WEBVTT - Should You Get Life Insurance? Here Are Your Options 0:00:16.239 --> 0:00:19.680 All right, ba fam welcome. It's Friday, and y'all know 0:00:19.720 --> 0:00:22.200 what time it is. It's a b a QA and 0:00:22.239 --> 0:00:24.639 I have got a lovely guest in the studio with me, 0:00:24.920 --> 0:00:27.440 mister Chris Browning Popcorn Finance Welcome. 0:00:28.040 --> 0:00:30.240 Thanks for having me. Maddy always get talking with me. 0:00:30.640 --> 0:00:32.680 Yeah, I feel like you have some nerdy knowledge that 0:00:32.760 --> 0:00:35.400 I don't and some like pretty obscure topics. And this 0:00:35.520 --> 0:00:37.880 is not a dig I don't know why you're laughing 0:00:37.920 --> 0:00:38.680 like I'm making I'm not. 0:00:38.760 --> 0:00:41.279 This is a compliment. It's not like you fight. 0:00:41.440 --> 0:00:43.239 Let me run it back in my mind. You have 0:00:43.280 --> 0:00:47.159 some nerdy knowledge too. Yeah, yeah, I don't see that's 0:00:47.200 --> 0:00:49.519 a compliment. You're welcome. You're welcome from you. 0:00:49.600 --> 0:00:50.280 That's a compliment. 0:00:50.320 --> 0:00:54.280 Thank you, truly, truly, truly. But you do have some 0:00:54.400 --> 0:00:56.680 great like nuanced knowledge and like the nitty gritty of 0:00:56.680 --> 0:00:58.480 financial topics. So I'm excited to have you in the 0:00:58.520 --> 0:01:03.120 studio today. Welcome to the BAQA. We're kicking off the 0:01:03.120 --> 0:01:06.080 new year with some juicy questions. We're gonna tackle one 0:01:06.319 --> 0:01:09.280 that's like a mix between four to one k excuse me, 0:01:09.360 --> 0:01:11.479 and life insurance, and we're going to tackle another one 0:01:11.480 --> 0:01:14.440 that is all for a one K and pretty confusing 0:01:14.840 --> 0:01:19.440 like match situation. So heading into the new year as 0:01:19.480 --> 0:01:23.000 employees trying to figure out your employee matching your four 0:01:23.040 --> 0:01:25.520 to one k stuff, we got you. But before we 0:01:25.520 --> 0:01:27.800 get into the questions, just a little disclaimer, like, don't 0:01:27.800 --> 0:01:31.200 come sue us. This is just for purely financial edutainment. 0:01:32.360 --> 0:01:34.880 We're here too. I don't know if it's entertaining, but 0:01:35.160 --> 0:01:39.160 you know it's here as as just information. Okay, you 0:01:39.200 --> 0:01:41.399 don't have to follow our advice. It's just as a 0:01:41.560 --> 0:01:43.600 hmm let me see what they have to say about 0:01:43.640 --> 0:01:46.959 it type vibe. Okay, So don't sue me for sure, Chris, 0:01:47.000 --> 0:01:47.960 do you want them to like. 0:01:48.360 --> 0:01:49.840 I would appreciate it if they didn't. 0:01:49.640 --> 0:01:50.600 They give them your address? 0:01:50.600 --> 0:01:52.400 Okay, no, no, no, no, no, no, okay. 0:01:52.200 --> 0:01:55.640 Sons don't. Just just to be clear, don't sue Chris either. Okay, 0:01:55.680 --> 0:01:56.880 he doesn't got it like that. Okay. 0:01:57.360 --> 0:01:57.600 Please. 0:01:57.640 --> 0:01:59.800 A man's moving to San Francisco, he's got a new 0:02:00.240 --> 0:02:02.640 saying he can't he can't be dealing with legal paperwork. 0:02:02.640 --> 0:02:03.880 Okay, I got expenses. 0:02:03.960 --> 0:02:06.680 Come on, So we're just here for fundies, not your 0:02:06.720 --> 0:02:09.360 financial advisors. You got to get your own financial advice, 0:02:09.400 --> 0:02:11.720 your own financial planner, your ow investment advisor, all those 0:02:11.760 --> 0:02:14.040 good things. But we are here to take some of 0:02:14.040 --> 0:02:16.600 our listener questions and we love to do it. So 0:02:16.720 --> 0:02:19.600 as a reminder, y'all can submit your questions. You can 0:02:19.639 --> 0:02:22.840 send us a DM on ig at Brand Ambisson Podcast 0:02:23.080 --> 0:02:25.960 or you can email us Brand Ambisson podcast at gmail 0:02:26.000 --> 0:02:29.480 dot com. So please please please send in your questions. 