WEBVTT - Study Hall: Wealth Building Fundamentals 0:00:00.040 --> 0:00:03.600 An illegal alien from Guatemala charged with raping a child 0:00:03.680 --> 0:00:07.480 in Massachusetts. An MS thirteen gang member from Al Salvador 0:00:07.720 --> 0:00:11.840 accused of murdering a Texas man of Venezuelan charged with 0:00:11.920 --> 0:00:15.840 filming and selling child pornography in Michigan. These are just 0:00:15.920 --> 0:00:19.680 some of the heinous migrant criminals caught because of President 0:00:19.720 --> 0:00:23.320 Donald J. Trump's leadership. I'm Christy nom the United States 0:00:23.320 --> 0:00:28.120 Secretary of Homeland Security. Under President Trump, attempted illegal border 0:00:28.160 --> 0:00:31.680 crossings are at the lowest levels ever recorded, and over 0:00:31.760 --> 0:00:34.960 one hundred thousand illegal aliens have been arrested. If you 0:00:35.040 --> 0:00:38.920 are here illegally, your next you will be fined nearly 0:00:39.000 --> 0:00:43.000 one thousand dollars a day, imprisoned, and deported. You will 0:00:43.040 --> 0:00:46.680 never return. But if you register using our CBP home 0:00:46.720 --> 0:00:50.120 app and leave now, you could be allowed to return legally. 0:00:50.479 --> 0:00:51.280 Do what's right. 0:00:51.840 --> 0:00:52.720 Leave now. 0:00:53.040 --> 0:00:57.840 Under President Trump, America's laws, border and families will be protected. 0:00:57.920 --> 0:01:00.000 Sponsored by the United States Department of Homeland Security. 0:01:00.240 --> 0:01:02.280 Thought off of where we left off of budgeting and budgeting, 0:01:02.440 --> 0:01:04.920 I think it's budgeting is extremely underrated when it comes 0:01:04.959 --> 0:01:07.560 to financial planning for individuals. I always say, like, if 0:01:07.600 --> 0:01:11.280 you look at a corporation, budgeting is like the major 0:01:11.319 --> 0:01:12.800 thing that they do. Like you, I mean, like Apple 0:01:12.920 --> 0:01:15.039 knows every dollar that comes in and comes out, Like 0:01:15.319 --> 0:01:18.280 they pay accountants millions of dollars. They have a whole 0:01:18.280 --> 0:01:20.600 team of accountant to keep track of the books. And 0:01:20.920 --> 0:01:23.560 budgeting is like that's everything. Budgeting is everything. But it's 0:01:23.600 --> 0:01:27.080 like most entrepreneurs and most regular people that just have 0:01:27.200 --> 0:01:29.959 jobs have no idea of the budget, Like they don't 0:01:29.959 --> 0:01:31.640 have any idea of how much money comes in, they 0:01:31.680 --> 0:01:33.680 have no idea of how much money goes out. They're 0:01:33.720 --> 0:01:37.000 just wringing it and just you know, spending money whenever 0:01:37.200 --> 0:01:40.000 you know they need to, and the money comes in 0:01:40.040 --> 0:01:41.640 and it just goes to their bank. And that's kind 0:01:41.640 --> 0:01:43.880 of like how most people run not only their business 0:01:43.920 --> 0:01:47.680 but their life. So budgeting, budgeting one oh one right 0:01:47.720 --> 0:01:51.400 for somebody that has never budgeted before, but they first 0:01:51.400 --> 0:01:55.560 and foremost why why is budgeting essential? And then we'll 0:01:55.560 --> 0:01:57.720 go into like some different hacks that can help people 0:01:57.760 --> 0:01:59.320 to get better with budgeting. 0:02:00.040 --> 0:02:04.040 So budgeting is essential because it is a physical picture 0:02:04.040 --> 0:02:07.960 of what your money is doing. Right, So if you 0:02:08.040 --> 0:02:10.120 have kids and you're in the other room and your 0:02:10.160 --> 0:02:13.080 two year old is quiet, You're like, wait, what the 0:02:13.120 --> 0:02:13.919 hell are they breaking? 0:02:14.000 --> 0:02:15.600 Because you know they're cutting. 