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Speaker 1: All right, ba fam welcome. It's Friday, and y'all know

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Speaker 1: what time it is. It's a b a QA and

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Speaker 1: I have got a lovely guest in the studio with me,

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Speaker 1: mister Chris Browning Popcorn Finance Welcome.

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Speaker 2: Thanks for having me. Maddy always get talking with me.

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Speaker 1: Yeah, I feel like you have some nerdy knowledge that

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Speaker 1: I don't and some like pretty obscure topics. And this

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Speaker 1: is not a dig I don't know why you're laughing

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Speaker 1: like I'm making I'm not.

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Speaker 2: This is a compliment. It's not like you fight.

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Speaker 1: Let me run it back in my mind. You have

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Speaker 1: some nerdy knowledge too. Yeah, yeah, I don't see that's

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Speaker 1: a compliment. You're welcome. You're welcome from you.

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Speaker 2: That's a compliment.

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Speaker 1: Thank you, truly, truly, truly. But you do have some

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Speaker 1: great like nuanced knowledge and like the nitty gritty of

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Speaker 1: financial topics. So I'm excited to have you in the

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Speaker 1: studio today. Welcome to the BAQA. We're kicking off the

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Speaker 1: new year with some juicy questions. We're gonna tackle one

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Speaker 1: that's like a mix between four to one k excuse me,

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Speaker 1: and life insurance, and we're going to tackle another one

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Speaker 1: that is all for a one K and pretty confusing

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Speaker 1: like match situation. So heading into the new year as

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Speaker 1: employees trying to figure out your employee matching your four

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Speaker 1: to one k stuff, we got you. But before we

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Speaker 1: get into the questions, just a little disclaimer, like, don't

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Speaker 1: come sue us. This is just for purely financial edutainment.

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Speaker 1: We're here too. I don't know if it's entertaining, but

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Speaker 1: you know it's here as as just information. Okay, you

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Speaker 1: don't have to follow our advice. It's just as a

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Speaker 1: hmm let me see what they have to say about

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Speaker 1: it type vibe. Okay, So don't sue me for sure, Chris,

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Speaker 1: do you want them to like.

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Speaker 2: I would appreciate it if they didn't.

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Speaker 1: They give them your address?

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Speaker 2: Okay, no, no, no, no, no, no, okay.

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Speaker 1: Sons don't. Just just to be clear, don't sue Chris either. Okay,

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Speaker 1: he doesn't got it like that. Okay.

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Speaker 2: Please.

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Speaker 1: A man's moving to San Francisco, he's got a new

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Speaker 1: saying he can't he can't be dealing with legal paperwork.

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Speaker 2: Okay, I got expenses.

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Speaker 1: Come on, So we're just here for fundies, not your

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Speaker 1: financial advisors. You got to get your own financial advice,

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Speaker 1: your own financial planner, your ow investment advisor, all those

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Speaker 1: good things. But we are here to take some of

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Speaker 1: our listener questions and we love to do it. So

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Speaker 1: as a reminder, y'all can submit your questions. You can

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Speaker 1: send us a DM on ig at Brand Ambisson Podcast

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Speaker 1: or you can email us Brand Ambisson podcast at gmail

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Speaker 1: dot com. So please please please send in your questions.

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Speaker 1: The mail bag is, you know, looking a little light

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Speaker 1: at the beginning of the year, so let's get some

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Speaker 1: new juicy questions in there, y'all. And to our new

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Speaker 1: listeners who maybe found us from this viral TikTok post,

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Speaker 1: welcome and hello and thanks for actually tuning in. You're

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Speaker 1: in the right place. We're happy to have you. All right,

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Speaker 1: So diving into our first listener question of twenty twenty.

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Speaker 2: Five, let's go.

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Speaker 1: All right, Chris, you're ready for our first question?

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Speaker 2: All right, let's get into it.

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Speaker 1: I'm shaking my shoulders back, all right, it says, I

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Speaker 1: am thirty seven. I'm gonna be Oh, this is from

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Speaker 1: Nadine and Ig. I am thirty seven. I'm going to

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Speaker 1: be thirty eight next month. I lost my job, so

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Speaker 1: I no longer have health or life insurance through them.

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Speaker 1: I was thinking of getting my own policy outside of

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Speaker 1: my employer, and right now I'm trying to decide between

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Speaker 1: term and whole life insurance. I also want to grow

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Speaker 1: wealth with my policy at some point? Is this realistic?

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Speaker 1: I don't have kids yet, but I just feel like

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Speaker 1: it's something that adults should have. Also, can you talk

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Speaker 1: a bit about investing through your four to one K

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Speaker 1: versus the IUL, which, thanks to the power of Google

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Speaker 1: I know stands for Index Universal Life Policy to ne

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Speaker 1: get that right?

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Speaker 2: Yeah, that sounds right to me.

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Speaker 1: Yes, Hold on, I'm gonna double check real quick. Yeah yeah, okay,

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Speaker 1: Index Universal Life Insurance versus a WROTH. Okay. So there

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Speaker 1: is a lot of like alphabet soup in this question, Chris,

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Speaker 1: So this is important and so we're going to tackle

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Speaker 1: it together. Hold my virtual hands ba FAM. All right,

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Speaker 1: So starting with the initial question, life insurance policy. She's

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Speaker 1: thirty eight, has no kids, considering getting her own life

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Speaker 1: insurance policy. Is that something that she should consider?

