WEBVTT - Ep. 170 — When Paying Off Your Mortgage Doesn't Make Sense 0:00:15.880 --> 0:00:20.160 Hey, hey, Hey, I'm back. I'm black and I'm brown. 0:00:20.440 --> 0:00:22.800 Hey, mandra Oh I missed you so much. 0:00:24.640 --> 0:00:26.760 Oh my god, it feels so weird being back in 0:00:26.760 --> 0:00:29.000 my bed talking on my computer. 0:00:30.760 --> 0:00:31.920 Budget puff. 0:00:33.640 --> 0:00:36.120 You know, it's crazy because honestly, I didn't, Like usually 0:00:36.120 --> 0:00:38.640 for a vacation, you go somewhere, and I didn't go anywhere, 0:00:38.680 --> 0:00:40.600 and it was exactly the vacation I needed. 0:00:41.000 --> 0:00:42.720 That sounds awesome, Yeah. 0:00:42.520 --> 0:00:44.560 I didn't. I took a social media break too, which 0:00:44.640 --> 0:00:50.640 was honestly everything, because I didn't realize how stressful Instagram, 0:00:50.720 --> 0:00:54.040 especially Facebook. Yes, but Instagram is honestly kind of stressful. 0:00:54.760 --> 0:00:57.120 Oh, I one hundred percent think I agree with you. 0:00:57.200 --> 0:00:59.280 I take my own like little breaks after work. 0:01:00.680 --> 0:01:02.200 So it was just it was just nice to just 0:01:02.280 --> 0:01:04.280 take a full break, like I went for a walk. 0:01:04.360 --> 0:01:05.960 So it was like I had like a list of 0:01:06.040 --> 0:01:07.440 like things I wanted to do. It's like I want 0:01:07.480 --> 0:01:09.800 to get my nails done, I want to get I 0:01:09.800 --> 0:01:12.399 want to wash my hair, I want to get my 0:01:12.480 --> 0:01:14.600 hair retightened, like I had like these little I want 0:01:14.600 --> 0:01:16.880 to get a massage, and so I want to take 0:01:16.920 --> 0:01:19.000 a walk in the park. And because right now in 0:01:19.040 --> 0:01:22.399 Newark and some it's cherry blossom seasons. Newark has the 0:01:22.480 --> 0:01:24.839 largest amount of cherry blossom trees in the United States 0:01:24.880 --> 0:01:28.440 and one concentrated area. So it's when I say beautiful, Mandy, 0:01:28.440 --> 0:01:33.040 it looks like a like a wonderland. And so yeah, 0:01:33.120 --> 0:01:36.520 it was just it was exactly what I needed. No emails, no, 0:01:36.680 --> 0:01:39.600 you know, work conversations. I mean, Superman and I went 0:01:39.640 --> 0:01:41.640 on several dates. It was just really nice. 0:01:42.000 --> 0:01:43.840 Oh, I'm so glad that you had some time to 0:01:43.920 --> 0:01:48.320 recharge and reboot yourself. It seems like the perfect time too, 0:01:48.400 --> 0:01:50.600 right before spring really gets underway. 0:01:51.160 --> 0:01:51.360 Yeah. 0:01:51.360 --> 0:01:53.480 So what were you guys up to when I was galaxies? 0:01:53.680 --> 0:01:55.960 Oh you know, we uh, we cheated on you a 0:01:55.960 --> 0:01:58.640 little bit. We had Lynette California Cocks on the show 0:01:58.760 --> 0:02:01.440 last week. We had Marcus scared from paychecks and balances. 0:02:01.440 --> 0:02:05.600 So thank you to them for coming through and filling 0:02:05.600 --> 0:02:07.840 in your massive shoes. They did their best. 0:02:08.360 --> 0:02:10.200 Oh well, I mean I already know, I mean, let 0:02:10.560 --> 0:02:13.760 no shade to Marcus. But Lynette, I know, she's a beast. 0:02:13.760 --> 0:02:17.360 That's my that's my mentor oursel. I'm like what Lonette? 0:02:18.040 --> 0:02:21.519 Yes, love it and best wishes to Sandy again. Sandy 0:02:21.560 --> 0:02:23.760 Smith of yes, I am cheap. I'm definitely gonna try 0:02:23.760 --> 0:02:25.640 and get her on the show again, because I've been 0:02:25.639 --> 0:02:27.760 trying to make this happen forever, but fate just keeps 0:02:28.000 --> 0:02:31.480 getting on our way. I hope Sandy is recovering well 0:02:31.520 --> 0:02:34.240 at the hospital and her health is obviously top priority. 0:02:34.600 --> 0:02:38.320 M hm, cool, let's get back in the groove. What's happening. 