0:02:29.720 --> 0:02:32.079 The mail bag is, you know, looking a little light 0:02:32.160 --> 0:02:33.960 at the beginning of the year, so let's get some 0:02:34.000 --> 0:02:36.799 new juicy questions in there, y'all. And to our new 0:02:37.000 --> 0:02:40.160 listeners who maybe found us from this viral TikTok post, 0:02:40.240 --> 0:02:44.200 welcome and hello and thanks for actually tuning in. You're 0:02:44.240 --> 0:02:46.560 in the right place. We're happy to have you. All right, 0:02:46.720 --> 0:02:52.240 So diving into our first listener question of twenty twenty. 0:02:51.720 --> 0:02:53.200 Five, let's go. 0:02:54.120 --> 0:02:55.680 All right, Chris, you're ready for our first question? 0:02:55.840 --> 0:02:56.840 All right, let's get into it. 0:02:57.040 --> 0:03:00.320 I'm shaking my shoulders back, all right, it says, I 0:03:00.360 --> 0:03:02.280 am thirty seven. I'm gonna be Oh, this is from 0:03:02.360 --> 0:03:04.919 Nadine and Ig. I am thirty seven. I'm going to 0:03:04.960 --> 0:03:07.520 be thirty eight next month. I lost my job, so 0:03:07.600 --> 0:03:10.320 I no longer have health or life insurance through them. 0:03:10.760 --> 0:03:13.120 I was thinking of getting my own policy outside of 0:03:13.160 --> 0:03:16.160 my employer, and right now I'm trying to decide between 0:03:16.280 --> 0:03:20.000 term and whole life insurance. I also want to grow 0:03:20.040 --> 0:03:24.040 wealth with my policy at some point? Is this realistic? 0:03:24.240 --> 0:03:26.560 I don't have kids yet, but I just feel like 0:03:26.639 --> 0:03:30.200 it's something that adults should have. Also, can you talk 0:03:30.240 --> 0:03:32.760 a bit about investing through your four to one K 0:03:33.600 --> 0:03:37.880 versus the IUL, which, thanks to the power of Google 0:03:37.960 --> 0:03:41.880 I know stands for Index Universal Life Policy to ne 0:03:41.960 --> 0:03:42.680 get that right? 0:03:43.160 --> 0:03:44.120 Yeah, that sounds right to me. 0:03:44.240 --> 0:03:48.320 Yes, Hold on, I'm gonna double check real quick. Yeah yeah, okay, 0:03:48.600 --> 0:03:53.720 Index Universal Life Insurance versus a WROTH. Okay. So there 0:03:53.760 --> 0:03:57.680 is a lot of like alphabet soup in this question, Chris, 0:03:58.040 --> 0:04:01.000 So this is important and so we're going to tackle 0:04:01.000 --> 0:04:03.840 it together. Hold my virtual hands ba FAM. All right, 0:04:03.880 --> 0:04:07.640 So starting with the initial question, life insurance policy. She's 0:04:07.720 --> 0:04:12.120 thirty eight, has no kids, considering getting her own life 0:04:12.160 --> 0:04:15.920 insurance policy. Is that something that she should consider? 0:04:16.920 --> 0:04:18.920 You know, whenever I hear people talk about like should 0:04:18.920 --> 0:04:21.000 they get life insurance, I'm always the first thing comes 0:04:21.000 --> 0:04:23.000 to my mind is like you should be thinking for 0:04:23.080 --> 0:04:25.880 who like, who is this for? Because you will no 0:04:25.960 --> 0:04:28.120 longer be here on this earth, so you're not going 0:04:28.160 --> 0:04:31.080 to get to enjoy the money. So is there somebody 0:04:31.080 --> 0:04:34.440 in particular who would need your income that's going to 0:04:34.440 --> 0:04:37.320 be lost now? And that's basically what you're replacing, right 0:04:37.400 --> 0:04:40.760 because if you have a spouse who you're obviously you're 0:04:40.760 --> 0:04:42.600 part of that, you know, financial contributions to the home, 0:04:42.600 --> 0:04:44.240 if you have kids who have expenses that are going 0:04:44.279 --> 0:04:47.000 to keep going on then Yet, but oftentimes made for 0:04:47.040 --> 0:04:50.120 single people, there's not really a reason to have life 0:04:50.160 --> 0:04:53.200 insurance unless you have unless you can come up