great,

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Speaker 5: we can still use it for business up to the

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Speaker 5: percentage of business use that we use. So if you

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Speaker 5: have one vehicle, it's valid that you can use a

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Speaker 5: eighty percent business in twenty percent personal.

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Speaker 3: Cool.

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Speaker 5: That means that eighty percent of the expenses related to

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Speaker 5: that vehicle interest in your car, no car insurance, gas repairs, maintenance,

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Speaker 5: all changes, all the expenses associated with that vehicle, eighty

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Speaker 5: percent of those expenses is tax deductible.

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Speaker 4: But you also get an expense for money you didn't spend,

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Speaker 4: which is.

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Speaker 5: Called depreciation, which is basically saying hey that because we

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Speaker 5: know a car is a depreciating asset, We're gonna give

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Speaker 5: you a tax deduction today for your car losing value tomorrow,

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Speaker 5: And if the vehicle weighs less than six thousand pound,

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Speaker 5: the IRS will let you write right up up to

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Speaker 5: twenty thousand dollars in depreciation the first year that you

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Speaker 5: rented out. So you can have twenty thousand dollars of

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Speaker 5: depreciation plus another four thousand dollars in car expenses. You

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Speaker 5: can have a twenty four thousand dollars tax deduction that

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Speaker 5: year for your vehicle. Now with the six thousand pound rule,

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Speaker 5: what makes that robust and something that business ownership seek

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Speaker 5: to have is because instead of having that twenty thousand

439
00:20:24,240 --> 00:20:26,919
Speaker 5: dollars cap for depreciation, you actually get to write off

440
00:20:26,960 --> 00:20:30,600
Speaker 5: a percentage of the vehicle's value. So if you were

441
00:20:30,640 --> 00:20:33,160
Speaker 5: to get one hundred thousand dollars catalyt escalate, which weighs

442
00:20:33,200 --> 00:20:36,000
Speaker 5: over six thousand pounds, you would be able in twenty

443
00:20:36,040 --> 00:20:39,159
Speaker 5: twenty five, unless Donald Trump changes something at the moment,

444
00:20:39,400 --> 00:20:42,119
Speaker 5: you'll be able to write up forty thousand dollars or

445
00:20:42,119 --> 00:20:45,040
Speaker 5: forty percent of that vehicle's cost in the first year

446
00:20:45,080 --> 00:20:47,159
Speaker 5: you receive it, even if you didn't like, even if

447
00:20:47,200 --> 00:20:49,440
Speaker 5: you finance to put no money down. So in this case,

448
00:20:49,440 --> 00:20:52,119
Speaker 5: we went from having a twenty thousand dollars deduction to

449
00:20:52,240 --> 00:20:54,520
Speaker 5: a forty thousand dollars deduction by getting a vehicle that

450
00:20:54,600 --> 00:20:55,439
Speaker 5: weighs a little bit.

451
00:20:55,280 --> 00:20:57,959
Speaker 1: More like that, like that, So we talked, you know

452
00:20:59,280 --> 00:21:01,880
Speaker 1: which I love talking about spending money in this way

453
00:21:01,920 --> 00:21:03,840
Speaker 1: and how to save on spending money. Let's talk about

454
00:21:03,840 --> 00:21:07,280
Speaker 1: making some money. How do we make more money? So

455
00:21:07,480 --> 00:21:10,120
Speaker 1: we can start with investing here. So people who are

456
00:21:10,160 --> 00:21:13,800
Speaker 1: listening to this and are new to investing, let's say, hey, George,

457
00:21:13,800 --> 00:21:16,760
Speaker 1: you know, you've got somebody who's got you know, five

458
00:21:16,800 --> 00:21:19,560
Speaker 1: thousand dollars and they don't need to touch it to live.

459
00:21:19,960 --> 00:21:22,080
Speaker 1: But it's sitting in a savings account right now, or

460
00:21:22,119 --> 00:21:24,399
Speaker 1: it's sitting under the you know, pillow to you know

461
00:21:24,480 --> 00:21:28,080
Speaker 1: Carter's earlier point, like.

462
00:21:28,160 --> 00:21:30,159
Speaker 2: What should I be doing? Let's start. Let's start with

463
00:21:30,200 --> 00:21:32,600
Speaker 2: five thousand dollars. What should I be doing with that money?

464
00:21:34,400 --> 00:21:37,119
Speaker 3: Yeah, you know, I'm a financial advisor, so my mind defaulses,

465
00:21:37,200 --> 00:21:41,199
Speaker 3: I want more context, but I'll make some I'll make

466
00:21:41,240 --> 00:21:44,640
Speaker 3: some assumption. So assuming you got your emergency fund, assuming

467
00:21:44,680 --> 00:21:48,119
Speaker 3: that this is truly money that you can allocate towards investing.

468
00:21:48,680 --> 00:21:51,280
Speaker 3: The way I would approach it is very straightforward.

469
00:21:51,359 --> 00:21:51,520
Speaker 4: Right.

470
00:21:52,119 --> 00:21:55,920
Speaker 3: We teach our clients this philosophy called the Burger King

471
00:21:55,920 --> 00:21:58,919
Speaker 3: investment strategy, right, and essentially what that means is you

472
00:21:59,000 --> 00:22:02,280
Speaker 3: have to learn how to copy the cat. McDonald spends

473
00:22:02,280 --> 00:22:04,359
Speaker 3: millions of dollars a year determining where they want to

474
00:22:04,359 --> 00:22:05,359
Speaker 3: put the next McDonald's.

475
00:22:05,400 --> 00:22:05,560
Speaker 2: Right.

476
00:22:06,080 --> 00:22:08,119
Speaker 3: Bur King, however, says, well, shoot, McDonald's did out the

477
00:22:08,119 --> 00:22:11,160
Speaker 3: heavy lifting. I'm just going to put my burn King

478
00:22:11,200 --> 00:22:14,080
Speaker 3: in proximity to McDonald's. The fast food is fast food, right.

479
00:22:14,680 --> 00:22:16,600
Speaker 3: Bur King knows that somebody's gonna be running late for

480
00:22:16,640 --> 00:22:18,920
Speaker 3: work and they want that. Even though they want that mcgriddoll,

481
00:22:18,920 --> 00:22:21,119
Speaker 3: they're gonna settle for the French sticks at bur King

482
00:22:21,119 --> 00:22:23,000
Speaker 3: because the line ain't is long. Right. So when you

483
00:22:23,040 --> 00:22:27,000
Speaker 3: think about that from an investing lens, right like Vanguard, Fidelity,

484
00:22:27,080 --> 00:22:29,639
Speaker 3: Charles Swap, all these big investment institutions, they spend tens

485
00:22:29,640 --> 00:22:32,560
Speaker 3: of millions, right, arguably hundreds of millions of dollars a

486
00:22:32,640 --> 00:22:36,879
Speaker 3: year on analyst and research to determine what investments should

487
00:22:36,880 --> 00:22:40,760
Speaker 3: go into these particular funds also known as ETFs or indexes. Right,

488
00:22:41,440 --> 00:22:43,200
Speaker 3: And I always like to explain it from the vantage

489
00:22:43,200 --> 00:22:44,840
Speaker 3: point of looking at it like a mall. Right, if

490
00:22:44,880 --> 00:22:46,920
Speaker 3: you go to your favorite mall, it has hundreds of stores,

491
00:22:46,960 --> 00:22:49,479
Speaker 3: and if one, two, five, or ten of those stores

492
00:22:50,560 --> 00:22:52,200
Speaker 3: you know don't do well, is the mall going to