0:02:38.360 --> 0:02:41.120 I read a story today that millennials lie on their resumes, 0:02:41.160 --> 0:02:44.200 and I just have to say, you guys, don't do it. 0:02:44.760 --> 0:02:46.960 I've literally gotten to a point where I have like 0:02:47.080 --> 0:02:50.360 hired a candidate, like given them an offer letter, they've signed, 0:02:50.800 --> 0:02:53.080 and then you know what happens after that point is 0:02:53.160 --> 0:02:55.799 a background check happens like that's what companies do with 0:02:55.880 --> 0:02:58.040 the stage. Once you've signed the offer letter, then there's 0:02:58.080 --> 0:03:00.959 like the asterisk of you know, ending the background check 0:03:01.360 --> 0:03:04.440 and they will check your damn resume and your LinkedIn 0:03:04.480 --> 0:03:08.320 profile versus records. And you know, we had to rescind 0:03:08.360 --> 0:03:10.760 an offer to some candidate who lied on her resume 0:03:10.800 --> 0:03:13.200 about completing a master's degree which had nothing to do 0:03:13.280 --> 0:03:17.720 with a job that she applied for. It was like crazy, Ugh, 0:03:17.880 --> 0:03:19.880 she put it on LinkedIn and she put it. It would 0:03:19.880 --> 0:03:21.200 have been one thing if she for you know, put 0:03:21.200 --> 0:03:22.720 it on LinkedIn, but she put it also on the 0:03:22.760 --> 0:03:27.079 actual application form for the job, and for that reason 0:03:27.120 --> 0:03:29.440 she had to. She didn't get the. 0:03:29.480 --> 0:03:32.760 Job, carringing, Oh my god, that's a big thing to 0:03:32.800 --> 0:03:33.320 lie about. 0:03:33.800 --> 0:03:34.359 It's huge. 0:03:34.480 --> 0:03:36.360 I'm not gonna lie. I went to my LinkedIn page 0:03:36.440 --> 0:03:37.800 because I understand there's like this. 0:03:37.880 --> 0:03:38.240 I don't know. 0:03:38.320 --> 0:03:41.400 There's just this human instinct to just over it like hype, 0:03:41.600 --> 0:03:45.400 like to be hyperbolic, or like overinflate your credentials. I 0:03:45.400 --> 0:03:47.640 think we all do when we're telling stories about ourselves. 0:03:47.640 --> 0:03:50.440 You know, everyone has that mom or that auntie who exaggerates. 0:03:50.840 --> 0:03:53.320 It's just this human instinct. But you have to check 0:03:53.360 --> 0:03:56.520 it when it comes to your professional your professional credentials, 0:03:56.680 --> 0:03:59.840 especially on you know, platforms like LinkedIn or in a 0:04:00.080 --> 0:04:04.160 hundred percent on applications, because like, one, why set people 0:04:04.240 --> 0:04:06.360 up for disappointment when they find out who you really are? 0:04:06.640 --> 0:04:09.920 And two it's just it's gonna it's just so embarrassing 0:04:09.920 --> 0:04:12.040 and it's going to blacklist you forever from that company. 0:04:12.680 --> 0:04:14.360 If you let that happen. 0:04:14.640 --> 0:04:21.279 It doesn't end well yikes, no, man, Well, uh, poor Paris. 0:04:21.320 --> 0:04:24.120 I was like, what, no, todam what happened? 0:04:25.279 --> 0:04:26.760 And it seems like I don't think they know, but 0:04:26.800 --> 0:04:29.760 it's I'm I'm glad that at least to hear that 0:04:29.839 --> 0:04:32.840 it wasn't as bad, like the whole structure wasn't damaged. 0:04:33.839 --> 0:04:36.320 Yes, but I was definitely like the pictures of seeing 0:04:36.360 --> 0:04:39.800 people's faces, it just it was. It was, honestly. I 0:04:39.800 --> 0:04:42.359 mean so many people were just like outside watching and 0:04:42.400 --> 0:04:44.680 they just looked just devastated, you know. 0:04:45.480 --> 0:04:45.680 Yeah. 0:04:45.680 --> 0:04:47.320 I was trying to think of like the equivalent. 0:04:47.440 --> 0:04:49.120 I was trying to think of a house of worship 0:04:49.120 --> 0:04:51.120 where I was like or just even just like a 0:04:51.200 --> 0:04:55.039 structure in general that people would be devastated, like oh 0:04:55.120 --> 0:04:56.760 my goodness. And I really I don't know that we 0:04:56.800 --> 0:04:58.000 have any the equivalent to that. 0:04:59.080 --> 0:05:01.400 I mean, yeah, I mean it wasn't a terror attack. 