with 0:04:53.200 --> 0:04:55.800 a very valid reason, like you want to leave some 0:04:55.880 --> 0:04:58.720 large chunk of money to a foundation or something like that. 0:04:58.800 --> 0:05:02.000 I don't know, but yeah, you're just existing and by yourself, 0:05:02.000 --> 0:05:05.120 you're perfectly fine. To me. You can just gift and 0:05:05.160 --> 0:05:07.520 give the money that you accumulate. So you should be like, 0:05:07.560 --> 0:05:10.120 as you're planning for retirement, you're saying for emergencies, you 0:05:10.120 --> 0:05:12.960 have something set aside and you can give that away 0:05:13.000 --> 0:05:15.320 as a gift without having to take on the expense 0:05:15.760 --> 0:05:18.640 of like a term or whole life insurance policy. So 0:05:18.680 --> 0:05:20.560 for me, in this situation, if you're single, thirty seven, 0:05:20.600 --> 0:05:22.840 thirty eight. No kids, No spouse's going to rely on 0:05:22.880 --> 0:05:25.760 your income, no family member that you're supporting, and they're 0:05:25.800 --> 0:05:27.640 going to be in a tough spot when you're gone. 0:05:27.680 --> 0:05:29.600 It's no one who's depending on your income. 0:05:30.320 --> 0:05:32.280 Then no one needs you. 0:05:33.480 --> 0:05:36.320 They may need your friendship. You know, you do you 0:05:36.320 --> 0:05:37.160 have life insurance? 0:05:37.160 --> 0:05:40.960 You're you're no technically single and no kids? 0:05:41.360 --> 0:05:43.320 No, not anymore. I did when I was working and 0:05:43.360 --> 0:05:45.560 I was married, I had a life insurance policy. But 0:05:45.600 --> 0:05:48.039 after that, I'm like, who is this for. I'm like, 0:05:48.080 --> 0:05:51.279 if once I events, I vacate this earth, whatever money 0:05:51.320 --> 0:05:53.360 I've saved for retirement, I'm going to just give that 0:05:53.400 --> 0:05:56.120 to my family and my niece. You can help pay 0:05:56.160 --> 0:05:58.880 for college or help out you know, anyone else in 0:05:58.920 --> 0:06:01.240 my life. But I'm at this point I don't need 0:06:01.279 --> 0:06:02.839 a life insurance policy. If all was of a sudden, I. 0:06:02.839 --> 0:06:05.160 Put me down for that fancy microphone, I would like that, 0:06:05.320 --> 0:06:08.080 just you know, think a little posted on it. 0:06:08.360 --> 0:06:10.240 It's gonna be, it's gonna be. I have i'mna have 0:06:10.279 --> 0:06:12.960 a little uh insult counter in my will and then 0:06:13.120 --> 0:06:14.760 want people to go back and review these records. 0:06:14.800 --> 0:06:16.120 Put them on the tombstone. 0:06:16.720 --> 0:06:19.920 Yes, you definitely give you do this. 0:06:20.160 --> 0:06:23.480 His beard connects and nothing else. 0:06:24.000 --> 0:06:25.880 I like that. That's the best. That's like the best 0:06:25.880 --> 0:06:27.960 thing you can say about me is like your beard 0:06:28.000 --> 0:06:30.320 connects every time. Just think it's such a. 0:06:30.320 --> 0:06:33.000 Fun sentence to say, like your beard connects. I don't know, 0:06:33.040 --> 0:06:35.640 and it just matters in some way that I don't understand. 0:06:36.040 --> 0:06:38.360 I just think it's funny, does it really? There's nothing 0:06:38.400 --> 0:06:41.359 to connect it too, because it's. 0:06:41.839 --> 0:06:44.440 You know what, there it's one more wait, you wasted 0:06:44.560 --> 0:06:48.039 one of your insults on this point. It was pointless. 0:06:48.080 --> 0:06:49.480 You already wasted it now, but it. 0:06:49.400 --> 0:06:52.159 Feels so good. It's like a medicine for me. Okay, 0:06:52.160 --> 0:06:56.240 So anyway back to Nadine's question, if we could, this 0:06:56.279 --> 0:06:59.240 is a very serious podcast, Chris, okay, So we're talking 0:06:59.240 --> 0:07:02.120 about life insurance. So now term versus whole, you know, 0:07:02.240 --> 0:07:05.000 simply put, term is like, so I have a term policy. 