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Speaker 1: Coach, the energy out there felt different. What changed for

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Speaker 1: the team today?

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Speaker 2: It was the new game day scratches from the California

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Speaker 2: Lottery players.

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Speaker 3: Everything.

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Speaker 4: Those games sent the team's energy through the roof.

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Speaker 1: Are you saying it was the off field play that

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Speaker 1: made the difference on the field.

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Speaker 4: Hey, little play makes your day, and today it made

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Speaker 4: the game. That's all for now, coach, one more question.

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Speaker 1: Play the new Los Angeles Chargers, San Francisco forty nine

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Speaker 1: Ers and Los Angeles Rams scratchers from the California Lottery.

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Speaker 1: A little play can make your day. Peace made responsibly.

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Speaker 1: Must be eighteen years or older to purchase late or claim.

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Speaker 5: All right, guys, welcome back another exciting episode EYL.

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Speaker 3: The Virtual Edition.

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Speaker 5: Virtual Edition. Yeah, so you know we're getting better.

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Speaker 3: Yeah.

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Speaker 5: Sure, this is our second virtual episode. So you know

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Speaker 5: we all worked out the kinks the first one.

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Speaker 4: Yeah.

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Speaker 3: Yeah, so now we're trying one. Yeah.

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Speaker 6: You know, when as it will as a way, we're

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Speaker 6: gonna get it done.

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Speaker 5: So, you know, as I said, we try to facilitate

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Speaker 5: people and topics that we get requested for, and you know,

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Speaker 5: this is definitely a topic that we have gotten requested

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Speaker 5: like a lot of times to cover like finance tip,

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Speaker 5: A lot of time to talk about like all kinds

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Speaker 5: of high level stuff. But it's important for everybody, not

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Speaker 5: just regular every day people. Everybody to have the fundamentals.

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Speaker 5: Like I used to play sports, and they and my coaches,

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Speaker 5: so as you say, like before you do trick shots

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Speaker 5: and before you do you gotta learn the fundamentals. So

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Speaker 5: our guest today is the fundamental Champion Crown, the Tiffany Aliche.

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Speaker 5: So she's better known as budget Nista on Instagram and

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Speaker 5: Facebook and all over the internet. So a real, a

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Speaker 5: real force of nature. She's been all over the place,

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Speaker 5: the real but more in America, I believe for black enterprise.

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Speaker 5: She has something that she's doing with own open network.

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Speaker 5: We just got finished talking about that.

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Speaker 3: Street Journal New York Times.

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Speaker 5: Yeah, she's she's she's a published author, she wrote several

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Speaker 5: books today, she has an own academy, she has an

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Speaker 5: extensive community on social media.

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Speaker 3: And she started that education preschool.

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Speaker 6: Yeah, we're gonna talk to that.

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Speaker 5: So yeah, so the budget needs to If you follow

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Speaker 5: her Instagram, you know she gives all kinds of tips

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Speaker 5: from retirement planning, to budgeting, to paying off debt to

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Speaker 5: just you know, practical tips, that financial tips, understanding credit,

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Speaker 5: understanding credit, all kinds of stuff. So yeah, you know

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Speaker 5: this is right up our alley as far Alisia. So

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Speaker 5: first and foremost, thank you, thank you for joining us.

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Speaker 6: Appreciate it, so.

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Speaker 4: Thank you for having me. This is dope. I listened

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Speaker 4: to y'all. Remember when Black and Parts did that article

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Speaker 4: on y'all. Al was like, let me.

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Speaker 6: Let me listen shout that was a minute ago. That

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Speaker 6: was that was crazy.

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Speaker 4: So I put it all in my rotations. I like

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Speaker 4: listening to the podcast and then I saw you have

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Speaker 4: my brother from another mother, Ash cast that.

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Speaker 3: Oh yeah, yeah, yeah, that's our guy.

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Speaker 6: We had him on two podcasts. We had him on

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Speaker 6: two podcasts.

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Speaker 5: He did a live podcast for us in DC and

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Speaker 5: then he did the Regular So shout out to Ash

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Speaker 5: cash Man.

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Speaker 6: He's a he's a good guy.

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Speaker 3: For university too. Yeah, he's a regular. He's a regular.

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Speaker 3: That's our brother.

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Speaker 4: Ye.

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Speaker 5: So so Tiffany, can we should I call you Tiffany

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Speaker 5: or budgonesa?

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Speaker 6: Which one do you prefer?

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Speaker 4: I mean, you call me whatever, but like you got

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Speaker 4: me budgetestas you know, that's the Brandon.

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Speaker 6: Sorry, call you whatever. Just don't call you broke.

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Speaker 3: That's a fact.

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Speaker 5: So so all right, Kim, you got a very interesting

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Speaker 5: backstory because I actually watched it on your on your

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Speaker 5: website and a lot of people that we bring on

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Speaker 5: the podcast are from humble beginnings or that financial literacy

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Speaker 5: was not taught to them. They're like first generation learning

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Speaker 5: about financial literacy. But you, you was actually interesting for

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Speaker 5: a few different reasons. A, you were a teacher like Troy,

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Speaker 5: you taught young kids preschool, I believe. But you said

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Speaker 5: your father actually instilled financial literacy and you at an

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Speaker 5: early age he was accounting in the CEOs And so

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Speaker 5: can you talk about that your journey from you know,

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Speaker 5: growing up in a household of financial literacy to becoming

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Speaker 5: an educator to now becoming an entrepreneur.

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Speaker 4: Yeah, so yeah, you had it write. My dad was

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Speaker 4: a CFO and an accountant, and he and my mom

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Speaker 4: both immigrated from Nigeria shout out Eboku and so they

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Speaker 4: so my dad was like really like kind of like

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Speaker 4: the academic when it came to financial education. So like

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Speaker 4: sit down to they let me show you how to budget,

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Speaker 4: Let me show you like how to He would like

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Speaker 4: do a budget like in his ledger book, you know,

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Speaker 4: let me show you how to use my calculator with

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Speaker 4: the paper coming out the back. And my mom was

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Speaker 4: more like real life application, like we go on food

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Speaker 4: shopping and we negotiating, we can you know. And so

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Speaker 4: so I'm one of five girls, so you know, we

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Speaker 4: have five kids, budgets a way.

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Speaker 3: Of life that's a lot extreme exactly.

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Speaker 4: So I just grew up, like we didn't shy away

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Speaker 4: from money talk in the house. So it was odd

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Speaker 4: to me when I got older and I was like,

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Speaker 4: y'all don't have Thursday night money class. What'sy'all been doing

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Speaker 4: on Thursday nights? You know? So it was odd to

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Speaker 4: me when I got older how people were so fearful

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Speaker 4: to talk about money because I didn't grow up with

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Speaker 4: this knee jerk reaction like we don't talk about money here,

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Speaker 4: or we don't share the ups and downs. Like I

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Speaker 4: can't remember one Christmas my dad, I think it was

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Speaker 4: like November December here. His his job was closing down,

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Speaker 4: and he was like, so for Christmas, you know, we

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Speaker 4: won't we won't have Christmas in December. Instead, we're going

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Speaker 4: to push it to the end of January, right, And

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Speaker 4: I was like, all right, So we put up the

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Speaker 4: tree like January twenty fifth, and it was like presents abound,

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Speaker 4: So there was He was really good and my parents

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Speaker 4: were really good at talking about money in a way

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Speaker 4: that was kid appropriate but not assigning negativity to it.

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Speaker 4: So it wasn't like it ain't gonna be no Christmas. We

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Speaker 4: ain't got it. It was like, so daddy's job closed

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Speaker 4: because they had a strike, So this is what's happening,

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Speaker 4: and then this is the immediate solution. So I was

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Speaker 4: kind of like, okay, So that was a way of life,

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Speaker 4: and when it wasn't until really I got to college

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Speaker 4: and my college roommate shout out to her. I won't

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Speaker 4: say your name, girl, because we're still Facebook friends, but

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Speaker 4: she was getting deck collectors call in the dorm room

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Speaker 4: and we thought it was hilarious because I mean, we're kids, dumb,

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Speaker 4: so they would call and we were like, we would

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Speaker 4: pretend different names and we were put on different voices,

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Speaker 4: and I thought it was hilarious. And I went home

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Speaker 4: telling my dad like, yo, so I just just has

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Speaker 4: deck collectors call in the room and he was like, yo,

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Speaker 4: that's serious, and I'm like it was like, y'all are

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Speaker 4: violent when you go back, tell her to say this, this, this,

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Speaker 4: and this, and I was like, okay, and so I did.

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Speaker 4: So it turned out that her mom, who was a

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Speaker 4: single mom and trying her best, had opened up credit

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Speaker 4: cards in her name. So I had never even heard

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Speaker 4: of that before. And so that was kind of like

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Speaker 4: the first time that I realized that, not that I

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Speaker 4: mean my parents, we didn't have a lot of money.

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Speaker 4: You can't have a lot of money with five kids

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Speaker 4: for the most part, So it wasn't mad we grew up.

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Speaker 4: I remember roaches and things, you know, when we was

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Speaker 4: real little, So it's not that we had a lot

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Speaker 4: of money, but there was a lot of knowledge, and

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Speaker 4: so I didn't realize that that was truly the difference.

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Speaker 4: And not that like I said, I didn't grow up

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Speaker 4: having a lot, but I grew up learning a lot

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Speaker 4: and I took that with me and after college. In college,

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Speaker 4: I didn't know what I wanted to do, so I

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Speaker 4: chose business randomly because I figured, I guess I could

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Speaker 4: get a job with that, but I really fell in

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Speaker 4: love with teaching on campus. To make extra money, I

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Speaker 4: started working as a childcare center and I was like, oh,

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Speaker 4: I like this, this is fun. I could be wild

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Speaker 4: that could be my crazy self. Like if you know me,

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Speaker 4: I'm like a little on wild side. And I'm like,

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Speaker 4: because all of my internships were so boring and I'm everything,

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Speaker 4: I'm gonna die here in corporate America. They're not gonna

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Speaker 4: have me. I was so dramatic. They not gonna take

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Speaker 4: my soul. So I was like, Okay. After graduation, it

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Speaker 4: was like one year away when I realized I didn't

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Speaker 4: want to work in corporate America, and so I decided

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Speaker 4: and instead I'm going to be a teacher. So I

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Speaker 4: went back and got my certification. And in the meantime,

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Speaker 4: I said, well, back then, you could do this. I

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Speaker 4: don't think you could do it now, but you could

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Speaker 4: teach preschool with a college degree. You didn't have to

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Speaker 4: be certified. I believe now you have to have certification.

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Speaker 4: So I said, okay, it's nine months for certifiction. I'll

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Speaker 4: teach older grades after that, but in the meantime, I'll

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Speaker 4: teach preschool. But I ended up falling in love with

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Speaker 4: that age and I stayed there for ten years and

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Speaker 4: I loved it, and I wasn't making much. I remember

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Speaker 4: my corporate internship job after graduating and offered me fifty

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Speaker 4: thousand dollars a year, and the teaching job offered me

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Speaker 4: thirty nine thousand. And that's when I realized the importance

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Speaker 4: of financial education because I was like, I could take

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Speaker 4: the fifty and hate my life, or I could take

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Speaker 4: the thirty nine and love my life but not make

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Speaker 4: as much. So I took the thirty nine and I

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Speaker 4: freaked it andd it.

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Speaker 3: I like that. I liked that.

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Speaker 4: In two years, I saved forty thousand dollars. I bought

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Speaker 4: a condo. I bought my car in cash. I had

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Speaker 4: like this little Putt Putt twenty nineteen Nissan Ultima, but

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Speaker 4: it was paid off in cash. So I had forty

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Speaker 4: thousand dollars. Say I bought a condo, I had my

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Speaker 4: master's I was honestly I had money. Say that was

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Speaker 4: maxim out my retirement account and was doing all the

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Speaker 4: right things so much so I decided, Okay, it's time

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Speaker 4: for me to start investing for wealth, not just retirement.

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Speaker 4: So this is back in the day when I used

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Speaker 4: to believe that if you look like you have money,

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Speaker 4: you have money. So one of my friends, i'll call him,

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Speaker 4: I call him Jacob Defet. His name is not Jacob,

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Speaker 4: but he's in jail now, so m hmm. So he

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Speaker 4: was my I thought he was my boy, and I thought, yo,

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Speaker 4: Jacob got money, lay pol I member. He had a

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Speaker 4: penthouse in New York, I mean dressed tailored down. And

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Speaker 4: I was like, yo, Jacob, you clearly have money. Teach

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Speaker 4: me how to invest. And he was like, okay, you

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Speaker 4: look like a sucker, I mean an investor. And so

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Speaker 4: he was like, you know, the best way to invest

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Speaker 4: is other people's money. Do you have credit cards? I

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Speaker 4: was like one, but they don't really have much of

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Speaker 4: a balance because my dad would out a balance a limit.

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Speaker 4: My dad had already taught me that you pay off

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Speaker 4: your credit cards every month in fall. So I had one,

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Speaker 4: and so he was like, nai, yo, you got a

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Speaker 4: good credit, open up like three of them joys. Okay,

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Speaker 4: opened them up and I had like high limits, five thousand,

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Speaker 4: ten thousand. He's like, take that money off, we go

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Speaker 4: on best with that money. I all that money. I

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Speaker 4: gave it to Jacob, the damn thief, and he was gone.

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Speaker 4: And here I was with thirty five thousand dollars in

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Speaker 4: credit card debt, like overnight, and I just remember being

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Speaker 4: like wait what And I was hot and then I

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Speaker 4: remember I was like, nio, I'm gonna get the boys

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Speaker 4: on Jacob. Like so I was searching for Jacob. And

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Speaker 4: then the recession hit, and all of a sudden, in

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Speaker 4: my school where I worked, they were like, yeah, so

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Speaker 4: new school year, it's not happening, so you know, good

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Speaker 4: luck to you. I was like, so wait, now our

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Speaker 4: old thirty five thousand dollars in debt. I had just

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Speaker 4: got my master so now I also had a fifty

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Speaker 4: plus thousand dollars like master's degree from Seaton Hall University

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Speaker 4: that had to pay off. I have a mortgage, credit

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Speaker 4: card debt for the first time, and no job. All

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Speaker 4: of a sudden, it was like really bad. And I

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Speaker 4: went from all of a sudden being Tiffany who was

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Speaker 4: so good with my money, to Tiffany who's broke. And

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Speaker 4: it was hard to like dig my way out. And

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Speaker 4: it took me a while to kind of forgive myself

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Speaker 4: for the mistakes because I blamed Like, I mean, it's

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Speaker 4: one thing to take responsibility, it's another thing to blame yourself.

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Speaker 4: So I told myself, you have to take responsibility, but

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Speaker 4: you have to you got to get tired of kicking

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Speaker 4: yourself while you're down, girl, Like, okay, we get it.

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Speaker 4: You ain't cant nobody you know, you made a mistake.

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Speaker 4: You were in your early twenties. These things happened. So

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Speaker 4: I leaned on what I knew. I knew how to budget,

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Speaker 4: I knew how to save, I knew how to like

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Speaker 4: the fundamentals that had learned at home. I leaned on that.

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Speaker 4: And it was the recession, the two thousand and eight

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Speaker 4: two thousand and nine procession. I moved back home with

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Speaker 4: my parents. I was twenty nine going on thirty, sleeping

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Speaker 4: in my sh medium middle school bed, like yo, this

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Speaker 4: can't be life. But it was. And from there I

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Speaker 4: started to just like build myself back up, and people

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Speaker 4: started asking me like yo, because they had already known

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Speaker 4: me before. I used to help my family and friends

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Speaker 4: with their budgets and things like that, and I used

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Speaker 4: to volunteer doing so, like I would help the parents

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Speaker 4: of my preschoolers with their finances, but just like something,

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Speaker 4: you know, light work. But I realized that during a recession,

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Speaker 4: people needed that assistance, and so I'm like friends would

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Speaker 4: ask and friends of friends and friends of friends of friends,

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Speaker 4: and then Finally, my best friend was like, you should,

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Speaker 4: you should start charging and I'm like, can you do that?

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Speaker 4: And my baby sister gave me the name Budgetisa because

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Speaker 4: she was being shady. She said, oh, you know the fashionista.

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Speaker 4: I said, yeah, she said, that's not you. I was like,

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Speaker 4: you know what, I like it, so Budgetisa. It was

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Speaker 4: who's laughing now, Lisa? So yeah, So I started the

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Speaker 4: Budgetnisa and it was started off as one on ones

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Speaker 4: and then I started partnering with organizations like the United

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Speaker 4: Way Boys and Girls Club, and then I started working, like,

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Speaker 4: you know, speaking at colleges and then Prudential. Before I

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Speaker 4: knew it, social media started to be less about what

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Speaker 4: you ate for dinner and lunch, and more and more

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Speaker 4: people businesses started to come online, and so I started

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Speaker 4: to lean in to like using online to grow my business,

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Speaker 4: and the Budgetnisa was booming. It actually does really well.

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Speaker 4: I realized that this financial education space does really well

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Speaker 4: during recessions, and so yeah, it was booming, and it

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Speaker 4: really I'm grateful for those hot hard times because it

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Speaker 4: also humbled me and it taught me what people were

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Speaker 4: really feeling when they were messing up financially. Because I

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Speaker 4: didn't get that before because I had been financially perfect

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Speaker 4: up until like my mid twenties, and once I went

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Speaker 4: through financial hard times, when someone tells me I lost

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Speaker 4: my house to foreclosure, I'm like, I know what that

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Speaker 4: feels like because I've been there, Or like, yo, I

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Speaker 4: don't have enough money for groceries. I'm like, I know

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Speaker 4: what that feels like. And so I'm glad for those

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Speaker 4: times because it allows me to truly be of service

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Speaker 4: and to serve from a place of empathy, not just sympathy.

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Speaker 3: A lot of game.

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Speaker 7: First of all, Happy Teacher Appreciation Week. Once a teacher,

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Speaker 7: always a teacher. I want to go back to what

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Speaker 7: you said about investing for wealth versus investing for retirement.

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Speaker 7: Especially with my colleagues in the field of education, all

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Speaker 7: they think about is retirement.

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Speaker 3: They don't really think about long time wealth.

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Speaker 7: How'd you get people in that mindset, especially around you

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Speaker 7: at that time.

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Speaker 4: To start well? And during the recession, everybody wide open,

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Speaker 4: everybody because it's like struggle time. So everyone's like, I

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Speaker 4: need help, I need help, I need help. And they

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Speaker 4: realized that some of the everyone's not broke because of COVID,

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Speaker 4: A lot of folks know that they struggling because of

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Speaker 4: things before COVID, That COVID was really like a magnifying

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Speaker 4: glass on Yeah, you you know, you was already here.

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Speaker 4: Cis like you, you know, your bank account was already

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Speaker 4: on love Love, And so it wasn't hard to get

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Speaker 4: people in the mindset because people were really open. Like honestly,

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Speaker 4: it was just like, hey, who does help with budgeting?

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Speaker 4: I do, because if you can't beat your kids and

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Speaker 4: you can't pay your bills, you're ready to learn, you know.

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Speaker 4: So that part was honestly easy. It's hard. It's hard

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Speaker 4: doing great times to get people to get on board

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Speaker 4: because before two thousand and eight financial crash, nobody wanted

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Speaker 4: to hear me talk about budgeting and living. Simply none

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Speaker 4: of my friends cared. But like you know, when you

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Speaker 4: lose your job and there's no money in the savings

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Speaker 4: account and the checking account, you know, people were open.

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Speaker 4: So that's that's really what it was. It was the

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Speaker 4: times like it was. It was like there was like

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Speaker 4: a crack in the matrix and I slipped in. It

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Speaker 4: was perfect timing for what I was bringing to the table.

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Speaker 4: It was things that I had already said already, like

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Speaker 4: even now like our business. You know, we had the

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Speaker 4: best April ever, like the best month ever, ever, ever

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Speaker 4: in ten years of business. And it's because people are

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Speaker 4: open right now, because we're in what looks like to

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Speaker 4: be the start of a recession.

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Speaker 5: So let me ask you this. You was making thirty

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Speaker 5: nine thousand dollars a year and in two years you

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Speaker 5: said you saved forty thousand and you maxed out your

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Speaker 5: full your retirement plan. How is that possible? Because like, yeah,

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Speaker 5: how is that even possible?

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Speaker 4: Well, see, one of the things I did was it's

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Speaker 4: the before, the before. So what most people do they

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Speaker 4: graduate college, They're like, yo, I got to stun maybe

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Speaker 4: a core and I was like, I need a car too.

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Speaker 4: But what I'm not going to do is get the

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Speaker 4: twenty thousand dollars car with the car Nome. Instead, I stayed.

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Speaker 4: I stayed home my first year after graduating in college

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Speaker 4: because even though living with Nigerian parents, I know, joke,

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Speaker 4: because it's still like, why are you going It's to midnights.

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Speaker 4: I'm like, it's hey, what are you doing in these streets?

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Speaker 4: In the streets but so so, but I was like,

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Speaker 4: I'm willing to take the short term l for the

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Speaker 4: long term, w tweeted at the Buchanista. So, so that's

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Speaker 4: what I did. I stayed home for a year, and

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Speaker 4: I remember at the time, I didn't even I wasn't

359
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Speaker 4: even making the thirty nine thousand. I was making I

360
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Speaker 4: think fourteen dollars an hour. But I knew one thing.

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Speaker 4: I had pay rent and I didn't have a car

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Speaker 4: at the time, but I wanted to save up, so

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Speaker 4: I was making h I want to say I probably

364
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Speaker 4: was making like maybe like two thousand dollars a month

365
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Speaker 4: or something like that, or maybe not even maybe like

366
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Speaker 4: fourteen or fifteen hundred dollars a month, but I was

367
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Speaker 4: saving about nine hundred dollars a month when I stayed

368
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Speaker 4: home that first year out of college. That's ad a mistake.

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Speaker 4: I know everybody doesn't have this opportunity, but I'm sharing

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Speaker 4: because people always get mad like I can't do that.

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Speaker 4: Since you ask me my story. So I stayed home

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Speaker 4: because I was able and my parents said, you don't

373
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Speaker 4: have to pay rent. I used to ride my bike

374
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Speaker 4: to go teach at the local daycare center. It was

375
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Speaker 4: in Plainfield, New Jersey, and I was making, like I said,

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Speaker 4: fourteen or fifteen dollars an hour, making like I think

377
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Speaker 4: sixteen hundred dollars a month. Save saved that nine hundred

378
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Speaker 4: dollars a month, and at the end of the year,

379
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Speaker 4: I had like ten thousand, eight hundred. So with that

380
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Speaker 4: ten thousand, eight hundred, I told my dad, Okay, I

381
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Speaker 4: want to get a car. He was like, well, lesson, adult,

382
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Speaker 4: lesson number one, do not get a new car. It's

383
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Speaker 4: a waste of money. They'd depreciate. It's a losing investment.

384
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Speaker 4: It's not an investment. It's a liability means liabilities well

385
00:17:37,280 --> 00:17:40,240
Speaker 4: y'all know, but just audience ability to take money out

386
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Speaker 4: your pocket.

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Speaker 3: Right, Yeah, I've heard that's loan before.

388
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Speaker 4: But he was like, but I'm gonna take you to

389
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Speaker 4: my guy. You know everybody got a guy. I'm to

390
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Speaker 4: take you to my guy. He will take you to

391
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Speaker 4: the auction. And so he took me to his friend

392
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Speaker 4: who's a dealer, a car dealer, and took me to

393
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Speaker 4: the auction. And I was like that one nine and

394
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Speaker 4: I told you to ninety ultimonth it was five thousand,

395
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Speaker 4: five hundred. My dad said, okay, that's what you want.

396
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Speaker 4: So for my ten thousand, nine hundred, I put down

397
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Speaker 4: I bought it for five thousand, five hundred. So one,

398
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Speaker 4: now I have no car note, but I do have

399
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Speaker 4: a car. Two, My insurance was super low because when

400
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Speaker 4: you own the car out right, your insurance is new.

401
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Speaker 4: So I remember my insurance being like fifty two dollars

402
00:18:23,200 --> 00:18:27,160
Speaker 4: a month. So if you compare someone else's life, they

403
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Speaker 4: have a car, they have insurance, but that's costing them,

404
00:18:29,320 --> 00:18:31,640
Speaker 4: say three hundred dollars a month. I have a car.

