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Speaker 1: I'm not gonna lie I am the worst with finances.

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Speaker 2: No, no, no, you are on your money journey. Finance

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Speaker 2: is just a different language. There's a level of jargon

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Speaker 2: that is used, one to make the experts sound really smart,

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Speaker 2: but to kind of to keep outsiders on the out.

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Speaker 1: Today's guest is Vivian two aka You're Rich BFF. She's

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Speaker 1: a former Wall Street Trader ten personal finance educator, content creator,

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Speaker 1: and now the author of the New York Times best

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Speaker 1: selling book of Rich af So, whether you're trying to

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Speaker 1: take out, build well, negotiate like a boss, or just

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Speaker 1: finally understand how to do money right, Vivian is the

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Speaker 1: person to us.

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Speaker 2: So many of us are like, I want to be rich.

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Speaker 2: I'm like why, you need to know your why. Terriffs

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Speaker 2: are going to impact everybody. When we initially acknowledged that

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Speaker 2: we were potentially going to implement them, everyone was like, Ah, yeah,

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Speaker 2: screw you, China, we pay the doors. Not that it's

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Speaker 2: not going to be a problem for the mega corporations

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Speaker 2: because they're still going to be able to.

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Speaker 3: Keep running, you know who. That's going to be a

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Speaker 3: problem for.

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Speaker 1: I'm Razzie Wuka and on my podcast, A really good cry.

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Speaker 1: We embrace the real, the men see, and the beautiful,

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Speaker 1: providing a space for raw, unfiltered conversations that celebrate vulnerability

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Speaker 1: and allow you to tune in to learn, connect and

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Speaker 1: find comfort together. Vivian, thank you so much for being

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Speaker 1: here today. I am honestly so excited to have you

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Speaker 1: here because I'm not gonna lie I am the worst

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Speaker 1: with finances.

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Speaker 3: No, no, no, you are on your money journey. We're gonna

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Speaker 3: get there together.

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Speaker 1: Yes, okay, I'm on my money journey. But I feel

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Speaker 1: like you know, I'm thirty four, and I think it's

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Speaker 1: about time that I learned the basic things that I

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Speaker 1: need to about finances. It's just not something that I

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Speaker 1: grew up learning, and I relied on my dad and

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Speaker 1: then I relied on all the people around me to

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Speaker 1: just figure it out for me. So I need to

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Speaker 1: know everything, and I hope that this podcast we can

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Speaker 1: make it through all my insane questions that I have

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Speaker 1: for you.

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Speaker 3: We will.

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Speaker 1: Let's say, asking for a friend for myself if I

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Speaker 1: knew pretty much nothing, I know the basics of finance.

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Speaker 1: Give me some key buzzwords that I would need to

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Speaker 1: know to take part in a finance conversation that I

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Speaker 1: should know at this age.

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Speaker 2: Yeah, so that's actually the scariest part, and I'm shocked

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Speaker 2: you want to tackle this part first, right, Finance is

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Speaker 2: just a different language.

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Speaker 3: There's a level of jargon that is.

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Speaker 2: Used one to make the experts sound really smart, but

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Speaker 2: too kind of to keep outsiders on the out, and

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Speaker 2: for a long time, unfortunately that has made regular people

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Speaker 2: feel like they can't be financially with it.

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Speaker 3: Financially savvy.

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Speaker 2: But as a young person, I think you do need

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Speaker 2: to understand a couple different words, So things like budget

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Speaker 2: essentially how you control what's coming in and what's going out, saving,

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Speaker 2: what you are setting aside for future you investing, how

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Speaker 2: you can put your money to work so that you

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Speaker 2: don't have to work forever. And then, frankly, I would

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Speaker 2: say the next most important word is to have a

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Speaker 2: financial plan. So many of us are like, I want

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Speaker 2: to be rich, and so many people have told me that,

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Speaker 2: and when I follow up and I'm like why, and

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Speaker 2: they're like, well, what do you mean like I want

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Speaker 2: to be rich? I'm like, why do you want to

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Speaker 2: be rich because you want to retire at thirty? Do

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Speaker 2: you want to be rich because you want to take

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Speaker 2: care of your parents in their older age. Do you

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Speaker 2: want to be rich because you're pregnant and you want

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Speaker 2: to have a baby and make sure that baby has

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Speaker 2: a better life than the one.

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Speaker 3: You grew up with.

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Speaker 2: You need to know your why, and that's what a

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Speaker 2: financial plan can help you do.

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Speaker 1: Okay, amazing, Okay, I'm going to use these use these

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Speaker 1: words when I'm expalking to people about this. What would

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Speaker 1: you say? One money myth is that people still believe

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Speaker 1: that you really want to bust.

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Speaker 3: That debt's bad, that all debt's bad.

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Speaker 2: When we say the word debt, it sounds like a

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Speaker 2: four letter word. Technically it is, but more so I

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Speaker 2: meant a swear word.

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Speaker 1: Yeah.

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Speaker 2: And unfortunately, the perception that debt gets is very different

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Speaker 2: depending on who you are. If you are someone who

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Speaker 2: does not have a lot of money, when you take

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Speaker 2: out a loan, we call it debt. I wag my

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Speaker 2: finger at you, I make you feel bad, and then

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Speaker 2: I say you're irresponsible. But if you have a lot

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Speaker 2: of money and you take out a loan, I say,

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Speaker 2: look at that astute business person using leverage, and then

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Speaker 2: I put you on the cover of a magazine for

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Speaker 2: being a big, smart person who knows how to use

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Speaker 2: other people's money to make money. And I understand the

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Speaker 2: argument that like people who don't have money are just

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Speaker 2: using that money to make ends meet, while these rich

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Speaker 2: people are using it to build something great, good and well.

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Speaker 2: But I think there is a deep problem with the

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Speaker 2: fact that we treat different people with different incomes in

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Speaker 2: a completely different way when it comes to the same

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Speaker 2: exact word.

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Speaker 1: That's so true. And if someone has debt right now,

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Speaker 1: would you to have Do you know the percentage of

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Speaker 1: people that have debt in the US at all?

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Speaker 3: I mean credit card debt is nearly half, and that's

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Speaker 3: the scariest and most quickly compounding debt, So that's certainly

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Speaker 3: one to call out.

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Speaker 2: I mean, there's tens of millions of people who have

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Speaker 2: student loan debt. I mean, debt's just ever present.

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Speaker 1: Do you know what the average debt that most people

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Speaker 1: have in their life is when they get to let's

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Speaker 1: say their thirties or forties.

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Speaker 2: Average is tough because it really will depend on maybe

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Speaker 2: did you buy a car, did you buy a home,

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Speaker 2: did you pay for school? Did your parents pay for school?

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Speaker 2: I don't think average even gives a good representation of

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Speaker 2: how much debt we as a collective whole struggle with.

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Speaker 2: But I think a bigger stat and a more important

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Speaker 2: thing is they've done a lot of research in recent

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Speaker 2: years on people's perceptions of their financial situations of like,

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Speaker 2: do you think your financial situation holds you back?

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Speaker 3: I'll give you one guess if that went well or not?

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Speaker 3: Probably not right.

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Speaker 2: A lot of people are saying, no matter what the

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Speaker 2: amount is, the amount of debt I have is preventing

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Speaker 2: me from taking the next life milestone or preventing me

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Speaker 2: from taking that risk at work, and maybe it's going

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Speaker 2: for that bigger, scarier job, Like, it's not about the number,

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Speaker 2: it's about how do you feel that number plays into

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Speaker 2: your lifestyle?

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Speaker 4: Right?

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Speaker 1: And what advice do you give to people when they

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Speaker 1: come to that they say, I've got ten thousand dollars

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Speaker 1: of debt, I've got twenty thousand dollars of debt, got

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Speaker 1: fifty thousand dollars of debt? What should they be doing well?

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Speaker 1: The first steps they should be taking to help themselves

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Speaker 1: in that situation.

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Speaker 2: I think first and foremost it's taking a long, hard

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Speaker 2: look in the mirror. One thing that happens naturally to

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Speaker 2: us as humans is we are very comfortable with the

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Speaker 2: status quo. So if you have ten thousand dollars worth

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Speaker 2: of debt and you've had it for quite some time,

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Speaker 2: that is your reality, and you can live with that reality.

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Speaker 3: You can continue to wake.

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Speaker 2: Up every single day, go to work, do your job,

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Speaker 2: maybe go buy something, have dinner or whatever. You are

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Speaker 2: comfortable with that status quo. Anytime we have to change

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Speaker 2: that status quo, you will likely struggle with something called

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Speaker 2: paralysis by analysis. When you have too many options, you

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Speaker 2: don't know what to do. Right at the grocery store,

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Speaker 2: They've actually shown marketing surveys that show this. If you've

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Speaker 2: got two choices between two things that do the same

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Speaker 2: like task, you'll buy one of them.

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Speaker 3: Right when there's eight choices.

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Speaker 2: You might become so overwhelmed you're like, I'm just gonna

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Speaker 2: leave the grocery store. That's why so many of these

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Speaker 2: mega conglomerates are actually buying up competitors, not because they

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Speaker 2: want to consolidate into one brand, but because they want

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Speaker 2: to own the two brands on the shelf, because they

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Speaker 2: know if there's only two brands.

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Speaker 3: On the shelf, you'll buy one of them anyway.

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Speaker 2: So this is all to say, first and foremost, you

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Speaker 2: have to take a long, hard look at yourself and

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Speaker 2: come to terms with your reality, and then know that

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Speaker 2: no matter what your reality is, you are the person

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Speaker 2: who is still writing the story. You hold the pen,

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Speaker 2: and no matter how bad it is, there are solutions

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Speaker 2: that we can take to make it better.

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Speaker 1: Any solution that you recommend that people try, now, yeah,

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Speaker 1: absolutely so.

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Speaker 2: If you've got a manageable amount of debt, it's not

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Speaker 2: riding on your back every single day, but you would

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Speaker 2: like to get it paid down. Something I recommend is

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Speaker 2: just creating an outline so you rank all of your

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Speaker 2: debt from highest to lowest interest rate, you make the

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Speaker 2: minimum payment across everything. Because a lot of people don't

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Speaker 2: know this. As long as you keep making the minimum payment,

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Speaker 2: you get to keep your credit score high. When you

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Speaker 2: miss a minimum payment is when you hit a to

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Speaker 2: your credit score. So continue to make the minimum payment

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Speaker 2: across everything, and then any additional funds you have for

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Speaker 2: debt pay down put towards the debt with the highest

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Speaker 2: interest rate. Okay, if you're already feeling overwhelmed, then you've

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Speaker 2: got some other options. If you have high interest rate, debt,

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Speaker 2: you can consider consolidating it. So what that means is

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Speaker 2: you can either get a balanced transfer card. I know

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Speaker 2: a little counterintuitive, but if you have credit card debt,

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Speaker 2: you can get another credit card and for an introductory

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Speaker 2: period of time, roughly usually twelve to eighteen months, they

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Speaker 2: will say, hey, for a small fee, typically a small

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Speaker 2: percentage of the debt, we will allow you to not

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Speaker 2: have any interest payments for the first twelve to eighteen months,

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Speaker 2: zero percent interest. If you are very committed to paying

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Speaker 2: your credit card debt during that time, you will pay

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Speaker 2: no interest, which is awesome. Every dollar you put is

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Speaker 2: actually going towards paying down the money you borrowed versus

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Speaker 2: just paying the interest.

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Speaker 3: If you don't think you can get it.

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Speaker 2: Done in twelve to eighteen months, you can also get

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Speaker 2: a personal loan, so you can go to your local

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Speaker 2: bank and say, hey, I want to pay down some debt,

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Speaker 2: like can I get a loan for X Y Z.

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Speaker 2: They'll run your credit make sure you are credit worthy,

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Speaker 2: but then they'll give you the money.

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Speaker 3: You use that money to pay down the debt.

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Speaker 2: You cannot continue to use that credit card and rack

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Speaker 2: it up during that time, but then you can pay

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Speaker 2: back the bank. And the reason you do this is

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Speaker 2: they typically charge an interest rate of seven to fifteen percent,

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Speaker 2: whereas credit cards charged twenty to thirty percent annual apr aprs.

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Speaker 2: So that interest just compounds so quickly and it makes

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Speaker 2: it really hard to even make a dent in the

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Speaker 2: actual money you borrowed versus all of the interests you

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Speaker 2: owe the credit card company.

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Speaker 1: Wow, oh my god. Great tips and credit school. How

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Speaker 1: important is your credit school? And how would someone if

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Speaker 1: they've got a low credit school start to bring up?

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Speaker 3: It is very important.

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Speaker 2: Some people, for whatever reason on the Internet are like, Oh,

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Speaker 2: I don't worry, I don't need a credit score. I'm like,

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Speaker 2: do you want to buy a car?

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Speaker 1: Right?

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Speaker 2: Do you want to buy a house? Do you even

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Speaker 2: want to go rent an apartment? Because when you go

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Speaker 2: do those things, they are going to run your credit.

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Speaker 2: If you are ultra ultra wealthy, maybe that's not a

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Speaker 2: concern for you, But for the most of us, we

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Speaker 2: finance those massive purchases right. Very few people can walk

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Speaker 2: up and buy a home in cash.

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Speaker 3: They have to say, hey.

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Speaker 2: I'll put down twenty percent, that'll be my down payment,

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Speaker 2: and then I'll have a mortgage. Maybe it's thirty years

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Speaker 2: a fixed mortgage. When you have a very low credit score,

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Speaker 2: you may not be eligible for a mortgage. They will say,

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Speaker 2: if you don't have the cash to buy this place

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Speaker 2: on day one, you don't get this house. If you

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Speaker 2: have a very high credit score, the opposite happens. You

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Speaker 2: will get the friendliest, most relaxed, lowest interest rate terms

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Speaker 2: on the deal.

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Speaker 3: It's like, do you want a good deal or bad deal?

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Speaker 2: Right?

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Speaker 3: If you can do something to make sure you get

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Speaker 3: a good deal, why wouldn't.

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Speaker 1: You do that?

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Speaker 2: That is why credit score matters. And then some of

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Speaker 2: the most important factors as to how to keep your

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Speaker 2: credit score really healthy is one, do not miss payments.

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Speaker 2: Like I mentioned, you don't have to make the maximum payment,

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Speaker 2: but you do at least have to make the minimum,

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Speaker 2: and you have to be consistent, and you cannot miss payments. Honestly,

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Speaker 2: if you can even just auto pay so you don't

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Speaker 2: have to think about it, that is great.