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Speaker 2: You know, whenever I hear people talk about like should

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Speaker 2: they get life insurance, I'm always the first thing comes

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Speaker 2: to my mind is like you should be thinking for

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Speaker 2: who like, who is this for? Because you will no

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Speaker 2: longer be here on this earth, so you're not going

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Speaker 2: to get to enjoy the money. So is there somebody

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Speaker 2: in particular who would need your income that's going to

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Speaker 2: be lost now? And that's basically what you're replacing, right

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Speaker 2: because if you have a spouse who you're obviously you're

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Speaker 2: part of that, you know, financial contributions to the home,

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Speaker 2: if you have kids who have expenses that are going

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Speaker 2: to keep going on then Yet, but oftentimes made for

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Speaker 2: single people, there's not really a reason to have life

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Speaker 2: insurance unless you have unless you can come up with

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Speaker 2: a very valid reason, like you want to leave some

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Speaker 2: large chunk of money to a foundation or something like that.

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Speaker 2: I don't know, but yeah, you're just existing and by yourself,

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Speaker 2: you're perfectly fine. To me. You can just gift and

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Speaker 2: give the money that you accumulate. So you should be like,

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Speaker 2: as you're planning for retirement, you're saying for emergencies, you

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Speaker 2: have something set aside and you can give that away

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Speaker 2: as a gift without having to take on the expense

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Speaker 2: of like a term or whole life insurance policy. So

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Speaker 2: for me, in this situation, if you're single, thirty seven,

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Speaker 2: thirty eight. No kids, No spouse's going to rely on

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Speaker 2: your income, no family member that you're supporting, and they're

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Speaker 2: going to be in a tough spot when you're gone.

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Speaker 2: It's no one who's depending on your income.

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Speaker 1: Then no one needs you.

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Speaker 2: They may need your friendship. You know, you do you

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Speaker 2: have life insurance?

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Speaker 1: You're you're no technically single and no kids?

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Speaker 2: No, not anymore. I did when I was working and

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Speaker 2: I was married, I had a life insurance policy. But

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Speaker 2: after that, I'm like, who is this for. I'm like,

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Speaker 2: if once I events, I vacate this earth, whatever money

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Speaker 2: I've saved for retirement, I'm going to just give that

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Speaker 2: to my family and my niece. You can help pay

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Speaker 2: for college or help out you know, anyone else in

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Speaker 2: my life. But I'm at this point I don't need

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Speaker 2: a life insurance policy. If all was of a sudden, I.

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Speaker 1: Put me down for that fancy microphone, I would like that,

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Speaker 1: just you know, think a little posted on it.

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Speaker 2: It's gonna be, it's gonna be. I have i'mna have

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Speaker 2: a little uh insult counter in my will and then

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Speaker 2: want people to go back and review these records.

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Speaker 1: Put them on the tombstone.

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Speaker 2: Yes, you definitely give you do this.

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Speaker 1: His beard connects and nothing else.

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Speaker 2: I like that. That's the best. That's like the best

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Speaker 2: thing you can say about me is like your beard

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Speaker 2: connects every time. Just think it's such a.

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Speaker 1: Fun sentence to say, like your beard connects. I don't know,

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Speaker 1: and it just matters in some way that I don't understand.

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Speaker 1: I just think it's funny, does it really? There's nothing

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Speaker 1: to connect it too, because it's.

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Speaker 2: You know what, there it's one more wait, you wasted

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Speaker 2: one of your insults on this point. It was pointless.

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Speaker 2: You already wasted it now, but it.

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Speaker 1: Feels so good. It's like a medicine for me. Okay,

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Speaker 1: So anyway back to Nadine's question, if we could, this

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Speaker 1: is a very serious podcast, Chris, okay, So we're talking

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Speaker 1: about life insurance. So now term versus whole, you know,

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Speaker 1: simply put, term is like, so I have a term policy.

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Speaker 1: I think it's twenty or twenty five years, which is

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Speaker 1: basically my prime working years. So something happens to me

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Speaker 1: for the next twenty twenty five years, I know my

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Speaker 1: family is going to be Okay. It kind of sucks

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Speaker 1: to have to pay anything into that pool, and it's

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Speaker 1: not cheap because I'm black and at the time I

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Speaker 1: had just given birth, I had just gotten on like

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Speaker 1: an antidepressant. Oh, some policies won't even like cover you

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Speaker 1: if you have that kind of thing on your record.

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Speaker 1: So anyway, my monthly payment is like one hundred and

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Speaker 1: fifty bucks. It ain't cheap. And so the next question,

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Speaker 1: so there is this sense that some life insurance policies

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Speaker 1: are more of like an investment vehicle. So now Nadine's

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Speaker 1: asking about, like, do you can you talk about using

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Speaker 1: a four to one K versus the index Universal Life

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Speaker 1: policy versus a WROTH four one K or roth IRA.

