WEBVTT - What to Do With Your First Paycheck 0:00:00.680 --> 0:00:07.280 LinkedIn News. First of all, I don't look at my 0:00:07.320 --> 0:00:10.959 bank account. I don't need that negativity in my life. 0:00:12.440 --> 0:00:16.280 After a long weekend, I'm like, okay, oh, absolutely, Monday mornings. 0:00:16.520 --> 0:00:21.280 Hold hands, we're going to war. I'm gonna ask myself 0:00:21.280 --> 0:00:22.560 how much ram and do I need to eat this 0:00:22.600 --> 0:00:25.480 week to account for that. I walked by a department store, 0:00:25.520 --> 0:00:28.120 so something said spoil yourself. You have one life, yolo 0:00:28.480 --> 0:00:30.080 That yolo got me broke. 0:00:31.840 --> 0:00:34.840 From LinkedIn News and I heard podcasts. This is Let's 0:00:34.840 --> 0:00:37.839 Talk Offline, a show about what it takes to thrive 0:00:38.000 --> 0:00:41.559 in the early years of your career without sacrificing your values, 0:00:41.720 --> 0:00:45.479 sanity or sleep. I'm Gianna Prudenti, and I'm. 0:00:45.360 --> 0:00:49.560 Jamaie Jackson Gadson. The only thing better than that first 0:00:49.560 --> 0:00:53.320 real job is that first real paycheck, honey making it 0:00:53.440 --> 0:00:56.320 rain in the club on a Friday. But look, before 0:00:56.360 --> 0:00:58.680 you do all that, I know you're asking yourselves some 0:00:58.760 --> 0:01:01.480 real adult questions. What am I even supposed to do 0:01:01.560 --> 0:01:03.760 with this money? I mean, should I buy that new 0:01:03.760 --> 0:01:07.000 phone I've been looking at? Or should I be investing 0:01:07.040 --> 0:01:11.320 my money? What is a four one K or an ira? Honestly, 0:01:11.360 --> 0:01:13.720 all them Letta's numbers and digits and whatever else is 0:01:13.800 --> 0:01:15.959 really confusing for me. And I know that this is 0:01:15.959 --> 0:01:18.559 something that they are not teaching you in school, which 0:01:18.560 --> 0:01:21.240 is why it's really easy to feel kind of lost 0:01:21.240 --> 0:01:22.760 when it comes to money conversations. 0:01:23.440 --> 0:01:25.840 Yes, I feel lost in this all so when it 0:01:25.880 --> 0:01:28.840 comes to personal finance, and that's why the basics are 0:01:28.920 --> 0:01:32.880 so important. Understanding personal finance basics can really set you 0:01:33.000 --> 0:01:35.600 up for long term success and make you feel confident 0:01:35.640 --> 0:01:38.640 about managing your money. So today we're gonna be talking 0:01:38.720 --> 0:01:41.160 all about personal finance and how you can come up 0:01:41.200 --> 0:01:43.400 with a game plan to reach those financial goals. 0:01:43.680 --> 0:01:44.040 Me too. 0:01:44.880 --> 0:01:55.560 See, so I know talking about personal finance is probably 0:01:55.600 --> 0:01:58.200 a little weird. You guys are probably like Jimmy Gianna, 0:01:58.680 --> 0:02:01.560 we did not sign up for personal finance podcast, Okay, 0:02:01.560 --> 0:02:04.280 But the truth of the matter is personal finance is 0:02:04.360 --> 0:02:06.760 extremely important. At the end of the day, you are 0:02:06.800 --> 0:02:08.880 going to go out and make your first big boy 0:02:09.000 --> 0:02:11.880 or big girl paycheck, and you're gonna probably ask the 0:02:11.919 --> 0:02:14.600 same thing I did, Can I spend all of this 0:02:14.680 --> 0:02:19.600 on food? Your first paycheck and your money is going 0:02:19.639 --> 0:02:22.160 to matter throughout your career. But I realized that a 0:02:22.160 --> 0:02:25.000 lot of people don't even know where to start. I mean, 0:02:25.040 --> 0:02:27.400 they don't even know how it plays into the long 0:02:27.520 --> 0:02:31.200 term of your success, especially when you land that first 0:02:31.280 --> 0:02:33.480 job and you don't even know what to do. That's 0:02:33.480 --> 0:02:36.959 why I'm super excited, y'all. We are excited because finance 0:02:37.040 --> 0:02:40.320 expert Vivian two, who you probably know as your rich 0:02:40.400 --> 0:02:43.800 bff online, is coming on to talk us all through it. 0:02:43.840 --> 0:02:47.320 But first, Gianna, let me ask you. What trends have 0:02:47.400 --> 0:02:50.160 you seen in your reporting about gen Z and their 0:02:50.200 --> 0:02:51.200 relationship to money. 