405
00:18:31,720 --> 00:18:34,160
Speaker 4: I have insurance, but it's costing me fifty two bucks

406
00:18:34,200 --> 00:18:36,080
Speaker 4: a month. So I was like, all right, now we

407
00:18:36,160 --> 00:18:38,520
Speaker 4: cooking with grease. Now. It was like when I was

408
00:18:38,560 --> 00:18:42,120
Speaker 4: able to get the job teaching right and making thirty

409
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Speaker 4: nine thousand, I still had that car, and I was like, okay,

410
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Speaker 4: now I'm ready to move out. But one thing I

411
00:18:47,359 --> 00:18:49,240
Speaker 4: knew was yes, is it dope to have my own

412
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Speaker 4: fly apartment? Yes, but you know it's even better paying

413
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Speaker 4: low rent. So I asked my sister. I was twenty

414
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Speaker 4: three and she was twenty five. I said, you're ready

415
00:18:56,880 --> 00:18:58,840
Speaker 4: to blow this joints. He says, sure am, So we

416
00:18:58,880 --> 00:19:02,359
Speaker 4: got an apartment together. It took me like I was

417
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Speaker 4: in charge for looking at the department because she knew

418
00:19:04,040 --> 00:19:07,040
Speaker 4: I was cheap, so it took me like six months

419
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Speaker 4: of looking everywhere. We found this apartment. It was actually

420
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Speaker 4: next to a daycare center. The woman who owned it,

421
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Speaker 4: she was like, look y'all look like nice, wholesome girls,

422
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Speaker 4: and it's next to my business, this daycare center. So

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Speaker 4: I don't want no partying, no this, no that. So

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Speaker 4: as a result of that, I'm gonna keep the rent

425
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Speaker 4: low and reasonable. It was eleven hundred dollars a month.

426
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Speaker 4: It included the utilities because the daycare center and the

427
00:19:28,040 --> 00:19:31,359
Speaker 4: house that we were renting were connected, so the daycare

428
00:19:31,400 --> 00:19:33,880
Speaker 4: center paid the utilities. I was like, but you ain't

429
00:19:33,880 --> 00:19:36,200
Speaker 4: got to worry about us being crazy, And so eleven

430
00:19:36,320 --> 00:19:38,879
Speaker 4: hundred dollars a month, divided by two, it's five point fifty.

431
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Speaker 4: So now my other friend has an apartment twelve hundred

432
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Speaker 4: dollars a month, and a car and a insurance three

433
00:19:45,720 --> 00:19:48,080
Speaker 4: hundred dollars a month, her life is costing her fifteen hundred.

434
00:19:48,320 --> 00:19:51,480
Speaker 4: I have an apartment five to fifty a month, and

435
00:19:52,040 --> 00:19:55,560
Speaker 4: I have insurance fifty bucks a month, So my life

436
00:19:55,600 --> 00:19:59,159
Speaker 4: has cost me six hundred dollars to her fifteen hundred.

437
00:19:59,280 --> 00:20:02,840
Speaker 4: Duc So I learned that their thing. You can get

438
00:20:02,880 --> 00:20:04,760
Speaker 4: the thing that you want, is there a way to

439
00:20:04,840 --> 00:20:06,359
Speaker 4: get it at a discount? So I was living the

440
00:20:06,359 --> 00:20:08,160
Speaker 4: same life as the rest of my twenty something your

441
00:20:08,160 --> 00:20:11,000
Speaker 4: old friends. But I was patient waiting for the discount.

442
00:20:11,240 --> 00:20:12,960
Speaker 4: Like I didn't finance any of the furniture, Like I

443
00:20:13,080 --> 00:20:14,880
Speaker 4: was sleeping on an air mattress until I had enough

444
00:20:14,920 --> 00:20:19,600
Speaker 4: money to save and to get the like bedroom set

445
00:20:19,640 --> 00:20:22,040
Speaker 4: that I wanted. And even then I knew, you know,

446
00:20:22,440 --> 00:20:24,520
Speaker 4: you really can't negotiate at Macy's. I was like, you know,

447
00:20:24,600 --> 00:20:26,680
Speaker 4: Sylvia Leice, my mom taught me when we were kids,

448
00:20:26,720 --> 00:20:28,520
Speaker 4: had to negotiate. So I went to the mom and

449
00:20:28,560 --> 00:20:31,720
Speaker 4: pop shop, was like, ooh, that actually furniture real cute

450
00:20:32,400 --> 00:20:34,880
Speaker 4: and it's been sitting in the window for a long time,

451
00:20:35,200 --> 00:20:38,680
Speaker 4: mister Lou, how about you sell it to me for now? Okay?

452
00:20:38,960 --> 00:20:40,679
Speaker 4: Every week I used to come in like it's still here.

453
00:20:40,720 --> 00:20:42,439
Speaker 4: You're not gonna get no new merchandise till you move

454
00:20:42,520 --> 00:20:45,560
Speaker 4: this furniture. Oh my god. After three weeks, mister Lou

455
00:20:45,640 --> 00:20:47,240
Speaker 4: sold it to me for like, you know, like a

456
00:20:47,280 --> 00:20:50,320
Speaker 4: thirty percent discount. So I had my account set, my bedset,

457
00:20:50,359 --> 00:20:52,359
Speaker 4: and I paid for a cash and so I was

458
00:20:52,400 --> 00:20:54,320
Speaker 4: always really good at doing that, saying I want the

459
00:20:54,359 --> 00:20:56,600
Speaker 4: same things as my counterparts. How do I get the

460
00:20:56,640 --> 00:20:59,200
Speaker 4: same things as my counterparts, but at a price that

461
00:20:59,640 --> 00:21:02,600
Speaker 4: makes so the reason why most people can't afford their

462
00:21:02,640 --> 00:21:05,359
Speaker 4: life is that they financed everything. They financed their computer,

463
00:21:05,600 --> 00:21:09,080
Speaker 4: They have a blender bill, a refrigerator, build a light,

464
00:21:09,200 --> 00:21:11,320
Speaker 4: that every little lead that they want. Even if you're like, oh,

465
00:21:11,320 --> 00:21:12,840
Speaker 4: I don't have a blender bill. Did you use your

466
00:21:12,880 --> 00:21:14,520
Speaker 4: credit card to buy that blender? Well, then since you

467
00:21:14,560 --> 00:21:17,239
Speaker 4: got a blender bill. And so I learned that if

468
00:21:17,280 --> 00:21:20,399
Speaker 4: I wanted something, to wait, to save and to get it,

469
00:21:20,480 --> 00:21:23,080
Speaker 4: so I didn't add any additional monthly expenses. That's how

470
00:21:23,119 --> 00:21:25,040
Speaker 4: I was able to save so much because I was

471
00:21:25,119 --> 00:21:27,560
Speaker 4: living off half my income because everything I had I

472
00:21:27,640 --> 00:21:30,320
Speaker 4: had paid for in full. So I really didn't have

473
00:21:30,480 --> 00:21:33,440
Speaker 4: that many reoccurring bills. That's the key, and to be

474
00:21:33,600 --> 00:21:35,800
Speaker 4: able to save a significant amount of money is to

475
00:21:35,960 --> 00:21:38,040
Speaker 4: not have reoccurring bills, or not to have as many

476
00:21:38,160 --> 00:21:38,920
Speaker 4: reoccurring bills.

477
00:21:40,320 --> 00:21:42,399
Speaker 5: Well, you know what, I gotta be honest, I was

478
00:21:42,400 --> 00:21:45,399
Speaker 5: a little skeptical because I was thinking to myself, like,

479
00:21:45,440 --> 00:21:48,480
Speaker 5: if you make thirty nine thousand after taxes, you're making

480
00:21:48,600 --> 00:21:54,640
Speaker 5: like twenty five thousand, but you broke it down and yeah,

481
00:21:54,720 --> 00:21:56,000
Speaker 5: I guess anything is possible.

482
00:21:57,280 --> 00:21:58,800
Speaker 7: I was so waiting for you to tell us that

483
00:21:58,880 --> 00:22:00,760
Speaker 7: you were on your noodle budget, and I was like

484
00:22:00,800 --> 00:22:02,359
Speaker 7: a hair cuts, it's a noodle budget.

485
00:22:02,680 --> 00:22:04,280
Speaker 3: But now you got another way to get it done.

486
00:22:04,880 --> 00:22:06,840
Speaker 4: Yeah, well your noodle budget is this and everyone. I

487
00:22:06,920 --> 00:22:10,960
Speaker 4: mean when I was, you know, unemployed and after teaching

488
00:22:11,040 --> 00:22:12,760
Speaker 4: and lost my job, I did drop down to get

489
00:22:12,800 --> 00:22:15,840
Speaker 4: my noodle on right. So people ask me, like, you know,

490
00:22:15,880 --> 00:22:18,000
Speaker 4: what's the noodle budget? It's really just what is your

491
00:22:18,600 --> 00:22:20,480
Speaker 4: if you had to eat ramen noodles, meaning if you

492
00:22:20,600 --> 00:22:23,760
Speaker 4: had to live your cheapest, least expensive life, no bells,

493
00:22:23,800 --> 00:22:26,399
Speaker 4: no whistles, what is that budget? So first you have

494
00:22:26,480 --> 00:22:28,119
Speaker 4: to know what your regular budget is. Maybe it's three

495
00:22:28,200 --> 00:22:31,080
Speaker 4: thousand dollars a month. That's rant, that's the kids, that's

496
00:22:31,480 --> 00:22:35,040
Speaker 4: carnal whatever, right, that's going now, that's haircuts. And then

497
00:22:35,119 --> 00:22:37,359
Speaker 4: your noodle budget. Let's just say it's twenty five hundred

498
00:22:37,400 --> 00:22:39,280
Speaker 4: bucks a month. Because you cut your own hair, you

499
00:22:39,359 --> 00:22:42,120
Speaker 4: don't go out. And I don't suggest that people live

500
00:22:42,160 --> 00:22:45,399
Speaker 4: at their noodle budget unnecessarily that's over sacrificed for what.

501
00:22:45,960 --> 00:22:47,639
Speaker 4: But you should know what it is, because if you

502
00:22:47,800 --> 00:22:50,119
Speaker 4: lose your job instantly, you want to turn around and

503
00:22:50,200 --> 00:22:52,880
Speaker 4: drop down and get your noodle on, like like why

504
00:22:53,160 --> 00:22:56,040
Speaker 4: do you still have cable running? And they threaten you

505
00:22:56,119 --> 00:23:00,639
Speaker 4: a foreclosure like turn off the TV? Says right, So

506
00:23:00,680 --> 00:23:02,200
Speaker 4: I would say sis because like most of my women

507
00:23:02,240 --> 00:23:04,560
Speaker 4: that found me are my dream catches are women, right,

508
00:23:04,640 --> 00:23:07,040
Speaker 4: So it doesn't make sense we don't pivot fast enough.

509
00:23:07,080 --> 00:23:09,000
Speaker 4: You lost your job. First, people you should be calling

510
00:23:09,359 --> 00:23:12,040
Speaker 4: are those extra you know, those extra bills that she

511
00:23:12,080 --> 00:23:14,120
Speaker 4: don't need to pay anymore. It's not forever. You will

512
00:23:14,160 --> 00:23:17,240
Speaker 4: eventually watch TV again, I promise you, you know. But

513
00:23:17,400 --> 00:23:19,159
Speaker 4: it's like we don't pivot fast enough. I call it

514
00:23:19,320 --> 00:23:21,800
Speaker 4: the lady in the fur cove so Bergen County. I

515
00:23:21,880 --> 00:23:25,440
Speaker 4: live in Newark and during the last recession I was

516
00:23:25,600 --> 00:23:27,960
Speaker 4: in Bergen County. I was getting gas and this lady

517
00:23:28,000 --> 00:23:30,280
Speaker 4: had like this fur curd on and like a range

518
00:23:30,320 --> 00:23:32,160
Speaker 4: rolle where you could tell that you know, this woman

519
00:23:32,240 --> 00:23:35,080
Speaker 4: had bank at one point. So I'm looking because I'm nosy,

520
00:23:35,280 --> 00:23:37,639
Speaker 4: I'm looking at her the amount of money on her

521
00:23:37,760 --> 00:23:41,399
Speaker 4: gas like whatever, like on the gas tank where it

522
00:23:41,440 --> 00:23:42,800
Speaker 4: says like how much she owes It was like twenty

523
00:23:42,840 --> 00:23:44,800
Speaker 4: five dollars, right, and so in Jersey we don't pump

524
00:23:44,840 --> 00:23:46,320
Speaker 4: our own gas. So she gave the do her car.

525
00:23:46,480 --> 00:23:49,080
Speaker 4: He swipes it and it's like nah, gives it back

526
00:23:49,080 --> 00:23:51,359
Speaker 4: to her, you know, and she gives him another one,

527
00:23:51,359 --> 00:23:53,320
Speaker 4: another one. But it was the height of the recession,

528
00:23:53,359 --> 00:23:55,680
Speaker 4: probably two thousand and nine, and what it was like

529
00:23:55,760 --> 00:23:59,040
Speaker 4: clear to me was that this is someone who had money,

530
00:23:59,400 --> 00:24:01,600
Speaker 4: but maybe she had it all wrapped up in investments

531
00:24:01,880 --> 00:24:04,680
Speaker 4: and that had dropped. She had not pivoted. She was

532
00:24:04,760 --> 00:24:07,240
Speaker 4: still living at that old like. You see how I

533
00:24:07,280 --> 00:24:09,320
Speaker 4: gave her a whole backstory. I don't know that lady business,

534
00:24:09,359 --> 00:24:11,640
Speaker 4: but this is why I had told myself. I was like, ooh,

535
00:24:11,880 --> 00:24:13,760
Speaker 4: she clearly had money, but she don't have no money

536
00:24:13,840 --> 00:24:17,040
Speaker 4: no more. She's still all your stunton in her rain drover. Right.

537
00:24:17,440 --> 00:24:20,719
Speaker 4: But everyone does that. Everyone we do that. We all

538
00:24:20,800 --> 00:24:22,440
Speaker 4: do that like if your cable is still on and

539
00:24:22,800 --> 00:24:26,480
Speaker 4: you can't afford your rent, if you're still buying clothes

540
00:24:26,640 --> 00:24:29,480
Speaker 4: and you're late on your credit card bill. You see,

541
00:24:29,600 --> 00:24:31,520
Speaker 4: like we all are the lady with the fur coat on.

542
00:24:31,600 --> 00:24:34,800
Speaker 4: It's just a two different levels. So just keda life,

543
00:24:34,880 --> 00:24:37,040
Speaker 4: were keda to a strong financial life. It's just living

544
00:24:37,400 --> 00:24:39,600
Speaker 4: below your means. I mean, I nobody know, nobody wants

545
00:24:39,640 --> 00:24:41,320
Speaker 4: to do that. My dad would say, you have to

546
00:24:41,359 --> 00:24:43,960
Speaker 4: cut your coat according to your size, right, everybody want

547
00:24:43,960 --> 00:24:45,600
Speaker 4: to squeeze into a small now you know you're a

548
00:24:45,760 --> 00:24:49,160
Speaker 4: medium home like, it's not living less of a life.

549
00:24:49,200 --> 00:24:51,760
Speaker 4: It's living within the life that your money provides for you.

550
00:24:52,040 --> 00:24:54,720
Speaker 4: There's nothing wrong with that. You can't grow wealth living

551
00:24:54,760 --> 00:24:55,760
Speaker 4: an outsized life.

552
00:24:56,080 --> 00:24:59,000
Speaker 5: It's levels, it's levels, and you gotta understand what level

553
00:24:59,040 --> 00:25:03,000
Speaker 5: you're over. Humbling experience sometimes, but it is what it is.

554
00:25:03,160 --> 00:25:04,439
Speaker 5: Dream catches not dream chases.

555
00:25:06,920 --> 00:25:12,800
Speaker 4: Languaging is important a fact Crystal and Theory would say.

556
00:25:13,320 --> 00:25:18,480
Speaker 5: Things, Yeah, actual wage act accordingly. So in the next

557
00:25:18,520 --> 00:25:20,240
Speaker 5: on the next segment, we're gonna we're gonna get into

558
00:25:20,280 --> 00:25:23,200
Speaker 5: the meat and potatoes of all of the financial tips

559
00:25:23,240 --> 00:25:25,800
Speaker 5: that everybody always tunes in the Alesia for and give

560
00:25:25,840 --> 00:25:28,399
Speaker 5: out some free game. All right, So in this segment,

561
00:25:28,720 --> 00:25:30,040
Speaker 5: we want to start off with where we left off

562
00:25:30,080 --> 00:25:32,600
Speaker 5: of budgeting and budgeting. I think it's budgeting is extremely

563
00:25:32,760 --> 00:25:35,560
Speaker 5: underrated when it comes to financial planning for individuals. I

564
00:25:35,560 --> 00:25:39,240
Speaker 5: always say, like, if you look at a corporation, budgeting

565
00:25:39,359 --> 00:25:40,840
Speaker 5: is like the major thing that they do. Like you,

566
00:25:40,920 --> 00:25:43,000
Speaker 5: I mean, like Apple knows every dollar that comes in

567
00:25:43,080 --> 00:25:46,520
Speaker 5: and comes out, Like they pay accountants millions of dollars.

568
00:25:46,560 --> 00:25:48,760
Speaker 5: They have a whole team of accountant to keep track

569
00:25:48,800 --> 00:25:51,640
Speaker 5: of the books. And budgeting is like that's everything. Budgeting

570
00:25:51,720 --> 00:25:54,919
Speaker 5: is everything. But it's like most entrepreneurs and most regular

571
00:25:54,960 --> 00:25:58,399
Speaker 5: people that just have jobs have no idea of the budget,

572
00:25:58,440 --> 00:25:59,840
Speaker 5: Like they don't have any idea of how much money

573
00:25:59,880 --> 00:26:02,040
Speaker 5: come and they have no idea how much money goes out.

574
00:26:02,240 --> 00:26:05,320
Speaker 5: They're just winging it and just you know, spending money

575
00:26:05,440 --> 00:26:08,640
Speaker 5: whenever you know they need to, and the money comes

576
00:26:08,680 --> 00:26:10,200
Speaker 5: in and it just goes into their bank. And that's

577
00:26:10,280 --> 00:26:12,639
Speaker 5: kind of like how most people run not only their business,

578
00:26:12,680 --> 00:26:16,439
Speaker 5: but their life. So budgeting, budgeting one oh one right

579
00:26:16,480 --> 00:26:20,120
Speaker 5: for somebody that has never budgeted before, but they first

580
00:26:20,160 --> 00:26:24,320
Speaker 5: and foremost why why is budgeting essential? And then we'll

581
00:26:24,359 --> 00:26:26,440
Speaker 5: go into like some different hacks that can help people

582
00:26:26,560 --> 00:26:27,959
Speaker 5: to get better with budgeting.

583
00:26:28,760 --> 00:26:32,800
Speaker 4: So budgeting is essential because it is a physical picture

584
00:26:32,840 --> 00:26:36,680
Speaker 4: of what your money is doing. Right, So if you

585
00:26:36,800 --> 00:26:38,919
Speaker 4: have kids and you're in the other room and your

586
00:26:38,920 --> 00:26:41,840
Speaker 4: two year old is quiet. You're like, wait, what the

587
00:26:41,920 --> 00:26:44,199
Speaker 4: hell are they breaking? Because you know they they're cutting up,

588
00:26:44,760 --> 00:26:46,760
Speaker 4: putting a you know, putting a knife up in the

589
00:26:46,880 --> 00:26:49,719
Speaker 4: socket whatever, you know. And so it's the same thing

590
00:26:49,760 --> 00:26:52,119
Speaker 4: with your money. Like you you have to be on

591
00:26:52,160 --> 00:26:53,560
Speaker 4: top of your money. I would say, like, your money's

592
00:26:53,560 --> 00:26:55,680
Speaker 4: like a bad two year old, Like, if you leave

593
00:26:55,720 --> 00:26:58,280
Speaker 4: it to its own devices, it's gonna be breaking shit

594
00:26:58,320 --> 00:27:02,800
Speaker 4: that I can curse. Yeah, right, So you want to

595
00:27:02,800 --> 00:27:04,760
Speaker 4: be on it when it comes to your money and

596
00:27:05,200 --> 00:27:08,399
Speaker 4: be present. You are the adult. You decide what your

597
00:27:08,440 --> 00:27:10,200
Speaker 4: money does. And so that's what a budget allows you

598
00:27:10,280 --> 00:27:12,399
Speaker 4: to do. And it allows you to be the adult

599
00:27:12,600 --> 00:27:15,960
Speaker 4: of your life. So it's important. You know, I don't

600
00:27:15,960 --> 00:27:19,399
Speaker 4: care how much money you make, you can outspend like

601
00:27:19,520 --> 00:27:22,680
Speaker 4: great wealth. There are people who have been millionaires and

602
00:27:22,800 --> 00:27:25,840
Speaker 4: even billionaires and have been less penniless. So I think

603
00:27:25,880 --> 00:27:28,160
Speaker 4: sometimes people think like, well, if I had ten million dollars,

604
00:27:28,320 --> 00:27:31,000
Speaker 4: was like a mc hammer. Okay from some of y'all,

605
00:27:31,040 --> 00:27:35,160
Speaker 4: you're like, who's that? Okay, Tody Braxton, right, Alan Iverson.

606
00:27:35,920 --> 00:27:39,120
Speaker 4: So many people have outspent their wealth. It is more

607
00:27:39,200 --> 00:27:39,880
Speaker 4: than possible.

608
00:27:40,680 --> 00:27:43,320
Speaker 5: So what kind of all right, so what are the

609
00:27:43,359 --> 00:27:44,720
Speaker 5: different strategies for budgeting?

610
00:27:44,800 --> 00:27:44,919
Speaker 6: Right?

611
00:27:44,960 --> 00:27:47,199
Speaker 5: Like, it's someone Okay, I realize the budgeting is important.

612
00:27:47,200 --> 00:27:48,440
Speaker 5: I want to do it, So how do I go

613
00:27:48,520 --> 00:27:53,000
Speaker 5: about it? Is it spreadsheet software? Like is there formulas

614
00:27:53,080 --> 00:27:54,919
Speaker 5: that you should use? Because some people say, like your

615
00:27:54,960 --> 00:27:57,399
Speaker 5: housing should only be like twenty or thirty percent of

616
00:27:57,520 --> 00:28:00,840
Speaker 5: your total budget. So yeah's your what's your philosophy as

617
00:28:00,840 --> 00:28:02,959
Speaker 5: far as like the one on one the person realizes

618
00:28:03,000 --> 00:28:05,200
Speaker 5: they need to budget now they actually want to start

619
00:28:05,240 --> 00:28:05,639
Speaker 5: a budget.

620
00:28:06,359 --> 00:28:08,920
Speaker 4: So let's just start super super easy, because I mean, yes,

621
00:28:08,960 --> 00:28:10,520
Speaker 4: I use this spricy all that stuff, but most people

622
00:28:10,520 --> 00:28:12,320
Speaker 4: are not gonna do that to start. It's the difference

623
00:28:12,359 --> 00:28:14,960
Speaker 4: between I want to lose some weight and so tomorrow

624
00:28:14,960 --> 00:28:16,720
Speaker 4: you're like you're gonna run you know, ten miles. You're

625
00:28:16,720 --> 00:28:18,639
Speaker 4: not gonna run ten mouse You might the first day,

626
00:28:18,680 --> 00:28:20,119
Speaker 4: and then the second day you're gonna go back to

627
00:28:20,200 --> 00:28:23,320
Speaker 4: the couch. So I want you to start off walking.

628
00:28:23,720 --> 00:28:26,160
Speaker 4: So for someone who's like I don't budget, I never

629
00:28:26,160 --> 00:28:29,600
Speaker 4: took to a budget. First things first is start with

630
00:28:29,760 --> 00:28:34,040
Speaker 4: having separate bank accounts. Right, So I believe in having

631
00:28:34,119 --> 00:28:37,359
Speaker 4: a bill's account to pay your bills and having a

632
00:28:37,680 --> 00:28:40,520
Speaker 4: spend account to spend from your bills account should not

633
00:28:40,640 --> 00:28:43,000
Speaker 4: have a debit card attached to it. That's a debit

634
00:28:43,040 --> 00:28:44,640
Speaker 4: card is a choice. I don't think people realize that

635
00:28:44,720 --> 00:28:46,600
Speaker 4: the bank issues you a debit card. But you could

636
00:28:46,640 --> 00:28:49,200
Speaker 4: be like, nah, I'm good, So my bill's account does

637
00:28:49,240 --> 00:28:51,800
Speaker 4: not have a debit card my spend account. It's both.

638
00:28:51,800 --> 00:28:53,920
Speaker 4: These are checking accounts that the same bank has a

639
00:28:54,000 --> 00:28:56,200
Speaker 4: debit card. And then you want to least one safet

640
00:28:56,320 --> 00:28:58,960
Speaker 4: account not at that bank, So you want at least

641
00:28:58,960 --> 00:29:01,560
Speaker 4: one safet account at an online only bank. And so

642
00:29:01,880 --> 00:29:04,000
Speaker 4: what it looks like is that your money comes in.