0:07:05.040 --> 0:07:07.040 I think it's twenty or twenty five years, which is 0:07:07.160 --> 0:07:11.000 basically my prime working years. So something happens to me 0:07:11.120 --> 0:07:12.760 for the next twenty twenty five years, I know my 0:07:12.760 --> 0:07:14.800 family is going to be Okay. It kind of sucks 0:07:14.840 --> 0:07:17.960 to have to pay anything into that pool, and it's 0:07:17.960 --> 0:07:21.120 not cheap because I'm black and at the time I 0:07:21.120 --> 0:07:24.240 had just given birth, I had just gotten on like 0:07:24.280 --> 0:07:28.520 an antidepressant. Oh, some policies won't even like cover you 0:07:28.680 --> 0:07:30.880 if you have that kind of thing on your record. 0:07:31.080 --> 0:07:34.560 So anyway, my monthly payment is like one hundred and 0:07:34.560 --> 0:07:39.800 fifty bucks. It ain't cheap. And so the next question, 0:07:39.880 --> 0:07:43.560 so there is this sense that some life insurance policies 0:07:43.640 --> 0:07:47.360 are more of like an investment vehicle. So now Nadine's 0:07:47.400 --> 0:07:50.600 asking about, like, do you can you talk about using 0:07:50.600 --> 0:07:55.000 a four to one K versus the index Universal Life 0:07:55.200 --> 0:07:59.160 policy versus a WROTH four one K or roth IRA. 0:08:00.400 --> 0:08:02.920 Maybe I feel like for BA FAM, the first thing 0:08:03.040 --> 0:08:06.480 maybe confusing to them is like what even is an 0:08:06.560 --> 0:08:10.960 IUL insurance plan? Can you make it simple for us? 0:08:11.240 --> 0:08:12.880 Yeah, I'm going to try to use this few words 0:08:12.920 --> 0:08:17.360 as possible to descrive this. But indexed Universal Life think 0:08:17.400 --> 0:08:19.680 of it as a version, like a variation of a 0:08:19.760 --> 0:08:23.520 whole life insurance policy. So whole life is meant to 0:08:23.560 --> 0:08:26.600 be you just can keep paying those premiums for the 0:08:26.760 --> 0:08:30.520 entirety of your life, and then at whatever point you die, 0:08:30.880 --> 0:08:32.880 that benefit would go to whoever you designate, whereas like 0:08:32.880 --> 0:08:34.760 with term right, once that period of time is up, 0:08:34.880 --> 0:08:36.920 the policy goes away like there doesn't exist anymore. So 0:08:36.920 --> 0:08:39.120 if you were to pass away after the term is up, 0:08:39.360 --> 0:08:40.480 then no one would get any money. 0:08:40.559 --> 0:08:40.640 Right. 0:08:40.640 --> 0:08:42.679 There was just more like a security for you if 0:08:42.679 --> 0:08:45.280 something were to happen when people needed you during that time. 0:08:45.720 --> 0:08:48.160 So the Index Universal Life it kind of takes it 0:08:48.200 --> 0:08:52.160 a step further. So with the whole life policy, typically 0:08:52.559 --> 0:08:54.640 it's just very simple. You're just giving your premiums and 0:08:54.679 --> 0:08:56.400 then they gave you this benefit whenever you need it. 0:08:56.679 --> 0:08:59.000 With the Index Universal Life it lets you kind of 0:08:59.200 --> 0:09:01.920 invest some of the value that can kind of grow 0:09:02.280 --> 0:09:04.600 in these policies. Right, you have like a death benefit, 0:09:04.640 --> 0:09:05.920 which is the money that like if you get a 0:09:05.960 --> 0:09:08.880 million dollar policy, that's the death benefit. But you can 0:09:09.040 --> 0:09:10.680 if you put as you put more money into the 0:09:10.720 --> 0:09:14.199 policy develop I kind of almost like excess cash that 0:09:14.320 --> 0:09:17.199 kind of over it being invested over time, it has 0:09:17.200 --> 0:09:19.440 that extra value to it. So they allow you to 0:09:19.440 --> 0:09:21.040 take that money and then kind of almost like a 0:09:21.080 --> 0:09:23.400 four to one k like choose some options to throw 0:09:23.440 --> 0:09:26.760 that that money into, and so it gets marketed as 0:09:26.800 --> 0:09:28.960 this is a great wealth tool. It's a great way 0:09:29.000 --> 0:09:31.160 to invest, and because you're building up this money and 0:09:31.200 --> 0:09:33.920 you need to avoid taxes, all these things. But the 0:09:33.960 --> 0:09:36.560 thing they oft sometimes don't tell you about is one 0:09:37.440 --> 0:09:41.080 whole life policies are much more expensive than term life policies. 