0:02:15.320 --> 0:02:17.920 Up, putting a you know, putting a knife enough in 0:02:17.960 --> 0:02:19.080 the socket whatever, you know. 0:02:19.680 --> 0:02:21.600 And so it's the same thing with your money. 0:02:21.720 --> 0:02:23.880 Like you you have to be on top of your money. 0:02:23.880 --> 0:02:25.280 I would say, like, your money's like a bad two 0:02:25.360 --> 0:02:27.959 year old, Like if you leave it to its own devices, 0:02:27.960 --> 0:02:33.440 it's gonna be breaking shit that I can curse. Yeah, right, 0:02:33.480 --> 0:02:35.040 So you want to be on it when it comes 0:02:35.080 --> 0:02:37.000 to your money and be present. 0:02:37.080 --> 0:02:40.079 You are the adult. You decide what your money does. 0:02:40.120 --> 0:02:41.760 And so that's what a budget allows you to do 0:02:42.000 --> 0:02:44.480 and allows you to be the adult of your of 0:02:44.520 --> 0:02:47.320 your life. So it's important, you know, I don't care 0:02:47.360 --> 0:02:51.240 how much money you make. You can outspend like great wealth. 0:02:51.240 --> 0:02:52.080 There are people who. 0:02:51.880 --> 0:02:56.359 Have been millionaires and even billionaires and have been less penniless. 0:02:56.600 --> 0:02:58.400 So I think sometimes people think, like, well, if I 0:02:58.400 --> 0:03:00.480 had ten million dollars was like mc. 0:03:00.440 --> 0:03:02.760 Hammer from Somebody'll You're like, who's that? 0:03:02.919 --> 0:03:08.360 Okay, Tony Braxton, right, Alan Iverson. So many people have 0:03:08.600 --> 0:03:11.160 outspent their wealth. It is more than possible. 0:03:11.880 --> 0:03:14.600 So what kind of all right, So what are the 0:03:14.600 --> 0:03:17.160 different strategies for budgeting right, Like, it's someone Okay, I 0:03:17.160 --> 0:03:19.040 realize the budgeting is important. I want to do it. 0:03:19.120 --> 0:03:22.480 So how do I go about it? Is it spreadsheet software? 0:03:22.680 --> 0:03:25.240 Like is there formulas that you should use? Because some 0:03:25.240 --> 0:03:27.680 people say, like the housing should only be like twenty 0:03:27.800 --> 0:03:30.760 or thirty percent of your total budget. So yeah, what's 0:03:30.800 --> 0:03:32.799 your what's your philosophy as far as like the one 0:03:32.800 --> 0:03:35.440 on one the person realizes they need to budget now 0:03:35.480 --> 0:03:36.600 they actually want to start a. 0:03:36.520 --> 0:03:40.120 Budget, So let's just start super super easy, because I mean, yes, 0:03:40.160 --> 0:03:41.520 I use a sprite sheat all that stuff, but most 0:03:41.520 --> 0:03:42.920 people are not going to do that to start. 0:03:42.960 --> 0:03:45.040 It's the difference between I want to lose some. 0:03:44.960 --> 0:03:47.280 Weight and so tomorrow, like you're gonna run you know, 0:03:47.320 --> 0:03:49.360 ten miles, you're not gonna run ten mouse You might 0:03:49.400 --> 0:03:50.840 the first day, and the second day you're going to 0:03:50.880 --> 0:03:53.640 go back to the couch. So I want you to 0:03:53.760 --> 0:03:57.080 start off walking. So for someone who's like I don't budget, 0:03:57.120 --> 0:03:57.480 I never. 0:03:57.400 --> 0:03:58.200 Took to a budget. 0:03:58.880 --> 0:04:03.600 First things first is start with having separate bank accounts, right, 0:04:03.720 --> 0:04:06.680 So I believe in having a bill's account to pay 0:04:06.720 --> 0:04:10.640 your bills and having a spend account to spend from 0:04:10.680 --> 0:04:13.000 your bills account. Should not have a debit card attached 0:04:13.000 --> 0:04:14.920 to it. That's a debit card is a choice. I 0:04:14.920 --> 0:04:17.039 don't think people realize that the bank issues you a 0:04:17.040 --> 0:04:19.120 debit card. But you could be like, nah, I'm good. 0:04:19.320 --> 0:04:21.200 So my bill's account does not have a debit card. 0:04:21.839 --> 0:04:22.680 My spend account. 