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Speaker 3: But you cannot miss them. Two. Total credit usage.

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Speaker 2: Credit utilization is a big factor in credit scores. Say

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Speaker 2: you've got three credit cards, each of which gives you

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Speaker 2: a ten thousand dollars credit limit. You need to keep

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Speaker 2: your utilization less than thirty percent of that total credit limit.

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Speaker 2: Oh and you also want to keep it less than

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Speaker 2: thirty percent of each individual line, just because that is

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Speaker 2: going to impact reporting. The general gist is, if you

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Speaker 2: have a credit limit and you're using too much of it,

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Speaker 2: the folks who are lending you that money are getting antsy.

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Speaker 3: Right, They're like, why does this girl need so much?

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Speaker 3: What's going on? Great?

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Speaker 2: If you're able to actually keep your utilization less than

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Speaker 2: ten percent, it's like hitting a Super Mario power up

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00:12:26,320 --> 00:12:29,559
Speaker 2: and will help your credit score. You can either spend

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Speaker 2: less or A big trick I love to do is

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Speaker 2: I call the credit card company and I say, hey,

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Speaker 2: I would like a credit limit increase, because if you

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Speaker 2: can't make the numerator smaller, you can try to make

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Speaker 2: the denominator bigger.

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Speaker 4: Right.

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Speaker 2: And so I'm like, hey, I make really great money,

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Speaker 2: I need more credit on this credit card.

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Speaker 3: And then I don't use it. I just have more.

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Speaker 2: Credit available to me, but I continue to use the

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Speaker 2: regular amount that I'm using and it just becomes a

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Speaker 2: smaller percentage that helps my credit score. And then the

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Speaker 2: last you know. There are a lot of factors that

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Speaker 2: go into credit score. But these are my top three.

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Speaker 2: The last one credit history length. I made a really,

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Speaker 2: really big mistake in my early twenties. I had this

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Speaker 2: rinky dinky old credit card and I had gone it

288
00:13:15,840 --> 00:13:18,120
Speaker 2: like mid college, and I was like, Okay, I'm gonna

289
00:13:18,120 --> 00:13:20,520
Speaker 2: put like my books on this and like that occasional

290
00:13:20,520 --> 00:13:23,839
Speaker 2: pad tie that I order. There were like no rewards,

291
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Speaker 2: nothing really fancy about it.

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Speaker 3: I was like, great.

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Speaker 2: I started my first job as a trader on Wall

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Speaker 2: Street and I looked at all of the folks around

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Speaker 2: me and they were talking about rewards and credit cards

296
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Speaker 2: and the fancy ones, the heavy ones, the metal ones,

297
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Speaker 2: and I was like, I can get one of these.

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Speaker 2: So I got one, and I was using that credit

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Speaker 2: card wisely and I was getting a ton of benefits,

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Speaker 2: I mean, travel perks, free upgrades like going to the lounge,

301
00:13:50,120 --> 00:13:52,199
Speaker 2: free tsa PreCheck, like I was getting a lot of

302
00:13:52,280 --> 00:13:55,240
Speaker 2: value out of this card, while my old rinky dinky

303
00:13:55,240 --> 00:13:58,040
Speaker 2: card was just collecting dust in my wallet. And at

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Speaker 2: the guidance of some random financial guru on the Internet,

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Speaker 2: it's clear you cannot listen to everybody. They were like,

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Speaker 2: you don't want to have too much outstanding lines of

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00:14:08,320 --> 00:14:12,360
Speaker 2: credit that you're not using And so I went and

308
00:14:12,440 --> 00:14:15,920
Speaker 2: I called that credit card and I said, I'm not

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00:14:15,960 --> 00:14:18,000
Speaker 2: going to use you anymore, go ahead and cancel it.

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Speaker 2: The problem was that was my longest line of credit

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Speaker 2: history that I had had for the past eight years.

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Speaker 2: But the new fancy credit card I'd only had for

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Speaker 2: a couple months. But when I closed my oldest credit card,

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Speaker 2: it compressed my credit history. No, and I only had

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Speaker 2: a credit history of like two years because I had

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00:14:45,200 --> 00:14:47,160
Speaker 2: like the card that I gotten in between. And I

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00:14:47,200 --> 00:14:49,320
Speaker 2: was like, wait, but I have made every single payment

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Speaker 2: but the past eight years on time in full.

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Speaker 3: I've never missed something. What happened?

320
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Speaker 2: Why did my credit score drop like eighty points?

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Speaker 1: Whoa?

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Speaker 2: You know? I spoke to a mentor and she was like, well,

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Speaker 2: why did you close that oldest card? And I was like, oh,

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Speaker 2: I wasn't using it, and she was like, that doesn't matter.

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Speaker 2: You can't close your oldest line of credit.

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Speaker 1: I wonder how many people actually know this.

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Speaker 3: I don't think a lot.

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Speaker 2: Do because I was working on Wall Street sitting next

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Speaker 2: to some of these bright minds, and a lot of

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Speaker 2: the other junior analysts.

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Speaker 3: Did not know this either.

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Speaker 2: Wow, a lot of us made this mistake looking back,

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Speaker 2: if I could actually give myself a good piece of

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00:15:23,360 --> 00:15:27,640
Speaker 2: advice would be, hey, go back and instead of canceling

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Speaker 2: that card, upgrade it. You can upgrade it to a

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Speaker 2: fancy your card at that same financial institution. Or if

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00:15:35,280 --> 00:15:37,960
Speaker 2: someone's tired of paying the annual fee and they're not

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00:15:38,000 --> 00:15:40,480
Speaker 2: getting the value out of an expensive card, you can

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Speaker 2: downgrade it. You can change the level of your card.

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Speaker 2: But as long as your relationship with that financial institution

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Speaker 2: stays open, you're able to keep essentially the report cards.

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Speaker 1: Okay, so you made that mistake. Now would any of

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Speaker 1: the mistakes that you see other people make where you're like,

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Speaker 1: this is I wish these people need this? Like? What

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00:15:58,520 --> 00:16:01,280
Speaker 1: is the top two three mistakes that you feel people

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00:16:01,320 --> 00:16:02,640
Speaker 1: make because of lack of knowledge?

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Speaker 2: Just like you did that day one, sticking with your

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Speaker 2: old high school boyfriend. Like bank account And this is

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Speaker 2: the example I give because so many of us pick

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Speaker 2: up our bank accounts the exact same way as we

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Speaker 2: pick up our first boyfriend.

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Speaker 1: Oh okay, explain.

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Speaker 3: You meet your.

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Speaker 2: First boyfriend in homeroom in high school, and you like

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00:16:31,320 --> 00:16:34,760
Speaker 2: them enough. They are from your same town, maybe they

356
00:16:34,880 --> 00:16:39,440
Speaker 2: live three blocks away and they seem great. You wouldn't know, though,

357
00:16:39,480 --> 00:16:43,720
Speaker 2: because you literally met anybody else. You wouldn't know if

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Speaker 2: there was anything better out there. But here's the thing.

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Speaker 2: We get a lot of our banking relationships the exact

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00:16:49,360 --> 00:16:51,720
Speaker 2: same way. Maybe in high school, your mom and dad

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Speaker 2: took you and you opened up a bank account at

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Speaker 2: the same bank they banked at. I did that, or

363
00:16:57,120 --> 00:16:59,680
Speaker 2: for me it was first day of college. There was

364
00:16:59,720 --> 00:17:03,320
Speaker 2: a like a setup. They had like little booths and

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00:17:03,600 --> 00:17:05,119
Speaker 2: there were all the things you could sign up for,

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Speaker 2: and one of them was the bank that was just

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00:17:06,920 --> 00:17:10,639
Speaker 2: closest to campus. And nearly every single student sign up

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00:17:10,640 --> 00:17:12,359
Speaker 2: for a bank account, just to keep things easy. But

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00:17:12,520 --> 00:17:15,600
Speaker 2: oftentimes the banks that have those relationships and that are

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00:17:15,640 --> 00:17:17,760
Speaker 2: able to get to you at high school are brick

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00:17:17,800 --> 00:17:20,920
Speaker 2: and mortar, meaning they there's a physical location you can

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Speaker 2: go and like touch there's a wall. Unfortunately, a lot

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00:17:24,080 --> 00:17:29,120
Speaker 2: of brick and mortar banks offer very very low interest

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00:17:29,200 --> 00:17:33,359
Speaker 2: on your savings. The FDIC national average for traditional savings

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00:17:33,400 --> 00:17:39,040
Speaker 2: accounts is zero point four two percent annually. So you

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Speaker 2: give me one hundred dollars put in my bank account,

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00:17:41,000 --> 00:17:42,240
Speaker 2: and I at the end of the year you have

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00:17:42,280 --> 00:17:44,399
Speaker 2: one hundred dollars and forty two cents at the end

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00:17:44,400 --> 00:17:46,040
Speaker 2: of the year. At the end of the year one year,

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00:17:46,480 --> 00:17:47,680
Speaker 2: what are you doing with forty two cents?

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Speaker 1: Yeah?

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00:17:47,960 --> 00:17:50,560
Speaker 3: Nothing, nothing, that's like couch coaching.

383
00:17:50,680 --> 00:17:51,000
Speaker 1: Change.

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00:17:51,400 --> 00:17:55,360
Speaker 2: However, there are a new slew of bank accounts and

385
00:17:55,520 --> 00:17:59,920
Speaker 2: banking institutions that are equally FDIC insured, so you are protected.

386
00:18:00,520 --> 00:18:05,080
Speaker 2: They are typically online, and what's awesome is they offer

387
00:18:05,640 --> 00:18:09,800
Speaker 2: high yield checking and savings accounts. So what does high

388
00:18:09,840 --> 00:18:13,159
Speaker 2: yield mean? It just means you earn more interest. So

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00:18:13,680 --> 00:18:16,720
Speaker 2: right now high old savings accounts are paying anywhere between

390
00:18:16,760 --> 00:18:18,879
Speaker 2: three to four percent. You give me one hundred dollars

391
00:18:19,520 --> 00:18:21,120
Speaker 2: goes in the bank account. At the end of the year,

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00:18:21,440 --> 00:18:23,320
Speaker 2: you have one hundred and three dollars, one hundred and

393
00:18:23,320 --> 00:18:25,199
Speaker 2: four dollars. You can see how if you have more

394
00:18:25,200 --> 00:18:28,280
Speaker 2: than one hundred dollars that would compound and it would

395
00:18:28,280 --> 00:18:30,440
Speaker 2: be a lot more valuable than zero point four two.

396
00:18:31,240 --> 00:18:34,720
Speaker 2: It's meaningfully more, oftentimes nine to ten times more.

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Speaker 1: Wow. Are there any that you recommend specifically.

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00:18:37,320 --> 00:18:40,760
Speaker 2: Or yeah, I mean, listen, I have a partnership with

399
00:18:41,040 --> 00:18:43,920
Speaker 2: Sofi Bank. What I love so much about what they

400
00:18:43,960 --> 00:18:47,680
Speaker 2: offer is they have both a high yield checking and

401
00:18:47,720 --> 00:18:49,960
Speaker 2: a high old saving. So a lot of online banks

402
00:18:50,000 --> 00:18:53,439
Speaker 2: offer hi old savings, but I think you're the money

403
00:18:53,440 --> 00:18:55,400
Speaker 2: waiting to be spent on your Wi Fi bill should

404
00:18:55,400 --> 00:18:56,439
Speaker 2: also be earning you money.

405
00:18:56,640 --> 00:18:58,200
Speaker 3: So I love that they have both.

406
00:18:58,320 --> 00:19:01,560
Speaker 2: There's value to that because one of the scariest things

407
00:19:01,640 --> 00:19:04,040
Speaker 2: is if you go and put one thousand dollars into

408
00:19:04,040 --> 00:19:06,840
Speaker 2: your savings, thinking that's you know, your little nest egg.

409
00:19:07,600 --> 00:19:08,880
Speaker 3: Every year that a thousand.

410
00:19:08,560 --> 00:19:12,680
Speaker 2: Dollars is worthless because of inflation. Inflation and a healthy

411
00:19:12,800 --> 00:19:16,040
Speaker 2: year is roughly two percent. Zero point four to two

412
00:19:16,080 --> 00:19:18,439
Speaker 2: doesn't get you there. So every year your money is

413
00:19:19,280 --> 00:19:21,320
Speaker 2: becoming less and less and less. With a high old

414
00:19:21,320 --> 00:19:23,960
Speaker 2: savings account, it helps your money keep up with inflation.

415
00:19:24,359 --> 00:19:27,159
Speaker 1: You mentioned all these benefits of all the credit cards

416
00:19:27,160 --> 00:19:29,160
Speaker 1: that you can get. I literally realize I don't even

417
00:19:29,160 --> 00:19:31,440
Speaker 1: look at my benefits success well when I have points

418
00:19:31,440 --> 00:19:33,360
Speaker 1: and I'm like going to transfer these points to here?

419
00:19:33,640 --> 00:19:35,720
Speaker 1: Do you think savings is one of the best places

420
00:19:35,760 --> 00:19:38,440
Speaker 1: to or one of the main factors of deciding where

421
00:19:38,480 --> 00:19:40,240
Speaker 1: to go with or are the other things that people

422
00:19:40,280 --> 00:19:42,720
Speaker 1: should be considering when they're deciding what bank account they

423
00:19:42,720 --> 00:19:43,760
Speaker 1: should be opening.

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Speaker 3: When it comes to bank accounts.

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00:19:45,880 --> 00:19:50,560
Speaker 2: It's more so about your behavior, as is with credit

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Speaker 2: cards and credit card awards, So just think about your lifestyle.

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Speaker 3: There are going to be some.

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00:19:54,400 --> 00:19:57,919
Speaker 2: People that are heads of household that spend all their

429
00:19:57,960 --> 00:20:02,680
Speaker 2: money on groceries and gas. That is one archetype. Then

430
00:20:02,680 --> 00:20:06,080
Speaker 2: you've got someone like myself. I live in a coastal city.

431
00:20:06,240 --> 00:20:08,800
Speaker 2: I spend all of my food, all of my money

432
00:20:08,840 --> 00:20:12,520
Speaker 2: on food. I spend a lot of money on transportation,

433
00:20:12,880 --> 00:20:15,760
Speaker 2: like the subway, ubers, because I don't have a car

434
00:20:15,800 --> 00:20:19,359
Speaker 2: and I don't pay for gas or I like to travel.