0:09:41.120 --> 0:09:42.720 They can be you know, up to like ten times 0:09:42.760 --> 0:09:45.640 more per month for the same amount of money the 0:09:45.640 --> 0:09:48.240 same amount of coverage. So you're already giving way more 0:09:48.280 --> 0:09:49.200 money up front into. 0:09:50.080 --> 0:09:52.480 Bucks a month for life insurance. Like do you need 0:09:52.559 --> 0:09:53.240 life insurance? 0:09:53.640 --> 0:09:54.560 Like you needed that bad? 0:09:56.160 --> 0:09:57.600 You got the money in the bank for the family. 0:09:58.160 --> 0:09:58.480 I don't know. 0:09:58.520 --> 0:10:01.040 I'm just saying it might be okay if you get 0:10:01.120 --> 0:10:03.240 four a ton of money every month in these premiums. 0:10:03.840 --> 0:10:06.240 And then on top of that, they oftentimes will cap. 0:10:06.640 --> 0:10:08.200 They do cap your losses, which is one of the 0:10:08.200 --> 0:10:10.120 selling points, like, oh, look, we can make sure you 0:10:10.120 --> 0:10:12.240 don't lose too much money. Because you put your money 0:10:12.240 --> 0:10:14.080 into the stock market, if it goes down a lot, 0:10:14.360 --> 0:10:16.920 you have this big downside. But with us, we can 0:10:16.960 --> 0:10:19.560 protect you on the downside. But the only reason they 0:10:19.559 --> 0:10:21.520 can do that is because they also cap how much 0:10:21.559 --> 0:10:23.520 you can earn. So even if the stock market makes 0:10:23.760 --> 0:10:26.720 twenty percent, you may not be getting all that they're 0:10:26.760 --> 0:10:28.080 going to keep the difference. They may say, we're going 0:10:28.120 --> 0:10:29.599 to cap you at nine percent and they get to 0:10:29.640 --> 0:10:32.160 keep the eleven percent that it earns over that. So 0:10:32.200 --> 0:10:34.760 there are all these things in place that they're like, 0:10:34.880 --> 0:10:37.080 even think about an insurance company, they're going to make 0:10:37.080 --> 0:10:38.480 sure they come out on top, right, They're not in 0:10:38.520 --> 0:10:40.960 the business of losing money. So it sounds like a 0:10:41.000 --> 0:10:43.719 great deal, but oftentimes there's these fees if you try 0:10:43.720 --> 0:10:45.720 to get out early. There's the fact that you can 0:10:45.760 --> 0:10:48.520 only earn so much in these policies. It cost you 0:10:48.559 --> 0:10:51.400 a lot every month that oftentimes don't make the math 0:10:51.480 --> 0:10:53.240 makes sense anymore. You would have been better off just 0:10:53.280 --> 0:10:55.480 putting it in your four one K or your IRA. 0:10:56.400 --> 0:10:58.480 Yeah, I mean with the traditional four to one K 0:10:58.600 --> 0:11:01.040 you get the pre tax benefit, so you're putting in 0:11:01.320 --> 0:11:06.680 funds before taxes have been taken out. Yeah, that's so interesting. 0:11:06.800 --> 0:11:10.200 It just sounds like one of those products that people 0:11:10.240 --> 0:11:13.160 with a lot of money get talked into investing in 0:11:13.200 --> 0:11:15.520 because they have a fancy financial advisor who gets made 0:11:15.559 --> 0:11:18.400 who gets mad kickbacks, and they're not so worried about 0:11:18.400 --> 0:11:20.280 little fees, like they're just kind of like letting an 0:11:20.320 --> 0:11:23.360 advisor kind of take their money and do things with it. 0:11:23.400 --> 0:11:26.640 And I think for like the average person, it doesn't 0:11:26.640 --> 0:11:29.559 sound like the kind of tool that makes sense long 0:11:29.640 --> 0:11:31.479 term for investing. 