0:02:51.600 --> 0:02:54.120 Yes, so all spirts acknowledge like when it comes to 0:02:54.160 --> 0:02:57.920 money management, there is privilege and being able to you know, 0:02:58.120 --> 0:03:01.840 save and budget. Not everyone has that extra income to 0:03:01.880 --> 0:03:04.760 be able to save and invest, and a lot of 0:03:04.760 --> 0:03:07.959 people are burdened with debt and living paycheck to paycheck. 0:03:08.040 --> 0:03:11.600 But hopefully from this episode you're able to, you know, 0:03:11.680 --> 0:03:15.320 gain the tools and strategies to make better financial decisions 0:03:15.600 --> 0:03:19.080 and work toward whatever financial goals you have, even if 0:03:19.120 --> 0:03:22.400 it's just one small step. But I think when it 0:03:22.440 --> 0:03:24.799 comes to like gen Z and our relationship with money, 0:03:25.360 --> 0:03:28.400 I saw a study from TransUnion that found that people 0:03:28.400 --> 0:03:31.040 who are in their early twenties are earning less and 0:03:31.080 --> 0:03:33.440 have more debt than millennials did our age, which, like, 0:03:33.480 --> 0:03:36.480 I'm totally not here to pin the generations against each other, 0:03:37.080 --> 0:03:40.520 but it's the reality of, you know, the moment, and 0:03:40.600 --> 0:03:43.120 so it can really feel impossible for us to get 0:03:43.160 --> 0:03:47.160 financially ahead or build any type of financial wealth in 0:03:47.200 --> 0:03:51.200 today's economy. So we're just full of this financial angst 0:03:51.320 --> 0:03:53.320 and a lot of people I've been seeing this get 0:03:53.360 --> 0:03:57.640 reported out are experiencing what we call money dysmorphia, and 0:03:57.640 --> 0:04:01.200 that's having a flawed perception of your finances, so thinking 0:04:01.680 --> 0:04:04.160 you have less than you actually do, and that can 0:04:04.320 --> 0:04:07.040 impact you know, your spending habits. It can make you 0:04:07.120 --> 0:04:11.800 moll over financial decisions more than you need to, and 0:04:11.840 --> 0:04:14.920 it's very common. A report from Credit Karma showed that 0:04:14.960 --> 0:04:18.000 forty three percent of gen z or suffer from money dysmorphia, 0:04:18.320 --> 0:04:20.960 and that's compared to twenty nine percent of workers overall. 0:04:21.279 --> 0:04:24.000 And a lot of that money dysmorphia is caused by 0:04:24.320 --> 0:04:28.040 comparison on social media. I think, you know, social media 0:04:28.120 --> 0:04:30.839 is great, but of course that's you know, a reason 0:04:30.920 --> 0:04:34.440 why we fall victim to comparison is you see other 0:04:34.480 --> 0:04:36.640 people the way that they're spending their money, and you're like, oh, 0:04:36.760 --> 0:04:39.600 I'm not in that position, even if maybe you are. 0:04:40.360 --> 0:04:42.520 All of this is to say that money management can 0:04:42.560 --> 0:04:46.479 be very anxiety inducing because we don't learn anything personal 0:04:46.520 --> 0:04:49.800 finance out all in school and suddenly you enter the workforce. 0:04:49.839 --> 0:04:51.720 You have a four to one K What is that? Like? 0:04:52.120 --> 0:04:54.200 You have a paycheck? Should you be saving? Should you 0:04:54.240 --> 0:04:57.120 be budgeting? And I swear to God every time my 0:04:57.160 --> 0:04:59.599 mom asked me like are you saving money? Like I 0:04:59.600 --> 0:05:01.520 just booked trip and she's like, well, John, I just 0:05:01.560 --> 0:05:04.599 want to make sure are you saving money? I'm like, 0:05:04.800 --> 0:05:05.719 literally gonna throw up. 0:05:05.760 --> 0:05:08.039 My mother does the exact same thing. She's like, do 0:05:08.120 --> 0:05:08.919 you have a budget? 