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Speaker 1: Maybe I feel like for BA FAM, the first thing

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Speaker 1: maybe confusing to them is like what even is an

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Speaker 1: IUL insurance plan? Can you make it simple for us?

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Speaker 2: Yeah, I'm going to try to use this few words

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Speaker 2: as possible to descrive this. But indexed Universal Life think

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Speaker 2: of it as a version, like a variation of a

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Speaker 2: whole life insurance policy. So whole life is meant to

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Speaker 2: be you just can keep paying those premiums for the

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Speaker 2: entirety of your life, and then at whatever point you die,

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Speaker 2: that benefit would go to whoever you designate, whereas like

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Speaker 2: with term right, once that period of time is up,

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Speaker 2: the policy goes away like there doesn't exist anymore. So

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Speaker 2: if you were to pass away after the term is up,

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Speaker 2: then no one would get any money.

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Speaker 1: Right.

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Speaker 2: There was just more like a security for you if

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Speaker 2: something were to happen when people needed you during that time.

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Speaker 2: So the Index Universal Life it kind of takes it

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Speaker 2: a step further. So with the whole life policy, typically

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Speaker 2: it's just very simple. You're just giving your premiums and

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Speaker 2: then they gave you this benefit whenever you need it.

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Speaker 2: With the Index Universal Life it lets you kind of

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Speaker 2: invest some of the value that can kind of grow

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Speaker 2: in these policies. Right, you have like a death benefit,

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Speaker 2: which is the money that like if you get a

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Speaker 2: million dollar policy, that's the death benefit. But you can

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Speaker 2: if you put as you put more money into the

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Speaker 2: policy develop I kind of almost like excess cash that

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Speaker 2: kind of over it being invested over time, it has

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Speaker 2: that extra value to it. So they allow you to

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Speaker 2: take that money and then kind of almost like a

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Speaker 2: four to one k like choose some options to throw

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Speaker 2: that that money into, and so it gets marketed as

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Speaker 2: this is a great wealth tool. It's a great way

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Speaker 2: to invest, and because you're building up this money and

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Speaker 2: you need to avoid taxes, all these things. But the

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Speaker 2: thing they oft sometimes don't tell you about is one

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Speaker 2: whole life policies are much more expensive than term life policies.

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Speaker 2: They can be you know, up to like ten times

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Speaker 2: more per month for the same amount of money the

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Speaker 2: same amount of coverage. So you're already giving way more

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Speaker 2: money up front into.

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Speaker 1: Bucks a month for life insurance. Like do you need

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Speaker 1: life insurance?

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Speaker 2: Like you needed that bad?

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Speaker 1: You got the money in the bank for the family.

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Speaker 1: I don't know.

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Speaker 2: I'm just saying it might be okay if you get

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Speaker 2: four a ton of money every month in these premiums.

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Speaker 2: And then on top of that, they oftentimes will cap.

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Speaker 2: They do cap your losses, which is one of the

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Speaker 2: selling points, like, oh, look, we can make sure you

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Speaker 2: don't lose too much money. Because you put your money

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Speaker 2: into the stock market, if it goes down a lot,

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Speaker 2: you have this big downside. But with us, we can

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Speaker 2: protect you on the downside. But the only reason they

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Speaker 2: can do that is because they also cap how much

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Speaker 2: you can earn. So even if the stock market makes

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Speaker 2: twenty percent, you may not be getting all that they're

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Speaker 2: going to keep the difference. They may say, we're going

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Speaker 2: to cap you at nine percent and they get to

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Speaker 2: keep the eleven percent that it earns over that. So

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Speaker 2: there are all these things in place that they're like,

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Speaker 2: even think about an insurance company, they're going to make

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Speaker 2: sure they come out on top, right, They're not in

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Speaker 2: the business of losing money. So it sounds like a

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Speaker 2: great deal, but oftentimes there's these fees if you try

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Speaker 2: to get out early. There's the fact that you can

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Speaker 2: only earn so much in these policies. It cost you

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Speaker 2: a lot every month that oftentimes don't make the math

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Speaker 2: makes sense anymore. You would have been better off just

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Speaker 2: putting it in your four one K or your IRA.

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Speaker 1: Yeah, I mean with the traditional four to one K

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Speaker 1: you get the pre tax benefit, so you're putting in

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Speaker 1: funds before taxes have been taken out. Yeah, that's so interesting.

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Speaker 1: It just sounds like one of those products that people

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Speaker 1: with a lot of money get talked into investing in

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Speaker 1: because they have a fancy financial advisor who gets made

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Speaker 1: who gets mad kickbacks, and they're not so worried about

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Speaker 1: little fees, like they're just kind of like letting an

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Speaker 1: advisor kind of take their money and do things with it.

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Speaker 1: And I think for like the average person, it doesn't

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Speaker 1: sound like the kind of tool that makes sense long

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Speaker 1: term for investing.

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Speaker 2: To me, the red flag, oh well go a sorry.

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Speaker 1: Yeah, just based on what I've read and what you've

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Speaker 1: said so far, I'm not a fan.