435
00:20:19,400 --> 00:20:21,000
Speaker 3: That's the way I like to spend money.

436
00:20:21,240 --> 00:20:23,399
Speaker 2: Then there's another type of person who's like, oh, I

437
00:20:23,480 --> 00:20:27,200
Speaker 2: am obsessed with retail therapy. I want clothes, I want boots,

438
00:20:27,200 --> 00:20:31,399
Speaker 2: I want bags. The three of us should not get

439
00:20:31,520 --> 00:20:35,280
Speaker 2: the same right banking institution or the same credit card,

440
00:20:35,760 --> 00:20:39,439
Speaker 2: because you need those things to be tailor fit to you.

441
00:20:39,480 --> 00:20:42,200
Speaker 2: Personal finance is personal. There's no such thing as best,

442
00:20:42,560 --> 00:20:45,960
Speaker 2: only best for you, and what you should do is

443
00:20:46,080 --> 00:20:48,600
Speaker 2: go through. And I really I know this sucks because

444
00:20:48,640 --> 00:20:51,760
Speaker 2: the print is so small and my eyes they're not great,

445
00:20:52,000 --> 00:20:54,359
Speaker 2: But you got to read the actual fine print and

446
00:20:54,440 --> 00:20:57,240
Speaker 2: go through and see what do these things offer me?

447
00:20:57,560 --> 00:21:01,520
Speaker 2: So something that I love because I have butterfingers. My

448
00:21:01,640 --> 00:21:07,600
Speaker 2: credit card actually provides phone protection if you purchase the

449
00:21:07,640 --> 00:21:11,000
Speaker 2: phone with that credit card. Have you any idea the

450
00:21:11,080 --> 00:21:13,960
Speaker 2: number of times I have shattered my phone? I'm like no,

451
00:21:14,280 --> 00:21:18,240
Speaker 2: and I can see the screen just crushing, and I'm like, well,

452
00:21:18,280 --> 00:21:21,480
Speaker 2: thank goodness, I have this. I send in a photo

453
00:21:21,600 --> 00:21:25,119
Speaker 2: of this smashed phone. I show them the receipt of

454
00:21:25,200 --> 00:21:28,439
Speaker 2: me buying the phone with that credit card, and they

455
00:21:28,440 --> 00:21:30,080
Speaker 2: will send me a reimbursement for me to go get

456
00:21:30,080 --> 00:21:30,560
Speaker 2: it fixed.

457
00:21:30,359 --> 00:21:31,000
Speaker 3: At the Apple store.

458
00:21:31,440 --> 00:21:32,040
Speaker 1: That's useful.

459
00:21:32,160 --> 00:21:34,959
Speaker 2: That's like such a strange perk, but like one that

460
00:21:35,040 --> 00:21:38,240
Speaker 2: I used more often than I probably should be. There's

461
00:21:38,359 --> 00:21:40,840
Speaker 2: things like travel insurance, you know how, like when you

462
00:21:40,880 --> 00:21:42,359
Speaker 2: go buy a flight and at the end, they're like,

463
00:21:42,520 --> 00:21:44,360
Speaker 2: would you like to add thirty.

464
00:21:44,040 --> 00:21:44,960
Speaker 3: Seven ninety five?

465
00:21:45,160 --> 00:21:45,440
Speaker 1: Nope?

466
00:21:45,480 --> 00:21:47,520
Speaker 2: And I'm like no, And it's never occurred to me

467
00:21:47,560 --> 00:21:50,199
Speaker 2: to hit yes, but I'm always like nope. But if

468
00:21:50,240 --> 00:21:54,199
Speaker 2: something does go wrong, if you purchased that flight with

469
00:21:54,359 --> 00:21:56,720
Speaker 2: the right credit card, you can actually call them and

470
00:21:56,760 --> 00:21:59,520
Speaker 2: have them bail you out of trouble. If you get sick,

471
00:21:59,840 --> 00:22:02,399
Speaker 2: if you have a bereavement, issue, So you can no

472
00:22:02,440 --> 00:22:05,439
Speaker 2: longer go on a trip if you you know, if

473
00:22:05,480 --> 00:22:07,720
Speaker 2: there happens to be a natural disaster in the neighborhood

474
00:22:07,720 --> 00:22:09,240
Speaker 2: in that area where you're supposed to be traveling to,

475
00:22:09,280 --> 00:22:11,080
Speaker 2: and you're like, I don't want to go, Like this

476
00:22:11,200 --> 00:22:13,960
Speaker 2: is a great way to just protect yourself and make

477
00:22:14,040 --> 00:22:15,560
Speaker 2: your life as easy as possible.

478
00:22:15,960 --> 00:22:18,160
Speaker 1: Across the board, no matter how much money you're making,

479
00:22:18,720 --> 00:22:21,680
Speaker 1: what percentage should people be aiming to save every year

480
00:22:22,000 --> 00:22:22,639
Speaker 1: of their income.

481
00:22:22,880 --> 00:22:25,919
Speaker 2: This is again it varies, but a really good jump

482
00:22:25,960 --> 00:22:30,720
Speaker 2: off point is using the fifty thirty twenty method. So, okay,

483
00:22:30,840 --> 00:22:33,119
Speaker 2: you think about what your take home pay is. This

484
00:22:33,160 --> 00:22:36,920
Speaker 2: is not the number you saw on that job contract

485
00:22:36,960 --> 00:22:39,520
Speaker 2: you signed. This is what you get after taxes, take

486
00:22:39,560 --> 00:22:40,760
Speaker 2: home pay what hits your brank account.

487
00:22:40,760 --> 00:22:43,280
Speaker 3: That's said, that's sadly true.

488
00:22:43,640 --> 00:22:47,040
Speaker 2: And you take half of that, Yeah, and you allocate

489
00:22:47,080 --> 00:22:52,840
Speaker 2: to needs. Okay, so that's housing, groceries, basic transportation, things

490
00:22:52,880 --> 00:22:57,720
Speaker 2: like that thirty percent you allocate towards wants, So this

491
00:22:57,880 --> 00:23:00,800
Speaker 2: is getting my nails done, may be going to go

492
00:23:00,880 --> 00:23:04,800
Speaker 2: get dinner with a girlfriend, vacations, entertainment, things like that.

493
00:23:05,160 --> 00:23:07,959
Speaker 2: And then the last twenty percent. I always say is

494
00:23:08,040 --> 00:23:10,879
Speaker 2: for you today to take care of future you. Yes,

495
00:23:11,520 --> 00:23:16,280
Speaker 2: so that covers saving debt, paid down, and investing. And

496
00:23:16,320 --> 00:23:19,040
Speaker 2: the powerful part of this third fifty to thirty twenty

497
00:23:19,080 --> 00:23:22,760
Speaker 2: method is that the hope is over time, as your

498
00:23:22,880 --> 00:23:26,720
Speaker 2: labor earns you more money, that fifty and thirty category

499
00:23:26,800 --> 00:23:29,520
Speaker 2: can get smaller and smaller and smaller, while that twenty

500
00:23:29,560 --> 00:23:31,359
Speaker 2: category can get bigger and bigger and bigger.

501
00:23:32,240 --> 00:23:35,760
Speaker 1: Fifty thirty twenty ye, Okay, see enough fifty thirty twenty.

502
00:23:36,080 --> 00:23:38,679
Speaker 1: You spoke about renting. You say you were renting an

503
00:23:38,680 --> 00:23:41,040
Speaker 1: apartment right now? Or have you bought your place?

504
00:23:41,240 --> 00:23:43,199
Speaker 2: So I own a place in New York City and

505
00:23:43,240 --> 00:23:45,160
Speaker 2: then I rent a place down in Miami Beach.

506
00:23:45,200 --> 00:23:49,240
Speaker 1: Okay. And for people who are trying thinking of buying,

507
00:23:49,640 --> 00:23:53,720
Speaker 1: but are still on a crunch in terms of their finances, well,

508
00:23:53,720 --> 00:23:55,280
Speaker 1: I would love to get your insight into whether you

509
00:23:55,320 --> 00:23:58,400
Speaker 1: think people should rent or buy, because for me my parents,

510
00:23:58,480 --> 00:24:01,080
Speaker 1: as soon as I started working, the goal was get

511
00:24:01,119 --> 00:24:04,680
Speaker 1: on the property ladder, like buy a place, have a property.

512
00:24:05,160 --> 00:24:09,000
Speaker 1: My family obviously came to the UK's immigrants, but as

513
00:24:09,080 --> 00:24:13,400
Speaker 1: soon as we have seven girls in the family, grandchildren seven.

514
00:24:13,280 --> 00:24:14,840
Speaker 3: It's already you faught in a way.

515
00:24:15,000 --> 00:24:17,360
Speaker 1: I mean, it's my cousin. So there's seven girls. There's

516
00:24:17,359 --> 00:24:20,080
Speaker 1: no boys in our My mum has two brothers and

517
00:24:20,240 --> 00:24:22,879
Speaker 1: between three of them, they have seven girls. And so

518
00:24:22,960 --> 00:24:24,800
Speaker 1: they made a choice that they would as soon as

519
00:24:24,800 --> 00:24:26,520
Speaker 1: they could, they put their money together and they bought

520
00:24:26,560 --> 00:24:28,400
Speaker 1: a property in the name of all seven of us.

521
00:24:28,560 --> 00:24:31,600
Speaker 1: And so their mindset has always been get on the

522
00:24:31,600 --> 00:24:35,399
Speaker 1: property ladder, get properties when you can. But now I

523
00:24:35,400 --> 00:24:38,560
Speaker 1: feel like there's always there's this debate between actually buying

524
00:24:38,600 --> 00:24:41,920
Speaker 1: a property can be really ridiculous, and most people are

525
00:24:42,080 --> 00:24:44,640
Speaker 1: renting most of their life. What's your view on that

526
00:24:44,960 --> 00:24:45,800
Speaker 1: from your perspective?

527
00:24:46,119 --> 00:24:51,399
Speaker 2: So, I think that is a very immigrant perspective that

528
00:24:51,440 --> 00:24:54,480
Speaker 2: you have, because I was given the exact same idea.

529
00:24:55,040 --> 00:24:58,120
Speaker 2: My parents immigrated to the US. I was born here,

530
00:24:58,720 --> 00:25:04,280
Speaker 2: and when my parents bought their first home, their first

531
00:25:04,480 --> 00:25:07,560
Speaker 2: little slice of the earth, it was momentous. Yeah, that

532
00:25:07,680 --> 00:25:11,240
Speaker 2: was their American dream. They like had something now, something

533
00:25:11,240 --> 00:25:13,040
Speaker 2: that you could reach out and touch, and that was

534
00:25:13,080 --> 00:25:16,240
Speaker 2: security and stability for them. When we were able to

535
00:25:17,080 --> 00:25:20,400
Speaker 2: move from that smaller town home into a single family

536
00:25:20,520 --> 00:25:23,879
Speaker 2: home in a good school district, so that you know,

537
00:25:23,960 --> 00:25:26,600
Speaker 2: I could have the life that my parents wanted for me,

538
00:25:26,760 --> 00:25:30,000
Speaker 2: Like my parents like that truly was their happiness, that

539
00:25:30,119 --> 00:25:33,879
Speaker 2: was their goal. And what I'd like to share with

540
00:25:33,960 --> 00:25:36,840
Speaker 2: folks is that if you want to buy a home,

541
00:25:37,760 --> 00:25:41,720
Speaker 2: that is a great goal. But if you don't, that's

542
00:25:41,800 --> 00:25:45,959
Speaker 2: also okay. And there are still other ways to create

543
00:25:46,119 --> 00:25:49,800
Speaker 2: richness that don't require you to also be in the

544
00:25:49,800 --> 00:25:54,040
Speaker 2: real estate game. So what people forget is that right now,

545
00:25:54,200 --> 00:25:58,120
Speaker 2: in all fifty major metros, there have been studies done

546
00:25:58,640 --> 00:26:00,520
Speaker 2: that show right now it is cheaper to rent them

547
00:26:00,520 --> 00:26:04,159
Speaker 2: buy in all fifty major metros. If you spend the

548
00:26:04,200 --> 00:26:07,720
Speaker 2: money towards rent instead of buying, you have to be

549
00:26:07,800 --> 00:26:11,240
Speaker 2: responsible to know that the difference you're saving on that

550
00:26:11,560 --> 00:26:15,600
Speaker 2: needs to be put towards investing in another way. If

551
00:26:15,640 --> 00:26:17,879
Speaker 2: you're just renting and then letting your money sit, or

552
00:26:18,000 --> 00:26:20,199
Speaker 2: using that extra money to go buy stuff that you

553
00:26:20,240 --> 00:26:23,040
Speaker 2: probably won't even remember it is in your closet, that's

554
00:26:23,080 --> 00:26:28,119
Speaker 2: not great. Why housing has been such a bastion of

555
00:26:28,680 --> 00:26:32,200
Speaker 2: wealth generation and the American dream, and truly any sort

556
00:26:32,200 --> 00:26:35,400
Speaker 2: of immigrant dream, is because it was literally a forced

557
00:26:35,560 --> 00:26:39,040
Speaker 2: mechanism for saving when you were spending more and your

558
00:26:39,080 --> 00:26:42,520
Speaker 2: money was tied up in this thing you couldn't go

559
00:26:42,680 --> 00:26:45,359
Speaker 2: and buy something dumb you didn't have the money for it.

560
00:26:46,400 --> 00:26:51,400
Speaker 2: But that house, that property, likely over the past decade,

561
00:26:51,480 --> 00:26:55,320
Speaker 2: over the past whatever, appreciated, so you not only bought

562
00:26:55,359 --> 00:27:01,480
Speaker 2: something that prevented you from making stupid decisions, appreciated itself

563
00:27:01,720 --> 00:27:04,680
Speaker 2: as an asset. And that's why people love real estate.

564
00:27:04,840 --> 00:27:07,680
Speaker 1: What's so interesting is me and Jay, my husband, when

565
00:27:07,680 --> 00:27:10,240
Speaker 1: we got married, we did that. We bought a property

566
00:27:10,240 --> 00:27:12,880
Speaker 1: with the help of our family and some of our savings,

567
00:27:13,280 --> 00:27:16,000
Speaker 1: and we recently were trying to sell it. And it's

568
00:27:16,040 --> 00:27:19,560
Speaker 1: been I guess nine years now, and this is in

569
00:27:19,600 --> 00:27:22,800
Speaker 1: the UK, not in the US, but we literally made

570
00:27:23,400 --> 00:27:26,080
Speaker 1: like hardly any money out of it in those years.