643
00:29:04,840 --> 00:29:07,880
Speaker 4: Some of it goes into your your I like to

644
00:29:07,920 --> 00:29:10,680
Speaker 4: call it my deposit account, slash your spend account, so

645
00:29:10,720 --> 00:29:13,120
Speaker 4: that's where your money lands. Some of it goes into

646
00:29:13,160 --> 00:29:15,000
Speaker 4: your bills account to pay bills, and you know how

647
00:29:15,080 --> 00:29:16,840
Speaker 4: much to go into your bills account by what bills

648
00:29:17,040 --> 00:29:19,560
Speaker 4: are due. And then some of it goes into your savings.

649
00:29:19,880 --> 00:29:21,800
Speaker 4: So in the beginning you're not going to have the

650
00:29:21,920 --> 00:29:24,000
Speaker 4: math perfect. You might just be like, I don't care

651
00:29:24,000 --> 00:29:26,400
Speaker 4: if ten dollars goes into your savings. When I was

652
00:29:26,440 --> 00:29:29,520
Speaker 4: at my brocus, I was literally transferring two dollars, you know,

653
00:29:30,360 --> 00:29:33,200
Speaker 4: just to cont just to have the habit of savings.

654
00:29:33,280 --> 00:29:34,960
Speaker 4: You never you never want to get out of the

655
00:29:35,040 --> 00:29:38,160
Speaker 4: habit of putting something away in your savings account. That's important.

656
00:29:38,600 --> 00:29:40,640
Speaker 4: So what I did for my husband, for example, he's

657
00:29:40,640 --> 00:29:42,640
Speaker 4: not going to sit down and spreadsheet. That's just not happening.

658
00:29:42,760 --> 00:29:46,640
Speaker 4: He's like, what breaks city. Nope, it's not. So we're

659
00:29:46,640 --> 00:29:50,360
Speaker 4: do instead. Now, is we budget for him anywhere? Because

660
00:29:50,360 --> 00:29:52,880
Speaker 4: I like the spreadsheet. We budget before his money even

661
00:29:52,960 --> 00:29:55,880
Speaker 4: gets there, I said, Babe, go to HR. Kid's what

662
00:29:55,920 --> 00:29:58,520
Speaker 4: you're gonna tell them? Hey, before you give me my money.

663
00:29:59,240 --> 00:30:01,920
Speaker 4: Some of it goes into and his retirement account check.

664
00:30:02,680 --> 00:30:05,479
Speaker 4: Some of it goes into his into his spend account,

665
00:30:05,480 --> 00:30:07,960
Speaker 4: that deposit account where things are depositives right check by

666
00:30:08,040 --> 00:30:10,800
Speaker 4: his direct DEPOSITI account right. Some of it goes into

667
00:30:10,920 --> 00:30:14,240
Speaker 4: our joint bill's account check, some goes into his personal

668
00:30:14,320 --> 00:30:17,920
Speaker 4: savings check, and some goes into our joint savings. So

669
00:30:18,480 --> 00:30:22,760
Speaker 4: he basically his budget is done automatically through HR, so

670
00:30:23,000 --> 00:30:25,520
Speaker 4: it lands and all he has to think about is

671
00:30:25,800 --> 00:30:27,880
Speaker 4: when it comes to his personal savings, whatever you want

672
00:30:27,880 --> 00:30:29,760
Speaker 4: to do with that, that's your business. As TABA that

673
00:30:29,760 --> 00:30:32,000
Speaker 4: would say the vegan, vegan chef that Yodly loves. Right now,

674
00:30:32,080 --> 00:30:35,720
Speaker 4: that's your business, right And all he has to worry

675
00:30:35,720 --> 00:30:38,600
Speaker 4: about too, is his basically his allowance in his deposit account,

676
00:30:38,720 --> 00:30:41,600
Speaker 4: in his spending account. So whatever's in his spending account.

677
00:30:41,600 --> 00:30:43,240
Speaker 4: If I see my husband with some new j's on.

678
00:30:43,760 --> 00:30:45,160
Speaker 4: Back in the day, I used to be like, oh,

679
00:30:45,240 --> 00:30:47,760
Speaker 4: that's what we're doing. Do you want enjoyers with the

680
00:30:47,800 --> 00:30:51,240
Speaker 4: bread money? Now it's not my basiness no more, right

681
00:30:51,480 --> 00:30:53,200
Speaker 4: because I know one thing. He didn't take it from

682
00:30:53,200 --> 00:30:55,600
Speaker 4: the Bill's account. He didn't take it from our joint savings.

683
00:30:55,800 --> 00:30:58,200
Speaker 4: So if he took it from his personal savings or

684
00:30:58,680 --> 00:31:02,200
Speaker 4: his spending account, that's fine. And so like if you

685
00:31:02,280 --> 00:31:03,560
Speaker 4: don't know how to do anything else, if you just

686
00:31:03,720 --> 00:31:07,120
Speaker 4: have at least those three accounts and have your money

687
00:31:07,160 --> 00:31:09,720
Speaker 4: automatically split from well really four because you want to

688
00:31:09,760 --> 00:31:12,480
Speaker 4: have a retirement account and have your money split from work,

689
00:31:13,080 --> 00:31:15,920
Speaker 4: then you will be ahead of the game. And so

690
00:31:16,080 --> 00:31:17,640
Speaker 4: for people who want to go a little bit deeper.

691
00:31:17,720 --> 00:31:19,760
Speaker 4: For me, you know, like I, like I said, I

692
00:31:19,840 --> 00:31:20,840
Speaker 4: like to have spread to you. I like to know

693
00:31:20,920 --> 00:31:24,720
Speaker 4: how much we're spending on on on groceries, how much

694
00:31:24,720 --> 00:31:26,720
Speaker 4: we're spending on gas, so I keep track of that.

695
00:31:26,880 --> 00:31:28,480
Speaker 4: I just the tool I like to use best is

696
00:31:28,560 --> 00:31:30,560
Speaker 4: just Excel, So I like to keep track of that there.

697
00:31:30,600 --> 00:31:33,520
Speaker 4: But you don't necessarily have to. You set aside a

698
00:31:34,040 --> 00:31:37,200
Speaker 4: you know, an allowance for yourself. Typically things are led

699
00:31:37,240 --> 00:31:39,400
Speaker 4: by bills. So if ideally you want to be setting

700
00:31:39,440 --> 00:31:42,400
Speaker 4: aside twelve to fifteen percent for your retirement, and you

701
00:31:42,520 --> 00:31:44,400
Speaker 4: probably are saying, like, I can't afford to lose twelve

702
00:31:44,440 --> 00:31:46,920
Speaker 4: to fifteen percent of my pay, or to start with

703
00:31:47,000 --> 00:31:49,480
Speaker 4: one percent, and every six months you boosted up, start

704
00:31:49,520 --> 00:31:51,480
Speaker 4: with a half percent, and every six months you boost

705
00:31:51,520 --> 00:31:55,120
Speaker 4: it up, start with something towards retirement. And then your bills.

706
00:31:55,160 --> 00:31:57,680
Speaker 4: I like to do bills every two weeks, so the

707
00:31:57,800 --> 00:32:01,160
Speaker 4: money I have transferred to the bill's account. You ask yourself, okay,

708
00:32:01,240 --> 00:32:03,640
Speaker 4: how much are my bills from the first to the fifteenth,

709
00:32:03,880 --> 00:32:05,520
Speaker 4: and how much are my bills from the fifteenth to

710
00:32:05,560 --> 00:32:07,680
Speaker 4: the thirtieth, And that's how you know how much to

711
00:32:07,840 --> 00:32:11,040
Speaker 4: be going into the bills account. You know, so it

712
00:32:11,160 --> 00:32:13,000
Speaker 4: might be or you might just have a select number.

713
00:32:13,000 --> 00:32:16,040
Speaker 4: You might say, well, my bills are around three thousand

714
00:32:16,040 --> 00:32:18,680
Speaker 4: dollars a month, so every paycheck or every pay period,

715
00:32:18,760 --> 00:32:21,880
Speaker 4: my bi weekly or my bi monthly pay period, fifteen

716
00:32:22,000 --> 00:32:23,760
Speaker 4: hundred dollars is going to go into my bill's account.

717
00:32:24,240 --> 00:32:27,200
Speaker 4: And having your bills account paid bills automatically for you

718
00:32:27,800 --> 00:32:30,320
Speaker 4: is really going to be like clutch, Like I don't

719
00:32:30,360 --> 00:32:33,880
Speaker 4: pay bills. Bills pay themselves, so lands on my bills account,

720
00:32:33,920 --> 00:32:38,480
Speaker 4: and my bills already know, pay my pay the electric bill,

721
00:32:38,600 --> 00:32:41,000
Speaker 4: pay the water bill, pay these bills for me automatically.

722
00:32:41,200 --> 00:32:43,760
Speaker 4: And like I said, what's left in my spend account

723
00:32:43,920 --> 00:32:46,160
Speaker 4: is attached to my debit card, and I can spend

724
00:32:46,240 --> 00:32:49,040
Speaker 4: and when that money is done, so on mine. What's

725
00:32:49,080 --> 00:32:52,840
Speaker 4: really important too about a budget is the savings account.

726
00:32:53,000 --> 00:32:55,200
Speaker 4: I don't want you to save at your regular bank

727
00:32:55,640 --> 00:32:57,840
Speaker 4: because it makes it easy to transfer. We've all been

728
00:32:57,880 --> 00:33:01,080
Speaker 4: there at Target right and been like, oh man, like

729
00:33:01,200 --> 00:33:03,760
Speaker 4: I really want whatever this thing is, this bleunder this dress,

730
00:33:03,840 --> 00:33:05,840
Speaker 4: this shirt, and you look at check in. You know

731
00:33:06,000 --> 00:33:07,920
Speaker 4: Dariel William got no money to check in, but you

732
00:33:08,000 --> 00:33:11,320
Speaker 4: know who got money though savings, and then you're in

733
00:33:11,480 --> 00:33:13,440
Speaker 4: line making that transfer, like and happy about it to

734
00:33:13,600 --> 00:33:15,600
Speaker 4: like making a transfer even though you're like that was

735
00:33:15,600 --> 00:33:17,480
Speaker 4: supposed to be for powers. You're like, pass can wait,

736
00:33:17,800 --> 00:33:20,680
Speaker 4: tease your care make that transfer, and you're like dang.

737
00:33:20,760 --> 00:33:22,880
Speaker 4: Later you're like this, why I'll never go nowhere because

738
00:33:22,880 --> 00:33:24,680
Speaker 4: I'm always at Target to buy a toilet tissue and

739
00:33:24,720 --> 00:33:26,480
Speaker 4: then I leave but three hundred dollars worth of stuff.

740
00:33:27,040 --> 00:33:30,240
Speaker 4: If you put your savings in an online only savings account, though,

741
00:33:31,080 --> 00:33:34,240
Speaker 4: then you're gonna have to wait at least twenty four

742
00:33:34,280 --> 00:33:37,200
Speaker 4: to seventy two hours for your savings at your online

743
00:33:37,200 --> 00:33:40,680
Speaker 4: only savings account to transfer back to your checking to

744
00:33:41,040 --> 00:33:44,080
Speaker 4: to your spend account. And so what that means is

745
00:33:44,160 --> 00:33:47,160
Speaker 4: it makes your money inconvenient, and inconvenient money get saved.

746
00:33:47,360 --> 00:33:50,440
Speaker 4: So I like this website called magnify money dot com

747
00:33:50,520 --> 00:33:52,720
Speaker 4: to look for an online only savings account because they

748
00:33:52,800 --> 00:33:55,640
Speaker 4: grade savings accounts from A to F. So you're gonna

749
00:33:55,640 --> 00:33:58,320
Speaker 4: look for an A account that's one. Two, you're gonna

750
00:33:58,320 --> 00:34:00,840
Speaker 4: look for an account that's FD I I see insured

751
00:34:01,240 --> 00:34:03,560
Speaker 4: that's two. Three. You're going to look for an account

752
00:34:03,560 --> 00:34:05,280
Speaker 4: that's going to give the highest interest rate because your

753
00:34:05,680 --> 00:34:07,320
Speaker 4: big bank is not going to give you much of

754
00:34:07,320 --> 00:34:10,440
Speaker 4: an interest rate. So online only savings accounts don't have

755
00:34:10,960 --> 00:34:12,920
Speaker 4: as much overhead, so they pass that on to you.

756
00:34:13,040 --> 00:34:16,640
Speaker 4: And you earn a higher interest. And then four, you're

757
00:34:16,680 --> 00:34:20,120
Speaker 4: going to look for a bank that has low deposit requirement.

758
00:34:20,440 --> 00:34:22,440
Speaker 4: So that means in order to open up the bank account,

759
00:34:22,520 --> 00:34:24,279
Speaker 4: maybe you have to you have to put in a

760
00:34:24,360 --> 00:34:26,920
Speaker 4: dollar and also too in order to maintain and get

761
00:34:26,960 --> 00:34:29,320
Speaker 4: that interest. You don't want them to say you have

762
00:34:29,400 --> 00:34:31,080
Speaker 4: to have ten thousand dollars in the bank account in

763
00:34:31,160 --> 00:34:33,880
Speaker 4: order for you to earn the interests that they've advertised.

764
00:34:34,160 --> 00:34:36,080
Speaker 4: So those are the four components you're going to look

765
00:34:36,120 --> 00:34:38,960
Speaker 4: for your online safe account. So I hate to say like, oh,

766
00:34:39,200 --> 00:34:42,960
Speaker 4: twenty percent here, thirty percent there, unless you have an

767
00:34:43,000 --> 00:34:45,920
Speaker 4: irregular income. You don't have to live by percentages. You

768
00:34:46,160 --> 00:34:49,319
Speaker 4: would live by amounts. So one hundred dollars here, three

769
00:34:49,400 --> 00:34:52,279
Speaker 4: hundred dollars there, four hundred dollars here. That's what you're

770
00:34:52,400 --> 00:34:54,799
Speaker 4: That's the split that you should be doing regularly every month.

771
00:34:55,040 --> 00:34:58,280
Speaker 4: If your money it fluctuates because you have an irregular income,

772
00:34:58,800 --> 00:35:01,839
Speaker 4: then you might say, you know, forty percent goes into

773
00:35:01,920 --> 00:35:06,480
Speaker 4: my bills. You know five percent goes into spending. But

774
00:35:06,560 --> 00:35:08,880
Speaker 4: you have to work backwards, like how much are your

775
00:35:08,920 --> 00:35:11,040
Speaker 4: bills unless you're starting from scratching your twenty one you're

776
00:35:11,080 --> 00:35:13,279
Speaker 4: just moving out that you can force your bills to

777
00:35:13,400 --> 00:35:16,440
Speaker 4: fit within that percentage. But it's easy for people to say, oh,

778
00:35:16,560 --> 00:35:19,600
Speaker 4: seventy thirty. Yeah, but like, so what are your bills actually?

779
00:35:19,640 --> 00:35:21,399
Speaker 4: Though your bills might be seventy percent of your income

780
00:35:21,480 --> 00:35:24,320
Speaker 4: right now, you know, so that's so you have to

781
00:35:24,360 --> 00:35:27,120
Speaker 4: pay your bills and you're I'm not worried about the percentage.

782
00:35:27,200 --> 00:35:29,480
Speaker 4: Just now, like how much you actually need to pay bills?

783
00:35:29,640 --> 00:35:32,600
Speaker 4: Put that in the bill's account. Okay, how much ideally

784
00:35:32,640 --> 00:35:34,480
Speaker 4: do you want to save once those bills are paid.

785
00:35:34,480 --> 00:35:36,320
Speaker 4: I want to save one hundred dollars a month, So

786
00:35:36,480 --> 00:35:38,560
Speaker 4: make that a bill. Now that one hundred dollars a

787
00:35:38,600 --> 00:35:41,200
Speaker 4: month is automatically put into that savings account directly from

788
00:35:41,200 --> 00:35:43,719
Speaker 4: your job. And then what's left over, like I said,

789
00:35:43,840 --> 00:35:45,760
Speaker 4: is your spending money. You know, you might tell yourself,

790
00:35:45,760 --> 00:35:48,439
Speaker 4: I'm going to give myself fifty dollars every two weeks

791
00:35:48,480 --> 00:35:52,040
Speaker 4: for spending. Okay, great, and for whatever reason, if there's

792
00:35:52,080 --> 00:35:54,759
Speaker 4: not enough money, then you take care of bills. You say,

793
00:35:54,800 --> 00:35:56,399
Speaker 4: I guess I can't save this month, and I guess

794
00:35:56,440 --> 00:36:00,360
Speaker 4: I can't. I don't spending money this month for like,

795
00:36:00,440 --> 00:36:03,200
Speaker 4: you know, spending money for things that are like, you know,

796
00:36:03,400 --> 00:36:06,000
Speaker 4: like hair, nails, grooming, this and that. You know, so

797
00:36:06,160 --> 00:36:08,120
Speaker 4: sometimes you don't have it, and that's okay. So there

798
00:36:08,160 --> 00:36:10,160
Speaker 4: are times when I didn't have it, but I had

799
00:36:10,239 --> 00:36:12,400
Speaker 4: to pay bills, and even sometimes I didn't have enough

800
00:36:12,440 --> 00:36:13,719
Speaker 4: for bills and I had to say, well, I have

801
00:36:13,800 --> 00:36:16,440
Speaker 4: to pay my Nettle budget bills, my essential bills. Verizon

802
00:36:16,480 --> 00:36:19,440
Speaker 4: can wait. Verison is not going to shoot you if

803
00:36:19,480 --> 00:36:22,440
Speaker 4: you don't pay. Yes, we'll affect your credit score. But credits,

804
00:36:22,440 --> 00:36:24,200
Speaker 4: course are things that you can you can you can

805
00:36:24,360 --> 00:36:27,239
Speaker 4: increase later. I much rather you take care of things

806
00:36:27,280 --> 00:36:29,480
Speaker 4: that are going to make you happy, I mean healthy

807
00:36:29,560 --> 00:36:30,000
Speaker 4: and safe.

808
00:36:30,760 --> 00:36:32,680
Speaker 7: I was just thinking about that because one of the things,

809
00:36:32,680 --> 00:36:35,840
Speaker 7: the powerful things you talk about is identifying ifs, Like

810
00:36:35,920 --> 00:36:38,120
Speaker 7: we can have anything we want if we just identify

811
00:36:38,120 --> 00:36:41,000
Speaker 7: our ifs and control them so that we can budget.

812
00:36:41,080 --> 00:36:41,200
Speaker 6: Right.

813
00:36:41,360 --> 00:36:44,080
Speaker 7: So if I want to say four hundred dollars, maybe

814
00:36:44,400 --> 00:36:47,520
Speaker 7: I don't go to the barbershop twice a week, right,

815
00:36:47,640 --> 00:36:49,600
Speaker 7: So can you talk about the your points of identifying

816
00:36:49,640 --> 00:36:51,719
Speaker 7: the ifs and how they can translate to having more

817
00:36:51,760 --> 00:36:52,520
Speaker 7: money in your budget?

818
00:36:53,080 --> 00:36:55,279
Speaker 4: Absolutely, there are four questions you should ask yourself before

819
00:36:55,280 --> 00:36:58,080
Speaker 4: you spend any money. Do I need it? Do I

820
00:36:58,320 --> 00:37:00,640
Speaker 4: love it? Do I like it? Do I want it?

821
00:37:00,880 --> 00:37:03,360
Speaker 4: Need it? Love it like it? Want it, need it,

822
00:37:03,520 --> 00:37:04,200
Speaker 4: love it like it?

823
00:37:04,320 --> 00:37:05,279
Speaker 3: One you need Swiss on that.

824
00:37:07,320 --> 00:37:07,440
Speaker 5: Right.

825
00:37:08,040 --> 00:37:10,600
Speaker 4: So your needs come first. That's food, shelter, clothing, water,

826
00:37:10,760 --> 00:37:14,000
Speaker 4: the absolute necessities you must have to stay healthy and safe.

827
00:37:14,200 --> 00:37:16,120
Speaker 4: You pay for those first. Most of us are here

828
00:37:16,200 --> 00:37:19,880
Speaker 4: to that. That's why you're alive. Then your loves are

829
00:37:20,040 --> 00:37:23,120
Speaker 4: those things that enhance your life. What are things five

830
00:37:23,640 --> 00:37:27,040
Speaker 4: ten years from now that's still our value even though

831
00:37:27,080 --> 00:37:29,160
Speaker 4: that thing might not be there. Right. So if you

832
00:37:29,239 --> 00:37:31,200
Speaker 4: had Oprah's bank account, I always tell people what would

833
00:37:31,239 --> 00:37:32,920
Speaker 4: you do or do more of? So a lot of

834
00:37:32,960 --> 00:37:35,360
Speaker 4: people say travel, maybe they'd start a business, maybe they

835
00:37:35,480 --> 00:37:38,520
Speaker 4: go back to school, maybe the philanthropy, whatever that is.

836
00:37:38,640 --> 00:37:40,960
Speaker 4: So those are your loves. Those are things that give

837
00:37:41,000 --> 00:37:44,000
Speaker 4: you long term joy, even when that thing is not

838
00:37:44,120 --> 00:37:48,279
Speaker 4: physically there, right. And then your likes are short term joy.

839
00:37:48,760 --> 00:37:53,040
Speaker 4: So you know that's your target. Run, that's your that's

840
00:37:53,080 --> 00:37:54,919
Speaker 4: that dress that you're like, oh, this is super cute.

841
00:37:55,880 --> 00:37:58,080
Speaker 4: You know that might be I don't know, eating out

842
00:37:58,080 --> 00:37:59,799
Speaker 4: with friends or eating out with friends might be a love.

843
00:38:00,080 --> 00:38:02,000
Speaker 4: You might be like yo, I'm such a foodie. Five

844
00:38:02,080 --> 00:38:05,240
Speaker 4: years from now, I'm remembering that restaurant. So there's no judgment.

845
00:38:05,280 --> 00:38:07,520
Speaker 4: You get to decide, but likes our short term joint

846
00:38:07,800 --> 00:38:10,319
Speaker 4: and wants are just things to get. I really try

847
00:38:10,320 --> 00:38:12,279
Speaker 4: to stay away from just frivolous spending, which is what

848
00:38:12,480 --> 00:38:14,759
Speaker 4: wants are. It doesn't mean I never do it, but

849
00:38:14,880 --> 00:38:16,800
Speaker 4: it doesn't make sense to trick up your money and

850
00:38:16,880 --> 00:38:20,120
Speaker 4: wants when you can have more things for loves and

851
00:38:20,960 --> 00:38:23,080
Speaker 4: your needs. And so what I try to do is

852
00:38:23,120 --> 00:38:24,920
Speaker 4: so I try to live in the second half, the

853
00:38:25,000 --> 00:38:27,479
Speaker 4: first half of life, my needs and my loves, because

854
00:38:27,480 --> 00:38:31,600
Speaker 4: that's an enriched, fulfilled life. So I'm not really a foodie,

855
00:38:32,400 --> 00:38:36,480
Speaker 4: although my belly would suggest otherwise. But I'm not really

856
00:38:36,520 --> 00:38:39,040
Speaker 4: a foodie. But I used to go eat brunch every

857
00:38:39,080 --> 00:38:40,759
Speaker 4: weekend with my friends, and then one day I was like,

858
00:38:40,800 --> 00:38:41,880
Speaker 4: why the hell am I going to brunch. I have

859
00:38:41,960 --> 00:38:44,239
Speaker 4: not been on vacation in like two years, so I

860
00:38:44,280 --> 00:38:47,080
Speaker 4: stopped going. They're like, yo, himmy, you're so cheap, right,

861
00:38:47,200 --> 00:38:48,560
Speaker 4: And I'm like, I'm not cheap. It's just that, like

862
00:38:48,600 --> 00:38:50,120
Speaker 4: I don't want to spend my money on bunch anymore.

863
00:38:50,120 --> 00:38:53,040
Speaker 4: I don't want to spend thirty dollars a week eating bunch,

864
00:38:53,080 --> 00:38:54,920
Speaker 4: and so I started saving my brunch money that I

865
00:38:55,000 --> 00:38:56,440
Speaker 4: made it a game. Every time they asked me to

866
00:38:56,480 --> 00:38:58,359
Speaker 4: go to bunch, I would put I would transfer thirty

867
00:38:58,360 --> 00:39:01,120
Speaker 4: dollars to my savings account, and within a few months

868
00:39:01,160 --> 00:39:03,200
Speaker 4: I had enough money. I went for my first solo

869
00:39:03,360 --> 00:39:06,600
Speaker 4: travel trip. I went to Albuquerque, New Mexico because I

870
00:39:06,680 --> 00:39:08,279
Speaker 4: had on my bucket list I wanted to ride in

871
00:39:08,320 --> 00:39:11,279
Speaker 4: a hot air balloon in Albuquerque, New Mexico's the high

872
00:39:11,280 --> 00:39:15,359
Speaker 4: air bloon capital of the world. Who knew? Now you do, right?

