Speaker 1: It's time for the b a q a b a
Speaker 1: q a.
Speaker 2: Tiffan ale'd be a q a no man day, that'd
Speaker 2: be a q a a. It's time for the b
Speaker 2: a q a Brianda Bishing Question answers. You have questions,
Speaker 2: we have some answers. Although we are not your mama,
Speaker 2: your brother, not your sister, just your friend, not your doctor,
Speaker 2: not your attorney, not your financial advisor.
Speaker 1: To the end.
Speaker 2: Okay, well, none of those things, which means that you're
Speaker 2: going to lean into the people that you pay for
Speaker 2: the final say that was a.
Speaker 1: Bar leading to people you pay for the final say
Speaker 1: I should have been a rapper. Okay.
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Speaker 2: like today's contestant, then you know do that too. So
Speaker 2: this is in from Sandy on ig Hi, Mandy, and Tiffany.
Speaker 2: I have a car buying question for you. I'm looking
Speaker 2: to buy a car later this year. Estimate cost is
Speaker 2: thirty thousand dollars. Should I pay for in cash or
Speaker 2: finance with a large down payment? With car interest rates
Speaker 2: being upwards of seven percent plus and my high yield
Speaker 2: savings account rate is four point three percent, I can
Speaker 2: make a case for taking the money from savings and
Speaker 2: paying for the car and cash, but that will take
Speaker 2: a big chunk out of my savings. That makes me nervous,
Speaker 2: even if the numbers look right. My details, which we
Speaker 2: love when you do details. My emergency fund is fifty
Speaker 2: thousand dollars. Ooh okay, so it'd be more than half
Speaker 2: your emergency fund. I fully fund my wroth Ira HSA
Speaker 2: and put eleven percent into my four to one case
Speaker 2: traditional slash wrath IRA to our four one case okay,
Speaker 2: put a little into a five twenty nine so that
Speaker 2: means a kid. It sounds like you have a kid
Speaker 2: and I have a seven eighty credit score. I mean, Sandy,
Speaker 2: you looking for a partner. I don't know if you
Speaker 2: as a man or a woman child, but either way
Speaker 2: you look good bare bones. My monthly living expenses are
Speaker 2: twenty five hundred dollars debt free, so thirty thousand would
Speaker 2: be about twelve months of emergency fund income is one
Speaker 2: hundred and one thousand dollars. Thank you if you use
Speaker 2: it for your podcast, Stady, it's a good name. Thank you,
Speaker 2: Thank you, thank You're both awesome.
Speaker 1: Oh you're welcome.
Speaker 2: First of all, Sandy, let's take a moment, cause, Sandy,
Speaker 2: your numbers are cute. I don't know what you look like,
Speaker 2: but I promise you you're good looking cause these numbers
Speaker 2: are fun. Baby, these numbers is fine. If you are
Speaker 2: a woman, super fine. If you are a man, super dupervine. Okay, no,
Speaker 2: this is really awesome. I love to see this. So basically,
Speaker 2: you have about a year and a half of emergency
Speaker 2: fund saved. Give her take with fifty thousand dollars, which
Speaker 2: is great. You're making good money at one hundred thousand dollars.
Speaker 2: Plus you have maxed out on everything, which is great.
Speaker 2: The question you sound kind of like me when I'm
Speaker 2: making a decision, And I'll tell you what my financial
Speaker 2: advisor told me when I'm making a decision whether to
Speaker 2: buy something cash, because I'm in a similar position as you,
Speaker 2: and that I don't have any debt. I max out
Speaker 2: on all my things, I have plenty of emergency savings.
Speaker 1: All the things. It really comes down to.
Speaker 2: On the surface, she told me, like I bought my
Speaker 2: condo and I said, Anjalie, I want to buy my condo.
Speaker 2: I think I want to buy a cash And she said, okay,
Speaker 2: Now here's the thing on the surface, is that if
Speaker 2: we're just talking straight math mathematical decision, then is that
Speaker 2: the best choice? No, because my condo was a little
Speaker 2: over five hundred thousand dollars And I said, I want
Speaker 2: to buy a cash five hundred thousand and she said, okay,
Speaker 2: here's the thing, Tiffany, you can, you know, get a loan.
Speaker 2: I think I think the time, maybe I could have
Speaker 2: got a loan for like six percent seven, which is high.
Speaker 2: Because that's why I was kind of like, I don't
Speaker 2: want pay too I don't want to pay loans plus two.