571
00:27:26,119 --> 00:27:28,800
Speaker 1: Like the appreciation of properties, I think. Whereas my parents

572
00:27:28,840 --> 00:27:30,879
Speaker 1: who bought their home thirty years.

573
00:27:30,760 --> 00:27:33,119
Speaker 2: Ago for four dollars and then sold it for a million,

574
00:27:33,560 --> 00:27:34,640
Speaker 2: it's difficult.

575
00:27:34,359 --> 00:27:36,520
Speaker 1: Yes, they had, Like if I think about how much

576
00:27:36,600 --> 00:27:39,760
Speaker 1: they spend when they had pretty much not much to

577
00:27:40,240 --> 00:27:43,640
Speaker 1: now what the property is worth, it's completely different than

578
00:27:43,720 --> 00:27:45,840
Speaker 1: what it is now. And even some of my other

579
00:27:45,880 --> 00:27:47,720
Speaker 1: family members they're trying to sell their house now and

580
00:27:47,760 --> 00:27:50,680
Speaker 1: what they're getting for it is like barely barely more

581
00:27:50,720 --> 00:27:52,760
Speaker 1: if not less than what they paid for it. And

582
00:27:52,800 --> 00:27:54,280
Speaker 1: that's in the UK. So I don't know about how

583
00:27:54,320 --> 00:27:57,760
Speaker 1: the climate is here, but it's interesting how you have

584
00:27:57,840 --> 00:28:01,760
Speaker 1: that same mindset but the environment is completely different now.

585
00:28:01,920 --> 00:28:03,840
Speaker 2: Well. I also think it has a lot to do

586
00:28:03,920 --> 00:28:06,879
Speaker 2: with maybe, and I could be completely wrong, the area

587
00:28:07,000 --> 00:28:09,760
Speaker 2: that your parents bought in versus the area you and

588
00:28:09,840 --> 00:28:14,720
Speaker 2: j bot in versus buying in a place like Los Angeles, right,

589
00:28:15,000 --> 00:28:18,960
Speaker 2: so buying a primary residence, one where you and I

590
00:28:18,960 --> 00:28:22,879
Speaker 2: would live in together and be our home. These days,

591
00:28:22,920 --> 00:28:26,760
Speaker 2: like especially in major metros, the appreciation we're seeing on

592
00:28:26,880 --> 00:28:31,639
Speaker 2: those properties is not that vast. It oftentimes does not

593
00:28:31,960 --> 00:28:35,880
Speaker 2: justify it as an investment piece. However, you are still

594
00:28:35,880 --> 00:28:38,320
Speaker 2: allowed to love and want and buy a beautiful home.

595
00:28:38,600 --> 00:28:41,680
Speaker 2: There's nobody saying you shouldn't do that. But my guess

596
00:28:41,760 --> 00:28:45,760
Speaker 2: is when your parents bought in the UK when they

597
00:28:45,760 --> 00:28:48,160
Speaker 2: were immigrants and they had two nickels to rub together,

598
00:28:48,400 --> 00:28:51,120
Speaker 2: they probably bought in an area that wasn't that nice.

599
00:28:51,360 --> 00:28:56,360
Speaker 4: But over the years, but over the years, as the

600
00:28:56,400 --> 00:28:59,239
Speaker 4: tailor moved in, and the kebab shop moved in, and

601
00:28:59,280 --> 00:29:02,320
Speaker 4: then the theater moved in, and then the restaurant moved in,

602
00:29:02,640 --> 00:29:04,160
Speaker 4: and then the gym moved in.

603
00:29:04,360 --> 00:29:06,280
Speaker 3: It had to blow up all of a sudden.

604
00:29:06,560 --> 00:29:09,920
Speaker 2: It looks like a very different neighborhood. Yeah, so whereas

605
00:29:10,280 --> 00:29:11,960
Speaker 2: you guys were in a position you got some help

606
00:29:12,000 --> 00:29:16,400
Speaker 2: from family. You know, you were young, but likely had

607
00:29:16,400 --> 00:29:18,080
Speaker 2: a lot more money than your parents did at the

608
00:29:18,120 --> 00:29:21,480
Speaker 2: time and probably bought in an already nice neighborhood.

609
00:29:21,560 --> 00:29:25,400
Speaker 1: Yeah, it hasn't got much better, exactly right, Okay, makes sense.

610
00:29:25,560 --> 00:29:27,520
Speaker 2: That's why a lot of people now who live in

611
00:29:27,560 --> 00:29:30,000
Speaker 2: places like San Francisco and LA and New York and

612
00:29:30,040 --> 00:29:33,840
Speaker 2: Miami and Chicago, like in the big cities, they can't

613
00:29:33,880 --> 00:29:36,640
Speaker 2: actually afford to buy the primary home they want. So

614
00:29:36,680 --> 00:29:38,640
Speaker 2: what they do is they rent the primary home that

615
00:29:38,680 --> 00:29:40,400
Speaker 2: they want to live in, the type of you know,

616
00:29:40,640 --> 00:29:43,640
Speaker 2: esthetic they want, the size they want, and if they're

617
00:29:43,680 --> 00:29:46,120
Speaker 2: planning on buying real estate, they'll actually do it in

618
00:29:46,200 --> 00:29:49,600
Speaker 2: less developed areas. So a lot of people in California

619
00:29:49,640 --> 00:29:54,400
Speaker 2: will go buy homes in Arizona, New Mexico, Nevada and

620
00:29:55,280 --> 00:29:59,480
Speaker 2: trick them out and then say, if my projections are correct,

621
00:30:00,160 --> 00:30:05,320
Speaker 2: this town, one town over from ASU's campus will likely

622
00:30:05,400 --> 00:30:07,480
Speaker 2: become a place where a lot of grads end up

623
00:30:08,000 --> 00:30:11,960
Speaker 2: living after graduation or right outside of Las Vegas there's

624
00:30:12,000 --> 00:30:15,760
Speaker 2: like Henderson, Nevada, or you know, Santa fe like it

625
00:30:15,800 --> 00:30:20,240
Speaker 2: becomes a beautiful resort town. Like people are thinking about

626
00:30:20,560 --> 00:30:22,800
Speaker 2: will my investment actually appreciate?

627
00:30:23,360 --> 00:30:24,840
Speaker 3: But that's investment real estate.

628
00:30:25,000 --> 00:30:27,720
Speaker 2: Yeah, there's also nothing wrong with just wanting to buy

629
00:30:27,760 --> 00:30:30,600
Speaker 2: a home because you want to feel secure and comfort

630
00:30:30,640 --> 00:30:31,560
Speaker 2: and like where you live.

631
00:30:31,680 --> 00:30:34,200
Speaker 1: And you said, okay, so that's one type of investment

632
00:30:34,440 --> 00:30:39,040
Speaker 1: is your property. But let's say people are thinking, I've

633
00:30:39,040 --> 00:30:42,160
Speaker 1: got this money, where do I invest it? Like where

634
00:30:42,200 --> 00:30:45,480
Speaker 1: should I be investing my money? Because I like, if

635
00:30:45,520 --> 00:30:47,480
Speaker 1: I didn't have I have people who advise us on

636
00:30:47,480 --> 00:30:50,440
Speaker 1: our finances now. But still, if someone wants to ask

637
00:30:50,480 --> 00:30:52,480
Speaker 1: me where should where should we invest or where should

638
00:30:52,480 --> 00:30:54,960
Speaker 1: I invest? I would have I don't even know one

639
00:30:55,000 --> 00:30:57,400
Speaker 1: single answer to that. So I'd love to know, like

640
00:30:57,440 --> 00:30:59,680
Speaker 1: your top three places that people should start off with

641
00:30:59,720 --> 00:31:01,440
Speaker 1: if they want to stop investing the money in the

642
00:31:01,520 --> 00:31:01,960
Speaker 1: right place.

643
00:31:02,080 --> 00:31:04,400
Speaker 2: First and foremost, don't try to be a cherry picker.

644
00:31:05,040 --> 00:31:08,840
Speaker 2: I worked on Wall Street on inequities desk. I saw

645
00:31:09,000 --> 00:31:12,240
Speaker 2: so many hedge funds blow up because the guys who

646
00:31:12,240 --> 00:31:14,120
Speaker 2: thought they were the smartest people in the room were like,

647
00:31:14,160 --> 00:31:17,320
Speaker 2: there's no way this stock is gonna go wrong. You

648
00:31:17,360 --> 00:31:18,760
Speaker 2: know what happens every single time when you get a

649
00:31:18,760 --> 00:31:22,600
Speaker 2: little two cocky, the stock goes wrong exactly, And so

650
00:31:23,600 --> 00:31:27,600
Speaker 2: the risk when you buy one thing is very, very high.

651
00:31:28,400 --> 00:31:31,960
Speaker 2: I take the Halloween candy approach to investing. So instead

652
00:31:31,960 --> 00:31:35,080
Speaker 2: of just buying an entire bag of Snickers, kid has

653
00:31:35,800 --> 00:31:39,080
Speaker 2: a peanut butter or a peanut allergy, you're done, but

654
00:31:39,400 --> 00:31:42,360
Speaker 2: you get the multi pack Halloween candy. So things like

655
00:31:42,400 --> 00:31:45,760
Speaker 2: ets and mutual funds that track broader indices. Instead of

656
00:31:45,760 --> 00:31:49,120
Speaker 2: buying one stock you're buying five hundred, you're buying a thousand.

657
00:31:49,680 --> 00:31:53,880
Speaker 2: That allows you to weather any sort of specific company

658
00:31:54,080 --> 00:31:59,040
Speaker 2: downturns really well, because when one company's not doing that well,

659
00:31:59,080 --> 00:32:01,120
Speaker 2: others might be doing really great, and so you just

660
00:32:01,160 --> 00:32:03,840
Speaker 2: get to kind of ride the overall benefit of the

661
00:32:04,400 --> 00:32:09,120
Speaker 2: general direction upwards. So don't be a cherry picker. Two,

662
00:32:10,120 --> 00:32:14,560
Speaker 2: know your time horizon. If you want a low risk

663
00:32:15,680 --> 00:32:18,680
Speaker 2: investment for the next two years, because you're putting your

664
00:32:18,720 --> 00:32:22,320
Speaker 2: down payment money on that, maybe you're investing in like

665
00:32:22,360 --> 00:32:26,360
Speaker 2: a certificate of a certificate of deposit CDs. It's essentially

666
00:32:26,400 --> 00:32:28,600
Speaker 2: where I say, yep, you can hold my money for

667
00:32:28,680 --> 00:32:30,520
Speaker 2: six months, give it back to me in six months. Yes,

668
00:32:30,560 --> 00:32:31,920
Speaker 2: and I earn a little bit of interest on that

669
00:32:32,480 --> 00:32:35,600
Speaker 2: I become back. But if you're like, hey, I actually

670
00:32:35,600 --> 00:32:38,640
Speaker 2: don't need this money back for forty years, you're going

671
00:32:38,720 --> 00:32:40,640
Speaker 2: to do something very different than just put it into

672
00:32:40,640 --> 00:32:43,680
Speaker 2: a CD. You are going to be able to take

673
00:32:43,720 --> 00:32:46,800
Speaker 2: more risk because your time horizon is longer. So what

674
00:32:46,840 --> 00:32:51,240
Speaker 2: I always say to figure out how much money you

675
00:32:51,280 --> 00:32:54,920
Speaker 2: should have invested in what you take your age and

676
00:32:54,960 --> 00:32:57,800
Speaker 2: you round to the closest five, so either a five

677
00:32:57,880 --> 00:33:02,959
Speaker 2: or a zero ending and then minus ten. I can

678
00:33:03,000 --> 00:33:04,080
Speaker 2: see you doing it in your head.

679
00:33:04,200 --> 00:33:05,800
Speaker 1: Yeah, and do I go up or down?

680
00:33:05,880 --> 00:33:08,400
Speaker 3: Round up or down, just to the closest.

681
00:33:08,000 --> 00:33:09,040
Speaker 1: Okay, closest, got it.

682
00:33:09,240 --> 00:33:12,600
Speaker 2: So you're thirty four, we round a thirty five? Yeah,

683
00:33:12,680 --> 00:33:17,280
Speaker 2: minus ten, yeah, twenty five. Twenty five percent of your

684
00:33:17,320 --> 00:33:20,680
Speaker 2: portfolio at this point in your life should be in

685
00:33:20,760 --> 00:33:24,320
Speaker 2: fixed income assets, so things like bonds. Okay, more conservative,

686
00:33:25,400 --> 00:33:28,959
Speaker 2: but that means seventy five percent of your portfolio should

687
00:33:29,000 --> 00:33:31,840
Speaker 2: be in the stock market, should be in something that's

688
00:33:31,840 --> 00:33:34,440
Speaker 2: a little bit more risky. Because you're still so young,

689
00:33:35,080 --> 00:33:38,680
Speaker 2: you have if you want to have a very traditional retirement,

690
00:33:38,720 --> 00:33:42,120
Speaker 2: you still have twenty five years before that traditional retirement comes.

691
00:33:42,440 --> 00:33:45,080
Speaker 1: So bonds are long term and stock market is not.

692
00:33:45,320 --> 00:33:49,320
Speaker 2: Potal not bonds or long term, but bonds more often

693
00:33:49,360 --> 00:33:55,440
Speaker 2: than not are less volatile and less risky than stocks,

694
00:33:55,720 --> 00:33:59,320
Speaker 2: with the ultimate boil down of that being with bonds

695
00:34:00,240 --> 00:34:03,320
Speaker 2: you get paid out first in a bankruptcy proceeding. If

696
00:34:03,360 --> 00:34:05,760
Speaker 2: you own equity, you're the last to get paid out.

697
00:34:06,600 --> 00:34:08,560
Speaker 2: So bonds are just a little bit safer, a little

698
00:34:08,560 --> 00:34:13,000
Speaker 2: bit less reward because you're making safer choices, but it's.

699
00:34:12,800 --> 00:34:13,640
Speaker 3: Good to have a balance.