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Speaker 2: And to me, the red flag is you see a

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Speaker 2: lot of people, even on not TikTok all for social media,

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Speaker 2: I see a lot of people who are like salespeople

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Speaker 2: for these insurance policies where ITA's whole life. Sometime they

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Speaker 2: call it infinite bankings and they call it index like

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Speaker 2: they have all these names infinite banking.

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Speaker 1: Yeah, they have all those targeted to like dudes like, oh.

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Speaker 2: You know what it is, don't You would have banked

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Speaker 2: that just gives you infinite money. It's crazy, but you

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Speaker 2: think about it, Why are these people why are they

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Speaker 2: putting so much energy into selling these products to try

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Speaker 2: to get you to get it because they make a

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Speaker 2: lot of commission on it. You don't see those people

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Speaker 2: doing that for term life insurance. You don't see a

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Speaker 2: bunch of videos like oh here's how I can make

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Speaker 2: you money with term left because there's not an incentive

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Speaker 2: for them to do it. So to me, that's the

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Speaker 2: red flag. If a bunch of people I don't know

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Speaker 2: where want to just sell me this, there's in it

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Speaker 2: for them. They're not doing this out of the kindness

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Speaker 2: of their heart, and.

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Speaker 1: They're doing it because they don't think you're going to

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Speaker 1: kick the bucket anytime soon. Exactly, really underwright so that

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Speaker 1: they can pick people who probably will be alive and

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Speaker 1: never need the money. That's the truth of it. It's

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Speaker 1: such a gross, kind of morbid, but fascinating industry. Necessary.

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Speaker 2: I believe in.

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Speaker 1: Insurance for sure, Oh yeah, for sure, But it's just

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Speaker 1: interesting the life insurance policy and the underwriting process and how, yeah,

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Speaker 1: how they completely can predict down I've heard this guy.

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Speaker 1: He was on a podcast I was listening to. I

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Speaker 1: don't know his name, doesn't really matter, but he worked

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Speaker 1: for in the insurance underwriting business for a very long time,

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Speaker 1: and he's like, oh, we know we can. We have

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Speaker 1: these like really scary calculations that if you saw you'd

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Speaker 1: be like, oh shit, I'm want to die when because

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Speaker 1: they figure that out? Okay, but so Chris, you're you're

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Speaker 1: an entrepreneur, you worked until when did you officially go

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Speaker 1: one hundred percent and this whole popcin.

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Speaker 2: Popcorn thing twenty twenty one.

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Speaker 1: Sorry, but the popcam I don't know where that came from.

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Speaker 2: Twenty one. We're so happy you know so much about me.

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Speaker 1: Yeah, yeah, yeah, okay, So how are you investing now

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Speaker 1: as an entrepreneur?

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Speaker 2: Oh? So I still go through uh IRA. That That's

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Speaker 2: what I've been using. So I have obviously had all

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Speaker 2: my retirement from when I was working my day job,

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Speaker 2: but I still use an IRA. I haven't graduated over

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Speaker 2: to doing like a opening up a four one K

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Speaker 2: through my business. That's like I'm thinking about that down

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Speaker 2: the line, solo four one K. I have one of those,

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Speaker 2: but for now, like IRA still works perfectly fine.

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Speaker 1: Well, but isn't there a limit on the how much

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Speaker 1: you can control or that's just the roth IRA.

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Speaker 2: Well there is, so you do have. I do have

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Speaker 2: the same contribution limit when I do like I'm doing

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Speaker 2: a typical iry like everyone else would would do. I'm

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Speaker 2: not doing like the like a sep ira, which is

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Speaker 2: like for self employed people where you have higher cap

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Speaker 2: on that to what you can do. And that's because

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Speaker 2: I'd already thankfully have done a pretty good job of

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Speaker 2: investing before I left my job that I'm like, Okay,

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Speaker 2: I don't need to max out as high as I

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Speaker 2: was doing before, so at least for now, I may

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Speaker 2: change my mind. I'm like, you know what, I want

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Speaker 2: to accelerate it. But with the current limits, I'm like, oh,

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Speaker 2: I'm still good based off of what my plans were.

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Speaker 1: Like seven thousand for the year.

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Speaker 2: Yeah, this is last year, seven thousand. I think it's

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Speaker 2: still the same issue. I didn'tcheck the twenty twenty five

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Speaker 2: limits yet.

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Speaker 1: Ohkay, gotcha, Yeah, I need to. I kind of forget.

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Speaker 1: It's usually something my CPA or my advisor is like, hey,

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Speaker 1: and max out your wroth iray, and I'm like, oh,

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Speaker 1: sometimes it doesn't feel like saving money. It just feels

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Speaker 1: like but I wanted that exactly.

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Speaker 2: It's like I can doing something with this man.

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Speaker 1: Thirty something me, twenty four year old me would be

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Speaker 1: just be appalled by some of the basic like personal

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Speaker 1: finance failures I have been making lately, just because she's

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Speaker 1: like she would be like, Mandy, come on, like what

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Speaker 1: about our seven savings accounts? What about lifestyle inflation and

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Speaker 1: keeping that away?

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Speaker 2: You know, life happens, though it's easy to get get

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Speaker 2: pulled into life and they say, you.