873
00:39:15,520 --> 00:39:16,960
Speaker 4: And so I was like, okay, So I remember my

874
00:39:17,000 --> 00:39:20,279
Speaker 4: friend called me Tijuana. She was like, hey girl, we're

875
00:39:20,280 --> 00:39:22,000
Speaker 4: about to have We're gonna have brunch tomorrow, but I

876
00:39:22,120 --> 00:39:24,520
Speaker 4: know you and yo Chi behind you ain't going. I

877
00:39:24,719 --> 00:39:26,520
Speaker 4: was like, cause, I was like slight flex, well, actually

878
00:39:26,560 --> 00:39:28,759
Speaker 4: major flex. I was like, ooh girl, I'm about to

879
00:39:28,800 --> 00:39:30,520
Speaker 4: get in a hot air balloon. The captain said, I

880
00:39:30,520 --> 00:39:31,960
Speaker 4: got turned off my phone. Can I call you later?

881
00:39:32,480 --> 00:39:34,760
Speaker 4: She was like, I had an air balloon in Newark.

882
00:39:34,800 --> 00:39:38,200
Speaker 4: I'm like, no, girl, New Mexico. That's when I do

883
00:39:38,360 --> 00:39:43,440
Speaker 4: my brunch money. Mike drop. Okay, So now I stopped

884
00:39:43,440 --> 00:39:45,560
Speaker 4: telling my friends I don't say I don't say no

885
00:39:45,680 --> 00:39:48,080
Speaker 4: to brunch. I'll tell them like, ah, nah, girl, I

886
00:39:48,160 --> 00:39:50,040
Speaker 4: can't go right now because I'm saying yes to Paris.

887
00:39:50,520 --> 00:39:53,560
Speaker 4: I'm saying yes to Istanbul, I'm saying yes to Santarina.

888
00:39:53,600 --> 00:39:55,800
Speaker 4: These are places I've been. I'm saying yes to Morocco.

889
00:39:56,360 --> 00:39:58,680
Speaker 4: And so I started to decide for myself what my

890
00:39:58,880 --> 00:40:01,920
Speaker 4: needs and my loves were. So I'm not against spending money.

891
00:40:01,960 --> 00:40:04,360
Speaker 4: I'm against spending money on things that don't matter to you.

892
00:40:04,800 --> 00:40:08,239
Speaker 4: Prioritize what your more is, Like some of us are

893
00:40:08,360 --> 00:40:12,319
Speaker 4: spending our whole life spending money on someone else's idea

894
00:40:12,320 --> 00:40:15,480
Speaker 4: of more. Tajuana is a foodie, not me. That's her more,

895
00:40:15,920 --> 00:40:18,359
Speaker 4: that's less for me. You know, let her eat out

896
00:40:18,360 --> 00:40:19,839
Speaker 4: with another food is she can come to my house

897
00:40:19,880 --> 00:40:21,880
Speaker 4: and chill out for free. And so that's really how

898
00:40:21,920 --> 00:40:24,680
Speaker 4: you start to prioritize, just to ask yourself, like what

899
00:40:24,840 --> 00:40:27,600
Speaker 4: does more of a life truly mean? You know, for me,

900
00:40:28,160 --> 00:40:30,040
Speaker 4: I don't want any You know, your spending should be

901
00:40:30,160 --> 00:40:32,640
Speaker 4: reflective of your values and how you want your life

902
00:40:32,680 --> 00:40:32,840
Speaker 4: to go.

903
00:40:33,160 --> 00:40:35,920
Speaker 6: So you said hunting with the online savings that was

904
00:40:35,920 --> 00:40:36,319
Speaker 6: a good point.

905
00:40:36,360 --> 00:40:37,680
Speaker 5: I tell people that all the time, Like you got

906
00:40:37,800 --> 00:40:40,160
Speaker 5: to treat your savings like a bill, like how you

907
00:40:40,239 --> 00:40:42,360
Speaker 5: have your bill, your car bill, Like you can't afford

908
00:40:42,440 --> 00:40:44,000
Speaker 5: to not pay your car bill. You can't afford to

909
00:40:44,000 --> 00:40:46,319
Speaker 5: not pay your cell phone bill. So savings, like you said,

910
00:40:46,360 --> 00:40:48,200
Speaker 5: no matter how much it is, it should be a

911
00:40:48,320 --> 00:40:49,479
Speaker 5: line item and a bill.

912
00:40:49,600 --> 00:40:51,400
Speaker 6: I think. But I wanted to touch on I had

913
00:40:51,400 --> 00:40:52,000
Speaker 6: a few questions.

914
00:40:52,040 --> 00:40:55,359
Speaker 5: So first when you had mentioned with your husband with HR,

915
00:40:55,600 --> 00:40:58,000
Speaker 5: so I didn't even know that was possible. So somebody's

916
00:40:58,000 --> 00:41:02,360
Speaker 5: paycheck can be split into different bank accounts for direct deposits.

917
00:41:02,080 --> 00:41:05,759
Speaker 4: Typically up to four So most mid size so like

918
00:41:05,840 --> 00:41:07,440
Speaker 4: even my company. I don't have some huge company, but

919
00:41:07,480 --> 00:41:09,840
Speaker 4: we're able to do that. So typically up to four splits.

920
00:41:10,280 --> 00:41:13,479
Speaker 4: And so if you're if you're a single, ready to mingle,

921
00:41:14,239 --> 00:41:18,279
Speaker 4: I would say your bill's account a like, and your

922
00:41:18,280 --> 00:41:20,279
Speaker 4: saving account and your spending account. So I would do

923
00:41:20,360 --> 00:41:24,719
Speaker 4: the three right. So but if you are in a

924
00:41:24,800 --> 00:41:28,239
Speaker 4: relationship where you're like sharing expenses, then I would have four.

925
00:41:28,280 --> 00:41:30,160
Speaker 4: I believe that you should have some autonomy over your

926
00:41:30,160 --> 00:41:33,880
Speaker 4: finances as well as responsibility because you're with someone, so

927
00:41:34,000 --> 00:41:37,560
Speaker 4: that would be a personal savings each person a joint savings,

928
00:41:38,800 --> 00:41:43,520
Speaker 4: a joint bills and and and and then your own

929
00:41:43,560 --> 00:41:46,520
Speaker 4: spending account. So to checking two savings. So one of

930
00:41:46,560 --> 00:41:48,880
Speaker 4: the checking one of the savings is yours, and the

931
00:41:49,000 --> 00:41:52,200
Speaker 4: other checking the other savings is someone else's well belongs

932
00:41:52,239 --> 00:41:53,839
Speaker 4: to collectively to the whole.

933
00:41:54,719 --> 00:41:56,400
Speaker 5: And all all you have to do is just go

934
00:41:56,480 --> 00:41:58,520
Speaker 5: to HR And it's like a form like the regular

935
00:41:58,960 --> 00:42:00,960
Speaker 5: direct deposit FORMA you fill out, but it's just like

936
00:42:01,000 --> 00:42:02,560
Speaker 5: you can just add different bank accounts to.

937
00:42:02,560 --> 00:42:04,360
Speaker 4: It, yes, and tell them this is the amount, like

938
00:42:04,560 --> 00:42:07,600
Speaker 4: like you know, my check is five thousand dollars. You know,

939
00:42:07,800 --> 00:42:09,880
Speaker 4: like to say a pay period, a thousand goes here,

940
00:42:09,960 --> 00:42:11,640
Speaker 4: a thousand goes here, a thousand goes here, and so

941
00:42:11,800 --> 00:42:15,160
Speaker 4: now like the other day, because because it's online only savings,

942
00:42:15,280 --> 00:42:17,440
Speaker 4: we don't look at it all the time. My husband

943
00:42:17,600 --> 00:42:22,000
Speaker 4: was like, yo, babe, I got mad money in my savings.

944
00:42:22,200 --> 00:42:26,120
Speaker 4: I'm like, okay, you're welcome, I upgrade right and so,

945
00:42:27,160 --> 00:42:29,640
Speaker 4: but he was like, never had this much save because

946
00:42:29,640 --> 00:42:31,680
Speaker 4: he doesn't think about it. It's been like the last

947
00:42:31,760 --> 00:42:34,320
Speaker 4: two or three years that money would just land. So

948
00:42:34,520 --> 00:42:36,680
Speaker 4: my husband is the type maybe this is all man

949
00:42:36,719 --> 00:42:39,000
Speaker 4: with their boys, so you know, your boys be like, yo, yo,

950
00:42:39,040 --> 00:42:41,560
Speaker 4: you can let me hold thirty dollars. You will let me,

951
00:42:41,760 --> 00:42:44,640
Speaker 4: you know, And so he would always be like, yo, babe,

952
00:42:44,719 --> 00:42:46,200
Speaker 4: such and such as you know, such and such a

953
00:42:46,400 --> 00:42:50,520
Speaker 4: struggling to be And I'd be like, who tone, I

954
00:42:50,560 --> 00:42:53,120
Speaker 4: don't even like tone. Right'd be like, you know so

955
00:42:53,239 --> 00:42:55,120
Speaker 4: now because we would have to be talking back and

956
00:42:55,200 --> 00:42:57,640
Speaker 4: forth to take money out of our joint pot. So

957
00:42:57,840 --> 00:43:00,319
Speaker 4: now there's none of that because one, you have your

958
00:43:00,360 --> 00:43:02,200
Speaker 4: own allowance money and you have your own savings. You

959
00:43:02,280 --> 00:43:04,160
Speaker 4: want to give tone all your savor and that's how

960
00:43:04,200 --> 00:43:05,040
Speaker 4: you want to live your life.

961
00:43:05,160 --> 00:43:08,040
Speaker 3: Go ahead, you know, just don't touch this joint account.

962
00:43:08,719 --> 00:43:10,880
Speaker 4: So it's like I'm looking at the joint saving and

963
00:43:10,920 --> 00:43:13,479
Speaker 4: the doorbell. I say, okay, long, I'll see no tone

964
00:43:13,520 --> 00:43:16,520
Speaker 4: bill and that. So it allows you, you know, so

965
00:43:16,600 --> 00:43:18,640
Speaker 4: everyone to feel like you're part of this community where

966
00:43:18,640 --> 00:43:21,320
Speaker 4: you're all contributing, but allows you to have autonomy, like

967
00:43:21,360 --> 00:43:23,280
Speaker 4: he could do whatever he wants with well, not whatever

968
00:43:23,360 --> 00:43:24,960
Speaker 4: he wants, but you know what I mean, Like with

969
00:43:25,080 --> 00:43:27,440
Speaker 4: his money, he can decide. And so I think that

970
00:43:27,560 --> 00:43:31,040
Speaker 4: works best for if you're in a significant relationship with someone.

971
00:43:31,040 --> 00:43:31,839
Speaker 6: And another thing.

972
00:43:32,239 --> 00:43:34,439
Speaker 5: The last question, So the online savings, like I said,

973
00:43:34,480 --> 00:43:36,440
Speaker 5: I believe the same thing you said, as far as

974
00:43:36,440 --> 00:43:37,800
Speaker 5: it's good to have it, not with the bank like

975
00:43:37,840 --> 00:43:40,400
Speaker 5: I Chase. I have Chase for my business and my

976
00:43:40,520 --> 00:43:43,960
Speaker 5: personal bank account, but I have Capital one my online savings,

977
00:43:44,080 --> 00:43:46,239
Speaker 5: And yeah, the reason is that it's nice a whole

978
00:43:46,280 --> 00:43:48,279
Speaker 5: hassle to get the money. You gotta wait like three days,

979
00:43:48,360 --> 00:43:51,160
Speaker 5: so psychologically it's like out of sight, out of mind

980
00:43:51,320 --> 00:43:53,239
Speaker 5: when you when you when I log on the Chase app,

981
00:43:53,280 --> 00:43:55,120
Speaker 5: I don't see it. I even forget about it. I

982
00:43:55,239 --> 00:43:56,799
Speaker 5: was just thinking about it just now, like I forgot

983
00:43:56,840 --> 00:43:59,360
Speaker 5: about I forgot about it. I haven't really even you

984
00:43:59,400 --> 00:44:03,520
Speaker 5: know what I'm saying. So, but what do you have

985
00:44:03,640 --> 00:44:07,200
Speaker 5: any top banks that you're recommending like or like interest

986
00:44:07,280 --> 00:44:09,000
Speaker 5: rates that we should be because I think I forget

987
00:44:09,040 --> 00:44:10,719
Speaker 5: what my interest rate is. I know it's slightly higher,

988
00:44:10,760 --> 00:44:12,600
Speaker 5: like you said, because online banks don't have the same

989
00:44:12,640 --> 00:44:15,880
Speaker 5: brick and water expenses as regular traditional banks do. So

990
00:44:16,400 --> 00:44:19,360
Speaker 5: it's always good to have an online bank for the

991
00:44:19,440 --> 00:44:21,279
Speaker 5: higher interest rate. But are there any ones that in

992
00:44:21,360 --> 00:44:24,879
Speaker 5: particular right now that's paying higher interest rates than others?

993
00:44:26,480 --> 00:44:28,719
Speaker 4: There was? So here's the thing, like one. I'm like,

994
00:44:28,760 --> 00:44:31,080
Speaker 4: these banks will pay my bills? People always right, no,

995
00:44:31,200 --> 00:44:33,800
Speaker 4: but honestly, so the reason why I tell people like

996
00:44:33,920 --> 00:44:37,480
Speaker 4: I I'm currently with ally Bank, A L L Y right.

997
00:44:37,760 --> 00:44:40,120
Speaker 4: But here's the thing. Ally Bank, back in the day

998
00:44:40,320 --> 00:44:43,560
Speaker 4: they had the best, They had the best interest rate.

999
00:44:43,640 --> 00:44:46,239
Speaker 4: They don't anymore. Their interest rate is okay. I think

1000
00:44:46,320 --> 00:44:48,120
Speaker 4: last of my check it was like, well one point

1001
00:44:48,160 --> 00:44:50,200
Speaker 4: five percent. But there are banks out there. There was

1002
00:44:50,239 --> 00:44:52,120
Speaker 4: a Credit Union when I looked at Magnifying Money the

1003
00:44:52,200 --> 00:44:55,280
Speaker 4: other day, that was given two percent. So I definitely

1004
00:44:55,520 --> 00:44:58,560
Speaker 4: say go for the bank that's giving the highest interest rate.

1005
00:44:58,600 --> 00:45:02,160
Speaker 4: There's also gold Sas has a bank account called like

1006
00:45:02,280 --> 00:45:04,600
Speaker 4: Marcus my Goldman Sachs. You know that's another one.

1007
00:45:06,480 --> 00:45:07,120
Speaker 3: Erners, what's up?

1008
00:45:07,200 --> 00:45:10,200
Speaker 7: You ever walk into a small business and everything just works,

1009
00:45:10,640 --> 00:45:13,920
Speaker 7: like the checkout is fast, the receipts are digital, tipping

1010
00:45:14,200 --> 00:45:16,600
Speaker 7: is a breeze, and you're out the door before the

1011
00:45:16,640 --> 00:45:21,000
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1012
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1013
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1014
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Speaker 7: pop up market, or even one of our merch partners

1015
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Speaker 7: Square makes it easy for them to take payments, manage inventory,

1016
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1017
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1018
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Speaker 7: launching something soon, Square is hands down one of the

1019
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1020
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1021
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1022
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1024
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1025
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1027
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1031
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1032
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1033
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1056
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Speaker 4: There isn't a best bake if the bank is FDIC

1057
00:48:01,400 --> 00:48:03,399
Speaker 4: insured and they're paying you the highest interest rate. That's

1058
00:48:03,440 --> 00:48:06,120
Speaker 4: the best bank. Like I said, I like ally, but

1059
00:48:06,239 --> 00:48:08,640
Speaker 4: I'm only there now because I signed out with them originally.

1060
00:48:08,719 --> 00:48:11,560
Speaker 4: But best believe, go with the coins are You don't

1061
00:48:11,640 --> 00:48:13,359
Speaker 4: have to be loyal to your bank. They're not loyal

1062
00:48:13,440 --> 00:48:16,920
Speaker 4: to you, you know, go with who's giving you them coins.

1063
00:48:17,160 --> 00:48:17,359
Speaker 6: Yeah.

1064
00:48:17,520 --> 00:48:19,360
Speaker 7: One of the things you said about having a joint account,

1065
00:48:19,400 --> 00:48:20,840
Speaker 7: you know I can attest to. I think it's a

1066
00:48:20,920 --> 00:48:24,879
Speaker 7: great idea, especially for married couples. I heard you preach

1067
00:48:24,920 --> 00:48:27,360
Speaker 7: about preparing to invest, right, So if you have that

1068
00:48:27,400 --> 00:48:29,879
Speaker 7: a joint account, what is something that couples could think

1069
00:48:29,920 --> 00:48:30,760
Speaker 7: about investing?

1070
00:48:31,800 --> 00:48:35,400
Speaker 4: So this is great. So people ask me, like, here's

1071
00:48:35,400 --> 00:48:37,719
Speaker 4: the steps to preparing to invest, so you don't have

1072
00:48:37,800 --> 00:48:40,200
Speaker 4: to wait to invest for retirement. So to be clear,

1073
00:48:40,600 --> 00:48:43,680
Speaker 4: when I say retirement is an investment, the purpose of

1074
00:48:43,800 --> 00:48:45,759
Speaker 4: retirement is not so you're going You're not gonna live

1075
00:48:45,800 --> 00:48:48,960
Speaker 4: on no private island in retirement unless you're living on

1076
00:48:49,040 --> 00:48:52,280
Speaker 4: a private island. Now. Retirement is so you can maintain

1077
00:48:52,400 --> 00:48:56,040
Speaker 4: your current lifestyle. If you set aside twelve to fifteen

1078
00:48:56,120 --> 00:48:59,560
Speaker 4: percent of your income now your gross income now, and

1079
00:48:59,640 --> 00:49:02,440
Speaker 4: that's all you ever do. What that will inability to

1080
00:49:02,480 --> 00:49:05,319
Speaker 4: do is maintain your current lifestyle. So if you don't

1081
00:49:05,320 --> 00:49:06,920
Speaker 4: see palm trees next to you, now, you rain' go

1082
00:49:07,040 --> 00:49:10,000
Speaker 4: see palm trees when you eighty, right. So then so

1083
00:49:10,160 --> 00:49:12,359
Speaker 4: you do that first and foremost, because you must set

1084
00:49:12,400 --> 00:49:15,319
Speaker 4: aside for your future self and it's your younger self

1085
00:49:15,440 --> 00:49:17,640
Speaker 4: job to look after your future self, so that comes first.

1086
00:49:18,320 --> 00:49:21,080
Speaker 4: Then after you're doing that, then you have to have

1087
00:49:21,320 --> 00:49:24,040
Speaker 4: a budget. Right, you have to have some sort of

1088
00:49:24,520 --> 00:49:28,200
Speaker 4: physical plan of what your money is doing. This much

1089
00:49:28,320 --> 00:49:30,520
Speaker 4: is going to build, this much is going to spend

1090
00:49:30,600 --> 00:49:33,800
Speaker 4: him something. So that's step two. Do you have a budget?

1091
00:49:33,840 --> 00:49:35,560
Speaker 4: Check Before people say, oh I want to invest, I'm like,

1092
00:49:35,880 --> 00:49:38,919
Speaker 4: slow down, slow down? Son? You killing them? Who's filling

1093
00:49:38,960 --> 00:49:41,520
Speaker 4: them with octane? You didn't not have body? Right, So

1094
00:49:42,960 --> 00:49:44,520
Speaker 4: that's too. Do you have a budget? Great?

1095
00:49:45,280 --> 00:49:45,480
Speaker 2: Now?

1096
00:49:46,560 --> 00:49:51,200
Speaker 4: Step number three right, do you have savings? Right? So,

1097
00:49:51,760 --> 00:49:54,799
Speaker 4: do you have emergency savings at minimum minimum minum during

1098
00:49:54,800 --> 00:49:57,520
Speaker 4: the recession I say six months? During a non recession,

1099
00:49:57,560 --> 00:49:59,440
Speaker 4: I say at least three months three months of your

1100
00:49:59,520 --> 00:50:02,400
Speaker 4: noodle budge, meaning do you have three months of your

1101
00:50:02,560 --> 00:50:06,480
Speaker 4: essential bills saved? Because we already talked about if you

1102
00:50:07,080 --> 00:50:08,560
Speaker 4: were to lose your job, you're gonna drop down to

1103
00:50:08,560 --> 00:50:09,880
Speaker 4: get your noodle on. You're not gonna be living at

1104
00:50:09,920 --> 00:50:11,600
Speaker 4: the same You're not gonna be living at your three

1105
00:50:11,600 --> 00:50:13,160
Speaker 4: thousand dollar bus. You're gonna be living at your twenty

1106
00:50:13,160 --> 00:50:15,480
Speaker 4: five hundred dollar budget. So do you have at least

1107
00:50:15,560 --> 00:50:19,120
Speaker 4: three months of your noodle budget saved? That's important because

1108
00:50:19,200 --> 00:50:20,919
Speaker 4: that is going to help you if times get rough

1109
00:50:20,960 --> 00:50:24,040
Speaker 4: and tough. Do you have that great? Then? Number four?

1110
00:50:24,800 --> 00:50:29,880
Speaker 4: Do you have high interest debt? Meaning how are you

1111
00:50:29,960 --> 00:50:33,880
Speaker 4: going to invest when you owe visa at eighteen nineteen

1112
00:50:34,120 --> 00:50:37,239
Speaker 4: twenty five thirty percent? Do you think you're gonna get

1113
00:50:37,239 --> 00:50:41,360
Speaker 4: a return of fifteen thirteen you know, thirty percent?

1114
00:50:41,480 --> 00:50:41,520
Speaker 2: No?

1115
00:50:42,000 --> 00:50:45,200
Speaker 4: On average, the market yields about seven to eight percent

1116
00:50:45,239 --> 00:50:47,920
Speaker 4: a year. So what that means is you put your

1117
00:50:47,960 --> 00:50:51,160
Speaker 4: money in the market. On average, you're going to get

1118
00:50:51,239 --> 00:50:55,400
Speaker 4: back eight cents. Let's just say, but because you have

1119
00:50:55,560 --> 00:50:59,879
Speaker 4: credit card debt, you're losing eighteen cents a month or year.

1120
00:51:00,480 --> 00:51:03,359
Speaker 4: So you make it eight cents and losing eighteen cents.

1121
00:51:03,640 --> 00:51:05,400
Speaker 4: The best thing you can do is pay off the

1122
00:51:05,480 --> 00:51:08,200
Speaker 4: credit card debt, the high interest credit card debt, because

1123
00:51:08,239 --> 00:51:11,000
Speaker 4: you're losing more than you're likely to gain in the market.

1124
00:51:11,200 --> 00:51:14,040
Speaker 4: So before you start investing, you and your boo, like,

1125
00:51:14,200 --> 00:51:17,000
Speaker 4: get rid of that high interest credit card debt first

1126
00:51:17,040 --> 00:51:19,239
Speaker 4: and foremost. So that's four. So now you've done all

1127
00:51:19,239 --> 00:51:21,520
Speaker 4: those four things. You feeling cute, Okay, you feeling spicy.

1128
00:51:21,640 --> 00:51:25,040
Speaker 4: Now we can leap into investing for wealth. So investing

1129
00:51:25,120 --> 00:51:28,080
Speaker 4: for wealth if you are a couple, if you don't

1130
00:51:28,080 --> 00:51:29,360
Speaker 4: know how to do nothing else, like you know, so

1131
00:51:29,400 --> 00:51:30,960
Speaker 4: most people are like, they're not really willing to do

1132
00:51:31,120 --> 00:51:33,640
Speaker 4: like everybody wants to like trade options. They don't even

1133
00:51:33,640 --> 00:51:35,160
Speaker 4: know what that is. They want to, you know, everybody

1134
00:51:35,200 --> 00:51:36,840
Speaker 4: wants to buy stock. Then you bought Delta. How's that

1135
00:51:36,920 --> 00:51:39,160
Speaker 4: working out for you? Right now? How's Delta doing? It's

1136
00:51:39,200 --> 00:51:41,480
Speaker 4: doing terrible. I can tell you because I have Delta,

1137
00:51:42,640 --> 00:51:44,560
Speaker 4: and so most people want to do that. But truth is,

1138
00:51:44,680 --> 00:51:46,560
Speaker 4: most people are not willing to do the work for investing.

1139
00:51:46,640 --> 00:51:49,840
Speaker 4: That's okay, So this is what I tell people that instead,

1140
00:51:50,400 --> 00:51:54,960
Speaker 4: you can invest in a mutual fund. I prefer target

1141
00:51:55,040 --> 00:51:58,720
Speaker 4: date funds because it's like super super handholding. A target

1142
00:51:58,800 --> 00:52:02,919
Speaker 4: date fund is is a mutual fund that you pick

1143
00:52:03,000 --> 00:52:04,680
Speaker 4: the target date the date you want to pull out

1144
00:52:04,719 --> 00:52:08,960
Speaker 4: that money. So typically most target date funds are the

1145
00:52:09,040 --> 00:52:10,520
Speaker 4: date that you want to pull out that money. Typically

1146
00:52:10,600 --> 00:52:12,800
Speaker 4: is the date that you want to retire, so you

1147
00:52:12,920 --> 00:52:15,640
Speaker 4: might say twenty fifty, twenty forty five, twenty thirty five.