0:05:09.560 --> 0:05:14.320 V A few weeks ago, I'm working midday, i get 0:05:14.320 --> 0:05:16.920 an email from my mom with a budget template. I'm like, 0:05:17.839 --> 0:05:20.000 or is this coming from I'm going to tell you mom, 0:05:20.040 --> 0:05:21.760 if you're listening. I still have not looked at that, 0:05:21.880 --> 0:05:24.479 but I you know, it just stresses me out to 0:05:24.640 --> 0:05:27.080 get my finances in order. I think a lot of 0:05:27.080 --> 0:05:29.280 people can probably relate to that, this idea of having 0:05:29.320 --> 0:05:31.120 to sit down and look at how much is coming 0:05:31.120 --> 0:05:31.839 in and coming out. 0:05:32.080 --> 0:05:34.200 Yeah, it's a lot. First of all, I don't look 0:05:34.200 --> 0:05:35.960 at my bank account. I don't need that negativity in 0:05:36.000 --> 0:05:38.760 my life. Honestly. 0:05:39.120 --> 0:05:41.120 Look, after a long weekend. 0:05:40.839 --> 0:05:45.159 I'm like, okay, oh absolutely, Monday morning, let's hold hands 0:05:44.480 --> 0:05:47.080 and we're going to this idea. 0:05:47.240 --> 0:05:48.840 In it, I'm going to ask myself how much rom 0:05:48.880 --> 0:05:50.640 and do I need to eat this week to account 0:05:50.640 --> 0:05:53.440 for that? I walked by a department store, so something said, 0:05:53.480 --> 0:05:56.479 spoil yourself. You have one life, Yolo. That yolo got 0:05:56.480 --> 0:05:59.480 me broke. Uh huh. So, Gianna, I feel like you've 0:05:59.720 --> 0:06:01.440 sort of I've talked a lot about how gen Z 0:06:01.560 --> 0:06:05.240 feels about this, but like, what has your relationship been 0:06:05.440 --> 0:06:06.200 like with money? 0:06:06.400 --> 0:06:09.520 Yeah? Good questions. I do have to talk about it. 0:06:09.560 --> 0:06:12.200 I guess I'm in the hot seat. Yeah, I think 0:06:12.240 --> 0:06:15.240 I always like grew up being kind of cautious about 0:06:15.279 --> 0:06:17.840 spending money. Also, fun fact, my last name in Italian 0:06:17.880 --> 0:06:21.839 means cautious. So it's just like literally does make sense? Yeah, 0:06:21.839 --> 0:06:22.720 you know me so much? 0:06:22.839 --> 0:06:24.640 Everything sense? 0:06:24.680 --> 0:06:27.440 It was written in the stars. Why I couldn't choose 0:06:27.480 --> 0:06:28.239 this life from myself? 0:06:28.320 --> 0:06:32.279 Jackson doesn't mean anything except the son of jack I guess. 0:06:34.040 --> 0:06:36.800 But you know, my mom grew up like my grandparents 0:06:36.880 --> 0:06:39.680 came here from Italy and you know, they struggled to 0:06:40.400 --> 0:06:44.320 make ends me and she grew up where my grandpa, 0:06:44.480 --> 0:06:46.839 my no no, was very frugal with money, so I 0:06:46.880 --> 0:06:50.160 think she kind of internalized that. And then when I 0:06:50.200 --> 0:06:52.240 was growing up, she always told me siblings, like every 0:06:52.320 --> 0:06:54.920 penny counts, every dollar count So I was always saving. 0:06:55.000 --> 0:06:57.240 I was like, okay, you know, you never know what's 0:06:57.279 --> 0:07:00.800 gonna happen when a rainy day, you know, hits. But now, 0:07:01.120 --> 0:07:04.360 living on my own in the New York City area, 0:07:04.520 --> 0:07:07.760 saving has been a struggle. Like once you so I, 0:07:08.040 --> 0:07:10.480 for context, I lived at home for two years after graduation, 0:07:10.880 --> 0:07:14.360 saved my money, and then you move out and suddenly 0:07:14.600 --> 0:07:15.800 it's like, where did my paycheck go? 0:07:16.360 --> 0:07:18.760 You're like, wow, this is what the adults we're talking about. 