0:05:01.520 --> 0:05:03.640 He can't really equate it to the World Trade Center. 0:05:04.440 --> 0:05:07.240 But Empire of State building a statue of liberty. You know, 0:05:07.279 --> 0:05:10.279 they're not of worship, but they're iconic. 0:05:11.480 --> 0:05:13.120 But I feel like it's a statue of liberty caught 0:05:13.160 --> 0:05:15.520 fire because you know what it is, Because it's not 0:05:15.680 --> 0:05:19.640 like I feel like the statue of liberty I don't know. 0:05:19.720 --> 0:05:21.880 I mean, it's not like housing these like you know, 0:05:21.920 --> 0:05:25.920 antiquities of like seventeen seventy. You know. I feel like 0:05:25.960 --> 0:05:28.000 with the Statue of Liberty, we'd be like, whoa the 0:05:28.000 --> 0:05:29.960 statue of Liberty, but they put it back up, you know. 0:05:30.680 --> 0:05:33.359 Yeah, I mean it's all selling. Jesus Christ wore the 0:05:33.400 --> 0:05:36.000 crown that's on her head, Like they saved this crown 0:05:36.080 --> 0:05:41.080 that apparently Jesus himself wore, you know, say, I was like, 0:05:41.080 --> 0:05:43.000 I didn't know they still had his crown. 0:05:43.920 --> 0:05:47.360 That's crazy. Yeah, that's what I mean that I think 0:05:47.440 --> 0:05:50.599 what it was. It's like there's just so much history 0:05:50.720 --> 0:05:53.159 that's there that you know, but you know, it's so 0:05:53.240 --> 0:05:55.400 crazy that you know, like that gets that gets so 0:05:55.520 --> 0:05:58.200 much pressed. But you know, not too long ago, there 0:05:58.320 --> 0:06:02.120 was a house of worship. I can't remember what Middle 0:06:02.160 --> 0:06:05.640 Eastern country, but it was the equivalent of that, you know, 0:06:05.720 --> 0:06:07.800 in that country, and it didn't get the same amount 0:06:07.800 --> 0:06:10.960 of obviously like press, but I remember people were like 0:06:11.440 --> 0:06:14.800 devastated because it was like an extremely important house of 0:06:14.800 --> 0:06:18.960 worship that is is purposely destroyed, you know, and people 0:06:19.000 --> 0:06:21.680 were like standing outside like just beside themselves, and it's 0:06:21.680 --> 0:06:23.560 just a shame that. I mean not to take away 0:06:23.560 --> 0:06:25.120 from what happened in Notre Dame, but I'm just saying 0:06:25.160 --> 0:06:29.040 that there, you know, there are or civilizations, and there 0:06:29.040 --> 0:06:33.560 are people whose history is destroyed on a regular basis, 0:06:33.600 --> 0:06:37.279 and in the world, you know, turns a blind eye. 0:06:37.480 --> 0:06:40.000 You know, well look at what happened in New Zealand. 0:06:40.080 --> 0:06:42.920 I mean, there's so many examples of houses of worship 0:06:42.920 --> 0:06:45.760 being a target of hate crimes and you know, truly 0:06:45.800 --> 0:06:49.000 devastating ones. So at this point, it just sounds like 0:06:49.040 --> 0:06:51.280 it was like some kind of fire that was caused 0:06:51.360 --> 0:06:54.719 during a renovation process, which is even more ironic and tragicy. 0:06:55.839 --> 0:06:57.880 But I guess there's a bit of gratitude in that. Okay, 0:06:57.920 --> 0:07:00.800 thank god people, you know, someone wasn't evil to attack 0:07:01.400 --> 0:07:06.680 Notre Dame. Like anyway, just thoughts and prayers with the 0:07:06.680 --> 0:07:10.360 fireman who went into that blazing church and somehow managed 0:07:10.400 --> 0:07:12.800 to rescue it, and like that was amazing. Yeah, I'm 0:07:12.880 --> 0:07:16.040 sure that, I'm sure they will they will rebuild. It 0:07:16.240 --> 0:07:17.560 will probably take a long time. 0:07:17.600 --> 0:07:21.040 But there was already a billionaire who who's Who's pledge 0:07:21.040 --> 0:07:24.840 one hundred million dollars, which is awesome. So the renovation. 