Speaker 2: Quite honestly, I already lost the house to foreclosure in
Speaker 2: my twenties, and I like knowing that I own it
Speaker 2: full out and I just don't want to have to
Speaker 2: pay a mortgage, and I pay hoa here, and so
Speaker 2: I just was like, I just didn't I just didn't.
Speaker 1: Want to have to think about a mortgage.
Speaker 2: So but on the surface, I could have put down
Speaker 2: a good size, you know, down payment like he's like you,
Speaker 2: and I could have paid monthly and then I could
Speaker 2: have put the rest of the money in the market.
Speaker 2: And to be honest, last year, I think the market
Speaker 2: returned about twenty two percent. Thanks, So think about what's
Speaker 2: twenty two percent or three hundred thousand. Like, let's just
Speaker 2: say I put down two hundred, not even two hundred.
Speaker 2: Let's just say I put down one hundred thousand, and
Speaker 2: I put four hundred thousand in the market.
Speaker 1: Yeah, let's do the math. Let's do the math. Let's
Speaker 1: do the math.
Speaker 2: Four hundred thousand, not that I would have put all
Speaker 2: into the market, but let's just say for the times,
Speaker 2: twenty two percent four hundred thousand times point twenty two.
Speaker 2: So what's happening four hundred thousand times point twenty two
Speaker 2: eighty eight thousand dollars. So, if we're looking at super
Speaker 2: simple math, I missed out on maybe making an additional
Speaker 2: eighty eight thousand dollars because I could have put the
Speaker 2: money to work versus putting the money inside my my condo.
Speaker 2: My condo did not appreciate eighty eight thousand dollars. Of course,
Speaker 2: that's really simple math. That's you know that probably wouldn't
Speaker 2: have made that. But let's just say even fifty that
Speaker 2: I left on the table for a peace of mind
Speaker 2: for me. So I had to ask myself, what is
Speaker 2: my desire outcome for paying for it in this way
Speaker 2: when I have all everything else, just like you check
Speaker 2: check check check. I wanted peace of mind. And I'm
Speaker 2: not mad at me quote unquote losing out a fifty
Speaker 2: thousand dollars for my own peace of mind.
Speaker 1: Here's why I did not know this. But twenty twenty
Speaker 1: three was a really rough.
Speaker 2: Year in business. I made like almost no money, and
Speaker 2: so I didn't really take home a lot of money
Speaker 2: last year. And normally, I mean I have taken home
Speaker 2: take home, take home, not gross take home some years
Speaker 2: multiple seven figures.
Speaker 1: Last year was barely chill. I don't even know.
Speaker 2: Maybe I made two hundred thousand, I don't even know,
Speaker 2: not that that's a little bit of money, but compared
Speaker 2: to making two million and so on top of everything
Speaker 2: else I was paying for. I'm glad I didn't have
Speaker 2: to pay the mortgage, so I don't I'm not mad
Speaker 2: at my decision, although I was conscious in making that choice.
Speaker 2: What could what could that money if not used to
Speaker 2: pay down the car in full?
Speaker 1: What could that money be doing?
Speaker 2: So then the other thing on the So that's just
Speaker 2: the pure mass side. On the other side, to ask yourself,
Speaker 2: how do you want to feel about this money? Are
Speaker 2: you like, I really don't want to have to pay
Speaker 2: this this That's what it sounds like. You're saying, like
Speaker 2: I really don't want to have to pay for this car.
Speaker 2: Note how long is the car? Note can you prepay?
Speaker 2: You know, let's just say you put down ten thousand
Speaker 2: dollars or five thousands whatever. Are you able to prepay
Speaker 2: if you're just like, ah, I want to be done
Speaker 2: with it. That's something Angelie also told me. What if
Speaker 2: you paid and then wait for interest rates to go
Speaker 2: down and then prepay it off.
Speaker 1: These are just some things to consider.
Speaker 2: You know.
Speaker 1: I don't think it's necessarily wrong to pay.
Speaker 2: The car for thirty thousand dollars, but if I was
Speaker 2: going to get a car note, I would be looking
Speaker 2: at credit unions.
Speaker 1: I know you said seven percent plus, and I agree.
Speaker 1: I took out to look at the numbers.