0:07:19.000 --> 0:07:21.760 Yeah, yeah, that's like the biggest like adulting one oh 0:07:21.800 --> 0:07:24.520 one reality check. So now I'm balancing, you know, my 0:07:24.560 --> 0:07:29.720 rent payments, my student loan, living expenses. And I acknowledge 0:07:29.720 --> 0:07:31.760 that working in tech, you know, I make a good salary, 0:07:31.760 --> 0:07:34.200 but it's still it's just expensive to live, you know. 0:07:35.000 --> 0:07:37.080 And my mom has always been the one who's really 0:07:37.080 --> 0:07:39.480 helped me on my personal finance journey, Like she is 0:07:39.560 --> 0:07:43.320 like a financial advisor. You know, on the side, she's 0:07:43.320 --> 0:07:46.120 helped me, you know, figure out what investment funds I 0:07:46.120 --> 0:07:48.200 should be in early on and moving some of my 0:07:48.240 --> 0:07:50.080 money out of, you know, just my big account so 0:07:50.080 --> 0:07:53.200 it's just not sitting there collecting to us. But I 0:07:53.240 --> 0:07:56.200 know I can be doing a lot better with budgeting. 0:07:56.200 --> 0:07:58.320 I was saying before, Like the idea of having to 0:07:58.360 --> 0:08:00.440 sit down and understand how much is me in and 0:08:00.440 --> 0:08:03.720 coming out of my bank account really makes me want 0:08:03.720 --> 0:08:07.080 to peeuke. Like it's just I don't have a budget 0:08:07.160 --> 0:08:09.880 and I probably need one, And I also want to 0:08:09.880 --> 0:08:11.920 figure out like my financial goals. I'm at a point 0:08:12.000 --> 0:08:14.560 right now where yeah, one day I would love to 0:08:14.600 --> 0:08:18.560 have a house, but like I'm twenty five, so do 0:08:18.680 --> 0:08:21.000 I start saving now? Like that seems like a little 0:08:21.040 --> 0:08:23.360 bit far off. So I need all the help when 0:08:23.360 --> 0:08:25.800 it comes to just like getting my you know, budgeting 0:08:25.920 --> 0:08:27.240 and financial goals in order. 0:08:27.400 --> 0:08:29.280 Yeah, but I mean, first of all, give yourself credit. 0:08:29.320 --> 0:08:32.680 You're having conversations and even asking yourself questions that I 0:08:32.679 --> 0:08:35.199 don't think a lot of people are asking themselves, or 0:08:35.320 --> 0:08:37.960 at least are in a position to ask themselves. You know, 0:08:38.040 --> 0:08:40.440 you mentioned at the very beginning that some people don't 0:08:40.440 --> 0:08:42.440 get the privilege of talking. When I was your age, 0:08:42.440 --> 0:08:45.040 I was not making good money, so I couldn't even 0:08:45.160 --> 0:08:47.720 articulate really what long term goals are. I knew that 0:08:47.760 --> 0:08:49.720 I needed to make them, but I was like, the 0:08:49.760 --> 0:08:50.680 money gotta come first. 0:08:50.760 --> 0:08:54.120 Yeah, yeah, yeah, no, I do. I definitely acknowledge that 0:08:54.160 --> 0:08:56.560 there's a lot of privilege with working in tech because 0:08:56.600 --> 0:08:59.920 I've been able to, you know, have some investments saving. 0:09:00.200 --> 0:09:04.280 But I think it's I like to treat myself like 0:09:04.559 --> 0:09:07.840 I knew too much, you know, so I need to 0:09:08.000 --> 0:09:10.040 I need to scale back. And I really do credit 0:09:10.120 --> 0:09:13.200 all to my mom, like she has really been the 0:09:13.240 --> 0:09:14.960 one being like, you got to get it in order. 0:09:15.320 --> 0:09:16.079 Those books on that. 0:09:16.440 --> 0:09:19.160 Yeah, but I'm wondering for you, like your early paychecks, 0:09:19.160 --> 0:09:21.960 what was Jammae Little Jamay spending her money on. 0:09:22.360 --> 0:09:25.160 Yeah, you know, my experience with money, first of all, 0:09:25.240 --> 0:09:27.760 has been an interesting one. But my mom really was 0:09:27.840 --> 0:09:30.120 one Like from the young age. She put me in 0:09:30.200 --> 0:09:32.720 like financial literacy classes that were taught at my church, 0:09:33.040 --> 0:09:35.360 which was really nice, awesome. Yeah. She used to sit 0:09:35.400 --> 0:09:37.840 me down and as she would clean out her check books, 0:09:37.880 --> 0:09:39.680 you know, she would do her she literally would go 0:09:39.880 --> 0:09:42.959 she could get down to the dime, her money in 0:09:43.040 --> 0:09:46.280 her bank account, and like she would always constantly check 0:09:46.360 --> 0:09:48.640 and make sure everything was aligned. She showed me how 0:09:48.679 --> 0:09:50.880 she paid bills and all that stuff. So I did 0:09:50.920 --> 0:09:53.200 get the opportunity at a young age to see sort 0:09:53.240 --> 0:09:56.160 of what was be expected. But then I was like, dang, 0:09:56.320 --> 0:09:59.320 I gotta do this now for yourself, for me. Like 0:09:59.520 --> 0:10:02.240 now I I wholly understand why Beyonce said, ladies, leave 0:10:02.280 --> 0:10:03.000 your man at home. 0:10:03.480 --> 0:10:05.680 Now you guys hear parents were always stressed. 