493
00:22:52,240 --> 00:22:53,520
Speaker 3: close down? We know the mall is not going to

494
00:22:53,560 --> 00:22:55,720
Speaker 3: close down. We can understand that rationally. And it's the

495
00:22:55,720 --> 00:22:58,479
Speaker 3: same thing for the investing world. If you invest in

496
00:22:58,520 --> 00:23:01,760
Speaker 3: a Vanguard ETF has five hundred different companies in it

497
00:23:02,000 --> 00:23:04,280
Speaker 3: and three, four, or five or ten of them are underperforming,

498
00:23:04,720 --> 00:23:07,639
Speaker 3: the overall fund is still gonna be okay. Right, And

499
00:23:07,680 --> 00:23:10,159
Speaker 3: so if you just copy the right cat, ie, hit

500
00:23:10,200 --> 00:23:13,480
Speaker 3: the buy button on Vanguard's website, and you just close

501
00:23:13,520 --> 00:23:15,040
Speaker 3: your laptop and don't do anything else for the next

502
00:23:15,040 --> 00:23:17,200
Speaker 3: twelve months on average, Right, Well, let's just speak to

503
00:23:17,240 --> 00:23:18,840
Speaker 3: the last twelve months, your money would have made you

504
00:23:18,920 --> 00:23:23,040
Speaker 3: nearly twenty five percent, right, And so that's step one.

505
00:23:24,000 --> 00:23:26,760
Speaker 3: Just not trying to be a world of investing expert

506
00:23:27,119 --> 00:23:29,800
Speaker 3: and look at the charts, like just copy the right cat.

507
00:23:29,840 --> 00:23:31,320
Speaker 3: You need to focus if you are going to focus

508
00:23:31,359 --> 00:23:33,920
Speaker 3: some time on something focus your time on figuring out

509
00:23:33,920 --> 00:23:36,000
Speaker 3: how you can invest more in five thousand dollars, i e.

510
00:23:36,359 --> 00:23:39,359
Speaker 3: How can I become more valuable to the marketplace to

511
00:23:39,440 --> 00:23:42,600
Speaker 3: have more disposable income to invest versus me trying to

512
00:23:42,640 --> 00:23:46,000
Speaker 3: become a world class investor. Right. Once you do that,

513
00:23:46,040 --> 00:23:48,320
Speaker 3: there's other other levers you can pull, like looking inside

514
00:23:48,359 --> 00:23:50,160
Speaker 3: of the ETF and looking at some of the top

515
00:23:50,440 --> 00:23:52,119
Speaker 3: investments that are there and say, you know what, if

516
00:23:52,160 --> 00:23:54,280
Speaker 3: I have five thousand dollars to invest, maybe three thousand

517
00:23:54,359 --> 00:23:58,120
Speaker 3: I invest in the ETF, maybe two thousand. I pick

518
00:23:58,119 --> 00:24:00,600
Speaker 3: out some of the top winners. Maybe I'm investing in

519
00:24:00,600 --> 00:24:03,120
Speaker 3: Apple and video. Now, if you're watching this in real time,

520
00:24:03,119 --> 00:24:05,240
Speaker 3: you might say, maybe not in video, it just got hit.

521
00:24:05,320 --> 00:24:08,240
Speaker 3: But which is actually a great time. I was about

522
00:24:08,280 --> 00:24:12,520
Speaker 3: to say, like, yeah, I'm thinking of how they're thinking, right, yeah,

523
00:24:12,760 --> 00:24:16,240
Speaker 3: which actually is a great exactly, But more of the

524
00:24:16,280 --> 00:24:19,399
Speaker 3: story is picking some of those uh, you know, bigger,

525
00:24:19,520 --> 00:24:23,480
Speaker 3: bigger winners, right, They could potentially give you greater returns

526
00:24:23,480 --> 00:24:25,960
Speaker 3: than just picking the index. But that's if you have

527
00:24:25,960 --> 00:24:28,360
Speaker 3: five thousand dollars to invest, That's exactly what I would advise.

528
00:24:28,720 --> 00:24:30,840
Speaker 3: And then from there, as your investment grows. There's other

529
00:24:30,840 --> 00:24:33,159
Speaker 3: strategies that you can take advantage of that can make

530
00:24:33,200 --> 00:24:35,439
Speaker 3: more sense as you have more disposed income to invest.

531
00:24:35,800 --> 00:24:38,360
Speaker 1: Yeah, at the risk of having you say I need

532
00:24:38,359 --> 00:24:40,960
Speaker 1: more context again, I'm going to give you a statement

533
00:24:41,680 --> 00:24:43,879
Speaker 1: that my financial advisor has said to me and again

534
00:24:44,000 --> 00:24:46,840
Speaker 1: changed the way I look at money. You know, I

535
00:24:46,880 --> 00:24:49,399
Speaker 1: was talking to her about my my financial portfolio and

536
00:24:49,440 --> 00:24:51,320
Speaker 1: things like that, and I was we were talking about

537
00:24:51,320 --> 00:24:52,840
Speaker 1: the money that was in my bank account, and she

538
00:24:52,960 --> 00:24:54,160
Speaker 1: was like, true, wealth is.

539
00:24:54,080 --> 00:24:55,240
Speaker 2: Not in the bank accounts.

540
00:24:56,119 --> 00:24:59,159
Speaker 1: And I would without giving you more context, I just

541
00:24:59,240 --> 00:25:01,639
Speaker 1: want you to speak on what that really means. We'll

542
00:25:01,680 --> 00:25:03,960
Speaker 1: start with George and then we'll have my card to

543
00:25:04,040 --> 00:25:05,480
Speaker 1: jump in on this tool.

544
00:25:04,960 --> 00:25:10,240
Speaker 3: Yeah. Well, because of how our economy is set up, right,

545
00:25:10,560 --> 00:25:15,359
Speaker 3: of our money loses its purchasing power year over year, right,

546
00:25:15,880 --> 00:25:17,760
Speaker 3: And so even though it seems safe and you can

547
00:25:17,800 --> 00:25:19,240
Speaker 3: look at it, you can touch it, and it doesn't

548
00:25:19,280 --> 00:25:22,439
Speaker 3: decrease unless you withdraw. Every year, the money that you

549
00:25:22,440 --> 00:25:24,680
Speaker 3: have in your bank account is going to have less

550
00:25:24,720 --> 00:25:28,359
Speaker 3: purchasing power in the following year, and so you're losing

551
00:25:28,520 --> 00:25:31,560
Speaker 3: the ability. It's costing you more to live as time

552
00:25:31,640 --> 00:25:34,280
Speaker 3: goes on. Right, So the reason why wealth is not

553
00:25:34,280 --> 00:25:36,359
Speaker 3: created in the bank is because you're literally, quite literally

554
00:25:36,400 --> 00:25:39,879
Speaker 3: losing wealth due to inflation right when your money is

555
00:25:39,920 --> 00:25:41,679
Speaker 3: in the bank. Right. And so the way that we

556
00:25:41,720 --> 00:25:44,800
Speaker 3: hedge inflation is we put our money in investments that

557
00:25:44,840 --> 00:25:48,359
Speaker 3: we believe are going to outpace inflation, so that at

558
00:25:48,440 --> 00:25:50,359
Speaker 3: minimum we're keeping up with that and our purchasing power

559
00:25:50,400 --> 00:25:53,439
Speaker 3: is in decreasing. In a perfect world scenario, if your

560
00:25:53,440 --> 00:25:57,000
Speaker 3: investments are really out pacing inflation, it actually becomes cheaper

561
00:25:57,040 --> 00:26:00,840
Speaker 3: to live as time goes on, right, because if inflation

562
00:26:00,920 --> 00:26:02,720
Speaker 3: is going up at a rate of two percent two

563
00:26:02,720 --> 00:26:05,439
Speaker 3: point five percent, but your investment account is going up

564
00:26:05,440 --> 00:26:07,480
Speaker 3: at a rate of ten percent and your money's part there,

565
00:26:07,920 --> 00:26:11,520
Speaker 3: that means all things remaining constant, it costs you less

566
00:26:11,560 --> 00:26:13,960
Speaker 3: to live as long as you are investing your money

567
00:26:13,960 --> 00:26:16,000
Speaker 3: over time versus leaving into the bank account.