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Speaker 1: Know, yes, it truly does. But I do need to

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Speaker 1: start thinking more about like future me and how I

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Speaker 1: want to create like a certain lifestyle for myself so

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Speaker 1: I can be there for my kids and to like

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Speaker 1: be a certain kind of just really have my golden

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Speaker 1: years sooner than I would otherwise. And I got to

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Speaker 1: tap more into that future future me future.

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Speaker 2: I mean, I think I think having a couple of

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Speaker 2: kids kind of really does make you have other things

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Speaker 2: you're thinking about.

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Speaker 1: I think you have nothing for everything though home, Like

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Speaker 1: I'm telling you therapy, I think you know it's I

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Speaker 1: gotta take some responsibility. Okay, Well, thank you Nadine for

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Speaker 1: your question and for and for Chris for almost making

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Speaker 1: that makes sense for me, Like I kind of get it,

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Speaker 1: and I hope you do too, pa fam. But it's

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Speaker 1: also a good reminder. I'm sorry.

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Speaker 2: I think that wasn't so mean. I think you were

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Speaker 2: on pace to lose the ability to get this microphone

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Speaker 2: like by the end of this recording, like.

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Speaker 1: I'm gonna need that, Mike.

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Speaker 2: Thank you.

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Speaker 1: Yeah, so thank you to Nadine for your question. We're

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Speaker 1: gonna move on, be right back we have another juicy

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Speaker 1: question for y'all. Be right back. Okay, be a fan.

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Speaker 1: I'm back with Chris Browning a popcorn finance and we

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Speaker 1: have our second question twenty twenty five from a listener, Christa,

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Speaker 1: who sent us an email and she says, Hey, brown Ambition,

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Speaker 1: I hope you are well. I have a question about

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Speaker 1: my job. I started a new hourly position in January.

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Speaker 1: After a few months, I was given the opportunity to

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Speaker 1: start an internship or role sharing in a new field

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Speaker 1: within the company. I have been excelling at this position

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Speaker 1: and everyone has been complimentary, including my boss and the CEO.

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Speaker 1: Now that the internship has ended, I have been and

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Speaker 1: I've been given an offer. To my surprise, I only

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Speaker 1: received a title change, no raise, no transition to salaried employee.

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Speaker 1: I'm frustrated that I've gotten no pay bump even though

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Speaker 1: my workload has more than doubled. I've decided that I

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Speaker 1: should accept the junior position and wait for a year,

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Speaker 1: other than go back to the position that I was

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Speaker 1: originally hired for. I tried negotiating for PTO and more

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Speaker 1: flexible schedule to no avail. I want to grow in

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Speaker 1: this new position, but it feels that the company is

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Speaker 1: getting a steep discount for my work. Also, the workload

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Speaker 1: is a lot. To be honest, the original position I

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Speaker 1: had was less demanding, and I would just be focused

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Speaker 1: on one department. I feel like I'm going to get

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Speaker 1: if I'm going to get paid the same, why not

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Speaker 1: just stick to the less busy the less busy title.

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Speaker 1: It can be frustrating seeing others do a lot less

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Speaker 1: work for the same pay. Which would you choose?

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Speaker 2: Oh, this is a tough question. I'm really curious to

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Speaker 2: hear your response is because me and being a people pleaser,

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Speaker 2: I'm like, well, I can't. I had to take the job, right,

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Speaker 2: I had to take the tible because they offered it

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Speaker 2: to me. What if I say no, are they're going

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Speaker 2: to risk? I know it's wrong. That's why that's why

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Speaker 2: I come to you. I come to Mandy with these

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Speaker 2: type of questions.

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Speaker 1: Confused by that response. I don't understand it. Hell no,

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Speaker 1: so girl, it's funny because so I'm writing this book

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Speaker 1: right now, right And one of the beautiful things about

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Speaker 1: this process is that I'm an email hoarder, and I

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Speaker 1: save an email from people, and I went back over

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Speaker 1: ten years ago and I found this email from a

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Speaker 1: mentor of mine. His name was Ray Matoyer and he's

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Speaker 1: he was a brilliant journalist. I say it was because

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Speaker 1: he unfortunately passed away last year. He had cancer. And

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Speaker 1: Ray was, you know, he was young, he's probably in

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Speaker 1: like his sixties, but he took the time to send

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Speaker 1: baby Mandy an email. And I was in a similar

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Speaker 1: position as Christa here, and I was a I was

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Speaker 1: a reporter at Business Insider and my editor had just

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Speaker 1: been let go because she went mongering. And I am,

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Speaker 1: I guess a snake, And I was like me, may

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Speaker 1: me gim me anyway, I went for her job and

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Speaker 1: they said yes, and then they gave me a very

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Speaker 1: small pay bump even though I was doing who I

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Speaker 1: was moving from a reporter to editor and all this stuff.

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Speaker 1: And I remember at the time, Ray was like, yes,

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Speaker 1: say thank you and accept what you've been given and

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Speaker 1: then go out and find another job and go out

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Speaker 1: and get a competing offer. And that's really the only

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Speaker 1: thing I can say to you. Krista is like, yep, well,

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Speaker 1: they are telling you what they want to give you

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Speaker 1: and it's not and they're telling you like it's not fair.