1148
00:52:15,640 --> 00:52:17,879
Speaker 4: They're usually five years apart. So you're going to pick

1149
00:52:17,920 --> 00:52:21,200
Speaker 4: a mutual fund that's a target date fund, right, A

1150
00:52:21,320 --> 00:52:23,480
Speaker 4: mutual fund, just so you know, for those listening, I'm

1151
00:52:23,480 --> 00:52:25,560
Speaker 4: sure you know, but you never know. It's a collection

1152
00:52:25,920 --> 00:52:29,840
Speaker 4: of investments. I like mutual funds that tend to be

1153
00:52:29,960 --> 00:52:32,400
Speaker 4: index funds, so they follow a particular index, like the

1154
00:52:32,520 --> 00:52:34,960
Speaker 4: S and P five hundred, which is basically like the market.

1155
00:52:35,360 --> 00:52:39,120
Speaker 4: So that means you're invested in a mutual fund that's

1156
00:52:39,160 --> 00:52:43,400
Speaker 4: an index fund, and it follows the market and your money.

1157
00:52:43,760 --> 00:52:45,520
Speaker 4: The reason why I like target date funds is that

1158
00:52:45,680 --> 00:52:48,680
Speaker 4: it rebalances like a true investor knows that they have

1159
00:52:48,840 --> 00:52:52,600
Speaker 4: to shift based upon how life like where they are

1160
00:52:52,680 --> 00:52:55,279
Speaker 4: in life. Most people don't do that, so a target

1161
00:52:55,360 --> 00:52:56,919
Speaker 4: date fund does it for you. A target date fund

1162
00:52:56,960 --> 00:52:59,520
Speaker 4: says you pick the target date of twenty fifty, it

1163
00:52:59,600 --> 00:53:02,239
Speaker 4: is now twenty twenty. We had thirty years, we got time,

1164
00:53:02,480 --> 00:53:04,120
Speaker 4: so we the target day fund is going to be

1165
00:53:04,880 --> 00:53:08,160
Speaker 4: invested more aggressively because you have thirty years. The closer

1166
00:53:08,239 --> 00:53:13,279
Speaker 4: you get to twenty fifty, the more conservative automatically your

1167
00:53:13,360 --> 00:53:16,120
Speaker 4: investment is going to be invested because the target day

1168
00:53:16,120 --> 00:53:19,320
Speaker 4: fund is aware of twenty fifty is coming up. So

1169
00:53:19,520 --> 00:53:22,000
Speaker 4: the closer we get if it's twenty forty nine, then

1170
00:53:22,040 --> 00:53:25,240
Speaker 4: you're super You might be invested in all cash accounts,

1171
00:53:25,440 --> 00:53:29,480
Speaker 4: in bonds, super super conservative investments, right, so you don't

1172
00:53:29,480 --> 00:53:31,719
Speaker 4: not do anything else. You can buy a mutual fund

1173
00:53:31,960 --> 00:53:34,759
Speaker 4: that that's that's that follows an index bond like I said,

1174
00:53:34,760 --> 00:53:37,440
Speaker 4: the S and P five hundred. Typically you can you

1175
00:53:37,520 --> 00:53:39,759
Speaker 4: can follow you look for a mutual fund. That's that's

1176
00:53:39,840 --> 00:53:44,360
Speaker 4: called a total market fund, meaning that your fund mimics

1177
00:53:44,440 --> 00:53:46,480
Speaker 4: a particular market like I said the S and P

1178
00:53:46,560 --> 00:53:48,640
Speaker 4: five hunder one hundred. So when the when the market

1179
00:53:48,719 --> 00:53:50,680
Speaker 4: goes up, your money goes up. When the market goes down,

1180
00:53:50,760 --> 00:53:52,759
Speaker 4: your money goes down. But we like we like I

1181
00:53:52,880 --> 00:53:57,320
Speaker 4: mentioned before, on average, the market yields about seven to

1182
00:53:57,440 --> 00:54:00,440
Speaker 4: eight percent a year, so you will you will over

1183
00:54:00,760 --> 00:54:03,200
Speaker 4: over the next thirty years, you're gonna see about a

1184
00:54:03,280 --> 00:54:05,480
Speaker 4: seven eight percent game, which is great, you know, even

1185
00:54:05,960 --> 00:54:07,239
Speaker 4: like that's for people who are like I don't want

1186
00:54:07,239 --> 00:54:09,080
Speaker 4: to do nothing else like And so when you're looking

1187
00:54:09,200 --> 00:54:12,319
Speaker 4: for a target date fund or a mutual fund, you're

1188
00:54:12,320 --> 00:54:15,120
Speaker 4: looking for something called the expense ratio, and that is

1189
00:54:15,320 --> 00:54:19,360
Speaker 4: the fee that that fund is charging you the percentage

1190
00:54:19,440 --> 00:54:21,439
Speaker 4: of the money that you have invested with that fund.

1191
00:54:21,800 --> 00:54:23,799
Speaker 4: And so right now, like a Vanguard, they have one

1192
00:54:23,840 --> 00:54:26,960
Speaker 4: of the lowest expense ratio. So the broker's accounts that

1193
00:54:27,080 --> 00:54:30,800
Speaker 4: have mutual funds and target date funds and these total

1194
00:54:30,840 --> 00:54:35,120
Speaker 4: market funds are like Vanguard, Fidality child Swab. So you're

1195
00:54:35,120 --> 00:54:39,160
Speaker 4: gonna google expense ratio first, Fidality expense ratio for child Swab.

1196
00:54:39,200 --> 00:54:41,400
Speaker 4: I think like, right now, it's like the target for

1197
00:54:41,440 --> 00:54:45,120
Speaker 4: a fund, for a total market target date fund for Vanguard.

1198
00:54:45,200 --> 00:54:49,040
Speaker 4: Right now it's like point zero six percent, which is great, right,

1199
00:54:49,120 --> 00:54:51,440
Speaker 4: not even points zero zero six percent, which is like

1200
00:54:51,680 --> 00:54:53,880
Speaker 4: something ridiculous, like a piece of a piece of a

1201
00:54:53,920 --> 00:54:57,120
Speaker 4: piece of piece of a penny. So that's great because

1202
00:54:57,200 --> 00:54:59,920
Speaker 4: the average financial advisor is going to charge you one

1203
00:55:00,080 --> 00:55:02,800
Speaker 4: percent of the assets of your of your money that

1204
00:55:02,800 --> 00:55:04,759
Speaker 4: they've invested. So the financial advisor is gonna charge you

1205
00:55:04,760 --> 00:55:07,960
Speaker 4: one percent, Vanguard's going to charge you a piece of

1206
00:55:08,000 --> 00:55:09,360
Speaker 4: a piece of a piece of one percent, so you

1207
00:55:09,400 --> 00:55:12,480
Speaker 4: get to keep more of your money. Fees are the

1208
00:55:12,640 --> 00:55:16,360
Speaker 4: biggest hindrance to earning money. You know, I'm not anti

1209
00:55:16,480 --> 00:55:21,240
Speaker 4: financial advisor, but you're spending a lot of money sometimes

1210
00:55:21,360 --> 00:55:24,200
Speaker 4: for them to do automatically what some of these automatic

1211
00:55:24,280 --> 00:55:26,160
Speaker 4: funds can do, unless you have other things your financial

1212
00:55:26,160 --> 00:55:28,120
Speaker 4: advisor's doing for you. If they're just investing your money,

1213
00:55:28,480 --> 00:55:31,080
Speaker 4: bruh fis just put it in in a target day

1214
00:55:31,120 --> 00:55:33,680
Speaker 4: fund and let the fund automatically balance for you and

1215
00:55:33,800 --> 00:55:36,040
Speaker 4: you can keep most of your money. So if you're

1216
00:55:36,080 --> 00:55:38,080
Speaker 4: investing with your significant other, what I love is that

1217
00:55:38,080 --> 00:55:40,160
Speaker 4: you can literally say, hey, Vanguard, you want to open

1218
00:55:40,239 --> 00:55:43,200
Speaker 4: up a mutual fund. We'll prefer a target day fund

1219
00:55:43,360 --> 00:55:45,719
Speaker 4: that's invested in the index. So do you have like

1220
00:55:45,760 --> 00:55:48,359
Speaker 4: I know, Vanguard literally has one called their total market fund,

1221
00:55:48,440 --> 00:55:50,440
Speaker 4: or you have a total market fund. Okay, open it up.

1222
00:55:50,480 --> 00:55:52,759
Speaker 4: We're gonna be putting two hundred dollars a month. Just

1223
00:55:52,920 --> 00:55:56,040
Speaker 4: you can have that transferred automatically from your savings account.

1224
00:55:56,080 --> 00:55:58,280
Speaker 4: Transfer your two hundred bucks a month, because you already

1225
00:55:58,320 --> 00:56:00,680
Speaker 4: have your three months of savings treats for your three

1226
00:56:00,719 --> 00:56:02,359
Speaker 4: hundred bucks a month or two hundred bucks a month

1227
00:56:02,400 --> 00:56:04,320
Speaker 4: into that account and let it grow. You kind of

1228
00:56:04,360 --> 00:56:06,200
Speaker 4: set it in and semi forget it. So that's like

1229
00:56:06,280 --> 00:56:09,160
Speaker 4: the easiest possible way to start investing. If you do that,

1230
00:56:09,360 --> 00:56:11,879
Speaker 4: you will be better off than ninety nine or nine

1231
00:56:11,920 --> 00:56:14,520
Speaker 4: point most people. And just keep it really simple. I

1232
00:56:14,560 --> 00:56:17,520
Speaker 4: think investing should be really simple unless, like you really

1233
00:56:17,560 --> 00:56:20,080
Speaker 4: are interested in learning how to buy individual stocks. But

1234
00:56:20,320 --> 00:56:22,239
Speaker 4: you have to when it comes to investing, like in

1235
00:56:22,320 --> 00:56:25,200
Speaker 4: the traditional sense and like the market, keep it simple.

1236
00:56:25,480 --> 00:56:27,520
Speaker 4: And then you can also invest by starting a business.

1237
00:56:27,600 --> 00:56:30,160
Speaker 4: You can invest by writing a book. There's other ways

1238
00:56:30,200 --> 00:56:32,640
Speaker 4: to invest. You can invest by real estate like I

1239
00:56:32,719 --> 00:56:35,360
Speaker 4: do all those things. I have residual investments where I

1240
00:56:35,440 --> 00:56:37,560
Speaker 4: have books that pay me a few thousand dollars a

1241
00:56:37,600 --> 00:56:39,719
Speaker 4: month from books I've written years ago. I have a

1242
00:56:39,800 --> 00:56:42,320
Speaker 4: business that you know, that's an investment as well. I

1243
00:56:42,360 --> 00:56:44,480
Speaker 4: put money into that business and it yields money back.

1244
00:56:45,120 --> 00:56:47,440
Speaker 4: I also have real estate, you know, even in your

1245
00:56:47,480 --> 00:56:49,520
Speaker 4: primary your primary residence. You have to think about that

1246
00:56:49,560 --> 00:56:52,320
Speaker 4: as an investment, and you have to understand that the

1247
00:56:52,480 --> 00:56:56,200
Speaker 4: key with investing is you should make money on the buy,

1248
00:56:57,400 --> 00:57:01,080
Speaker 4: not necessarily the seal. So meaning this is then if

1249
00:57:01,120 --> 00:57:03,000
Speaker 4: you always make sure you make money on the buy.

1250
00:57:03,320 --> 00:57:06,839
Speaker 4: You never lose, but it's time to sell. So bought

1251
00:57:06,880 --> 00:57:09,520
Speaker 4: this house that I'm living in now cash slighte flex

1252
00:57:10,200 --> 00:57:13,400
Speaker 4: but it was a foreclosure so it was worth at

1253
00:57:13,440 --> 00:57:16,120
Speaker 4: the time maybe three twenty because it was kind of

1254
00:57:16,120 --> 00:57:18,400
Speaker 4: like a little bit beat up, and we bought it

1255
00:57:18,480 --> 00:57:21,160
Speaker 4: for one eighty. So we made money on a buy

1256
00:57:21,320 --> 00:57:24,240
Speaker 4: even if nothing else. We didn't fix it up. We're like, yo,

1257
00:57:24,320 --> 00:57:26,280
Speaker 4: we tired, we ran out of money to fix it up.

1258
00:57:26,280 --> 00:57:28,080
Speaker 4: We bought it for one eighty a house that's worth

1259
00:57:28,120 --> 00:57:30,440
Speaker 4: three twenty, So we made money on the buy, no

1260
00:57:30,520 --> 00:57:32,520
Speaker 4: matter what. So even now they're talking about the market

1261
00:57:32,560 --> 00:57:34,600
Speaker 4: it's gonna drop, I'm not worried about it. It would

1262
00:57:34,600 --> 00:57:36,320
Speaker 4: have to drop a whole hell of a lot for

1263
00:57:36,400 --> 00:57:38,960
Speaker 4: a house worth three twenty to drop down to one eighty.

1264
00:57:39,640 --> 00:57:42,360
Speaker 3: You know, got to have the wind built in exactly.

1265
00:57:42,560 --> 00:57:45,000
Speaker 4: So we so then we then we renovated the place.

1266
00:57:45,080 --> 00:57:46,920
Speaker 4: So now I just got the house of praise. We

1267
00:57:47,040 --> 00:57:50,160
Speaker 4: renovated it. The house is now worth three ninety, so

1268
00:57:50,280 --> 00:57:52,200
Speaker 4: it's like even if we never renovated it, we was

1269
00:57:52,200 --> 00:57:54,640
Speaker 4: gonna win. So same thing with stocks, you know that

1270
00:57:54,800 --> 00:57:58,520
Speaker 4: like you make money on the buy, you know, not necessarily,

1271
00:57:58,640 --> 00:58:00,280
Speaker 4: like you don't want to have to wait for the cell.

1272
00:58:00,320 --> 00:58:01,800
Speaker 4: But not enough people do that. They want to jump

1273
00:58:01,800 --> 00:58:04,680
Speaker 4: into the market right now because you know your your

1274
00:58:04,960 --> 00:58:07,560
Speaker 4: neighbors like, oh I bought, Oh you're not in, but

1275
00:58:07,680 --> 00:58:10,680
Speaker 4: yond me, Oh you don't do bitcoin. Meanwhile, you don't

1276
00:58:10,680 --> 00:58:12,840
Speaker 4: know nothing, know what they're talking about. Don't jump in

1277
00:58:12,920 --> 00:58:14,560
Speaker 4: and lose your money. Like, if you're not going to

1278
00:58:14,600 --> 00:58:16,760
Speaker 4: do the research, you're going to be broke. Get you

1279
00:58:16,880 --> 00:58:19,280
Speaker 4: an index fund, you know, invest in things that you're

1280
00:58:19,320 --> 00:58:21,720
Speaker 4: willing to do the research on, or invest in semi

1281
00:58:21,800 --> 00:58:24,840
Speaker 4: automated super simple investments, and you'll be fine. You don't

1282
00:58:24,880 --> 00:58:27,400
Speaker 4: have to have your investments told honestly largely be boring.

1283
00:58:27,440 --> 00:58:29,120
Speaker 4: You don't have to have the hottest stock.

1284
00:58:29,760 --> 00:58:32,640
Speaker 5: So all right, So in the last segment, we're going

1285
00:58:32,680 --> 00:58:35,400
Speaker 5: to bring it home with a few more tips on

1286
00:58:35,520 --> 00:58:39,520
Speaker 5: personal finance. So okay, So two questions that I had

1287
00:58:39,840 --> 00:58:43,400
Speaker 5: that's related to personal finance that's big ones. The first

1288
00:58:43,440 --> 00:58:45,520
Speaker 5: one is credit cards. Right, so a lot of people

1289
00:58:45,520 --> 00:58:47,880
Speaker 5: I'm struggling with credit card debt, and I've heard different

1290
00:58:47,920 --> 00:58:49,600
Speaker 5: strategies of how to pay off credit card debt. I

1291
00:58:49,600 --> 00:58:53,240
Speaker 5: think one strategy is like the avalanche strategy. Like, so

1292
00:58:53,360 --> 00:58:57,280
Speaker 5: we have one strategy, you pay off the smaller amount, oh,

1293
00:58:57,480 --> 00:58:58,680
Speaker 5: the larger amount first.

1294
00:58:58,720 --> 00:58:59,000
Speaker 6: I think.

1295
00:58:59,200 --> 00:59:01,760
Speaker 5: The other strategy is you pay off the highest interest

1296
00:59:02,200 --> 00:59:05,040
Speaker 5: amount first. So like if you have five cards and

1297
00:59:05,240 --> 00:59:07,560
Speaker 5: one is twenty percent, one is fifteen, you pay off

1298
00:59:07,560 --> 00:59:10,120
Speaker 5: the twenty percent first, where the other one is if

1299
00:59:10,120 --> 00:59:13,000
Speaker 5: you have five cards and whatever the highest amount is,

1300
00:59:13,120 --> 00:59:15,760
Speaker 5: you focus the majority of your resources to that. Knock

1301
00:59:15,840 --> 00:59:18,120
Speaker 5: that out the way and think, so do you have

1302
00:59:18,240 --> 00:59:21,720
Speaker 5: a set strategy for people that do you personally recommend

1303
00:59:21,840 --> 00:59:23,560
Speaker 5: or like, what's what's the best way that somebody can

1304
00:59:23,640 --> 00:59:25,240
Speaker 5: can go about paying off credit card debt?

1305
00:59:25,960 --> 00:59:27,640
Speaker 4: So yeah, those are both really good ways. So I

1306
00:59:27,800 --> 00:59:32,560
Speaker 4: personally like the snowball method first, first and foremost. Well

1307
00:59:32,720 --> 00:59:35,880
Speaker 4: I like a mix of snowball slash avalanche. So the

1308
00:59:35,960 --> 00:59:38,080
Speaker 4: avalanche method is the method where you pay off the

1309
00:59:38,160 --> 00:59:41,240
Speaker 4: more expensive debt first, and that is the debt that

1310
00:59:41,480 --> 00:59:44,880
Speaker 4: has the highest interest rate. So that's the fee that

1311
00:59:44,960 --> 00:59:47,880
Speaker 4: they're charging you for the money that you owe them. Right,

1312
00:59:48,200 --> 00:59:49,840
Speaker 4: So the reason why you pay that off first is

1313
00:59:49,880 --> 00:59:52,800
Speaker 4: because logically, if I can give it a debt debt first,

1314
00:59:53,080 --> 00:59:55,000
Speaker 4: that that is costing me the most amount of money.

1315
00:59:55,040 --> 00:59:57,800
Speaker 4: I'm paying twenty percent, twenty cents on every dollar for

1316
00:59:57,880 --> 01:00:01,000
Speaker 4: that debt. But the problem is is at what if

1317
01:00:01,320 --> 01:00:05,600
Speaker 4: that debt that you're owing is thirty thousand dollars and

1318
01:00:05,640 --> 01:00:07,800
Speaker 4: you make thirty thousand dollars a year, You'll be paying

1319
01:00:07,880 --> 01:00:10,240
Speaker 4: that forever. So it doesn't really feel good. It's like

1320
01:00:10,280 --> 01:00:12,040
Speaker 4: the equivalent of saying you're going to bench press one

1321
01:00:12,080 --> 01:00:15,320
Speaker 4: hundred pounds tomorrow. You're just starting out. So I like

1322
01:00:15,680 --> 01:00:19,000
Speaker 4: to start off with this snowball method, which is that

1323
01:00:19,080 --> 01:00:22,920
Speaker 4: you pay the debt with the lowest balance first, right,

1324
01:00:23,360 --> 01:00:25,760
Speaker 4: and so you start off so you can have early success.

1325
01:00:26,160 --> 01:00:27,600
Speaker 4: And so let's just say, you know, you have a

1326
01:00:27,720 --> 01:00:30,400
Speaker 4: credit card debt where the balance is one hundred dollars.

1327
01:00:30,880 --> 01:00:32,680
Speaker 4: You pay out that one hundred dollars, woo hoo. Now

1328
01:00:32,680 --> 01:00:34,400
Speaker 4: you take that whole payment that used to pay to

1329
01:00:34,480 --> 01:00:37,120
Speaker 4: that debt and you roll it over to the next

1330
01:00:37,240 --> 01:00:39,600
Speaker 4: lowest debt on your list. So as you start to

1331
01:00:39,680 --> 01:00:42,320
Speaker 4: do that, then once you start to get a little momentum,

1332
01:00:42,400 --> 01:00:44,480
Speaker 4: then you can start looking at, okay, now, which debts

1333
01:00:44,520 --> 01:00:47,160
Speaker 4: are really Now you can start to mix an avalanche,

1334
01:00:47,160 --> 01:00:49,440
Speaker 4: so which debts are actually costing me the most amount

1335
01:00:49,480 --> 01:00:52,360
Speaker 4: of money now that I freed up cast by paying

1336
01:00:52,400 --> 01:00:54,720
Speaker 4: off these lower debts. And so I like a mix

1337
01:00:54,840 --> 01:00:57,280
Speaker 4: of the two of avalanche and snowball method. But I

1338
01:00:57,320 --> 01:00:59,560
Speaker 4: say start off with snowball and then you can start

1339
01:00:59,560 --> 01:01:01,800
Speaker 4: to infuse avalanche. So basically, start off paying off the

1340
01:01:01,880 --> 01:01:06,080
Speaker 4: debt with the lowest balances first, and then once you

1341
01:01:06,240 --> 01:01:09,480
Speaker 4: have excess money because you don't have those those smaller balances,

1342
01:01:09,680 --> 01:01:11,400
Speaker 4: you don't have those credit cards to throw money at,

1343
01:01:11,600 --> 01:01:13,560
Speaker 4: then you could start using this excess money to pay

1344
01:01:13,560 --> 01:01:15,000
Speaker 4: off debts with the highest interest rate.

1345
01:01:15,680 --> 01:01:17,760
Speaker 7: You said in times right now, Like a lot of

1346
01:01:17,760 --> 01:01:20,400
Speaker 7: people in financial hardships, i've heard you said that one

1347
01:01:20,440 --> 01:01:22,520
Speaker 7: of the things you could do is reduce your payments

1348
01:01:22,520 --> 01:01:25,439
Speaker 7: to debt. So if you were paying two hundred dollars

1349
01:01:25,440 --> 01:01:27,480
Speaker 7: a month to your Best Buy card and the minimum

1350
01:01:27,480 --> 01:01:29,800
Speaker 7: payment was fifty dollars, maybe not paying seventy is a key.

1351
01:01:29,800 --> 01:01:31,120
Speaker 3: You want to talk about that a little.

1352
01:01:30,880 --> 01:01:34,880
Speaker 4: Bit, So especially if you don't have at least three

1353
01:01:34,960 --> 01:01:36,800
Speaker 4: months of your nettle budget saved, so three months of

1354
01:01:36,920 --> 01:01:41,520
Speaker 4: essential essential expenses saved. I mean, I wouldn't even pay

1355
01:01:41,560 --> 01:01:43,400
Speaker 4: seventy dollars to my best boy, I'd be paying best

1356
01:01:43,440 --> 01:01:48,440
Speaker 4: by the fifty because during recessionary times the times during recession,

1357
01:01:48,880 --> 01:01:53,200
Speaker 4: cash is quean right because if you were to lose

1358
01:01:53,240 --> 01:01:55,640
Speaker 4: your job, if you were to get sick, if your

1359
01:01:55,760 --> 01:01:58,080
Speaker 4: job were to close down, what you're gonna do, You're

1360
01:01:58,120 --> 01:02:01,480
Speaker 4: going to need cash. Debt free and no savings equals

1361
01:02:01,560 --> 01:02:03,680
Speaker 4: debt because so many people are still so prior relatively.

1362
01:02:03,680 --> 01:02:05,640
Speaker 4: I paid off my credit card debt. How much saves?

1363
01:02:05,680 --> 01:02:08,040
Speaker 4: You got nothing? Well, now you got deb girl, No,

1364
01:02:08,120 --> 01:02:10,320
Speaker 4: I'm deaf free. No, you're not let your card break down.