700
00:34:14,600 --> 00:34:17,560
Speaker 2: And then my last tip, and this is a little

701
00:34:17,600 --> 00:34:21,839
Speaker 2: bit of a sneak peek. I'm actually building out a

702
00:34:21,920 --> 00:34:26,880
Speaker 2: resource where people can ask me any of their money questions,

703
00:34:27,440 --> 00:34:30,200
Speaker 2: and we are using technology to be able to scrape

704
00:34:30,680 --> 00:34:33,080
Speaker 2: for answers. And the best part is you're going to

705
00:34:33,160 --> 00:34:36,480
Speaker 2: share your money situation, share what you have saved, what

706
00:34:36,520 --> 00:34:38,160
Speaker 2: you need to know, what you need to pay off

707
00:34:38,200 --> 00:34:42,040
Speaker 2: in debt, And not only will you get a personalized response,

708
00:34:42,480 --> 00:34:46,040
Speaker 2: you can actually chat one on one with a licensed

709
00:34:46,320 --> 00:34:49,840
Speaker 2: certified financial planner, not somebody who sells snake oil, but

710
00:34:49,880 --> 00:34:52,319
Speaker 2: someone who has a financial license that they have to

711
00:34:52,400 --> 00:34:54,960
Speaker 2: keep they have to do right by you, and you

712
00:34:55,000 --> 00:34:57,720
Speaker 2: can get on the waitlist at ask Dolly dot com.

713
00:34:57,840 --> 00:35:00,399
Speaker 1: Ask Dolly dot com. Oh my god, that's a great

714
00:35:00,480 --> 00:35:04,399
Speaker 1: way to dollar. Oh great, that's such a great way

715
00:35:04,440 --> 00:35:07,000
Speaker 1: to share your wisdom with people who know in a

716
00:35:07,160 --> 00:35:10,000
Speaker 1: in a mass way like yeah, to help people. It's

717
00:35:10,000 --> 00:35:12,719
Speaker 1: so difficult. I'm asking questions even being here now with you,

718
00:35:12,800 --> 00:35:14,840
Speaker 1: Like before you came on and I was like so nervous.

719
00:35:14,880 --> 00:35:18,759
Speaker 1: I didn't know this the terminology or like the conversations

720
00:35:18,800 --> 00:35:21,400
Speaker 1: to be having. And so I think having someone online

721
00:35:21,400 --> 00:35:24,080
Speaker 1: where you can chat to them and have these conversations

722
00:35:24,120 --> 00:35:26,040
Speaker 1: which people aren't going to have you sat on their

723
00:35:26,080 --> 00:35:29,359
Speaker 1: podcast every single day, it's so useful for people to have,

724
00:35:29,680 --> 00:35:30,320
Speaker 1: you know what.

725
00:35:30,560 --> 00:35:32,879
Speaker 3: The terminology is. The scariest part.

726
00:35:33,120 --> 00:35:36,240
Speaker 2: I have every belief that you are an intelligent person.

727
00:35:36,719 --> 00:35:41,239
Speaker 2: If you passed like grade four mathematics, you can do

728
00:35:41,560 --> 00:35:45,319
Speaker 2: financial math. You just don't know what the words in

729
00:35:45,640 --> 00:35:48,400
Speaker 2: the word problem is. And once you get a handle

730
00:35:48,440 --> 00:35:50,080
Speaker 2: on that, you're gonna be after the.

731
00:35:50,080 --> 00:35:52,600
Speaker 1: Racist and you mentioned the stock market, obviously we're just

732
00:35:52,640 --> 00:35:54,799
Speaker 1: talking about that. I'm still getting to grasp with what

733
00:35:54,840 --> 00:35:57,600
Speaker 1: that means. But you know, there's always this term this

734
00:35:58,280 --> 00:35:59,759
Speaker 1: Right now, I've been hearing like the stock market is

735
00:36:00,320 --> 00:36:03,600
Speaker 1: based on everything that's happening. One is the stock market crashing.

736
00:36:03,680 --> 00:36:07,080
Speaker 1: What does that mean to people? And what should people

737
00:36:07,120 --> 00:36:10,360
Speaker 1: be doing? And what red flag should they be looking

738
00:36:10,400 --> 00:36:11,960
Speaker 1: for if they are investing in it?

739
00:36:12,120 --> 00:36:14,480
Speaker 3: My question is why does it matter?

740
00:36:14,960 --> 00:36:19,440
Speaker 2: Yes, because if you are a long term investor, you

741
00:36:19,480 --> 00:36:23,000
Speaker 2: are likely going to live through five to seven major

742
00:36:23,160 --> 00:36:26,400
Speaker 2: downturns through your lifetime. This is not about to be

743
00:36:26,440 --> 00:36:28,520
Speaker 2: your first rodeo, like, we're going to see this again

744
00:36:28,520 --> 00:36:31,560
Speaker 2: and again and again. So if you're investing for forty

745
00:36:31,600 --> 00:36:34,279
Speaker 2: years and you're on your three, why are.

746
00:36:34,280 --> 00:36:36,440
Speaker 3: You freaking out? Why does it matter?

747
00:36:36,760 --> 00:36:41,160
Speaker 2: What I think bears mentioning is, given some of the

748
00:36:41,280 --> 00:36:46,439
Speaker 2: administrative policies that have been implemented, we are very likely

749
00:36:46,480 --> 00:36:51,200
Speaker 2: going into a recessionary period. But before that scares everybody off,

750
00:36:51,840 --> 00:36:58,640
Speaker 2: Recessions are normal. There are boom bust expansion recession cycles,

751
00:36:58,680 --> 00:37:04,520
Speaker 2: and you can't have boom periods without bust. A recession

752
00:37:05,239 --> 00:37:08,160
Speaker 2: is not fun, but it isn't something to be so

753
00:37:08,400 --> 00:37:12,160
Speaker 2: scared of. It's just a period of contraction, right, And

754
00:37:12,280 --> 00:37:15,879
Speaker 2: you have to have this motion to have this and

755
00:37:16,000 --> 00:37:20,920
Speaker 2: so it's valuable no that for many people we're gonna

756
00:37:20,920 --> 00:37:23,680
Speaker 2: need to tighten the belt. There will likely be a

757
00:37:23,719 --> 00:37:27,880
Speaker 2: rise in unemployment. Inflation is probably going to kind of

758
00:37:27,960 --> 00:37:29,920
Speaker 2: go off to the races a little bit. Things are

759
00:37:29,920 --> 00:37:32,799
Speaker 2: probably going to get more expensive, and that's likely going

760
00:37:32,840 --> 00:37:34,600
Speaker 2: to hurt folks at.

761
00:37:34,480 --> 00:37:36,840
Speaker 3: The lower earning and middle earnings.

762
00:37:36,560 --> 00:37:40,160
Speaker 2: End of the spectrum the most. And that sucks, yeah,

763
00:37:40,200 --> 00:37:41,920
Speaker 2: because they are the people who can least afford for

764
00:37:41,960 --> 00:37:45,680
Speaker 2: it too. That all said, we don't know. In a

765
00:37:45,719 --> 00:37:49,120
Speaker 2: crystal ball world, maybe tomorrow we get a headline something

766
00:37:49,160 --> 00:37:52,960
Speaker 2: completely changes. I could be wrong again, Yeah, but because

767
00:37:53,040 --> 00:37:53,960
Speaker 2: especially I don't know.

768
00:37:54,000 --> 00:37:55,040
Speaker 3: If you've been watching the news the.

769
00:37:55,040 --> 00:37:57,239
Speaker 2: Past three weeks, it feels like every three minutes there's

770
00:37:57,239 --> 00:37:59,719
Speaker 2: a new headline and I'm like, that's very different than

771
00:37:59,760 --> 00:38:02,879
Speaker 2: what I saw three hours ago. And with my news,

772
00:38:02,920 --> 00:38:04,840
Speaker 2: I used to think, oh, this is a daily thing. No,

773
00:38:04,920 --> 00:38:06,600
Speaker 2: it's an hourly thing. Now it might be a buy

774
00:38:06,640 --> 00:38:10,040
Speaker 2: the minute thing. And all of those headlines, all of

775
00:38:10,040 --> 00:38:11,240
Speaker 2: those changes.

776
00:38:10,960 --> 00:38:12,920
Speaker 3: Are like levers. They will pull.

777
00:38:13,080 --> 00:38:15,120
Speaker 2: That's either you gonna be good for the stock market

778
00:38:15,360 --> 00:38:17,759
Speaker 2: or bad for the stock market. But for folks who

779
00:38:17,800 --> 00:38:22,080
Speaker 2: are living through this, for the first time. Don't panic,

780
00:38:22,800 --> 00:38:25,480
Speaker 2: don't pull all your money out of the stock market

781
00:38:25,680 --> 00:38:29,040
Speaker 2: and lock in those losses, because it's not a loss

782
00:38:29,080 --> 00:38:32,800
Speaker 2: until you sell if you see some downturn. And frankly,

783
00:38:32,840 --> 00:38:34,920
Speaker 2: what I'm doing and what I've encouraged everyone to do,

784
00:38:34,960 --> 00:38:37,600
Speaker 2: is I'm using this as a time to shop on sale.

785
00:38:37,760 --> 00:38:39,680
Speaker 1: I was gonna ask because it's the time to stop

786
00:38:40,000 --> 00:38:42,120
Speaker 1: buying stocks and investing in stocks.

787
00:38:42,480 --> 00:38:45,520
Speaker 2: So you know how like when ALTA has their annual

788
00:38:45,560 --> 00:38:48,080
Speaker 2: sale or whatever, you run into the Alta and you

789
00:38:48,120 --> 00:38:50,080
Speaker 2: buy everything that you're gonna need for the next year,

790
00:38:50,160 --> 00:38:52,200
Speaker 2: and you buy the item that you probably were like, oh,

791
00:38:52,239 --> 00:38:54,359
Speaker 2: well I can't afford that, Now you can. Yeah, I've

792
00:38:54,400 --> 00:38:57,760
Speaker 2: never seen that type of excitement for a stock market sale.

793
00:38:57,920 --> 00:38:59,640
Speaker 2: When the stock market's on sale, people are like, ah,

794
00:38:59,719 --> 00:39:01,919
Speaker 2: let's go, hie is falling. You didn't say that when

795
00:39:01,920 --> 00:39:05,440
Speaker 2: Alta was giving out half priced lip losses. And so

796
00:39:06,600 --> 00:39:10,200
Speaker 2: the value here is this is an opportunity if you

797
00:39:10,280 --> 00:39:12,799
Speaker 2: are committed to investing for the long haul, you are

798
00:39:12,840 --> 00:39:16,640
Speaker 2: a long term investor, downturns are actually the best time

799
00:39:16,680 --> 00:39:19,759
Speaker 2: to scoop up assets on the cheap. And I have

800
00:39:19,800 --> 00:39:22,400
Speaker 2: every intention of continuing to invest in the stock market.

801
00:39:23,120 --> 00:39:25,320
Speaker 2: If anyone should be concerned, it's me. I've got seven

802
00:39:25,360 --> 00:39:28,520
Speaker 2: figures in there. But I'm also going to continue to

803
00:39:28,520 --> 00:39:31,600
Speaker 2: make sure my portfolio is healthy and diversified, meaning I

804
00:39:31,640 --> 00:39:36,080
Speaker 2: have US exposure, I have international exposure. I have large

805
00:39:36,120 --> 00:39:40,160
Speaker 2: company exposure, middle company, middle sized company exposure, small company exposure.

806
00:39:40,360 --> 00:39:46,399
Speaker 2: I've got exposure to old economy so industrials, energy, more

807
00:39:46,480 --> 00:39:48,080
Speaker 2: like builders.

808
00:39:47,800 --> 00:39:49,640
Speaker 3: Like construction, but I also have.

809
00:39:49,640 --> 00:39:54,920
Speaker 2: Exposure to new economy, tech, consumer, healthcare. I want to

810
00:39:54,960 --> 00:39:57,280
Speaker 2: be everywhere to everyone.

811
00:39:57,480 --> 00:40:00,799
Speaker 1: You sprinkling seeds everywhere essentially. So I was just about

812
00:40:00,840 --> 00:40:03,080
Speaker 1: to ask if you are thinking, if now someone's like

813
00:40:03,120 --> 00:40:05,920
Speaker 1: I want to get into stocks, are there places that

814
00:40:05,920 --> 00:40:08,600
Speaker 1: people should start to learn about it before they start

815
00:40:08,680 --> 00:40:11,440
Speaker 1: putting money into places? Or are they recommended places that

816
00:40:11,520 --> 00:40:13,520
Speaker 1: you say, Okay, I love what you just said all

817
00:40:13,520 --> 00:40:16,319
Speaker 1: the different areas, but even within that, how would they

818
00:40:16,440 --> 00:40:18,080
Speaker 1: choose what they put their money in?

819
00:40:18,520 --> 00:40:22,480
Speaker 2: Yeah, So, for the folks who don't want to do

820
00:40:22,520 --> 00:40:26,280
Speaker 2: this and they're like, wow, this actually sounds like it sucks,

821
00:40:26,440 --> 00:40:29,680
Speaker 2: this podcast is turning me even more away from doing this.

822
00:40:30,360 --> 00:40:30,680
Speaker 1: Great.

823
00:40:31,280 --> 00:40:33,720
Speaker 2: You can do this the same way you do everything

824
00:40:33,719 --> 00:40:36,839
Speaker 2: else in your life. Right now, by using technology. There

825
00:40:36,840 --> 00:40:40,960
Speaker 2: are some really great robo advisors. So how a robo

826
00:40:41,000 --> 00:40:44,920
Speaker 2: advisor works is they are the technological replacement for a

827
00:40:44,920 --> 00:40:48,120
Speaker 2: financial advisor. With a human financial advisor, you go, you

828
00:40:48,160 --> 00:40:50,400
Speaker 2: give them your money and you say, hey, build me

829
00:40:50,400 --> 00:40:52,279
Speaker 2: a portfolio that makes sense for me, and they know

830
00:40:52,360 --> 00:40:53,520
Speaker 2: like every single one of your details.

831
00:40:53,600 --> 00:40:54,000
Speaker 1: Yeah.

832
00:40:54,120 --> 00:40:56,799
Speaker 2: The problem is with a human financial advisor, they're often

833
00:40:56,920 --> 00:41:01,040
Speaker 2: very expensive. They charge anywhere between one to one point

834
00:41:01,040 --> 00:41:05,279
Speaker 2: twenty five percent of assets under management, and if you

835
00:41:05,360 --> 00:41:08,680
Speaker 2: are a medium earner over the course of your lifetime,

836
00:41:08,680 --> 00:41:10,080
Speaker 2: that'll be multiple six figures.