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Speaker 1: You can see that, you can see that they don't

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Speaker 1: really value the additional work that you're doing. They are

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Speaker 1: trying to get you at a cheap price and they

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Speaker 1: think they got you, and right now they do because

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Speaker 1: you don't have a competing offer to use as leverage.

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Speaker 1: Now you could definitely argue them, like, I think the

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Speaker 1: financial morals of the situation is like, hey, your people,

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Speaker 1: you know, commenceate with like their skills and the value

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Speaker 1: you're getting from them. That's shady on their part, but

434
00:19:52,720 --> 00:19:55,040
Speaker 1: it's also the it's the reality that you're in. So

435
00:19:55,320 --> 00:19:57,639
Speaker 1: I think I would make it my job Krista to

436
00:19:58,280 --> 00:20:00,680
Speaker 1: take these and you've done. I think we're smart to

437
00:20:00,720 --> 00:20:03,959
Speaker 1: get the opportunity to intern in this different, you know,

438
00:20:04,080 --> 00:20:07,560
Speaker 1: department and get all these great skills, take that great skill,

439
00:20:07,680 --> 00:20:10,919
Speaker 1: take those great skills and leverage them for another opportunity

440
00:20:10,960 --> 00:20:13,920
Speaker 1: at a different company that will pay you what you're worth.

441
00:20:14,440 --> 00:20:17,879
Speaker 1: And at the end of the day, that is unfortunately

442
00:20:18,400 --> 00:20:21,440
Speaker 1: one of the challenges of being loyal to an employer come,

443
00:20:21,560 --> 00:20:23,880
Speaker 1: especially when you're coming an entry level or you're coming

444
00:20:23,920 --> 00:20:26,560
Speaker 1: in like at a part time or hourly worker status,

445
00:20:27,119 --> 00:20:31,720
Speaker 1: is that sometimes companies will purposefully recruit, you know, younger,

446
00:20:31,920 --> 00:20:35,320
Speaker 1: more inexperienced people and try to like nurture that talent

447
00:20:35,440 --> 00:20:38,800
Speaker 1: and keep them loyal because they will spend less money

448
00:20:38,880 --> 00:20:42,000
Speaker 1: over time on those employees because you're kind of starting

449
00:20:42,000 --> 00:20:43,919
Speaker 1: out at the very bottom and they only have to

450
00:20:44,200 --> 00:20:45,960
Speaker 1: give you so much of a raise to make you

451
00:20:45,960 --> 00:20:49,280
Speaker 1: feel like you're making progress, where the reality is that

452
00:20:49,359 --> 00:20:52,080
Speaker 1: if you go out into the open market, open job market,

453
00:20:52,119 --> 00:20:55,840
Speaker 1: and put yourself up, you know, for different jobs, you

454
00:20:55,960 --> 00:20:58,760
Speaker 1: may find that they are more willing to pay you

455
00:20:58,800 --> 00:21:01,600
Speaker 1: a premium because as they know, they have to. One

456
00:21:01,640 --> 00:21:04,200
Speaker 1: they have to attract you from another company, so they

457
00:21:04,200 --> 00:21:06,879
Speaker 1: have to kind of beat what you're already earning. And

458
00:21:06,960 --> 00:21:10,840
Speaker 1: secondly that you're out there and they don't consider you

459
00:21:10,920 --> 00:21:13,359
Speaker 1: someone who has been with the company for five years

460
00:21:13,400 --> 00:21:16,120
Speaker 1: and started low, like they're just going to pay you

461
00:21:16,119 --> 00:21:18,600
Speaker 1: your market value where they should pay you your market

462
00:21:18,720 --> 00:21:22,520
Speaker 1: value at the time. So I'm always like, I think

463
00:21:22,520 --> 00:21:26,280
Speaker 1: about that email from Ray, and I'm grateful to him

464
00:21:26,320 --> 00:21:28,520
Speaker 1: for giving me that advice, because I really do think

465
00:21:28,520 --> 00:21:31,359
Speaker 1: it kicked off my whole you know, my lack of

466
00:21:31,440 --> 00:21:33,160
Speaker 1: I was gonna say my lack of loyalty. It makes

467
00:21:33,160 --> 00:21:36,639
Speaker 1: it sound so shady, but just my my understanding of

468
00:21:36,680 --> 00:21:39,480
Speaker 1: how it works and how it's not like you're It's

469
00:21:39,520 --> 00:21:41,680
Speaker 1: not that you're not people pleasing, it's like, but who

470
00:21:42,119 --> 00:21:45,159
Speaker 1: are the people you want to please? And trying to

471
00:21:45,200 --> 00:21:50,200
Speaker 1: please companies to save them money is just not in alignment.

472
00:21:50,240 --> 00:21:52,399
Speaker 1: That's a good phrase. It's not in alignment with like

473
00:21:52,560 --> 00:21:56,359
Speaker 1: what I want, what I wanted for my finances and

474
00:21:56,480 --> 00:22:00,760
Speaker 1: my career, and it doesn't have to be all it's okay,

475
00:22:01,440 --> 00:22:05,240
Speaker 1: so go get you another job, Krista and Chris, Wait,

476
00:22:05,320 --> 00:22:07,320
Speaker 1: is this really you? Christ and Chris?