0:04:22.680 --> 0:04:23.000 It's both. 0:04:23.040 --> 0:04:25.200 These are checking account that the same bank has a 0:04:25.200 --> 0:04:27.520 debit card. And then you want to least one savings 0:04:27.560 --> 0:04:29.960 account not at that bank. So you want to at 0:04:30.000 --> 0:04:32.680 least one safets account at an online only bank. And 0:04:32.760 --> 0:04:35.320 so what it looks like is that your money comes in. 0:04:36.040 --> 0:04:39.240 Some of it goes into your I like to call 0:04:39.279 --> 0:04:42.240 it my deposit account, slash your spend accounts, so that's. 0:04:42.080 --> 0:04:42.960 Where your money lands. 0:04:43.440 --> 0:04:45.719 Some of it goes into your bills account to pay bills, 0:04:45.720 --> 0:04:47.159 and you know how much to go into your bills 0:04:47.200 --> 0:04:49.560 account by what bills are due. And then some of 0:04:49.600 --> 0:04:52.400 it goes into your savings. So in the beginning you're 0:04:52.400 --> 0:04:54.520 not going to have the math perfect. You might just 0:04:54.560 --> 0:04:56.360 be like, I don't care if ten dollars goes into 0:04:56.400 --> 0:04:58.599 your savings. When I was at my brocus, I was 0:04:58.640 --> 0:05:02.640 literally transferring to you know, just to continue, just to 0:05:02.640 --> 0:05:05.719 have the habit of savings. You never you never want 0:05:05.720 --> 0:05:07.800 to get out of the habit of putting something away 0:05:07.839 --> 0:05:08.719 in your savings account. 0:05:08.800 --> 0:05:09.400 That's important. 0:05:09.800 --> 0:05:11.840 So what I did for my husband, for example, he's 0:05:11.880 --> 0:05:13.120 not gonna sit down and spreadsheet. 0:05:13.160 --> 0:05:15.440 That's just not happening. He's like, what breaks city, dope, 0:05:17.080 --> 0:05:21.320 So we're doing stead Now? Is we budget for him anywhere? 0:05:21.360 --> 0:05:22.520 Because I like the spreadsheet. 0:05:22.560 --> 0:05:25.400 We budget before his money even gets there, I said, Babe, 0:05:25.440 --> 0:05:28.200 go to HR, here's what you're gonna tell them. Hey, 0:05:28.480 --> 0:05:31.080 before you give me my money, some of it goes 0:05:31.120 --> 0:05:35.040 into his retirement account check. Some of it goes into 0:05:35.080 --> 0:05:37.720 his into his spend account, that deposit account where things 0:05:37.760 --> 0:05:41.000 are depositives right check by his direct deposit account, right. 0:05:41.160 --> 0:05:43.599 Some of it goes into our joint bill's account check, 0:05:44.040 --> 0:05:47.240 some goes into his personal savings check, and some goes 0:05:47.240 --> 0:05:51.279 into our joint savings. So he basically his budget is 0:05:51.320 --> 0:05:53.080 done automatically. 0:05:52.480 --> 0:05:55.520 Through HR, so it lands. 0:05:55.240 --> 0:05:57.279 And all he has to think about is when it 0:05:57.279 --> 0:05:59.240 comes to his personal savings, whatever you want to do 0:05:59.240 --> 0:06:01.320 to that, that's your business, as tab it. That would say, 0:06:01.360 --> 0:06:03.280 the vegan vegan chef that ready loves right now, and 0:06:03.320 --> 0:06:06.760 that's your business, right And it. All he has to 0:06:06.760 --> 0:06:09.000 worry about too, is his basically his allowance in his 0:06:09.040 --> 0:06:12.080 deposit account, in his spending account. So whatever is in 0:06:12.080 --> 0:06:13.839 his spending account. If I see my husband with some 0:06:13.880 --> 0:06:15.800 new JS on. Back in the day, I used to 0:06:15.880 --> 0:06:17.120 be like, oh, that's what we're doing. 0:06:18.279 --> 0:06:21.279 I enjoyers with the bread money. Now it's not no 0:06:21.360 --> 0:06:23.680 more right because I know one thing. 0:06:23.760 --> 0:06:25.600 He didn't take it from the bills account. He didn't 0:06:25.600 --> 0:06:26.880 take it from our joint savings. 