1365
01:02:10,320 --> 01:02:12,440
Speaker 4: What you're gonna do sis You're gonna look at your

1366
01:02:12,480 --> 01:02:14,880
Speaker 4: savings account, which is empty, and you're gonna look back

1367
01:02:14,920 --> 01:02:17,480
Speaker 4: at that credit card and swipe that card. And that

1368
01:02:17,600 --> 01:02:20,080
Speaker 4: credit card is now gonna charge you a fee for

1369
01:02:20,320 --> 01:02:22,720
Speaker 4: using that card for an emergency where you could have

1370
01:02:22,880 --> 01:02:26,080
Speaker 4: used money for free and from your savings account. So

1371
01:02:26,600 --> 01:02:28,960
Speaker 4: I like, debt free doesn't equal well, I mean, especially

1372
01:02:29,000 --> 01:02:31,280
Speaker 4: the black community. Crudential does this. Did this study called

1373
01:02:31,320 --> 01:02:34,080
Speaker 4: like the Black American Experience or something like that about money,

1374
01:02:34,360 --> 01:02:37,520
Speaker 4: and they found that they interviewed like a few thousand

1375
01:02:37,600 --> 01:02:39,640
Speaker 4: black folks and asked, like, what's your number one goal?

1376
01:02:40,040 --> 01:02:42,520
Speaker 4: And our goal as a community is to get debt free,

1377
01:02:43,240 --> 01:02:47,520
Speaker 4: and the larger population their goal is to grow wealth.

1378
01:02:48,120 --> 01:02:51,880
Speaker 4: Because somehow along the way we have confused debt freedom

1379
01:02:51,920 --> 01:02:54,360
Speaker 4: with wealth. It's not the same. You know, who else

1380
01:02:54,440 --> 01:02:56,720
Speaker 4: is debt free. I've got a four year old nephew, Roman,

1381
01:02:57,200 --> 01:03:00,920
Speaker 4: Roman don't have no debt. Roman is broke right, well, man,

1382
01:03:00,920 --> 01:03:02,920
Speaker 4: I got no money, So debt free is not the

1383
01:03:02,960 --> 01:03:05,400
Speaker 4: same thing as well. And we put so much energy

1384
01:03:05,440 --> 01:03:08,480
Speaker 4: into getting debt free, that doesn't mean anything, right. I'd

1385
01:03:08,640 --> 01:03:13,200
Speaker 4: rather you focus, like, you know, make debt something that's

1386
01:03:13,280 --> 01:03:15,480
Speaker 4: like this behind the scenes goal debt freedom, and you

1387
01:03:15,560 --> 01:03:17,240
Speaker 4: know you pay it like you're supposed to, but really

1388
01:03:17,320 --> 01:03:20,240
Speaker 4: focus your energy on growing wealth. Now give you an example.

1389
01:03:20,320 --> 01:03:23,120
Speaker 4: So I told you I had that that a student

1390
01:03:23,200 --> 01:03:26,520
Speaker 4: loan seen Hall University, fifty thousand dollars plus right, or

1391
01:03:26,600 --> 01:03:28,640
Speaker 4: like fifty two thousand something like that. I was the

1392
01:03:28,680 --> 01:03:30,880
Speaker 4: four baron's queen. I was like, not this year, no, no,

1393
01:03:31,040 --> 01:03:34,080
Speaker 4: no deferment, nope. Right. So I did that for years

1394
01:03:34,800 --> 01:03:38,960
Speaker 4: and then maybe like three or four years, maybe four

1395
01:03:39,040 --> 01:03:42,000
Speaker 4: years into the budgetista I could afford to make a

1396
01:03:42,080 --> 01:03:44,520
Speaker 4: payment on the debt, and I started to and then

1397
01:03:44,560 --> 01:03:46,280
Speaker 4: I realized that maybe I was paying, like, I don't know,

1398
01:03:46,280 --> 01:03:48,320
Speaker 4: a few hundred bucks a month, and I was like, huh,

1399
01:03:49,600 --> 01:03:51,880
Speaker 4: I can aggress that I had aggressively paid off that

1400
01:03:52,200 --> 01:03:54,959
Speaker 4: thirty five thousand dollars credit card debt scam. And I said,

1401
01:03:55,000 --> 01:03:58,919
Speaker 4: I can continue to aggressively pay off this student loan debt.

1402
01:03:59,440 --> 01:04:02,240
Speaker 4: But I know I owners that the budgetista is needing

1403
01:04:02,320 --> 01:04:04,040
Speaker 4: money for growth. I need to hire a designer, I

1404
01:04:04,080 --> 01:04:06,560
Speaker 4: need to hire what. So I could take this extra

1405
01:04:06,680 --> 01:04:11,800
Speaker 4: money and put it toward the business instead. So I told, like,

1406
01:04:11,920 --> 01:04:14,000
Speaker 4: my student loan you going back on for barons and deferment,

1407
01:04:14,040 --> 01:04:15,840
Speaker 4: I'm gonna have to see you late, assist. And I

1408
01:04:15,920 --> 01:04:20,120
Speaker 4: put the money toward my business instead. And in two years,

1409
01:04:20,440 --> 01:04:23,240
Speaker 4: I was able to write a full check of fifty

1410
01:04:23,320 --> 01:04:26,400
Speaker 4: two thousand dollars to my credit card to my student

1411
01:04:26,440 --> 01:04:29,520
Speaker 4: loan debt because I had grown my business to seven figures.

1412
01:04:30,000 --> 01:04:32,160
Speaker 4: So if I had to use that money to pay

1413
01:04:32,280 --> 01:04:34,960
Speaker 4: off the student loan debt, then then I would have

1414
01:04:35,000 --> 01:04:37,200
Speaker 4: been student loan debt free and maybe a business that

1415
01:04:37,280 --> 01:04:40,400
Speaker 4: was making some you know load mid six figures, which

1416
01:04:40,440 --> 01:04:43,960
Speaker 4: is cool. But now doing that, not only did I

1417
01:04:44,000 --> 01:04:46,600
Speaker 4: have enough money to pay off my student loan debt

1418
01:04:46,600 --> 01:04:48,840
Speaker 4: because I didn't focus on debt. I finally got to it,

1419
01:04:49,360 --> 01:04:51,800
Speaker 4: but I focused on well. I was able to buy

1420
01:04:51,880 --> 01:04:54,720
Speaker 4: this house for one hundred eighty thousand dollars cash. I

1421
01:04:54,840 --> 01:04:57,160
Speaker 4: was able to renovate this house another six figure of renovation.

1422
01:04:57,200 --> 01:04:59,160
Speaker 4: I was able to pay off my parents' house one

1423
01:04:59,240 --> 01:05:01,600
Speaker 4: hundred twenty thousand knowledge. You see what I mean. So

1424
01:05:02,000 --> 01:05:04,600
Speaker 4: focusing on wealth allowed me to have all the things,

1425
01:05:04,760 --> 01:05:08,120
Speaker 4: including debt freedom. Focusing on just getting debt free just

1426
01:05:08,200 --> 01:05:10,280
Speaker 4: gets you that you will be Roman four years old

1427
01:05:10,360 --> 01:05:11,439
Speaker 4: with no debt but no money.

1428
01:05:11,560 --> 01:05:14,120
Speaker 5: No, it's true what you said, And a lot of

1429
01:05:14,160 --> 01:05:16,800
Speaker 5: times things, especially in our community, we equate debt. It's

1430
01:05:16,840 --> 01:05:19,400
Speaker 5: only like bad debt that we think about, so like

1431
01:05:19,680 --> 01:05:22,720
Speaker 5: cars or credit cards and stuff like that.

1432
01:05:22,880 --> 01:05:24,040
Speaker 6: So that's why it's such a push.

1433
01:05:24,160 --> 01:05:25,880
Speaker 5: And then it's like, you know, all kinds of people

1434
01:05:25,920 --> 01:05:28,640
Speaker 5: that preach, you know, debt free community and all that stuff.

1435
01:05:28,720 --> 01:05:31,000
Speaker 5: So it's like most people have when and it's like

1436
01:05:31,000 --> 01:05:34,200
Speaker 5: all kinds of religious nothing against the religious community, but

1437
01:05:34,280 --> 01:05:36,760
Speaker 5: you know, it's all kinds of religious quotes that people

1438
01:05:36,800 --> 01:05:40,240
Speaker 5: will throw in there, and it's kind of like half

1439
01:05:40,360 --> 01:05:43,440
Speaker 5: truths because there's good debt and it's bad debt, And

1440
01:05:43,520 --> 01:05:46,760
Speaker 5: if you're not fully educated, you think that all debt

1441
01:05:46,840 --> 01:05:48,840
Speaker 5: is bad. Where I mean, I've told this story several

1442
01:05:48,880 --> 01:05:50,960
Speaker 5: times and a couple of different times on the podcast

1443
01:05:51,040 --> 01:05:54,280
Speaker 5: where I've done several different times where I've taken money

1444
01:05:55,440 --> 01:06:00,280
Speaker 5: from my credit card interests free for like twelve eighteen months,

1445
01:06:00,320 --> 01:06:02,400
Speaker 5: and I invested it. And it's like, if you give

1446
01:06:02,480 --> 01:06:06,480
Speaker 5: me twenty thousand dollars free for eighteen months via balance transfer,

1447
01:06:06,560 --> 01:06:08,160
Speaker 5: but people don't even know you can put the balance

1448
01:06:08,160 --> 01:06:10,840
Speaker 5: transfer into your actual bank account. I give me twenty thousand,

1449
01:06:11,200 --> 01:06:12,800
Speaker 5: I'll give it back to you eighteen months. Let me

1450
01:06:12,840 --> 01:06:14,880
Speaker 5: flip this. By the time I flip it and then

1451
01:06:15,040 --> 01:06:17,280
Speaker 5: doubled it, and I just got to pay you back

1452
01:06:17,360 --> 01:06:20,000
Speaker 5: to twenty thousand that I borrowed. So I just use

1453
01:06:20,080 --> 01:06:22,360
Speaker 5: that as an example of that there's good debt and

1454
01:06:22,400 --> 01:06:26,480
Speaker 5: this bad debt, And especially when you're in business, I mean,

1455
01:06:26,520 --> 01:06:28,960
Speaker 5: it's kind of really almost impossible to run business without

1456
01:06:29,240 --> 01:06:32,680
Speaker 5: any debt at some point if you plan on really scaling,

1457
01:06:32,800 --> 01:06:35,480
Speaker 5: like even major corporations, they have debt for the most part,

1458
01:06:35,560 --> 01:06:37,680
Speaker 5: Like very few companies have no debt at all. You

1459
01:06:37,760 --> 01:06:40,560
Speaker 5: have to be responsible and manage the debt properly. But

1460
01:06:40,720 --> 01:06:42,280
Speaker 5: it's a leverage. It's a leverage tool.

1461
01:06:43,160 --> 01:06:46,959
Speaker 4: So like we're unfortunate in that we because wasn't nobody

1462
01:06:47,400 --> 01:06:50,200
Speaker 4: lending my black behind money, right, Like that's not happening.

1463
01:06:50,400 --> 01:06:53,440
Speaker 4: Wells Farker was like, oh girl, get out. So I

1464
01:06:53,520 --> 01:06:56,160
Speaker 4: had to build the Budgeonista from the ground up, you know,

1465
01:06:56,360 --> 01:06:58,960
Speaker 4: with like so we had to the Budgetiesta became the bank.

1466
01:06:59,040 --> 01:07:01,200
Speaker 4: So as the Budgetess to start to do well, then

1467
01:07:01,240 --> 01:07:03,800
Speaker 4: it was enabled me to branch out to my other companies,

1468
01:07:03,840 --> 01:07:06,960
Speaker 4: and the Budgetista became the bank lending to those other companies.

1469
01:07:07,040 --> 01:07:09,760
Speaker 4: Other companies made money paid the Budgetista back. And now

1470
01:07:10,280 --> 01:07:12,760
Speaker 4: one of my companies is we had our first seven

1471
01:07:12,800 --> 01:07:16,520
Speaker 4: figure month, right and so and then we have rearcurring

1472
01:07:16,720 --> 01:07:19,480
Speaker 4: of just under seven figure. So by next month we'll

1473
01:07:19,480 --> 01:07:21,400
Speaker 4: be an eight figure in your company with no debt.

1474
01:07:21,480 --> 01:07:24,480
Speaker 4: So do we use credit cards to pay for things

1475
01:07:24,520 --> 01:07:26,280
Speaker 4: like marketing, but we pay them off in full every month.

1476
01:07:26,320 --> 01:07:28,800
Speaker 4: We have an Amex card that we use largely. So

1477
01:07:29,200 --> 01:07:32,840
Speaker 4: here we are eight figure of your company and no

1478
01:07:34,320 --> 01:07:38,000
Speaker 4: long term debt, you know. So it's I just say

1479
01:07:38,000 --> 01:07:41,160
Speaker 4: all that that, like it's possible to do the things

1480
01:07:41,200 --> 01:07:44,080
Speaker 4: that you want. I mean, and still I live fairly

1481
01:07:44,160 --> 01:07:45,920
Speaker 4: simply like if you see me out here in these streets,

1482
01:07:45,960 --> 01:07:50,360
Speaker 4: you would never know, right because I you know, because

1483
01:07:50,440 --> 01:07:52,400
Speaker 4: it was like, do I elevate my lifestyle right now

1484
01:07:52,720 --> 01:07:55,120
Speaker 4: to do our port back into my business. So I

1485
01:07:55,120 --> 01:07:57,480
Speaker 4: had already told my financial planners. I believe that you know,

1486
01:07:57,600 --> 01:07:59,880
Speaker 4: I have a financial planner because I was at a

1487
01:08:00,040 --> 01:08:02,680
Speaker 4: certain point where I knew I know how to make

1488
01:08:02,760 --> 01:08:04,560
Speaker 4: money and how to save money. I know how to

1489
01:08:04,600 --> 01:08:07,320
Speaker 4: budget money, but I really wanted to learn how to

1490
01:08:07,520 --> 01:08:09,360
Speaker 4: grow my money to the next level. So I hired

1491
01:08:09,360 --> 01:08:12,360
Speaker 4: a finance planner for myself and and my husband.

1492
01:08:12,720 --> 01:08:15,840
Speaker 7: One of the beautiful things about you and ourselves is

1493
01:08:16,479 --> 01:08:19,200
Speaker 7: like twenty ten, we would just like. I was fresh

1494
01:08:19,240 --> 01:08:22,280
Speaker 7: out of college teaching and one of the things I

1495
01:08:22,360 --> 01:08:25,080
Speaker 7: saw in education is that financial literacy wasn't being taught

1496
01:08:25,120 --> 01:08:27,200
Speaker 7: in school, and so I reached for my best friend.

1497
01:08:27,200 --> 01:08:29,599
Speaker 7: I'm like, yo, you know you're doing finance. Why don't

1498
01:08:29,600 --> 01:08:33,160
Speaker 7: we try to teach finance to kids? And it seems

1499
01:08:33,200 --> 01:08:35,760
Speaker 7: like around the same time you were doing a similar thing.

1500
01:08:36,240 --> 01:08:38,200
Speaker 7: You want to talk about the law A one four

1501
01:08:38,320 --> 01:08:40,320
Speaker 7: four or as we know it, as the world should

1502
01:08:40,360 --> 01:08:41,400
Speaker 7: know what the budget needs still law.

1503
01:08:42,600 --> 01:08:46,720
Speaker 4: Yeah, So I had dope friends the same. You know,

1504
01:08:46,760 --> 01:08:49,040
Speaker 4: you have to just understand that your deposit what you

1505
01:08:49,120 --> 01:08:51,280
Speaker 4: deposit a seed, you get to reap later, right, you

1506
01:08:51,360 --> 01:08:54,080
Speaker 4: get to reap that harvest. So I was teaching financial

1507
01:08:54,160 --> 01:08:57,080
Speaker 4: education at the Naida Way. There was a young woman

1508
01:08:57,160 --> 01:08:59,519
Speaker 4: there and it was Angela Vie McKnight. At the time,

1509
01:09:00,080 --> 01:09:03,040
Speaker 4: she was working for like IBM or something, but she

1510
01:09:03,240 --> 01:09:06,240
Speaker 4: did so much for her community in Jersey City. Someone

1511
01:09:06,320 --> 01:09:08,040
Speaker 4: was like, yo, you should be an assembly woman because

1512
01:09:08,040 --> 01:09:10,280
Speaker 4: you do so much, you have this nonprofit. You're dope.

1513
01:09:10,400 --> 01:09:12,600
Speaker 4: So she ran and she won. So she hit me

1514
01:09:12,720 --> 01:09:14,439
Speaker 4: up and it was like, hey, Tiffany, you know I

1515
01:09:14,479 --> 01:09:16,000
Speaker 4: took your class at the end of it way, it

1516
01:09:16,080 --> 01:09:18,559
Speaker 4: was a six week course. I want to do something

1517
01:09:18,600 --> 01:09:22,559
Speaker 4: for education for the city, or for not just the city,

1518
01:09:22,600 --> 01:09:24,840
Speaker 4: but for the state of New Jersey. And I told her, well,

1519
01:09:25,600 --> 01:09:27,479
Speaker 4: Jersey's ahead of the curve, and that we had already

1520
01:09:27,520 --> 01:09:30,200
Speaker 4: had a law in place for high school, right. But

1521
01:09:30,280 --> 01:09:31,880
Speaker 4: I told her, I believe because I used to teach

1522
01:09:31,920 --> 01:09:34,120
Speaker 4: preschool that kids as lowest three and fourced to be

1523
01:09:34,120 --> 01:09:38,240
Speaker 4: getting financial education age appropriate financial education. So she and

1524
01:09:38,320 --> 01:09:43,320
Speaker 4: I met up at the Starbucks downtown Newark and we

1525
01:09:43,400 --> 01:09:45,720
Speaker 4: started to write the bill. It was like if you

1526
01:09:45,840 --> 01:09:48,760
Speaker 4: ever like, you know, schoolhouse Rock, just a bill. It

1527
01:09:48,920 --> 01:09:51,320
Speaker 4: was like a Civics class of like all the steps

1528
01:09:51,360 --> 01:09:53,320
Speaker 4: that had to go to to become a law. First,

1529
01:09:53,400 --> 01:09:55,639
Speaker 4: you sit down, you kind of write out what you're thinking.

1530
01:09:56,000 --> 01:09:57,760
Speaker 4: Then her team has to do research to see what's

1531
01:09:57,760 --> 01:10:00,800
Speaker 4: already out there. Maybe there's outstanding bills there was. I

1532
01:10:00,960 --> 01:10:03,080
Speaker 4: told her that it should be elementary and middle school.

1533
01:10:03,080 --> 01:10:05,320
Speaker 4: So he wrote up a bill. We met with these

1534
01:10:05,360 --> 01:10:07,639
Speaker 4: different committees because you have to have people on board,

1535
01:10:08,000 --> 01:10:10,559
Speaker 4: and so we met up with the Education committee. They

1536
01:10:10,560 --> 01:10:12,280
Speaker 4: said we love it, and she was like, I need

1537
01:10:12,320 --> 01:10:13,960
Speaker 4: you to come because the teachers are kind of pushing

1538
01:10:14,000 --> 01:10:15,760
Speaker 4: back because you know, as a teacher, there's always some

1539
01:10:15,880 --> 01:10:18,880
Speaker 4: new initiative. You're like, what now, we already have mad

1540
01:10:18,920 --> 01:10:20,200
Speaker 4: Time Engles times did like what now?

1541
01:10:20,320 --> 01:10:22,800
Speaker 7: They don't like change and they don't like anything added

1542
01:10:22,840 --> 01:10:23,519
Speaker 7: to their schedules.

1543
01:10:23,880 --> 01:10:26,559
Speaker 4: Yes, And so I said, I agree, you're right. Because

1544
01:10:26,600 --> 01:10:28,400
Speaker 4: a teacher, I was like, you know what, you're right, Susan.

1545
01:10:29,000 --> 01:10:30,800
Speaker 4: I hated that, like are we doing something else? Now?

1546
01:10:31,400 --> 01:10:34,360
Speaker 4: I'm not doing it, you know, and so what I

1547
01:10:34,439 --> 01:10:36,519
Speaker 4: did was I went back and we edited the bill

1548
01:10:36,920 --> 01:10:39,519
Speaker 4: to say that it wouldn't you it was mandatory to

1549
01:10:39,600 --> 01:10:43,960
Speaker 4: have financial education integrated into the school day, so meaning

1550
01:10:44,080 --> 01:10:47,519
Speaker 4: you could be teaching science and talking about money, so

1551
01:10:47,680 --> 01:10:49,960
Speaker 4: like how much would it cost to clean up the park.

1552
01:10:50,479 --> 01:10:52,840
Speaker 4: You could be teaching colors and or you can be

1553
01:10:52,920 --> 01:10:56,000
Speaker 4: teaching like art and maybe you're making a savings box.

1554
01:10:56,120 --> 01:10:59,479
Speaker 4: So integration versus like stop it's money time. So the

1555
01:10:59,560 --> 01:11:03,160
Speaker 4: teachers I like that, you know. So we met with

1556
01:11:03,200 --> 01:11:06,320
Speaker 4: the committee. Then it has to go to like the Senate,

1557
01:11:06,479 --> 01:11:07,519
Speaker 4: and then it has to go to or has to

1558
01:11:07,560 --> 01:11:09,400
Speaker 4: go to the House and then Senate, and they voted

1559
01:11:09,439 --> 01:11:10,880
Speaker 4: on it. It went all the way up to Governor

1560
01:11:10,960 --> 01:11:13,320
Speaker 4: Christie's desk, and it was the year that he was

1561
01:11:13,360 --> 01:11:15,600
Speaker 4: like on his way out, and he promised he was

1562
01:11:15,600 --> 01:11:16,920
Speaker 4: going to sign it and he didn't. And in the

1563
01:11:16,960 --> 01:11:19,639
Speaker 4: state of New Jersey, if a governor doesn't sign a law,

1564
01:11:19,720 --> 01:11:22,840
Speaker 4: it's beetled by just not signing it. There's certain states

1565
01:11:22,840 --> 01:11:24,880
Speaker 4: where if a governor doesn't sign a law on the

1566
01:11:24,920 --> 01:11:27,639
Speaker 4: way out, it's automatically integrated in but not in New Jersey.

1567
01:11:27,840 --> 01:11:29,840
Speaker 4: So we worked for two years for it. To get

1568
01:11:29,880 --> 01:11:32,280
Speaker 4: to his desk only for him not have to sign it.

1569
01:11:32,360 --> 01:11:35,800
Speaker 4: I was like whatever, so but it was It was

1570
01:11:35,920 --> 01:11:39,400
Speaker 4: fine because then we had to go back to the beginning,

1571
01:11:39,520 --> 01:11:41,640
Speaker 4: meaning like we had to rewrite the bill, and now

1572
01:11:41,640 --> 01:11:42,960
Speaker 4: all of a sudden they wanted to drop off the

1573
01:11:43,000 --> 01:11:45,320
Speaker 4: elementary school part. We were like, fine, we're not fighting,

1574
01:11:45,720 --> 01:11:48,000
Speaker 4: We'll just have middle school. So we went through the

1575
01:11:48,040 --> 01:11:52,439
Speaker 4: same committee House Senate, got to Governor mur Murphy's desk.

1576
01:11:52,479 --> 01:11:53,760
Speaker 4: And this is why, you know, the right thing that

1577
01:11:53,760 --> 01:11:55,720
Speaker 4: happens at the right time, because if we would have

1578
01:11:55,840 --> 01:12:00,400
Speaker 4: had it signed under what's his face, yeah, Christie, it

1579
01:12:00,439 --> 01:12:02,960
Speaker 4: wouldn't We wouldn't have had all the fanfare. Governor murphyw

1580
01:12:03,000 --> 01:12:04,320
Speaker 4: was like, not only do I love it, I super

1581
01:12:04,400 --> 01:12:06,240
Speaker 4: love it. So in the state of New Jersey we

1582
01:12:06,280 --> 01:12:08,639
Speaker 4: have our very first black lieutenant governor, which is basically

1583
01:12:08,800 --> 01:12:12,360
Speaker 4: governor second in command, and he was like, I'm not

1584
01:12:12,400 --> 01:12:14,000
Speaker 4: gonna be there, but I would love for this to

1585
01:12:14,080 --> 01:12:16,559
Speaker 4: have a signing day. Not every law is a signing day.

1586
01:12:16,840 --> 01:12:18,240
Speaker 4: So not only do we have a signing day with

1587
01:12:18,320 --> 01:12:21,879
Speaker 4: our black lieutenant governor, you know, she was the Lieutenant

1588
01:12:21,920 --> 01:12:25,080
Speaker 4: Oliver signing. We got to choose the school and Angela

1589
01:12:25,240 --> 01:12:27,280
Speaker 4: chose the Barack Obama school because you know, we keep

1590
01:12:27,280 --> 01:12:30,080
Speaker 4: it all the way black, okay. So and then here

1591
01:12:30,320 --> 01:12:34,280
Speaker 4: right so here it is lieutenant governor, black woman, Angela

1592
01:12:34,320 --> 01:12:36,840
Speaker 4: assembly woman who made this law happen, a black woman

1593
01:12:37,479 --> 01:12:39,400
Speaker 4: budgetista up on stage, black woman. It was such a

1594
01:12:39,520 --> 01:12:42,360
Speaker 4: blackly black black affair, and all the kids in the audience.