568
00:26:16,280 --> 00:26:18,359
Speaker 2: I love that card. Anything you want to add to that.

569
00:26:19,560 --> 00:26:22,800
Speaker 5: Well, yeah, I mean, just like, think about what helped

570
00:26:22,800 --> 00:26:26,760
Speaker 5: me conceptualize why take my money out of a bank account,

571
00:26:26,840 --> 00:26:29,080
Speaker 5: out of a saving's account if you really understand the

572
00:26:29,080 --> 00:26:32,000
Speaker 5: banking system like they're robbing you day by day. And

573
00:26:32,040 --> 00:26:33,800
Speaker 5: I think this is important for the audience to understand.

574
00:26:33,840 --> 00:26:36,240
Speaker 5: So you go to a bank, you give them ten

575
00:26:36,280 --> 00:26:38,600
Speaker 5: thousand dollars. They put it in your savings account, right,

576
00:26:39,040 --> 00:26:42,800
Speaker 5: they give you less than one percent. You open your

577
00:26:42,880 --> 00:26:44,560
Speaker 5: you go you to your online banking. You see it's

578
00:26:44,600 --> 00:26:47,000
Speaker 5: ten thousand dollars in your account. But the ten thousand

579
00:26:47,000 --> 00:26:49,439
Speaker 5: dollars is not actually in the bank. Right, they go

580
00:26:49,480 --> 00:26:51,960
Speaker 5: and lend your money out to somebody or betty. Yet

581
00:26:52,000 --> 00:26:53,439
Speaker 5: they lend it back to you because then you go

582
00:26:53,480 --> 00:26:55,600
Speaker 5: to the bank the next day and say, hey, can

583
00:26:55,760 --> 00:26:57,800
Speaker 5: I get a credit card? They're like, of course, we'll

584
00:26:57,840 --> 00:27:00,200
Speaker 5: give you a ten thousand dollars credit card line. And

585
00:27:00,200 --> 00:27:01,280
Speaker 5: you're like, oh my god, I got a credit call

586
00:27:01,400 --> 00:27:04,320
Speaker 5: ten thousand dollars limit. But they're gonna charge your twenty

587
00:27:04,320 --> 00:27:06,399
Speaker 5: four percent interest rate on that credit card, right, so

588
00:27:06,440 --> 00:27:08,880
Speaker 5: you use that card. So basically, they just gave you

589
00:27:08,880 --> 00:27:11,760
Speaker 5: your ten thousand dollars back at twenty four percent interest

590
00:27:12,080 --> 00:27:13,879
Speaker 5: when they're holding your money in a bank account at

591
00:27:13,960 --> 00:27:16,320
Speaker 5: less than one percent interest, and they're making a twenty

592
00:27:16,320 --> 00:27:19,240
Speaker 5: three percent arbitrage on you ever seen every time you

593
00:27:19,359 --> 00:27:21,960
Speaker 5: use the card. So like, once you understand that the

594
00:27:22,040 --> 00:27:25,159
Speaker 5: banks are getting rich off of having your money.

595
00:27:24,880 --> 00:27:26,960
Speaker 4: There like you're like, well, instead of you.

596
00:27:26,840 --> 00:27:29,480
Speaker 5: Getting rich off my money, why don't I get rich

597
00:27:29,520 --> 00:27:31,120
Speaker 5: off my money? And that's when we take our money

598
00:27:31,119 --> 00:27:33,320
Speaker 5: out of bank accounts and we put them in investingent accounts.

599
00:27:34,520 --> 00:27:37,119
Speaker 1: I want to take this a little bit of a

600
00:27:37,480 --> 00:27:39,840
Speaker 1: detour here and start with card Or on this. It's like,

601
00:27:39,880 --> 00:27:43,600
Speaker 1: for those with an irregular or entrepreneurial income, it doesn't

602
00:27:43,720 --> 00:27:47,760
Speaker 1: necessarily hit every Friday. How do we create solid financial

603
00:27:47,760 --> 00:27:51,080
Speaker 1: plans when you have that irregular It may be a decent,

604
00:27:51,320 --> 00:27:52,800
Speaker 1: you know, income, but it's not regular.

605
00:27:54,680 --> 00:27:54,960
Speaker 3: Yes.

606
00:27:55,320 --> 00:27:58,840
Speaker 5: So one of the best books I can have any

607
00:27:58,960 --> 00:28:01,760
Speaker 5: entrepreneur read see When to learn how to be a

608
00:28:01,760 --> 00:28:05,400
Speaker 5: good store over their finances is a book called profit First.

609
00:28:05,160 --> 00:28:06,040
Speaker 4: By Mike account.

610
00:28:06,119 --> 00:28:08,520
Speaker 2: I'm actually reading that right now, dude.

611
00:28:08,600 --> 00:28:11,400
Speaker 5: You read it every year, okay, So that book would

612
00:28:11,440 --> 00:28:14,600
Speaker 5: change the game for every entrepreneur. And basically the philosophy

613
00:28:14,600 --> 00:28:17,919
Speaker 5: that the book teaches is if you don't give your

614
00:28:17,920 --> 00:28:21,280
Speaker 5: money a destination, it will run wild, right, fact. And

615
00:28:21,359 --> 00:28:23,880
Speaker 5: so what the profit first method is You set up

616
00:28:24,000 --> 00:28:27,239
Speaker 5: separate accounts and you give these accounts different purposes. So

617
00:28:27,280 --> 00:28:29,119
Speaker 5: you have an account for income, you have an account

618
00:28:29,119 --> 00:28:31,959
Speaker 5: for expenses, have an account for payroll, have an account

619
00:28:32,000 --> 00:28:35,320
Speaker 5: for your own your own self as as an officer's compensation.

620
00:28:35,400 --> 00:28:38,600
Speaker 5: You have an account for taxes definitely, and as money

621
00:28:38,600 --> 00:28:41,960
Speaker 5: comes into these accounts, you separated based off of percentage.

622
00:28:42,000 --> 00:28:43,880
Speaker 5: So again in our example, if you if you have

623
00:28:44,120 --> 00:28:46,680
Speaker 5: a ten thousand dollars a month, cool, well, a portion

624
00:28:46,760 --> 00:28:48,600
Speaker 5: of that is going to go towards taxes, a portion

625
00:28:48,680 --> 00:28:50,280
Speaker 5: of that is going to go towards paying yourself, A

626
00:28:50,360 --> 00:28:52,200
Speaker 5: portion of that is going to go for expenses of

627
00:28:52,240 --> 00:28:55,160
Speaker 5: the business. And then you have these different buckets of

628
00:28:55,320 --> 00:28:56,280
Speaker 5: money in your business.

629
00:28:56,560 --> 00:28:59,200
Speaker 4: And if you have a low.

630
00:28:59,040 --> 00:29:02,160
Speaker 5: Month and you see like, okay, well my expense account

631
00:29:02,160 --> 00:29:03,920
Speaker 5: is running low, well guess what is happing you to

632
00:29:03,920 --> 00:29:05,200
Speaker 5: stop spending money right now?