837
00:41:10,800 --> 00:41:12,239
Speaker 3: That's a lot of money. You want to give that

838
00:41:12,320 --> 00:41:12,920
Speaker 3: up to somebody?

839
00:41:13,280 --> 00:41:16,680
Speaker 2: Probably not, But human financial advisors do make sense if

840
00:41:16,719 --> 00:41:21,040
Speaker 2: you have a very unconventional lifestyle, unconventional income. It's a

841
00:41:21,120 --> 00:41:23,520
Speaker 2: very complex situation. They can navigate that type of thing.

842
00:41:24,360 --> 00:41:26,319
Speaker 2: But I hate to be the one to tell everybody this.

843
00:41:26,760 --> 00:41:29,480
Speaker 2: Most of us are just regular shmegular. If you are

844
00:41:29,520 --> 00:41:33,279
Speaker 2: not a rock star touring in fourteen different states and

845
00:41:33,800 --> 00:41:37,080
Speaker 2: you know, getting income through merch and sales and all

846
00:41:37,080 --> 00:41:39,840
Speaker 2: of this stuff, like, your lifestyle is probably much simpler.

847
00:41:40,400 --> 00:41:42,560
Speaker 2: You go to a job, you get paid money, or

848
00:41:42,560 --> 00:41:45,600
Speaker 2: even if you're a ten ninety nine freelancer. You do jobs,

849
00:41:45,680 --> 00:41:48,920
Speaker 2: you get paid money easy enough. With a rob advisor,

850
00:41:49,680 --> 00:41:54,759
Speaker 2: it makes some assumptions that we're all relatively similar in

851
00:41:54,800 --> 00:41:57,760
Speaker 2: that way. You take a quick quiz about your money goals.

852
00:41:57,880 --> 00:41:58,640
Speaker 2: How much money do.

853
00:41:58,640 --> 00:42:00,920
Speaker 3: You make, what area do you live in.

854
00:42:00,960 --> 00:42:04,319
Speaker 2: That'll help with taxes, what your family looks like when

855
00:42:04,320 --> 00:42:07,600
Speaker 2: you'd like to retire, Are there any big expenses coming up,

856
00:42:07,760 --> 00:42:10,480
Speaker 2: like a wedding or a car or a home. You

857
00:42:10,520 --> 00:42:11,759
Speaker 2: tell them all the things you would have told a

858
00:42:11,800 --> 00:42:14,080
Speaker 2: human and then it uses that information to build a

859
00:42:14,080 --> 00:42:18,480
Speaker 2: portfolio that makes sense for you. Wow, it's literally taken

860
00:42:19,000 --> 00:42:21,400
Speaker 2: the best parts of what a financial advisor can do

861
00:42:21,480 --> 00:42:24,799
Speaker 2: for you at anywhere between a fourth to a fifth

862
00:42:24,840 --> 00:42:25,360
Speaker 2: of the cost.

863
00:42:25,840 --> 00:42:26,680
Speaker 1: That's pretty epic.

864
00:42:26,920 --> 00:42:27,240
Speaker 3: Yeah.

865
00:42:27,280 --> 00:42:29,800
Speaker 1: Wow, Okay, so that's so useful. I feel like that's

866
00:42:30,000 --> 00:42:32,320
Speaker 1: the easiest way for someone to decide I've got X

867
00:42:32,400 --> 00:42:35,000
Speaker 1: amount to spend, and this is how I'm gonna sprinkle

868
00:42:35,000 --> 00:42:36,800
Speaker 1: it in without having to study too much.

869
00:42:36,840 --> 00:42:38,719
Speaker 2: You don't have to study at all. You can do

870
00:42:38,760 --> 00:42:41,040
Speaker 2: this in forty five minutes. And that's what I always say.

871
00:42:41,719 --> 00:42:45,600
Speaker 2: Don't get caught up in trying to learn everything. Just

872
00:42:46,160 --> 00:42:49,399
Speaker 2: start and use resources that can help get you there.

873
00:42:49,600 --> 00:42:51,360
Speaker 3: Yes, Because if you're.

874
00:42:51,200 --> 00:42:53,239
Speaker 2: Gonna say I'm gonna learn everything about investing before I

875
00:42:53,239 --> 00:42:54,920
Speaker 2: start investing, you're never gonna start investing.

876
00:42:55,040 --> 00:42:58,600
Speaker 1: What awe, What are three rich af habits that anyone

877
00:42:58,640 --> 00:43:01,359
Speaker 1: can start today even with zero? Like people starting off

878
00:43:01,360 --> 00:43:04,360
Speaker 1: with nothing and they're like, Okay, I'm not doing property

879
00:43:04,600 --> 00:43:07,200
Speaker 1: right now? What are the three habits? One that they

880
00:43:07,200 --> 00:43:10,200
Speaker 1: should change and two that they should start doing.

881
00:43:10,400 --> 00:43:12,360
Speaker 2: One habit that you should start doing immediately talk to

882
00:43:12,360 --> 00:43:13,280
Speaker 2: your friends about money.

883
00:43:13,480 --> 00:43:15,560
Speaker 1: Yes, I mean, just start doing that. I don't do.

884
00:43:15,680 --> 00:43:16,799
Speaker 3: It's so uncomfortable.

885
00:43:16,880 --> 00:43:18,600
Speaker 2: I know, it like makes me want to peel my

886
00:43:18,640 --> 00:43:21,480
Speaker 2: own skin off, but like it gets easier every time

887
00:43:21,480 --> 00:43:23,239
Speaker 2: you do it. Okay, and I'll give you a good

888
00:43:23,320 --> 00:43:26,319
Speaker 2: niche example for New York City. I don't know why

889
00:43:26,320 --> 00:43:29,239
Speaker 2: this happens every house warming I go to. If you

890
00:43:29,440 --> 00:43:33,120
Speaker 2: like someone else's apartment, the easiest money conversation to have is,

891
00:43:33,600 --> 00:43:34,319
Speaker 2: oh my.

892
00:43:34,280 --> 00:43:37,120
Speaker 3: God, this place is so cool. Can you can you

893
00:43:37,200 --> 00:43:38,440
Speaker 3: tell me how much you pay in rent?

894
00:43:39,080 --> 00:43:40,799
Speaker 2: Because the running gag in New York City is that

895
00:43:40,880 --> 00:43:42,880
Speaker 2: no matter what shoebox you live in, the rent is

896
00:43:42,920 --> 00:43:45,759
Speaker 2: too high, right, And so people are actually very comfortable

897
00:43:45,800 --> 00:43:47,400
Speaker 2: talking about how much they spend on housing.

898
00:43:48,000 --> 00:43:50,000
Speaker 3: Yes, very comfortable. And I don't know if that's the

899
00:43:50,000 --> 00:43:50,560
Speaker 3: case in LA.

900
00:43:50,640 --> 00:43:52,480
Speaker 1: Yeah, I didn't know eth always, so that's like a

901
00:43:52,560 --> 00:43:54,400
Speaker 1: thing you don't ask, you know, you always think it's

902
00:43:54,440 --> 00:43:56,200
Speaker 1: a thing you don't ask, like how much? How much

903
00:43:56,239 --> 00:43:57,240
Speaker 1: do you spend on your house?

904
00:43:57,320 --> 00:43:57,680
Speaker 3: Exactly?

905
00:43:57,880 --> 00:44:00,439
Speaker 2: In LA it might be very different because there are

906
00:44:00,640 --> 00:44:03,160
Speaker 2: cheaper and more extensive parts. But in New York City,

907
00:44:03,239 --> 00:44:05,839
Speaker 2: I find that most people are very comfortable talking about

908
00:44:05,840 --> 00:44:08,040
Speaker 2: their rent, and it's always a joke about how expensive

909
00:44:08,040 --> 00:44:09,800
Speaker 2: it is and how much they hate their landlord.

910
00:44:09,920 --> 00:44:10,480
Speaker 3: Yeah.

911
00:44:10,960 --> 00:44:15,719
Speaker 2: Yeah, but that is a gateway drug. The rent conversation

912
00:44:15,880 --> 00:44:21,319
Speaker 2: is a gateway into your Italian vacation looked amazing. Did

913
00:44:21,360 --> 00:44:24,479
Speaker 2: you use any sort of credit card tricks to help

914
00:44:24,480 --> 00:44:29,480
Speaker 2: pay for it? Or I'm looking for a promotion. We

915
00:44:29,520 --> 00:44:32,160
Speaker 2: do the same thing, but work at different companies. Do

916
00:44:32,200 --> 00:44:35,640
Speaker 2: you mind me asking how much do you make or

917
00:44:36,239 --> 00:44:40,000
Speaker 2: how much does someone at my level make at your company?

918
00:44:40,960 --> 00:44:44,160
Speaker 2: Or what did you ask for in your last negotiation?

919
00:44:44,400 --> 00:44:45,680
Speaker 1: Do you think you have to be close to someone

920
00:44:45,680 --> 00:44:45,920
Speaker 1: to us?

921
00:44:46,120 --> 00:44:49,280
Speaker 2: He's very very This is not a question you asked

922
00:44:49,320 --> 00:44:50,480
Speaker 2: an acquaintance.

923
00:44:50,000 --> 00:44:52,839
Speaker 3: You met three hours ago. But like we all have.

924
00:44:52,880 --> 00:44:56,040
Speaker 2: Close friends, we all have good friends, like these are

925
00:44:56,080 --> 00:44:57,880
Speaker 2: the friends who aren't going to judge you, These are

926
00:44:57,880 --> 00:44:59,760
Speaker 2: not the friends who are going to hold it against you.

927
00:44:59,680 --> 00:45:02,360
Speaker 2: You want to do this with a very safe circle.

928
00:45:02,840 --> 00:45:05,440
Speaker 2: But I promise you, when you talk about money and

929
00:45:05,520 --> 00:45:08,399
Speaker 2: just get comfortable talking about money, it's going to make

930
00:45:08,440 --> 00:45:11,640
Speaker 2: you so much more knowledgeable and in that same main,

931
00:45:11,800 --> 00:45:12,800
Speaker 2: so much more powerful.

932
00:45:12,920 --> 00:45:14,560
Speaker 1: That's so true. If you don't ask, you don't get,

933
00:45:14,600 --> 00:45:16,640
Speaker 1: you know, if you don't ask the questions, you don't

934
00:45:16,640 --> 00:45:19,280
Speaker 1: get the knowledge. So I feel like that's it's always

935
00:45:19,400 --> 00:45:21,080
Speaker 1: for some reason. I know my money ends up being

936
00:45:21,080 --> 00:45:23,520
Speaker 1: that taboo to talk about all that thing that they

937
00:45:23,520 --> 00:45:26,120
Speaker 1: feel ikey about bringing up. But I think the more

938
00:45:26,160 --> 00:45:28,279
Speaker 1: you do it, just like when everyone was scared to

939
00:45:28,280 --> 00:45:30,880
Speaker 1: talk about periods, the more you know, the more that

940
00:45:30,920 --> 00:45:33,040
Speaker 1: you end up actually having that conversation, the easier it

941
00:45:33,200 --> 00:45:34,719
Speaker 1: is to tell someone that actually, I'm having a bad

942
00:45:34,760 --> 00:45:36,959
Speaker 1: day because I'm on my period, not because I feel sick.

943
00:45:37,080 --> 00:45:39,759
Speaker 2: You know, But do you remember how terrifying it was

944
00:45:40,000 --> 00:45:42,840
Speaker 2: when you were twelve or thirteen you wouldn't talk to

945
00:45:42,880 --> 00:45:44,760
Speaker 2: your girlfriends about having a period.

946
00:45:44,800 --> 00:45:47,719
Speaker 3: You were too afraid. But now I'm thirty one.

947
00:45:47,800 --> 00:45:50,520
Speaker 2: Now I'll show up somewhere and I'll be to a

948
00:45:50,600 --> 00:45:52,719
Speaker 2: random table of women that I've never met before, and

949
00:45:52,760 --> 00:45:57,279
Speaker 2: I will be like, ladies, I'm so sorry to you know, interrupt,

950
00:45:58,000 --> 00:45:58,920
Speaker 2: this is an emergency.

951
00:45:59,040 --> 00:45:59,960
Speaker 3: Does anybody have a tampa?

952
00:46:00,239 --> 00:46:03,440
Speaker 2: Exactly, without a doubt, every single woman will reach into

953
00:46:03,520 --> 00:46:06,600
Speaker 2: her person and offer me one, because we've all been there.

954
00:46:07,440 --> 00:46:10,479
Speaker 2: And I'd like to think that right now, especially during

955
00:46:10,520 --> 00:46:14,640
Speaker 2: times when economic uncertainty is very prevalent, you're going to

956
00:46:14,680 --> 00:46:17,920
Speaker 2: actually have an easier time talking about that stuff because

957
00:46:18,160 --> 00:46:21,120
Speaker 2: everybody's worried about it, everybody's stressed about it. It's not

958
00:46:21,280 --> 00:46:24,560
Speaker 2: like you have one friend who is just a gazillionaire

959
00:46:24,560 --> 00:46:28,360
Speaker 2: and everyone else sucks. It's like you're likely all relatively

960
00:46:28,400 --> 00:46:29,320
Speaker 2: in the same situation.

961
00:46:29,520 --> 00:46:32,040
Speaker 1: You know, you mentioned obviously that it's these changes are

962
00:46:32,040 --> 00:46:35,279
Speaker 1: going to affect people in the lower income bracket. Do

963
00:46:35,360 --> 00:46:37,680
Speaker 1: all of these rules still apply to them in terms

964
00:46:37,680 --> 00:46:40,560
Speaker 1: of the stock market and getting in and sprinkling their money?

965
00:46:40,600 --> 00:46:42,040
Speaker 1: And like, do you think there has to be a

966
00:46:42,040 --> 00:46:44,480
Speaker 1: significant amount that you save up before you put your

967
00:46:44,520 --> 00:46:47,239
Speaker 1: money in or how does that work for people who

968
00:46:47,320 --> 00:46:49,680
Speaker 1: are really struggling to just make ends meet. Right now,

969
00:46:49,880 --> 00:46:50,600
Speaker 1: I think.