0:06:27.040 --> 0:06:28.120 So if he took it from his. 0:06:28.040 --> 0:06:32.159 Personal savings or his spending account, that's fine. 0:06:32.720 --> 0:06:33.880 And so like if you don't know how. 0:06:33.800 --> 0:06:35.719 To do anything else, if you just have at least 0:06:35.760 --> 0:06:39.880 those three accounts and have your money automatically split from 0:06:39.960 --> 0:06:41.520 well really four because you want to have a retirement 0:06:41.520 --> 0:06:44.760 account and have your money split from work, then you 0:06:44.839 --> 0:06:47.640 will be ahead of the game. And so for people 0:06:47.640 --> 0:06:49.159 who want to go a little bit deeper. For me, 0:06:49.880 --> 0:06:51.200 you know, like I, like I said, I like to 0:06:51.240 --> 0:06:51.680 have spread to you. 0:06:51.760 --> 0:06:52.760 I like to know how much we're. 0:06:52.600 --> 0:06:56.920 Spending on on on groceries, how much we're spending on gas, 0:06:56.920 --> 0:06:58.920 so I keep track of that. I just the tool 0:06:58.920 --> 0:07:00.880 I like to use message Just so I like to 0:07:00.960 --> 0:07:03.320 keep track of that there, but you don't necessarily have to. 0:07:03.400 --> 0:07:06.640 You set aside a you know, an allowance for yourself. 0:07:07.320 --> 0:07:09.960 Typically things are led by bills. So if ideally you 0:07:10.040 --> 0:07:12.640 want to be setting aside twelve to fifteen percent for 0:07:12.720 --> 0:07:14.760 your retirement, and you probably are saying like, I can't 0:07:14.800 --> 0:07:17.400 afford to lose twelve to fifteen percent of life pay, 0:07:17.640 --> 0:07:19.400 or to start with one percent, and every six months 0:07:19.400 --> 0:07:21.880 you boosted up, start with a half percent, and every 0:07:21.880 --> 0:07:24.640 six months you boosted up start with something towards retirement. 0:07:25.280 --> 0:07:26.360 And then your bills. 0:07:26.400 --> 0:07:28.960 I like to do bills every two weeks, so the 0:07:29.040 --> 0:07:32.440 money I have transferred to the bills account, you ask yourself, okay, 0:07:32.440 --> 0:07:34.920 how much are my bills from the first to the fifteenth, 0:07:35.080 --> 0:07:36.760 and how much are my bills from the fifteen to 0:07:36.760 --> 0:07:38.920 the thirtieth, And that's how you know how much to 0:07:39.080 --> 0:07:42.280 be going into the bill's account, you know, So it 0:07:42.360 --> 0:07:44.200 might be or you might just have a select number. 0:07:44.240 --> 0:07:45.080 You might say, well, my. 0:07:45.080 --> 0:07:48.240 Bills are around three thousand dollars a month, so every 0:07:48.280 --> 0:07:51.720 paycheck or every pay period, my bi weekly or my 0:07:51.760 --> 0:07:54.000 bi monthly pay period, fifteen hundred dollars is going to 0:07:54.000 --> 0:07:57.000 go into my bill's account, and having your bills account 0:07:57.040 --> 0:07:59.760 paid bills automatically for you is really going to be 0:07:59.840 --> 0:08:03.600 like clutch, Like I don't pay bills, bills pay themselves, 0:08:03.760 --> 0:08:05.600 so it lands on my bill's account, and then my 0:08:05.640 --> 0:08:09.680 bills already know I pay my pay the electric bill, 0:08:09.840 --> 0:08:12.280 pay the water bill, pay these bills for me automatically, 0:08:12.440 --> 0:08:15.040 and like I said, what's left in mind, spend account 0:08:15.120 --> 0:08:17.400 is attached to my DEBTIT card and I can spend 0:08:17.440 --> 0:08:19.640 and when that money is done, so on mine. 0:08:20.040 --> 0:08:22.760 What's really important too about a budget is is the 0:08:23.280 --> 0:08:24.120 savings account. 0:08:24.240 --> 0:08:26.440 I don't want you to save at your regular bank 0:08:26.840 --> 0:08:28.520 because it makes it easy to transfer. 