633
00:29:05,520 --> 00:29:05,720
Speaker 3: Right?

634
00:29:06,000 --> 00:29:08,479
Speaker 5: And having these different accounts set up and breaking your

635
00:29:08,520 --> 00:29:12,520
Speaker 5: money and allocating it by percentages based off versus just

636
00:29:12,840 --> 00:29:15,400
Speaker 5: having all your money hitting one account. This is the

637
00:29:15,440 --> 00:29:20,680
Speaker 5: best way that entrepreneurs can own their money and create

638
00:29:20,720 --> 00:29:22,800
Speaker 5: a system where even though it's going to be highs

639
00:29:22,840 --> 00:29:25,360
Speaker 5: and lows in the business, you still know how to

640
00:29:25,960 --> 00:29:28,960
Speaker 5: onet how your business is doing, and how to move

641
00:29:29,040 --> 00:29:30,440
Speaker 5: your finances going forward.

642
00:29:31,440 --> 00:29:34,400
Speaker 1: Yeah, you know, George, so many of us specifically in

643
00:29:34,440 --> 00:29:38,000
Speaker 1: our community. You know, we grew up thinking or hearing

644
00:29:38,160 --> 00:29:39,920
Speaker 1: debt is. You know, you do as much as you

645
00:29:39,960 --> 00:29:42,800
Speaker 1: can and get out of debt. We see it purely

646
00:29:43,240 --> 00:29:46,480
Speaker 1: as a negative thing, too many of us, do you know.

647
00:29:46,520 --> 00:29:48,920
Speaker 1: I want you to talk about how how debt is

648
00:29:48,960 --> 00:29:50,800
Speaker 1: a tool and how you can be how you can

649
00:29:50,920 --> 00:29:53,800
Speaker 1: leverage debt to you know, find your way to wealth.

650
00:29:55,800 --> 00:29:58,720
Speaker 3: That's a phenomenal question. Right. So, I think when most

651
00:29:58,720 --> 00:30:00,920
Speaker 3: people think about debt, they think about it in terms

652
00:30:01,000 --> 00:30:04,840
Speaker 3: of purchasing liabilities. Right. You buy a car and five

653
00:30:04,880 --> 00:30:06,560
Speaker 3: years from now, that car is worth less than you

654
00:30:06,600 --> 00:30:09,680
Speaker 3: originally purchased it for. And you when you look at

655
00:30:09,720 --> 00:30:11,880
Speaker 3: all the payments that you made, you paid more than

656
00:30:11,920 --> 00:30:13,920
Speaker 3: you originally borrow. Right, So when you look at different

657
00:30:13,960 --> 00:30:15,800
Speaker 3: that lens, it's like why would I ever borrow? Like

658
00:30:15,840 --> 00:30:19,360
Speaker 3: the systems rated? But when you look at that from

659
00:30:19,400 --> 00:30:21,400
Speaker 3: the lens of leverage and say, hey, look, I'm gonna

660
00:30:21,400 --> 00:30:23,040
Speaker 3: borrow this money, but I'm gonna borrow to buy an

661
00:30:23,080 --> 00:30:25,280
Speaker 3: investment that I believe the interest that I'm gonna earn

662
00:30:25,760 --> 00:30:28,440
Speaker 3: it's gonna be greater than the interest that I'm gonna own. Right,

663
00:30:28,480 --> 00:30:31,200
Speaker 3: Simply put, if I borrow money at six percent. I

664
00:30:31,320 --> 00:30:33,400
Speaker 3: use that money to buy house, or I use that

665
00:30:33,400 --> 00:30:35,240
Speaker 3: money as a downpayment to buy a business, or I

666
00:30:35,280 --> 00:30:36,920
Speaker 3: use that money to invest in a stock market, and

667
00:30:36,920 --> 00:30:40,960
Speaker 3: then my returns significantly outpaced the interest that I owe.

668
00:30:40,960 --> 00:30:43,160
Speaker 3: Then it's just a game of arbitrage, similar to the bank. Right,

669
00:30:43,200 --> 00:30:45,320
Speaker 3: So it's like, Okay, well I borrowed it a six

670
00:30:46,120 --> 00:30:48,920
Speaker 3: I got twelve percent right after even I paid the

671
00:30:48,960 --> 00:30:51,240
Speaker 3: bank back, right, there's still a six percent spread on

672
00:30:51,320 --> 00:30:54,080
Speaker 3: money that wasn't mine, right, which is naturally going to

673
00:30:54,120 --> 00:30:55,920
Speaker 3: speed up your ability to build wealth because it's like

674
00:30:55,960 --> 00:30:58,800
Speaker 3: you have more money to play with that you didn't

675
00:30:58,800 --> 00:31:00,960
Speaker 3: originally have. When you get on the right side of

676
00:31:00,960 --> 00:31:04,880
Speaker 3: the equation and you use borrow money to build wealth

677
00:31:04,920 --> 00:31:07,800
Speaker 3: and use borrow money to invest, then it can be

678
00:31:07,880 --> 00:31:09,480
Speaker 3: a tool, and that is a tool that we can

679
00:31:09,600 --> 00:31:12,800
Speaker 3: use to catch up, right, because it's like, quite literally,

680
00:31:13,200 --> 00:31:15,720
Speaker 3: I'm using if I make one hundred thousand dollars a year,

681
00:31:16,240 --> 00:31:19,120
Speaker 3: I borrowed another fifty thousand dollars a year, meaning I've

682
00:31:19,120 --> 00:31:22,200
Speaker 3: increased my productivity as if I made fifty thousand on

683
00:31:22,320 --> 00:31:23,760
Speaker 3: the other fifty thousand, I got to pay it the

684
00:31:23,760 --> 00:31:27,040
Speaker 3: six percent. But however, now I've identified it. That's been

685
00:31:27,040 --> 00:31:30,000
Speaker 3: opportunities that are going to be maybe double that percentage, right,

686
00:31:30,000 --> 00:31:32,400
Speaker 3: And now that's how I'm able to compound my wealth

687
00:31:32,440 --> 00:31:35,080
Speaker 3: a lot faster. So yeah, it can one hundred percent

688
00:31:35,120 --> 00:31:37,120
Speaker 3: be a tool. Obviously, you want to do the math.

689
00:31:37,120 --> 00:31:38,520
Speaker 3: I think most people are afraid of debt. They just

690
00:31:38,560 --> 00:31:40,800
Speaker 3: don't do the math right. It's like they look at

691
00:31:40,840 --> 00:31:43,120
Speaker 3: it as a liability, like, oh, I'm gonna pay interest.

692
00:31:43,120 --> 00:31:45,440
Speaker 3: I don't want to pay interest. But does it matter

693
00:31:45,520 --> 00:31:48,320
Speaker 3: if what you got in return outpaces the interest that

694
00:31:48,360 --> 00:31:50,560
Speaker 3: you paid, right? And I think once you just do

695
00:31:50,600 --> 00:31:52,960
Speaker 3: the math, and that's the beautiful thing about personal finance,

696
00:31:53,160 --> 00:31:54,520
Speaker 3: you'll be able to see that debt can be an

697
00:31:54,520 --> 00:31:56,840
Speaker 3: amazing tool and accelerating your wealth building.