0:10:06.320 --> 0:10:08.040 Now I know why. When they came home they said, 0:10:08.040 --> 0:10:10.080 don't talk to me for fifteen minutes, like, let me 0:10:10.120 --> 0:10:13.679 just put some TV on. They the world sucks. So 0:10:14.440 --> 0:10:16.320 you know, I was blessed though that when I went 0:10:16.360 --> 0:10:18.960 to college, I went on a full ride, so we 0:10:19.000 --> 0:10:22.080 didn't have to worry financially about that. But I've always 0:10:22.200 --> 0:10:24.360 been in a very ambitious person, so I still worked 0:10:24.400 --> 0:10:27.640 all throughout college. I've always had jobs, so I always 0:10:27.640 --> 0:10:29.360 wanted pocket money because one thing I don't like is 0:10:29.400 --> 0:10:31.000 for people to tell me what to do with my money. 0:10:31.240 --> 0:10:35.079 Don't tell me what to do here, right, good good thing. 0:10:35.400 --> 0:10:37.640 We're not like, you know, possibly gonna be telling people 0:10:37.720 --> 0:10:42.319 like hey, stop doing this. But I always loved financial 0:10:42.360 --> 0:10:46.400 autonomy and I always felt like powerful in that. One 0:10:46.440 --> 0:10:48.400 of the things, though, that we were talking about, was 0:10:48.440 --> 0:10:51.080 that throughout my career, especially throughout most of my twenties, 0:10:51.080 --> 0:10:53.160 I did not make money enough to be able to save, 0:10:53.280 --> 0:10:56.080 let alone invest and have some of these bigger conversations 0:10:56.360 --> 0:10:58.720 that we're having. I was making enough money to get by, 0:10:59.000 --> 0:11:01.679 and that's why being a lancer, having a side hustle 0:11:01.760 --> 0:11:04.000 is something that is so important to me and that 0:11:04.040 --> 0:11:07.160 I will always talk about because it was those little 0:11:07.200 --> 0:11:09.960 gigs of a two hundred and fifty dollars job or 0:11:09.960 --> 0:11:13.400 a five hundred dollars cover feature that covered me and 0:11:13.440 --> 0:11:16.000 made sure I kept my lights on, especially when I decided, Hey, 0:11:16.040 --> 0:11:17.559 I'm going to move to the most expensive city in 0:11:17.600 --> 0:11:21.600 the world, New York. But like I did not make 0:11:21.720 --> 0:11:25.839 wise decisions financially as when you're younger, I still sometimes don't. 0:11:26.240 --> 0:11:29.200 I really much so believe you still have to enjoy life. 0:11:29.240 --> 0:11:32.359 But I now am at a place where I'm like, Okay, 0:11:32.440 --> 0:11:34.720 I'll be an adult. You know, yes, you can go 0:11:34.760 --> 0:11:37.160 to the club or the ballers are there. You also 0:11:37.240 --> 0:11:40.199 got to start building out long term strategy growing up. 0:11:40.440 --> 0:11:42.520 I'm growing up. I'm a city girl, but a responsible 0:11:42.559 --> 0:11:45.760 financial city girl. You know, you want to build a home, 0:11:45.800 --> 0:11:47.680 you want to get married, you want to start a family, 0:11:47.840 --> 0:11:52.200 these things really. Yeah, when I hear how much weddings cost, 0:11:52.280 --> 0:11:54.959 I'm like, no, our friends just spent like six figures 0:11:55.000 --> 0:11:58.160 on their wedding. It was beautiful. But yeah, so like 0:11:58.240 --> 0:12:00.199 things are expensive. And so now I'm trying to go 0:12:00.200 --> 0:12:04.200 into conversations with that in mind and really telling myself, Okay, 0:12:04.360 --> 0:12:08.080 if you chip off fifty dollars on your eating out fun, 0:12:08.480 --> 0:12:10.679 that doesn't mean you're depriving yourself, but you can put 0:12:10.679 --> 0:12:12.960 that money into something else. And so I think the 0:12:13.000 --> 0:12:15.880 conversation is changing, and certainly my viewpoint. 