1595
01:12:42,520 --> 01:12:45,080
Speaker 4: My mama came. Honestly, it was dope. And to see

1596
01:12:45,120 --> 01:12:47,439
Speaker 4: her sign and she was like, this bill is now

1597
01:12:47,560 --> 01:12:51,400
Speaker 4: a law, it was like amazing. So yeah, So it

1598
01:12:51,560 --> 01:12:53,920
Speaker 4: wasn't until you know, at the time, some things don't

1599
01:12:53,960 --> 01:12:55,920
Speaker 4: soak in and you're like, oh, okay, that's good. Okay,

1600
01:12:55,920 --> 01:12:58,599
Speaker 4: I run a law. Go about your business. But one

1601
01:12:58,600 --> 01:13:00,800
Speaker 4: of my best friends was around the corner and she'd

1602
01:13:00,840 --> 01:13:04,360
Speaker 4: had a daughter, Olivia, who is eight, and so they

1603
01:13:04,439 --> 01:13:06,720
Speaker 4: come over all the time. And then Olivia was like,

1604
01:13:06,800 --> 01:13:09,000
Speaker 4: Auntie Tiffany, can you have me my homework? I said sure.

1605
01:13:09,360 --> 01:13:11,439
Speaker 4: So I'm looking at this homework and it's like about money,

1606
01:13:12,080 --> 01:13:13,479
Speaker 4: and I'm like, you're not about money in school? She

1607
01:13:13,479 --> 01:13:15,160
Speaker 4: said yeah, we started learning about money in school.

1608
01:13:15,160 --> 01:13:19,599
Speaker 3: And it was like, oh snap, there goes me out.

1609
01:13:20,040 --> 01:13:23,559
Speaker 4: So it hit me like Olivia's learning about money because

1610
01:13:23,600 --> 01:13:25,320
Speaker 4: something that her aunt Tiffany did, So that was when

1611
01:13:25,360 --> 01:13:26,479
Speaker 4: it was like a full circle moment.

1612
01:13:26,560 --> 01:13:28,880
Speaker 7: So yeah, and that's going to live off for generations

1613
01:13:28,960 --> 01:13:30,920
Speaker 7: like that impact that you just did. And it's true,

1614
01:13:30,960 --> 01:13:32,600
Speaker 7: like it could be. It doesn't have to just be

1615
01:13:32,720 --> 01:13:36,000
Speaker 7: in mathematics like there is finance and everything. It could

1616
01:13:36,000 --> 01:13:37,479
Speaker 7: be in the literature, in ela, it could be in

1617
01:13:37,520 --> 01:13:39,960
Speaker 7: social studies. It can be in science, like you said,

1618
01:13:40,120 --> 01:13:41,960
Speaker 7: like a lot of we can talk about going out

1619
01:13:41,960 --> 01:13:44,080
Speaker 7: of space and how much rockets and how much TESLA

1620
01:13:44,120 --> 01:13:47,679
Speaker 7: puts into or SpaceX puts into space exploration.

1621
01:13:47,960 --> 01:13:48,760
Speaker 3: It's all around us.

1622
01:13:48,800 --> 01:13:51,040
Speaker 7: So I'm happy that you did that, and I guess

1623
01:13:51,040 --> 01:13:52,519
Speaker 7: there's two guys who might have to work on something

1624
01:13:52,520 --> 01:13:52,960
Speaker 7: for New York.

1625
01:13:55,240 --> 01:13:57,240
Speaker 4: So we're going back for elementary school because honestly, I

1626
01:13:57,320 --> 01:13:59,400
Speaker 4: want that when you step foot in public school in

1627
01:13:59,439 --> 01:14:02,960
Speaker 4: New Jersey, from the very beginning kindergarten all the way

1628
01:14:03,080 --> 01:14:05,719
Speaker 4: up to your senior in high school, you're getting financial education.

1629
01:14:06,320 --> 01:14:08,599
Speaker 4: It's just gonna set you apart for when you when

1630
01:14:08,640 --> 01:14:10,519
Speaker 4: you you know, go off into adulthood, Like if you

1631
01:14:10,680 --> 01:14:13,559
Speaker 4: had twelve years of financial education, you're not the same

1632
01:14:13,640 --> 01:14:14,679
Speaker 4: kid as a kid that didn't.

1633
01:14:14,760 --> 01:14:15,360
Speaker 3: So absolutely.

1634
01:14:16,280 --> 01:14:18,880
Speaker 5: So speaking on education, you have you have your own

1635
01:14:19,000 --> 01:14:22,519
Speaker 5: educational platform. Can you talk about that?

1636
01:14:22,800 --> 01:14:24,920
Speaker 4: Yes? So I have an online school called the Live

1637
01:14:25,200 --> 01:14:28,720
Speaker 4: Richer Academy. It's dope I created. I wanted to create

1638
01:14:28,720 --> 01:14:31,000
Speaker 4: a safe space for women. So the budgetista is is

1639
01:14:31,080 --> 01:14:33,439
Speaker 4: it just way? We have a handful of guys in there.

1640
01:14:33,439 --> 01:14:36,720
Speaker 3: I just tell them, don't act up, act you and

1641
01:14:36,760 --> 01:14:37,920
Speaker 3: gets smacked up. That's what you're doing.

1642
01:14:39,400 --> 01:14:43,519
Speaker 4: Because in the in the especially the black community. So

1643
01:14:43,800 --> 01:14:46,960
Speaker 4: Credential has a study like that, same of Black and

1644
01:14:47,040 --> 01:14:49,840
Speaker 4: money study, but they found that women just in general,

1645
01:14:49,880 --> 01:14:51,479
Speaker 4: I don't think this was a black study, but they

1646
01:14:51,520 --> 01:14:53,800
Speaker 4: found that women in general make up to seven zero

1647
01:14:53,920 --> 01:14:56,720
Speaker 4: seventy percent of the financial choices in the household. So

1648
01:14:56,840 --> 01:14:58,559
Speaker 4: even if she's a stay at home mom, who's buying

1649
01:14:58,600 --> 01:15:01,479
Speaker 4: the groceries, who buying a kid the kids food? Like

1650
01:15:01,680 --> 01:15:04,840
Speaker 4: you know, if you you're married, right, so you you

1651
01:15:05,040 --> 01:15:06,640
Speaker 4: hate a car like us, let's just say it's a

1652
01:15:06,640 --> 01:15:09,400
Speaker 4: family car. You you love the car, she hate the car,

1653
01:15:09,520 --> 01:15:11,639
Speaker 4: y'all ain't getting that car. Now, she loved a car

1654
01:15:11,840 --> 01:15:13,519
Speaker 4: and you are y'all get in that car.

1655
01:15:14,040 --> 01:15:14,200
Speaker 2: Right.

1656
01:15:14,520 --> 01:15:16,439
Speaker 4: And So, because women have a lot of influence on

1657
01:15:16,560 --> 01:15:18,519
Speaker 4: how even if they're not making the money, on how

1658
01:15:18,600 --> 01:15:20,920
Speaker 4: money is spent. Right, So I realized that if I

1659
01:15:21,000 --> 01:15:22,560
Speaker 4: want to help my community, the best way to do

1660
01:15:22,680 --> 01:15:24,720
Speaker 4: is to women. And I am a woman, so it's

1661
01:15:24,800 --> 01:15:27,400
Speaker 4: easier for women to listen and to flock to me.

1662
01:15:28,560 --> 01:15:31,040
Speaker 4: And so I started when I started a budget thest

1663
01:15:31,040 --> 01:15:33,720
Speaker 4: to ten years ago, I started kind of like our crew,

1664
01:15:33,880 --> 01:15:36,719
Speaker 4: Like I always say, like we're the Beehive of personal finance,

1665
01:15:36,760 --> 01:15:39,519
Speaker 4: and we call ourselves dream catchers because words mean things.

1666
01:15:40,000 --> 01:15:43,080
Speaker 4: And we're like over nine hundred women deep in over

1667
01:15:43,120 --> 01:15:47,040
Speaker 4: one hundred different countries. Like we are information. And so

1668
01:15:47,360 --> 01:15:49,479
Speaker 4: I have Facebook group. It's like five hundred thousand women

1669
01:15:49,479 --> 01:15:51,640
Speaker 4: in there twenty four hours a day. Eighty percent of

1670
01:15:51,680 --> 01:15:54,760
Speaker 4: the group is engaged that we just help each other,

1671
01:15:54,920 --> 01:15:56,360
Speaker 4: like does anybody know how to do a budget? Does

1672
01:15:56,400 --> 01:15:58,720
Speaker 4: anybody know anything about credit? How much do the baby

1673
01:15:58,760 --> 01:16:00,680
Speaker 4: shoes cost? You can ask any in that group. It's

1674
01:16:00,720 --> 01:16:03,839
Speaker 4: a safe space. And so I was teaching the basics.

1675
01:16:03,920 --> 01:16:06,479
Speaker 4: And then as I was growing, So I'm a baby

1676
01:16:06,520 --> 01:16:08,720
Speaker 4: millionaire and you know, I'm uncle funk as as I

1677
01:16:10,200 --> 01:16:13,120
Speaker 4: so as I would my husband be, like yo, I

1678
01:16:13,240 --> 01:16:14,600
Speaker 4: still be out here in these streets, not like the

1679
01:16:14,640 --> 01:16:16,679
Speaker 4: street streets, but like with his friends, like don't we staying?

1680
01:16:16,920 --> 01:16:20,200
Speaker 4: You know? I was like, you know, they don't know

1681
01:16:20,240 --> 01:16:22,040
Speaker 4: where I live, babe, they don't know where I live.

1682
01:16:22,400 --> 01:16:24,840
Speaker 4: But and you're not gonna find nothing. But like so

1683
01:16:25,160 --> 01:16:27,559
Speaker 4: you know, target clothes, so run up and you can

1684
01:16:27,600 --> 01:16:34,560
Speaker 4: get done up. So what I learned now with the academy,

1685
01:16:34,840 --> 01:16:37,479
Speaker 4: what I realized is that you cannot budget your way

1686
01:16:37,520 --> 01:16:40,080
Speaker 4: to wealth. Right. So you can budget, you can say it,

1687
01:16:40,120 --> 01:16:42,799
Speaker 4: that's great, but at some point you have to elevate

1688
01:16:42,800 --> 01:16:44,760
Speaker 4: to the next level. And I realized that I had

1689
01:16:44,800 --> 01:16:48,080
Speaker 4: gotten to this level because of my especially my dad,

1690
01:16:48,360 --> 01:16:51,880
Speaker 4: and I realized that I need instruction, I need mentorship,

1691
01:16:52,200 --> 01:16:55,800
Speaker 4: I need experts, and so I started myself pulling people

1692
01:16:55,840 --> 01:16:57,680
Speaker 4: from the financial community to teach me how to do

1693
01:16:57,800 --> 01:16:59,760
Speaker 4: certain things, you know, like how do you invest in

1694
01:16:59,760 --> 01:17:01,840
Speaker 4: really state, how do you invest? Like what's the best

1695
01:17:01,880 --> 01:17:04,040
Speaker 4: for time, and like all these things that that didn't

1696
01:17:04,160 --> 01:17:06,600
Speaker 4: know ten years ago. I was pulling them in and

1697
01:17:06,680 --> 01:17:09,679
Speaker 4: I started to raise my own net worth from negative

1698
01:17:09,680 --> 01:17:11,840
Speaker 4: three hundred thousand when I lost the house and I

1699
01:17:11,920 --> 01:17:13,639
Speaker 4: had the credit card debt and the and the student

1700
01:17:13,720 --> 01:17:17,479
Speaker 4: loans to now like just over a million dollars, you know,

1701
01:17:17,600 --> 01:17:19,840
Speaker 4: like one point one or one point two right my

1702
01:17:19,960 --> 01:17:23,080
Speaker 4: net worth and so and I'm completely debt free, Like

1703
01:17:23,160 --> 01:17:25,599
Speaker 4: I don't owe nothing on this house. We owned two houses,

1704
01:17:25,800 --> 01:17:27,960
Speaker 4: two cars. We don't owe we don't have any credit

1705
01:17:28,040 --> 01:17:30,920
Speaker 4: card debt. We're for real debt free, you know. And

1706
01:17:32,360 --> 01:17:34,720
Speaker 4: so I thought to myself, as I was growing, and

1707
01:17:34,760 --> 01:17:36,960
Speaker 4: I'm teaching the women the basics, you know, a lot

1708
01:17:36,960 --> 01:17:39,240
Speaker 4: of the women were outgrowing the basics, So the basics

1709
01:17:39,280 --> 01:17:42,280
Speaker 4: I give away for free. So like the Facebook group Dreamcatchers,

1710
01:17:42,320 --> 01:17:45,160
Speaker 4: Live Richer with the Budgetista free, all of my challenge

1711
01:17:45,240 --> 01:17:47,760
Speaker 4: is free, you know, most of the information free. But

1712
01:17:47,880 --> 01:17:51,000
Speaker 4: I thought to myself, as I'm elevating and growing, I

1713
01:17:51,160 --> 01:17:54,559
Speaker 4: want to bring along my girls. And so they were

1714
01:17:54,600 --> 01:17:56,240
Speaker 4: asking me for more, but I'm like, well, that's not

1715
01:17:56,280 --> 01:17:59,080
Speaker 4: really my expertise. So I started to reach out to

1716
01:17:59,080 --> 01:18:01,920
Speaker 4: the people that helped me to elevate and said, could

1717
01:18:01,920 --> 01:18:04,160
Speaker 4: you teach a class? And I started to put these

1718
01:18:04,200 --> 01:18:07,559
Speaker 4: classes together, and I created the Live Richer Academy where

1719
01:18:07,840 --> 01:18:10,960
Speaker 4: it's like fifty or sixty different experts. Ash Cash our

1720
01:18:11,000 --> 01:18:13,800
Speaker 4: boy teaches. So I reach out to the best of

1721
01:18:13,840 --> 01:18:16,000
Speaker 4: the best of the best and we have classes and

1722
01:18:17,000 --> 01:18:20,080
Speaker 4: it's awesome, and we have thirty one thousand students inside

1723
01:18:20,080 --> 01:18:22,719
Speaker 4: the Liverature Academy. They be getting their life, buying houses,

1724
01:18:23,240 --> 01:18:27,040
Speaker 4: real estate, starting businesses, getting pressed lace and their kids.

1725
01:18:27,080 --> 01:18:29,000
Speaker 4: It's like it's amazing every day. And we have a

1726
01:18:29,080 --> 01:18:32,240
Speaker 4: private forum where people post their wins, like some of

1727
01:18:32,240 --> 01:18:35,439
Speaker 4: the winds are like tremendous credit scores raising and so

1728
01:18:35,600 --> 01:18:37,680
Speaker 4: we have these experts come in and teach and the

1729
01:18:37,760 --> 01:18:39,920
Speaker 4: Academy is just like a warm embrace and it's really

1730
01:18:39,960 --> 01:18:43,640
Speaker 4: there to help you elevate beyond the fundamentals to like

1731
01:18:43,840 --> 01:18:46,120
Speaker 4: truly start to grow wealth for yourself. That's what I

1732
01:18:46,200 --> 01:18:48,559
Speaker 4: want for us. And I'm proud of the Literature Academy.

1733
01:18:48,600 --> 01:18:51,920
Speaker 4: It's four years old. We just had our first seven

1734
01:18:51,960 --> 01:18:55,680
Speaker 4: figure month, and so so seven figures in a month,

1735
01:18:55,680 --> 01:18:58,360
Speaker 4: it's like, oh, that's cute, you know, but how much

1736
01:18:58,439 --> 01:19:00,519
Speaker 4: did you spend to get seven figures in month? So

1737
01:19:00,640 --> 01:19:03,200
Speaker 4: what I'm really proud of is like, not the end

1738
01:19:03,200 --> 01:19:05,080
Speaker 4: of this month, but we're on track by the end

1739
01:19:05,080 --> 01:19:08,800
Speaker 4: of next month to have seven figures recurring, meaning with

1740
01:19:09,040 --> 01:19:13,920
Speaker 4: no market spend, with no output except for salary and

1741
01:19:14,240 --> 01:19:16,000
Speaker 4: like bills and our salary and buils and things are

1742
01:19:16,280 --> 01:19:17,960
Speaker 4: I think last time she told me, my my CFO,

1743
01:19:18,160 --> 01:19:21,599
Speaker 4: it's under ten percent. So under ten percent of our

1744
01:19:21,680 --> 01:19:26,360
Speaker 4: total income goes to keeping this academy running without the

1745
01:19:26,400 --> 01:19:30,519
Speaker 4: market spend and will be recurring income. Will be seven

1746
01:19:30,560 --> 01:19:32,160
Speaker 4: figures by the end next month. Is We're right about

1747
01:19:32,200 --> 01:19:35,040
Speaker 4: eight hundred thousand dollars a month reoccurring. So that's like

1748
01:19:35,120 --> 01:19:37,880
Speaker 4: tremendous with no debt. And so I'm just proud of

1749
01:19:37,920 --> 01:19:40,000
Speaker 4: the academy, you know, like of like what we've been

1750
01:19:40,000 --> 01:19:41,920
Speaker 4: able to do and how many people we've been able

1751
01:19:41,960 --> 01:19:44,599
Speaker 4: to help. I mean, we've helped our audience save well

1752
01:19:44,680 --> 01:19:46,880
Speaker 4: over two hundred million dollars, pay off one hundred fifty

1753
01:19:46,920 --> 01:19:50,280
Speaker 4: million dollars worth of debt. We've transformed lives. Like yo,

1754
01:19:50,360 --> 01:19:52,400
Speaker 4: I can't go anywhere without some sister hemming me up

1755
01:19:52,400 --> 01:19:54,600
Speaker 4: and giving me a hug and crying and thank you

1756
01:19:54,680 --> 01:19:56,840
Speaker 4: so much. You know, even when I walk these streets,

1757
01:19:56,880 --> 01:19:58,560
Speaker 4: like people are like Hong Kong bunch of nieces that

1758
01:19:58,680 --> 01:19:59,120
Speaker 4: you I'm like.

1759
01:19:59,200 --> 01:20:01,160
Speaker 3: It is girl, keep cute, give me six feet.

1760
01:20:01,800 --> 01:20:06,960
Speaker 4: You're right, I want to be an example that you

1761
01:20:07,040 --> 01:20:09,599
Speaker 4: could do good work, that you can help good people

1762
01:20:09,640 --> 01:20:12,200
Speaker 4: and that you can make good money. That those things

1763
01:20:12,240 --> 01:20:15,920
Speaker 4: are not conflicting values. You know, like, you don't have

1764
01:20:16,080 --> 01:20:18,800
Speaker 4: to have a business that takes advantage of people. You

1765
01:20:18,880 --> 01:20:22,120
Speaker 4: could have a business that's transparent, that truly is of service,

1766
01:20:23,320 --> 01:20:25,720
Speaker 4: that transforms live that you know, that leans into the

1767
01:20:25,760 --> 01:20:28,360
Speaker 4: community that you want to speak to. We don't take advantage.

1768
01:20:28,360 --> 01:20:31,120
Speaker 4: I don't like every day a credit card company leans

1769
01:20:31,160 --> 01:20:33,000
Speaker 4: into me and says like, Yo, you know, we'll give

1770
01:20:33,000 --> 01:20:35,280
Speaker 4: you three hundred dollars a person if you sign them up,

1771
01:20:35,280 --> 01:20:38,280
Speaker 4: And I'm like, yo, kick rocks. I can make be

1772
01:20:38,400 --> 01:20:41,280
Speaker 4: making so much more money for all the people that

1773
01:20:41,360 --> 01:20:42,920
Speaker 4: come to me and ask me to like sell out

1774
01:20:42,960 --> 01:20:45,400
Speaker 4: my community. I'm like, nah, Yo, I don't want to

1775
01:20:45,400 --> 01:20:46,640
Speaker 4: make money in that way. I want to be an

1776
01:20:46,680 --> 01:20:50,400
Speaker 4: example that you can show up like you know, you

1777
01:20:50,479 --> 01:20:54,000
Speaker 4: can show up, be kind, keep your community first, and

1778
01:20:54,160 --> 01:20:56,479
Speaker 4: still make bank. Like you think, I'm not going to

1779
01:20:56,520 --> 01:20:57,880
Speaker 4: be like, Yo, we're on our way, Like our goal

1780
01:20:58,040 --> 01:21:00,000
Speaker 4: is nine figures. You think we're not gonna make it. Hell, yeah,

1781
01:21:00,000 --> 01:21:01,800
Speaker 4: we gonna make it and still be good to our

1782
01:21:01,800 --> 01:21:04,360
Speaker 4: community and pour back in because I set aside ten

1783
01:21:04,400 --> 01:21:07,240
Speaker 4: percent and pour right back into the community that we serve,

1784
01:21:07,360 --> 01:21:10,000
Speaker 4: so it's just a pleasure. So yeah, the Literature Academy

1785
01:21:10,400 --> 01:21:13,479
Speaker 4: is my jam, and we actually have something for your

1786
01:21:13,560 --> 01:21:15,120
Speaker 4: for y'all listeners who are wanted to be part of

1787
01:21:15,160 --> 01:21:16,760
Speaker 4: the Literature Academy. Like I said, we have some men

1788
01:21:16,800 --> 01:21:19,040
Speaker 4: in there. I'm sure they're been dragged by their girlfriends

1789
01:21:19,040 --> 01:21:23,320
Speaker 4: and there and their wives like, so anybody could join,

1790
01:21:23,400 --> 01:21:25,000
Speaker 4: Like I mean, like I say this a lot, but

1791
01:21:25,080 --> 01:21:26,720
Speaker 4: if you don't mind that, it's the same, like the

1792
01:21:26,800 --> 01:21:28,960
Speaker 4: same information for men and women is just that I

1793
01:21:29,000 --> 01:21:31,200
Speaker 4: would say ninety six percent of my audience are women.

1794
01:21:31,560 --> 01:21:33,400
Speaker 3: Come on, you're coming.

1795
01:21:33,960 --> 01:21:35,280
Speaker 6: Yeah, So for your.

1796
01:21:35,200 --> 01:21:37,439
Speaker 4: Audience, I actually gave y'all like like, if you were

1797
01:21:37,479 --> 01:21:39,439
Speaker 4: to go to Libature Academy dot com, you'll see the

1798
01:21:39,479 --> 01:21:41,559
Speaker 4: full price, but for your audience, I gave you guys

1799
01:21:41,640 --> 01:21:44,880
Speaker 4: a a forty percent off discount link for you could

1800
01:21:44,920 --> 01:21:47,559
Speaker 4: either pay monthly or you could pay get two months

1801
01:21:47,600 --> 01:21:50,160
Speaker 4: free if you pay annually and you just pay the

1802
01:21:50,200 --> 01:21:53,800
Speaker 4: one lump sum. So it's like a gym membership where

1803
01:21:53,960 --> 01:21:55,680
Speaker 4: like if you pay monthly, it comes out every month.

1804
01:21:55,680 --> 01:21:57,680
Speaker 4: I mean, you can cancel any time, obviously, but I

1805
01:21:57,720 --> 01:21:59,519
Speaker 4: don't like people to get the hot sometimes people like

1806
01:21:59,560 --> 01:22:02,720
Speaker 4: I sign up one month. I'm like says it's a membership,

1807
01:22:04,360 --> 01:22:07,000
Speaker 4: but you don't cantal but like you know, you signed

1808
01:22:07,040 --> 01:22:07,920
Speaker 4: up on a fifteen, it's back.

1809
01:22:07,960 --> 01:22:09,000
Speaker 6: I'll be back on the fifteen.

1810
01:22:10,160 --> 01:22:12,800
Speaker 3: People like I said, you can.

1811
01:22:12,720 --> 01:22:15,680
Speaker 4: Pay for the year and get and get get one

1812
01:22:15,720 --> 01:22:17,760
Speaker 4: month free. But it's forty percent off. So I don't

1813
01:22:17,760 --> 01:22:19,080
Speaker 4: know if I say it's to say price, because who

1814
01:22:19,080 --> 01:22:20,320
Speaker 4: knows when people are gonna listen to I mean, I

1815
01:22:20,320 --> 01:22:22,559
Speaker 4: don't plan on raising price anytime soon, so I'll say

1816
01:22:22,600 --> 01:22:24,880
Speaker 4: for now. So right now, it's it's fifty bucks a

1817
01:22:24,960 --> 01:22:27,120
Speaker 4: month if you were to go to liverature academy dot com.