0:11:31.880 --> 0:11:34.440 To me, the red flag, oh well go a sorry. 0:11:34.360 --> 0:11:35.880 Yeah, just based on what I've read and what you've 0:11:35.920 --> 0:11:37.480 said so far, I'm not a fan. 0:11:38.160 --> 0:11:40.560 And to me, the red flag is you see a 0:11:40.600 --> 0:11:43.760 lot of people, even on not TikTok all for social media, 0:11:43.800 --> 0:11:45.520 I see a lot of people who are like salespeople 0:11:45.600 --> 0:11:48.520 for these insurance policies where ITA's whole life. Sometime they 0:11:48.520 --> 0:11:51.079 call it infinite bankings and they call it index like 0:11:51.160 --> 0:11:53.000 they have all these names infinite banking. 0:11:53.280 --> 0:11:56.480 Yeah, they have all those targeted to like dudes like, oh. 0:11:56.360 --> 0:11:58.200 You know what it is, don't You would have banked 0:11:58.200 --> 0:12:01.680 that just gives you infinite money. It's crazy, but you 0:12:01.760 --> 0:12:03.320 think about it, Why are these people why are they 0:12:03.360 --> 0:12:06.160 putting so much energy into selling these products to try 0:12:06.200 --> 0:12:07.640 to get you to get it because they make a 0:12:07.640 --> 0:12:09.320 lot of commission on it. You don't see those people 0:12:09.400 --> 0:12:11.200 doing that for term life insurance. You don't see a 0:12:11.200 --> 0:12:13.199 bunch of videos like oh here's how I can make 0:12:13.200 --> 0:12:15.200 you money with term left because there's not an incentive 0:12:15.200 --> 0:12:16.840 for them to do it. So to me, that's the 0:12:16.840 --> 0:12:18.560 red flag. If a bunch of people I don't know 0:12:18.559 --> 0:12:21.000 where want to just sell me this, there's in it 0:12:21.040 --> 0:12:22.640 for them. They're not doing this out of the kindness 0:12:22.640 --> 0:12:23.800 of their heart, and. 0:12:23.760 --> 0:12:25.800 They're doing it because they don't think you're going to 0:12:25.880 --> 0:12:29.640 kick the bucket anytime soon. Exactly, really underwright so that 0:12:29.679 --> 0:12:32.839 they can pick people who probably will be alive and 0:12:32.880 --> 0:12:36.440 never need the money. That's the truth of it. It's 0:12:36.480 --> 0:12:42.960 such a gross, kind of morbid, but fascinating industry. Necessary. 0:12:43.040 --> 0:12:43.600 I believe in. 0:12:43.559 --> 0:12:46.080 Insurance for sure, Oh yeah, for sure, But it's just 0:12:46.160 --> 0:12:50.199 interesting the life insurance policy and the underwriting process and how, yeah, 0:12:50.240 --> 0:12:55.080 how they completely can predict down I've heard this guy. 0:12:55.120 --> 0:12:56.520 He was on a podcast I was listening to. I 0:12:56.520 --> 0:12:59.760 don't know his name, doesn't really matter, but he worked 0:12:59.760 --> 0:13:03.040 for in the insurance underwriting business for a very long time, 0:13:03.120 --> 0:13:06.000 and he's like, oh, we know we can. We have 0:13:06.120 --> 0:13:09.480 these like really scary calculations that if you saw you'd 0:13:09.520 --> 0:13:12.400 be like, oh shit, I'm want to die when because 0:13:12.440 --> 0:13:15.439 they figure that out? Okay, but so Chris, you're you're 0:13:15.440 --> 0:13:19.040 an entrepreneur, you worked until when did you officially go 0:13:19.040 --> 0:13:22.040 one hundred percent and this whole popcin. 0:13:21.800 --> 0:13:23.959 Popcorn thing twenty twenty one. 0:13:24.120 --> 0:13:25.960 Sorry, but the popcam I don't know where that came from. 0:13:26.200 --> 0:13:28.880 Twenty one. We're so happy you know so much about me. 0:13:29.080 --> 0:13:32.440 Yeah, yeah, yeah, okay, So how are you investing now 0:13:32.440 --> 0:13:33.319 as an entrepreneur? 