0:07:25.000 --> 0:07:28.320 So yeah, so while I was gone, one of the 0:07:28.320 --> 0:07:30.120 things I put myself because I was like, okay, so 0:07:30.680 --> 0:07:34.040 tax season is finally done, thank you Jesus. I mean 0:07:34.120 --> 0:07:37.080 unless you filed your extension and then you've extended the misery. 0:07:37.240 --> 0:07:44.280 Sorry is due exactly? Yeah, yeah, tax season is all exactly, 0:07:44.360 --> 0:07:48.840 it's already done. But it made me really look at like, okay, 0:07:49.720 --> 0:07:53.640 what can I do better? And so I am firing 0:07:53.680 --> 0:07:55.160 my current financial planner. 0:07:55.440 --> 0:07:56.040 Sorry, Frank. 0:07:56.080 --> 0:07:57.520 He definitely listen to the podcast. 0:07:57.120 --> 0:08:01.240 So whatever. I've never heard Frank's name before, I. 0:08:01.280 --> 0:08:06.680 Know exactly because Frank doesn't do much. So he started 0:08:06.680 --> 0:08:08.560 off great and then he's just you know, fizzled, and 0:08:08.600 --> 0:08:11.160 I'm like, Frank, hello, Hello, let's just thing on. And 0:08:11.200 --> 0:08:12.800 so that's like my pet peeve. It's like, you know, 0:08:12.840 --> 0:08:16.920 you get my money and then you disappear. And so honestly, 0:08:17.680 --> 0:08:19.760 you know, I didn't even know what I wanted. So 0:08:19.800 --> 0:08:21.920 I'll tell you what's been very helpful. I actually created 0:08:21.920 --> 0:08:25.040 this document where Jerrell and I sat down, Oh Superman 0:08:25.160 --> 0:08:27.800 well whatever y'all know his name probably Superman and I 0:08:27.840 --> 0:08:31.240 sat down and kind of talked about like, well one 0:08:31.360 --> 0:08:33.240 I said, I think it'll be important for our current 0:08:33.240 --> 0:08:36.320 financial planner or our new financial planner to know where 0:08:36.360 --> 0:08:38.760 we stand, because they always ask the same questions. You know, 0:08:39.040 --> 0:08:41.080 how much you make? How about this? How much you 0:08:41.080 --> 0:08:43.439 haven't saved things? What about retirement? So I put all 0:08:43.480 --> 0:08:45.600 of that down in this dock, and then I put 0:08:45.720 --> 0:08:48.560 like underneath it, like so current situation, and then I 0:08:48.600 --> 0:08:52.120 have our goals, like, you know, within the next five years, 0:08:52.160 --> 0:08:54.360 we would like to be financially independent. We'd like to 0:08:54.400 --> 0:08:58.000 make one hundred and fifty thousand dollars a year, like 0:08:58.120 --> 0:09:01.120 as a household passively, you know, because we make that 0:09:01.160 --> 0:09:04.079 more now, but we work for that so passively our 0:09:04.120 --> 0:09:06.800 money yielding that what we have to do. We'd like 0:09:06.920 --> 0:09:09.800 to maximize because I set aside money for all my 0:09:09.880 --> 0:09:13.240 nieces and nephews and my godson. But I'd like to 0:09:13.280 --> 0:09:15.080 be more strategic with like so we have a whole 0:09:15.120 --> 0:09:19.280 list of things, and not that a financial advisor. It 0:09:19.320 --> 0:09:20.920 might be a mix of people that will help. But 0:09:20.960 --> 0:09:23.480 I wanted to get out like what our goals were, 0:09:23.559 --> 0:09:25.880 long term and short term, and it's been so helpful. 0:09:25.920 --> 0:09:29.240 I put in a Google doc and then I posted 0:09:29.360 --> 0:09:31.439 and this is just I'm sharing this with you all 0:09:31.559 --> 0:09:35.520 BA listeners, because if you're looking for a financial advisor, 0:09:35.880 --> 0:09:39.800 I would suggest figuring out first well, first creating a 0:09:39.840 --> 0:09:41.880 document or where do you stand? And then what your 0:09:41.920 --> 0:09:45.920 goals are long term, short term or otherwise. And then 0:09:46.160 --> 0:09:47.640 what I did is I put in a Google doc 0:09:47.679 --> 0:09:50.720 and with Google Docs you can share, share, create a 0:09:50.760 --> 0:09:53.960 link to share. So I posted on like these financial 0:09:53.960 --> 0:09:56.640 Facebook groups I'm a part of and said, hey, looking 0:09:56.760 --> 0:10:00.720 for a financial planner. I wanted a fee own So 0:10:00.960 --> 0:10:04.040 financial planners you want to explain Many like the difference 0:10:04.040 --> 0:10:06.360 between like fee and like someone who gets paid based 0:10:06.400 --> 0:10:07.400 upon your portfolio. 