0:08:28.560 --> 0:08:31.600 We've all been there at Target right and been like, 0:08:31.640 --> 0:08:33.199 oh man, like I really want. 0:08:33.040 --> 0:08:35.480 Whatever this thing is, this bleunder this dress, this shirt, 0:08:35.840 --> 0:08:37.800 and you look at check in. You know Daril William 0:08:37.880 --> 0:08:39.480 got no money and check in, but you know who 0:08:39.480 --> 0:08:43.280 got money there, savings, And then you're in line making 0:08:43.280 --> 0:08:45.240 that transfer like happy about it, tode like making a 0:08:45.240 --> 0:08:47.280 transfer even though you're like that was supposed to be 0:08:47.280 --> 0:08:49.600 for powers, You're like pass, can wait, tease your care 0:08:50.240 --> 0:08:50.720 make that. 0:08:50.679 --> 0:08:51.920 Transfer and you're like dang. 0:08:51.960 --> 0:08:53.520 Later you're like this, why I don't never go nowhere 0:08:53.840 --> 0:08:55.839 because I'm always at Target to buy a toilet tissue 0:08:55.880 --> 0:08:57.760 and then I leave but three hundred dollars worth of stuff. 0:08:58.280 --> 0:09:01.480 If you put your savings in an online only savings account, though, 0:09:02.280 --> 0:09:05.480 then you're gonna have to wait at least twenty four 0:09:05.520 --> 0:09:08.400 to seventy two hours for your savings at your online 0:09:08.440 --> 0:09:12.280 only savings account to transfer back to your checking to 0:09:12.000 --> 0:09:13.760 your spend account. 0:09:14.120 --> 0:09:15.920 And so what that means is it makes your. 0:09:15.800 --> 0:09:18.959 Money inconvenient, and inconvenient money get saved. So I like 0:09:19.000 --> 0:09:22.080 this website called magnify money dot com to look for 0:09:22.080 --> 0:09:25.880 an online only savings account because they grade savings accounts. 0:09:25.480 --> 0:09:27.280 From A to F. So you're gonna look for an 0:09:27.320 --> 0:09:28.600 a account that's one. 0:09:28.840 --> 0:09:32.080 Two, you're gonna look for an account that's FDIC insured. 0:09:32.440 --> 0:09:32.920 That's two. 0:09:33.559 --> 0:09:35.240 Three, You're gonna look for an account that's gonna give 0:09:35.240 --> 0:09:37.760 the highest interest rate because your your big bank is 0:09:37.800 --> 0:09:39.640 not gonna give you much of an interest rate. So 0:09:40.040 --> 0:09:43.120 online only savings accounts don't have as much overhead, so 0:09:43.160 --> 0:09:43.920 they pass that on. 0:09:43.960 --> 0:09:45.480 To you and you earn a higher interest. 0:09:46.120 --> 0:09:48.800 And then four, you're going to look for a bank 0:09:48.800 --> 0:09:52.559 that has low deposit requirement, so that means in order 0:09:52.600 --> 0:09:54.520 to open up the bank account, maybe you have to 0:09:54.760 --> 0:09:56.760 you have to put in a dollar and also too 0:09:56.840 --> 0:09:59.680 in order to maintain and get that interest. You don't 0:09:59.679 --> 0:10:01.319 want that to say you have to have ten thousand 0:10:01.360 --> 0:10:02.800 dollars in the bank account in order for you to 0:10:02.840 --> 0:10:06.080 earn the interests that they've advertised. So those are the 0:10:06.120 --> 0:10:08.000 four components you're going to look for in your online 0:10:08.000 --> 0:10:08.600 safe account. 0:10:08.880 --> 0:10:11.240 So I hate to say, like, oh, twenty percent here, 0:10:11.280 --> 0:10:15.199 thirty percent there. Unless you have an irregular income. 0:10:15.440 --> 0:10:17.800 You don't have to live by percentages. You would live 0:10:17.840 --> 0:10:21.520 by amounts. So one hundred dollars here, three hundred dollars there, 0:10:21.960 --> 0:10:24.280 four hundred dollars here. That's what you're That's the split 0:10:24.320 --> 0:10:26.560 that you should be doing regularly every month. If your 0:10:26.679 --> 0:10:30.200 money it fluctuates because you have an irregular income, then 0:10:30.240 --> 0:10:33.720 you might say, you know, forty percent goes into my bills. 0:10:34.800 --> 0:10:36.840 You know five percent goes into spending. 