0:13:33.880 --> 0:13:36.679 Oh? So I still go through uh IRA. That That's 0:13:36.679 --> 0:13:38.560 what I've been using. So I have obviously had all 0:13:38.559 --> 0:13:40.240 my retirement from when I was working my day job, 0:13:40.280 --> 0:13:42.559 but I still use an IRA. I haven't graduated over 0:13:42.640 --> 0:13:45.199 to doing like a opening up a four one K 0:13:45.280 --> 0:13:47.240 through my business. That's like I'm thinking about that down 0:13:47.280 --> 0:13:49.480 the line, solo four one K. I have one of those, 0:13:50.120 --> 0:13:53.240 but for now, like IRA still works perfectly fine. 0:13:53.640 --> 0:13:56.280 Well, but isn't there a limit on the how much 0:13:56.280 --> 0:13:57.880 you can control or that's just the roth IRA. 0:13:58.679 --> 0:13:59.920 Well there is, so you do have. I do have 0:13:59.920 --> 0:14:02.160 the same contribution limit when I do like I'm doing 0:14:02.160 --> 0:14:04.640 a typical iry like everyone else would would do. I'm 0:14:04.679 --> 0:14:06.400 not doing like the like a sep ira, which is 0:14:06.400 --> 0:14:09.079 like for self employed people where you have higher cap 0:14:09.120 --> 0:14:11.760 on that to what you can do. And that's because 0:14:11.880 --> 0:14:14.280 I'd already thankfully have done a pretty good job of 0:14:14.320 --> 0:14:16.480 investing before I left my job that I'm like, Okay, 0:14:16.480 --> 0:14:18.040 I don't need to max out as high as I 0:14:18.080 --> 0:14:19.840 was doing before, so at least for now, I may 0:14:19.920 --> 0:14:21.000 change my mind. I'm like, you know what, I want 0:14:21.000 --> 0:14:23.400 to accelerate it. But with the current limits, I'm like, oh, 0:14:23.440 --> 0:14:25.560 I'm still good based off of what my plans were. 0:14:25.680 --> 0:14:26.920 Like seven thousand for the year. 0:14:27.320 --> 0:14:29.280 Yeah, this is last year, seven thousand. I think it's 0:14:29.320 --> 0:14:31.040 still the same issue. I didn'tcheck the twenty twenty five 0:14:31.080 --> 0:14:31.560 limits yet. 0:14:32.000 --> 0:14:35.920 Ohkay, gotcha, Yeah, I need to. I kind of forget. 0:14:36.000 --> 0:14:38.840 It's usually something my CPA or my advisor is like, hey, 0:14:38.880 --> 0:14:41.480 and max out your wroth iray, and I'm like, oh, 0:14:41.800 --> 0:14:44.080 sometimes it doesn't feel like saving money. It just feels 0:14:44.080 --> 0:14:46.840 like but I wanted that exactly. 0:14:46.880 --> 0:14:49.080 It's like I can doing something with this man. 0:14:49.200 --> 0:14:51.760 Thirty something me, twenty four year old me would be 0:14:51.800 --> 0:14:55.640 just be appalled by some of the basic like personal 0:14:55.720 --> 0:14:59.800 finance failures I have been making lately, just because she's 0:14:59.840 --> 0:15:03.080 like she would be like, Mandy, come on, like what 0:15:03.160 --> 0:15:06.920 about our seven savings accounts? What about lifestyle inflation and 0:15:07.040 --> 0:15:08.000 keeping that away? 0:15:08.200 --> 0:15:11.960 You know, life happens, though it's easy to get get 0:15:12.080 --> 0:15:13.200 pulled into life and they say, you. 0:15:13.200 --> 0:15:15.480 Know, yes, it truly does. But I do need to 0:15:15.480 --> 0:15:17.640 start thinking more about like future me and how I 0:15:18.080 --> 0:15:20.880 want to create like a certain lifestyle for myself so 0:15:20.920 --> 0:15:22.400 I can be there for my kids and to like 0:15:22.440 --> 0:15:25.640 be a certain kind of just really have my golden 0:15:25.720 --> 0:15:28.120 years sooner than I would otherwise. And I got to 0:15:28.160 --> 0:15:31.440 tap more into that future future me future. 0:15:32.000 --> 0:15:34.040 I mean, I think I think having a couple of 0:15:34.120 --> 0:15:37.040 kids kind of really does make you have other things 0:15:37.040 --> 0:15:37.600 you're thinking about. 0:15:37.600 --> 0:15:40.280 I think you have nothing for everything though home, Like 0:15:41.440 --> 0:15:45.640 I'm telling you therapy, I think you know it's I 0:15:45.680 --> 0:15:49.080 gotta take some responsibility. Okay, Well, thank you Nadine for 0:15:49.120 --> 0:15:51.920 your question and for and for Chris for almost making 0:15:51.960 --> 0:15:54.160 that makes sense for me, Like I kind of get it, 0:15:54.440 --> 0:15:57.760 and I hope you do too, pa fam. But it's 0:15:57.800 --> 0:15:59.560 also a good reminder. I'm sorry. 