0:10:08.120 --> 0:10:08.360 Yeah. 0:10:08.400 --> 0:10:10.680 Sure, a fee only planner, a fee based planner. They'll 0:10:10.720 --> 0:10:13.160 just charge you, like an hourly rate or a flat 0:10:13.240 --> 0:10:15.360 rate to take a look at your finances, and they 0:10:15.440 --> 0:10:17.839 may do it every time you have a conversation, or 0:10:17.880 --> 0:10:20.040 they may charge you a flat rate for an overall 0:10:20.160 --> 0:10:23.160 financial plan that costs you a certain amount, and then 0:10:23.160 --> 0:10:25.840 they charge you an hourly rate moving forward. But you 0:10:25.880 --> 0:10:27.840 always know upfront what their fees are going to be. 0:10:28.200 --> 0:10:31.880 Other financial advisors may tie their pay to the type 0:10:31.880 --> 0:10:34.480 of investments that they point you toward, where they're getting 0:10:35.559 --> 0:10:39.000 a kickback or a fee attached to the investments that 0:10:39.040 --> 0:10:41.360 they push you toward. Oh dang, didn't put my phone 0:10:41.400 --> 0:10:45.360 on silent rookie mistake. Or they're getting a bit of 0:10:45.360 --> 0:10:47.960 the fee from the investment they point you toward. Or 0:10:48.160 --> 0:10:50.880 they're taking a percentage this is very common, a percentage 0:10:50.920 --> 0:10:54.520 of the returns they help you earn by giving you 0:10:54.600 --> 0:10:57.120 investment advice, which is pretty common. 0:10:57.800 --> 0:11:01.000 Yes, so I am like so in the beginning, like 0:11:01.360 --> 0:11:04.400 typically if you don't if you can't afford the fee, 0:11:04.440 --> 0:11:06.520 which is fine, because I like I couldn't up until 0:11:06.559 --> 0:11:09.800 like recently that or I just didn't want to pay 0:11:09.800 --> 0:11:13.400 the fee, or so you know, people, I allowed financial 0:11:14.320 --> 0:11:17.600 advisors to to make their money up from a percentage 0:11:17.640 --> 0:11:19.960 of my portfolio what they helped me to earn. But 0:11:19.960 --> 0:11:22.520 I've since moved away from that, and I really just 0:11:22.559 --> 0:11:24.839 want to pay a flat fee. And quite honestly, I'm 0:11:24.880 --> 0:11:28.920 sick and tired of handing my money over because I'm 0:11:29.000 --> 0:11:30.880 like all these fees on fees on fees on fees, 0:11:30.920 --> 0:11:35.520 Like I'd much rather say, hey, planner, you know whatever 0:11:35.559 --> 0:11:37.360 you charged me two hundred dollars safe to sit down 0:11:37.400 --> 0:11:39.680 me for this hour. Here's some questions that I have. 0:11:39.760 --> 0:11:41.400 I'm gonna put my I'm going to open up, say 0:11:41.400 --> 0:11:43.839 like a Vanguard account or account, I don't know whatever, 0:11:43.880 --> 0:11:45.680 you know, one of these accounts, but you can manage 0:11:45.720 --> 0:11:48.200 your own money. Let's just say Banguard. Like I said, 0:11:48.200 --> 0:11:50.280 I'm going to open up a Vanguard account. I'm thinking 0:11:50.320 --> 0:11:55.280 of a total stock market fund, which is Vanguard has 0:11:55.320 --> 0:11:58.839 this account where they the fund mirrors the S and 0:11:58.880 --> 0:12:03.040 P five hundred, so that as a very well known 0:12:03.559 --> 0:12:09.000 US market, the top five hundred companies in the United States, right, 0:12:09.040 --> 0:12:12.160 and so well top meaning like earning and so you know, 0:12:12.760 --> 0:12:17.240 you're their fund will basically invest your money into like 0:12:17.440 --> 0:12:20.800 those companies. And so it's an index fund, so literally 0:12:20.840 --> 0:12:22.280 like an indexes. You