477
00:22:08,040 --> 00:22:09,640
Speaker 2: I was like, let me change it just a little bit.

478
00:22:11,680 --> 00:22:13,400
Speaker 2: I was in the exact same bank. When I say

479
00:22:13,400 --> 00:22:15,160
Speaker 2: people pleasing, I meant like I would take the job

480
00:22:15,200 --> 00:22:16,639
Speaker 2: because I'm like, if I say no, they're going to

481
00:22:16,680 --> 00:22:18,000
Speaker 2: treat me. You know, well, yeah, I mean.

482
00:22:17,960 --> 00:22:19,640
Speaker 1: She has you could take the job like you gotta

483
00:22:19,680 --> 00:22:20,359
Speaker 1: get paid.

484
00:22:20,720 --> 00:22:22,879
Speaker 2: Okay, yeah, because I was in a very similar position.

485
00:22:22,960 --> 00:22:25,040
Speaker 2: I was. I was working running a payer, having run

486
00:22:25,119 --> 00:22:27,280
Speaker 2: a pay roll department, and the person above me they

487
00:22:27,320 --> 00:22:29,840
Speaker 2: retired and I just took I had took on all

488
00:22:29,880 --> 00:22:31,520
Speaker 2: the roles in the meantime right I was doing I

489
00:22:31,520 --> 00:22:32,920
Speaker 2: was basically doing the job, and I was doing the

490
00:22:32,960 --> 00:22:34,920
Speaker 2: job of two people because it was me and her

491
00:22:34,960 --> 00:22:36,919
Speaker 2: and now it was just me. And then when they

492
00:22:36,920 --> 00:22:40,320
Speaker 2: finally got around offered me the job, they downgraded it

493
00:22:40,359 --> 00:22:42,320
Speaker 2: was like a senior position. They took the senior away,

494
00:22:42,320 --> 00:22:44,200
Speaker 2: and I like, well, you just don't have as much experience.

495
00:22:44,520 --> 00:22:45,960
Speaker 2: I was like, but I've been doing the job this

496
00:22:46,000 --> 00:22:49,080
Speaker 2: whole time, Like, oh, you know, HR just couldn't allow it,

497
00:22:49,200 --> 00:22:51,960
Speaker 2: you know, without your experience. And I'm like okay. So

498
00:22:52,040 --> 00:22:54,400
Speaker 2: I took the job, and then I went and got

499
00:22:54,400 --> 00:22:56,560
Speaker 2: another job, and I was already I was so fed

500
00:22:56,640 --> 00:22:58,240
Speaker 2: up with this jo. I hated this place. I hated

501
00:22:58,359 --> 00:23:00,560
Speaker 2: working here. So when I get the job, I get

502
00:23:00,560 --> 00:23:01,960
Speaker 2: I going to tell my boss, Hey, I'm putting in

503
00:23:02,000 --> 00:23:03,800
Speaker 2: my two weeks. He's like, well, is there anything we

504
00:23:03,800 --> 00:23:05,679
Speaker 2: can do to keep you. I'm like, well you want

505
00:23:05,720 --> 00:23:09,199
Speaker 2: to give that chance? Right? Yeah, no, I'm leaving. I'm

506
00:23:09,200 --> 00:23:09,760
Speaker 2: pretty much.

507
00:23:09,680 --> 00:23:14,560
Speaker 1: God yeah, no, one hundred percent. Okay. That that definitely

508
00:23:14,600 --> 00:23:17,159
Speaker 1: makes that definitely makes sense. I mean some like the

509
00:23:17,160 --> 00:23:19,560
Speaker 1: reality sometimes is like we gotta make money, so yeah,

510
00:23:19,720 --> 00:23:22,600
Speaker 1: take the job. I mean, in her case, the question

511
00:23:22,640 --> 00:23:24,880
Speaker 1: between like should you go back to being an hourly

512
00:23:24,920 --> 00:23:28,080
Speaker 1: worker versus take the more demanding job even though they

513
00:23:28,080 --> 00:23:33,320
Speaker 1: both are paying the same I lean toward take the

514
00:23:33,480 --> 00:23:35,680
Speaker 1: more challenging role because of the experience you're going to

515
00:23:35,720 --> 00:23:37,400
Speaker 1: get and how you can leverage that for a new

516
00:23:37,480 --> 00:23:41,399
Speaker 1: role elsewhere. But you could also argue, I guess that

517
00:23:41,560 --> 00:23:44,480
Speaker 1: take the hourly job and then spend more time on

518
00:23:44,520 --> 00:23:48,240
Speaker 1: the job search, spend more time you know, maybe getting

519
00:23:48,320 --> 00:23:52,320
Speaker 1: like contract or clients or something like that. But I

520
00:23:52,320 --> 00:23:54,399
Speaker 1: can I can see it both ways, but I definitely

521
00:23:54,480 --> 00:23:58,840
Speaker 1: lean toward more take the more demanding role. But just

522
00:23:58,960 --> 00:24:01,560
Speaker 1: remind yourself and like that you're going to be getting

523
00:24:01,560 --> 00:24:03,240
Speaker 1: out there and you're going to be using this experience

524
00:24:03,359 --> 00:24:05,679
Speaker 1: not for them, but for yourself to get a better,

525
00:24:06,280 --> 00:24:07,280
Speaker 1: better opportunity.