0:10:37.640 --> 0:10:38.199 But you have to. 0:10:38.160 --> 0:10:40.840 Work backwards, like how much are your bills Unless you're 0:10:40.840 --> 0:10:42.920 starting from scratching your twenty one you're just moving out 0:10:43.120 --> 0:10:46.400 that you can force your bills to fit within that percentage. 0:10:46.480 --> 0:10:49.200 But it's easy for people to say oh, seventy thirty. Yeah, 0:10:49.240 --> 0:10:50.800 but like, so what are your bills actually? 0:10:50.840 --> 0:10:52.640 Though your bills might be seventy percent of your income 0:10:52.720 --> 0:10:55.559 right now, you know, so that's so you have to 0:10:55.559 --> 0:10:58.360 pay your bills and you're I'm not worried about the percentage. 0:10:58.400 --> 0:11:00.680 Just now, like how much you actually need to pay bills? 0:11:00.840 --> 0:11:03.840 Put that in the bill's account. Okay, how much ideally 0:11:03.840 --> 0:11:05.680 do you want to save once those bills are paid. 0:11:05.720 --> 0:11:07.560 I want to save one hundred dollars a month, So 0:11:07.679 --> 0:11:09.800 make that a bill. Now that one hundred dollars a 0:11:09.840 --> 0:11:12.400 month is automatically put into that savings account directly from 0:11:12.440 --> 0:11:14.960 your job. And then what's left over, like I said, 0:11:15.040 --> 0:11:16.960 is your spending money. You know, you might tell yourself, 0:11:17.000 --> 0:11:19.680 I'm going to give myself fifty dollars every two weeks 0:11:19.679 --> 0:11:23.280 for spending. Okay, great, and for whatever reason, if there's 0:11:23.280 --> 0:11:26.000 not enough money, then you take care of bills. You say, 0:11:26.000 --> 0:11:27.600 I guess I can't save this month, And I guess 0:11:27.640 --> 0:11:31.600 I can't. I don't have spending money this month for like, 0:11:31.640 --> 0:11:33.160 you know, spending money for things that. 0:11:33.160 --> 0:11:36.559 Are like you know, like hair nails, grooming, this and that. 0:11:36.679 --> 0:11:38.920 You know, so sometimes you don't have it and that's okay. 0:11:39.120 --> 0:11:40.960 So there are times when I didn't have it, but 0:11:41.000 --> 0:11:43.320 I had to pay bills, and even sometimes I didn't 0:11:43.320 --> 0:11:44.720 have enough for bills, and I had to say, well, 0:11:44.760 --> 0:11:47.000 I have to pay my noodle budget bills, my essential bills. 0:11:47.280 --> 0:11:50.520 Verizon can wait. Rising is not going to shoot you 0:11:50.559 --> 0:11:53.199 if you don't pay. Yes, we'll affect your credit score, 0:11:53.200 --> 0:11:55.080 but credit scores are things that you can you can 0:11:55.200 --> 0:11:58.160 you can increase later. I much rather you take care 0:11:58.200 --> 0:11:59.520 of things that are going to make you happy, I 0:11:59.559 --> 0:12:01.360 mean healthy and safe. 0:12:02.000 --> 0:12:03.880 I was just thinking about that because one of the things, 0:12:03.920 --> 0:12:07.120 the powerful things you talk about is identifying ifs, Like 0:12:07.160 --> 0:12:09.320 we can have anything we want if we just identify 0:12:09.360 --> 0:12:12.240 our ifs in control them so that we can budget. 0:12:12.320 --> 0:12:12.440 Right. 0:12:12.600 --> 0:12:15.480 So if I want to say four hundred dollars, maybe 0:12:15.640 --> 0:12:18.800 I don't go to the barbershop twice a week, right, 0:12:18.880 --> 0:12:20.840 So can you talk about the your points of identifying 0:12:20.880 --> 0:12:22.920 the ifs and how they can translate to having more 0:12:22.960 --> 0:12:23.760 money in your budget? 0:12:24.320 --> 0:12:24.800 Absolutely? 0:12:24.840 --> 0:12:26.800 There are four questions you ask yourself before you spend 0:12:26.800 --> 0:12:27.400 any money. 0:12:27.600 --> 0:12:30.719 Do I need it? Do I love it? Do I 0:12:30.880 --> 0:12:33.040 like it? Do I want it? Need it? Love it 0:12:33.280 --> 0:12:35.679 like it, want it, need it, love it, like it one. 0:12:35.760 --> 0:12:40.319 We need to switch on right. So your needs come first. 