Speaker 2: But for example, Federal, Navy, Federal right now, I think
Speaker 2: they're offering like a little under five percent, So I
Speaker 2: would be shopping around if I was going to get
Speaker 2: And I know this doesn't fully answer your question like
Speaker 2: what should I do? The answer it depends because you're
Speaker 2: in a good position to make the choice. I want
Speaker 2: everyone listening to understand that Sandy gets to make this
Speaker 2: choice from heart focused out because of the other financial
Speaker 2: positions she finds herself in. I get to make choice
Speaker 2: that says I'm leaving fifty thousand dollars on the table
Speaker 2: so I don't have to stress for twenty twenty three
Speaker 2: because I know that there are other ways that I
Speaker 2: can make the gap up for that fifty thousand. Maybe
Speaker 2: it's a speaking engagement, maybe it's launching something for the
Speaker 2: business or whatever. So you know, Sandy, you get to
Speaker 2: make the choice to say, hmm, you know what could
Speaker 2: I do with that twenty If you're just gonna stick
Speaker 2: the twenty in your savings account, But if you're gonna
Speaker 2: put the twenty maybe into the market. When we know
Speaker 2: on average of market it's gonna yild about ten percent
Speaker 2: give or take, you know, annually. If you look at
Speaker 2: the average, you know, maybe there's money you're leaving on
Speaker 2: the table. So the answer is it's really up to
Speaker 2: you and how you want to feel and navigate. Know
Speaker 2: that any money that is like plunged into like debt,
Speaker 2: you know, or plunge into like an asset that's depreciating,
Speaker 2: is money that's kind of lost over time.
Speaker 1: So if you're looking.
Speaker 2: At the smarter financial choice, probably making a payment probably
Speaker 2: is a smarter financial choice.
Speaker 1: And then but not just putting that money to work
Speaker 1: for savings.
Speaker 2: Actively making that money work, I'd have to you'd have
Speaker 2: to put in the market for it to make sense.
Speaker 2: But if you don't want to own anybody, and you're
Speaker 2: like child, I don't want to have to pay this
Speaker 2: forever and never never, you can pay it off in full.
Speaker 2: So Sandy, I hope that helps you decide what's best
Speaker 2: for you. My stepdaughters text me now harassing me because
Speaker 2: I told her I was gonna buy her. You know, Okay,
Speaker 2: she come on Thursday. Okay, I told her I was
Speaker 2: gonna buy a car for her for a graduation. And
Speaker 2: she's so cute because I told her, like, so if
Speaker 2: I don't know if you can see the mess behind me,
Speaker 2: because I've moved into my condo, which was a lot emotionally,
Speaker 2: I'm in here now, but my office is a mess.
Speaker 1: Nothing is, you know, nothing is. It's just so much
Speaker 1: going on in here.
Speaker 2: And so I told her I would pay her to
Speaker 2: do my office, like to set it up and take
Speaker 2: all the things out of the boxes whatever. And I
Speaker 2: asked her how much you're gonna charge me to set
Speaker 2: up the office and she told me six hundred fe
Speaker 2: I told her to think about it. She told me
Speaker 2: six hundred and fifty dollars. I'm like God, but I
Speaker 2: like for her whenever I hire her to do something,
Speaker 2: I like for her to tell me what she thinks
Speaker 2: she's worth because it's important for her to learn, especially
Speaker 2: as a young black woman to learn. So I always
Speaker 2: tell her, do your research and come to me and
Speaker 2: then explain to me where you got these numbers. So
Speaker 2: she was like, I did my research and I think
Speaker 2: six hundred and fifty dollars. I said, where'd you get
Speaker 2: that from? I said, I will share with you what
Speaker 2: I'm thinking, and you tell me where'd you get that from?
Speaker 2: She's like, well, I googled and I saw that this
Speaker 2: is what people charged. I'm like, like home edit people
Speaker 2: or like.
Speaker 1: Task grabbing people.
Speaker 2: Because I told her I was taking closer to two hundred,
Speaker 2: and she said okay. I said, because I went on
Speaker 2: task grabbing and I looked and I saw organizers were
Speaker 2: about forty to forty five dollars an hour. This is
Speaker 2: probably about a three or four hour jobs. So we're
Speaker 2: looking at about two hundred dollars give or take maybe
Speaker 2: one eighty or two hundred. And she was like, okay,
Speaker 2: I was looking at the super professionals who like have
Speaker 2: their own companies, which understandable, but that ain't choo Sis,
Speaker 2: you're seventeen. So then she said, you know what, okay,
Speaker 2: I will give you. I'll take one sixty. I said, Ellissen.
Speaker 2: I actually had to call her because we were texting.
Speaker 2: I said, girl, I told you two hundred, why are
Speaker 2: you taking one sixty? And then she said something so
Speaker 2: sweet because you think these kids don't be doing She said,
Speaker 2: you always do so much for me, Tiffany. I'm always
Speaker 2: so grateful for you, and so I'm going to give
Speaker 2: you a discount. I was like, oh, that's sweet, but
Speaker 2: don't do that. I told her, don't do that when
Speaker 2: someone makes you an offer for this is what I'm
Speaker 2: willing to pay. Take that money.