526
00:24:07,720 --> 00:24:09,960
Speaker 2: Oh, you know, part part of the question was like

527
00:24:10,080 --> 00:24:12,760
Speaker 2: way I think they mentioned, wait a year. Is that

528
00:24:12,880 --> 00:24:14,840
Speaker 2: is that necessary from your perspective, like you have to

529
00:24:14,840 --> 00:24:19,480
Speaker 2: put in that much time to make it worthwhile.

530
00:24:16,440 --> 00:24:19,879
Speaker 1: To No, I don't think so at all. But that

531
00:24:20,040 --> 00:24:22,320
Speaker 1: is like a very common thing that we tell ourselves,

532
00:24:22,400 --> 00:24:24,760
Speaker 1: like six months seems like a good as a year.

533
00:24:24,840 --> 00:24:26,480
Speaker 1: Two years seems like a good amount of time to

534
00:24:26,480 --> 00:24:28,639
Speaker 1: pay our dues before we can, you know, have that

535
00:24:28,760 --> 00:24:32,160
Speaker 1: much experience. That was another thing that Ray had said

536
00:24:32,200 --> 00:24:34,000
Speaker 1: in my email. He was like, because I think I

537
00:24:34,040 --> 00:24:37,200
Speaker 1: had a year and nine months and he's like, you're

538
00:24:37,240 --> 00:24:39,960
Speaker 1: about to have two years of experience. And I love that,

539
00:24:40,080 --> 00:24:44,320
Speaker 1: like subtle rounding up, you know, like there's like a

540
00:24:44,359 --> 00:24:47,200
Speaker 1: way to market that. And no, I really don't think

541
00:24:47,320 --> 00:24:50,760
Speaker 1: even on job descriptions. I have personally written job descriptions

542
00:24:50,800 --> 00:24:53,120
Speaker 1: for roles that I have hired, and some of it's

543
00:24:53,200 --> 00:24:56,000
Speaker 1: just kind of arbitrary. Yeah, three years sounds fine, but

544
00:24:56,080 --> 00:24:57,840
Speaker 1: if you're two years and four months, but you have

545
00:24:57,920 --> 00:24:59,480
Speaker 1: what I need, like I'm not going to be doing

546
00:24:59,520 --> 00:25:03,679
Speaker 1: the math, you know, like I think it's yeah, I

547
00:25:03,680 --> 00:25:05,639
Speaker 1: think instead of saying like one year or two years,

548
00:25:05,720 --> 00:25:08,800
Speaker 1: just say until I feel confident enough in this new

549
00:25:08,800 --> 00:25:11,879
Speaker 1: skill set or I feel like I've learned wrinny, excuse

550
00:25:11,920 --> 00:25:14,840
Speaker 1: me what I need to learn. But sometimes opportunities present

551
00:25:14,880 --> 00:25:18,480
Speaker 1: themselves before you feel ready and you just take and

552
00:25:18,520 --> 00:25:21,040
Speaker 1: you learn as you go. And that's okay too.

553
00:25:23,440 --> 00:25:25,720
Speaker 2: I always come to mand to get my little confidence boosts.

554
00:25:25,840 --> 00:25:27,240
Speaker 2: She's like, just do it, you can do this.

555
00:25:27,560 --> 00:25:29,040
Speaker 1: I was kind of like looking at you while I

556
00:25:29,080 --> 00:25:31,359
Speaker 1: answer that, but you didn't ask me, but that, you know,

557
00:25:31,480 --> 00:25:33,439
Speaker 1: I was imagining you in a wig for being.

558
00:25:33,359 --> 00:25:37,680
Speaker 2: Christa still with the connecting beer though, right as we

559
00:25:37,760 --> 00:25:38,000
Speaker 2: get to.

560
00:25:38,000 --> 00:25:40,240
Speaker 1: Keep that, there would be something for it to grab onto,

561
00:25:40,400 --> 00:25:45,640
Speaker 1: you know, something to connect to all right, be a fam, Chris,

562
00:25:45,640 --> 00:25:49,200
Speaker 1: thanks for joining me for b a qa ba Fam.

563
00:25:49,280 --> 00:25:51,760
Speaker 1: Don't forget to sign up for the five Day Career

564
00:25:51,840 --> 00:25:54,400
Speaker 1: Reboot Challenge. You go to Mandy money dot com slash

565
00:25:54,440 --> 00:25:57,160
Speaker 1: reboot to sign up. We're kicking off soon. If you're

566
00:25:57,160 --> 00:25:59,840
Speaker 1: listening to this podcast the day it airs, we're kicking

567
00:25:59,840 --> 00:26:02,800
Speaker 1: off I think like five days, so check us out

568
00:26:02,920 --> 00:26:06,600
Speaker 1: January fifteenth. I'm so excited. We'll see you guys there.

569
00:26:06,680 --> 00:26:10,119
Speaker 1: Thank you, bi fam. Bye