0:12:40.400 --> 0:12:43.559 That's food, cholter, clothing, water, the absolute necessities you must 0:12:43.640 --> 0:12:45.240 have to stay healthy and safe. 0:12:45.440 --> 0:12:47.360 You pay for those first. Most of us are here 0:12:47.400 --> 0:12:48.480 to that. That's why you're alive. 0:12:48.920 --> 0:12:52.800 Then your loves are those things that enhance your life. 0:12:53.080 --> 0:12:56.720 What are things five ten years from now that's still 0:12:56.760 --> 0:13:00.160 our value even though that thing might not be there right. 0:13:00.200 --> 0:13:01.920 So if you had Oprah's bank account, I always tell 0:13:01.920 --> 0:13:03.160 people what would you do or do more of? 0:13:03.640 --> 0:13:05.720 So a lot of people say travel, maybe they'd start 0:13:05.760 --> 0:13:07.839 a business, maybe they go back to school. 0:13:07.760 --> 0:13:10.840 Maybe the philanthropy, whatever that is. So those are your loves. 0:13:10.840 --> 0:13:14.160 Those are things that give you long term joy, even 0:13:14.200 --> 0:13:17.280 when that thing is not physically there right. And then 0:13:17.840 --> 0:13:21.319 your likes are short term joy. So you know that's 0:13:21.360 --> 0:13:25.319 your target. Run, that's your that's that dress that you're like, oh, 0:13:25.320 --> 0:13:28.360 this is super cute. You know that might be I 0:13:28.400 --> 0:13:30.280 don't know, eating out with friends or eating out with 0:13:30.320 --> 0:13:31.920 friends might be a love because you might be like, yo, 0:13:32.000 --> 0:13:33.000 I'm such a foodie. 0:13:33.040 --> 0:13:35.960 Five years from now, I'm remembering that restaurant. So there's 0:13:35.960 --> 0:13:37.520 no judgment. You get to decide, but. 0:13:37.559 --> 0:13:40.560 Likes our short term joy and wants are just things 0:13:40.559 --> 0:13:42.320 to get. I really try to stay away from just 0:13:42.400 --> 0:13:44.880 frivolous spending, which is what wants are. It doesn't mean 0:13:44.920 --> 0:13:47.080 I never do it, but it doesn't make sense to 0:13:47.160 --> 0:13:49.400 trick up your money and wants when you can have 0:13:49.520 --> 0:13:53.679 more things for loves and your needs. And so what 0:13:53.720 --> 0:13:55.040 I try to do is so I try to live 0:13:55.080 --> 0:13:57.440 in the second half, the first half of life, my 0:13:57.559 --> 0:13:59.160 needs and my loves, because that's an. 0:13:59.120 --> 0:14:02.160 Enriched, fuck filled life. So I'm not. 0:14:02.080 --> 0:14:05.520 Really a foodie, although my belly would to just otherwise, 0:14:06.240 --> 0:14:08.839 but I'm I'm not really a foodie. But I used 0:14:08.840 --> 0:14:11.360 to go eat brunch every weekend with my friends and 0:14:11.360 --> 0:14:12.520 then one day I was like, why thew am I 0:14:12.520 --> 0:14:14.000 going to bunch? I have not been on vacation in 0:14:14.040 --> 0:14:16.680 like two years, So I stopped going. They're like, yo, Hilly, 0:14:16.679 --> 0:14:19.320 you're so cheap, right, And I'm like, I'm not cheap. 0:14:19.320 --> 0:14:20.560 It's just that, like, I don't want to spend my 0:14:20.560 --> 0:14:21.320 money on bunch anymore. 0:14:21.360 --> 0:14:24.560 I don't want to spend thirty dollars a week eating brunch. 0:14:24.320 --> 0:14:26.160 And so I started saving my brunch money that I 0:14:26.200 --> 0:14:27.680 made it a game. Every time they asked me to 0:14:27.680 --> 0:14:29.560 go to brunch, I would put I would transfer thirty 0:14:29.600 --> 0:14:32.080 dollars to my savings account, and then within a few 0:14:32.120 --> 0:14:34.120 months I had enough money. I went for my first 0:14:34.120 --> 0:14:37.680 solo travel trip. I went to Albuquerque, New Mexico because 0:14:37.760 --> 0:14:39.440 I had on my bucket list I wanted to ride 0:14:39.440 --> 0:14:42.240 in a hot air balloon. In Albuquerque, New Mexico is 0:14:42.240 --> 0:14:43.800 the high air bloon capital of the world. 