970
00:46:50,400 --> 00:46:52,799
Speaker 2: The rules are the same, the rules of what the

971
00:46:52,880 --> 00:46:57,480
Speaker 2: right thing to do are the same. However, there are

972
00:46:57,560 --> 00:47:02,080
Speaker 2: lived realities that may need to take press. So I'm

973
00:47:02,080 --> 00:47:03,880
Speaker 2: not going to say you should invest over putting.

974
00:47:03,640 --> 00:47:06,080
Speaker 3: Food on your table. Of course, that's completely tone deaf.

975
00:47:06,840 --> 00:47:10,160
Speaker 2: I'm not saying that it's going to be easy, but

976
00:47:10,600 --> 00:47:13,840
Speaker 2: there are new technological advancements that do make it easy.

977
00:47:13,920 --> 00:47:14,080
Speaker 3: Yer.

978
00:47:14,760 --> 00:47:17,120
Speaker 2: So back in the day, you need to have at

979
00:47:17,200 --> 00:47:20,839
Speaker 2: least enough money to purchase one share of an ETF

980
00:47:20,920 --> 00:47:23,160
Speaker 2: of that tracks an index that could be three hundred dollars.

981
00:47:23,920 --> 00:47:26,279
Speaker 3: But now you can buy something called fractional shares.

982
00:47:26,440 --> 00:47:30,520
Speaker 2: Which is a slice of one share of a stock,

983
00:47:31,640 --> 00:47:34,160
Speaker 2: and that allows you to be able to start investing

984
00:47:34,160 --> 00:47:36,400
Speaker 2: with five dollars, ten dollars, twenty.

985
00:47:36,280 --> 00:47:38,720
Speaker 3: Dollars, whatever you have, you can get started.

986
00:47:39,160 --> 00:47:42,640
Speaker 2: And that's actually a really popular question among college students

987
00:47:43,040 --> 00:47:45,960
Speaker 2: because there's nobody broker than a college student. You've got

988
00:47:46,000 --> 00:47:48,279
Speaker 2: debt and you've got no money. You likely have a

989
00:47:48,320 --> 00:47:50,920
Speaker 2: part time job. If anything, you're always trying to make

990
00:47:51,040 --> 00:47:54,920
Speaker 2: ends meet. And I think it's still powerful to do

991
00:47:55,480 --> 00:47:59,400
Speaker 2: because it's not investing a lot that makes you a

992
00:47:59,400 --> 00:48:03,879
Speaker 2: lot of money. It's investing for a long time. Let

993
00:48:03,960 --> 00:48:07,200
Speaker 2: time and compounding do the hard work for you. The

994
00:48:07,360 --> 00:48:10,520
Speaker 2: sooner you start investing, the better you can put in five, ten,

995
00:48:10,640 --> 00:48:11,400
Speaker 2: twenty dollars.

996
00:48:12,200 --> 00:48:15,279
Speaker 3: But if you do that sooner, it's going to benefit you.

997
00:48:15,960 --> 00:48:22,400
Speaker 2: That said, I really do worry about the closing of

998
00:48:22,480 --> 00:48:27,239
Speaker 2: the middle class gap because every healthy economy requires a

999
00:48:27,280 --> 00:48:30,040
Speaker 2: middle class, and I think we've lost touch with what

1000
00:48:30,160 --> 00:48:34,520
Speaker 2: that word means. I think these days middle class is

1001
00:48:34,560 --> 00:48:37,200
Speaker 2: like looked down upon. People look down their noses at

1002
00:48:37,200 --> 00:48:41,160
Speaker 2: that concept. Middle class means all of your needs are met.

1003
00:48:41,840 --> 00:48:46,600
Speaker 2: You have a stable employment, You likely have discretionary income

1004
00:48:46,640 --> 00:48:50,000
Speaker 2: to spend on things like vacations and dining out and entertainment,

1005
00:48:50,640 --> 00:48:53,240
Speaker 2: and at some point you will likely get to retire.

1006
00:48:54,200 --> 00:48:55,600
Speaker 3: That sounds like a pretty good life.

1007
00:48:55,640 --> 00:48:56,120
Speaker 1: Credible.

1008
00:48:56,680 --> 00:49:00,279
Speaker 2: And here's the thing. If we do not have a

1009
00:49:00,320 --> 00:49:02,960
Speaker 2: middle class anymore, if we only have the ultra wealthy

1010
00:49:03,640 --> 00:49:06,960
Speaker 2: and the working class, that's a problem because the working

1011
00:49:07,000 --> 00:49:11,799
Speaker 2: class does not have discretionary budgets to spend on entertainment

1012
00:49:11,960 --> 00:49:15,279
Speaker 2: and dining out and vacations. So what do you think

1013
00:49:15,320 --> 00:49:19,759
Speaker 2: happens to those industries when we have completely nixed their

1014
00:49:19,800 --> 00:49:23,840
Speaker 2: target audience. We can't make it so bad for everybody exactly,

1015
00:49:24,640 --> 00:49:25,920
Speaker 2: otherwise it doesn't work.

1016
00:49:26,520 --> 00:49:29,239
Speaker 1: And you know, obviously we're talking about the news cycles

1017
00:49:29,280 --> 00:49:32,080
Speaker 1: and tariffs obviously something everyone's talking about.

1018
00:49:32,320 --> 00:49:33,520
Speaker 3: How would's get into tariffs?

1019
00:49:33,600 --> 00:49:35,600
Speaker 1: Yeah, I would love to hear, you know, I would

1020
00:49:35,640 --> 00:49:38,040
Speaker 1: love to hear your perspective on who is it really

1021
00:49:38,040 --> 00:49:41,359
Speaker 1: going to affect and what should people be looking out for.

1022
00:49:41,640 --> 00:49:44,759
Speaker 1: If they are people who can barely make ends meet,

1023
00:49:45,160 --> 00:49:47,800
Speaker 1: how are they going to survive this and what should

1024
00:49:47,840 --> 00:49:48,759
Speaker 1: they be looking out for.

1025
00:49:48,960 --> 00:49:50,920
Speaker 3: Tariffs are going to impact everybody.

1026
00:49:51,560 --> 00:49:57,520
Speaker 2: The big misunderstanding about tariffs was when we initially acknowledged

1027
00:49:57,520 --> 00:50:01,000
Speaker 2: that we were potentially going to implement them, everyone.

1028
00:50:00,760 --> 00:50:04,760
Speaker 3: Was like, ah, yeah, screw you, China. We pay the terraffs.

1029
00:50:05,360 --> 00:50:08,360
Speaker 2: We pay the terras not them, We pay the terraffs,

1030
00:50:08,719 --> 00:50:10,399
Speaker 2: you know who. That's going to be a problem for.

1031
00:50:11,040 --> 00:50:12,520
Speaker 2: It's not going to be a problem for the mega

1032
00:50:12,560 --> 00:50:14,800
Speaker 2: corporations because they're still going to be able to keep running.

1033
00:50:15,719 --> 00:50:20,600
Speaker 2: The small businesses, the medium sized businesses, the tariffs are

1034
00:50:20,920 --> 00:50:27,040
Speaker 2: probably going to make their business unprofitable. If it is unprofitable,

1035
00:50:27,040 --> 00:50:30,160
Speaker 2: they canno keep running. So now you've eliminated the small

1036
00:50:30,200 --> 00:50:33,799
Speaker 2: and medium businesses that would have been competition for those

1037
00:50:34,040 --> 00:50:38,120
Speaker 2: mega corporations. And what happens when there's no competition. You

1038
00:50:38,160 --> 00:50:41,640
Speaker 2: can do whatever you want. You set your prices however

1039
00:50:41,719 --> 00:50:44,760
Speaker 2: you want. I think we also are forgetting the fact

1040
00:50:44,800 --> 00:50:49,200
Speaker 2: that just because tariffs are being implemented on certain countries

1041
00:50:49,600 --> 00:50:54,000
Speaker 2: and you're buying American maid, it does not mean the

1042
00:50:54,120 --> 00:50:57,880
Speaker 2: entire process of that American made product was American. So

1043
00:50:58,320 --> 00:51:02,719
Speaker 2: the best example I've heard was Florida oranges grown by

1044
00:51:02,800 --> 00:51:04,880
Speaker 2: Americans for Americans.

1045
00:51:05,520 --> 00:51:07,000
Speaker 3: Actually no, okay.

1046
00:51:07,520 --> 00:51:10,239
Speaker 2: The hose that was used to water the oranges that

1047
00:51:10,280 --> 00:51:14,040
Speaker 2: was made in China. The truck that drove the oranges

1048
00:51:14,080 --> 00:51:19,440
Speaker 2: from the farm to the processing factory not American. The

1049
00:51:19,520 --> 00:51:23,200
Speaker 2: fluorescent light bulbs in the grocery store that shine down

1050
00:51:23,320 --> 00:51:26,640
Speaker 2: on the food not American. The little sprinkler thing in

1051
00:51:26,719 --> 00:51:29,520
Speaker 2: the produce area that makes the fruit wet not American.

1052
00:51:29,920 --> 00:51:34,280
Speaker 2: The little plastics like the netting around the oranges not American.

1053
00:51:34,760 --> 00:51:37,600
Speaker 3: The oranges are American, they were grown in Florida.

1054
00:51:38,280 --> 00:51:41,360
Speaker 2: But if that entire supply chain now becomes more expensive

1055
00:51:41,360 --> 00:51:43,680
Speaker 2: for the orange company, you know who pays that, right,

1056
00:51:44,160 --> 00:51:44,440
Speaker 2: those of.

1057
00:51:44,480 --> 00:51:45,360
Speaker 3: Us who eat oranges.

1058
00:51:45,520 --> 00:51:51,440
Speaker 2: Yes, and so even if you are not literally calling

1059
00:51:51,480 --> 00:51:55,520
Speaker 2: your supplier in China to buy Chinese goods or calling

1060
00:51:55,760 --> 00:52:01,080
Speaker 2: your distributor in India to buy certain things, the problem

1061
00:52:01,160 --> 00:52:06,239
Speaker 2: is we are such a global economy and everything will

1062
00:52:06,239 --> 00:52:09,880
Speaker 2: become more expensive for everybody, and that's a regressive tax.

1063
00:52:11,000 --> 00:52:16,200
Speaker 2: Regressive tax means it hurts people who make less more.

1064
00:52:17,600 --> 00:52:23,439
Speaker 2: Imagine this, you're richie, rich unbroke Becky. Okay, you love

1065
00:52:23,680 --> 00:52:28,320
Speaker 2: a two ply thick toilet paper and you have a

1066
00:52:28,400 --> 00:52:31,320
Speaker 2: the day. Okay, I don't have any of that money,

1067
00:52:31,480 --> 00:52:33,400
Speaker 2: but I still need to go to the bathroom. So

1068
00:52:33,560 --> 00:52:36,680
Speaker 2: I am buying the crappy one ply that feels like

1069
00:52:36,840 --> 00:52:42,080
Speaker 2: paper like crinkled newspaper and rips in half. The cost

1070
00:52:42,360 --> 00:52:47,080
Speaker 2: difference between my crappy toilet paper and your fancy toilet

1071
00:52:47,080 --> 00:52:51,919
Speaker 2: paper is actually not that different. It's actually only five

1072
00:52:52,000 --> 00:52:57,200
Speaker 2: ten bucks, but the cost of fifteen dollars toilet paper

1073
00:52:57,320 --> 00:53:01,200
Speaker 2: is a much smaller percentage of your overall in versus

1074
00:53:01,719 --> 00:53:06,239
Speaker 2: the seven dollars toilet paper is on mine. And when

1075
00:53:06,600 --> 00:53:09,279
Speaker 2: costs go up, it's the people who don't have as

1076
00:53:09,360 --> 00:53:10,279
Speaker 2: much that hurt the most.

1077
00:53:10,480 --> 00:53:14,240
Speaker 1: Yeah, it really is. If you were advising the President

1078
00:53:14,480 --> 00:53:17,560
Speaker 1: or the White House right now, what would you be

1079
00:53:17,840 --> 00:53:21,200
Speaker 1: advising them to do to actually help build the economy.

1080
00:53:21,640 --> 00:53:29,319
Speaker 2: I understand the desire from them to want to renegotiate

1081
00:53:29,320 --> 00:53:31,879
Speaker 2: our trade agreements. I think that actually makes a lot

1082
00:53:31,880 --> 00:53:36,799
Speaker 2: of sense for our future. But one I wouldn't roll

1083
00:53:36,840 --> 00:53:44,000
Speaker 2: them out on a four by four cardboard poster. I

1084
00:53:44,040 --> 00:53:49,480
Speaker 2: wouldn't then change the rulings and say, actually, just kidding,

1085
00:53:49,520 --> 00:53:52,280
Speaker 2: all these go down, but China goes up. I wouldn't

1086
00:53:52,280 --> 00:53:54,480
Speaker 2: then say, oh, I'm going to put a ninety day

1087
00:53:54,480 --> 00:53:58,320
Speaker 2: pause on everybody, but China now doubles. I wouldn't then

1088
00:53:58,760 --> 00:54:01,399
Speaker 2: go and say, actually, me and China are negotiating now.

1089
00:54:01,920 --> 00:54:06,360
Speaker 2: The problem isn't any specific one piece of policy or order.

1090
00:54:06,960 --> 00:54:08,960
Speaker 2: It's the on off, on off, on off, on off off,

1091
00:54:09,120 --> 00:54:11,759
Speaker 2: because the on off, on off is what's going to

1092
00:54:11,840 --> 00:54:13,640
Speaker 2: completely blow up the supply chain.

1093
00:54:15,120 --> 00:54:18,480
Speaker 1: If I so much panic, it creates it unnecessarily for

1094
00:54:18,520 --> 00:54:20,800
Speaker 1: people who also are not Like for me, I'm not

1095
00:54:20,920 --> 00:54:23,239
Speaker 1: educated in this and I don't know too much about it.

1096
00:54:23,280 --> 00:54:27,280
Speaker 1: So all you're hearing and seeing are these rash decisions,

1097
00:54:27,040 --> 00:54:30,319
Speaker 1: in my eyes, being made. And if you don't have

1098
00:54:30,400 --> 00:54:32,520
Speaker 1: the context, then you don't have the education behind it,

1099
00:54:32,560 --> 00:54:35,439
Speaker 1: and you don't have foresight into stocks or anything like that.

1100
00:54:35,960 --> 00:54:39,160
Speaker 1: I feel like it just creates so much fear in people.

1101
00:54:39,760 --> 00:54:45,400
Speaker 2: I would invest more into local communities and education.