698
00:31:57,320 --> 00:32:00,200
Speaker 1: So what's interesting As I am reading profit for and

699
00:32:00,240 --> 00:32:02,440
Speaker 1: it led me to this question, and I'm about to

700
00:32:02,440 --> 00:32:04,400
Speaker 1: ask for I got to tee this up first. So, George,

701
00:32:04,720 --> 00:32:08,040
Speaker 1: I was reading profit first, you know, as Carter talked about.

702
00:32:08,040 --> 00:32:10,240
Speaker 1: And so I set up all these five accounts and

703
00:32:10,440 --> 00:32:14,040
Speaker 1: during that process, I was just looking through my statements

704
00:32:14,160 --> 00:32:16,920
Speaker 1: for my AMEX, you know, in a couple of other cards,

705
00:32:17,320 --> 00:32:19,720
Speaker 1: and I found seven hundred dollars of things that I

706
00:32:19,800 --> 00:32:22,360
Speaker 1: was spending every month that I had no use for

707
00:32:22,760 --> 00:32:28,600
Speaker 1: seven hundred dollars a month. Thing subscriptions on iTunes, you

708
00:32:28,640 --> 00:32:31,480
Speaker 1: know whatever, Like just stupid stuff, stuff that I don't

709
00:32:31,480 --> 00:32:35,360
Speaker 1: even use anymore. And I'm like, I can't believe I've

710
00:32:35,360 --> 00:32:38,960
Speaker 1: been paying seven hundred dollars a month and stuff that

711
00:32:39,000 --> 00:32:44,280
Speaker 1: I haven't even opened up. And as a financial advisor, George,

712
00:32:44,400 --> 00:32:46,520
Speaker 1: I want you to talk about like this concept of

713
00:32:46,560 --> 00:32:50,280
Speaker 1: money leaks, like these expenses or inefficiencies that we have

714
00:32:50,520 --> 00:32:54,840
Speaker 1: that we just are not even aware of. This car,

715
00:32:54,880 --> 00:32:56,480
Speaker 1: I'm let you cook on this car to too, I'm

716
00:32:56,560 --> 00:32:56,880
Speaker 1: let you go.

717
00:32:57,440 --> 00:33:00,880
Speaker 3: But yeah, yeah, one thing that we have all of

718
00:33:00,920 --> 00:33:03,920
Speaker 3: our clients do is we call it a finding money exercise. Right.

719
00:33:03,960 --> 00:33:08,440
Speaker 3: It's like because what happens is, you know, you accumulate

720
00:33:08,480 --> 00:33:12,400
Speaker 3: these expenses over time, right, And if you don't have awareness,

721
00:33:12,400 --> 00:33:14,120
Speaker 3: if you're not having a money date with your money

722
00:33:14,120 --> 00:33:16,160
Speaker 3: every week where you're looking at it, you forget about

723
00:33:16,200 --> 00:33:18,240
Speaker 3: you forget about the gym membership from the gym you

724
00:33:18,280 --> 00:33:20,880
Speaker 3: no long ago to. You forget about the Apple iTunes

725
00:33:20,880 --> 00:33:23,480
Speaker 3: subscription that was annual and you forgot to cancel and

726
00:33:23,480 --> 00:33:25,040
Speaker 3: you still getting hit with it. Right, Those are things

727
00:33:25,080 --> 00:33:28,479
Speaker 3: that's just over time you start to accumulate all this

728
00:33:28,560 --> 00:33:31,440
Speaker 3: extra baggage, if you will, right, And so I think

729
00:33:31,480 --> 00:33:34,800
Speaker 3: awareness is the greatest lever that you have when it

730
00:33:34,800 --> 00:33:37,320
Speaker 3: comes to building wealth. We recommend our clients every week

731
00:33:37,920 --> 00:33:40,640
Speaker 3: have a money date, whether you actually have somebody view

732
00:33:40,680 --> 00:33:43,360
Speaker 3: it with or if it's just you and your online banking,

733
00:33:43,440 --> 00:33:45,400
Speaker 3: you have a money date where you sit down and

734
00:33:45,440 --> 00:33:47,680
Speaker 3: you review, Hey, this is what I got coming up

735
00:33:47,680 --> 00:33:51,400
Speaker 3: this week, and this is how it should go based

736
00:33:51,440 --> 00:33:52,959
Speaker 3: upon how the week went. Do I need to make

737
00:33:52,960 --> 00:33:56,520
Speaker 3: any adjustments because oftentimes people get scared about budgeting because

738
00:33:56,520 --> 00:33:59,360
Speaker 3: they think about it being restrictive. But remember this is

739
00:33:59,400 --> 00:34:01,520
Speaker 3: your life. So if you know you got friends coming

740
00:34:01,520 --> 00:34:02,560
Speaker 3: in town the end of the month, you want to

741
00:34:02,560 --> 00:34:05,080
Speaker 3: buy bottles, you want to go all out, well cool, Well,

742
00:34:05,120 --> 00:34:07,720
Speaker 3: then you need to in the beginning of the month, right,

743
00:34:07,800 --> 00:34:11,080
Speaker 3: make sure that you're not allocating the money towards door

744
00:34:11,160 --> 00:34:13,880
Speaker 3: dash and getting nickeled. And don I think what happens

745
00:34:13,960 --> 00:34:17,880
Speaker 3: is people don't zoom out quickly enough to figure out, like,

746
00:34:18,160 --> 00:34:20,440
Speaker 3: what do I want my life to actually look like?

747
00:34:20,480 --> 00:34:22,680
Speaker 3: This is a story I always tell when I first

748
00:34:22,680 --> 00:34:24,800
Speaker 3: got in the financial services industry. It was one of

749
00:34:24,840 --> 00:34:27,240
Speaker 3: my first conferences I went to, and the young lady

750
00:34:27,280 --> 00:34:30,520
Speaker 3: was like, in twenty eleven, one billion drill bits were sold.

751
00:34:30,520 --> 00:34:32,120
Speaker 3: And for those who don't know what the drill bits are,

752
00:34:32,120 --> 00:34:33,960
Speaker 3: because you're not too handy, it's a little thing you

753
00:34:34,040 --> 00:34:36,040
Speaker 3: put into a drill to maybe hang up artwork and

754
00:34:36,080 --> 00:34:38,640
Speaker 3: different things in your house. She said, of the billion

755
00:34:38,719 --> 00:34:41,040
Speaker 3: drill bits that were sold, nobody wanted a drill bit.

756
00:34:41,280 --> 00:34:44,000
Speaker 3: She said, Now, what if I told you that they

757
00:34:44,120 --> 00:34:46,640
Speaker 3: used the drill bits to hang artwork in office parks

758
00:34:46,680 --> 00:34:49,960
Speaker 3: and residential homes all across the country. But they didn't

759
00:34:50,000 --> 00:34:53,799
Speaker 3: necessarily want the artwork either. What they cared about is

760
00:34:53,800 --> 00:34:55,600
Speaker 3: the feeling that they got when they walked in the

761
00:34:55,640 --> 00:34:57,920
Speaker 3: room where the artwork was hung. So how does that

762
00:34:57,960 --> 00:35:00,440
Speaker 3: translate to your money? When you look at your BA account?

763
00:35:00,520 --> 00:35:02,319
Speaker 3: Do you care if it's a million dollars or one

764
00:35:02,360 --> 00:35:05,200
Speaker 3: hundred thousand or ten thousand? Not really right? Do you

765
00:35:05,280 --> 00:35:07,279
Speaker 3: care if it's in what type of account it is? Is

766
00:35:07,280 --> 00:35:09,399
Speaker 3: it a roth ira, is a brokerage account? You don't

767
00:35:09,400 --> 00:35:11,480
Speaker 3: really care about that. That will be the equivalent of

768
00:35:11,480 --> 00:35:13,320
Speaker 3: me walking into your house looking at a beautiful picture

769
00:35:13,360 --> 00:35:17,360
Speaker 3: and saying, man, I'm really curious of the oak wood

770
00:35:17,440 --> 00:35:19,840
Speaker 3: handle that you use on the hammer to hang that

771
00:35:19,920 --> 00:35:22,880
Speaker 3: in the nails where they steal or what they Nobody cares.