0:12:16.080 --> 0:12:18.160 Yeah, so it seems like both of us could do 0:12:18.240 --> 0:12:21.080 a little better with money management. Yeah, I think. God, 0:12:21.080 --> 0:12:22.120 we got an expert coming on. 0:12:22.200 --> 0:12:24.880 Oh, tell me what to do, but don't want me 0:12:24.880 --> 0:12:31.680 to give up. Oysters coming up. You really can never 0:12:31.720 --> 0:12:35.319 have enough work besties. So we're bringing in finance expert 0:12:35.400 --> 0:12:39.480 Vivian two aka your rich bff, to help us break 0:12:39.480 --> 0:12:42.559 down what personal finance moves you should be making early 0:12:42.600 --> 0:12:53.319 in your career. So I get it, y'all. Personal finance 0:12:53.559 --> 0:12:56.360 can feel and sound super scary. I mean, honestly, my 0:12:56.480 --> 0:12:59.080 armpits get sweaty just talking about money. I know it's 0:12:59.120 --> 0:13:02.280 a bad things. It feels taboo, but the reality is 0:13:02.280 --> 0:13:05.600 we got to start having these conversations. But we're not 0:13:05.600 --> 0:13:07.240 just going to lean on me and Gianna this week. 0:13:07.280 --> 0:13:09.320 We are going to bring it a heavy hitter who's 0:13:09.320 --> 0:13:12.440 going to talk to us all about the money on Gianna, 0:13:12.480 --> 0:13:13.440 who do we have this week? 0:13:13.640 --> 0:13:15.320 All right? First off, we need to count on how 0:13:15.360 --> 0:13:18.360 many times Jamaze our bits get sweaty during the day. 0:13:18.640 --> 0:13:20.880 It's essentially always sweaty. I am a. 0:13:20.840 --> 0:13:24.120 Snoweaty girl, no problem, we all are, okay, So I'm 0:13:24.160 --> 0:13:27.440 so excited we're bringing on Vivian two. You guys definitely 0:13:27.480 --> 0:13:30.719 know her as your rich bff on social media. She's 0:13:30.720 --> 0:13:33.360 a former Wall Street trader who offers her community of 0:13:33.400 --> 0:13:36.520 over seven million followers advice on how to manage their 0:13:36.520 --> 0:13:40.160 money and better understand the financial landscape. She's also the 0:13:40.200 --> 0:13:43.199 author of rich af The Winning Money Mindset that Will 0:13:43.280 --> 0:13:45.800 Change Your Life, which gives readers tools on how to 0:13:45.800 --> 0:13:49.200 develop their own finance strategies. Vivian, thanks so much for 0:13:49.280 --> 0:13:52.520 joining us. Vivian, thank you so much for having me. 0:13:53.080 --> 0:13:55.200 So let's go in and start off with a question 0:13:55.480 --> 0:13:57.360 that I think a lot of people, myself included, have, 0:13:57.480 --> 0:14:01.480 which is what's a really common early career money mistake 0:14:01.720 --> 0:14:03.360 that you see young people make. 0:14:04.840 --> 0:14:09.160 I think one of the biggest ones is being happy 0:14:09.200 --> 0:14:13.960 and comfortable with that inflation raise. I don't know what 0:14:14.120 --> 0:14:17.480 dork invented that, but it is the worst thing ever. 0:14:17.920 --> 0:14:19.360 It's when you get to the end of the year 0:14:19.840 --> 0:14:22.720 and you don't ask for a raise yourself, and your 0:14:22.760 --> 0:14:26.240 boss comes in smug and they're smiling, and they're like, well, 0:14:26.280 --> 0:14:28.960 I've got some great news for you, like we are 0:14:29.000 --> 0:14:31.800 giving you an inflation raise for working so hard. It's 0:14:31.800 --> 0:14:34.240 going to be two percent. What the hell does that 0:14:34.280 --> 0:14:38.440 get you? Nothing? Okay, that means you are essentially making 0:14:38.520 --> 0:14:41.440 the same amount this next year as you did this year, 0:14:41.480 --> 0:14:45.240 because we all know inflation is roughly two to three percent, 0:14:45.280 --> 0:14:48.120 So your life is getting more expensive. Even if you 0:14:48.200 --> 0:14:51.120 