1102
00:54:46,239 --> 00:54:48,759
Speaker 3: I would provide the infrastructure.

1103
00:54:48,880 --> 00:54:52,799
Speaker 2: This is the key one infrastructure for bringing back manufacturing

1104
00:54:53,040 --> 00:54:55,560
Speaker 2: jobs to the US, because you can't just care if

1105
00:54:55,640 --> 00:54:57,719
Speaker 2: us to hell and be like, yeah, we're going to

1106
00:54:57,760 --> 00:54:59,480
Speaker 2: start bringing manufacturing.

1107
00:54:58,960 --> 00:55:03,399
Speaker 1: Back and then not in like how, yeah.

1108
00:55:02,960 --> 00:55:05,399
Speaker 2: Companies are not going to spend millions of their own

1109
00:55:05,480 --> 00:55:08,640
Speaker 2: dollars to build their own factories if you can just

1110
00:55:08,880 --> 00:55:12,520
Speaker 2: turn the tariffs off with a tweet, they're not doing that.

1111
00:55:13,680 --> 00:55:16,400
Speaker 2: I would actually build infrastructure at home. I would provide subsidies.

1112
00:55:16,400 --> 00:55:18,959
Speaker 2: I would make sure that people are incentivized to bring

1113
00:55:19,000 --> 00:55:24,160
Speaker 2: manufacturing back to the States, and ultimately I would look

1114
00:55:24,400 --> 00:55:30,040
Speaker 2: at many governmental agencies think about how they're run. I

1115
00:55:30,080 --> 00:55:32,000
Speaker 2: hate using this word now, but seeing how they could

1116
00:55:32,000 --> 00:55:35,239
Speaker 2: be more efficient, because I promise you efficiency is not

1117
00:55:35,320 --> 00:55:38,680
Speaker 2: gained by shutting down an organization overnight and putting.

1118
00:55:38,400 --> 00:55:39,439
Speaker 3: A padlock on the door.

1119
00:55:40,280 --> 00:55:43,680
Speaker 2: All of the decisions that have been made have felt rushed,

1120
00:55:44,360 --> 00:55:48,360
Speaker 2: They have felt poorly thought through. They are not based

1121
00:55:48,440 --> 00:55:53,040
Speaker 2: in mathematics, or science or research, and I think that's

1122
00:55:53,040 --> 00:55:54,279
Speaker 2: the part that frustrates me the.

1123
00:55:54,239 --> 00:55:57,279
Speaker 1: Most, of course, especially as someone is as educated as

1124
00:55:57,280 --> 00:55:58,240
Speaker 1: you are in this field.

1125
00:55:58,600 --> 00:56:01,080
Speaker 3: I think that's a big issue we struggle with.

1126
00:56:01,200 --> 00:56:04,080
Speaker 2: Now you said it, as someone who knows as much

1127
00:56:04,120 --> 00:56:06,799
Speaker 2: as I do in this field, I don't then go

1128
00:56:06,840 --> 00:56:09,760
Speaker 2: and pretend I'm an astronaut and I know about science.

1129
00:56:10,480 --> 00:56:12,680
Speaker 2: I don't go and say I know everything I know

1130
00:56:12,719 --> 00:56:16,520
Speaker 2: about dolphins. I'm not a marine biologist, but with the

1131
00:56:16,560 --> 00:56:20,480
Speaker 2: rise of social media, everybody's an expert. And when people

1132
00:56:20,560 --> 00:56:23,320
Speaker 2: come into my content and my comments and attempt to

1133
00:56:23,480 --> 00:56:28,840
Speaker 2: argue with me about basic level economics, it's honestly insulting

1134
00:56:29,480 --> 00:56:33,000
Speaker 2: because you didn't wake up every day at five am

1135
00:56:33,040 --> 00:56:36,560
Speaker 2: and drag year butt to the trading desk to then

1136
00:56:36,640 --> 00:56:42,560
Speaker 2: have the market beat you down. And you have all

1137
00:56:42,640 --> 00:56:45,560
Speaker 2: of that hard earned knowledge. I got it all the

1138
00:56:45,560 --> 00:56:48,440
Speaker 2: hard way. For people who don't actually have that background

1139
00:56:48,440 --> 00:56:50,920
Speaker 2: to be making some of this policy, who don't have

1140
00:56:51,000 --> 00:56:54,239
Speaker 2: the necessary knowledge and the foresight to see what the

1141
00:56:54,280 --> 00:56:58,600
Speaker 2: after effects, the knock on after effects are, it's dangerous.

1142
00:56:59,280 --> 00:57:01,160
Speaker 1: What do you think you know? For me, as a

1143
00:57:01,719 --> 00:57:04,439
Speaker 1: woman and having been surrounded by you know, I asked

1144
00:57:04,440 --> 00:57:06,839
Speaker 1: my team earlier. I was like, do you know what

1145
00:57:06,880 --> 00:57:09,400
Speaker 1: a bonde? And one of them said no. I was like,

1146
00:57:09,400 --> 00:57:10,680
Speaker 1: do you know what a bond is? She was like no,

1147
00:57:10,880 --> 00:57:13,960
Speaker 1: another girl said no. And what it made me realize?

1148
00:57:13,960 --> 00:57:15,920
Speaker 1: And at first I thought it was an old school

1149
00:57:16,000 --> 00:57:17,680
Speaker 1: mindset I had. I was like, oh, you know, women

1150
00:57:17,720 --> 00:57:20,360
Speaker 1: don't know about finances as much. But then being in

1151
00:57:20,400 --> 00:57:23,520
Speaker 1: an average room of women who all were kind of

1152
00:57:23,600 --> 00:57:25,959
Speaker 1: a little bit scared of the topic, I still think

1153
00:57:26,000 --> 00:57:30,400
Speaker 1: that there seems to be this underlying fear and lack

1154
00:57:30,440 --> 00:57:33,160
Speaker 1: of knowledge, especially for women. And I don't know whether

1155
00:57:33,160 --> 00:57:35,320
Speaker 1: you can you agree with that or not, or whether

1156
00:57:35,320 --> 00:57:38,040
Speaker 1: that's what you've seen, But one, why do you think

1157
00:57:38,040 --> 00:57:41,160
Speaker 1: that is? And two what do you think women specifically

1158
00:57:41,280 --> 00:57:43,640
Speaker 1: is there's certain knowledge that women specifically need to know

1159
00:57:44,320 --> 00:57:48,880
Speaker 1: as they are from their teenagers onwards about finances before

1160
00:57:48,920 --> 00:57:51,320
Speaker 1: they get into marriage. And you know all the above,

1161
00:57:51,640 --> 00:57:53,440
Speaker 1: what do you think the reason is? And what knowledge

1162
00:57:53,480 --> 00:57:56,840
Speaker 1: do you think women should know from a really young age.

1163
00:57:56,600 --> 00:58:03,200
Speaker 2: Now to absolve all of us from any bland but marketing, Yeah,

1164
00:58:03,280 --> 00:58:06,080
Speaker 2: we as women think we're bad with money because of marketing.

1165
00:58:06,440 --> 00:58:08,320
Speaker 3: Think about this, when you tell.

1166
00:58:08,080 --> 00:58:13,040
Speaker 2: Little boys own your power, grow your wealth, become a CEO.

1167
00:58:14,000 --> 00:58:14,720
Speaker 3: That's what they do.

1168
00:58:15,880 --> 00:58:19,960
Speaker 2: When you tell a little girl you're so pretty, you

1169
00:58:20,040 --> 00:58:24,240
Speaker 2: are beautiful, make sure that you are, you know, pushing

1170
00:58:24,280 --> 00:58:27,600
Speaker 2: your little shopping cart. That's what they learn to do.

1171
00:58:28,880 --> 00:58:30,840
Speaker 2: We have told women time and time again, you are

1172
00:58:30,880 --> 00:58:35,240
Speaker 2: bad with money. You've got Confessions of a Shopaholic. That

1173
00:58:35,360 --> 00:58:38,200
Speaker 2: was a movie that did well. We've got Sex in

1174
00:58:38,240 --> 00:58:40,400
Speaker 2: the City where Carrie was deciding should I buy shoes

1175
00:58:40,480 --> 00:58:42,640
Speaker 2: or pay rent? Girly, what are you talking about?

1176
00:58:42,760 --> 00:58:43,400
Speaker 3: Pay that rent?

1177
00:58:44,160 --> 00:58:44,280
Speaker 4: Like?

1178
00:58:44,720 --> 00:58:48,680
Speaker 2: There's literally a show called two Broke Girls. You don't

1179
00:58:48,680 --> 00:58:50,360
Speaker 2: see shows like called two Broke men.

1180
00:58:50,480 --> 00:58:51,240
Speaker 3: Oh you don't.

1181
00:58:51,360 --> 00:58:53,480
Speaker 1: You're so right, And.

1182
00:58:54,560 --> 00:58:58,439
Speaker 2: What's even more frustrating for me is that they're wrong.

1183
00:59:00,080 --> 00:59:05,240
Speaker 2: Say otherwise, more women than men single own homes in

1184
00:59:05,280 --> 00:59:10,320
Speaker 2: all fifty states. Women have less debt in every single category,

1185
00:59:10,360 --> 00:59:12,720
Speaker 2: with the exception of student loan debt, because we're getting

1186
00:59:12,720 --> 00:59:16,800
Speaker 2: more educated, and in fact, Fidelity did a survey and

1187
00:59:16,880 --> 00:59:22,360
Speaker 2: found that women's portfolios outperform men's because for the long term,

1188
00:59:22,600 --> 00:59:24,720
Speaker 2: we are buy and hold investors, and a lot of

1189
00:59:24,720 --> 00:59:27,360
Speaker 2: our male counterparts are trying to day trade, swing trade,

1190
00:59:27,400 --> 00:59:28,680
Speaker 2: try to make a quick.

1191
00:59:28,440 --> 00:59:30,040
Speaker 3: Buck, and it does not work.

1192
00:59:30,280 --> 00:59:36,880
Speaker 2: WHOA. So imagine the perception being you're an overspender, but

1193
00:59:36,960 --> 00:59:38,240
Speaker 2: in fact we're not.

1194
00:59:38,600 --> 00:59:40,120
Speaker 3: Yeah, you literally have less debt.

1195
00:59:40,560 --> 00:59:43,960
Speaker 2: Imagine the perception being you are stupid and can't figure

1196
00:59:43,960 --> 00:59:45,720
Speaker 2: this out. How are we better investors?

1197
00:59:45,760 --> 00:59:46,000
Speaker 1: Though?

1198
00:59:46,400 --> 00:59:50,080
Speaker 2: Right, you're powerless. You need a man to help. Really,

1199
00:59:50,080 --> 00:59:53,960
Speaker 2: because more single women own those homes, do what? So

1200
00:59:54,160 --> 00:59:57,880
Speaker 2: the perception and the reality are very, very different. But

1201
00:59:59,120 --> 01:00:03,240
Speaker 2: it does suck because once you are told something enough times,

1202
01:00:03,280 --> 01:00:07,480
Speaker 2: you start to believe it. And I think that is

1203
01:00:07,640 --> 01:00:12,160
Speaker 2: terrifying because not understanding your own money and not understanding

1204
01:00:12,200 --> 01:00:17,720
Speaker 2: finances is one of the easiest ways to get in

1205
01:00:17,720 --> 01:00:21,840
Speaker 2: a situation where you don't have options and there is

1206
01:00:21,960 --> 01:00:26,280
Speaker 2: risk for financial abuse. You don't have the money to leave.

1207
01:00:27,120 --> 01:00:31,200
Speaker 2: You cannot make choices that take money out of the

1208
01:00:31,200 --> 01:00:34,479
Speaker 2: equation because you don't have it. And that is why

1209
01:00:34,600 --> 01:00:37,920
Speaker 2: every single woman needs to be good with money.

1210
01:00:38,200 --> 01:00:41,560
Speaker 1: That was brilliant. That's made me. That hypes me up.

1211
01:00:41,600 --> 01:00:43,120
Speaker 1: I'm ready, I'm going to go into it. I'm going

1212
01:00:43,160 --> 01:00:45,400
Speaker 1: to start learning about all of this. Thank you so much.

1213
01:00:45,440 --> 01:00:47,040
Speaker 1: I wish I could ask you so many more questions,

1214
01:00:47,080 --> 01:00:49,240
Speaker 1: but it just realized where it like over an hour,

1215
01:00:49,440 --> 01:00:50,720
Speaker 1: and I know you have plenty.

1216
01:00:50,480 --> 01:00:52,160
Speaker 3: Of it's literally zoomed by.

1217
01:00:52,360 --> 01:00:54,919
Speaker 1: I really did thank you so much. Honestly, I think

1218
01:00:55,080 --> 01:00:57,720
Speaker 1: you're going to help. You already are helping so many people.

1219
01:00:57,800 --> 01:01:01,040
Speaker 1: But I feel so inspired after hearing this conversation and

1220
01:01:01,880 --> 01:01:05,000
Speaker 1: just the basics that you went into, but even the details.

1221
01:01:05,040 --> 01:01:06,560
Speaker 1: I'm like, why don't I know about this?

1222
01:01:06,720 --> 01:01:07,120
Speaker 3: Like this is?

1223
01:01:07,320 --> 01:01:09,520
Speaker 1: And what you just told me right now? I was like,

1224
01:01:10,280 --> 01:01:13,560
Speaker 1: I need to stop self sabotaging because there's so much

1225
01:01:13,600 --> 01:01:16,160
Speaker 1: more that we have the capability of learning and doing,

1226
01:01:16,680 --> 01:01:19,040
Speaker 1: and why put a wall up before you've even tried?

1227
01:01:19,240 --> 01:01:21,920
Speaker 1: And so thank you so much. Everyone go out and

1228
01:01:21,960 --> 01:01:25,720
Speaker 1: get rich Af if you haven't already. She's absolutely brilliant. Vivian,

1229
01:01:25,760 --> 01:01:27,760
Speaker 1: thank you so much. And I can't wait to play

1230
01:01:27,760 --> 01:01:29,919
Speaker 1: around with us, Dolly, It's gonna be so fun.

1231
01:01:30,320 --> 01:01:32,720
Speaker 2: Thank you so much for having me. It's been an

1232
01:01:32,720 --> 01:01:33,480
Speaker 2: absolute pleasure.

1233
01:01:33,560 --> 01:01:33,880
Speaker 1: Things