1818
01:22:27,200 --> 01:22:29,559
Speaker 4: But if you use the link for earn your Leisure,

1819
01:22:30,040 --> 01:22:32,599
Speaker 4: it's not fifty bus a month. It's twenty nine ninety

1820
01:22:32,640 --> 01:22:35,160
Speaker 4: nine a month, So forty percent off that stipe twenty

1821
01:22:35,240 --> 01:22:39,519
Speaker 4: nine ninety nine a month for for for now, and then,

1822
01:22:39,880 --> 01:22:43,360
Speaker 4: like I said, the annual normally would have been I

1823
01:22:43,439 --> 01:22:45,960
Speaker 4: think like five hundred dollars or six hundred dollars for

1824
01:22:46,040 --> 01:22:49,320
Speaker 4: the year, but for your leisure it's uh two hundred

1825
01:22:49,360 --> 01:22:50,920
Speaker 4: and ninety nine dollars, so three hundred bucks for the

1826
01:22:50,920 --> 01:22:53,760
Speaker 4: whole year because you get two months free and so yeah,

1827
01:22:53,800 --> 01:22:55,439
Speaker 4: I mean all of that value. I'll say this. I

1828
01:22:55,479 --> 01:22:57,720
Speaker 4: always tell people, like twenty nine ninety nine a month,

1829
01:22:57,840 --> 01:23:00,479
Speaker 4: right for the forty percent off. That's a dollar dad.

1830
01:23:00,760 --> 01:23:03,720
Speaker 4: You know so many people like my attorney is in there,

1831
01:23:04,040 --> 01:23:07,519
Speaker 4: like you can't even like speak his name for a dollar.

1832
01:23:08,120 --> 01:23:10,600
Speaker 4: You know, like if he does a contract for me,

1833
01:23:10,680 --> 01:23:14,240
Speaker 4: I gotta be like dang ariy word like the homy

1834
01:23:14,320 --> 01:23:18,920
Speaker 4: hookup for he did a contract for me was three

1835
01:23:18,960 --> 01:23:21,240
Speaker 4: thousand dollars. That was the homey hookup. And he's in

1836
01:23:21,320 --> 01:23:26,680
Speaker 4: there teaching. You know, my my CFO Shanta, she is

1837
01:23:26,760 --> 01:23:28,600
Speaker 4: the dopest. She just did a whole class about how

1838
01:23:28,600 --> 01:23:30,400
Speaker 4: to set up your business. So you want to hire Shanta.

1839
01:23:30,600 --> 01:23:32,840
Speaker 4: You know, I pay Shanta six figures. You Bay had,

1840
01:23:33,080 --> 01:23:35,719
Speaker 4: You're not even You're getting Shanta, You're getting the Tivit,

1841
01:23:35,760 --> 01:23:37,960
Speaker 4: You're getting ash cash, You're getting all these amazing people.

1842
01:23:38,240 --> 01:23:40,880
Speaker 4: My girl Sandy, who teaches you had a side, hustle

1843
01:23:40,920 --> 01:23:42,760
Speaker 4: and make money on the side. My girl Tila, who

1844
01:23:42,760 --> 01:23:44,479
Speaker 4: teaches you, like you do you want to invest in

1845
01:23:44,760 --> 01:23:47,120
Speaker 4: in stocks, individual stocks and learn how to trade options.

1846
01:23:47,200 --> 01:23:48,800
Speaker 4: She teaches that, Like yo, you want to work with

1847
01:23:48,840 --> 01:23:51,439
Speaker 4: Tila it's fifteen hundred dollars. I believe she might actually

1848
01:23:51,479 --> 01:23:54,240
Speaker 4: charge two thousand for her course. But what makes the

1849
01:23:54,240 --> 01:23:57,640
Speaker 4: Accounty special is that everyone in my community knows how

1850
01:23:57,720 --> 01:23:59,479
Speaker 4: much I want to pour into the community, so they

1851
01:23:59,520 --> 01:24:01,680
Speaker 4: donate their time to us. Like that's because there's no

1852
01:24:01,760 --> 01:24:04,040
Speaker 4: way I could make the academy thirty bucks a month

1853
01:24:04,120 --> 01:24:06,880
Speaker 4: in a way, because they're like if I had to

1854
01:24:07,040 --> 01:24:09,880
Speaker 4: pay each of those folks for what they're what they're worth,

1855
01:24:10,240 --> 01:24:12,320
Speaker 4: but they want to pour back into a community that

1856
01:24:12,400 --> 01:24:14,639
Speaker 4: they know might not otherwise be able to afford their

1857
01:24:14,760 --> 01:24:17,280
Speaker 4: level of expertise. And so they're like, Tiffany, I got you.

1858
01:24:17,800 --> 01:24:19,479
Speaker 4: You know, I'm gonna come, I'm gonna teach my class,

1859
01:24:19,560 --> 01:24:21,320
Speaker 4: and I'm gonna make sure that folks get it. And

1860
01:24:21,439 --> 01:24:23,960
Speaker 4: so yeah, it's just a blessing like it's and when

1861
01:24:24,120 --> 01:24:26,960
Speaker 4: you get that level of commitment, when you get that

1862
01:24:27,120 --> 01:24:29,599
Speaker 4: intention poured into you, like the sky is the limit.

1863
01:24:29,640 --> 01:24:31,400
Speaker 4: Like I said, we have thirty one thousand members right now,

1864
01:24:31,880 --> 01:24:34,280
Speaker 4: about three hundred new, hundred three people, three hundred people

1865
01:24:34,360 --> 01:24:36,800
Speaker 4: knew join the day, and it's like a love that's

1866
01:24:36,880 --> 01:24:39,559
Speaker 4: in there. So yeah, get your get your forty percent off,

1867
01:24:39,600 --> 01:24:42,080
Speaker 4: you use their link and I'll see you in the academy.

1868
01:24:42,160 --> 01:24:44,320
Speaker 5: Nah, I appreciate it. I appreciate you doing that for us.

1869
01:24:44,439 --> 01:24:49,120
Speaker 5: And yeah, it's it's always a blessing to just to

1870
01:24:49,240 --> 01:24:51,120
Speaker 5: meet people. And like I said, I checked it out.

1871
01:24:51,120 --> 01:24:54,320
Speaker 5: I actually checked it out and it's super official. So

1872
01:24:54,400 --> 01:24:57,600
Speaker 5: if anybody's interested, like like Tiffany said, you know, she

1873
01:24:57,760 --> 01:25:00,479
Speaker 5: was kind enough to give us a special discount for

1874
01:25:00,560 --> 01:25:03,240
Speaker 5: ey L. So we're putting the link in the bio

1875
01:25:03,800 --> 01:25:06,559
Speaker 5: or the description if you're listening on Apple or Spotify,

1876
01:25:06,600 --> 01:25:08,519
Speaker 5: if you're watching on YouTube, being description. It also be

1877
01:25:08,600 --> 01:25:12,200
Speaker 5: on our website on our e y L Alumni tap,

1878
01:25:13,280 --> 01:25:15,400
Speaker 5: so you can go to EYO Alumni tap on e

1879
01:25:15,560 --> 01:25:19,680
Speaker 5: y L or Alesia dot com and we'll have the

1880
01:25:19,760 --> 01:25:22,240
Speaker 5: links everywhere. So once again, thank you for that. I

1881
01:25:22,240 --> 01:25:22,760
Speaker 5: appreciate it.

1882
01:25:23,120 --> 01:25:24,680
Speaker 3: Appreciate you earners. Take advantage of.

1883
01:25:24,760 --> 01:25:28,559
Speaker 5: How can people contact you on social media? Any new

1884
01:25:28,600 --> 01:25:31,320
Speaker 5: initiatives that you want to make the people aware of.

1885
01:25:32,240 --> 01:25:37,519
Speaker 4: So yeah, I am the Budgetnista everywhere, the Budgetista on Instagram,

1886
01:25:37,960 --> 01:25:41,040
Speaker 4: on Facebook, on Twitter, or even on TikTok. But I

1887
01:25:41,080 --> 01:25:45,200
Speaker 4: am not tiktoking. Ain't gonna be attacking under my name.

1888
01:25:45,240 --> 01:25:50,520
Speaker 6: Don't Rush, don't rush challenge, I know, right, so Twitter.

1889
01:25:50,320 --> 01:25:53,479
Speaker 4: Everywhere, I'm the budget Nesta. My favorite partment probably right

1890
01:25:53,479 --> 01:25:55,800
Speaker 4: now is like Instagram, but like you know, you can

1891
01:25:55,840 --> 01:25:56,400
Speaker 4: follow me there.

1892
01:25:56,680 --> 01:25:59,080
Speaker 3: But congrats on three hundred thousand thank you.

1893
01:25:59,240 --> 01:26:03,599
Speaker 4: Yeah right, I was, like I made it, so yeah,

1894
01:26:03,840 --> 01:26:05,760
Speaker 4: so I'm Also it's just the budget lista dot com

1895
01:26:05,840 --> 01:26:07,280
Speaker 4: so if you're looking for resources, and so I have

1896
01:26:07,320 --> 01:26:08,800
Speaker 4: a ton of resources. One of my things is that

1897
01:26:09,479 --> 01:26:10,920
Speaker 4: my biggest thing is you don't have to spend money

1898
01:26:10,960 --> 01:26:13,439
Speaker 4: with me to get help. Like when you're a teacher,

1899
01:26:13,479 --> 01:26:14,680
Speaker 4: and you are a teacher for real, for real, you

1900
01:26:14,720 --> 01:26:16,840
Speaker 4: know you're like, I can't help, but teach you catch

1901
01:26:16,880 --> 01:26:20,920
Speaker 4: me at the Whole Food bougie about the oranges like

1902
01:26:21,000 --> 01:26:23,360
Speaker 4: a girl, and that's how you fix your credit, like

1903
01:26:23,439 --> 01:26:27,600
Speaker 4: I can't help it. Like results, like a teacher is

1904
01:26:27,600 --> 01:26:29,960
Speaker 4: truly a calling. So I always say like, because I

1905
01:26:30,000 --> 01:26:31,840
Speaker 4: know not everybody. I mean, for some people, thirty dollars

1906
01:26:31,840 --> 01:26:34,600
Speaker 4: a month is too much, you know. So I have

1907
01:26:34,640 --> 01:26:36,400
Speaker 4: a ton of free resources to help you get and

1908
01:26:36,439 --> 01:26:39,040
Speaker 4: stay on financial track. So so I believe of service first.

1909
01:26:39,680 --> 01:26:42,160
Speaker 4: So yeah, the budget lista everywhere, but like probably my

1910
01:26:42,280 --> 01:26:45,320
Speaker 4: most exciting new product I have a ton of hooks,

1911
01:26:45,360 --> 01:26:47,720
Speaker 4: but you can type in budget Eista on Amazon and

1912
01:26:47,760 --> 01:26:50,080
Speaker 4: find them. But this is my baby. I don't know

1913
01:26:50,080 --> 01:26:53,400
Speaker 4: if they can see my baby. So her name is

1914
01:26:53,439 --> 01:26:55,840
Speaker 4: Molly Moore, and I said, Okay, how do I go

1915
01:26:55,880 --> 01:26:58,240
Speaker 4: back to my preschool teacher roots and come for the

1916
01:26:58,280 --> 01:27:00,760
Speaker 4: babies and start teaching pre finance to education in a

1917
01:27:00,800 --> 01:27:05,160
Speaker 4: way that's age appropriate. So for the last like forever years,

1918
01:27:05,160 --> 01:27:08,400
Speaker 4: I've been working on this book and this character. So

1919
01:27:08,520 --> 01:27:11,920
Speaker 4: it's gonna be the first of many of her series,

1920
01:27:12,360 --> 01:27:15,280
Speaker 4: and it's called Happy Birthday Molly Moore. And this book

1921
01:27:15,280 --> 01:27:18,920
Speaker 4: in particular teaches kids the difference between more and like

1922
01:27:19,000 --> 01:27:21,880
Speaker 4: what truly does more mean more present, more stuff or

1923
01:27:21,920 --> 01:27:24,400
Speaker 4: mere family, more friends. So at the end, because you know,

1924
01:27:24,439 --> 01:27:26,560
Speaker 4: the teacher me like, I can't just like have a

1925
01:27:26,640 --> 01:27:29,040
Speaker 4: book and it's like a cute book. At the back

1926
01:27:29,080 --> 01:27:31,760
Speaker 4: of the book, I actually have like a section where

1927
01:27:31,880 --> 01:27:35,320
Speaker 4: it's like extend the lesson questions and extend the lesson activities.

1928
01:27:35,360 --> 01:27:37,280
Speaker 4: So you as a parent can read the book and

1929
01:27:37,360 --> 01:27:39,320
Speaker 4: be like, Okay, how do I make sure that my

1930
01:27:39,439 --> 01:27:42,759
Speaker 4: kid gets the lesson about what this book is supposed

1931
01:27:42,760 --> 01:27:44,639
Speaker 4: to teach? So or if you're a teacher an educator,

1932
01:27:44,680 --> 01:27:46,160
Speaker 4: You're like, oh, I don't feel like making a whole

1933
01:27:46,200 --> 01:27:48,080
Speaker 4: lesson plan. You're in gots to girl. I did it

1934
01:27:48,160 --> 01:27:53,200
Speaker 4: for you exactly for real, and I aligned it with like,

1935
01:27:53,280 --> 01:27:55,120
Speaker 4: you know, state and federal standards on purpose, so that

1936
01:27:55,160 --> 01:27:57,000
Speaker 4: way makes it easy for you. And so I'm just

1937
01:27:57,080 --> 01:27:59,479
Speaker 4: so proud of it because it just is like me

1938
01:27:59,600 --> 01:28:02,280
Speaker 4: going back to my roots. And yeah, so Molly Moore,

1939
01:28:02,280 --> 01:28:05,000
Speaker 4: it's available at mollymore dot com. M A l I

1940
01:28:05,320 --> 01:28:07,240
Speaker 4: m O r E. So I figured Molly, you know,

1941
01:28:07,320 --> 01:28:10,519
Speaker 4: you think like, oh Molly, no, Molly, like the African

1942
01:28:10,560 --> 01:28:11,960
Speaker 4: country and A L I.

1943
01:28:12,479 --> 01:28:14,240
Speaker 6: That's the first that's the first thing I thought about.

1944
01:28:14,800 --> 01:28:17,720
Speaker 4: What I thought Now, I was like, now her name

1945
01:28:17,800 --> 01:28:19,240
Speaker 4: is Molly. And I did it on purpose because I

1946
01:28:19,320 --> 01:28:22,800
Speaker 4: was like, Dora is just Spanish enough. So I was like, well,

1947
01:28:22,800 --> 01:28:24,599
Speaker 4: how could I do that for my little black baby?

1948
01:28:25,000 --> 01:28:26,960
Speaker 4: And so yeah, m A l I m O r E.

1949
01:28:27,160 --> 01:28:28,640
Speaker 4: But I'm just really proud of her because it's just

1950
01:28:28,880 --> 01:28:30,920
Speaker 4: it's been literally like over ten years in the making.

1951
01:28:31,120 --> 01:28:33,439
Speaker 4: This book has been in my head and to have

1952
01:28:33,640 --> 01:28:36,240
Speaker 4: this physically in front of me. We did a Kickstarter

1953
01:28:36,680 --> 01:28:38,679
Speaker 4: and we raised like seventy five thousand dollars. I couldn't

1954
01:28:38,680 --> 01:28:41,280
Speaker 4: even believe it in my damn self, almost double what

1955
01:28:41,360 --> 01:28:44,320
Speaker 4: we were asking for. When I tell you already major

1956
01:28:44,400 --> 01:28:46,439
Speaker 4: networks have reached out about turning her into a show.

1957
01:28:46,720 --> 01:28:46,960
Speaker 3: Wow.

1958
01:28:47,720 --> 01:28:49,760
Speaker 4: Yeah, it's crazy, you know when you really step in,

1959
01:28:49,920 --> 01:28:52,040
Speaker 4: Like if I could leave anybody with anything, It's like, Yo,

1960
01:28:52,439 --> 01:28:55,479
Speaker 4: there's nothing special about me except for my relentless pursuit

1961
01:28:55,720 --> 01:28:58,439
Speaker 4: for excellence. I'm like, yo, it could always be better.

1962
01:28:58,640 --> 01:29:00,680
Speaker 4: Everyone on my team is a freaking beast, so much

1963
01:29:00,720 --> 01:29:02,719
Speaker 4: so I call them Unicorn Shout out to the Unicorn

1964
01:29:02,760 --> 01:29:06,760
Speaker 4: Squad because they make magic happen every day. So like I,

1965
01:29:07,320 --> 01:29:09,120
Speaker 4: I mean, I think I'm smart enough. I think everything

1966
01:29:09,160 --> 01:29:11,599
Speaker 4: in me is like h enough, Like I'm smart enough,

1967
01:29:11,800 --> 01:29:15,400
Speaker 4: like B plus smart, be smart. You know, I'm chill,

1968
01:29:15,560 --> 01:29:18,280
Speaker 4: chill enough. You know I'm cute enough, you know, But

1969
01:29:18,479 --> 01:29:20,920
Speaker 4: like what makes me sets me apart is like yo,

1970
01:29:21,840 --> 01:29:26,160
Speaker 4: can't stop, won't stop, relentless pursuit of excellence. Though this

1971
01:29:26,280 --> 01:29:28,519
Speaker 4: book is ten years in the making. Who works on

1972
01:29:28,560 --> 01:29:30,600
Speaker 4: something for ten years? I do because it was going

1973
01:29:30,680 --> 01:29:33,040
Speaker 4: to be right And as soon as I open the floodgates.

1974
01:29:33,080 --> 01:29:35,000
Speaker 4: If I tell you some of your faves have reached out,

1975
01:29:35,240 --> 01:29:36,960
Speaker 4: Like I got a production company I would love for

1976
01:29:37,080 --> 01:29:40,000
Speaker 4: Molly Moore. Yo. When I just posted the screenshot, book

1977
01:29:40,080 --> 01:29:42,680
Speaker 4: wasn't even printed yet, already had like three deals on

1978
01:29:42,720 --> 01:29:46,160
Speaker 4: a table. I'm like, what so I if I can

1979
01:29:46,240 --> 01:29:47,000
Speaker 4: leave you with anything?

1980
01:29:47,160 --> 01:29:47,280
Speaker 7: Is that?

1981
01:29:47,479 --> 01:29:50,720
Speaker 4: Like yo? The relentless pursuit of excellence. And it's not

1982
01:29:50,800 --> 01:29:53,960
Speaker 4: about killing yourself. It's about daily deposits. What is it

1983
01:29:54,040 --> 01:29:56,800
Speaker 4: that you want out of life? Write that mess down

1984
01:29:57,360 --> 01:30:02,080
Speaker 4: and deposit into your dream band daily, like, oh you

1985
01:30:02,160 --> 01:30:03,600
Speaker 4: know I want I want a business? Okay, did you

1986
01:30:03,640 --> 01:30:05,840
Speaker 4: do your Google search today? Did you read? Did you

1987
01:30:05,920 --> 01:30:08,800
Speaker 4: listen to earn your leisure today? Did you read a book?

1988
01:30:08,960 --> 01:30:12,600
Speaker 4: You know? Every day depositing something into your goals and

1989
01:30:12,720 --> 01:30:15,120
Speaker 4: dreams and the sky is a freaking limit, like yo,

1990
01:30:15,560 --> 01:30:16,960
Speaker 4: some of the things I've been able to accomplish you.

1991
01:30:17,040 --> 01:30:18,760
Speaker 4: I used to be a preschool teacher ten years ago.

1992
01:30:18,760 --> 01:30:21,400
Speaker 4: I was wiping butts during this time, right, And now

1993
01:30:21,520 --> 01:30:23,880
Speaker 4: you know I could pay somebody to wipe my butt if.

1994
01:30:23,840 --> 01:30:24,200
Speaker 8: I wanted to.

1995
01:30:25,160 --> 01:30:25,960
Speaker 6: That's an option.

1996
01:30:27,800 --> 01:30:28,719
Speaker 3: Everything's on the table.

1997
01:30:31,040 --> 01:30:32,200
Speaker 4: Have you got the cash? Right?

1998
01:30:32,960 --> 01:30:35,120
Speaker 6: Teddy said that everybody's got price.

1999
01:30:35,200 --> 01:30:41,960
Speaker 2: Somebody gotta be Virgil learned that in the eighties that

2000
01:30:42,320 --> 01:30:48,200
Speaker 2: fact eighties babies for real. Troy housekeeping eye on me.

2001
01:30:48,240 --> 01:30:51,160
Speaker 7: Yeah, man, shout out to everybody on patreon dot com.

2002
01:30:51,400 --> 01:30:53,800
Speaker 7: Big shout out to our newest member, Anthony. He said,

2003
01:30:53,840 --> 01:30:55,720
Speaker 7: listen to Troy. Can you do me a favor? Let

2004
01:30:55,760 --> 01:30:58,479
Speaker 7: the world know that I came to Patreon because of Janet,

2005
01:30:58,520 --> 01:31:01,080
Speaker 7: who was part of Ernia Leeza Universe. She is an

2006
01:31:01,160 --> 01:31:05,040
Speaker 7: outstanding contributor to e y l U. So shout out

2007
01:31:05,040 --> 01:31:07,880
Speaker 7: to Janet for recommending Anthony, and welcome to the family, Anthony.

2008
01:31:08,200 --> 01:31:10,080
Speaker 7: That's our proud to pay program. We have a bunch

2009
01:31:10,080 --> 01:31:12,080
Speaker 7: of tiers that you can join that and some of

2010
01:31:12,120 --> 01:31:13,720
Speaker 7: those tiers lead you to e y l u. And

2011
01:31:13,800 --> 01:31:15,800
Speaker 7: they also lead you to our private real estate real

2012
01:31:15,880 --> 01:31:18,760
Speaker 7: estate uh Facebook group who was which is headed by

2013
01:31:18,840 --> 01:31:20,360
Speaker 7: our brother MG the mortgage guys.

2014
01:31:20,360 --> 01:31:23,400
Speaker 3: Shout out to him. Yeah, that group is I mean,

2015
01:31:23,840 --> 01:31:25,120
Speaker 3: I can't even with a number.

2016
01:31:25,160 --> 01:31:27,439
Speaker 5: We should do some kind of collapse. We got EYO

2017
01:31:27,600 --> 01:31:29,600
Speaker 5: University in a private real estate group on Facebook. I

2018
01:31:29,680 --> 01:31:32,880
Speaker 5: know you got obviously you know the whole movement. Yeah,

2019
01:31:32,920 --> 01:31:33,280
Speaker 5: we'll talk.

2020
01:31:33,920 --> 01:31:36,560
Speaker 3: Yeah, that would be that would be crazy. Yeah, the

2021
01:31:36,600 --> 01:31:37,720
Speaker 3: community is growing.

2022
01:31:37,560 --> 01:31:42,000
Speaker 7: At a vast, very fast race and uh shout everybody

2023
01:31:42,040 --> 01:31:44,559
Speaker 7: that is purchasing the merch like the merchant is flying

2024
01:31:44,840 --> 01:31:47,519
Speaker 7: like out the slows right now. So everybody that's been

2025
01:31:47,560 --> 01:31:50,759
Speaker 7: supporting that, we appreciate it. We got our Market Mondays

2026
01:31:50,800 --> 01:31:53,280
Speaker 7: coming out the shirts and we got our earner shirts

2027
01:31:53,320 --> 01:31:53,599
Speaker 7: coming out.

2028
01:31:53,600 --> 01:31:54,280
Speaker 3: Shout to our.

2029
01:31:54,200 --> 01:31:58,400
Speaker 5: Group market market Mondays, the hottest stock show on the world,

2030
01:31:58,439 --> 01:31:59,960
Speaker 5: in the community in the world.

2031
01:32:00,040 --> 01:32:01,160
Speaker 6: It's not the community in the world.

2032
01:32:03,520 --> 01:32:04,599
Speaker 4: Heavyweight champion of the world.

2033
01:32:04,600 --> 01:32:08,160
Speaker 3: You know what, You're right. I apologize, we're taking it

2034
01:32:08,400 --> 01:32:09,520
Speaker 3: every community.

2035
01:32:10,600 --> 01:32:14,120
Speaker 5: But yeah, every Monday a PM Easter Standard time, exclusively

2036
01:32:14,160 --> 01:32:16,920
Speaker 5: on our YouTube channel. Shot out to Ian Dunlap master investor.

2037
01:32:17,479 --> 01:32:20,400
Speaker 5: That's picking up so much team, it's crazy.

2038
01:32:20,680 --> 01:32:23,400
Speaker 3: Every week we set a new record of attendance for sure.

2039
01:32:23,520 --> 01:32:26,360
Speaker 5: So once again, guys, thank you for rocking with us.

2040
01:32:26,400 --> 01:32:27,760
Speaker 5: We appreciate it. See you next week.

2041
01:32:27,920 --> 01:32:32,760
Speaker 8: Peace, Peace, You just realized your business needed to hire

2042
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