know, it's like a list of 0:12:22.320 --> 0:12:24.079 like I'm not talking to you obviously, Mandy, but those 0:12:24.280 --> 0:12:26.679 listening and an index fund and indexes like if you're 0:12:26.679 --> 0:12:28.120 looking at the index of the back of the book, 0:12:28.559 --> 0:12:30.760 a list of like like you know, maybe like I 0:12:30.800 --> 0:12:33.360 don't know words inside that book. So an index fund 0:12:33.480 --> 0:12:35.720 is a kind of like a list of all of 0:12:35.760 --> 0:12:39.760 these companies. And so I might ask my planner, you know, 0:12:39.920 --> 0:12:41.480 is this a good idea to put my money in 0:12:41.520 --> 0:12:44.360 an index fund to mirror the market, because typically the 0:12:44.440 --> 0:12:48.440 stock market goes up over time, although there's ups and downs, 0:12:48.960 --> 0:12:51.920 there's ups and downs on its way up. How you 0:12:51.920 --> 0:12:53.760 know what percentage of my money should I put there? 0:12:53.960 --> 0:12:56.080 Should I put my money also in a total market 0:12:56.120 --> 0:12:59.719 bond fund, which is a little bit safer, you know 0:13:00.160 --> 0:13:01.920 as much, but you also don't have to pretend you 0:13:02.000 --> 0:13:04.320 to lose as much. Just these kind of questions, and 0:13:04.360 --> 0:13:06.080 you know, you might be like, what's the bond? What's 0:13:06.080 --> 0:13:09.440 the stock exactly? So I really just want someone who 0:13:09.520 --> 0:13:13.480 I can ask questions of, take my own money and 0:13:13.520 --> 0:13:18.400 based upon, you know, the responses and the information that 0:13:18.440 --> 0:13:22.040 I get, make decisions with like my money, and not 0:13:22.360 --> 0:13:24.439 feel like I'm just handing my money over because I 0:13:24.440 --> 0:13:25.720 feel like that's what I've been doing. And I'm not 0:13:25.760 --> 0:13:28.160 gonna pretend like, you know, some of my financial planners 0:13:28.200 --> 0:13:29.720 have not made me money. I mean, it's not that 0:13:29.760 --> 0:13:32.080 Frank hasn't made me any money, but I honestly don't 0:13:32.080 --> 0:13:33.560 know what's going on, you know what I mean? Mandy, 0:13:33.600 --> 0:13:35.280 I'm like, so what are we doing? He doesn't answer 0:13:35.679 --> 0:13:37.480 when I text, or I'm like, are we supposed to 0:13:37.520 --> 0:13:39.520 have calls? Isn't it what I paid this flat fee 0:13:39.559 --> 0:13:41.960 for and if I look like I looked at my 0:13:42.000 --> 0:13:44.520 portfolio for twenty eighteen and I made I mean, I 0:13:44.559 --> 0:13:47.280 made a decent return. I think maybe like ten or 0:13:47.320 --> 0:13:49.319 twelve percent something like that. So it's not like I'm 0:13:49.360 --> 0:13:51.240 losing money, but I don't, like did I? 0:13:51.280 --> 0:13:52.800 But I just have a damn target date fund and 0:13:52.800 --> 0:13:54.760 no funny, no advice exactly. 0:13:54.800 --> 0:13:57.400 And that's what I feel like. Honestly, I feel like, great, 0:13:58.200 --> 0:14:00.240 you know, but can I just put exactly? I was 0:14:00.240 --> 0:14:01.920 thinking that, like, why can't I just put my money 0:14:01.920 --> 0:14:03.400 in the target date fund? Why do I have to 0:14:03.400 --> 0:14:06.520 pay you rank? And then I'll save money and fees, 0:14:06.600 --> 0:14:06.800 you know. 0:14:07.120 --> 0:14:09.920 And because I'm and you han, I think that what 0:14:09.960 --> 0:14:13.040 you're looking for is a financial planner who can bring 0:14:13.160 --> 0:14:16.840 value in other ways beyond like return because I think 0:14:17.000 --> 0:14:20.640 like if you look at actively managed funds, like basically 0:14:20.680 --> 0:14:23.560 in investment firms that manage your money for you versus 0:14:23.600 --> 0:14:25.600 like just putting your money in an index fund, a 0:14:25.600 --> 0:14:27.680 lot of times the index fund wins out. So you 0:14:27.720 --> 0:14:30.000 have to find people who add value