772
00:35:23,200 --> 00:35:25,440
Speaker 3: What you care about is where you're going to be

773
00:35:25,480 --> 00:35:27,080
Speaker 3: able to go, what you're going to be able to

774
00:35:27,080 --> 00:35:29,080
Speaker 3: do other people, that you're going to be able to help,

775
00:35:29,080 --> 00:35:30,759
Speaker 3: in the lifestyle that you're going to be able to live.

776
00:35:31,120 --> 00:35:34,359
Speaker 3: So once you can line your financial resources to that

777
00:35:34,520 --> 00:35:38,120
Speaker 3: north star budgeting and money management seems a lot more

778
00:35:38,160 --> 00:35:41,120
Speaker 3: realistic because it's not I'm just doing the adult thing

779
00:35:41,280 --> 00:35:44,200
Speaker 3: that everybody should do, which is saved and invest my money.

780
00:35:44,520 --> 00:35:47,759
Speaker 3: You're anchoring it in your values. I like to call

781
00:35:47,800 --> 00:35:49,839
Speaker 3: it value based spending. So when you're looking at your

782
00:35:49,840 --> 00:35:53,800
Speaker 3: expenses right you ask yourself two questions. Does this spending

783
00:35:53,920 --> 00:35:55,960
Speaker 3: align with what I say I value Number one? And

784
00:35:56,040 --> 00:35:59,239
Speaker 3: number two? Is there cost effective, more cost effective alternative?

785
00:35:59,560 --> 00:36:02,000
Speaker 3: Sometimes there might not be a cost effective alternative, but

786
00:36:02,000 --> 00:36:04,400
Speaker 3: at least asking the question put you in the right

787
00:36:04,400 --> 00:36:05,880
Speaker 3: frame of mind. Because if you look at your online

788
00:36:05,880 --> 00:36:09,120
Speaker 3: banking you see food, food, food, food, food. Any responses Well,

789
00:36:09,120 --> 00:36:10,600
Speaker 3: it's okay because I'm going out the bunch with the

790
00:36:10,640 --> 00:36:12,960
Speaker 3: homies and we get the fellowship, we get to have

791
00:36:12,960 --> 00:36:15,000
Speaker 3: a good time. I said, well, hold on, what you're

792
00:36:15,000 --> 00:36:17,400
Speaker 3: saying is you value the fellowship, not necessarily the food.

793
00:36:17,840 --> 00:36:19,680
Speaker 3: So maybe we can come up with more creative ways

794
00:36:19,680 --> 00:36:22,680
Speaker 3: to extract what you really want from this scenario that's

795
00:36:22,719 --> 00:36:25,640
Speaker 3: still quote unquote budget friendly. So that's the way I

796
00:36:25,640 --> 00:36:27,040
Speaker 3: think about it, hopefully answers your question.

797
00:36:27,120 --> 00:36:29,000
Speaker 1: Yeah, and card I want you to cook on this too,

798
00:36:29,000 --> 00:36:31,360
Speaker 1: because I think about that seven hundred dollars that I

799
00:36:31,480 --> 00:36:35,359
Speaker 1: already had and was spending by now clawing that back,

800
00:36:35,520 --> 00:36:37,360
Speaker 1: I just made seven hundred dollars.

801
00:36:37,880 --> 00:36:41,640
Speaker 5: Yeah, yeah, yeah, and like and let me just because

802
00:36:41,640 --> 00:36:44,080
Speaker 5: I wanted to have a relatability moment. We are not

803
00:36:44,239 --> 00:36:47,480
Speaker 5: above reproach here, like we still forget like I did.

804
00:36:49,040 --> 00:36:50,640
Speaker 4: I did act as my assistant last year.

805
00:36:50,640 --> 00:36:52,839
Speaker 5: I let's see where I spent some money last year,

806
00:36:52,840 --> 00:36:54,879
Speaker 5: because it was a fast it was a fast year.

807
00:36:55,719 --> 00:36:59,040
Speaker 5: I spent seventeen thousand dollars in ubers last year, and

808
00:36:59,840 --> 00:37:02,200
Speaker 5: I I didn't realize it because you know, Nicko Lndam,

809
00:37:02,239 --> 00:37:03,279
Speaker 5: you don't see it to the end of the year.

810
00:37:03,280 --> 00:37:04,680
Speaker 5: And I have to set myself down and say, Okay,

811
00:37:04,719 --> 00:37:08,319
Speaker 5: Carter is riding in uber seven is like that is

812
00:37:08,320 --> 00:37:11,480
Speaker 5: at worth seventeen thousand dollars fee seventeen thousand dollars for

813
00:37:11,560 --> 00:37:13,560
Speaker 5: you know, if not, you can use that money to

814
00:37:13,560 --> 00:37:15,799
Speaker 5: buy a car and just drive more, or give up

815
00:37:15,840 --> 00:37:17,480
Speaker 5: the car you already have and just go all in

816
00:37:17,520 --> 00:37:19,799
Speaker 5: on uber. What we can't do is have both, right,

817
00:37:20,120 --> 00:37:22,120
Speaker 5: So I just want to let people know we're not

818
00:37:22,160 --> 00:37:24,120
Speaker 5: above reproach here. We have to take our own device

819
00:37:24,160 --> 00:37:27,719
Speaker 5: at lotts and it's just understanding what do you want

820
00:37:27,719 --> 00:37:30,799
Speaker 5: your money to do for you and how do you

821
00:37:30,920 --> 00:37:34,719
Speaker 5: want it to be the tool that it can be

822
00:37:34,960 --> 00:37:37,239
Speaker 5: to help you grow and get towards your dreams.

823
00:37:37,239 --> 00:37:38,680
Speaker 4: Because what I did to.

824
00:37:38,640 --> 00:37:41,920
Speaker 5: Make it more more, to make it hit home for

825
00:37:42,000 --> 00:37:43,840
Speaker 5: me is I put that seventeen thousand dollars in a

826
00:37:43,840 --> 00:37:46,799
Speaker 5: retirement calculator at ten percent for fifty years, and I

827
00:37:46,800 --> 00:37:48,879
Speaker 5: saw how much money it could have made me if

828
00:37:48,920 --> 00:37:51,399
Speaker 5: I didn't spend it. So that going in twenty twenty

829
00:37:51,440 --> 00:37:52,520
Speaker 5: five is going to make sure I don't make the

830
00:37:52,520 --> 00:37:53,239
Speaker 5: same mistake again.

831
00:37:54,239 --> 00:37:56,160
Speaker 1: So I want you to talk a little bit about

832
00:37:56,200 --> 00:37:58,359
Speaker 1: melon and money, but I want you to first start

833
00:37:58,360 --> 00:38:01,279
Speaker 1: it just talk about some tools, you know, technologies or

834
00:38:01,280 --> 00:38:02,799
Speaker 1: et ceter Both of you, guys, I want you to

835
00:38:02,840 --> 00:38:05,680
Speaker 1: do this on things that you would advise. You know,

836
00:38:05,760 --> 00:38:08,719
Speaker 1: people add you know on their phone or you know

837
00:38:09,080 --> 00:38:10,560
Speaker 1: other you know when you talk about that, you know,

838
00:38:10,640 --> 00:38:13,480
Speaker 1: financial date George like things people should be doing. What

839
00:38:13,600 --> 00:38:17,799
Speaker 1: are tools resources we should use to help us both

840
00:38:17,840 --> 00:38:21,680
Speaker 1: manage our money better and grow our money? You know

841
00:38:21,719 --> 00:38:22,600
Speaker 1: early capacity.