do make that a little additional, you're spending it, and 0:14:51.200 --> 0:14:53.440 you're spending it not on fun things. You're spending it 0:14:53.480 --> 0:14:56.360 on things that like eggs at the grocery store. So 0:14:57.040 --> 0:15:00.520 I think the first one is understanding what an actual 0:15:00.640 --> 0:15:03.240 raise looks like. And knowing that you have to ask 0:15:03.320 --> 0:15:06.880 for one every single year. I always get roasted on 0:15:06.920 --> 0:15:08.920 the internet when I say this out loud, but I'm like, 0:15:09.000 --> 0:15:11.320 every single year you need to be asking for a 0:15:11.400 --> 0:15:14.640 raise of somewhere between ten to fifteen percent, and people 0:15:14.640 --> 0:15:18.280 are always so shell shocked by that number when in reality, 0:15:18.520 --> 0:15:20.880 I'm not saying you're going to get fifteen percent every 0:15:20.880 --> 0:15:23.480 single year. But if you ask for ten to fifteen 0:15:23.760 --> 0:15:26.800 and you end up getting eight, that is actually a 0:15:26.840 --> 0:15:29.760 true raise. That means that your money is going to 0:15:29.800 --> 0:15:32.560 do more for you because you're making more versus just 0:15:32.680 --> 0:15:34.880 keeping up with inflation and your life doesn't actually get 0:15:34.920 --> 0:15:35.400 any better. 0:15:35.680 --> 0:15:37.720 Yeah, I love that a lot. Usually what I do 0:15:37.800 --> 0:15:41.320 is I add my requests in my performance evaluation. It 0:15:41.360 --> 0:15:43.400 doesn't mean it's always going to happen, but at least 0:15:43.440 --> 0:15:46.160 there's something documented that says, this is the money I'm 0:15:46.200 --> 0:15:49.080 asking for. Here is the proof of why I'm asking 0:15:49.120 --> 0:15:52.120 for it, and hopefully we land somewhere so that we 0:15:52.160 --> 0:15:53.640 can have a little bit more money in the bank. 0:15:54.000 --> 0:15:56.480 Vivian, I want to ask you a question about, you know, 0:15:56.600 --> 0:16:00.280 all the things savings and budgeting. You know, this is 0:16:00.320 --> 0:16:02.400 like a lot of people's like first big girl jobs 0:16:02.400 --> 0:16:05.680 are starting to get those paychecks and potentially have some 0:16:05.800 --> 0:16:09.040 money to put aside and save. Before we get into that, 0:16:09.200 --> 0:16:12.080 I'm assuming that the first step to budgeting and saving 0:16:12.200 --> 0:16:15.400 is kind of clarifying those financial goals. So how do 0:16:15.440 --> 0:16:19.080 you determine, you know, what is a goal, is it feasible? 0:16:19.120 --> 0:16:20.920 And then how do you make a plan to achieve them? 0:16:21.520 --> 0:16:23.960 Yeah, I think all of our goals are really going 0:16:24.040 --> 0:16:27.160 to differ, but I think it's all about setting up 0:16:27.200 --> 0:16:29.200 that plan. What I like to do is when I 0:16:29.240 --> 0:16:31.080 have a goal, I write out a goal at the 0:16:31.080 --> 0:16:32.440 top of the piece of paper that I have in 0:16:32.480 --> 0:16:35.080 front of me, and then I will say what is 0:16:35.120 --> 0:16:38.200 the timeline for me to accomplish this? And then from 0:16:38.200 --> 0:16:41.000 that timeline, I'll break it out into twenty five, fifty 0:16:41.000 --> 0:16:43.160 and seventy five percent and then the one hundred. So 0:16:43.480 --> 0:16:45.640 if the goal takes six months, I'm going to do 0:16:45.680 --> 0:16:47.320 a check in around a month and a half in 0:16:47.360 --> 0:16:48.600 I'm going to do a check in at three, four 0:16:48.600 --> 0:16:51.080 and a half and then six, And then I write 0:16:51.160 --> 0:16:54.800 down who can actually help me accomplish this goal, what 0:16:55.360 --> 0:16:58.880 I actually need to get this done, and then I 0:16:58.960 --> 0:17:02.600 also write down what are my strengths and weaknesses that 0:17:02.640 --> 0:17:05.600 are going to help and hurt me from achieving this. So, 0:17:06.160 --> 0:17:09.760 for example, if my goal is to save two