beyond the returns 0:14:30.000 --> 0:14:32.000 and don't believe them if they say they can, Oh, 0:14:32.040 --> 0:14:33.600 I can do double what the S and P did 0:14:33.720 --> 0:14:37.440 last you're like, no, that's bullshit. And you know, ask 0:14:37.520 --> 0:14:40.720 people what they can give you beyond just the regular 0:14:40.720 --> 0:14:42.600 return that anyone would expect, because you have to keep 0:14:42.600 --> 0:14:45.800 those realistic expectations and people who won't like oversell you. 0:14:46.480 --> 0:14:48.480 And that's what I'm like, I'm wanting like that, like 0:14:48.520 --> 0:14:51.160 you know, like yes, like because beyond that that could 0:14:51.200 --> 0:14:53.440 literally be one conversation. Well, typically this is my favorite 0:14:53.480 --> 0:14:55.960 index fund because here's why the fees are low and 0:14:55.960 --> 0:14:59.200 blah blah blah. And I'm like, okay, but I want more, 0:14:59.280 --> 0:15:03.360 like I want like, I want to offer value to 0:15:03.440 --> 0:15:05.480 my employees. I want to be able to give them 0:15:05.520 --> 0:15:08.080 a retirement account. I can't do that on my own. 0:15:08.160 --> 0:15:10.560 There are financial planners and advisors that can help me 0:15:10.600 --> 0:15:15.800 with that, you know. Yeah, So I'm just excited about interviewing. 0:15:15.840 --> 0:15:19.240 So I literally I think I posted and like I said, 0:15:19.240 --> 0:15:21.920 I created the doc and I sent everybody the same message. 0:15:22.000 --> 0:15:24.440 It was like fifteen maybe fifteen people that reached out 0:15:24.440 --> 0:15:26.840 to me, and I was like, hey, thank you so 0:15:26.920 --> 0:15:28.960 much for reaching out. You know, I've created a document 0:15:29.400 --> 0:15:31.320 to help give you a clear understanding of where my 0:15:31.400 --> 0:15:33.560 husband and I are and where we'd like to be 0:15:33.760 --> 0:15:36.600 you know, please review. And in the dock it was clear, like, 0:15:36.640 --> 0:15:38.200 you know, how I wanted to work with the person, 0:15:38.280 --> 0:15:40.360 like I would like to pay hourly. I don't want. 0:15:40.400 --> 0:15:42.280 I want to manage my own money, so that way 0:15:42.280 --> 0:15:45.280 people could eliminate themselves. And of the fifteen, I would 0:15:45.320 --> 0:15:48.680 say there's probably five people that are viable. Some people 0:15:48.680 --> 0:15:51.600 eliminated themselves because they're like, oh, I don't do fee 0:15:51.600 --> 0:15:55.200 only or I only, you can only pay me yearly, 0:15:55.280 --> 0:15:57.200 and I'm like, nah, that yearly is I want to 0:15:57.200 --> 0:15:59.040 pay you hourly because if you suck, I've only paid 0:15:59.040 --> 0:16:02.760 for one hour, you know. So I'm excited though, because 0:16:02.760 --> 0:16:04.960 I feel like this is like the next frontier. I've 0:16:04.960 --> 0:16:08.680 got a dope accountant and CFO and so I just 0:16:08.760 --> 0:16:10.960 want to kind of like a personal CFO of my life. 0:16:11.040 --> 0:16:14.840 So I'm excited, and I'll keep you guys abreast of, like, 0:16:14.920 --> 0:16:17.920 you know, how the interviews go and who I end 0:16:18.000 --> 0:16:19.960 up choosing. And even if I don't choose someone in 0:16:20.000 --> 0:16:22.360 their dope, you know, I plant I can obviously share 0:16:22.680 --> 0:16:24.200 some of the amazing people that I was able to 0:16:24.240 --> 0:16:27.240 connect with, because that's another desire of mine, is to 0:16:27.720 --> 0:16:31.440 kind of like create a list of dope financial experts 0:16:31.440 --> 0:16:33.320 because people ask me all the time, like what do 0:16:33.360 --> 0:16:34.840 you suggest for this, and I can be like, well, 0:16:34.880 --> 0:16:36.960 I interviewed her, she was great. Wasn't a fit for 0:16:37.000 --> 0:16:39.560 me because I needed more business assistants, but she might 0:16:39.560 --> 0:16:40.400 be a fit for you. 0:16:40.400 --> 0:16:44.640 You know, yes, I'll be waiting those those recommendations like 0:16:44.680 --> 0:16:48.720 everybody else do the work force, Like seeing those commercials 0:16:48.760 --> 0:16:51.080 for Home Advisor where it's like, do you know a 0:16:51.120 --> 0:16:53.400 good contract or cool? Could you vet them for me 0:16:53.480 --> 0:16:55.160 and get different rate schedules. 