842
00:38:23,840 --> 00:38:25,520
Speaker 3: Do you want me to start first and part? Go ahead?

843
00:38:25,520 --> 00:38:29,480
Speaker 3: Go ahead, Jordan cool One one tool I think is

844
00:38:29,520 --> 00:38:32,040
Speaker 3: great to weal we were talking about money management is

845
00:38:33,400 --> 00:38:36,080
Speaker 3: Rocket Money, right, Rocket Money. But now y'all need to

846
00:38:36,120 --> 00:38:39,000
Speaker 3: be sponsoring us at this point, y'all. But Rocket Money

847
00:38:39,080 --> 00:38:40,759
Speaker 3: is a great app. Right, There's just going to give

848
00:38:40,800 --> 00:38:43,319
Speaker 3: you that visibility to know where your money's going. Do

849
00:38:43,360 --> 00:38:45,600
Speaker 3: you have a subscription that's coming up that you should

850
00:38:45,640 --> 00:38:48,080
Speaker 3: be canceling? And it's really gonna give you that awareness

851
00:38:48,080 --> 00:38:49,479
Speaker 3: to be able to claw back some of that money

852
00:38:49,480 --> 00:38:51,440
Speaker 3: that you can use to invest and build well. So

853
00:38:51,440 --> 00:38:53,320
Speaker 3: from a money management perspective, I think Rocket Money is

854
00:38:53,360 --> 00:38:56,480
Speaker 3: an amazing app. From an investing standpoint, I really love

855
00:38:56,520 --> 00:39:00,320
Speaker 3: an app called in One Finance because one of the

856
00:39:00,320 --> 00:39:03,319
Speaker 3: things we talked about was how do I leverage right?

857
00:39:03,440 --> 00:39:05,040
Speaker 3: You know, Debta is a tool to build well. In

858
00:39:05,120 --> 00:39:08,759
Speaker 3: One Finance is one of the most easy platforms that

859
00:39:08,920 --> 00:39:11,680
Speaker 3: exists where you can invest your money and they will

860
00:39:11,680 --> 00:39:13,399
Speaker 3: give you a lot of credit based upon the value

861
00:39:13,400 --> 00:39:17,680
Speaker 3: your portfolio value. Right, So if you have fifty thousand invested,

862
00:39:18,480 --> 00:39:20,160
Speaker 3: you'll give you a lot of credit for twenty five thousand,

863
00:39:20,320 --> 00:39:22,960
Speaker 3: right and for all intentsive purposes. Sometimes it depends upon

864
00:39:22,960 --> 00:39:25,880
Speaker 3: what your investments are, but conceptually speaking about fifty percent,

865
00:39:26,400 --> 00:39:28,880
Speaker 3: and so once you have a handle of your finances

866
00:39:28,920 --> 00:39:31,440
Speaker 3: and you're investing, it's like, wow, okay, now, just by

867
00:39:31,480 --> 00:39:33,279
Speaker 3: investing my money instead of having the money in the bank,

868
00:39:33,480 --> 00:39:35,879
Speaker 3: if I would have drawn twenty five thousand, I'm leaving

869
00:39:35,880 --> 00:39:38,640
Speaker 3: twenty five thousand dollars in there, this eroding right to inflation.

870
00:39:39,120 --> 00:39:40,839
Speaker 3: And then when I take it out, right, I got

871
00:39:40,880 --> 00:39:43,160
Speaker 3: twenty five thousand dollars to play with. I can have

872
00:39:43,320 --> 00:39:46,760
Speaker 3: my full fifty thousand, remain invested, and still get access

873
00:39:46,760 --> 00:39:49,240
Speaker 3: to twenty five thousand dollars. Right. So I strongly recommend

874
00:39:49,320 --> 00:39:52,240
Speaker 3: having an app like in one Finance and investing following

875
00:39:52,280 --> 00:39:54,200
Speaker 3: the Burking investment strategy that I shared earlier in the

876
00:39:54,200 --> 00:39:58,680
Speaker 3: podcast That's for money. That's a money maximizing standpoint. Now,

877
00:39:58,680 --> 00:40:01,799
Speaker 3: from a money making standpoint, if you're an entrepreneur, is

878
00:40:01,840 --> 00:40:04,960
Speaker 3: make sure you have your like quick Books or whatever

879
00:40:05,000 --> 00:40:07,960
Speaker 3: accounting app on your phone and just on a regular basis,

880
00:40:07,960 --> 00:40:09,799
Speaker 3: make sure that you're reviewing the P and L. I

881
00:40:09,800 --> 00:40:11,560
Speaker 3: think one thing that a lot of entrepreneurs shy away

882
00:40:11,600 --> 00:40:14,719
Speaker 3: from is like money making activity. Right, It's like, what

883
00:40:14,880 --> 00:40:16,560
Speaker 3: makes all of this easier, just to world on the

884
00:40:16,560 --> 00:40:18,919
Speaker 3: same page, what makes building wealth easier? What makes money

885
00:40:18,920 --> 00:40:22,480
Speaker 3: management easier? Like is making more money? Now, obviously you

886
00:40:22,520 --> 00:40:24,160
Speaker 3: still got to be a good steward over your money.

887
00:40:24,160 --> 00:40:25,239
Speaker 3: But one of the things that helped a lot of

888
00:40:25,239 --> 00:40:27,360
Speaker 3: my early clients out is I looked at their expends.

889
00:40:27,400 --> 00:40:29,160
Speaker 3: It's like, what can I cut? I'm like, you're honestly

890
00:40:29,200 --> 00:40:30,279
Speaker 3: not doing too bad. I was like, you need to

891
00:40:30,280 --> 00:40:33,480
Speaker 3: make more money, right, And so the same level of

892
00:40:33,520 --> 00:40:36,400
Speaker 3: awareness we need to have when it comes to spending

893
00:40:36,640 --> 00:40:38,120
Speaker 3: is the same level of whereas we need to have

894
00:40:38,160 --> 00:40:40,560
Speaker 3: when it comes to making money. What was the target

895
00:40:40,680 --> 00:40:42,840
Speaker 3: revenue goal for this month? Where am I at in

896
00:40:42,880 --> 00:40:45,279
Speaker 3: the first seven days? Where am I at at a

897
00:40:45,360 --> 00:40:48,120
Speaker 3: mid month? Right? And we do something in our company

898
00:40:48,160 --> 00:40:50,359
Speaker 3: called halftime report, right, like we know what our goal

899
00:40:50,360 --> 00:40:52,000
Speaker 3: is for the month. We're not waiting til the end

900
00:40:52,040 --> 00:40:54,439
Speaker 3: of the game to figure out we lost the game. Right,

901
00:40:54,520 --> 00:40:57,120
Speaker 3: so at halftime, where are we relative to the goal,

902
00:40:57,360 --> 00:40:59,160
Speaker 3: which obviously are You've logging into your quick books and

903
00:40:59,200 --> 00:41:01,360
Speaker 3: it's up to day. You can see that right and

904
00:41:01,440 --> 00:41:03,760
Speaker 3: you'll be able to make game time or halftime adjustments

905
00:41:03,800 --> 00:41:05,920
Speaker 3: if you will to be able to make those adjustments.