thousand dollars, 0:17:10.040 --> 0:17:12.639 one of the strengths is, hey, I have a really 0:17:12.640 --> 0:17:15.480 good job and I get a really good salary. Weaknesses 0:17:15.600 --> 0:17:18.080 can be when I see money in my bank account, 0:17:18.400 --> 0:17:20.439 I use the money in my bank account, and I 0:17:20.440 --> 0:17:22.760 get the little treat. I've got the drinks out with friends, 0:17:22.800 --> 0:17:24.800 I got my nails done, I got the lashes done. 0:17:25.000 --> 0:17:27.159 Suddenly I don't have that two thousand dollars saved, and 0:17:27.200 --> 0:17:30.360 maybe that two thousand dollars was for a new laptop 0:17:30.440 --> 0:17:33.120 so I could start a photography business on the side. 0:17:33.119 --> 0:17:35.680 So I think knowing what your strengths and weaknesses are 0:17:35.760 --> 0:17:40.360 is really helpful, and then also building systems to actually 0:17:40.560 --> 0:17:43.840 prevent your weaknesses from derailing you. So in that case, 0:17:44.200 --> 0:17:46.600 sometimes I can be very shortsighted. And if I want 0:17:46.600 --> 0:17:48.920 to have a long term goal or a bigger picture goal, 0:17:49.320 --> 0:17:51.520 what I like to do is so many of us 0:17:51.560 --> 0:17:55.120 these days get paid via direct deposit, and if you're 0:17:55.119 --> 0:17:57.679 a W two employee, you can typically go into your 0:17:57.720 --> 0:18:00.200 workplace portal where you set it up initially when you 0:18:00.240 --> 0:18:02.720 first started the job, instead of putting one hundred percent 0:18:02.800 --> 0:18:05.240 into a checking account, you can put ninety percent or 0:18:05.320 --> 0:18:08.120 ninety five percent and automatically set aside five to ten 0:18:08.160 --> 0:18:10.840 percent into a high healed savings account where your money's 0:18:10.880 --> 0:18:13.760 earning you more money. But also you don't see it, 0:18:13.760 --> 0:18:16.240 it's not there. Just pretend it's not there, and that 0:18:16.280 --> 0:18:17.159 way you won't spend it. 0:18:17.640 --> 0:18:19.600 That sounds really smart when it's at a site out 0:18:19.600 --> 0:18:22.280 of mind, you don't spend it. But when it comes 0:18:22.280 --> 0:18:26.000 to like budgeting and saving best practices, you know, that's 0:18:26.040 --> 0:18:28.240 something that like we obviously don't learn that in school. 0:18:28.320 --> 0:18:30.720 And then to even start creating a budget, to even 0:18:30.760 --> 0:18:34.520 start building a savings feels incredibly intimidating. So how do 0:18:34.560 --> 0:18:36.720 you even start, Like, let's start with budgeting. How do 0:18:36.760 --> 0:18:39.040 you even start to create a budget? What should you 0:18:39.080 --> 0:18:41.920 be putting in as your different line items in the budget? 0:18:42.119 --> 0:18:44.240 How much of your you know, paycheck do you put where? 0:18:44.320 --> 0:18:45.600 How do you kind of go about that? 0:18:46.000 --> 0:18:48.440 Yeah, I think one of my favorite budgeting strategies, and 0:18:48.480 --> 0:18:50.760 again a different strategy is going to work for different people, 0:18:51.080 --> 0:18:53.919 But my favorite one, because it's so simple, is the 0:18:54.000 --> 0:18:57.920 fifty to thirty twenty budgeting strategy. It just roughly says, 0:18:58.280 --> 0:19:01.040 fifty percent of your take home pay goes towards needs, 0:19:01.160 --> 0:19:04.920 So that's things like rent, groceries, basic transportation to get 0:19:04.920 --> 0:19:08.200 you to and fro. Thirty percent goes towards wants, so 0:19:08.320 --> 0:19:10.720 this is things like that dinner out, the nails, the 0:19:10.960 --> 0:19:15.399 cute little dress. Twenty percent goes towards taking care of 0:19:15.440 --> 0:19:19.200 future you. So that's saving, that's paying down your debt, 0:19:19.240 --> 0:19:22.840 and that's investing. And this is just a jump off point, 0:19:22.840 --> 0:19:25.159 and I think this is a really good format for 0:19:25.280 --> 0:19:27.760