0:16:55.240 --> 0:16:57.800 Yeah, And that's why I was like, you know, I'm 0:16:57.800 --> 0:17:00.360 excited though, because I'm like, yay, I just you know, 0:17:00.520 --> 0:17:03.080 you know, you're on the cusp of like, uh, this 0:17:03.120 --> 0:17:05.040 could need to be really good. I feel like it's 0:17:05.040 --> 0:17:07.600 like the mc hammer. I mean it's like, ooh, there 0:17:07.640 --> 0:17:10.239 was like this short period in his career where like 0:17:10.359 --> 0:17:14.080 money was booming and he mismanaged, and I'm like, ooh, 0:17:14.119 --> 0:17:15.800 I don't want to do the mc hammer syndrome. I 0:17:15.840 --> 0:17:18.640 want that, you know, like I you know, I make 0:17:19.240 --> 0:17:21.720 right moves now, so ten years from now, I can 0:17:21.760 --> 0:17:23.960 be like Ooho, even if the budgets is not popping, 0:17:24.440 --> 0:17:26.760 you know, I'm still good financially. 0:17:27.280 --> 0:17:29.359 Now, that is the goal to build up an My 0:17:29.440 --> 0:17:31.439 goal to build up an investment fund that is just 0:17:31.520 --> 0:17:35.000 generating income on income on income without you doing anything. 0:17:35.200 --> 0:17:37.160 That's something Mike Marcus and I were talking about last 0:17:37.160 --> 0:17:38.720 week too. He has his own goals for how much 0:17:38.720 --> 0:17:41.919 he wants to have like invested, so he's making passive income. 0:17:42.040 --> 0:17:44.320 So next level exciting. 0:17:44.440 --> 0:18:14.920 Yeah. 0:18:15.040 --> 0:18:16.840 Speaking of questions though, should we take some. 0:18:17.560 --> 0:18:19.919 Yes, I actually have a really good question where I'm like, 0:18:20.040 --> 0:18:22.960 Yike just came of my inbox, and I'm going to 0:18:23.000 --> 0:18:25.919 try to read it in a non judging voice, and 0:18:25.960 --> 0:18:30.720 I SA, yes it is. And then too, I'm also 0:18:30.760 --> 0:18:34.240 going to, uh, you know, I'm not going to obviously 0:18:34.320 --> 0:18:39.520 share this person's name. Okay, So good evening. I co 0:18:39.680 --> 0:18:42.080 signed a super loan via s DA Ali May for 0:18:42.200 --> 0:18:46.639 a d quote friend. My question is is there a 0:18:46.720 --> 0:18:49.560 way that I can be released from the loan. I'm 0:18:49.640 --> 0:18:53.040 asking because my son starts college in the fall and 0:18:53.119 --> 0:18:55.479 I might need to get a loan for him, and 0:18:55.560 --> 0:18:57.760 I'm also planning and purchasing a home at the end 0:18:57.760 --> 0:19:00.720 of the year. Signed, what should I do? 0:19:00.800 --> 0:19:03.439 Like, unless you are a parent co signing, you know 0:19:03.640 --> 0:19:08.200 your daughter or son's student loan. The answer, I feel 0:19:08.200 --> 0:19:10.040 like nine and a half times out of ten is 0:19:10.119 --> 0:19:12.919 going to be no, because you were just putting you 0:19:12.920 --> 0:19:16.639 were making yourself so vulnerable and so liable. If that, 0:19:17.119 --> 0:19:18.560 you know, the person on the other end of that loan, 0:19:18.600 --> 0:19:21.080 whether their friend or family, no matter what their good 0:19:21.080 --> 0:19:23.119 intentions are, if they default in their loan, then that 0:19:23.200 --> 0:19:28.199 is your problem. One hundred. She can't go back, she 0:19:28.280 --> 0:19:31.520 can't undo it. So what steps can she take now 0:19:31.600 --> 0:19:34.600 to you know, reach her financial goals while also being 0:19:34.640 --> 0:19:38.399 tied to this the student loan. Does she mention if 0:19:38.400 --> 0:19:40.240