906
00:41:05,920 --> 00:41:07,680
Speaker 3: So those are least three things I would do because

907
00:41:07,680 --> 00:41:09,600
Speaker 3: I like to look at things and buckets of make

908
00:41:09,680 --> 00:41:12,360
Speaker 3: managing maximize, and so those are three tools that you

909
00:41:12,360 --> 00:41:13,400
Speaker 3: can use. It could be beneficial.

910
00:41:13,800 --> 00:41:15,279
Speaker 2: CARDI, you can do the same thing, but also talk

911
00:41:15,320 --> 00:41:16,760
Speaker 2: about mailing and money on.

912
00:41:16,640 --> 00:41:20,319
Speaker 5: This please, Yeah, so I'll give one of that. I'll

913
00:41:20,320 --> 00:41:23,479
Speaker 5: go with to the Maillon money conversation. I love doing

914
00:41:23,480 --> 00:41:25,279
Speaker 5: an exercise with our clients having them go to the

915
00:41:25,360 --> 00:41:29,439
Speaker 5: National Registry of Unclaimed Retirement Benefits because when you start

916
00:41:29,440 --> 00:41:33,319
Speaker 5: a business right, you most likely left your retirement plan

917
00:41:33,480 --> 00:41:37,279
Speaker 5: and your previous employer. So this website will allow you

918
00:41:37,320 --> 00:41:41,000
Speaker 5: to go find any other retirement plans that you might

919
00:41:41,000 --> 00:41:43,359
Speaker 5: have left behind in previous employees that you forgot about

920
00:41:43,400 --> 00:41:45,839
Speaker 5: or that you couldn't find an XYZ and then we're

921
00:41:45,840 --> 00:41:48,919
Speaker 5: able to take those old retirement plans, roll them over

922
00:41:49,080 --> 00:41:52,680
Speaker 5: into your small business retirement plan, and we can even

923
00:41:53,640 --> 00:41:54,920
Speaker 5: set it up in a way we can use some

924
00:41:54,960 --> 00:41:55,840
Speaker 5: of that money to borrow.

925
00:41:56,200 --> 00:41:58,400
Speaker 4: We can borrow from our retirement.

926
00:41:58,000 --> 00:42:00,160
Speaker 5: Plan, use some of that money to jump start our business,

927
00:42:00,600 --> 00:42:02,640
Speaker 5: finding all the money that we left in previous employers,

928
00:42:02,719 --> 00:42:05,279
Speaker 5: moving it over to our own self employed retirement plan

929
00:42:05,320 --> 00:42:06,719
Speaker 5: that we own, that we control and that.

930
00:42:06,680 --> 00:42:07,600
Speaker 4: We can help grow faster.

931
00:42:07,719 --> 00:42:09,600
Speaker 5: So that's the exercise that we do all of our

932
00:42:09,680 --> 00:42:11,920
Speaker 5: entrepreneur clients to make sure we're not leaving any money

933
00:42:12,200 --> 00:42:15,040
Speaker 5: in the past. And I think from a million and

934
00:42:15,080 --> 00:42:21,200
Speaker 5: money standpoint, we have so many tools in our in

935
00:42:21,239 --> 00:42:24,640
Speaker 5: our community to help our clients get to the next level.

936
00:42:24,880 --> 00:42:26,120
Speaker 5: And I think one of the best things that we

937
00:42:26,160 --> 00:42:28,000
Speaker 5: can do that we do for our clients is that

938
00:42:28,520 --> 00:42:34,040
Speaker 5: we give them one accountability to advisors that they can

939
00:42:34,080 --> 00:42:36,400
Speaker 5: work with to really help them maximize their money. But

940
00:42:36,520 --> 00:42:39,239
Speaker 5: also just giving them all the tools and resources and

941
00:42:39,280 --> 00:42:41,560
Speaker 5: things that we use for ourselves over the years to

942
00:42:41,600 --> 00:42:46,920
Speaker 5: really help them maximize their money and minimize their taxes.

943
00:42:46,960 --> 00:42:48,759
Speaker 5: And that's why, you know, all of our clients are

944
00:42:48,760 --> 00:42:51,200
Speaker 5: part of our mail and a Millionaire Club. Not only

945
00:42:51,239 --> 00:42:54,080
Speaker 5: are we helping them with the saving and investing part,

946
00:42:54,120 --> 00:42:57,520
Speaker 5: but helping them achieve net worth milestones. I don't think

947
00:42:57,520 --> 00:43:00,040
Speaker 5: we mentioned it earlier, but every year we having a

948
00:43:00,080 --> 00:43:04,120
Speaker 5: wart show where we celebrate our clients for hitting networth goals,

949
00:43:04,120 --> 00:43:06,200
Speaker 5: whether it's the firste hundred thousand networth, the first half

950
00:43:06,200 --> 00:43:10,040
Speaker 5: a million, their first million, their first five million, and

951
00:43:10,239 --> 00:43:12,720
Speaker 5: we celebrate our clients so that, in steat of money

952
00:43:12,719 --> 00:43:16,560
Speaker 5: being a taboo topic, is actually something that they're willing

953
00:43:16,640 --> 00:43:19,080
Speaker 5: to talk about, excited to talk about, because now we're

954
00:43:19,120 --> 00:43:23,080
Speaker 5: talking about different milestones that we're celebrating, hitting these wealth,

955
00:43:23,440 --> 00:43:26,120
Speaker 5: hitting these wealth markers. And I think in twenty twenty

956
00:43:26,160 --> 00:43:28,480
Speaker 5: four we helped our clients increase the networth by over

957
00:43:28,520 --> 00:43:30,440
Speaker 5: one hundred million dollars and.

958
00:43:30,640 --> 00:43:32,359
Speaker 4: We got to celebrate with them at the award show.

959
00:43:32,400 --> 00:43:34,239
Speaker 5: So I think it's just taking money from being a

960
00:43:34,280 --> 00:43:37,360
Speaker 5: taboo topic, and what Melon the Money is doing is

961
00:43:37,400 --> 00:43:39,200
Speaker 5: taking it and making it something.

962
00:43:39,000 --> 00:43:41,319
Speaker 4: That's worth talking about and something that's worth celebrating.

963
00:43:41,680 --> 00:43:44,439
Speaker 1: Black Tech Green Money is a production of Blavity, Afro Tech,

964
00:43:44,760 --> 00:43:47,800
Speaker 1: The Black Effect podcast, Networking Night Hire Media. It's produced

965
00:43:47,800 --> 00:43:49,720
Speaker 1: by Morgan debonn and me Well.

966
00:43:49,600 --> 00:43:52,239
Speaker 2: Lucas with the digital production support.

967
00:43:51,920 --> 00:43:55,120
Speaker 1: By Kate McDonald s Hurgan and Jada McGee. Special thank

968
00:43:55,160 --> 00:43:57,600
Speaker 1: you to Michael Davison Love Beech. Learn more about my

969
00:43:57,600 --> 00:44:00,000
Speaker 1: Guess of the Tech show Up is an Innovative's afrotech

970
00:44:00,160 --> 00:44:03,080
Speaker 1: dot com. The video version this episode will drop to

971
00:44:03,120 --> 00:44:06,279
Speaker 1: Black Tech Dream Money on YouTube, so'll tap in. Enjoy

972
00:44:06,280 --> 00:44:09,640
Speaker 1: your Black Tech Dream money, share us to somebody, Go

973
00:44:09,719 --> 00:44:10,360
Speaker 1: get your money.

974
00:44:10,960 --> 00:44:11,600
Speaker 2: Peace and love,