0:16:00.400 --> 0:16:04.160 I think that wasn't so mean. I think you were 0:16:04.200 --> 0:16:06.800 on pace to lose the ability to get this microphone 0:16:06.840 --> 0:16:08.320 like by the end of this recording, like. 0:16:08.760 --> 0:16:09.680 I'm gonna need that, Mike. 0:16:09.840 --> 0:16:10.160 Thank you. 0:16:11.760 --> 0:16:14.240 Yeah, so thank you to Nadine for your question. We're 0:16:14.280 --> 0:16:17.560 gonna move on, be right back we have another juicy 0:16:17.640 --> 0:16:22.760 question for y'all. Be right back. Okay, be a fan. 0:16:22.880 --> 0:16:25.280 I'm back with Chris Browning a popcorn finance and we 0:16:25.360 --> 0:16:28.960 have our second question twenty twenty five from a listener, Christa, 0:16:28.960 --> 0:16:33.160 who sent us an email and she says, Hey, brown Ambition, 0:16:33.240 --> 0:16:35.400 I hope you are well. I have a question about 0:16:35.400 --> 0:16:39.520 my job. I started a new hourly position in January. 0:16:39.840 --> 0:16:42.480 After a few months, I was given the opportunity to 0:16:42.520 --> 0:16:46.400 start an internship or role sharing in a new field 0:16:46.400 --> 0:16:49.520 within the company. I have been excelling at this position 0:16:49.600 --> 0:16:53.040 and everyone has been complimentary, including my boss and the CEO. 0:16:53.800 --> 0:16:56.520 Now that the internship has ended, I have been and 0:16:56.680 --> 0:16:59.480 I've been given an offer. To my surprise, I only 0:16:59.520 --> 0:17:04.000 received a title change, no raise, no transition to salaried employee. 0:17:04.640 --> 0:17:08.120 I'm frustrated that I've gotten no pay bump even though 0:17:08.119 --> 0:17:11.480 my workload has more than doubled. I've decided that I 0:17:11.520 --> 0:17:14.720 should accept the junior position and wait for a year, 0:17:15.560 --> 0:17:17.320 other than go back to the position that I was 0:17:17.320 --> 0:17:21.960 originally hired for. I tried negotiating for PTO and more 0:17:22.000 --> 0:17:25.119 flexible schedule to no avail. I want to grow in 0:17:25.160 --> 0:17:26.960 this new position, but it feels that the company is 0:17:26.960 --> 0:17:30.600 getting a steep discount for my work. Also, the workload 0:17:30.720 --> 0:17:33.760 is a lot. To be honest, the original position I 0:17:33.800 --> 0:17:36.080 had was less demanding, and I would just be focused 0:17:36.119 --> 0:17:38.240 on one department. I feel like I'm going to get 0:17:38.240 --> 0:17:39.919 if I'm going to get paid the same, why not 0:17:40.000 --> 0:17:43.719 just stick to the less busy the less busy title. 0:17:44.200 --> 0:17:46.600 It can be frustrating seeing others do a lot less 0:17:46.640 --> 0:17:50.080 work for the same pay. Which would you choose? 0:17:51.600 --> 0:17:54.119 Oh, this is a tough question. I'm really curious to 0:17:54.160 --> 0:17:56.840 hear your response is because me and being a people pleaser, 0:17:56.880 --> 0:17:58.879 I'm like, well, I can't. I had to take the job, right, 0:17:58.920 --> 0:18:00.359 I had to take the tible because they offered it 0:18:00.400 --> 0:18:01.600 to me. What if I say no, are they're going 0:18:01.680 --> 0:18:04.800 to risk? I know it's wrong. That's why that's why 0:18:05.000 --> 0:18:06.520 I come to you. I come to Mandy with these 0:18:06.560 --> 0:18:07.119 type of questions. 0:18:07.400 --> 0:18:11.240 Confused by that response. I don't understand it. Hell no, 0:18:11.480 --> 0:18:13.920 so girl, it's funny because so I'm writing this book 0:18:13.960 --> 0:18:16.800 right now, right And one of the beautiful things about 0:18:16.840 --> 0:18:19.240