Speaker 1: I said.
Speaker 2: You don't get to be a big boss lady and
Speaker 2: taking discounts that nobody asked for. It'd be one thing.
Speaker 2: If I asked for a discount. I did not, I
Speaker 2: said anything listen. I actually was hoping you would push
Speaker 2: back and said, girl, let's do two fifty if it
Speaker 2: goes over four hours, and that's the max that you'll pay.
Speaker 2: And she said okay. So I said, I'm gonna pay
Speaker 2: you the two hundred. Don't ever offer up a discount
Speaker 2: when someone didn't ask for it. And you know, so
Speaker 2: she was just texting that she wants to, you know,
Speaker 2: come by on Thursday to start like organizing, and I
Speaker 2: said okay. And then she was asking me about, you know,
Speaker 2: buying her car, and I will tell you what I
Speaker 2: you know, tell her what I'm going to tell you, Sandy,
Speaker 2: as you look for a car. I don't know if
Speaker 2: you're getting a brand new car, but I have never
Speaker 2: had a brand new car and I.
Speaker 1: Don't want it. I don't want it.
Speaker 2: Why we all know that cars depreciate as soon as
Speaker 2: you pull it off the lot. You can literally buy
Speaker 2: a shirt from Target, keep it for a week or two,
Speaker 2: say I don't want it, like I don't want it.
Speaker 2: I think this top that I'm wearing this from Target,
Speaker 2: bring it back and get all your money back. You
Speaker 2: keep a car for a week or two, you cannot
Speaker 2: get the same amount of money that you pay for
Speaker 2: that car. It depreciates. A car is an asset something
Speaker 2: you own, but it's a depreciating asset, something that you
Speaker 2: own that has less value over time, unless it's something
Speaker 2: like you know, I don't know original Harley from Cars
Speaker 2: or not. Hardley's not even a car anyway, So considering
Speaker 2: that it depreciates till for time. I do not like
Speaker 2: to buy brand new cars. My dad taught me early on.
Speaker 2: It doesn't make sense. I let most of the depreciation
Speaker 2: falls off in the first year or two, and then
Speaker 2: that's when I buy it. I get my cars one
Speaker 2: or two or even three years old, still fairly new.
Speaker 2: I get it certified pre owned, which means if anything
Speaker 2: breaks on this car, got to fix it for free
Speaker 2: or for a low deductible like fifty dollars or one
Speaker 2: hundred bucks. And so every car owned has been that way.
Speaker 2: My last car I had chat it was always something
Speaker 2: wrong with that car. But guess what, it was certified
Speaker 2: pre owned. They've I've had three new engines in that car.
Speaker 2: Did you have to say it three? I ain't gonna
Speaker 2: shout that company out, you know, it's a famous car,
Speaker 2: brand three new engines, brand new an engine is what
Speaker 2: twenty five hundred, three thousand dollars? You do the math,
Speaker 2: you know, like, they don't pay me to drive that
Speaker 2: car these days. And I still have certified pre on
Speaker 2: that car for the next like three years or something
Speaker 2: like that.
Speaker 1: And so I'm a you know, I'm a drive that car. Well,
Speaker 1: my sister has it now.
Speaker 2: She's gonna drive that car until that certified pre owner
Speaker 2: is up and then she'll sell it. Yo. So if
Speaker 2: it was me, Sandy looks like I told her, listen,
Speaker 2: I told her, you're not getting a new car. You
Speaker 2: have to get a certified pre owned car because you
Speaker 2: get the warranties of a new car for like two
Speaker 2: to four to five years, depending how old the car is.
Speaker 1: Up to a certain number of miles but.
Speaker 2: Without the depreciation that the big hit of the appreciation
Speaker 2: for a car that's brand new. So that's why I
Speaker 2: suggest to you too, Sandy. I don't know if you're
Speaker 2: buying a new one, but if you are considered certified pre.
Speaker 1: Owned, Yeah girl, okay dot free.
Speaker 2: If you want to ask questions, go ahead on over
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Speaker 1: I don't know Manday's out here. She usually does that part.
Speaker 2: But until next week, you already know we're here every Monday, Wednesday, Friday.
Speaker 2: And if you missed a Wednesday episode, child, go listen
Speaker 2: because I talk about student on debt relief and all
Speaker 2: that I learned, and I talk about my to the
Speaker 2: Vice President's residence and me and her or whatever. It's
Speaker 2: a good appy if I do say so myself, and
Speaker 2: I do say so myself.
Speaker 1: All right, until next week, y'all. Bye,