0:14:43.800 --> 0:14:44.280 Who knew? 0:14:44.360 --> 0:14:47.640 Now you does, right, and so I was like, okay, 0:14:47.720 --> 0:14:50.480 So I remember my friend called me Tajana. 0:14:50.560 --> 0:14:52.040 She was like, hey, girl, we're about to have We're 0:14:52.040 --> 0:14:54.040 gonna have brunch tomorrow. But I know you and Yo 0:14:54.120 --> 0:14:55.400 cheap behind you ain't going. 0:14:55.720 --> 0:14:57.440 I was like, cause, I was like slight flex, well, 0:14:57.480 --> 0:14:59.720 actually major flex. I was like, ooh, girl, I was 0:14:59.720 --> 0:15:01.680 about to getting a hot air balloon. The captain said, 0:15:01.680 --> 0:15:02.440 I gotta turn off my phone. 0:15:02.480 --> 0:15:04.720 Can I call you later? She was like, I had 0:15:04.720 --> 0:15:08.040 an air balloon and Newer. I'm like, no, girl, New Mexico. 0:15:08.960 --> 0:15:10.840 That's when I do with my brunch money. Mike drop. 0:15:12.080 --> 0:15:15.520 Okay, So now I don't I stop telling my friends. 0:15:15.600 --> 0:15:17.280 I don't say I don't say no to brunch. 0:15:17.320 --> 0:15:19.680 I'll tell them like, ah Na, girl, I can't go 0:15:19.760 --> 0:15:22.160 right now because I'm saying yes to Paris, I'm saying 0:15:22.240 --> 0:15:25.040 yes to Istanbul, I'm saying yes to Seratarina. These are 0:15:25.040 --> 0:15:27.800 places I've been. I'm saying yes to Morocco. And so 0:15:27.880 --> 0:15:30.040 I started to decide for myself. 0:15:29.680 --> 0:15:31.200 What my needs and my loves were. 0:15:31.400 --> 0:15:34.200 So I'm not against spending money. I'm against spending money 0:15:34.240 --> 0:15:37.280 on things that don't matter to you. Prioritize what your 0:15:37.480 --> 0:15:40.840 more is, like some of us are spending our whole 0:15:41.120 --> 0:15:44.920 life spending money on someone else's idea of more. Tajuana 0:15:45.000 --> 0:15:47.760 is a foodie, not me. That's her more, that's less 0:15:47.760 --> 0:15:49.880 for me. You know, let her eat out with another 0:15:49.880 --> 0:15:51.360 food if she can come to my house and chill 0:15:51.400 --> 0:15:53.440 out for free. And so that's really how you start 0:15:53.480 --> 0:15:55.880 to prioritize, just to ask yourself, like. 0:15:55.840 --> 0:15:57.720 What does more of a life truly mean? 0:15:58.160 --> 0:16:00.320 You know, for me, I don't want an You know, 0:16:00.360 --> 0:16:03.120 your spending should be reflective of your values and how 0:16:03.160 --> 0:16:04.120 you want your life to go. 0:16:04.360 --> 0:16:07.960 So you said, Ernests, what's up. 0:16:08.040 --> 0:16:11.080 You ever walk into a small business and everything just works, 0:16:11.440 --> 0:16:14.760 like the checkout is fast, or seats are digital? Tipping 0:16:15.000 --> 0:16:17.440 is a breeze and you're out the door before the 0:16:17.480 --> 0:16:21.880 line even builds odds are they're using Square. We love 0:16:21.880 --> 0:16:25.040 supporting businesses that run on Square because it just feels seamless. 0:16:25.200 --> 0:16:27.760 Whether it's a local coffee shop, a vendor at a 0:16:27.800 --> 0:16:30.640 pop up market, or even one of our merch partners, 0:16:30.880 --> 0:16:34.680 Square makes it easy for them to take payments, manage inventory, 0:16:34.760 --> 0:16:38.720 and run their business with confidence, all from one simple system. 0:16:39.160 --> 0:16:41.720 If you're a business owner or even just thinking about 0:16:41.800 --> 0:16:44.920 launching something soon, Square is hands down one of the 0:16:44.920 --> 0:16:48.360 best tools out there to help you start, run, and grow. 0:16:48.680 --> 0:16:51.680 It's not just about payments, it's about giving you time 0:16:51.760 --> 0:16:54.720 back so you can focus on what matters most ready. 0:16:54.720 --> 0:16:58.120